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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________
FORM 10-Q
_______________________________________________________________
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x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2023
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¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number: 001-40213
Olo Inc.
(Exact name of registrant as specified in its charter)
______________________________________________________________________________
| | | | | |
Delaware | 20-2971562 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
99 Hudson Street
10th Floor
New York, NY 10013
(Address of principal executive offices) (Zip Code)
(212) 260-0895
(Registrant’s telephone number, including area code)
_______________________________________________________________
Securities registered pursuant to Section 12(b) of the act:
| | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Class A Common Stock, par value $0.001 per share | OLO | The New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | |
Large accelerated filer | x | | Accelerated filer | ¨ |
Non-accelerated filer | ¨ | | Smaller reporting company | ¨ |
| | | Emerging growth company | ¨ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
As of November 2, 2023, 109,286,996 shares of the registrant’s Class A common stock and 54,891,834 shares of registrant’s Class B common stock were outstanding.
OLO INC.
TABLE OF CONTENTS
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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains express or implied forward-looking statements that are based on our management’s belief and assumptions and on information currently available to our management. All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy, and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “if,” “intend,” “likely,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions.
Forward-looking statements are not guarantees of future performance and involve risks, uncertainties, and assumptions. Actual results may differ materially from the forward-looking statements we make. Factors that may cause or contribute to such differences include, but are not limited to:
•our expectations regarding our revenue, expenses, and other operating results, including overall transaction volumes, average revenue per unit, dollar-based net revenue retention, ending active locations, gross merchandise volume, and gross payment volume;
•our ability to acquire new customers and successfully retain existing customers;
•our ability to develop and release new and successful products and services;
•our ability to develop and release successful enhancements, features, and modifications to our existing products and services;
•our ability to increase usage of our platform and upsell and cross sell additional modules;
•our ability to attain or sustain our profitability;
•the durability of the growth we experienced in the past, including due to the COVID-19 pandemic, and guest preferences for digital ordering and customer adoption of multi-modules;
•the effects of any public health crises, global conflicts, potential government shutdowns, macroeconomic conditions such as inflation and fluctuating interest rates, changes in discretionary spending, and overall market uncertainty;
•future investments in our business, our anticipated capital expenditures, and our estimates regarding our capital requirements;
•our ability to repurchase shares at all or at the times or in the amounts we desire, and the results of our share repurchase program;
•our ability to compete effectively with existing competitors, new market entrants, and customers generally developing their own solutions to replace our products
•the costs and success of our sales and marketing efforts, and our ability to promote our brand;
•our ability to identify, recruit, and retain skilled personnel;
•our ability to effectively manage our growth, including any international expansion;
•our ability to realize the anticipated benefits of past or future investments, strategic transactions, or acquisitions, and risk that the integration of these acquisitions may disrupt our business and management;
•our ability to protect our intellectual property rights and any costs associated therewith;
•the growth rates of the markets in which we compete;
•our ability to successfully combine and integrate the businesses that we acquire, and to realize the synergies and anticipated strategic, financial, and other benefits from such acquisitions;
•our ability to successfully defend or resolve any current or future litigation matters, and to discharge those matters without significant financial penalty or payments, restrictions on our business and operations, or other remedies; and
•other risks and uncertainties, including those listed under the caption “Risk Factors.”
You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, and operating results. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe that our information provides a reasonable basis for these statements, our information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information.
The outcome of the events described in these forward-looking statements is subject to risks, assumptions, uncertainties, and other factors described elsewhere in this Quarterly Report on Form 10-Q and those listed in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022 and in our subsequent Quarterly Reports on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.
The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.
Unless the context otherwise indicates, references in this report to the terms “Olo,” “the Company,” “we,” “our,” and “us” refer to Olo Inc.
“Olo” and other trade names and trademarks of ours appearing in this Quarterly Report on Form 10-Q are our property. This Quarterly Report on Form 10-Q contains trade names and trademarks of other companies, which are the property of their respective owners. We do not intend our use or display of other companies’ trade names or trademarks to imply an endorsement or sponsorship of us by such companies, or any relationship with any of these companies.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
OLO INC.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share amounts) | | | | | | | | | | | |
| As of September 30, 2023 | | As of December 31, 2022 |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 286,401 | | | $ | 350,073 | |
Short-term investments | 90,382 | | | 98,699 | |
Accounts receivable, net of expected credit losses of $1,589 and $612, respectively | 70,213 | | | 48,128 | |
Contract assets | 395 | | | 336 | |
Deferred contract costs | 4,088 | | | 2,851 | |
Prepaid expenses and other current assets | 8,954 | | | 11,687 | |
Total current assets | 460,433 | | | 511,774 | |
Property and equipment, net of accumulated depreciation and amortization of $8,479 and $4,328, respectively | 20,201 | | | 11,700 | |
Intangible assets, net of accumulated amortization of $7,274 and $4,304, respectively | 18,728 | | | 21,698 | |
Goodwill | 207,781 | | | 207,781 | |
Contract assets, noncurrent | 339 | | | 241 | |
Deferred contract costs, noncurrent | 5,522 | | | 4,171 | |
Operating lease right-of-use assets | 13,176 | | | 15,581 | |
Long-term investments | 20,824 | | | 2,430 | |
Other assets, noncurrent | 83 | | | 186 | |
Total assets | $ | 747,087 | | | $ | 775,562 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | |
Current liabilities: | | | |
Accounts payable | $ | 189 | | | $ | 2,259 | |
Accrued expenses and other current liabilities | 59,534 | | | 52,411 | |
Unearned revenue | 2,215 | | | 2,527 | |
Operating lease liabilities, current | 2,796 | | | 3,220 | |
Total current liabilities | 64,734 | | | 60,417 | |
Unearned revenue, noncurrent | 160 | | | 661 | |
Operating lease liabilities, noncurrent | 14,711 | | | 16,827 | |
Other liabilities, noncurrent | 83 | | | 41 | |
Total liabilities | 79,688 | | | 77,946 | |
Commitments and contingencies (Note 10) | | | |
Stockholders’ equity: | | | |
Class A common stock, $0.001 par value; 1,700,000,000 shares authorized at September 30, 2023 and December 31, 2022; 109,857,980 and 105,053,030 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively. Class B common stock, $0.001 par value; 185,000,000 shares authorized at September 30, 2023 and December 31, 2022; 54,891,834 and 57,391,687 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | 165 | | | 162 | |
Preferred stock, $0.001 par value; 20,000,000 shares authorized at September 30, 2023 and December 31, 2022 | — | | | — | |
Additional paid-in capital | 867,721 | | | 855,249 | |
Accumulated deficit | (200,083) | | | (157,542) | |
Accumulated other comprehensive loss | (404) | | | (253) | |
Total stockholders’ equity | 667,399 | | | 697,616 | |
Total liabilities and stockholders’ equity | $ | 747,087 | | | $ | 775,562 | |
The accompanying notes are an integral part of these financial statements.
