Toast Files 8-K on Financials, Exit Costs

TL;DR

Toast filed an 8-K on Feb 15, 2024, signaling updates on financial results and potential exit costs.

AI Summary

Toast, Inc. filed an 8-K on February 15, 2024, reporting on "Results of Operations and Financial Condition" and "Cost Associated with Exit or Disposal Activities." This filing indicates that events related to these financial and operational aspects occurred on this date, requiring disclosure to the SEC.

Why It Matters

This 8-K signals that Toast, Inc. has significant updates regarding its financial performance and potential operational restructuring, which could impact investor sentiment and future business outlook.

Risk Assessment

Risk Level: medium — The filing indicates reporting on "Cost Associated with Exit or Disposal Activities," which often signals operational changes or restructuring that could impact the company's financial health, though specific details are not provided in this excerpt.

Key Players & Entities

• Toast, Inc. (company) — registrant
• United States Securities and Exchange Commission (company) — regulator
• February 15, 2024 (date) — earliest event reported
• Delaware (location) — state of incorporation
• Boston, Massachusetts (location) — principal executive offices
• 001-40819 (identifier) — Commission File Number
• 45-4168768 (identifier) — I.R.S. Employer Identification No.

FAQ

Key Financial Figures

• $0.000001 — tered Class A common stock, par value $0.000001 per share TOST New York Stock Exchange
• $45 — turing-related charges of approximately $45 to $55 million, primarily related to se
• $55 m — related charges of approximately $45 to $55 million, primarily related to severance a
• $250 million — tock"), in an aggregate amount of up to $250 million. The repurchase program has no expirati

Filing Documents

• tost-20240215.htm (8-K) — 33KB
• tost-20231231xexhibit991.htm (EX-99.1) — 437KB
• 0001650164-24-000069.txt ( ) — 623KB
• tost-20240215.xsd (EX-101.SCH) — 2KB
• tost-20240215_lab.xml (EX-101.LAB) — 24KB
• tost-20240215_pre.xml (EX-101.PRE) — 13KB
• tost-20240215_htm.xml (XML) — 3KB

02 - Results of Operations and Financial Condition

Item 2.02 - Results of Operations and Financial Condition. On February 15, 2024, Toast, Inc. announced its financial results for the fiscal quarter and fiscal year ended December 31, 2023. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. The information in this Current Report on Form 8-K and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

05. Costs Associated with Exit or Disposal Activities

Item 2.05. Costs Associated with Exit or Disposal Activities On February 13, 2024, the Company's board of directors (the "Board") approved a restructuring plan designed to promote overall operating expense efficiency (the "Restructuring Plan"). The Restructuring Plan includes a reduction in force which is expected to impact approximately 550 employees, as well as certain other actions to reorganize the Company's facilities and operations. The Company expects to complete the Restructuring Plan by the end of fiscal year 2024. As part of this Restructuring Plan, the Company expects to incur restructuring and restructuring-related charges of approximately $45 to $55 million, primarily related to severance and severance-related costs and certain other costs related to facilities. Substantially all of these charges are expected to be incurred in the first quarter of fiscal year 2024. Information provided in this Current Report on Form 8-K including information concerning the expected amount and timing of charges and cash expenditures and expected completion of the contemplated actions are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon the Company's current plans, assumptions, beliefs, and expectations. Forward-looking statements are subject to the occurrence of many events outside of the Company's control. Actual results and the timing of events may differ materially from those contemplated by such forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. These risks and uncertainties include, among other things, the risk that the restructuring costs and charges may be greater than anticipated or incurred in different periods than anticipated; the risk that the Company's restructuring efforts may adversely affect the Company's internal programs and the Company's ability to recruit and retain skilled and motiva

01 Other Events

Item 8.01 Other Events On February 13, 2024, the Board approved the authorization of a share repurchase program for the repurchase of shares of the Company's Class A common stock, par value $0.000001 per share (the "Class A Common Stock"), in an aggregate amount of up to $250 million. The repurchase program has no expiration date, does not obligate the Company to acquire any particular amount of the Company's Class A Common Stock, and it may be suspended at any time at the Company's discretion. Repurchases may be made from time to time through open market repurchases subject to market conditions, applicable legal requirements and other relevant factors. Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18 of the Exchange Act. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. The timing and actual number of shares repurchased may depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities.

01 - Financial Statements and Exhibits

Item 9.01 - Financial Statements and Exhibits (d) The following exhibits are being filed herewith: Exhibit No. Description 99.1 Press Release issued by the registrant on February 1 5 , 202 4 , furnished herewith. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: February 15, 2024 TOAST, INC. By: /s/ Elena Gomez Name: Elena Gomez Title: Chief Financial Officer (Principal Financial Officer)

View Full Filing

View this 8-K filing on SEC EDGAR