First Quarter Revenue Grew 18% Year-over-Year
on Continued Location and Transaction Volume Growth
Olo Inc. (NYSE:OLO), a leading open SaaS platform for
restaurants that enables digital hospitality at every touchpoint,
today announced financial results for the first quarter ended March
31, 2022.
“In the first quarter, Olo’s revenue and profitability momentum
continued, as we took meaningful strides towards enabling digital
hospitality. Our platform supported year-over-year growth in
transaction volume, and we expanded our product portfolio and use
cases, added new and expanded existing relationships, and grew our
technology partner ecosystem,” said Noah Glass, Olo’s Founder and
CEO.
First Quarter Financial and Other Highlights
- Total revenue increased 18% year-over-year to $42.8
million.
- Platform revenue increased 19% year-over-year to $41.5
million.
- Gross profit increased 2% year-over-year to $30.0 million, and
was 70% of total revenue.
- Non-GAAP gross profit increased 8% year-over-year to $32.4
million, and was 76% of total revenue.
- Operating loss was $12.9 million.
- Non-GAAP operating income was $1.7 million.
- Net loss was $11.5 million or $0.07 per share, compared to a
net loss of $26.5 million or $0.63 per share a year ago.
- Non-GAAP net income was $1.7 million or $0.01 per share,
compared to non-GAAP net income of $6.0 million or $0.03 per share
a year ago.
- Cash and cash equivalents were $463.7 million as of March 31,
2022.
- Ending active locations increased 19% year-over-year to
approximately 82,000.
- Average revenue per unit (ARPU) decreased 2% year-over-year,
and increased 2% sequentially to approximately $516.
- Dollar-based net revenue retention (NRR) was approximately
107%.
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.”
First Quarter and Recent Business Highlights
- Olo completed the acquisition of Omnivore Technologies, Inc.,
or Omnivore, a restaurant technology provider that connects
restaurants’ point of sale systems with technologies that improve
efficiency and increase profitability. Through the acquisition,
restaurant brands have gained access to more than 100 additional
technology partners, expanding Olo’s technology partner network to
more than 300 providers, broadening Olo’s platform capabilities,
and allowing restaurants to connect to apps and technologies that
streamline operations, improve efficiency, enhance guest
experience, and increase their profitability.
- Olo showcased the extensibility of its platform through the
enablement of on-premise capabilities as well as expanding into
convenience stores, or C-Stores. Olo enabled on-premise solutions
through the usage of Serve, our native white-label branded ordering
experience. Nando’s, a fast-casual restaurant, began utilizing
Serve as its exclusive dine-in ordering system, increasing its
on-premise digital ordering by more than 500% in less than a year.
Additionally, Olo deployed its Ordering module at Kwik Trip, an
enterprise C-Store, enabling the C-Store to help its guests order
ready-to-eat meals. Multi-unit C-Stores represent an emerging
vertical for Olo, expanding Olo’s total addressable location count
by an estimated 55,000 locations.
- Olo expanded relationships with existing brands, including
several restaurants that added Customer Engagement solutions to
their existing Olo suite. Notably, Bojangles and El Pollo Loco,
both quick service restaurants, or QSRs, deployed the Marketing
Automation and Customer Data Platform modules in a matter of weeks,
enabling the brands to collect, analyze, and act on guest data in
order to deepen its guest relationships, boost revenue, and
increase customer lifetime value.
- Olo introduced Sync, a simplified listing management solution,
enabling restaurants to provide up-to-date data that is
automatically synced between Olo and more than 50 digital
publishers to ensure store information is consistent no matter
where guests search. Sync’s ability to enable restaurants to be
discoverable through local listings is designed to drive direct
orders and improve listing return on investment.
- Olo hosted Beyond4, Olo’s annual customer conference. The
conference, which returned in-person, covered the latest digital
strategies powered by Olo — from hands-on instruction for better
day-to-day use of the platform to previews of what Olo is working
on next. Beyond4 provides Olo customers unique opportunities to
engage in strategic thought leadership with other restaurants teams
on addressing challenges and opportunities in the industry.
Enthusiasm during the conference further ensconced the belief that
digital leaders in the restaurant space will use one platform, the
Olo platform, to understand and serve every guest that transacts
with them.
- 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 $2.1 million in grants to American
Forests, Appalachian Trail Conservancy, Emma’s Torch, Giving
Kitchen, Heart of Dinner, The LEE Initiative, The Okra Project,
Partnership with Native Americans, and World Central Kitchen. Grant
recipients are non-profits focused on diversity, equity, and
inclusion, ending childhood hunger and increasing access to food,
supporting the restaurant industry’s frontline workers, and
protecting natural resources and reducing waste and emissions. Olo
intends to recommend that the Tides Foundation make annual grants
going forward until the total commitment is reached.
