Toast Q2 Earnings Call Highlights
Article excerpt
Highlighted: the sentence this signal was extracted from
Toast TOST reported second-quarter results that exceeded its expectations, led by record location additions, growth in recurring gross profit streams and expanding operating margins. Management also raised its full-year outlook while outlining plans to reinvest in artificial intelligence products, international, enterprise and retail expansion. CEO Aman Narang said recurring gross profit streams rose more than 28% in the quarter, while GAAP operating income margin reached 26%. The company added a record 9,500 net locations during the period, bringing its total location count to about 180,000, up 22% from a year earlier. "Our core business continues to scale, our new markets are growing rapidly," Narang said, adding that Toast is developing an AI-driven platform intended to take on operational work for restaurant customers. Quarterly financial performance CFO Elena Gomez said annual recurring revenue grew 25% year over year, while recurring gross profit streams rose 28%. Adjusted EBITDA increased 38% to $221 million, with the adjusted EBITDA margin expanding 240 basis points to 37%. GAAP operating income was $152 million, representing a 26% margin, while GAAP earnings per share reached $0.26. Gomez said recurring gross profit growth plus operating margin totaled 57% in the quarter on a GAAP basis. Gross payment volume was $61 billion, up 22% year over year. GPV per location...
Keep reading with a free account
The rest of this article, and every signal for Toast, is in your free account.