OLO INC.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Revenue: | | | | | | | |
Platform | $ | 57,261 | | | $ | 46,357 | | | $ | 163,235 | | | $ | 132,361 | |
Professional services and other | 533 | | | 909 | | | 2,050 | | | 3,262 | |
Total revenue | 57,794 | | | 47,266 | | | 165,285 | | | 135,623 | |
Cost of revenue: | | | | | | | |
Platform (1) | 22,203 | | | 14,114 | | | 59,537 | | | 38,341 | |
Professional services and other (1) | 1,026 | | | 1,368 | | | 3,220 | | | 4,640 | |
Total cost of revenue | 23,229 | | | 15,482 | | | 62,757 | | | 42,981 | |
Gross Profit | 34,565 | | | 31,784 | | | 102,528 | | | 92,642 | |
Operating expenses: | | | | | | | |
Research and development (1) | 18,035 | | | 19,391 | | | 56,806 | | | 54,123 | |
General and administrative (1) | 21,307 | | | 20,295 | | | 56,986 | | | 54,047 | |
Sales and marketing (1) | 11,363 | | | 8,016 | | | 36,438 | | | 25,224 | |
Restructuring charges (Note 12) | 166 | | | — | | | 6,848 | | | — | |
Total operating expenses | 50,871 | | | 47,702 | | | 157,078 | | | 133,394 | |
Loss from operations | (16,306) | | | (15,918) | | | (54,550) | | | (40,752) | |
Other income, net: | | | | | | | |
Interest income | 4,598 | | | 1,525 | | | 12,207 | | | 2,110 | |
Interest expense | (43) | | | (70) | | | (165) | | | (116) | |
Other (expense) income | (1) | | | (7) | | | (1) | | | 6 | |
Total other income, net | 4,554 | | | 1,448 | | | 12,041 | | | 2,000 | |
Loss before income taxes | (11,752) | | | (14,470) | | | (42,509) | | | (38,752) | |
Provision (benefit) for income taxes | 7 | | | 90 | | | 32 | | | (1,010) | |
Net loss | $ | (11,759) | | | $ | (14,560) | | | $ | (42,541) | | | $ | (37,742) | |
| | | | | | | |
Net loss per share attributable to Class A and Class B common stockholders: | | | | | | | |
Basic | $ | (0.07) | | | $ | (0.09) | | | $ | (0.26) | | | $ | (0.23) | |
Diluted | $ | (0.07) | | | $ | (0.09) | | | $ | (0.26) | | | $ | (0.23) | |
Weighted-average Class A and Class B common shares outstanding: | | | | | | | |
Basic | 163,991,486 | | | 162,364,654 | | | 162,674,062 | | | 160,667,412 | |
Diluted | 163,991,486 | | | 162,364,654 | | | 162,674,062 | | | 160,667,412 | |
(1) The following reclassifications were made to conform the prior year periods presented to the current year presentation:
•For the three months ended September 30, 2022, $0.6 million was reclassified from general and administrative expense as follows: $0.2 million into platform cost of revenue, $0.1 million into sales and marketing expenses, and $0.3 million into research and development expenses.
•For the nine months ended September 30, 2022, $2.0 million was reclassified from general and administrative expense as follows: $0.6 million into platform cost of revenue, $0.1 million into professional services and other cost of revenue, $0.3 million into sales and marketing expenses, and $1.0 million into research and development expenses.
Such reclassifications had no effect on previously reported operating loss, net loss, or accumulated deficit. See “Note 2—Significant Accounting Policies” for additional information on the reclassifications.
The accompanying notes are an integral part of these financial statements.
OLO INC.
Condensed Consolidated Statements of Comprehensive Loss (Unaudited)
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Net loss | $ | (11,759) | | | $ | (14,560) | | | $ | (42,541) | | | $ | (37,742) | |
Other comprehensive income (loss): | | | | | | | |
Unrealized gain (loss) on investments | 57 | | | (169) | | | (151) | | | (420) | |
Total other comprehensive income (loss) | 57 | | | (169) | | | (151) | | | (420) | |
Comprehensive loss | $ | (11,702) | | | $ | (14,729) | | | $ | (42,692) | | | $ | (38,162) | |
The accompanying notes are an integral part of these financial statements.
OLO INC.
