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Toast (NYSE: TOST)
Q4 2023 Earnings Call
Feb 15, 2024, 5:00 p.m. ET

Overview of the Earnings Call

• Speeches and Q&A
• Interactive Session
• Call Participants

Greeted by Reorganization and Outlook

Kate, your conference operator, ushers in the call with an anticipative tone. Expectations are high as Michael Senno, the Senior Vice President of Finance, initiates the dialogue, setting the stage for what promises to be a revealing quarterly update and an eloquent showcase of Toast’s future goals.

In a heartfelt yet assertive commencement, Aman Narang, the CEO, reminisces over Toast’s humble beginnings from his basement in 2012 to achieving a commanding presence in 2024.

Expressing gratitude while addressing the elephant in the room, Narang broaches the necessary, if painful, subject of downsizing: a 10% reduction in headcount. Simultaneously, he delineates a strategic vision aimed at alignment with core customer-focused values even during turbulent internal reorganization.

Narang’s charisma and conviction underscore his ambition as he charts a definitive course aimed at driving innovation across platforms, doubling the number of restaurants under Toast’s aegis and elevating the company’s annual recurring revenue (ARR) to a commendable $1.2 billion.

Narang adopts a pragmatic but resolute tone, focusing on four pivotal components crucial to Toast’s strategic game plan: scaling restaurant locations, enhancing ARR and ARPU, broadening the scope of service offerings, and fortifying the company’s operational efficiency.

Narang’s Detailed Vision

Referencing historical context, Narang emphasizes their growth trajectory, adding 6,500 net locations in Q4 alone and culminating the year with over 106,000 restaurant partners on their platform.

Narang underscores a technology-driven approach, indicating that Toast intends to leverage its prowess to become the restaurant industry’s premier technology platform, creating substantial value for all stakeholders, which includes customers, shareholders, and, significantly, the company’s employees.

Narang heads into specific priorities detailing the operational ambitions ahead. He particularly emphasizes their plan to expand the addressable market by launching and scaling new growth vectors as an eye-catching strategy, aimed at securing the company’s position as a transformative technology provider in the restaurant industry.

The assertive tone in Narang’s voice amplifies the gravity of their transformative agenda as he unequivocally stresses strategic priorities.

He promises that in establishing a value-centric operational efficiency, they will not compromise on serving the underpinning ethos of technological advancement, an interesting juxtaposition of technology and values.

Conclusion

True to form, Narang’s speech encapsulates Toast’s steadfastness and adaptability, crucial for any company endeavoring to scale the peaks of success.

Narang’s narrative is one deeply embedded in the vicissitudes of his company’s journey, and his articulation exudes a mix of determination and conviction, embarking on a journey where blending values and technology reign supreme.

The Road to Expansion: A Positively Competitive Future for Toast

Burgeoning Growth in Locations

With 106,000 locations under its wing, Toast has seen a 34% increase versus 2022. The company’s ability to sustain over 30% location growth at this scale is a testament to its competitive differentiation.

Success Stories in the SMB Segment

Toast’s momentum in the SMB segment has allowed it to double the number of flywheel markets over the past year, with 30% of markets now defined by over 20% SMB market share. The company’s productivity in flywheel markets has outpaced others by over 10%, leading to faster share gains. Even in its most penetrated markets, where it holds over 30% market share, Toast continues to gain share at a healthy clip.

Innovation and Product Expansion

The foundation of Toast’s success lies in its focus on high-value, full-serve restaurants. The company’s go-to-market team is prioritizing this segment while gaining traction across the broader TAM by expanding its product offerings to serve different restaurant types.

Driving ARPU and ARR

Toast expects its Average Revenue Per User (ARPU) to continue to increase and Gross Payment Volume (GPV) to remain above industry averages. The company is focused on maintaining healthy unit economics as it scales locations across various market segments, with the SMB segment being the largest share of the market and the biggest driver of net adds.

Customer Success and Expansion

Toast continues to see growth in its mid-market segment and gains new customers such as Wetzel’s Pretzels, The 99, Dirty Dough, and Romano’s Macaroni Grill. The company’s success stories include Urban Prime, a marketplace and restaurant in Florida that selected Toast to consolidate its business operations and streamline its POS systems.

Expanding the Total Addressable Market (TAM)

Toast is focused on expanding its TAM by launching and scaling new growth vectors across enterprise, hotel restaurants, and international markets. The company recently announced agreements with Choice Hotels and Caribou Coffee, showcasing its commitment to catering to diverse dining options across different properties.

