Full-Year 2021 Revenue of $149.4 million, up
52% Year-over-Year
Fourth-Quarter Revenue of $40.0 million, up 31%
Year-over-Year on Continued Active Location and Module Adoption
Growth
Olo Inc. (NYSE:OLO), a leading on-demand commerce platform
powering the restaurant industry’s digital transformation, today
announced financial results for the fourth quarter and full year
ended December 31, 2021.
“2021 was a great year for Olo. We grew annual revenues by more
than 50%, expanded ARPU by 16% to more than $2,000 per year,
surpassed more than $20 billion in Gross Merchandise Value for the
year, successfully completed our IPO, and closed our first
strategic acquisition. We ended the year with our platform
connecting approximately 79,000 active restaurant locations across
more than 500 restaurant brands to more than 200 technology
partners and more than 85 million consumers who have ordered over
the platform this past year.” said Noah Glass, Olo’s Founder and
CEO.
“I believe that the work conducted in 2021, and continuing
throughout 2022, will further establish Olo as the most critical
platform that restaurants will need for the future,” continued Mr.
Glass.
Fourth-Quarter Financial and Other Highlights
- Total revenue increased 31% year-over-year to $40.0
million.
- Platform revenue increased 33% year-over-year to $38.9
million.
- Gross profit increased 25% year-over-year to $31.5 million, or
79% of total revenue.
- Non-GAAP gross profit increased 27% year-over-year to $32.6
million, or 82% of total revenue.
- Operating loss was $6.8 million, or 17% of total revenue,
compared to operating income of $5.5 million a year ago.
- Non-GAAP operating income was $4.3 million, or 11% of total
revenue, compared to $7.6 million a year ago.
- Net loss was $2.1 million or $(0.01) per share, compared to net
loss of $3.0 million or $(0.13) per share a year ago.
- Non-GAAP net income was $4.2 million or $0.02 per diluted
share, compared to non-GAAP net income of $7.6 million or $0.34 per
diluted share a year ago.
- Cash and cash equivalents were $514.4 million, as of December
31, 2021.
- Ending active locations increased 23% year-over-year to
approximately 79,000.
- Average revenue per unit (ARPU) increased 7% year-over-year to
approximately $504.
- Dollar-based net revenue retention (NRR) remained over
120%.
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”.
Fourth-Quarter and Recent Business Highlights
- Olo launched commercial availability of Olo Pay, a
fully-integrated payment platform enabling restaurants to grow and
protect their digital business. Brixx Pizza, Granite City Food
& Brewery, WaBa Grill, and others piloted the solution in 2021,
and have praised the benefits of Olo Pay in helping enhance the
consumer experience and streamline in-house operations.
- Olo announced that the company plans to develop borderless
payment capabilities this year, allowing customers to securely
speed through checkout at any participating restaurant within the
Olo Pay network with a single click. This has the potential to
remove friction for more than 85 million consumers that have
ordered over the platform this past year, and across the more than
500 brands using Olo today, helping to increase basket conversion
rates, retention, visit frequency, spend and improve the overall
consumer experience. Noodles & Company, a national fast-casual
restaurant, will add Olo Pay to their existing Olo technology
stack, further enabling the Noodles & Company’s on-demand
commerce solutions.
- Olo expanded relationships with existing brands, including
several restaurants adding the Olo Network module to their existing
Olo solutions. Notable brands include BJs, Miller’s Ale House,
Fuzzy’s Taco Shop, Hacienda Colorado, Jack Stack Barbecue, Tijuana
Flats, and Uncle Julio’s, demonstrating the extensibility of the
Olo platform and the attractiveness of providing restaurant brands
with new ordering channels as a means to strengthen and expand
their direct ordering relationships.
- Olo continued to service and expand the presence of virtual
brands on the platform, including Applebee’s Cosmic Wings, as well
as Virtual Dining Concepts adding Mario’s Tortas and Pauly D’s
Italian Sub. Virtual brands continue to represent an emerging
digital and delivery-only service model that allows Olo’s customers
to leverage their operations to maximize revenue per square
foot.
