![]() ![]() Elena will provide more details about our outlook shortly. That increase is a result of the momentum we're seeing in the business and our commitment to the efficiency and cost discipline I just mentioned. On the back of our strong Q1, we raised full year revenue guidance 4% at the midpoint, which implies 37% year-over-year growth and increased our adjusted EBITDA guide with the midpoint of the range at breakeven. Our ability to deliver sustained top line momentum, while rapidly moving toward profitability, is a testament to our commitment to balancing investments in key growth areas with efficiency and cost discipline as we scale the business. At the same time, Q1 adjusted EBITDA improved to a $17 million loss compared to a $45 million loss in the previous year, driving an over 600 basis points improvement in adjusted EBITDA margin. ARR increased 55% to $987 million and GPV was up 50% to $26.7 billion. On a year-over-year basis, total revenue grew 53% to $819 million. The restaurant industry has proven its durability over time, and we believe it will continue to navigate challenges as they have many times in the past. While there remains some uncertainty in the broader macro environment, consumer spending at our restaurants remains healthy. We are uniquely positioned to help restaurants of all sizes and types, start, manage, grow and expand their businesses. The restaurant industry is undergoing a generational shift to cloud-based technology and Toast is at the forefront of that change. Our consistent execution delivered solid top line growth of over 50% and significant year-over-year margin improvement and is a function of our continued focus on our core strategy, driving location growth, more deeply serving all segments of the restaurant industry, and pushing the industry forward through continued product innovation. First quarter results marked a strong start to the year, coming in ahead of expectations across the board. Thank you, Michael, and thank you, everyone, for joining us this afternoon. With that, let me turn the call over to Chris.Ĭhris Comparato - Chief Executive Officer ![]() Finally, both the press release and a replay of this call, including the accompanying investor presentation, will be available on our investor relations website at. Unless otherwise stated, all references on this call to cost of revenue, gross profit and gross margin, sales and marketing expense, research and development expense, and general and administrative expense are on a non-GAAP basis. Please refer to our earnings release and SEC filings for detailed reconciliations of these non-GAAP measures to the most comparable GAAP measures. These non-GAAP measures are not intended to be a substitute for our GAAP results. During this call, we will discuss certain non-GAAP financial measures. Please refer to the cautionary language in today's press release and our SEC filings for a discussion of the risks and uncertainty that could cause actual results to differ materially from our expectations. and Toast wasn't one of them! That's right - they think these 10 stocks are even better buys. They just revealed what they believe are the ten best stocks for investors to buy right now. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* When o ur analyst team has a stock tip, it can pay to listen. 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. All statements, other than statements of historical facts, are forward-looking statements, including those regarding management's expectations of future financial and operational performance and operational expenditures, location growth, future profit and margin outlook, expected growth and business outlook, including our financial guidance for the second quarter and full year 2023. ![]() During this call, we'll make statements related to our business that may be considered forward-looking within the meaning of the Securities and the Exchange Act. They will then be joined by our COO, Aman Narang, for our Q&A session.īefore we start, I'd like to draw your attention to the safe harbor statement included in today's press release. On today's call are CEO, Chris Comparato and CFO, Elena Gomez, will open with prepared remarks. Welcome to Toast earnings conference callfor the first quarter ended March 31, 2023. Michael Senno - Senior Vice President of Finance and Strategy, Treasury, and Investor Relations I'll now turn the call over to Michael Senno, senior vice president of finance and strategy treasury and investor relations. At this time, I would like to welcome everyone to the Toast's earnings conference call. My name is Cole, and I will be your conference operator today. ![]()
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