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Toast, Inc. (TOST+1.24%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a total revenue of $1.305 billion for the quarter, an increase from $1.032 billion in the same quarter the previous year. This growth is attributed to an increase in subscription services and financial technology solutions revenue.
Subscription services revenue increased to $189 million from $131 million, driven by growth in restaurant locations using the Toast platform. Financial technology solutions revenue rose to $1.067 billion from $856 million, reflecting an increase in gross payment volume processed.
The company reported a net income of $56 million for the quarter, compared to a net loss of $31 million in the previous year. This improvement is largely due to increased revenue and a gain on the extinguishment of a warrant.
Operating expenses for sales and marketing were $119 million, up from $100 million, while research and development expenses were $89 million, slightly higher than $87 million in the previous year. General and administrative expenses decreased to $80 million from $98 million.
Toast's cash and cash equivalents at the end of the period were $761 million, up from $605 million at the end of 2023. The company also reported $511 million in marketable securities.
Toast has a share repurchase program authorized for up to $250 million, with $194 million remaining available for repurchase as of the end of the quarter.
The company continues to focus on expanding its platform and increasing the number of restaurant locations using its services, with approximately 127,000 locations as of September 30, 2024.
Toast identified no material changes in its risk factors from those reported in its Annual Report on Form 10-K for the year ended December 31, 2023.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Toast Inc. Class A quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.