Start Time: 17:00 January 1, 0000 5:46 PM ET

Toast, Inc. (NYSE:TOST)
Q2 2024 Earnings Conference Call
August 06, 2024, 17:00 PM ET

Company Participants

Michael Senno - SVP, Finance and Strategy, Treasury and IR
Aman Narang - CEO and Co-founder
Elena Gomez - CFO

Conference Call Participants

Tien-Tsin Huang - JPMorgan
Dan Dolev - Mizuho
William Nance - Goldman Sachs
Stephen Sheldon - William Blair
Tim Chiodo - UBS
Harshita Rawat - Bernstein
Josh Baer - Morgan Stanley
Matthew Coad - Autonomous
David Hynes - Canaccord Genuity
Samad Samana - Jefferies

Operator

Good afternoon. My name is Breeka, and I will be your conference operator today. At this time, I would like to welcome everyone to Toast’s Second Quarter 2024 Earnings Conference Call. Today’s call will be 45 minutes.

I’ll now turn the call over to Michael Senno, Senior Vice President of Finance. You may begin your conference.

Michael Senno

Thank you, operator. Welcome to Toast’s earnings conference call for the second quarter ended June 30, 2024. On today’s call are CEO and Co-Founder, Aman Narang; and CFO, Elena Gomez, will open with prepared remarks, which will be followed by 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 Act 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 profitability and margin outlook, anticipated impact of our restructuring plan, warrant repurchase and share repurchase program, expected growth and business outlook, including our financial guidance for the third quarter and full year 2024.

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 uncertainties that could cause actual results to differ materially from our expectations.

During this call, we will discuss certain non-GAAP financial measures, including, but not limited to, non-GAAP subscription services gross profit and non-GAAP financial technology solutions gross profit which we refer to collectively as our recurring gross profit streams. These are the basis for our top line guidance. 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.