Fourth Quarter Revenue of $76.1 million, up 21%
Year-over-Year
Olo Inc. (NYSE:OLO), a leading restaurant technology provider,
today announced financial results for the fourth quarter and full
year ended December 31, 2024.
“Team Olo put together a fantastic 2024 that included strong
financial performance, new and expansion deployments with marquee
restaurant brands, and platform reliability and innovation that
powered $29 billion in gross merchandise volume and $2.8 billion in
gross payment volume for the year,” said Noah Glass, Olo’s Founder
and CEO. “We are confident in executing further in 2025, including
helping more brands drive profitable traffic through the Olo Guest
Data Flywheel, and beginning to penetrate the more than $100
billion in card-present gross payment volume within our existing
base through our new Olo Pay partnership with FreedomPay.”
Fourth Quarter Financial and Other Highlights
- Total revenue increased 21% year-over-year to $76.1
million.
- Total platform revenue increased 21% year-over-year to $75.2
million.
- Gross profit increased 11% year-over-year to $40.3 million, and
was 53% of total revenue.
- Non-GAAP gross profit increased 11% year-over-year to $45.2
million, and was 59% of total revenue.
- Operating loss was $4.4 million, or (6)% of total revenue,
compared to operating loss of $20.5 million, or (33)% of total
revenue, a year ago.
- Non-GAAP operating income was $11.5 million, or 15% of total
revenue, compared to $6.8 million, or 11% of total revenue, a year
ago.
- Net loss was $0.6 million or $0.00 per share, compared to net
loss of $15.7 million, or $0.10 per share, a year ago.
- Non-GAAP net income was $11.3 million or $0.06 per share,
compared to non-GAAP net income of $8.5 million, or $0.05 per
share, a year ago.
- Cash, cash equivalents, and short- and long-term investments
totaled $403.1 million as of December 31, 2024.
- Average revenue per unit (ARPU) increased 12% year-over-year to
approximately $878.
- Dollar-based net revenue retention (NRR) was approximately
115%.
- Ending active locations increased 8% year-over-year to
approximately 86,000 as of December 31, 2024.
- Gross merchandise volume (GMV) was approximately $29 billion
during the year ended December 31, 2024, and gross payment volume
(GPV) reached approximately $2.8 billion during the year ended
December 31, 2024.
Fourth Quarter and Recent Business Highlights
- Enterprise brand deployments: Jason’s Deli, a new Olo brand,
launched Olo’s full Order suite, Olo Pay card-not-present, and
Catering+; HTeaO expanded into Olo Pay card-not-present; and Top 25
brand Jack in the Box expanded into Olo Rails.
- Emerging enterprise brand deployments: New Olo brand Walk-Ons
launched the full Order Suite, Olo Pay card-not-present, and
Catering+; new Olo brand Crisp & Green deployed nine Olo
modules across all three Olo product suites; and expansion
deployments included Olo Pay card-not-present into brands such as
Burgerville and Costa Vida, and Engage modules into Blake’s
Lotaburger and Mendocino Farms.
- Catering+: Expansion deployments included enterprise brands
like BJ’s Restaurant & Brewhouse, Black Bear Diner, and Raising
Cane’s and more than one dozen deployments with emerging enterprise
brands.
- Innovation: Released thirteen product enhancements in our
Winter release, including AI-powered menu item recommendations,
Sparkfly and Spendgo loyalty partner integrations and robust
reporting and analytics features for Engage, and enhanced Catering+
account management features. The full list of features announced
are available by visiting
www.olo.com/quarterly-release/winter-2024.
- Partnerships: On February 4, 2025, announced a partnership with
FreedomPay to integrate Olo Pay card-present functionality into
FreedomPay’s gateway terminals, which will make Olo Pay
card-present available to the majority of Olo’s 750+ brand
customers. Olo also announced an expanded partnership with Grubhub,
a leading U.S. food ordering and delivery marketplace, where
Grubhub will integrate with Olo Dispatch.
Financial Outlook
As of February 25, 2025, Olo is issuing the following outlook
for the first quarter of 2025 and full year 2025:
For the first quarter of 2025, Olo expects to report:
- Revenue in the range of $77.2 million to $77.7 million;
and
- Non-GAAP operating income in the range of $8.7 million to $9.0
million.
For the full year 2025, Olo expects to report:
- Revenue in the range of $333.0 million to $336.0 million;
and
- Non-GAAP operating income in the range of $45.5 million to
$47.0 million.