Financial Outlook
As of May 10, 2022, Olo is issuing the following outlook for the
second quarter of 2022 and fiscal year 2022:
For the second quarter of 2022, Olo expects to report:
- Revenue in the range of $45.5 million to $46.0 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 $195.0 million to $197.0 million;
and
- Non-GAAP operating income in the range of $7.6 million to $9.2
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 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, May 10, 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
(investors.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” page of
the Company’s website (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 open SaaS platform for restaurants that enables
digital hospitality at every touchpoint. Millions of orders per day
run on Olo’s on-demand commerce engine, providing restaurants a
single source to understand and serve every guest from every
channel, whether direct or third-party. With integrations to over
300 technology partners, Olo customers can build personalized guest
experiences in and outside of their four walls, utilizing one of
the largest and most flexible restaurant tech ecosystems on the
market. Over 600 restaurant brands trust Olo to grow their digital
ordering and delivery programs, increase efficiency, and delight
their guests. 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, 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 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 our GAAP financial results. 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 (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) and related payroll tax
expense, equity expense related to charitable contributions
(non-cash expense), intangible and internal-use software
amortization (non-cash expense), change in fair value of warrants,
other non-cash charges, 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 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 non-GAAP
operating income 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. For 2022, payroll tax expenses
related to equity compensation awards were added to our calculation
of non-GAAP operating income. We have historically excluded
stock-based compensation expense from non-GAAP operating income,
and management believes that excluding the related payroll tax
expense is important and consistent, as such payroll tax expenses
are directly impacted by unpredictable fluctuations in our stock
price. We did not incur any payroll tax expense on equity
compensation awards in the first quarter of 2021.
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 to generate future operating plans. Free cash flow
excludes items that we do not consider to be indicative of our
liquidity. The reduction of capital expenditures 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 business metrics to
help us evaluate our business, identify trends affecting the
business, formulate business plans, and make strategic
decisions.
Active Locations: We define an active location 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
second quarter of 2022 and the full year 2022, our future
performance and growth and market opportunities, including with
respect to Sync and Olo Pay, 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 realization of any anticipated
benefits in connection with our acquisition of Omnivore, 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, including any shift in
consumer preferences as government measures in the United States
have largely been lifted; the business of our customers and
economic conditions, including rising inflation, labor shortages
and increasing interest rates; our focus on the long-term and our
investments in sustainable, profitable growth; our ability to
acquire new customers and successfully retain existing customers;
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; 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
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 March 31,
2022
As of December 31,
2021
ASSETS
Current assets:
Cash and cash equivalents
$
463,733
$
514,445
Accounts receivable, net of allowances of
$677 and $657, respectively
47,410
42,319
Contract assets
474
568
Deferred contract costs
2,551
2,567
Prepaid expenses and other current
assets
9,763
5,718
Total current assets
523,931
565,617
Property and equipment, net
5,873
3,304
Intangible assets, net
24,713
19,635
Goodwill
207,607
162,956
Contract assets, noncurrent
521
387
Deferred contract costs, noncurrent
3,390
3,616
Operating lease right-of-use assets
17,920
—
Other assets, noncurrent
356
361
Total assets
$
784,311
$
755,876
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
3,360
$
2,184
Accrued expenses and other current
liabilities
49,572
45,395
Unearned revenue
3,924
1,190
Operating lease liabilities, current
2,594
—
Total current liabilities
59,450
48,769
Unearned revenue, noncurrent
2,050
3,014
Operating lease liabilities,
noncurrent
17,680
—
Other liabilities, noncurrent
126
2,343
Total liabilities
79,306
54,126
Stockholders’ equity:
Class A common stock, $0.001 par value;
1,700,000,000 shares authorized at March 31, 2022 and December 31,
2021; 89,660,186 and 78,550,530 shares issued and outstanding at
March 31, 2022 and December 31, 2021, respectively. Class B common
stock, $0.001 par value; 185,000,000 shares authorized at March 31,
2022 and December 31, 2021; 70,027,999 and 79,149,659 shares issued
and outstanding at March 31, 2022 and December 31, 2021,
respectively.
160
158
Preferred stock, $0.001 par value;
20,000,000 shares authorized at March 31, 2022 and December 31,
2021.
