Third-Quarter Revenue Grew 36% Year-over-Year
on Continued Active Location and Transaction Volume Growth
Celebrated the Milestone of Welcoming its 500th
Restaurant Brand
Olo Inc. (NYSE:OLO), a leading on-demand commerce platform
powering the restaurant industry’s digital transformation, today
announced financial results for the third quarter ended September
30, 2021.
“In the third quarter, Olo’s strong revenue growth and
profitability momentum continued as Olo took meaningful strides
toward our vision of digital entirety: touching, adding value to,
and deriving revenue from every restaurant transaction,” said Noah
Glass, Founder and CEO.
“We drove digital transactions across every service model:
takeout, delivery, drive-thru, and on-premise, while announcing new
tools to enable brands to both realize the promise of digital
hospitality and improve key facets of their businesses as truly
customer-centric and data-informed enterprises through the recent
acquisition of Wisely,” concluded Mr. Glass.
Third-Quarter Financial and Other Highlights
- Total revenue increased 36% year-over-year to $37.4
million.
- Platform revenue increased 38% year-over-year to $36.1
million.
- Gross profit increased 29% year-over-year to $29.2 million, or
78% of total revenue.
- Non-GAAP gross profit increased 32% year-over-year to $30.2
million, or 81% of total revenue.
- Operating income decreased $18.6 million year-over-year to an
operating loss of $(11.3) million, or (30)% of total revenue.
- Non-GAAP operating income decreased $3.8 million year-over-year
to $5.1 million, or 14% of total revenue.
- Net loss was $(11.3) million or $(0.08) per share, compared to
net income of $5.1 million or $0.00 per share a year ago.
- Non-GAAP net income was $5.0 million or $0.03 per share,
compared to a non-GAAP net income of $8.8 million or $0.06 per
share a year ago.
- Cash and cash equivalents were $597.7 million.
- Ending active locations increased 26% year-over-year to
approximately 76,000.
- Average revenue per unit (ARPU) increased 8% year-over-year to
approximately $484.
- Dollar-based net revenue retention (NRR) remained over
120%.
Third-Quarter and Recent Business Highlights
- Olo completed the acquisition of Wisely Inc., a leading
customer intelligence and engagement platform for restaurants,
accelerating Olo’s vision to enable restaurant brands to deepen
guest relationships, drive more transactions, and increase customer
lifetime value.
- Olo celebrated the milestone of welcoming its 500th restaurant
brand to the platform. New customers included CKE Restaurant
Holdings, Inc., parent company to leading QSR brands Carl’s Jr. and
Hardee’s, and Dave’s Hot Chicken, a growing fast-casual brand. CKE
replatformed from a fragmented technology stack, leveraging the Olo
Ordering module. Dave’s Hot Chicken adopted the Olo Ordering,
Dispatch, Rails, and Network modules, making Olo the brand’s
on-demand commerce solution of choice.
- Olo expanded relationships with existing restaurant brands,
including Bojangles and Denny’s. Bojangles, a leading QSR brand,
previously deployed the Olo Rails module, and recently launched the
Olo Ordering module with a custom website and app. Denny’s, a top
family dining brand, added the Olo Network module after previously
implementing all three of Olo’s core modules: Ordering, Dispatch,
and Rails.
- Olo is proud to have expanded its relationships with existing
technology partners Uber and Waitr, adding both partners to the Olo
Dispatch network. As a result, restaurant brands on Dispatch will
have an expanded network of delivery partners, more competitive
pricing, differentiated service hours, and more driver availability
on the Dispatch network.
- Olo enhanced its Rails platform, providing brands with
additional tools and capabilities to control capacity across their
integrated third-party channels. This powerful feature allows
restaurant brands to prioritize their most profitable orders by
channel, by location, or by time of day and/or day of week.
- Olo recommended nine non-profits to its independent donor
advised fund sponsor, Tides Foundation, to receive grants in
connection with the Olo for Good initiative. Tides Foundation
subsequently donated a total of $4.9 million in grants to Black
Girls Code, Clean Air Task Force, Emma’s Torch, Feeding America,
FoodCorps, Girls Who Code, Giving Kitchen, the Let’s Empower
Employment Initiative, and Natural Resources Defense Council. Grant
recipients are non-profits focused on diversity, equity, and
inclusion, increasing access to food, supporting the restaurant
industry’s frontline workers, and advancing environmental
sustainability. Olo intends to recommend Tides Foundation to make
annual grants going forward for the next nine years.