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
(in thousands, except share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Class A and Class B Common Stock | | Additional Paid In Capital | | Accumulated Deficit | | Accumulated Other Comprehensive Loss | | Total Stockholders’ Equity |
| | | | | | Shares | | Amount | | | | |
Balance as of December 31, 2022 | | | | | | 162,444,717 | | | $ | 162 | | | $ | 855,249 | | | $ | (157,542) | | | $ | (253) | | | $ | 697,616 | |
Issuance of common stock on exercise of stock options | | | | | | 1,055,108 | | | 1 | | | 2,364 | | | — | | | — | | | 2,365 | |
Vesting of restricted stock units | | | | | | 802,576 | | | 1 | | | (1) | | | — | | | — | | | — | |
Repurchase of common stock | | | | | | (2,652,372) | | | (2) | | | (20,050) | | | — | | | — | | | (20,052) | |
Stock-based compensation | | | | | | — | | | — | | | 15,127 | | | — | | | — | | | 15,127 | |
Other comprehensive income | | | | | | — | | | — | | | — | | | — | | | 197 | | | 197 | |
Net loss | | | | | | — | | | — | | | — | | | (13,706) | | | — | | | (13,706) | |
Balance as of March 31, 2023 | | | | | | 161,650,029 | | | $ | 162 | | | $ | 852,689 | | | $ | (171,248) | | | $ | (56) | | | $ | 681,547 | |
Issuance of common stock under the Employee Stock Purchase Plan | | | | | | 253,973 | | | — | | | 1,463 | | | — | | | — | | | 1,463 | |
Issuance of common stock on exercise of stock options | | | | | | 1,528,955 | | | 1 | | | 3,097 | | | — | | | — | | | 3,098 | |
Vesting of restricted stock units | | | | | | 1,006,863 | | | 1 | | | (1) | | | — | | | — | | | — | |
Repurchase of common stock | | | | | | (1,409,420) | | | (1) | | | (10,046) | | | — | | | — | | | (10,047) | |
Stock-based compensation | | | | | | — | | | — | | | 15,278 | | | — | | | — | | | 15,278 | |
Other comprehensive loss | | | | | | — | | | — | | | — | | | — | | | (405) | | | (405) | |
Net loss | | | | | | — | | | — | | | — | | | (17,076) | | | — | | | (17,076) | |
Balance as of June 30, 2023 | | | | | | 163,030,400 | | | $ | 163 | | | $ | 862,480 | | | $ | (188,324) | | | $ | (461) | | | $ | 673,858 | |
Issuance of common stock in connection with charitable donation | | | | | | 172,918 | | | — | | | 1,136 | | | — | | | — | | | 1,136 | |
Issuance of common stock on exercise of stock options | | | | | | 2,621,027 | | | 3 | | | 3,376 | | | — | | | — | | | 3,379 | |
Vesting of restricted stock units | | | | | | 939,671 | | | 1 | | | (1) | | | — | | | — | | | — | |
Repurchase of common stock | | | | | | (2,014,202) | | | (2) | | | (13,033) | | | — | | | — | | | (13,035) | |
Stock-based compensation | | | | | | — | | | — | | | 13,763 | | | — | | | — | | | 13,763 | |
Other comprehensive income | | | | | | — | | | — | | | — | | | — | | | 57 | | | 57 | |
Net loss | | | | | | — | | | — | | | — | | | (11,759) | | | — | | | (11,759) | |
Balance as of September 30, 2023 | | | | | | 164,749,814 | | | $ | 165 | | | $ | 867,721 | | | $ | (200,083) | | | $ | (404) | | | $ | 667,399 | |
OLO INC.
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
(in thousands, except share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Class A and Class B Common Stock | | Additional Paid In Capital | | Accumulated Deficit | | Accumulated Other Comprehensive Loss | | Total Stockholders' Equity |
| | | | | | Shares | | Amount | | | | |
Balance as of December 31, 2021 | | | | | | 157,700,189 | | | $ | 158 | | | $ | 813,166 | | | $ | (111,574) | | | $ | — | | | $ | 701,750 | |
Issuance of common stock on exercise of stock options | | | | | | 1,851,334 | | | 2 | | | 2,305 | | | — | | | — | | | 2,307 | |
Vesting of restricted stock units | | | | | | 136,662 | | | — | | | — | | | — | | | — | | | — | |
Stock-based compensation | | | | | | — | | | — | | | 12,457 | | | — | | | — | | | 12,457 | |
Net loss | | | | | | — | | | — | | | — | | | (11,509) | | | — | | | (11,509) | |
Balance as of March 31, 2022 | | | | | | 159,688,185 | | | $ | 160 | | | $ | 827,928 | | | $ | (123,083) | | | $ | — | | | $ | 705,005 | |
Issuance of common stock under the Employee Stock Purchase Plan | | | | | | 193,267 | | | — | | | 1,764 | | | — | | | — | | | 1,764 | |
Issuance of common stock on exercise of stock options | | | | | | 1,118,331 | | | 1 | | | 2,322 | | | — | | | — | | | 2,323 | |
Vesting of restricted stock units | | | | | | 199,738 | | | — | | | — | | | — | | | — | | | — | |
Stock-based compensation | | | | | | — | | | — | | | 11,750 | | | — | | | — | | | 11,750 | |
Other comprehensive loss | | | | | | — | | | — | | | — | | | — | | | (251) | | | (251) | |
Net loss | | | | | | — | | | — | | | — | | | (11,673) | | | — | | | (11,673) | |
Balance as of June 30, 2022 | | | | | | 161,199,521 | | | $ | 161 | | | $ | 843,764 | | | $ | (134,756) | | | $ | (251) | | | $ | 708,918 | |
Issuance of common stock in connection with charitable donation | | | | | | 172,918 | | | — | | | 1,406 | | | — | | | — | | | 1,406 | |
Issuance of common stock on exercise of stock options | | | | | | 1,945,436 | | | 2 | | | 3,028 | | | — | | | — | | | 3,030 | |
Vesting of restricted stock units | | | | | | 166,971 | | | — | | | — | | | — | | | — | | | — | |
Stock-based compensation | | | | | | — | | | — | | | 12,376 | | | — | | | — | | | 12,376 | |
Other comprehensive loss | | | | | | — | | | — | | | — | | | — | | | (169) | | | (169) | |
Net loss | | | | | | — | | | — | | | — | | | (14,560) | | | — | | | (14,560) | |
Balance as of September 30, 2022 | | | | | | 163,484,846 | | | $ | 163 | | | $ | 860,574 | | | $ | (149,316) | | | $ | (420) | | | $ | 711,001 | |
The accompanying notes are an integral part of these financial statements.