The outlook provided above constitutes forward-looking
information within the meaning of applicable securities laws and is
based on a number of assumptions and subject to a number of risks.
Actual results could vary materially as a result of numerous
factors, including inaccuracies in our assumptions and certain risk
factors, many of which are beyond Olo’s control. Olo assumes no
obligation to update these forward-looking statements. See the
cautionary note regarding “Forward-Looking Statements” below.
Webcast and Conference Call Information
Olo will host a conference call today, February 25, 2025 at 5:00
p.m. Eastern Time to discuss the Company’s financial results and
financial outlook. A live webcast of this conference call will be
available on the “Investor Relations” website at investors.olo.com,
and a replay will be archived on the website as well.
Available Information
Olo announces material information to the public about the
Company, its products and services, and other matters through a
variety of means, including filings with the SEC, press releases,
public conference calls, webcasts, the “Investor Relations” website
at investors.olo.com, and the Company’s X (formerly Twitter)
account @Olo in order to achieve broad, non-exclusionary
distribution of information to the public and for complying with
its disclosure obligations under Regulation FD.
About Olo | Hospitality at Scale™
Olo (NYSE: OLO) is a leading restaurant technology provider with
ordering, payment, and guest engagement solutions that help brands
increase orders, streamline operations, and improve the guest
experience. Each day, Olo processes millions of orders on its open
SaaS platform, gathering the right data from each touchpoint into a
single source—so restaurants can better understand and better serve
every guest on every channel, every time. Over 750 restaurant
brands trust Olo and its network of more than 400 integration
partners to innovate on behalf of the restaurant community,
accelerating technology’s positive impact and creating a world
where every restaurant guest feels like a regular. Learn more at
olo.com.
Non-GAAP Financial Measures and Other Metrics
Non-GAAP Financial Measures
In this press release, we refer to non-GAAP financial measures
that are derived on the basis of methodologies other than in
accordance with generally accepted accounting principles in the
United States, or GAAP. We use non-GAAP financial measures, as
described below, in conjunction with financial measures prepared in
accordance with GAAP for planning purposes, including in the
preparation of our annual operating budget, as a measure of our
core operating results and the effectiveness of our business
strategy, and in evaluating our financial performance. These
measures provide consistency and comparability with past financial
performance as measured by such non-GAAP figures, facilitate
period-to-period comparisons of core operating results, and assist
shareholders in better evaluating us by presenting
period-over-period operating results without the effect of certain
charges or benefits that may not be consistent or comparable across
periods or compared to other registrants’ similarly named non-GAAP
financial measures and key performance indicators.
A reconciliation of these non-GAAP measures has been provided in
the financial statement tables included in this press release and
investors are encouraged to review the reconciliation. Our use of
non-GAAP financial measures has limitations as an analytical tool,
and these measures should not be considered in isolation or as a
substitute for analysis of our financial results as reported under
GAAP. Because our non-GAAP financial measures are not calculated in
accordance with GAAP, they may not necessarily be comparable to
similarly titled measures employed by other companies.
The following are the non-GAAP financial measures referenced in
this press release and presented in the tables below: non-GAAP
gross profit (total and each line item, and total and each non-GAAP
gross profit item on a margin basis as a percentage of revenue),
non-GAAP operating expenses (each line item and each non-GAAP
operating expense item on a margin basis as a percentage of
revenue), non-GAAP operating income (and on a margin basis as a
percentage of revenue), non-GAAP net income (and on a per share
basis), and free cash flow.
We adjust our GAAP financial measures for the following items to
calculate one or more of our non-GAAP financial measures (other
than free cash flow): stock-based compensation expense (non-cash
expense calculated by companies using a variety of valuation
methodologies and subjective assumptions) and related payroll tax
expense, equity expense related to charitable donation of our Class
A common stock, certain litigation-related expenses, net of
recoveries (which relate to legal and other professional fees
associated with litigation-related matters that are not indicative
of our core operations and are not part of our normal course of
business), non-cash impairment charges, loss on disposal of assets,
capitalized internal-use software and intangible amortization,
restructuring charges, certain severance costs, and transaction
costs (typically incurred within one year of the related
acquisition and inclusive of the related tax aspects of such
acquisitions). Beginning in the second quarter of 2023, we have
included the tax impact of the non-GAAP adjustments in determining
non-GAAP net income. We determined this amount by utilizing a
federal rate plus a net state rate that excluded the impact of net
operating losses, or NOLs, and valuation allowances to calculate a
non-GAAP blended statutory rate, which we then applied to all
non-GAAP adjustments.