—
—
Additional paid-in capital
827,928
813,166
Accumulated deficit
(123,083
)
(111,574
)
Total stockholders’ equity
705,005
701,750
Total liabilities and stockholders’
equity
$
784,311
$
755,876
OLO INC. Condensed
Consolidated Statements of Operations (Unaudited) (in
thousands, except share and per share amounts)
Three Months Ended
March 31,
2022
2021
Revenue:
Platform
$
41,466
$
34,923
Professional services and other
1,290
1,200
Total revenue
42,756
36,123
Cost of revenue:
Platform
11,024
5,607
Professional services and other
1,778
1,243
Total cost of revenue
12,802
6,850
Gross profit
29,954
29,273
Operating expenses:
Research and development
16,825
14,456
General and administrative
17,961
18,454
Sales and marketing
8,070
3,836
Total operating expenses
42,856
36,746
Loss from operations
(12,902
)
(7,473
)
Other income (expenses), net:
Other income (expense), net
58
(18
)
Change in fair value of warrant
liability
—
(18,930
)
Total other income (expenses), net
58
(18,948
)
Loss before income taxes
(12,844
)
(26,421
)
(Benefit) provision for income taxes
(1,335
)
36
Net loss and comprehensive loss
$
(11,509
)
$
(26,457
)
Accretion of redeemable convertible
preferred stock to redemption value
—
(14
)
Net loss attributable to Class A and Class
B common stockholders
$
(11,509
)
$
(26,471
)
Net loss per share attributable to Class A
and Class B common stockholders:
Basic
$
(0.07
)
$
(0.63
)
Diluted
$
(0.07
)
$
(0.63
)
Weighted-average Class A and Class B
common shares outstanding:
Basic and diluted
159,190,371
41,855,757
OLO INC. Condensed
Consolidated Statements of Cash Flows (Unaudited) (in
thousands)
Three Months Ended
March 31, 2022
Three Months Ended
March 31, 2021
Operating activities
Net loss
$
(11,509
)
$
(26,457
)
Adjustments to reconcile net loss to net
cash (used in) provided by operating activities:
Depreciation and amortization
1,109
260
Stock-based compensation
11,708
5,402
Stock-based compensation in connection
with vesting of Stock Appreciation Rights
—
2,847
Charitable donation of Class A common
stock
—
5,125
Bad debt expense
248
88
Change in fair value of warrants
—
18,930
Amortization of operating lease
right-of-use assets
552
—
Deferred income tax benefit
(1,421
)
—
Impairment of internal-use software
475
—
Changes in operating assets and
liabilities:
Accounts receivable
(4,888
)
(2,390
)
Contract assets
(40
)
(425
)
Prepaid expenses and other current
assets
(3,515
)
(1,014
)
Deferred contract costs
242
(222
)
Accounts payable
909
(6,772
)
Accrued expenses and other current
liabilities
4,186
8,524
Operating lease liabilities
(613
)
—
Unearned revenue
1,687
371
Other liabilities, noncurrent
(19
)
(58
)
Net cash (used in) provided by operating
activities
(889
)
4,209
Investing activities
Purchases of property and equipment
(76
)
(106
)
Capitalized internal-use software
(2,462
)
(72
)
Acquisitions, net of cash acquired
(49,308
)
—
Net cash used in investing activities
(51,846
)
(178
)
Financing activities
Proceeds from issuance of common stock
upon initial public offering, net of underwriting discounts
—
485,541
Cash received for employee payroll tax
withholdings
845
19,195
Cash paid for employee payroll tax
withholdings
(845
)
—
Proceeds from exercise of warrants
—
392
Payment of deferred offering costs
(226
)
(448
)
Proceeds from exercise of stock
options
2,249
2,099
Net cash provided by financing
activities
2,023
506,779
Net (decrease) increase in cash and cash
equivalents
(50,712
)
510,810
Cash and cash equivalents, beginning of
period
514,445
75,756
Cash and cash equivalents, end of
period
$
463,733
$
586,566
OLO INC. Reconciliation
of GAAP to Non-GAAP Results (Unaudited) (in thousands,
except percentages)
Three Months Ended
March 31, 2022
Three Months Ended
March 31, 2021
Gross profit and gross margin
reconciliation:
Platform gross profit, GAAP
$
30,442
$
29,316
Plus: Stock-based compensation expense and
related payroll tax expense (1)
1,552
436
Plus: Amortization
628
138
Platform gross profit, non-GAAP
32,622
29,890
Services gross profit, GAAP
(488
)
(43
)
Plus: Stock-based compensation expense and
related payroll tax expense (1)
259
115
Services gross profit, non-GAAP
(229
)
72
Total gross profit, GAAP
29,954
29,273
Total gross profit, non-GAAP
32,393
29,962
Platform gross margin, GAAP
73
%
84
%
Platform gross margin, non-GAAP
79
%
86
%
Services gross margin, GAAP
(38
) %
(4
) %
Services gross margin, non-GAAP
(18
) %
6
%
