$TOST · The Compound · 2026-11-03
说话者仍做多 Toast，认为它是一个极佳的长期机会。他援引一份出色的财报：GAAP 每股收益同比近乎翻倍，ARR 约100亿美元，自由现金流持续增长，此前的问题已经解决。尽管股价下跌1.5美元、盘后走势不具意义，他认为相对于其业务，市值非常低；垂直 SaaS 不受市场青睐，但 Toast 占据主导地位，在18.9万个门店使用。
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Toast 发布了他们的报告。这实际上是一份很棒的财报，所以股价跌了1.5美元，但既然我们在节目上，我已经谈过很多次了，所以这是正式的。
Toast has published their report. This Actually a great report, so stock 1.5 The dollar has fallen, but since we are on the show, I've talked about it many times, so it's official.
给不了解的人说一下，Toast 是快速的。为酒店餐饮业提供支付，以及最受欢迎的垂直软件，正成为一个重要平台，不只是餐厅、外卖业务、零售店，他们刚刚还推出了加油站的垂直业务。这不只是美国业务，它是国际性的。
For those who don't know, toast is fast. Payments for the hospitality industry and The most popular vertical software Becoming an important platform, just Not a restaurant, take-out business, retail The store and they just left the gas station. has also launched a vertical for.
This is not just a US business, it is International.
盘后出现了一些波动。我关注的是盘后这段时间。我不会对市场的反应过于激动。我们来看每股收益（EPS）。他们公布了GAAP每股收益，一年内几乎翻了一倍。ARR数据确实很亮眼。我认为他们的季度运行率是25亿美元，这意味着年度经常性收入约为100亿美元。
There have been some fluctuations in after hours. Look, I'm after these market hours. I don't get too carried away by the reaction. Let's show earnings per share (EPS). Look, They reported their GAAP earnings per share.
It is almost doubling in a year. and The ARR numbers are really Impressive. I think their quarterly run rate is two and a half. billion dollars, which means an annual recurring Revenue is about $10 billion.
看下一个，自由现金流。它不太平衡，意思是它一直在增长。不。这看起来不像是一家超大规模公司，不过他们两个季度前遇到了一些问题。当股价在20多美元时问题解决了。它下跌了。
Show the next one, free cash flow. It is not very balanced, meaning it is constantly increasing. No. This doesn't seem like a hyper scalar, However, they had some problems two quarters ago.
It's fixed when the share price is in the 20s. It went down.
这就是我刚才说的ARR数字。这是年度……如果这家公司长期能赚到100亿美元，就能达到那个美元目标，而且这个节奏能维持下去，但我认为这门生意——他们的市值相对于他们的规模来说非常低。
This is the ARR number that I was talking. This is the annual... If this company makes $10 billion in the long run can reach the dollar target and this pace can maintain, but I think the business Their market cap is very low compared to their size.
我知道现在人们更青睐SaaS。不太兴奋，垂直SaaS也一样，他们没那么感兴趣，而这正是Toast的要点。基础。但在这种情况下，他们非常孤独。它占据主导地位。
I know people are more into SaaS now. Not excited, and with vertical sash too They're not that interested, which is the point of the toast. Foundation. But in this case they are very much alone. It is dominating.
无论你走到哪里，都会看到Toast。你会用上它，他们的收入就会增长。他们今晚告诉市场，目前全球有189,000个地点在使用Toast，至少用于一项任务。比如用于支付。而业务的另一面是，一旦他们发现你是支付客户，他们对你来说就不可或缺了。其他横向服务也能卖出去。可以做到。
Wherever you go, you'll see toast. You will get it, and their revenue will increase. They told the market tonight that Currently in 189,000 locations worldwide Toast is being used, at least for one task.
For, perhaps for payment. And the other side of the business is, once they If you are found as a payment customer, They are essential for your business. Other horizontal services are also sold. Can do.
总之，我的意思是——不，因为股价没有太大变化。但我仍然持有多头仓位，我认为，我认为从长期来看这是一个很好的机会。
Anyway, my message is something No, because there is not much change in the share price. . But I am still in a long position and I think I think this is a great opportunity in the long run.