Reconciliation of non-GAAP operating income guidance to the most
directly comparable GAAP measures is not available without
unreasonable efforts on a forward-looking basis due to the high
variability, complexity, and low visibility with respect to the
charges excluded from these non-GAAP measures; in particular, the
measures and effects of stock-based compensation expense and
related payroll tax expense specific to equity compensation awards
that are directly impacted by unpredictable fluctuations in our
stock price. We expect the variability of the above charges to have
a significant, and potentially unpredictable, impact on our future
GAAP financial results.
Management believes that it is useful to exclude certain
non-cash charges and non-core operational charges from our non-GAAP
financial measures because: (1) the amount of such expenses in any
specific period may not directly correlate to the underlying
performance of our business operations and we believe does not
relate to ongoing operational performance; and (2) such expenses
can vary significantly between periods.
Free cash flow represents net cash provided by or used in
operating activities, reduced by purchases of property and
equipment and capitalization of internal-use software. Free cash
flow is a measure used by management to understand and evaluate our
liquidity and how it can be used to generate future growth. Free
cash flow excludes items that we do not consider to be indicative
of our liquidity and facilitates comparisons of our liquidity on a
period-to-period basis. We believe providing free cash flow
provides useful information to investors and others in
understanding and evaluating the strength of our liquidity and
future ability to generate cash that can be used for strategic
opportunities or investing in our business from the perspective of
our management and Board of Directors.
Key Performance Indicators
In addition, we also use the following key performance
indicators to help us evaluate our business, identify trends
affecting the business, formulate business plans, and make
strategic decisions.
Average revenue per unit (ARPU): We calculate ARPU by dividing
the total platform revenue in a given period by the average active
locations in that same period. We believe ARPU is an important
metric that demonstrates our ability to grow within our customer
base through the development of products that our customers
value.
Dollar-based net revenue retention (NRR): We calculate NRR as of
a period-end by starting with the revenue, defined as platform
revenue, from the cohort of all active customers as of 12 months
prior to such period-end, or the prior period revenue. An active
customer is a specific restaurant brand that utilizes one or more
of our modules in a given quarterly period. We then calculate the
platform revenue from these same customers as of the current
period-end, or the current period revenue. Current period revenue
includes any expansion and is net of contraction or attrition over
the last 12 months, but excludes platform revenue from new
customers in the current period. We then divide the total current
period revenue by the total prior period revenue to arrive at the
point-in-time dollar-based NRR. We believe that NRR is an important
metric to our investors, demonstrating our ability to retain our
customers and expand their use of our modules over time, proving
the stability of our revenue base and the long-term value of our
customer relationships.
Active locations: We define an active location as a unique
restaurant location that is utilizing or subscribed to one or more
of our modules in a quarterly period (depending on the module).
Given this definition, active locations in any one quarter may not
reflect (i) the future impact of new customer wins as it can take
some time for their locations to go live with our platform, or (ii)
the customers who have indicated their intent to reduce or
terminate their use of our platform in future periods. Of further
note, not all of our customer locations may choose to utilize our
products, and while we aim to deploy all of a customer’s locations,
not all locations may ultimately deploy.
Gross merchandise volume (GMV): We define GMV as the gross value
of orders processed through our platform.
Gross payment volume (GPV): We define GPV as the gross volume of
payments processed through Olo Pay.
Our management uses GMV and GPV metrics to assess demand for our
products. We also believe GMV and GPV provide investors with useful
supplemental information about the financial performance of our
business, enable comparison of financial results between periods
where certain items may vary independent of business performance,
and allow for greater transparency with respect to key metrics used
by management in operating our business.
Forward-Looking Statements
Statements we make in this press release include statements that
are considered forward-looking within the meaning of Section 27A of
the Securities Act and Section 21E of the Securities Exchange Act,
which may be identified by the use of words such as “anticipates,”
“believes,” “continue,” “estimates,” “expects,” “intends,” “may,”
“plans,” “projects,” “outlook,” “seeks,” “should,” “will,” and
similar terms or the negative of such terms. All statements other
than statements of historical fact are forward-looking statements
for purposes of this release.
