Mission Statement, Vision, & Core Values (2024) of Toast, Inc. (TOST).

An Overview of Toast, Inc. (TOST)

General Summary of Toast, Inc.

Toast, Inc. (TOST) was founded in 2011, specializing in providing a cloud-based point-of-sale (POS) system and management software tailored for the restaurant industry. The company has rapidly expanded its offerings which now include payment processing, payroll, and employee management solutions. As of September 30, 2024, Toast partners with approximately 127,000 locations, reflecting a 28% year-over-year increase in restaurant locations utilizing its platform. The total gross payment volume (GPV) processed through these locations reached $151 billion over the trailing twelve months.

Company's Financial Performance in the Latest Financial Reports

In the latest financial reporting for the three months ended September 30, 2024, Toast reported total revenue of $1.305 billion, marking a 26% increase from $1.032 billion in the same period of 2023. Key revenue components included:

The total gross profit for subscription services and financial technology solutions was $365 million for Q3 2024, up from $270 million in Q3 2023. For the nine months ended September 30, 2024, total revenue reached $3.622 billion, a 28% increase compared to $2.829 billion in the same period in 2023.

Introduction to Company as One of the Leading Companies in the Industry

Toast, Inc. is recognized as a leader in the restaurant technology sector, driven by its innovative approach to integrating various services into a single platform. With a significant market presence, the company focuses on enhancing operational efficiencies for restaurants, thereby increasing sales and improving customer engagement. The growth in their annualized recurring run-rate (ARR) reached $1.554 billion as of September 30, 2024, representing a 28% increase year-over-year. Toast's commitment to adapting its services to meet the evolving needs of the restaurant industry positions it as a crucial player in this competitive landscape.

Mission Statement of Toast, Inc. (TOST)

Mission Statement of Toast, Inc. (TOST)

As of 2024, Toast, Inc. (TOST) articulates its mission statement as follows: "We empower the restaurant community to thrive by providing the best technology and service." This mission statement serves as a vital guiding principle for the company's long-term strategies and operational decisions, emphasizing its commitment to supporting the restaurant industry through innovative solutions.

Core Component 1: Empowering the Restaurant Community

Toast's mission emphasizes the empowerment of the restaurant community. This commitment is reflected in its extensive offerings tailored to meet the unique needs of restaurants. For instance, as of September 30, 2024, Toast served approximately 127,000 locations, a 28% year-over-year increase, processing around $151 billion in gross payment volume (GPV) over the last twelve months .

Core Component 2: Providing the Best Technology

Toast’s mission highlights the importance of delivering high-quality technology solutions. The company has made significant strides in its technological offerings, with revenues from subscription services increasing by 44% year-over-year to $189 million for Q3 2024 . This growth is indicative of Toast’s commitment to enhancing its platform, which includes integrated payment processing, point-of-sale systems, and operational tools designed specifically for the restaurant sector.

Core Component 3: Delivering Exceptional Service

Another critical aspect of Toast's mission is its focus on exceptional service. The company has invested heavily in customer support and training, resulting in a 28% increase in its Annualized Recurring Run-Rate (ARR), which reached $1.554 billion as of September 30, 2024 . This investment in service not only improves customer satisfaction but also fosters loyalty within the restaurant community.

Conclusion

Overall, Toast, Inc.'s mission statement encapsulates its dedication to empowering the restaurant community through innovative technology and exceptional service. This focus is supported by strong financial metrics, demonstrating the company's success in achieving its mission objectives.

Vision Statement of Toast, Inc. (TOST)

Vision Statement Overview

As of 2024, Toast, Inc. (TOST) aims to revolutionize the restaurant industry by providing innovative solutions that empower restaurant owners to optimize their operations, enhance guest experiences, and drive sales growth.

Empowering Restaurant Owners

Toast's vision places a strong emphasis on empowering restaurant owners. The company believes that by equipping them with the right tools and technology, they can achieve operational efficiency and increased profitability. In 2024, Toast has partnered with approximately 127,000 locations, processing around $151 billion in gross payment volume (GPV) over the trailing 12 months.