- Olo continued its commitment to the Pledge 1% movement, in
which Olo committed 1% of Olo’s time, product, and equity, to Olo
for Good initiatives. This quarter, Olo launched its first
non-profit partner, Emma’s Torch, a woman-founded fast-casual
restaurant that provides refugees, asylees, and survivors of human
trafficking with culinary training, English as a Second Language
classes, and interview preparation. Olo is waiving fees for Emma’s
Torch’s use of Ordering and Dispatch modules.
Omnivore Acquisition
On February 20, 2022, Olo signed a definitive agreement to
acquire Omnivore Technologies, Inc., a restaurant technology
provider that connects restaurants’ Point of Sale, or POS, systems
with technologies that improve efficiency and increase
profitability. Through the acquisition, restaurant brands will gain
access to additional POS integration capabilities, new on-premise
and payment features, and an expanded technology partner network.
The acquisition will broaden Olo’s platform capabilities and allow
restaurants to connect to apps and technologies that streamline
operations, improve efficiency, enhance guest experience, and
increase profitability. The transaction is expected to close in the
first quarter of 2022 and is subject to the satisfaction of
customary closing conditions. Omnivore’s expected contribution to
Olo’s 2022 financial results is included in the Financial Outlook
section below.
Financial Outlook
As of February 23, 2022, Olo is issuing the following outlook
for the first quarter of 2022 and fiscal year 2022:
For the first quarter of 2022, Olo expects to report:
- Revenue in the range of $41.5 million to $42.0 million;
and
- Non-GAAP operating income in the range of $0.6 million to $1.0
million.
For the fiscal year 2022, Olo expects to report:
- Revenue in the range of $194.0 million to $196.0 million;
and
- Non-GAAP operating income in the range of $7.4 million to $9.0
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 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 off-premise
dining declines. The situation regarding COVID-19 remains uncertain
and could change rapidly, and Olo will continue to evaluate its
potential impact on its business.
Webcast and Conference Call Information
Olo will host a conference call today, February 23, 2022 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.
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 section
of the Company website at investors.olo.com, and the Company’s
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
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 200 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
In this press release, we refer to non-GAAP financial measures
that are derived on the basis of methodologies other than in
accordance with United States generally accepted accounting
principles (“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 against our peer group 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 across our peer group.
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 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/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),
non-GAAP net income (loss) (and as a percentage of revenue 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), equity expense related
to charitable contributions, internally developed software
amortization (non-cash expense), change in fair value of warrants,
transaction costs, and related income tax impacts.
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 Olo’s stock price. Olo expects the
variability of the above charges to have a significant, and
potentially unpredictable, impact on its future GAAP financial
results.
Management believes that it is useful to exclude certain
non-cash charges and non-core operational charges from non-GAAP
operating income (loss) because (i) the amount of such expenses in
any specific period may not directly correlate to the underlying
performance of our business operations; and (ii) such expenses can
vary significantly between periods as a result of the timing of new
stock-based awards.
Free cash flow represents net cash provided by or 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. In addition, 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 Business Metrics
In addition, we also use the following key business metrics to
help us evaluate our business, identify trends affecting the
business, formulate business plans, and make strategic
decisions.
Active Locations: We define active locations as a unique
restaurant location that is utilizing one or more of our modules at
the end of a quarterly period. We believe that active location
count is an important metric that demonstrates the growth and scale
of our overall business and reflects our ability to attract,
engage, and monetize our customers and thereby drive revenue, as
well as provides a base to expand usage of our modules.
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 measures monetization of our platform and 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. 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 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.