OLO INC.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2023 | | 2022 |
Operating activities | | | |
Net loss | $ | (42,541) | | | $ | (37,742) | |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | | | |
Depreciation and amortization | 7,283 | | | 4,285 | |
Stock-based compensation | 41,341 | | | 35,104 | |
Charitable donation of Class A common stock | 1,136 | | | 1,406 | |
Provision for expected credit losses | 1,495 | | | 263 | |
Non-cash lease expense | 2,079 | | | 1,706 | |
Deferred income tax benefit | — | | | (1,421) | |
Loss on disposal of assets | 38 | | | — | |
Non-cash impairment charges | — | | | 2,806 | |
Other non-cash operating activities, net | (1,883) | | | (560) | |
Changes in operating assets and liabilities: | | | |
Accounts receivable | (23,580) | | | (602) | |
Contract assets | (156) | | | (66) | |
Prepaid expenses and other current assets | 2,835 | | | (404) | |
Deferred contract costs | (2,588) | | | (537) | |
Accounts payable | (2,069) | | | (452) | |
Accrued expenses and other current liabilities | 7,189 | | | 927 | |
Operating lease liabilities | (2,226) | | | (1,893) | |
Unearned revenue | (812) | | | (558) | |
Other liabilities, noncurrent | 76 | | | 136 | |
Net cash (used in) provided by operating activities | (12,383) | | | 2,398 | |
Investing activities | | | |
Purchases of property and equipment | — | | | (454) | |
Capitalized internal-use software | (10,023) | | | (6,997) | |
Acquisitions, net of cash acquired | — | | | (49,241) | |
Purchases of investments | (96,501) | | | (114,006) | |
Sales and maturities of investments | 88,155 | | | 11,388 | |
Net cash used in investing activities | (18,369) | | | (159,310) | |
Financing activities | | | |
Cash received for employee payroll tax withholdings | 13,902 | | | 7,083 | |
Cash paid for employee payroll tax withholdings | (13,896) | | | (7,012) | |
| | | |
| | | |
Payment of deferred offering costs | — | | | (423) | |
Proceeds from exercise of stock options and purchases under employee stock purchase plan | 10,208 | | | 9,218 | |
Repurchase of common stock | (43,134) | | | — | |
| | | |
| | | |
Net cash (used in) provided by financing activities | (32,920) | | | 8,866 | |
Net decrease in cash and cash equivalents | (63,672) | | | (148,046) | |
Cash and cash equivalents, beginning of period | 350,073 | | | 514,445 | |
Cash and cash equivalents, end of period | $ | 286,401 | | | $ | 366,399 | |
| | | |
Supplemental disclosure of non-cash investing and financing activities | | | |
| | | |
Vesting of early exercised stock options | $ | 97 | | | $ | 174 | |
| | | |
| | | |
Capitalization of stock-based compensation for internal-use software | $ | 2,827 | | | $ | 1,856 | |
The accompanying notes are an integral part of these financial statements.
OLO INC.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
1.Business
Olo Inc. was formed on June 1, 2005 in Delaware and is headquartered in New York City. On January 14, 2020, our Board of Directors and stockholders approved our name change from Mobo Systems, Inc. to Olo Inc. Unless the context otherwise indicates or requires, references to “we,” “us,” “our,” and “the Company” shall refer to Olo Inc.
We are an open SaaS platform for restaurants. Our platform powers restaurant brands’ on-demand digital commerce operations, enabling digital ordering, delivery, front-of-house management, and payments, while further strengthening and enhancing restaurants’ direct guest relationships. We provide restaurants with a business-to-business-to-guest, enterprise-grade, open SaaS platform to manage their complex digital businesses and enable fast and more personalized experiences for their guests. Our platform and application programming interfaces seamlessly integrate with a wide range of solutions, unifying disparate technologies across the restaurant ecosystem. Restaurant brands rely on us to increase their digital omni-channel sales, maximize profitability, establish and maintain direct guest relationships, and collect, protect, and leverage valuable guest data.
2.Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. The December 31, 2022 condensed consolidated balance sheet was derived from the audited financial statements as of that date, but may not include all disclosures including certain footnotes required by U.S. GAAP on an annual reporting basis.
These unaudited condensed consolidated financial statements have been prepared on a basis consistent with our annual financial statements and, in the opinion of management, reflect all adjustments, which include all normal recurring adjustments necessary to fairly state our financial position as of September 30, 2023, our results of operations and comprehensive loss for the three and nine months ended September 30, 2023 and 2022 and our cash flows for the nine months ended September 30, 2023 and 2022, respectively. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023 or for any other future annual or interim period.
The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K filed with the SEC on February 24, 2023. All intercompany balances and transactions have been eliminated in consolidation.
Effective January 1, 2023, we began allocating certain employee-related costs to platform cost of revenues, professional services and other cost of revenues, sales and marketing, and research and development expenses. Previously, such costs had been presented within general and administrative expenses on our condensed consolidated statement of operations. These costs are allocated based on each department’s proportionate share of total employee headcount. We determined that these changes would better reflect industry practice and provide more meaningful information as well as increased transparency of our operations.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period.
We regularly assess these estimates, including but not limited to, stock-based compensation including the determination of the fair value of our stock-based awards, realization of deferred tax assets, estimated life of our long-lived assets, purchase price allocations for business combinations, valuation of the acquired intangibles purchased in a business
OLO INC.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
combination, valuation of goodwill, estimated standalone selling price of our performance obligations, and estimated consideration for implementation services and transactional revenue in certain arrangements. We base these estimates on historical experience and on various other market-specific and relevant assumptions that we believe to be reasonable under the circumstances. Actual results could differ from these estimates and such differences could be material to our financial position and results of operations.
Significant Accounting Policies
Our significant accounting policies are outlined in Note 2, “Significant Accounting Policies” in the Notes to Consolidated Financial Statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2022. During the nine months ended September 30, 2023, there were no material changes to our significant accounting policies from those described in our Annual Report on Form 10-K for the year ended December 31, 2022.
