Toast, Inc. operates a cloud-based and digital technology platform for the restaurant industry in the United States and Ireland. The company offers Toast Point of Sale (POS), a hardware product; Toast Order & Pay, which allows guests to order and pay from their mobile devices; Toast Flex that is used for on-counter order and pay, as well as used as a server station, guest kiosk, kitchen display system, or order fulfillment station; Toast Go, a handheld POS device that enhances the table turn times through tableside ordering and payment acceptance; and Toast Tap, a card reader. It also provides kitchen display system software that connects the front of the house with the kitchen staff; multi-location management software, which allows customers to manage and standardize their operations and configure menus; xtraCHEF that provides back-office tools; and Toast Flex for Kitchen, a larger format mountable piece of hardware that can be used as a kitchen screen. In addition, the company offers Toast Online Ordering & Toast TakeOut app, a software-based platform that provides restaurants to take off-premises orders directly through their branded website; First-Party Delivery services for restaurants to manage a fleet of drivers, and customize delivery hours, zones, fees, and minimum ticket sizes; Toast Delivery Services, which enables restaurants to utilize a partner network of delivery drivers; and Toast Delivery Partners services. Further, it provides loyalty programs and gift cards; payroll and team management products; business owner policy insurance and restaurant-specific add-ons; payment processing solutions; loans advanced to restaurants; purchase financing; reporting and analytics solutions; Toast Partner Connect that allows customers to discover, select, and connect their restaurant to its partners; and bi-directional APIs. The company was incorporated in 2011 and is headquartered in Boston, Massachusetts.

Toast, Inc.

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Investing Activities	LTM
Capital Expenditure	-50
Purchases of Property and Equipment
Capital Expenditures
Purchases of Intangible Assets	—
Capitalized Software
Purchases of Investments	-491
Purchases of Marketable Securities
Proceeds from Sale of Investments	506
Proceeds from the Sale of Marketable Securities
Maturities of Marketable Securities
Payments for Business Acquisitions	—
Cash Paid for Acquisition, Net of Cash Acquired
Other Investing Activities	—
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Other Investing Activities
Cash from Investing Activities	-35
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Financing Activities	LTM
Issuance of Short-Term Debt	—
Proceeds from Secured Borrowings
Repayments of Short-Term Debt	—
Repayments of Secured Borrowings
Net Issuance / (Repayments) of Short-Term Debt	—
Issuance of Long-Term Debt	—
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Extinguishment of Convertible Notes
Net Issuance / (Repayments) of Long-Term Debt	—
Issuance of Common Shares	93
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Repurchases of Common Shares	-54
Repurchases of Class a Common Stock
Net Issuance / (Repurchases) of Common Shares	39
Issuance of Preferred Shares	—
Proceeds from Issuance of Series E and Series F Preferred
Repurchases of Preferred Shares	—
Redemption of Series B Preferred
Net Issuance / (Repurchases) of Preferred Shares	—
Other Financing Activities	45
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Cash from Financing Activities	81
Net Cash Provided by Financing Activities

Free Cash Flow	LTM
Free Cash Flow	564
NOPAT	235.5
Levered Free Cash Flow	159
Unlevered Free Cash Flow	121.5
Net Change in Cash	660