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,” “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 2022 and the full year 2022, statements regarding
the ongoing importance of digital experiences to the restaurant
industry, our future performance and our growth and market
opportunities, including expected financial results for the first
quarter and fiscal year 2022, 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 anticipated closing of Olo’s
planned acquisition of Omnivore and the realization of any
anticipated benefits in connection with the proposed acquisition,
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 us 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
ongoing COVID-19 pandemic on our business, the business of our
customers and economic conditions; 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 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 client spend retention; competition;
changes in the amount and mix of transactions facilitated through
our platform; 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; the occurrence of any event, change
or other circumstances that could give rise to the right of one or
both of Olo or Omnivore to terminate the acquisition agreement or
could otherwise cause the transactions contemplated therein to fail
to close; failure to satisfy closing conditions in the Omnivore
acquisition; difficulties and delays in integrating Omnivore’s
business; 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 ongoing COVID-19 pandemic on our
customers’ spending decisions and consumer ordering behavior
particularly as COVID-19 associated restrictions abate. 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, 2021 and our other 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 Consolidated Balance
Sheets (Unaudited)
(in thousands, except share
and per share amounts)
As of December 31,
2021
As of December 31,
2020
ASSETS
Current assets:
Cash and cash equivalents
$
514,445
$
75,756
Accounts receivable, net
42,319
45,641
Contract assets
568
356
Deferred contract costs
2,567
1,830
Prepaid expenses and other current
assets
5,718
1,661
Total current assets
565,617
125,244
Property and equipment, net
3,304
2,241
Intangible assets, net
19,635
—
Goodwill
162,956
—
Contract assets, noncurrent
387
503
Deferred contract costs, noncurrent
3,616
3,346
Deferred offering costs
—
2,792
Other assets, noncurrent
361
298
Total assets
$
755,876
$
134,424
LIABILITIES, REDEEMABLE CONVERTIBLE
PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable
$
2,184
$
9,104
Accrued expenses and other current
liabilities
45,395
42,578
Unearned revenue
1,190
585
Redeemable convertible preferred stock
warrant liability
—
19,735
Total current liabilities
48,769
72,002
Unearned revenue, noncurrent
3,014
435
Deferred rent, noncurrent
2,171
2,402
Other liabilities, noncurrent
172
329
Total liabilities
54,126
75,168
Commitments and contingencies
Redeemable convertible preferred stock,
$0.001 par value, zero and 60,509,120 authorized at December 31,
2021 and December 31, 2020 and; zero and 58,962,749 issued and
outstanding at December 31, 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 December 31, 2021 and
December 31, 2020; 78,550,530 and zero shares issued and
outstanding at December 31, 2021 and December 31, 2020,
respectively. Class B common stock, $0.001 par value; 185,000,000
shares authorized at December 31, 2021 and December 31, 2020;
79,149,659 and 22,320,286 shares issued and outstanding at December
31, 2021 and December 31, 2020, respectively.
158
22
Preferred stock, $0.001 par value;
20,000,000 and zero shares authorized at December 31, 2021 and
December 31, 2020, respectively.
—
—
Additional paid-in capital
813,166
16,798
Accumulated deficit
(111,574
)
(69,301
)
Total stockholders’ equity (deficit)
701,750
(52,481
)
Total liabilities, redeemable convertible
preferred stock and stockholders’ equity (deficit)
$
755,876
$
134,424
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,
2021
2020
2021
2020
Revenue:
Platform
$
38,913
$
29,239
$
144,446
$
92,764
Professional services and other
1,046
1,308
4,922
5,660
Total revenue
39,959
30,547
149,368
98,424
Cost of revenue:
Platform
7,153
4,143
25,572
14,334
Professional services and other
1,300
1,143
5,258
4,334
Total cost of revenue
8,453
5,286
30,830
18,668
Gross profit
31,506
25,261
118,538
79,756
Operating expenses:
Research and development
16,046
10,192
58,918
32,907
General and administrative
16,591
7,072
69,625
22,209
Sales and marketing
5,706
2,456
17,971
8,545
Total operating expenses
38,343
19,720
146,514
63,661
(Loss) income from operations
(6,837
)
5,541
(27,976
)
16,095
Other income (expenses), net:
Interest expense
—
—
—
(157
)
Other income, net
100
13
77
28
Change in fair value of warrant
liability
—
(8,463
)
(18,930
)
(12,714
)
Total other income (expenses), net
100
(8,450
)
(18,853
)
(12,843
)
(Loss) income before taxes
(6,737
)
(2,909
)
(46,829
)
3,252
(Benefit) provision for income taxes
(4,666
)
47
(4,556
)
189
Net (loss) income and comprehensive (loss)
income
$
(2,071
)
$
(2,956
)
$
(42,273
)
$
3,063
Accretion of redeemable convertible
preferred stock to redemption value
—
(18
)
(14
)
(70
)
Undeclared 8% dividend on participating
securities
—
—
—
(2,993
)
Net loss attributable to Class A and Class
B common stockholders
$
(2,071
)
$
(2,974
)
$
(42,287
)
$
—
Net loss per share attributable to Class A
and Class B common stockholders:
Basic
$
(0.01
)
$
(0.13
)
$
(0.34
)
$
—
Diluted
$
(0.01
)
$
(0.13
)
$
(0.34
)
$
—
Weighted-average Class A and Class B
common shares outstanding:
Basic
154,590,978
22,108,775
123,822,838
20,082,338
Diluted
154,590,978
22,108,775
123,822,838
20,082,338
OLO INC.