We intend these forward-looking statements to be covered by the
safe harbor provisions for forward-looking statements contained in
Section 27A of the Securities Act and Section 21E of the Securities
Exchange Act and are making this statement for purposes of
complying with those safe harbor provisions. These statements
include, but are not limited to, our financial guidance for the
first quarter of 2025 and the full year 2025, our future
performance and growth and market opportunities, including new
products and continued module adoption among new and existing
customers, the continued expansion of ARPU, our expectations
regarding the growth of active locations, revenue expectations for
our Order, Pay, and Engage suites, our business strategy, and our
expectations regarding other financial and operational metrics and
advancements in our industry. Accordingly, actual results could
differ materially or such uncertainties could cause adverse effects
on our results.
Forward-looking statements are based upon various estimates and
assumptions, as well as information known to us as of the date of
this press release, and are subject to risks and uncertainties,
including but not limited to: the effects of public health crises,
macroeconomic conditions, including inflation, changes in
discretionary spending, fluctuating interest rates, tariffs,
geopolitical instability, and overall market uncertainty; our
ability to acquire new customers, have existing customers
(including our emerging enterprise customers) adopt additional
modules, and successfully retain existing customers; our ability to
compete effectively with existing competitors, new market entrants,
and customers generally developing their own solutions to replace
our products; our ability to develop and release new and successful
products and services, and develop and release successful
enhancements, features, and modifications to our existing products
and services; the continued growth of Olo Pay; the costs and
success of our sales and marketing efforts, and our ability to
promote our brand; our long and unpredictable sales cycles; our
ability to identify, recruit, and retain skilled personnel; our
ability to effectively manage our growth, including any
international expansion; our ability to realize the anticipated
benefits of past or future investments, strategic transactions, or
acquisitions, and the risk that the integration of these
acquisitions may disrupt our business and management; our ability
to protect our intellectual property rights and any costs
associated therewith; the growth rates of the markets in which we
compete and our ability to expand our market opportunity; our
actual or perceived failure to comply with our obligations related
to data privacy, cybersecurity, and processing payment
transactions; the impact of new and existing laws and regulations
on our business; changes to our strategic relationships with third
parties; our reliance on a limited number of delivery service
providers and aggregators; our ability to generate revenue from our
product offerings and the effects of fluctuations in our level of
customer spend retention; the durability of the growth we
experienced in the past, guest preferences for digital ordering and
customer adoption of multiple modules; and other general market,
political, economic, and business conditions. Actual results could
differ materially from those predicted or implied, and reported
results should not be considered an indication of future
performance. Additionally, these forward-looking statements,
particularly our guidance, involve risks, uncertainties, and
assumptions, including those related to our customers’ spending
decisions and guest ordering behavior. Significant variations from
the assumptions underlying our forward-looking statements could
cause our actual results to vary, and the impact could be
significant.
Additional risks and uncertainties that could affect our
financial results and forward looking statements are included under
the caption “Risk Factors” in our Annual Report on Form 10-K for
the year ended December 31, 2024 that will be filed following this
press release, and our other SEC filings, which are available on
our “Investor Relations” website at investors.olo.com and on the
SEC website at www.sec.gov. Undue reliance should not be placed on
the forward-looking statements in this press release. All
forward-looking statements contained herein are based on
information available to us as of the date hereof, and we do not
assume any obligation to update these statements as a result of new
information or future events.