A reconciliation of GAAP to non-GAAP financial measures is
provided at the end of this press release. An explanation of these
measures is also included below under the heading “Non-GAAP
Financial Measures and Other Metrics.”
Financial Outlook
As of November 9, 2021, Olo is issuing the following outlook for
the fourth quarter of 2021 and fiscal year 2021:
For the fourth quarter of 2021, Olo expects to report:
- Revenue in the range of $38.8 million to $39.3 million;
and
- Non-GAAP operating income in the range of $2.8 million to $3.2
million.
For the fiscal year 2021, Olo expects to report:
- Revenue in the range of $148.2 million to $148.7 million;
and
- Non-GAAP operating income in the range of $19.8 million to
$20.2 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 certain risk factors, many of which are beyond
Olo’s control. See the cautionary note regarding “Forward-Looking
Statements” below. Fluctuations in Olo’s operating results may be
particularly pronounced in the current economic environment due to
the uncertainty caused by, and the unprecedented nature of, the
ongoing COVID-19 pandemic, the severity, duration, and ultimate
impact of which is difficult to predict at this time. While Olo has
benefited from the acceleration of demand for off-premise dining
during the COVID-19 pandemic, Olo’s business and financial results
could be materially adversely affected in the future if these
trends do not continue. The situation regarding COVID-19 remains
uncertain and could change rapidly, and Olo will continue to
evaluate its potential impact on its business.
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 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.
Webcast and Conference Call Information
Olo will host a conference call today, November 9, 2021 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'' page of the Company’s
website (www.olo.com), and a replay will be available on the
website as well.
About Olo
Olo is a leading on-demand commerce platform powering the
restaurant industry’s digital transformation. Millions of orders
per day run on Olo’s enterprise SaaS engine, enabling brands to
maximize the convergence of digital and brick-and-mortar
operations. The Olo platform provides the infrastructure to capture
demand and manage consumer orders from every channel. With
integrations to over 100 technology partners, Olo customers can
build digital experiences with the largest and most flexible
restaurant commerce ecosystem on the market. Over 500 restaurant
brands use Olo to grow digital sales, maximize profitability, and
preserve direct consumer relationships. Learn more at olo.com.
Non-GAAP Financial Measures and Other Metrics
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements,
which are prepared in accordance with generally accepted accounting
principles in the United States (GAAP), we present non-GAAP gross
profit/margin (and as a percentage of revenue), non-GAAP operating
expenses (total and each line item, and total and each non-GAAP
operating expense item as a percentage of revenue), non-GAAP
operating income (and as a percentage of revenue), and non-GAAP net
income (loss) (and as a percentage of revenue and on a per share
basis) in this press release. 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 financial results as reported under GAAP.
We use non-GAAP financial measures 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, facilitate period-to-period comparisons of
core operating results, and also facilitate comparisons with other
peer companies, many of which use similar non-GAAP financial
measures to supplement their GAAP results. We exclude the following
items from one or more of our non-GAAP financial measures:
stock-based compensation expense (non-cash expense calculated by
companies using a variety of valuation methodologies and subjective
assumptions), equity expense related to charitable contributions,
internally developed software amortization (non-cash expense),
change in fair value of warrants, related acquisition transaction
costs, and, if applicable, other non-cash transactions.
Free cash flow represents net cash used in operating activities,
reduced by purchases of property and equipment, and capitalization
of internally developed software. Free cash flow is a measure used
by management to understand and evaluate our liquidity and to
generate future operating plans. The reduction of capital
expenditures facilitates comparisons of our liquidity on a
period-to-period basis and excludes items that we do not consider
to be indicative of our liquidity. We believe that free cash flow
is a measure of liquidity that 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 in
the same manner as our management and Board of Directors.
