Toast Inc ( TOST ) reported first-quarter financial results Tuesday after the close. Here’s a look at what you need to know.

Q1 Revenue: $1.075 billion, versus estimates of $1.041 billion

Q1 EPS: Loss of 15 cents, versus estimates for a loss of 14 cents

Annualized recurring run-rate (ARR) grew 32% to $1.3 billion as of March 31. Gross Payment Volume (GPV) increased 30% year-over-year to $34.7 billion.

Toast noted that it added over 6,000 net new locations in the first quarter. Total locations were up 32% year-over-year to approximately 112,000.

“Toast is off to a strong start in 2024. Our first quarter results demonstrate strong topline growth and margin expansion that we will continue to build on throughout the year. We executed well against our priorities: scaling restaurant locations; driving ARR by delivering products customers love; continuing to expand our addressable market; and building operating leverage as we scale,” said Aman Narang, co-founder and CEO of Toast.

Outlook: Toast expects second-quarter subscription services and financial technology solutions gross profit in the range of $320 million to $330 million, representing growth of 20% to 24% compared to the prior year’s quarter.

The company anticipates second-quarter adjusted EBITDA of $55 million to $65 million. Full-year 2024 adjusted EBITDA is expected to be between $250 million and $270 million.

“With a differentiated business model that scales efficiently, we are positioned for durable growth and ongoing margin expansion, while investing in exciting new growth vectors to expand our long-term opportunity,” Narang added.

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TOST Price Action: Toast shares were up 4.51% after hours at $24.80 at the time of publication, according to Benzinga Pro.