Toast, Inc. (NYSE:TOST) Q1 2023 Earnings Conference Call May 9, 2023 5:00 PM ET

Company Participants

Michael Senno - SVP, IR

Chris Comparato - CEO

Elena Gomez - CFO

Aman Narang - COO

Conference Call Participants

Josh Baer - Morgan Stanley

Rayna Kumar - UBS

Tien-Tsin Huang - JP Morgan

Will Nance - Goldman Sachs

Tim Chiodo - Credit Suisse

Stephen Sheldon - William Blair

Jeff Cantwell - Wells Fargo

Josh Beck - KeyBanc

Dave Koning - Baird

Operator

Good afternoon. My name is Cole, and I will be your conference operator today. At this time, I would like to welcome everyone to the Toast's Earnings Conference Call. [Operator Instructions].

I'll now turn the call over to Michael Senno, Senior Vice President of Finance and Strategy --Treasury and Investor Relations. You may begin your conference.

Michael Senno

Thank you, Cole. Welcome to Toast earnings conference call for the first quarter ended March 31, 2023. On today's call are CEO, Chris Comparato; and CFO, Elena Gomez, will open with prepared remarks. They will then be joined by our COO, Aman Narang, for our Q&A session.

Before we start, I'd like to draw your attention to the safe harbor statement included in today's press release. 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. 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.

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. 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.

During this call, we will discuss certain non-GAAP financial measures. These non-GAAP measures are not intended to be a substitute for our GAAP results. Please refer to our earnings release and SEC filings for detailed reconciliations of these non-GAAP measures to the most comparable GAAP measures.

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. Finally, both the press releases and a replay of this call, including the accompanying investor presentation, will be available on our Investor Relations website at investors.toasttab.com.