Setting Up for Ongoing Leverage

As Toast looks toward the future, it aims to set the stage for ongoing leverage, including GAAP operating income profit by the first half of 2025. The company’s growth and profitability are reflected in its significant improvement year over year, with an increased adjusted EBITDA of $61 million in 2023.

Capital Allocation and Future Vision

As Toast continues to grow, it is committed to managing stock-based compensation expenses and evolving its capital allocation approach, which includes prioritizing organic investments, exploring M&A opportunities, and returning capital to shareholders.

In summary, Toast’s journey is one of expansion, innovation, and strategic growth, as it continues to carve out its place in the competitive restaurant industry. With a focus on customer success, product expansion, and capital allocation, Toast is setting the stage for a positively competitive future.

Toast Announces $250 Million Share Repurchase Authorization

Toast has approved a $250 million share repurchase authorization, signaling a calculated move to leverage market conditions opportunistically. The company plans to carefully assess and optimize its capital allocation priorities, adopting a disciplined and transparent approach to ensure the efficient deployment of resources. The decision to initiate a substantial buyback program underscores Toast’s confidence in its growth trajectory and commitment to unlocking long-term value for its shareholders.

A Foundation for Growth

Against the backdrop of a robust financial performance, Toast is poised to capitalize on a significant opportunity that lies ahead. The company’s strategic playbook is designed to drive sustained market share gains in its core business while simultaneously investing in the expansion of its total addressable market (TAM) and cultivating new avenues of growth. By focusing on sustaining Average Revenue per User (ARPU) and Annual Recurring Revenue (ARR) growth through product attach and pricing strategies, Toast aims to uphold a scalable business model while striking a balance between growth and profitability.

As the company forges ahead, it seeks to express gratitude to its dedicated team members for their unwavering contributions, acknowledging their pivotal role in propelling Toast’s success thus far.

Despite the challenges that the company faces, there is an underlying optimism about its ability to emerge stronger in the future. Toast’s leadership envisions a resilient path forward, buoyed by a deep sense of gratitude towards its customers and shareholders for their continued support and confidence in the company’s potential.

Fiscal Strength and Growth Trajectory

Toast’s fiscal performance for the year showcases its robust growth, with the company processing over $125 billion in payment volume, marking a significant 38% year-over-year increase. Additionally, Annual Recurring Revenue (ARR) surged by 35%, underscoring the company’s strong momentum in its subscription-based revenue streams, including fintech activities. Furthermore, Toast achieved a commendable 49% increase in recurring gross profit streams, demonstrating its ability to efficiently scale the business while maintaining cost discipline.

The company’s focus on sustainable growth and profitability is evident in its achievement of $61 million in adjusted EBITDA, reflecting a 6% margin on recurring gross profit streams. This notable performance represents a substantial 22 percentage point improvement compared to the previous year, highlighting Toast’s dedication to fostering efficient and resilient growth.

Future Outlook and Strategic Initiatives

Looking ahead, Toast reaffirms its commitment to maintaining a principled approach as it continues to pursue its growth prospects and scale its operations. The company’s projections for 2024 illustrate its optimism, with a forecast of 24% growth in recurring gross profit streams and a targeted $210 million in adjusted EBITDA. These projections position Toast on a trajectory towards achieving GAAP operating income profitability by the first half of 2025, signaling a deliberate and methodical approach to sustainable expansion and financial prudence.

Bolstered by its recent announcements, including the $250 million share repurchase program, Toast remains resolutely focused on realizing its potential for future growth. The company’s emphasis on strategic capital allocation, paired with its diligent restructuring efforts, underscores its unwavering commitment to optimizing its operational efficiency and fostering a conducive environment for accelerated progress.

Operational Milestones and Performance

Amid its ongoing strategic initiatives, Toast achieved several operational milestones, including the addition of over 6,500 net locations, bringing its total locations to approximately 106,000, representing a remarkable 34% year-over-year increase. Notably, its Software as a Service (SaaS) Annual Recurring Revenue (ARR) experienced a substantial 43% year-over-year growth, propelled by robust location expansion and a 7% base in SaaS Average Revenue Per User (ARPU).

Furthermore, Toast’s achievements in the payments space were evident, with the fourth-quarter Gross Payment Volume (GPV) reaching $33.7 billion, marking a 32% increase year-over-year. Despite modest declines in GPV per location, the company’s performance remained in line with expectations, reflecting seasonal factors and consistent trends.