Nevertheless, our use of free cash flow has limitations as an
analytical tool, and you should not consider it in isolation or as
a substitute for analysis of our financial results as reported
under GAAP. Further, our definition of free cash flow may differ
from the definitions used by other companies and therefore
comparability may be limited.
Investors are cautioned that there are material limitations
associated with the use of non-GAAP financial measures as an
analytical tool. In particular, (1) stock-based compensation
expense has recently been, and will continue to be for the
foreseeable future, a significant recurring expense for our
business and an important part of our compensation strategy and (2)
although depreciation and amortization expense are non-cash
charges, the assets subject to depreciation and amortization may
have to be replaced in the future. The non-GAAP measures we use may
be different from non-GAAP financial measures used by other
companies, limiting their usefulness for comparison purposes. Such
non-GAAP financial measures should be considered as a supplement
to, and not as a substitute for, or superior to, the corresponding
measures calculated in accordance with GAAP. We compensate for
these limitations by providing specific information regarding the
GAAP items excluded from these non-GAAP financial measures. 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.
Other Metrics
We calculate ARPU by dividing the total platform revenue in a
given period by the average active locations in that same period.
We believe this demonstrates our ability to grow within our
customer base through the development of our products that our
customers value.
We define active locations as a unique restaurant location that
is utilizing one or more modules in a given quarterly period. We
believe there is a substantial opportunity to continue to grow our
customer base within the U.S. restaurant industry. We intend to
continue to drive new customer growth by leveraging our brand and
experience within the industry, and expanding our sales and
marketing efforts. We have also historically pursued and will
continue to target the most well-capitalized, fastest growing
restaurant brands in the industry. As our restaurant brand
customers open new locations, we are well-positioned to organically
grow our revenue with little to no incremental sales and marketing
costs to target additional locations.
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. 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.
Forward-Looking Statements
Statements we make in this press release may include statements
which are not historical facts and are considered forward-looking
within the meaning of Section 27A of the Securities Act and Section
21E of the Securities Exchange Act, which are usually identified by
the use of words such as “anticipates,” “believes,” “estimates,”
“expects,” “intends,” “may,” “plans,” “projects,” "outlook",
“seeks,” “should,” “will,” and variations of such words or similar
expressions.
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, statements regarding the ongoing
importance of digital experiences to the restaurant industry, the
future performance of Olo and its market opportunity, including
expected financial results for the fourth quarter and fiscal year
2021, our business strategy, our ability to sustain our
profitability, customer adoption of our products and expectations
for capturing market share and our delivery of new products or
product features, the integration and benefits of our acquisition
of Wisely Inc., and expectations regarding the impact of the
COVID-19 pandemic on our business and 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 Olo as of the date of
this press release, and are subject to risks and uncertainties,
including but not limited to: the impact and duration of the
COVID-19 pandemic on our business and economic conditions; the
impact, severity and duration of safety measures put in place to
mitigate the impact of the COVID-19 pandemic; our focus on the
long-term and our investments in sustainable, profitable growth;
our ability to develop and release new products and services, and
develop and release successful enhancements, features, and
modifications to our existing products and services; the impact of
new and existing laws and regulations; 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 client spend retention; competition; changes in the amount
and mix of transactions facilitated through our platform in a
period; changes in our level of investment in sales and marketing,
research and development, and general and administrative expenses,
and our hiring plans; future changes to our pricing model; changes
in management; 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 as an indication of future performance. Additionally,
these forward-looking statements, particularly our guidance,
