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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Operating Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23
Net Income	136	88	-69	-67	-179
Net Income
Depreciation & Amortization	35	23	23	18	14
Depreciation and Amortization
Share-Based Compensation Expense	120	125	133	152	135
Stock-Based Compensation Expense
Stock-Based Charitable Contribution Expense
Other Adjustments	92	76	105	44	78
Amortization of Deferred Contract Acquisition Costs
Change in Fair Value of Derivative Liability
Change in Fair Value of Warrant Liability
Loss on Debt Extinguishment
Credit Loss Expense
Change in Deferred Income Taxes
Non-Cash Interest on Convertible Notes
Asset Impairments
Gain on Warrant Extinguishment
Other Non-Cash Items
Operating Lease Right-of-Use Assets
Operating Lease Liabilities
Operating Lease Right-of-Use Assets and Operating Lease Liabilities, Net
Changes in Trade Receivables	-16	-27	-45	39	-42
Accounts Receivable, Net
Changes in Inventories	15	-8	8	-11	4
Inventories, Net
Changes in Accounts Payable	13	3	2	-11	12
Accounts Payable
Changes in Accrued Expenses	-3	47	1	57	24
Accrued Expenses and Other Current Liabilities
Changes in Unearned Revenue	2	-1	24	-12	7
Deferred Revenue
Changes in Other Operating Activities	-92	-70	-78	-68	-59
Merchant Cash Advances and Acquired Loans Repaid
Other Current Assets
Deferred Contract Acquisition Costs
Other Assets and Liabilities
Cash from Operating Activities	302	256	104	140	-5
Net Cash Provided by Operating Activities

Investing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23
Capital Expenditure	-25	-25	-29	-21	-21
Purchases of Property and Equipment
Capital Expenditures
Purchases of Intangible Assets	—	—	—	—	—
Capitalized Software
Purchases of Investments	-281	-197	-276	-272	-351
Purchases of Marketable Securities
Proceeds from Sale of Investments	290	216	272	263	328
Proceeds from the Sale of Marketable Securities
Maturities of Marketable Securities
Payments for Business Acquisitions	—	—	—	—	-9
Cash Paid for Acquisition, Net of Cash Acquired
Other Investing Activities	—	—	—	-2	-1
Other Investing Activities
Cash from Investing Activities	-16	-6	-33	-32	-54
Net Cash Provided by Investing Activities

Financing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23
Repayments of Long-Term Debt	—	—	—	—	—
Extinguishment of Convertible Notes
Net Issuance / (Repayments) of Long-Term Debt	—	—	—	—	—
Issuance of Common Shares	40	44	55	21	15
Proceeds from Initial Public Offering, Net
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Proceeds from Issuance of Restricted Stock
Repurchases of Common Shares	-31	-20	-36	—	—
Repurchases of Class a Common Stock
Net Issuance / (Repurchases) of Common Shares	9	24	19	21	15
Other Financing Activities	42	-53	28	-4	31
Payments of Issuance Costs of the Revolving Credit Facility
Change in Customer Funds Obligations, Net
Warrant Repurchase
Payment of Contingent Consideration
Other Financing Activities
Cash from Financing Activities	51	-29	47	17	46
Net Cash Provided by Financing Activities

Free Cash Flow	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23
Free Cash Flow	277	231	75	119	-26
NOPAT	118.6	64.3	-50.5	-115.7	-174
Levered Free Cash Flow	81	57	-118	-115	-198
Unlevered Free Cash Flow	63.6	33.3	-99.5	-163.7	-193
Net Change in Cash	337	221	118	125	-13