Highlighting its foothold in the fintech segment, Toast reported favorable contributions from its non-payment fintech solutions, particularly Toast Capital, which contributed $34 million in gross profit in Q4, signaling healthy demand and strong market reception for its offerings.

Strategic Growth Initiatives

Outlining its strategic growth vectors, Toast reaffirms its commitment to prioritizing high-value locations to sustain its robust ARR growth. Simultaneously, the company underscores its expansive potential, leveraging its integrated platform and ongoing product innovation to tap into the broader restaurant TAM, setting the stage for further market share gains and sustained expansion.

As Toast charters a path for scalable growth, it recognizes the importance of maintaining a diligent focus on unit economics and prudent management of payback periods across its portfolio. Notably, the company achieved a dollar-based payback period of 14 months in 2023, aligning with its targeted metrics and presenting an improvement from the previous year, underscoring its commitment to responsible and efficient expansion.

Embracing Future Opportunities

Underscoring its long-term growth prospects, Toast remains apprised of key drivers for increasing its core net take rate in the fintech segment. By driving towards achieving the lowest cost per transaction and leveraging its robust customer relationships, the company is poised to offer additional fintech solutions, further solidifying its position as a strategic partner to its clientele.

Furthermore, Toast anticipates mid-single-digit growth in SaaS Average Revenue Per User (ARPU) over the near term, driven by a strategic focus on increasing product attach and implementing astute pricing strategies. The company underscores its deliberate and methodical approach to pricing as an essential element of its sustained growth strategy, emphasizing the ongoing evolution of its growth algorithm over time.

Operational Efficiency and Financial Discipline

Reflecting its commitment to prudent financial management, Toast managed its hardware and services expenses as customer acquisition costs, extending discounted offerings to facilitate a seamless onboarding experience for its customers. The company’s emphasis on cost optimization is evident in its improvement of 19 percentage points in hardware and services gross margin vis-a-vis the previous year, driven by lower shipping costs and ongoing operational efficiencies.

Moreover, Toast demonstrated astute management of its Sales and Marketing expenses, targeting an 18% year-over-year increase in Q4 while simultaneously making targeted investments to drive deeper penetration. This strategic approach is underscored by a 400 basis point improvement in Sales and Marketing as a percentage of recurring gross profit streams relative to the previous year, reflecting the company’s adeptness at balancing growth and prudence in its operational expenditures.

As Toast forges ahead with its product investments and emphasis on delivering exceptional customer experiences, the company remains mindful of its long-term growth imperatives. This includes its strategic focus on building scalable, resilient infrastructure and delivering best-in-class customer experiences, underpinned by a commitment to efficient overhead management and prudent expense management.

Financial Prudence and Resilient Performance

Toast’s astute financial acumen is underscored by its achievement of an adjusted EBITDA of $29 million in the fourth quarter, representing a 10% margin on its recurring gross profit streams. This marked a notable 19 percentage point improvement from the previous year, indicative of the company’s ability to leverage robust topline growth and operational efficiency to achieve commendable financial performance.

Furthermore, Toast reported a commendable free cash flow of $81 million in the fourth quarter and $93 million for the full year, reflecting its ability to convert over 100% of its adjusted EBITDA to free cash flow with working capital benefiting from stronger Gross Payment Volume (GPV) trends in December.

The company’s resilient financial performance and prudent capital management serve as a testament to its commitment to delivering sustained value to its stakeholders while maintaining a disciplined, yet growth-focused, operational stance.

Toast – On the Road to Recovery: A Detailed Financial Analysis

Business Restructuring and Financial Projections

Amidst a financial rollercoaster, Toast Inc. anticipates the pattern of free cash flow to reflect adjusted EBITDA. Drawing historical parallels, a lower cash flow is projected in the first quarter due to seasonality in the payments business and the timing of cash bonuses but is expected to rebound as the year progresses. Announcing a restructuring, Toast Inc. foresees recognizing $45 million to $55 million in restructuring charges for the year, with most falling in Q1. Anticipated annualized savings exceed $100 million, including stock-based compensation from restructuring and reduced hiring, with potential reinvestment in growth initiatives. Q1 projections include expectation of 22% topline growth and $20 million in adjusted EBITDA, although observing slower GPV trends in January due to weather headwinds.