involve risks, uncertainties and assumptions, including those
related to the impacts of the COVID-19 pandemic on our customers’
spending decisions and consumer ordering behavior as COVID-19
associated restrictions and the impact of federal fiscal stimulus
abates. Significant variation 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 are included under the caption “Risk Factors” in
our Quarterly Report on Form 10-Q for the quarterly period ended
June 30, 2021 filed with the SEC on August 10, 2021, and our
Quarterly Report on Form 10-Q for quarterly period ended September
30, 2021 that will be filed following this earnings release, and
our subsequent SEC filings, which are available on the Investor
Relations page of our 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 Balance Sheets
(Unaudited)
(in thousands, except share
and per share amounts)
As of September 30,
2021
As of December 31,
2020
ASSETS
Current assets:
Cash and cash equivalents
$
597,742
$
75,756
Accounts receivable, net of allowances of
$657 and $631, respectively
40,392
45,641
Contract assets
625
356
Deferred contract costs
2,175
1,830
Prepaid expenses and other current
assets
5,044
1,661
Total current assets
645,978
125,244
Property and equipment, net
2,843
2,241
Contract assets, noncurrent
1,132
503
Deferred contract costs, noncurrent
3,595
3,346
Deferred offering costs
—
2,792
Other assets, noncurrent
368
298
Total assets
$
653,916
$
134,424
LIABILITIES, REDEEMABLE CONVERTIBLE
PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable
$
5,293
$
9,104
Accrued expenses and other current
liabilities
59,704
42,578
Unearned revenue
1,372
585
Redeemable convertible preferred stock
warrant liability
—
19,735
Total current liabilities
66,369
72,002
Unearned revenue, noncurrent
2,002
435
Deferred rent, noncurrent
2,229
2,402
Other liabilities, noncurrent
248
329
Total liabilities
70,848
75,168
Commitments and contingencies
Redeemable convertible preferred stock,
$0.001 par value, zero and 60,509,120 authorized at September 30,
2021 and December 31, 2020 and; zero and 58,962,749 issued and
outstanding at September 30, 2021 and December 31, 2020,
respectively
—
111,737
Stockholders’ deficit:
Class A common stock, $0.001 par value;
1,700,000,000 and zero shares authorized at September 30, 2021 and
December 31, 2020; 50,270,094 and zero shares issued and
outstanding at September 30, 2021 and December 31, 2020,
respectively. Class B common stock, $0.001 par value; 185,000,000
shares authorized at September 30, 2021 and December 31, 2020;
100,585,301 and 22,320,286 shares issued and outstanding at
September 30, 2021 and December 31, 2020, respectively.
151
22
Preferred stock, $0.001 par value;
20,000,000 and zero shares authorized at September 30, 2021 and
December 31, 2020, respectively.
—
—
Additional paid-in capital
692,420
16,798
Accumulated deficit
(109,503
)
(69,301
)
Total stockholders’ equity (deficit)
583,068
(52,481
)
Total liabilities, redeemable convertible
preferred stock and stockholders’ equity (deficit)
$
653,916
$
134,424
OLO INC.
Condensed Statements of
Operations and Comprehensive Loss (Unaudited)
(in thousands, except share
and per share amounts)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021
2020
2021
2020
Revenue:
Platform
$
36,084
$
26,197
$
105,533
$
63,525
Professional services and other
1,306
1,307
3,876
4,352
Total revenue
37,390
27,504
109,409
67,877
Cost of revenue:
Platform
6,632
3,583
18,419
10,191
Professional services and other
1,532
1,196
3,958
3,191
Total cost of revenue
8,164
4,779
22,377
13,382
Gross profit
29,226
22,725
87,032
54,495
Operating expenses:
Research and development
14,485
7,871
42,872
22,715
General and administrative
21,270
5,461
53,034
15,137
Sales and marketing
4,728
2,002
12,265
6,089
Total operating expenses
40,483
15,334
108,171
43,941
(Loss) income from operations
(11,257
)
7,391
(21,139
)
10,554
Other expenses, net:
Interest expense
—
—
—
(157
)
Other (expense) income, net
(15
)
(3
)
(23
)
15
Change in fair value of warrant
liability
—
(2,234
)
(18,930
)
(4,251
)
Total other expenses, net
(15
)
(2,237
)
(18,953
)
(4,393
)
(Loss) income before taxes
(11,272
)
5,154
(40,092
)
6,161
Provision for income taxes
36
47
110
142
Net (loss) income and comprehensive (loss)
income
$
(11,308
)
$
5,107
$
(40,202
)
$
6,019
Accretion of redeemable convertible
preferred stock to redemption value
—
(17
)
(14
)
(52
)
Undeclared 8% dividend on participating
securities
—
(5,090
)
—
(5,967
)
Net loss attributable to Class A and Class
B common stockholders
$
(11,308
)
$
—
$
(40,216
)
$
—
Net loss per share attributable to Class A
and Class B common stockholders:
Basic
$
(0.08
)
$
—
$
(0.35
)
$
—
Diluted
$
(0.08
)
$
—
$
(0.35
)
$
—
Weighted-average Class A and Class B
common shares outstanding:
Basic
148,452,987
20,856,530
113,451,378
19,401,927
Diluted
148,452,987
20,856,530
113,451,378
$
19,401,927
OLO INC.