OLO INC. Condensed
Consolidated Balance Sheets (Unaudited) (in thousands,
except share and per share amounts)
As of December 31,
2024
2023
ASSETS
Current assets:
Cash and cash equivalents
$
286,757
$
278,218
Short-term investments
73,978
84,331
Accounts receivable, net
61,589
70,264
Contract assets
892
412
Deferred contract costs
5,635
4,743
Prepaid expenses and other current
assets
19,470
12,769
Total current assets
448,321
450,737
Property and equipment, net
26,318
22,055
Intangible assets, net
13,797
17,738
Goodwill
207,781
207,781
Contract assets, noncurrent
826
352
Deferred contract costs, noncurrent
5,621
5,806
Operating lease right-of-use assets
9,709
12,529
Long-term investments
42,376
25,748
Other assets, noncurrent
27
73
Total assets
$
754,776
$
742,819
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
1,431
$
4,582
Accrued expenses and other current
liabilities
53,894
68,240
Unearned revenue
1,869
1,533
Operating lease liabilities, current
2,400
2,859
Total current liabilities
59,594
77,214
Unearned revenue, noncurrent
375
57
Operating lease liabilities,
noncurrent
11,584
13,968
Other liabilities, noncurrent
—
109
Total liabilities
71,553
91,348
Stockholders’ equity:
Class A common stock, $0.001 par value;
1,700,000,000 shares authorized as of December 31, 2024 and 2023;
115,635,624 and 108,469,679 shares issued and outstanding as of
December 31, 2024 and 2023, respectively. Class B common stock,
$0.001 par value; 185,000,000 shares authorized as of December 31,
2024 and 2023, respectively; 50,307,240 and 54,891,834 shares
issued and outstanding as of December 31, 2024 and 2023,
respectively
166
163
Preferred stock, $0.001 par value;
20,000,000 shares authorized as of December 31, 2024 and 2023,
respectively
—
—
Additional paid-in capital
899,754
867,152
Accumulated deficit
(216,726
)
(215,829
)
Accumulated other comprehensive income
(loss)
29
(15
)
Total stockholders’ equity
683,223
651,471
Total liabilities and stockholders’
equity
$
754,776
$
742,819
OLO INC. Condensed
Consolidated Statement of Operations (Unaudited) (in
thousands, except share and per share amounts)
Three Months Ended
December 31,
Year Ended December
31,
2024
2023
2024
2023
Revenue:
Platform
$
75,190
$
61,944
$
281,554
$
225,179
Professional services and other
880
1,060
3,384
3,110
Total revenue
76,070
63,004
284,938
228,289
Cost of revenue:
Platform
35,048
25,658
125,245
85,195
Professional services and other
721
908
3,270
4,128
Total cost of revenue
35,769
26,566
128,515
89,323
Gross profit
40,301
36,438
156,423
138,966
Operating expenses:
Research and development
17,357
17,108
68,483
73,914
General and administrative
14,993
28,112
51,543
85,098
Sales and marketing
12,390
11,752
53,142
48,190
Restructuring charges
—
—
2,396
6,848
Total operating expenses
44,740
56,972
175,564
214,050
Loss from operations
(4,439
)
(20,534
)
(19,141
)
(75,084
)
Other income, net:
Interest income
4,593
5,030
19,280
17,237
Interest expense
(15
)
(43
)
(113
)
(208
)
Other income (expense), net
33
(2
)
35
(3
)
Total other income net
4,611
4,985
19,202
17,026
Income (loss) before income taxes
172
(15,549
)
61
(58,058
)
Provision for income taxes
807
197
958
229
Net loss
$
(635
)
$
(15,746
)
$
(897
)
$
(58,287
)
Net loss per share attributable to Class A
and Class B common stockholders:
Basic
$
(0.00
)
$
(0.10
)
$
(0.01
)
$
(0.36
)
Diluted
$
(0.00
)
$
(0.10
)
$
(0.01
)
$
(0.36
)
Weighted-average Class A and Class B
common shares outstanding:
Basic
164,405,190
163,942,779
162,608,353
162,993,686
Diluted
164,405,190
163,942,779
162,608,353
162,993,686
OLO INC. Condensed
Consolidated Statements of Cash Flows (Unaudited) (in
thousands)
Year Ended December
31,
2024
2023
Operating activities
Net loss
$
(897
)
$
(58,287
)
Adjustments to reconcile net loss to net
cash provided by (used in) provided by operating activities:
Depreciation and amortization
14,436
10,289
Stock-based compensation
43,401
52,862
Charitable donation of Class A common
stock
823
1,136
Provision for expected credit losses
4,458
2,874
Non-cash lease expense
2,258
2,726
Loss on disposal of assets