Cash and Cash Equivalents
Cash and cash equivalents are stated at fair value. We consider all short-term, highly liquid investments, with an original maturity of three months or less, to be cash equivalents. We received restricted cash on behalf of the subtenant of our former corporate headquarters at One World Trade Center in advance of certain future rental obligations that will be due from the subtenant. The balance we received on behalf of the subtenant of $2.7 million is included in cash and cash equivalents in the condensed consolidated balance sheets as of September 30, 2023. See “Note 10—Commitments and Contingencies” for more details.
Concentrations of Business and Credit Risk
We are exposed to concentrations of credit risk primarily through our cash and short- and long-term investments held by financial institutions. We primarily deposit our cash, cash equivalents, and investments with financial institutions that management believes are of high credit quality and the amounts on deposit may exceed federally insured limits at various times. We have not experienced any significant losses in such accounts and believe we are not exposed to any significant risk. For the three months ended September 30, 2023 and 2022, one customer accounted for 12% of our revenue. For the nine months ended September 30, 2023 and 2022, one customer accounted for 12% of our revenue.
Credit Facility
On June 10, 2022, we entered into the Second Amended and Restated Loan and Security Agreement with Pacific Western Bank related to a revolving credit and term loan facility (the “Second Amended and Restated LSA”).
The Second Amended and Restated LSA includes a financial covenant requiring compliance with certain minimum revenue amounts. In addition, the Second Amended and Restated LSA contains representations and warranties generally consistent with the Amended and Restated Loan and Security Agreement, dated February 11, 2020, as amended (the “Prior LSA”), as well as certain non-financial covenants, including, but not limited to, limitations on our ability to incur additional indebtedness or liens, pay dividends, or make certain investments. We were in compliance with these covenants as of September 30, 2023.
As of September 30, 2023, we had $43.6 million of commitments available under the Second Amended and Restated LSA, after consideration of $25.0 million in our letter of credit to DoorDash and $1.4 million in our letter of credit on the lease of our former corporate headquarters at One World Trade Center. As of September 30, 2023, we had no outstanding borrowings under the line of credit, and no amounts have been drawn against any of our letters of credit.
Recent Accounting Pronouncements
There have been no recent accounting pronouncements, changes in accounting pronouncements, or recently adopted accounting guidance during the nine months ended September 30, 2023 that are of significance or potential significance to us.
OLO INC.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
3.Revenue Recognition
The following table disaggregates revenue by type (in thousands):
| | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2023 |
| Platform | | Professional Services and Other | | Total |
Timing of revenue recognition | | | | | |
Transferred over time | $ | 25,158 | | | $ | 533 | | | $ | 25,691 | |
Transferred at a point in time | 32,103 | | | — | | | 32,103 | |
Total revenue | $ | 57,261 | | | $ | 533 | | | $ | 57,794 | |
| | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2022 |
| Platform | | Professional Services and Other | | Total |
Timing of revenue recognition | | | | | |
Transferred over time | $ | 23,919 | | | $ | 909 | | | $ | 24,828 | |
Transferred at a point in time | 22,438 | | | — | | | 22,438 | |
Total revenue | $ | 46,357 | | | $ | 909 | | | $ | 47,266 | |
| | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2023 |
| Platform | | Professional Services and Other | | Total |
Timing of revenue recognition | | | | | |
Transferred over time | $ | 74,518 | | | $ | 2,050 | | | $ | 76,568 | |
Transferred at a point in time | 88,717 | | | — | | | 88,717 | |
Total revenue | $ | 163,235 | | | $ | 2,050 | | | $ | 165,285 | |
| | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2022 |
| Platform | | Professional Services and Other | | Total |
Timing of revenue recognition | | | | | |
Transferred over time | $ | 67,710 | | | $ | 3,262 | | | $ | 70,972 | |
Transferred at a point in time | 64,651 | | | — | | | 64,651 | |
Total revenue | $ | 132,361 | | | $ | 3,262 | | | $ | 135,623 | |
Contract Balances
Contract Assets
Professional services revenue is generally recognized ratably over the implementation period, beginning on the commencement date of each contract. Platform revenue is recognized as the services are delivered. Under ASC Topic 606, we record a contract asset when revenue recognized on a contract exceeds the billings. Our standard billing terms are monthly; however, the billings may not be consistent with the pattern of recognition, based on when services are performed. Contract assets were $0.7 million and $0.6 million as of September 30, 2023 and December 31, 2022, respectively.
OLO INC.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
Unearned Revenue
Unearned revenue primarily consists of billings or payments received in advance of revenue recognition from subscription services and is recognized as revenue when transfer of control to customers has occurred. During the nine months ended September 30, 2023, we recognized $1.4 million of revenue related to contracts that were included in unearned revenue at December 31, 2022.
As of September 30, 2023, our remaining performance obligations were approximately $29.4 million, approximately 53% of which we expect to recognize as revenue over the next twelve months, and substantially all of the remaining revenue will be recognized thereafter over the next 24 to 48 months. These amounts only include contracts subject to a guaranteed fixed amount or the guaranteed minimum under variable contracts. Unrecognized revenues under contracts disclosed above do not include: (1) contracts with an original expected term of one year or less; (2) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage; and (3) agreements for which our right to invoice corresponds with the value provided to the customer.
Deferred Contract Costs
We capitalize the incremental costs of obtaining a revenue contract, including sales commissions for new and renewal revenue contracts, certain related incentives, and associated payroll tax and fringe benefit costs. Capitalized amounts are recoverable through future revenue streams under customer contracts.
The following table summarizes the activity of current and non-current deferred contract costs (in thousands):
| | | | | |
Balance at December 31, 2022 | $ | 7,022 | |
Capitalization of deferred contract costs | 5,975 | |
Amortization of deferred contract costs | (3,387) | |
Balance at September 30, 2023 | $ | 9,610 | |
4.Fair Value Measurement
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
Level 1 inputs: Based on unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 inputs: Based on observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 inputs: Based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities, and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability.
