Toast, Inc. (NYSE:TOST) will look for M&A. Elena Gomez, Chief Financial Officer said, "So let's actually go through how we execute against this capital allocation framework every day. Number one, it starts with a continued focus to invest organically in our core business to sustain long-term growth. That is our #1 priority.

Even as we strategically invest, we're committed to driving increasing profit and free cash flow. Growing the cash flow gives us the opportunity and fuels investment in new growth areas. And finally, with excess free cash flow, opportunistically, we'll consider M&A and opportunistically consider share repurchases".