Condensed Consolidated
Statements of Cash Flows (Unaudited)
(in thousands)
Year Ended December 31,
2021
Year Ended December 31,
2020
Operating activities
Net (loss) income
$
(42,273
)
$
3,063
Adjustments to reconcile net (loss) income
to net cash provided by operating activities:
Depreciation and amortization
1,615
673
Stock-based compensation
29,880
5,380
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
364
614
Change in fair value of warrants
18,930
12,714
Deferred income tax benefit
(4,896
)
—
Changes in operating assets and
liabilities:
Accounts receivable
3,734
(31,526
)
Contract assets
(96
)
(130
)
Prepaid expenses and other current
assets
(2,837
)
(158
)
Deferred contract costs
(1,007
)
(2,023
)
Accounts payable
(6,820
)
2,701
Accrued expenses and other current
liabilities
1,603
29,294
Deferred rent
(232
)
612
Unearned revenue
2,259
(446
)
Other liabilities, noncurrent
75
—
Net cash provided by operating
activities
16,253
20,768
Investing activities
Purchases of property and equipment,
including capitalized software
(1,845
)
(1,273
)
Acquisition, net of cash acquired
(75,227
)
—
Net cash used in investing activities
(77,072
)
(1,273
)
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
46,956
—
Cash paid for employee payroll tax
withholdings
(46,956
)
—
Surrender of common stock for withholding
tax purposes
—
(1,387
)
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
(136
)
—
Payment of deferred offering costs
(4,124
)
(2,154
)
Proceeds from exercise of stock options
and purchases under the employee stock purchase plan
17,835
2,601
Proceeds from issuance of preferred
stock
—
50,000
Costs incurred from issuance of preferred
stock
—
(234
)
Net cash provided by financing
activities
499,508
45,326
Net increase in cash and cash
equivalents
438,689
64,821
Cash and cash equivalents, beginning of
year
75,756
10,935
Cash and cash equivalents, end of year
$
514,445
$
75,756
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, 2021
Three Months Ended
December 31, 2020
Year Ended December 31,
2021
Year Ended December 31,
2020
Gross profit and gross margin
reconciliation:
Platform gross profit, GAAP
$
31,760
$
25,096
$
118,874
$
78,430
Plus: Stock-based compensation expense
763
208
2,705
556
Plus: Internally developed software
amortization
166
186
579
316
Plus: Transaction costs
9
—
9
—
Platform gross profit, non-GAAP
32,698
25,490
122,167
79,302
Services gross profit, GAAP
(254
)
165
(336
)
1,326
Plus: Stock-based compensation expense
112
52
474
124
Plus: Transaction costs
45
—
45
—
Services gross profit, Non-GAAP
(97
)
217
183
1,450
Total gross profit, GAAP
31,506
25,261
118,538
79,756
Total gross profit, non-GAAP
32,601
25,707
122,350
80,752
Platform gross margin, GAAP
82
%
86
%
82
%
85
%
Platform gross margin, non-GAAP
84
%
87
%
85
%
85
%
Services gross margin, GAAP
(24
) %
13
%
(7
) %
23
%
Services gross margin, non-GAAP
(9
) %
17
%
4
%
26
%
Total gross margin, GAAP
79
%
83
%
79
%
81
%
Total gross margin, non-GAAP
82
%
84
%
82
%
82
%
Sales and marketing
reconciliation:
Sales and marketing, GAAP
5,706
2,456
17,971
8,545
Less: Stock-based compensation expense
692
155
2,128
376
Less: Transaction costs
433
—
433
—