OLO INC.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
The following tables present the costs, net unrealized losses, and fair value by major security type for our investments as of September 30, 2023 and December 31, 2022 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| As of September 30, 2023 |
| Cost | | Net Unrealized Losses | | Fair Value | | Cash and Cash equivalents | | Short-term Investments | | Long-term Investments |
Cash (1) | $ | 112,924 | | | $ | — | | | $ | 112,924 | | | $ | 112,924 | | | $ | — | | | $ | — | |
Level 1: | | | | | | | | | | | |
Money market funds | 173,477 | | | — | | | 173,477 | | | 173,477 | | | — | | | — | |
Commercial paper | 19,177 | | | (9) | | | 19,168 | | | — | | | 19,168 | | | — | |
Subtotal | 192,654 | | | (9) | | | 192,645 | | | 173,477 | | | 19,168 | | | — | |
Level 2: | | | | | | | | | | | |
Certificates of deposit | 22,790 | | | — | | | 22,790 | | | — | | | 22,790 | | | — | |
U.S. Government and agency securities | 45,682 | | | (308) | | | 45,374 | | | — | | | 31,376 | | | 13,998 | |
Corporate bonds | 23,961 | | | (87) | | | 23,874 | | | — | | | 17,048 | | | 6,826 | |
Subtotal | 92,433 | | | (395) | | | 92,038 | | | — | | | 71,214 | | | 20,824 | |
Level 3: | — | | | — | | | — | | | — | | | — | | | — | |
Total | $ | 398,011 | | | $ | (404) | | | $ | 397,607 | | | $ | 286,401 | | | $ | 90,382 | | | $ | 20,824 | |
(1) We received restricted cash on behalf of the subtenant of our former corporate headquarters at One World Trade Center in advance of certain future rental obligations that will be due from the subtenant and have included this in cash and cash equivalents in the condensed consolidated balance sheets. See “Note 10—Commitments and Contingencies” for more details.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| As of December 31, 2022 |
| Cost | | Net Unrealized Losses | | Fair Value | | Cash and Cash equivalents | | Short-term Investments | | Long-term Investments |
Cash | $ | 200,808 | | | $ | — | | | $ | 200,808 | | | $ | 200,808 | | | $ | — | | | $ | — | |
Level 1: | | | | | | | | | | | |
Money market funds | 142,168 | | | — | | | 142,168 | | | 142,168 | | | — | | | — | |
Commercial paper | 21,920 | | | (39) | | | 21,881 | | | — | | | 21,881 | | | — | |
Subtotal | 164,088 | | | (39) | | | 164,049 | | | 142,168 | | | 21,881 | | | — | |
Level 2: | | | | | | | | | | | |
Certificates of deposit | 35,081 | | | (97) | | | 34,984 | | | 6,351 | | | 28,633 | | | — | |
U.S. Government and agency securities | 30,408 | | | (42) | | | 30,366 | | | — | | | 29,431 | | | 935 | |
Corporate bonds | 21,070 | | | (75) | | | 20,995 | | | 746 | | | 18,754 | | | 1,495 | |
Subtotal | 86,559 | | | (214) | | | 86,345 | | | 7,097 | | | 76,818 | | | 2,430 | |
Level 3: | — | | | — | | | — | | | — | | | — | | | — | |
Total | $ | 451,455 | | | $ | (253) | | | $ | 451,202 | | | $ | 350,073 | | | $ | 98,699 | | | $ | 2,430 | |
Our assets measured at fair value on a nonrecurring basis include long-lived assets and finite-lived intangibles, which are considered to be Level 3 inputs. No material impairment charges were recorded during the nine months ended September 30, 2023. For the nine months ended September 30, 2022 we recorded a non-cash impairment charge of $0.5 million related to the estimated fair value of a portion of our capitalized internal-use software that was non-recoverable and a non-cash impairment charge of $2.3 million related to our right-of-use asset and furniture and fixtures in connection with the sublease of our former corporate headquarters at One World Trade Center.
Accounts receivable, accounts payable, and accrued expenses are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date.
OLO INC.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
5.Acquisitions
Omnivore Acquisition
On February 20, 2022, we signed a definitive agreement to acquire Omnivore Technologies, Inc. (“Omnivore”), a restaurant technology provider that connects restaurants’ Point of Sale systems with technologies that improve efficiency and increase profitability. We closed the acquisition on March 4, 2022 for total consideration of approximately $49.3 million in cash, net of cash acquired and a post-closing working capital adjustment.
The operating results of Omnivore have been included in our condensed consolidated statement of operations since the acquisition date. Actual results of operations from the date of acquisition through September 30, 2023 and supplemental pro forma revenue and results of operations have not been presented because the effects were not material to the condensed consolidated financial statements.
We have finalized the valuation of assets acquired and liabilities assumed for the acquisition of Omnivore as of March 31, 2023.
Purchase Price Allocation
The following table summarizes the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed of Omnivore (in thousands): | | | | | |
| Final Purchase Price Allocation |
Accounts receivable | $ | 451 | |
Other current assets | 148 | |
Operating lease right-of-use asset | 236 | |
Property and equipment | 24 | |
Other assets, noncurrent | 9 | |
Customer relationships | 1,290 | |
Developed technology | 4,410 | |
Trademark | 150 | |
Goodwill | 44,919 | |
Accounts payable | (198) | |
Accrued expenses and other current liabilities | (101) | |
Unearned revenue | (226) | |
Operating lease liability, current | (81) | |
Operating lease liability, noncurrent | (177) | |
Deferred tax liability, net | (1,519) | |
Total purchase price, net of cash acquired and post-closing working capital adjustment | $ | 49,335 | |
We recorded $0.4 million in transaction-related expenses for the nine months ended September 30, 2023 primarily related to professional fees and sales taxes associated with the acquisition of Omnivore and the acquisition of Wisely, Inc in November 2021. We recorded $1.5 million in transaction-related expenses, primarily related to transaction-related compensation, advisory, legal, valuation, and other professional fees, for the nine months ended September 30, 2022.