—
38
Non-cash impairment charges
1,199
—
Other non-cash operating activities,
net
(2,052
)
(2,328
)
Changes in operating assets and
liabilities:
Accounts receivable
4,217
(25,009
)
Contract assets
(954
)
(187
)
Prepaid expenses and other current and
noncurrent assets
(4,890
)
(969
)
Deferred contract costs
(706
)
(3,527
)
Accounts payable
(3,151
)
2,324
Accrued expenses and other current
liabilities
(16,155
)
15,891
Operating lease liabilities
(2,844
)
(2,905
)
Unearned revenue
654
(1,597
)
Other liabilities, noncurrent
(109
)
101
Net cash provided by (used in) operating
activities
39,688
(6,568
)
Investing activities
Purchases of property and equipment
(883
)
(93
)
Capitalized internal-use software
(11,811
)
(13,011
)
Purchases of investments
(118,528
)
(130,428
)
Sales and maturities of investments
114,350
124,042
Net cash used in investing activities
(16,872
)
(19,490
)
Financing activities
Cash received for employee payroll tax
withholdings
9,860
15,528
Cash paid for employee payroll tax
withholdings
(9,823
)
(15,527
)
Proceeds from exercise of stock options
and purchases under the employee stock purchase plan
7,867
12,282
Repurchase of common stock
(22,181
)
(58,080
)
Net cash used in financing activities
(14,277
)
(45,797
)
Net increase (decrease) in cash and cash
equivalents
8,539
(71,855
)
Cash and cash equivalents, beginning of
year
278,218
350,073
Cash and cash equivalents, end of year
$
286,757
$
278,218
OLO INC. Reconciliation
of GAAP to Non-GAAP Results (Unaudited) (in thousands,
except for percentages and share and per share amounts)
Three Months Ended
December 31,
Year Ended December
31,
2024
2023
2024
2023
Gross profit and gross margin
reconciliation:
Platform gross profit, GAAP
$
40,142
$
36,286
$
156,309
$
139,984
Plus: Stock-based compensation expense and
related payroll tax expense
1,276
1,712
5,397
7,079
Plus: Capitalized internal-use software
and intangible amortization
3,564
2,532
12,509
8,351
Platform gross profit, non-GAAP
44,982
40,530
174,215
155,414
Services gross profit, GAAP
159
152
114
(1,018
)
Plus: Stock-based compensation expense and
related payroll tax expense
101
148
369
699
Services gross profit, non-GAAP
260
300
483
(319
)
Total gross profit, GAAP
40,301
36,438
156,423
138,966
Total gross profit, non-GAAP
45,242
40,830
174,698
155,095
Platform gross margin, GAAP
53
%
59
%
56
%
62
%
Platform gross margin, non-GAAP
60
%
65
%
62
%
69
%
Services gross margin, GAAP
18
%
14
%
3
%
(33
)%
Services gross margin, non-GAAP
30
%
28
%
14
%
(10
)%
Total gross margin, GAAP
53
%
58
%
55
%
61
%
Total gross margin, non-GAAP
59
%
65
%
61
%
68
%
Three Months Ended
December 31,
Year Ended December
31,
2024
2023
2024
2023
Sales and marketing
reconciliation:
Sales and marketing, GAAP
$
12,390
$
11,752
$
53,142
$
48,190
Less: Stock-based compensation expense and
related payroll tax expense
1,978
1,675
6,583
7,981
Less: Intangible amortization
341
341
1,365
1,365
Less: Certain severance costs
—
—
—
121
Sales and marketing, non-GAAP
10,071
9,736
45,194
38,723
Sales and marketing as % total revenue,
GAAP
16
%
19
%
19
%
21
%
Sales and marketing as % total revenue,
non-GAAP
13
%
15
%
16
%
17
%
Three Months Ended
December 31,
Year Ended December
31,
2024
2023
2024
2023
Research and development
reconciliation:
Research and development, GAAP
$
17,357
$
17,108
$
68,483
$
73,914
Less: Stock-based compensation expense and
related payroll tax expense
3,053
3,378
11,793
15,648
Less: Non-cash capitalized internal-use
software impairment
120
—
637
—
Research and development, non-GAAP
14,184
13,730
56,053
58,266
Research and development as % total
revenue, GAAP
23
%
27
%
24
%
32
%
Research and development as % total
revenue, non-GAAP
19
%
22
%
20
%
26
%
OLO INC. Reconciliation
of GAAP to Non-GAAP Results (Unaudited) (in thousands,
except for percentages and share and per share amounts)
Three Months Ended
December 31,
Year Ended December
31,
2024
2023
2024
2023
General and administrative
reconciliation:
General and administrative, GAAP
$
14,993
$
28,112
$
51,543
$
85,098
Less: Stock-based compensation expense and