Enhancing Guest Experiences

Toast is committed to enhancing guest experiences through technology. The company's platform offers features designed to engage guests and streamline service. As of September 30, 2024, Toast reported a 24% year-over-year growth in GPV, highlighting the effectiveness of its solutions in boosting customer satisfaction and sales.

Driving Sales Growth

Sales growth is a critical component of Toast's vision. The company reported significant increases in subscription services revenue, which grew by 44% in the third quarter of 2024 compared to the same period in 2023. This growth is a testament to Toast's successful strategy of providing value-added services to its customers.

Commitment to Innovation

Innovation is at the core of Toast's vision. The company continues to expand its platform and launch new products aimed at meeting the evolving needs of the restaurant industry. In 2024, Toast's Annualized Recurring Run-Rate (ARR) reached $1.554 billion, growing 28% from the previous year.

Table: Key Financial Metrics

Sustainability and Community Engagement

Toast's vision also includes a commitment to sustainability and community engagement. The company has joined the Pledge 1% movement, reserving 5 million shares of Class A common stock for charitable initiatives through its social impact arm, Toast.org. This initiative reflects Toast's dedication to making a positive impact in the communities it serves.

Conclusion

In summary, Toast, Inc.'s vision for 2024 is centered around empowering restaurant owners, enhancing guest experiences, driving sales growth, committing to innovation, and engaging with the community. The company's impressive financial metrics indicate a strong trajectory towards achieving these goals.

Core Values of Toast, Inc. (TOST)

Customer Focus

Toast, Inc. emphasizes a strong commitment to its customers, ensuring that their needs and feedback shape the company's offerings and services. In 2024, Toast reported that approximately 127,000 locations use its platform, processing around $151 billion in gross payment volume over the trailing twelve months, reflecting a 28% year-over-year increase in locations.

Toast actively engages with its users through various feedback mechanisms, including surveys and direct communication channels. The company’s customer support initiatives have been enhanced, leading to a 44% increase in subscription services revenue from $131 million in Q3 2023 to $189 million in Q3 2024.

Innovation

Innovation is at the core of Toast's operational strategy. The company has made significant investments in technology, launching new features and products to enhance the restaurant management experience. In 2024, Toast reported a 26% increase in gross payment volume, totaling $41.7 billion in Q3, compared to $33.7 billion in the same quarter of the previous year.

Recent product innovations include the introduction of enhanced analytics tools and integrations that optimize restaurant operations. The company’s research and development expenses remained stable at about $89 million for Q3 2024, ensuring ongoing enhancements to its technology stack.

Integrity

Integrity guides Toast's business practices, ensuring transparency and ethical conduct in all operations. The company has established a strong governance framework, which includes rigorous compliance measures and a commitment to fair practices. In 2024, Toast reported a net income of $56 million for the third quarter, a significant turnaround compared to a net loss of $31 million in Q3 2023.

Toast’s commitment to integrity is also reflected in its share repurchase program, where it has authorized up to $250 million for the repurchase of Class A common stock, demonstrating confidence in its financial health.

Community Engagement

Toast is dedicated to giving back to the communities it serves. The company has pledged to reserve 5 million shares for charitable donations through its Toast.org initiative, which aims to support social impact efforts. In 2024, Toast recognized a stock-based charitable contribution expense of $5 million.

Additionally, Toast has joined the Pledge 1% movement, committing a portion of its resources to support local initiatives and nonprofits, further solidifying its role as a responsible corporate citizen.

Teamwork

Teamwork is emphasized at Toast, fostering a collaborative culture that enhances productivity and innovation. As of September 30, 2024, Toast had approximately 3,053 employees, reflecting a robust workforce dedicated to achieving common goals.

The company invests in employee development and engagement programs, which have contributed to a decrease in general and administrative expenses from $98 million in Q3 2023 to $80 million in Q3 2024, indicating improved operational efficiency.

Updated on 16 Nov 2024

Resources:

1. Toast, Inc. (TOST) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Toast, Inc. (TOST)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Toast, Inc. (TOST)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.