OLO INC.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
6.Accrued Expenses and Other Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
| | | | | | | | | | | |
| As of September 30, 2023 | | As of December 31, 2022 |
Accrued delivery service partner fees | $ | 43,917 | | | $ | 40,846 | |
Accrued compensation and benefits | 7,784 | | | 6,986 | |
Sublease liability (1) | 2,677 | | | — | |
Professional and consulting fees | 1,190 | | | 1,262 | |
Accrued taxes | 927 | | | 674 | |
Other | 3,039 | | | 2,643 | |
Total accrued expenses and other current liabilities | $ | 59,534 | | | $ | 52,411 | |
(1) We received restricted cash on behalf of the subtenant of our former corporate headquarters at One World Trade Center in advance of certain future rental obligations that will be due from the subtenant. See “Note 10—Commitments and Contingencies” for more details.
7.Stockholders’ Equity
Repurchases of Common Stock
On September 7, 2022, our Board of Directors authorized a program to repurchase up to $100 million of our Class A common stock (the “Stock Buyback Program”). Under the Stock Buyback Program, shares of common stock may be repurchased from time to time on a discretionary basis through open market repurchases, privately negotiated transactions, block purchases, or other means, and will be structured to occur in compliance with applicable securities laws. The Stock Buyback Program does not obligate us to acquire any specific number of shares.
In addition, open market repurchases of common stock could be made pursuant to our trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which would permit us to repurchase common stock at a time that we might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions.
The timing and actual number of shares repurchased is determined by a committee established by the Board of Directors and depends on a variety of factors, including the Class A common stock price, trading volume, market conditions, our cash flow and liquidity profile, the capital needs of the business, and other considerations. Repurchases under the Stock Buyback Program have to date been, and are expected in the future to be, funded with existing cash on hand. The Stock Buyback Program has no expiration date and may be modified, suspended or terminated at any time by the Board of Directors at its discretion.
The following table summarizes the share repurchase activity of our Class A common stock under the Stock Buyback Program for the periods presented (in thousands, except share and per share amounts): | | | | | | | | | | | | | | | | | | | | | | | |
| Total Number of Shares Purchased | | Average Price Paid per Share (1) | | Value of Shares Repurchased (1) | | Remaining Amount Authorized |
Balance as of January 1, 2023 | | | | | | | $ | 80,000 | |
Repurchases of common stock for the three months ended: | | | | | | | |
March 31, 2023 | 2,652,372 | | | $ | 7.54 | | | $ | 20,000 | | | (20,000) | |
June 30, 2023 | 1,409,420 | | | $ | 7.11 | | | $ | 10,018 | | | (10,018) | |
September 30, 2023 | 2,014,202 | | | $ | 6.45 | | | $ | 12,995 | | | (12,995) | |
Total | 6,075,994 | | | $ | 7.08 | | | $ | 43,013 | | | $ | 36,987 | |
(1) Average price paid per share and value of shares excludes broker commission fees.
OLO INC.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
Charitable Contributions
In March 2021, our Board of Directors approved the issuance of 1,729,189 shares of our Class A common stock to an independent donor-advised fund sponsor, Tides Foundation, in conjunction with our Olo for Good initiative.
We donated 172,918 shares of our Class A common stock to the Olo for Good Fund at Tides Foundation and recognized $1.1 million as a non-cash general and administrative expense in our condensed consolidated statement of operations for the three and nine months ended September 30, 2023. We donated 172,918 shares of our Class A common stock and recognized $1.4 million as a non-cash general and administrative expense for the three and nine months ended September 30, 2022.
Through September 30, 2023, we have donated a total of 691,672 shares of our Class A common stock. We expect to donate 1/10th of the total remaining approved shares into the fund annually.
8.Stock-Based Compensation
The 2021 Equity Incentive Plan (“2021 Plan”) provides for the issuance of incentive and nonqualified stock options, SARs, restricted stock, restricted stock units (“RSUs”), performance-based restricted stock units (“PSUs”), and other awards, to employees, directors, consultants, and advisors. Pursuant to the evergreen provisions of the 2021 Plan, the Board of Directors approved an automatic increase of 8,124,002 additional shares of Class A common stock reserved and available for issuance under the 2021 Plan effective as of January 1, 2023.
As of September 30, 2023 and December 31, 2022 the maximum number of shares authorized for issuance to participants under the Plans was 40,185,923 and 30,263,529, respectively. As of September 30, 2023 and December 31, 2022, the number of shares available for issuance to participants under the Plans was 24,812,139 and 23,358,039, respectively.
Restricted Stock Units and Performance-Based Restricted Stock Units
Starting in 2023, we began awarding PSUs in addition to the RSUs at fixed dollar amounts. The target number of shares underlying the RSU and PSU awards was determined based on the higher of (a) the 30-trading day average price preceding the grant date or (b) the floor price as determined by the Compensation Committee of the Board of Directors for the calendar year.
The amount of PSUs issued will depend on the achievement of financial metrics relative to the approved performance targets. Depending on the actual financial metrics achieved relative to the target financial metrics, the number of PSUs issued could range from 0% to 120% of the target amount.
The following table summarizes the activity for the unvested RSUs and PSUs during the nine months ended September 30, 2023:
| | | | | | | | | | | |
| Shares | | Weighted- Average Grant Date Fair Value |
Unvested at December 31, 2022 | 4,559,917 | | | $ | 15.57 | |
Granted | 10,920,422 | | | 7.04 | |
Vested | (2,749,110) | | | 10.55 | |
Forfeited and canceled | (2,326,701) | | | 11.22 | |
Unvested at September 30, 2023 | 10,404,528 | | | $ | 8.92 | |
The total fair value of RSUs vested during the nine months ended September 30, 2023 was $19.8 million. Future stock-based compensation for unvested RSUs and PSUs awarded as of September 30, 2023 was approximately $87.3 million and is expected to be recognized over a weighted-average period of 3.14 years.
