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      "text": "Gross Payment Volume (GPV)\nSum of total dollars processed through the Toast payments platform across Toast Processing Locations in a given period\nAnnualized Recurring Run-Rate (ARR)\nSum of twelve times the subscription component of MRR and four times the trailing-three-month cumulative payments component of MRR\nAdjusted EBITDA\nNet (loss) income, adjusted to exclude the following items, as applicable:\nStock-based compensation expense and related payroll tax expense\nDepreciation and amortization expense\nInterest income, net\nAcquisition expenses\nChange in fair value of warrant liability\nExpenses related to early termination of leases (which includes associated asset impairments)\nCharitable contribution stock-based expense\nIncome taxes\nFree Cash Flow\nCalculated as net cash (used in) provided by operating activities reduced by purchases of property and equipment and capitalization of internal-use software costs\nLocations\nWe define a live location, or Location, as a unique location that has used Toast Point of Sale to record transaction volumes above a minimum threshold, and has not been marked as a churned location as of the date of determination. A Location can use Toast payment services, which we refer to as a Toast Processing Location, or for select enterprise customers, not use Toast's payment services, which we refer to as a Non-Toast Processing Location. Customers of legacy solutions provided by companies that we have acquired, that do not use Toast Point of Sale, are not included in our Location count.",
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      "text": "© 2023 Toast, Inc. All Rights Reserved.",
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      "text": "Defining Key Terms",
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