related payroll tax expense
5,459
4,749
20,195
21,259
Less: Charitable donation of Class A
common stock
823
—
823
1,136
Less: Certain litigation-related expenses,
net of recoveries
(1,552
)
12,787
(11,431
)
21,590
Less: Non-cash impairment charge and costs
associated with former corporate headquarters
—
—
563
—
Less: Loss on disposal of assets
—
—
—
38
Less: Intangible amortization
21
40
143
162
Less: Certain severance costs
742
—
742
709
Less: Transaction costs
—
—
—
358
General and administrative, non-GAAP
9,500
10,536
40,508
39,846
General and administrative as % total
revenue, GAAP
20
%
45
%
18
%
37
%
General and administrative as % total
revenue, non-GAAP
12
%
17
%
14
%
17
%
Three Months Ended
December 31,
Year Ended December
31,
2024
2023
2024
2023
Operating loss reconciliation:
Operating loss, GAAP
$
(4,439
)
$
(20,534
)
$
(19,141
)
$
(75,084
)
Plus: Stock-based compensation expense and
related payroll tax expense
11,867
11,662
44,337
52,666
Plus: Charitable donation of Class A
common stock
823
—
823
1,136
Plus: Certain litigation-related expenses,
net of recoveries
(1,552
)
12,787
(11,431
)
21,590
Plus: Non-cash impairment charge and costs
associated with former corporate headquarters
—
—
563
—
Plus: Loss on disposal of assets
—
—
—
38
Plus: Non-cash capitalized internal-use
software impairment
120
—
637
—
Plus: Capitalized internal-use software
and intangible amortization
3,927
2,913
14,018
9,878
Plus: Restructuring charges
—
—
2,396
6,848
Plus: Certain severance costs
742
—
742
830
Plus: Transaction costs
—
—
—
358
Operating income, non-GAAP
11,488
6,828
32,944
18,260
Operating margin, GAAP
(6
)%
(33
)%
(7
)%
(33
)%
Operating margin, non-GAAP
15
%
11
%
12
%
8
%
OLO INC. Reconciliation
of GAAP to Non-GAAP Results (Unaudited) (in thousands,
except for percentages and share and per share amounts)
Three Months Ended
December 31,
Year Ended December
31,
2024
2023
2024
2023
Net loss reconciliation:
Net loss, GAAP
$
(635
)
$
(15,746
)
$
(897
)
$
(58,287
)
Plus: Stock-based compensation expense and
related payroll tax expense
11,867
11,662
44,337
52,666
Plus: Charitable donation of Class A
common stock
823
—
823
1,136
Plus: Certain litigation-related
expenses
(1,552
)
12,787
(11,431
)
21,590
Plus: Non-cash impairment charge and costs
associated with former corporate headquarters
—
—
563
—
Plus: Loss on disposal of assets
—
—
—
38
Plus: Non-cash capitalized software
impairment
120
—
637
—
Plus: Capitalized internal-use software
and intangible amortization
3,927
2,913
14,018
9,878
Plus: Restructuring charges
—
—
2,396
6,848
Plus: Certain severance costs
742
—
742
830
Plus: Transaction costs
—
—
—
358
Less: Tax impact of non-GAAP adjustments
(1)
(3,974
)
(3,159
)
(12,500
)
(9,275
)
Net income, non-GAAP
11,318
8,457
38,688
25,782
Fully diluted net loss per share
attributable to Class A and Class B common stockholders, GAAP
$
(0.00
)
$
(0.10
)
$
(0.01
)
$
(0.36
)
Fully diluted weighted average Class A and
Class B common shares outstanding, GAAP
164,405,190
163,942,779
162,608,353
162,993,686
Fully diluted net income per share
attributable to Class A and Class B common stockholders,
non-GAAP
$
0.06
$
0.05
$
0.22
$
0.15
Fully diluted Class A and Class B common
shares outstanding, non-GAAP
176,096,864
174,399,425
172,819,858
176,822,053
(1) We utilized a federal rate plus a net state rate that
excluded the impact of NOLs and valuation allowances to calculate
our non-GAAP blended statutory rate of 25.81% and 26.93% for the
years ended December 31, 2024 and 2023, respectively.
OLO INC. Non-GAAP Free
Cash Flow (Unaudited) (in thousands)
Three Months Ended
December 31,
Year Ended December
31,
2024
2023
2024
2023
Net cash provided by (used in) operating
activities
$
9,299
$
5,815
$
39,688
$
(6,568
)
Purchase of property and equipment
(101
)
(93
)
(883
)
(93
)
Capitalization of internally developed
software
(2,352
)
(2,988
)
(11,811
)
(13,011
)
Non-GAAP free cash flow
$
6,846
$
2,734
$
26,994
$
(19,672
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250224090218/en/
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