Sales and marketing, non-GAAP
4,581
2,301
15,410
8,169
Sales and marketing as % total revenue,
GAAP
14
%
8
%
12
%
9
%
Sales and marketing as % total revenue,
non-GAAP
11
%
8
%
10
%
8
%
Research and development
reconciliation:
Research and development, GAAP
16,046
10,192
58,918
32,907
Less: Stock-based compensation expense
2,761
557
11,283
1,497
Less: Transaction costs
425
—
425
—
Research and development, non-GAAP
12,860
9,635
47,210
31,410
Research and development as % total
revenue, GAAP
40
%
33
%
39
%
33
%
Research and development as % total
revenue, non-GAAP
32
%
32
%
32
%
32
%
General and administrative
reconciliation:
General and administrative, GAAP
16,591
7,072
69,625
22,209
Less: Stock-based compensation expense
4,135
943
16,137
2,827
Less: Charitable donation of Class A
common stock
—
—
13,107
—
Less: Transaction costs
1,579
—
1,922
—
General and administrative, non-GAAP
10,877
6,129
38,459
19,382
General and administrative as % total
revenue, GAAP
42
%
23
%
47
%
23
%
General and administrative as % total
revenue, non-GAAP
27
%
20
%
26
%
20
%
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, 2021
Three Months Ended
December 31, 2020
Year Ended December 31,
2021
Year Ended December 31,
2020
Operating income (loss)
reconciliation:
Operating (loss) income, GAAP
(6,837
)
5,541
(27,976
)
16,095
Plus: Stock-based compensation expense
8,463
1,915
32,727
5,380
Plus: Charitable donation of Class A
common stock
—
—
13,107
—
Plus: Internally developed software
amortization
166
186
579
316
Plus: Transaction costs
2,491
—
2,834
—
Operating income, non-GAAP
4,283
7,642
21,271
21,791
Operating margin, GAAP
(17
) %
18
%
(19
) %
16
%
Operating margin, non-GAAP
11
%
25
%
14
%
22
%
Net income (loss)
reconciliation:
Net (loss) income, GAAP
(2,071
)
(2,956
)
(42,273
)
3,063
Plus: Stock-based compensation expense
8,463
1,915
32,727
5,380
Plus: Charitable donation of Class A
common stock
—
—
13,107
—
Plus: Internally developed software
amortization
166
186
579
316
Plus: Change in fair value of warrant
liability
—
8,463
18,930
12,714
Plus: Transaction costs
2,491
—
2,834
—
Less: Transaction-related deferred income
tax benefit
(4,896
)
—
(4,896
)
—
Net income, non-GAAP
4,153
7,608
21,008
21,473
Fully diluted net loss per share
attributable to Class A and Class B common stockholders, GAAP
$
(0.01
)
$
(0.13
)
$
(0.34
)
$
—
Fully diluted weighted average Class A and
Class B common shares outstanding, GAAP
154,590,978
22,108,775
123,822,838
20,082,338
Fully diluted net income per share
attributable to Class A and Class B common stockholders,
non-GAAP
$
0.02
$
0.34
$
0.12
$
0.15
Fully diluted Class A and Class B common
shares outstanding, non-GAAP
185,476,922
22,108,775
180,589,207
139,885,184
OLO INC.
Non-GAAP Free Cash Flow
(Unaudited)
(in thousands)
Three Months Ended
December 31,
Year Ended December
31,
2021
2020
2021
2020
Net cash (used in) provided by operating
activities
$
(9,956
)
$
17,378
$
16,253
$
20,768
Purchase of property and equipment
(69
)
(131
)
(393
)
(399
)
Capitalization of internally developed
software
(581
)
(153
)
(1,452
)
(874
)
Non-GAAP free cash flow
$
(10,606
)
$
17,094
$
14,408
$
19,495
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