← Toast, Inc.

	FY 2019	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Net income (loss)	($209.0m)	($248.0m)	($487.0m)	($275.0m)	($246.0m)	$19.0m	$342.0m
Depreciation and amortization	$7.0m	$27.0m	$21.0m	$24.0m	$32.0m	$46.0m	$64.0m
Amortization of deferred contract acquisition costs	—	—	$30.0m	$44.0m	$62.0m	$82.0m	$99.0m
Asset impairments	—	—	$0	$0	$15.0m	$5.0m	$3.0m
Gain on warrant extinguishment	—	—	—	$0	$0	($14.0m)	$0
Operating lease right-of-use assets and operating lease liabilities, net	—	—	$0	$0	$1.0m	($4.0m)	($6.0m)
Right-of-use assets obtained in exchange for new operating lease liabilities / (reduction) of lease liabilities from lease terminations and modifications	—	—	—	$14.0m	($40.0m)	$1.0m	$10.0m
Stock-based compensation expense	$34.0m	$86.0m	$140.0m	$228.0m	$277.0m	$253.0m	$242.0m
Change in fair value of warrant liability	$1.0m	$8.0m	$97.0m	($95.0m)	($3.0m)	$49.0m	($3.0m)
Credit loss expense	$0	$0	$4.0m	$34.0m	$64.0m	$70.0m	$91.0m
Stock-based charitable contribution expense	$0	$0	$19.0m	$10.0m	$10.0m	$5.0m	$6.0m
Other non-cash items	$0	$0	$2.0m	$5.0m	($17.0m)	($7.0m)	$8.0m
Accounts receivable, net	($4.0m)	($13.0m)	($23.0m)	($35.0m)	($3.0m)	($72.0m)	($33.0m)
Other current assets	—	—	($44.0m)	($36.0m)	($12.0m)	($15.0m)	($52.0m)
Deferred contract acquisition costs	$0	($25.0m)	($56.0m)	($71.0m)	($107.0m)	($130.0m)	($147.0m)
Inventories, net	($7.0m)	($4.0m)	($23.0m)	($68.0m)	($7.0m)	$0	$4.0m
Accounts payable	$15.0m	($6.0m)	$15.0m	($11.0m)	$1.0m	$5.0m	$11.0m
Accrued expenses and other current liabilities	$22.0m	($3.0m)	$145.0m	$116.0m	$81.0m	$48.0m	$21.0m
Deferred revenue	$23.0m	($8.0m)	($2.0m)	($11.0m)	($5.0m)	$23.0m	$6.0m
Other assets and liabilities	$28.0m	$4.0m	($1.0m)	($13.0m)	($8.0m)	($3.0m)	$5.0m
Cash paid for acquisition, net of cash acquired	($41.0m)	$0	($26.0m)	($46.0m)	($9.0m)	$0	$0
Purchases of marketable securities	$0	$0	($469.0m)	($434.0m)	($623.0m)	($473.0m)	($633.0m)
Proceeds from the sale of marketable securities	$0	$0	$5.0m	$46.0m	$35.0m	$126.0m	$178.0m
Maturities of marketable securities	$0	$0	$5.0m	$369.0m	$556.0m	$362.0m	$336.0m
Payments of issuance costs of the revolving credit facility	—	—	—	—	$0	$0	($3.0m)
Change in customer funds obligations, net	($2.0m)	$4.0m	$24.0m	$26.0m	$27.0m	$36.0m	$36.0m
Warrant repurchase	—	—	—	$0	$0	($61.0m)	$0
Cash held on behalf of customers	$7.0m	$11.0m	$34.0m	$60.0m	$87.0m	$123.0m	$159.0m
Stock-based compensation included in capitalized software	$0	$0	$1.0m	$7.0m	$13.0m	$14.0m	$12.0m
Cash paid for amounts included in the measurement of lease liabilities	—	—	—	$24.0m	$14.0m	$14.0m	$15.0m
Net cash provided by operating activities	($126.0m)	($125.0m)	$2.0m	($156.0m)	$135.0m	$360.0m	$661.0m
Capital expenditures	($9.0m)	($28.0m)	($19.0m)	($33.0m)	($42.0m)	($54.0m)	($53.0m)
Other investing activities	$1.0m	$0	$1.0m	$0	($3.0m)	$0	$0
Net cash (used in) investing activities	($47.0m)	($36.0m)	($503.0m)	($98.0m)	($86.0m)	($39.0m)	($172.0m)
Proceeds from issuance of common stock	—	—	$34.0m	$15.0m	$36.0m	$99.0m	$81.0m
Issuance of common stock upon exercise of common stock warrants	—	$0	$56.0m	$18.0m	$1.0m	$17.0m	$0
Repurchases of Class A common stock	—	—	—	$0	$0	($56.0m)	($107.0m)
Net cash provided by financing activities	$256.0m	$594.0m	$759.0m	$38.0m	$63.0m	$18.0m	$7.0m
Effect of exchange rate changes on cash and cash equivalents and restricted cash	$0	$2.0m	($1.0m)	$0	$0	($1.0m)	$2.0m
Net increase in cash, cash equivalents, cash held on behalf of customers and restricted cash	$83.0m	$433.0m	$258.0m	($216.0m)	$112.0m	$338.0m	$498.0m
Cash, cash equivalents, cash held on behalf of customers and restricted cash at beginning of period	$159.0m	$594.0m	$851.0m	$635.0m	$747.0m	$1.1b	$1.6b
Cash and cash equivalents	$150.0m	$582.0m	$809.0m	$547.0m	$605.0m	$903.0m	$1.4b
Restricted cash	$2.0m	$1.0m	$8.0m	$28.0m	$55.0m	$59.0m	$71.0m

Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.