Condensed Statements of Cash
Flows (Unaudited)
(in thousands)
Nine Months Ended
September 30, 2021
Nine Months Ended
September 30, 2020
Operating activities
Net (loss) income
$
(40,202
)
$
6,019
Adjustments to reconcile net (loss) income
to net cash provided by operating activities:
Depreciation and amortization
800
440
Stock-based compensation
21,417
3,465
Stock-based compensation in connection
with vesting of Stock Appreciation Rights
2,847
—
Charitable donation of Class A common
stock
13,107
—
Bad debt expense
283
520
Change in fair value of warrants
18,930
4,251
Changes in operating assets and
liabilities:
Accounts receivable
4,966
(30,404
)
Contract assets
(898
)
(59
)
Prepaid expenses and other current
assets
(3,256
)
(148
)
Deferred contract costs
(594
)
(1,575
)
Accounts payable
(3,721
)
(3,461
)
Accrued expenses and other current
liabilities
10,350
24,010
Deferred rent
(174
)
669
Unearned revenue
2,354
(337
)
Net cash provided by operating
activities
26,209
3,390
Investing activities
Purchases of property and equipment,
including capitalized software
(1,195
)
(989
)
Net cash used in investing activities
(1,195
)
(989
)
Financing activities
Proceeds from issuance of Class A common
stock upon initial public offering, net of underwriting
discounts
485,541
—
Cash received for employee payroll tax
withholdings
25,696
—
Cash paid for employee payroll tax
withholdings
(18,691
)
—
Proceeds from line of credit
—
15,000
Repayment of line of credit
—
(18,500
)
Proceeds from exercise of warrants
392
—
Payment of deferred finance costs
(135
)
—
Payment of deferred offering costs
(4,118
)
(1,105
)
Proceeds from exercise of stock
options
8,287
1,708
Proceeds from issuance of preferred
stock
—
50,000
Costs incurred from issuance of preferred
stock
—
(234
)
Net cash provided by financing
activities
496,972
46,869
Net increase in cash and cash
equivalents
521,986
49,270
Cash and cash equivalents, beginning of
period
75,756
10,935
Cash and cash equivalents, end of
period
$
597,742
$
60,205
Supplemental disclosure of cash flow
information
Cash paid for income taxes, net
$
69
$
—
Cash paid for interest
$
—
$
157
Cash received for early exercise of stock
options
$
—
$
156
Supplemental disclosure of non-cash
investing and financing activities
Accrued offering costs
$
339
$
710
Vesting of early exercised stock
options
$
174
$
—
Accretion of redeemable convertible
preferred stock to redemption value
$
14
$
52
Purchase of property and equipment
$
34
$
46
Capitalization of stock-based compensation
for internal-use software
$
173
$
31
OLO INC.
Reconciliation of GAAP Cash
Provided by Operating Activities to Non-GAAP Free Cash Flow
(Unaudited)
(in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021
2020
2021
2020
Net cash provided by operating
activities
$
10,738
$
4,091
$
26,209
$
3,390
Purchase of property and equipment
(53
)
(152
)
(324
)
(268
)
Capitalization of internally developed
software
(482
)
(439
)
(871
)
(721
)
Non-GAAP free cash flow
$
10,203
$
3,500
$
25,014
$
2,401
OLO INC.
