Toast Q1 2022 Earnings Report
Key Takeaways
Toast's first quarter 2022 financial results showed significant growth, with revenue increasing by 90% year-over-year to $535 million. The company added over 5,000 net new locations and achieved a 66% year-over-year growth in ARR, reaching $637 million. Gross Payment Volume (GPV) also saw substantial growth, increasing by 98% year-over-year to $17.8 billion.
Total locations increased nearly 45% year-over-year to approximately 62,000.
Revenue grew 90% year-over year to $535 million.
ARR as of March 31, 2022 was $637 million, up 66% year-over-year.
Gross Payment Volume (GPV) increased 98% year-over-year to $17.8 billion.
Toast
Toast
Toast Revenue by Segment
Forward Guidance
For the second quarter ending June 30, 2022, Toast expects to report revenue in the range of $635 million to $665 million and Adjusted EBITDA in the range of $(60) million to $(50) million. For the full year ending December 31, 2022, Toast expects to report revenue in the range of $2,500 million to $2,550 million and Adjusted EBITDA in the range of $(195) million to $(175) million.
Positive Outlook
- Revenue in the range of $635 million to $665 million for Q2 2022.
- Adjusted EBITDA in the range of $(60) million to $(50) million for Q2 2022.
- Revenue in the range of $2,500 million to $2,550 million for the full year 2022.
- Adjusted EBITDA in the range of $(195) million to $(175) million for the full year 2022.
- Full year revenue guidance increased from $2,349-$2,409 million to $2,500-$2,550 million.
Challenges Ahead
- Adjusted EBITDA is expected to be negative for Q2 2022.
- Adjusted EBITDA is expected to be negative for the full year 2022.
- Net cash used in operating activities of $47 million.
- Free Cash Flow of $(50.0) million.
- Adjusted EBITDA was $(45) million in Q1 2022 compared to Adjusted EBITDA of $4 million in Q1 2021.
Revenue & Expenses
Visualization of income flow from segment revenue to net income