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Sep 30, 2023
Toast Q3 2023 Earnings Report
Toast's Q3 2023 financial performance showed significant growth, driven by ARR and GPV increases, along with improved profitability.
Key Takeaways
Toast reported a strong Q3 2023, with revenue reaching $1,032 million, a 37% year-over-year increase. ARR grew by 40% to $1,218 million, and GPV increased by 34% to $33.7 billion. The company also saw a significant reduction in net loss, from $(98) million in Q3 2022 to $(31) million in Q3 2023, and achieved an adjusted EBITDA of $35 million compared to $(19) million in the same period last year.
ARR increased by 40% year-over-year, reaching $1,218 million.
GPV grew by 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 increased 37% year-over-year to $1,032 million.
Revenue by Segment
Forward Guidance
For the fourth quarter ending December 31, 2023, Toast expects to report revenue in the range of $1.00 billion to $1.03 billion and 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 and Adjusted EBITDA in the range of $38 million to $48 million.
Positive Outlook
- Revenue in the range of $1.00 billion to $1.03 billion for Q4 2023.
- Adjusted EBITDA in the range of $5 million to $15 million for Q4 2023.
- Revenue in the range of $3.83 billion to $3.86 billion for the full year 2023.
- Adjusted EBITDA in the range of $38 million to $48 million for the full year 2023.
- Full year revenue outlook increased from $3.81 billion to $3.87 billion
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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