Operational Efficiency and Long-Term Goals

Projecting a $150 million improvement and 10 percentage points margin expansion relative to 2023, Toast Inc. is determined to escalate efficiency and increase profitability, aiming for GAAP operating income profit by the first half of 2025. Attention to stock-based compensation and disciplined headcount management will play pivotal roles in this pursuit. With rigorous equity program management, the plan is to decrease stock-based comp from 27% in 2023 to low double-digits as a percentage of recurring gross profit streams over the medium term. Efforts to improve dilution will also be prioritized to maintain net share dilution of total fully diluted share count below 2% annually.

Capital Allocation Strategy and Future Outlook

Given the trajectory of growing free cash flow, the capital allocation strategy is poised for evolution. Emphasizing organic investment for sustainable long-term growth, the company expresses commitment to driving increasing free cash flow. While considering mergers and acquisitions with caution and adding the option of returning capital to shareholders through a $250 million share repurchase authorization, Toast Inc. intends to optimize across these priorities judiciously and opportunistically in line with creating long-term shareholder value. The company’s preparedness to operate swiftly and adaptably underscores its readiness for future challenges and opportunities.

Focus on Pricing and Scaling Products

Aman Narang, Founder and Chief Executive Officer of Toast Inc., affirms the significance and gradual use of pricing as part of a broader strategy, reflecting the company’s continuous investment in its restaurant-specific platform. Meanwhile, Elena Gomez, the Chief Financial Officer, assured that the SaaS guidance reflects an ongoing basis over the course of the year, reiterating the company’s commitment to gradual, sustainable adjustments. Additionally, she elucidated that the performance of Toast Capital has been steady, with confident management and steady customer demand, signaling a potential for future scaling but anchored in prudent, steady growth.

Overall, with promising projections, prudent financial management, and strategic operational initiatives, Toast Inc. displays a resilient attitude and a committed approach to navigating the volatile financial landscape.

Question & Answer Session

Operator

Thank you. [Operator instructions] Your first question will be from the line of Will Nance with Goldman Sachs. Your line is now open.

Will Nance — Goldman Sachs — Analyst

Hey guys. Appreciate all the color today and congrats on the strong results. You mentioned pricing a couple of times in the prepared remarks. So maybe you could just kind of expand a bit on in terms of how you’re thinking about pricing. I know it’s something you, guys, have been talking about in the past couple of quarters. And then, Aman, maybe just a numerical clarification on the guidance, the mid-single-digit ARPU. Is that on an ending basis, kind of like we discussed last year? Or is that more on an ongoing basis over the course of the year? Thanks.

Aman Narang — Founder and Chief Executive Officer

Sure. Thanks, Will. I’ll start by saying, if you look at pricing, it’s an important lever for us, but we plan to use it gradually as part of a broader strategy. We’ve been at this for over a decade, and we’re continuing to invest in our restaurant-specific platform, to help restaurant’s drive. And I think our customers understand that we continue to invest in this platform that we will increase prices over time. If you look at our new customers that are joining our platform, they’re paying us more across both SaaS and fintech. And over time, we expect that existing customers, we will make those adjustments gradually, and it’s going to be a lever that we’ll use over time.

Elena Gomez — Chief Financial Officer

Yes. And I can — Will, you had the question about SaaS and is that an ending point over the course of the year, and we expect it to be in that range over the course of the year.

Will Nance — Goldman Sachs — Analyst

Got it. I appreciate both of those. And then, maybe just a follow-up question on Toast Capital, that’s been, I think, a little over a year since you rolled out the longer duration products there. You kind of mentioned prudently managing that. Just wondering if you could kind of talk about your expectations for that product? Is there something you, guys, are kind of looking to get more data on or kind of more history? And how should we think about kind of the potential for that product as you continue to scale it. Thanks.

Elena Gomez — Chief Financial Officer

Yes. Thanks Will for the question. So, at the highest level, we’re really pleased with the performance of Toast Capital and customer demand has been really steady and default rates are in line with our expectations to, really confident in the program overall. We did launch the 360 program last year. Now, we’ve lapped that. So, we’re more in a steady state, I would say, in the business but still seeing healthy demand. And I would expect over this course of this year, it will grow more in line with the rest of the business. But we’ll scale it prudently, as you mentioned. And then, over the longer term, I think we have an opportunity to continue to evolve and offer more fintech solutions to our customers. But for now, we’re going to focus on optimizing this.