Reconciliation of GAAP to
Non-GAAP Results (Unaudited)
(in thousands, except for
percentages and share and per share amounts
Three Months Ended
September 30, 2021
Three Months Ended
September 30, 2020
Nine Months Ended
September 30, 2021
Nine Months Ended
September 30, 2020
Gross profit and gross margin
reconciliation:
Platform gross profit, GAAP
$
29,452
$
22,614
$
87,114
$
53,334
Plus: Stock-based compensation expense
762
140
1,942
348
Plus: Internally developed software
amortization
138
65
413
130
Platform gross profit, non-GAAP
30,352
22,819
89,469
53,812
Services gross profit, GAAP
(226)
111
(82)
1,161
Plus: Stock-based compensation expense
116
33
362
72
Services gross profit, Non-GAAP
(110)
144
280
1,233
Total gross profit, GAAP
29,226
22,725
87,032
54,495
Total gross profit, non-GAAP
30,242
22,963
89,749
55,045
Platform gross margin, GAAP
82
%
86
%
83
%
84
%
Platform gross margin, non-GAAP
84
%
87
%
85
%
85
%
Services gross margin, GAAP
(17)
%
8
%
(2)
%
27
%
Services gross margin, non-GAAP
(8)
%
11
%
7
%
28
%
Total gross margin, GAAP
78
%
83
%
80
%
80
%
Total gross margin, non-GAAP
81
%
83
%
82
%
81
%
Sales and marketing
reconciliation:
Sales and marketing, GAAP
4,728
2,002
12,265
6,089
Less: Stock-based compensation expense
512
111
1,436
221
Sales and marketing, non-GAAP
4,216
1,891
10,829
5,868
Sales and marketing as % total revenue,
GAAP
13
%
7
%
11
%
9
%
Sales and marketing as % total revenue,
non-GAAP
11
%
7
%
10
%
9
%
Research and development
reconciliation:
Research and development, GAAP
14,485
7,871
42,872
22,715
Less: Stock-based compensation expense
2,570
413
8,522
940
Research and development, non-GAAP
11,915
7,458
34,350
21,775
Research and development as % total
revenue, GAAP
39
%
29
%
39
%
33
%
Research and development as % total
revenue, non-GAAP
32
%
27
%
31
%
32
%
General and administrative
reconciliation:
General and administrative, GAAP
21,270
5,461
53,034
15,137
Less: Stock-based compensation expense
3,907
681
12,002
1,884
Less: Charitable donation of Class A
common stock
7,982
—
13,107
—
Less: Transaction costs
343
—
343
—
General and administrative, non-GAAP
9,038
4,780
27,582
13,253
General and administrative as % total
revenue, GAAP
57
%
20
%
48
%
22
%
General and administrative as % total
revenue, non-GAAP
24
%
17
%
25
%
20
%
Operating (loss) income
reconciliation:
Operating (loss) income, GAAP
(11,257)
7,391
(21,139)
10,554
Plus: Stock-based compensation expense
7,867
1,378
24,264
3,465
Plus: Charitable donation of Class A
common stock
7,982
—
13,107
—
Plus: Internally developed software
amortization
138
65
413
130
Plus: Transaction costs
343
—
343
—
Operating income, non-GAAP
5,073
8,834
16,988
14,149
Operating margin, GAAP
(30)
%
27
%
(19)
%
16
%
Operating margin, non-GAAP
14
%
32
%
16
%
21
%
Net income (loss)
reconciliation:
Net (loss) income, GAAP
(11,308)
5,107
(40,202)
6,019
Stock-based compensation expense
7,867
1,378
24,264
3,465
Charitable donation of Class A common
stock
7,982
—
13,107
—
Internally developed software
amortization
138
65
413
130
Change in fair value of warrant
liability
—
2,234
18,930
4,251
Plus: Transaction costs
343
—
343
—
Net income, non-GAAP
5,022
8,784
16,855
13,865
Fully diluted net loss, GAAP per share
attributable to Class A and Class B common stockholders
$
(0.08)
$
—
$
(0.35)
$
—
Fully diluted weighted average Class A and
Class B common shares outstanding, GAAP
148,452,987
20,856,530
113,451,378
19,401,927
Fully diluted net income, non-GAAP per
share attributable to Class A and Class B common stockholders
$
0.03
$
0.06
$
0.10
$
0.10
Fully diluted Class A and Class B common
shares outstanding, non-GAAP
185,086,261
146,376,454
177,315,424
139,617,788
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version on businesswire.com: https://www.businesswire.com/news/home/20211109006450/en/
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