Total gross margin, GAAP
70
%
81
%
Total gross margin, non-GAAP
76
%
83
%
Sales and marketing
reconciliation:
Sales and marketing, GAAP
8,070
3,836
Less: Stock-based compensation expense and
related payroll tax expense (1)
1,620
388
Less: Amortization
301
—
Less: Transaction costs
79
—
Sales and marketing, non-GAAP
6,070
3,448
Sales and marketing as % total revenue,
GAAP
19
%
11
%
Sales and marketing as % total revenue,
non-GAAP
14
%
10
%
Research and development
reconciliation:
Research and development, GAAP
16,825
14,456
Less: Stock-based compensation expense and
related payroll tax expense (1)
3,551
3,452
Less: Impairment of internal-use
software
475
—
Research and development, non-GAAP
12,799
11,004
Research and development as % total
revenue, GAAP
39
%
40
%
Research and development as % total
revenue, non-GAAP
30
%
30
%
General and administrative
reconciliation:
General and administrative, GAAP
17,961
18,454
Less: Charitable donation of Class A
common stock
—
5,125
Less: Stock-based compensation expense and
related payroll tax expense (1)
5,096
3,858
Less: Amortization
31
—
Less: Transaction costs
1,056
—
General and administrative, non-GAAP
11,778
9,471
General and administrative as % total
revenue, GAAP
42
%
51
%
General and administrative as % total
revenue, non-GAAP
28
%
26
%
__________________
(1) For 2022, payroll tax expenses related
to equity compensation awards were added to our calculation of
non-GAAP operating income. We have historically excluded
stock-based compensation expense from non-GAAP operating income,
and management believes that excluding the related payroll tax
expense is important and consistent, as such payroll tax expenses
are directly impacted by unpredictable fluctuations in our stock
price. We did not incur any payroll tax expense on equity
compensation awards in the first quarter of 2021.
OLO INC. Reconciliation
of GAAP to Non-GAAP Results (Unaudited) (in thousands,
except percentages)
Three Months Ended
March 31, 2022
Three Months Ended
March 31, 2021
Operating income (loss)
reconciliation:
Operating loss, GAAP
$
(12,902
)
$
(7,473
)
Plus: Stock-based compensation expense and
related payroll tax expense (1)
12,078
8,249
Plus: Charitable donation of Class A
common stock
—
5,125
Plus: Impairment of internal-use
software
475
—
Plus: Amortization
960
138
Plus: Transaction costs
1,135
—
Operating income, non-GAAP
1,746
6,039
Operating margin, GAAP
(30
) %
(21
) %
Operating margin, non-GAAP
4
%
17
%
Net income (loss)
reconciliation:
Net loss, GAAP
(11,509
)
(26,471
)
Plus: Stock-based compensation expense and
related payroll tax expense (1)
12,078
8,249
Plus: Charitable donation of Class A
common stock
—
5,125
Plus: Impairment of internal-use
software
475
—
Plus: Amortization
960
138
Plus: Change in fair value of warrant
liability
—
18,930
Plus: Transaction costs
1,135
—
Less: Transaction-related deferred income
tax benefit
(1,421
)
—
Net income, non-GAAP
1,718
5,971
Fully diluted net loss per share
attributable to Class A and Class B common stockholders, GAAP
$
(0.07
)
$
(0.63
)
Fully diluted weighted average Class A and
Class B common shares outstanding, GAAP
159,190,371
41,855,757
Fully diluted net income per share
attributable to Class A and Class B common stockholders,
non-GAAP
$
0.01
$
0.03
Fully diluted Class A and Class B common
shares outstanding, non-GAAP
183,263,032
185,454,798
__________________
(1) For 2022, payroll tax expenses related
to equity compensation awards were added to our calculation of
non-GAAP operating income. We have historically excluded
stock-based compensation expense from non-GAAP operating income,
and management believes that excluding the related payroll tax
expense is important and consistent, as such payroll tax expenses
are directly impacted by unpredictable fluctuations in our stock
price. We did not incur any payroll tax expense on equity
compensation awards in the first quarter of 2021.
OLO INC. Non-GAAP Free
Cash Flow (Unaudited) (in thousands)
Three Months Ended
March 31,
2022
2021
Net cash (used in) provided by operating
activities
$
(889
)
$
4,209
Purchase of property and equipment
(76
)
(106
)
Capitalization of internal-use
software
(2,462
)
(72
)
Non-GAAP free cash flow
$
(3,427
)
$
4,031
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220510006098/en/
Media Olo@icrinc.com
Investor Relations InvestorRelations@olo.com 646.389.2754
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