Toast Financials Report: Breaking Down the Q4 Results

Elena Gomez — Chief Financial Officer

As we delve into the financials of Toast’s fourth-quarter performance, it’s essential to recognize the robust take rate accomplished during the period. In Q4, we attained a 52 basis point take rate, with 10 basis points attributed to Toast Capital. Despite a slight decrease, rest assured it was primarily due to customer credits and carries no long-term implications. Continuing into the upcoming year, we anticipate a familiar seasonal pattern, with an initial surge in Q1 fastened by subsequent improvements. This anticipated progress is attributable to our ongoing cost optimization initiatives and deliberate pricing strategies set for the latter part of the year.

Furthermore, going forward, our long-term vision remains focused on strategically enhancing our take rate, gradually elevating it over time.

America’s Next Top Restaurant: Toast’s Continued Growth

Aman Narang — Founder and Chief Executive Officer

Reflecting on our journey over the past 12 years, Toast prides itself on pioneering a purpose-built platform tailored specifically for the restaurant industry. Our unwavering commitment to this cause has resulted in continued success across both existing and new restaurants. In a landscape marked by fluctuations in new openings, we remain confident in our ability to sustain and expand our share.

2023 and Beyond: Navigating the Expansion Terrain

Tien-Tsin Huang — JPMorgan Chase and Company — Analyst

During our discussion about the company’s location outlook for the latter part of 2023, it’s imperative to acknowledge our intentions to expand even further in 2024. When deliberating on the disparities between current and past location additions, it’s vital to note that they signify a progression towards not just potential locations but also smaller GPV potential locations. As we continue to push the boundaries and delve into new markets, our focus remains on optimizing and expanding our Average Revenue Per User (ARPU).

Furthermore, as we venture into new territories, we remain committed to ensuring sound economics across the broader Total Addressable Market (TAM), all the while anticipating minimal and gradual impacts on Gross Payment Volume (GPV). Our steadfast dedication to enhancing ARPU and nurturing a focused approach towards broader TAM economics underscores our commitment to sustainable growth.

Innovating for Growth

Aman Narang — Founder and Chief Executive Officer

Our recent rollout of pricing and packaging 3.0 has played a pivotal role in optimizing location growth and maximizing ARPU upfront. As we continue to scale our upsell team, our product attach rates showcase sustained healthy growth across employee cloud, fintech, and guest products. Emphasizing the significance of customer feedback, our Research and Development team is diligently working on expanding the product market fit across our entire portfolio.

Strategic Insights and Market Penetration

Stephen Sheldon — William Blair and Company — Analyst

It’s heartening to note that Toast has achieved over 30% market share in various SMB markets, contributing to healthy share gains. As we assess the prospect of market share gains tapering off in these saturated markets, it’s crucial to acknowledge our unwavering confidence in sustaining our growth momentum. Our unyielding commitment to conquering marketplace challenges and further establishing our foothold in the industry underpins our confidence in sustaining and expanding share in both existing and new markets.

Conclusion

These insights into Toast’s performance in Q4 paint a picture of a company committed to sustainable growth and innovation in an ever-changing market. As we look to the future, Toast showcases a robust strategy that’s consistently delivering results, making it a compelling prospect for investors seeking potential in the fintech and restaurant industry.

Toast, Inc. Q2 2021 Earnings Call – Financial Insights

Solid Performance and Market Expansion

In the second quarter earnings call, Toast, Inc. showcased its robust performance, demonstrating strong rep productivity and conversion rates. Amidst a competitive landscape, the company exuded confidence in its consistent growth and market share expansion, particularly in international markets.

International Monetization and Market Focus

During the call, Chief Financial Officer, Elena Gomez, emphasized the company’s focus on existing markets, particularly the UK, Canada, and Dublin, where they are still at an early stage but are witnessing substantial potential for growth. The reception from customers in these markets echoes the favorable responses experienced during the company’s nascent stages in the US, signifying a promising trajectory.

Margin Growth and Optimized Cost Structure

Analysts inquired about the recurring gross profit growth and the flow-through to EBITDA. With recurring GP growth translating to over 70% to EBITDA in the last two quarters, there were queries on the sustainability of this margin level. Elena Gomez underscored the company’s confidence in its long-term guidance, aiming for 30% to 35% recurring gross profit growth and reiterated its focus on achieving this EBITDA margin target.

Impact of Seasonal Variations and Cost Optimization

Furthermore, discussions delved into the fintech yield, with an exploration of potential impacts of seasonal variations and pricing actions on yield progression throughout the year. Furthermore, Aman Narang, Founder and CEO, articulated a strategic approach towards normalizing operational costs and optimizing the cost structure, underscoring the company’s ongoing commitment to efficiency and financial prudence.

Market Dynamics and Growth Prospects

Conversations also revolved around the mid-single-digit SaaS ARR per location outlook, particularly focusing on the newer customer cohort and upsell opportunities for existing customers. Aman Narang elucidated on the company’s strategies to optimize the land and expand motion, enhancing the product attach rate, and leveraging regionalized upsell teams to drive sustained ARR growth across locations and ARPU.

Overall, the company conveyed a solid confidence in its ability to drive continual growth through focusing on product portfolio capabilities, pricing and packaging improvements, and an enhanced upsell motion, laying a strong foundation for future growth and sustained performance in the markets.

As the call concluded, Toast, Inc. showcased a strong command of its financial landscape, reiterating its strategic focus on market expansion, prudent cost optimization, and sustained growth dynamics.

Toast Inc. Delivers Strong Growth Amidst Expanding Market Reach

Elena Gomez — Chief Financial Officer

Delighting in the international growth witnessed by Toast Inc., Chief Financial Officer Elena Gomez expressed gratification during a recent Q&A. “We’re really pleased with what we’re seeing internationally. We’ve really focused on the go-to-market motion.” She further adds that as they augment their core platform, they project the enhancement in ARPU, despite the present lower ARPU due to the platform’s nascent stage.

Undoubtedly, Toast Inc.’s success isn’t confined to its existing platform, with plans to roll out additional elements by 2024. Such strategic development is likely to have a notable impact on ARPU and the company’s customer profile in the coming years.

Samad Samana — Jefferies — Analyst

Seizing the opportunity to discuss the cost side of operations, Samad Samana raised an inquiry regarding cost-saving measures beyond the reduction in force. Elena Gomez responded with strong emphasis on the company’s ongoing efficiency efforts, highlighting their successful delivery of over $175 million in leverage. This move aligns with the company’s commitment to operate in a disciplined fashion.

Operator

As the Q&A session continued, the next question was posed by Josh Baer, an analyst with Morgan Stanley.

Josh Baer — Morgan Stanley — Analyst

Drawing attention to the restaurant retail sector, Josh Baer inquired about the addressable GPV opportunity currently not integrated into the platform. In response, Aman Narang underscored the significant contribution of SMBs to the company’s growth and the potential for further expansion. The continued focus on SMBs, mid-market, and international markets, with a future eye on retail, reflects the company’s market strategy.

Cutting a distinct figure in the sphere of financial analytics, the founder and CEO not only handled queries confidently but also cleverly hinted at expanding Toast’s platform and product portfolio beyond the current market. With the lines between the retail and restaurant sectors appearing increasingly blurred, Toast Inc. appears well-poised to seize the opportunity that lies ahead.

Darrin Peller — Wolfe Research — Analyst

Closing in on Toast’s enterprise performance, Darrin Peller probed the founder and CEO about the company’s progress and prospects in tapping enterprise markets. Aman Narang duly acknowledged the team’s performance and the progress made with enterprise customers over the past year, while emphasizing the need for balance.

Aman’s reflections indicate Toast Inc.’s prudent approach to enterprise expansion, which includes a focus on building core capabilities and gradually expanding TAM. The company’s focus on cultivating a strong pipeline and inbound requests underscores the potential for further growth in this segment.

Growing Appetite for Toast’s Success in the Competitive Business Market

Operator

Thank you. That will conclude the Q&A session today. At this time, I will turn the call back over to the team for any final closing remarks.

Aman Narang — Founder and Chief Executive Officer

Yes. Thank you everybody for your time today.

Elena Gomez — Chief Financial Officer

Thanks, everyone.

Operator

[Operator signoff]

Duration: 0 minutes

Industry Insights and Analysts’ Perspective

Michael Senno — Senior Vice President, Finance

Aman Narang — Founder and Chief Executive Officer

Elena Gomez — Chief Financial Officer

Will Nance — Goldman Sachs — Analyst

Harshita Rawat — AllianceBernstein — Analyst

Tien-Tsin Huang — JPMorgan Chase and Company — Analyst

Stephen Sheldon — William Blair and Company — Analyst

Dave Koning — Robert W. Baird and Company — Analyst

Tim Chiodo — UBS — Analyst

Samad Samana — Jefferies — Analyst

Josh Baer — Morgan Stanley — Analyst

Darrin Peller — Wolfe Research — Analyst

Dominic Ball — Redburn Partners — Analyst

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