OLO INC.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
2021 Employee Stock Purchase Plan
The employee stock purchase plan (“2021 ESPP”) current offering period began in June 2023 and ends in December 2023. Pursuant to the evergreen provisions of the 2021 ESPP, the Board of Directors approved an automatic increase of 1,050,883 additional shares of Class A common stock reserved and available for issuance under the 2021 ESPP effective as of January 1, 2023. As of September 30, 2023, a total of 5,785,854 shares are available for issuance to employees under the 2021 ESPP. For the nine months ended September 30, 2023 and 2022, we recorded approximately $0.9 million and $1.2 million of compensation expense associated with our 2021 ESPP, respectively.
Stock-Based Compensation Expense
The classification of stock-based compensation expense, which includes expense for stock options, RSUs, PSUs, and ESPP charges, by line item within the condensed consolidated statements of operations was as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Cost of revenue - platform | $ | 1,661 | | | $ | 1,367 | | | $ | 5,159 | | | $ | 4,269 | |
Cost of revenue - professional services and other | 165 | | | 167 | | | 528 | | | 565 | |
Research and development | 3,628 | | | 3,571 | | | 11,730 | | | 10,382 | |
General and administrative | 5,506 | | | 5,442 | | | 16,093 | | | 15,567 | |
Sales and marketing | 1,553 | | | 1,372 | | | 6,103 | | | 4,321 | |
Restructuring charges | — | | | — | | | 1,728 | | | — | |
Total stock-based compensation expense | $ | 12,513 | | | $ | 11,919 | | | $ | 41,341 | | | $ | 35,104 | |
9.Income Taxes
We recorded a provision for income taxes resulting in an effective tax rate of (0.08)% for the nine months ended September 30, 2023. We recorded a benefit for income taxes resulting in an effective tax rate of 2.61% for the nine months ended September 30, 2022. The effective tax rate for the nine months ended September 30, 2023 is driven primarily by adjustments to the full valuation allowance on our deferred tax assets and adjustments for share-based compensation. We maintain a full valuation allowance on our net federal and state deferred tax assets as we have concluded that it is more likely than not the deferred tax assets will not be realized.
We evaluated the available evidence supporting the realization of our deferred tax assets, including the amount and timing of future taxable income, and determined that it is more likely than not that our net deferred tax assets will not be realized. Due to uncertainties surrounding the realization of the deferred tax assets, we maintain a full valuation allowance against substantially all of our net deferred tax assets. When we determine that we will be able to realize some portion or all of our deferred tax assets, an adjustment to our valuation allowance on our deferred tax assets would have the effect of increasing net income in the period such determination is made.
We applied ASC 740, Income Taxes, and determined that we do not have any uncertain positions that would result in a tax reserve for each of the nine months ended September 30, 2023 and 2022. Our policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. We are subject to U.S. federal tax authority and state tax authority examinations.
10.Commitments and Contingencies
Contingencies
Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. If we determine that a loss is reasonably possible, and the loss or range of loss can be estimated, we will disclose the possible loss in the notes to our financial statements. Accounting for contingencies requires us to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. Legal costs incurred in connection with loss contingencies are expensed as incurred.
OLO INC.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
On September 26, 2022, a putative class action lawsuit was filed in the United States District Court for the Southern District of New York asserting claims under the federal securities laws against us and certain of our executive officers. On December 21, 2022, the Court appointed a lead plaintiff and lead counsel on behalf of the putative class, following which the case was captioned Steamship Trade Association of Baltimore - International Longshoremen’s Association Pension Fund v. Olo Inc., et al. (Case No.1:22-cv-08228-JSR). On August 9, 2023, lead plaintiff filed a second amended complaint asserting claims on behalf of a putative class composed of all persons who purchased or otherwise acquired our securities between March 17, 2021 and August 11, 2022, inclusive (the “Second Amended Complaint”). The Second Amended Complaint asserts a claim against all defendants for alleged violations of Section 10(b) of the Exchange Act and Rule 10b5 promulgated thereunder and a claim under Section 20(a) of the Exchange Act against Mr. Glass, our Chief Executive Officer, and Mr. Benevides, our Chief Financial Officer, as alleged controlling persons. The Second Amended Complaint alleges that defendants made materially false and misleading statements concerning, among other things, our business relationship with the restaurant brand Subway, our financial position, our enterprise market segment, and our publicly disclosed “active locations” counts, and that these alleged false and misleading statements caused losses and damages for members of the putative class. The Second Amended Complaint seeks unspecified damages, interest, costs and attorneys’ fees, and other unspecified relief that the Court deems appropriate. On August 24, 2023, we filed a motion to dismiss the Second Amended Complaint. On September 26, 2023, the Court issued a summary order granting in part and denying in part our motion to dismiss, dismissing the claims in the Second Amended Complaint to the extent they are premised on misstatements about Subway, our financial prospects, and our prospects in the enterprise market, but permitting the remaining claims to proceed. Under the current schedule, a final pre-trial conference is set for January 25, 2024. We are unable to predict the outcome, or the reasonably possible loss or range of loss, if any, related to this matter.
On May 4, 2023, Cashondra Floyd, an alleged Olo stockholder, derivatively and on behalf of us as a nominal defendant, filed a complaint in the U.S. District Court for the Southern District of New York against certain of our directors and officers (the “Derivative Defendants”), captioned Floyd v. Glass, et al. (Case No. 1:23-cv-03770). On May 25, 2023, the plaintiff voluntary dismissed her complaint and refiled in the Court of the Chancery of the State of Delaware (C.A. No. 2023-0560) (the “Floyd Derivative Complaint”). The Floyd Derivative Complaint alleges that, between at least August 10, 2021 and August 11, 2022, the Derivative Defendants caused, or failed to prevent, our alleged issuance of materially false and misleading statements concerning our business relationship with the restaurant brand Subway and our publicly disclosed “active locations” counts. The Floyd Derivative Complaint asserts claims for breaches of fiduciary duty, aiding and abetting breach of fiduciary duty, and waste of corporate assets. The Floyd Derivative Complaint seeks a judgment declaring that the plaintiff may bring the action on behalf of us in a derivative capacity; awarding us damages for the Derivative Defendants’ alleged breaches of fiduciary duty, and waste of corporate assets; requiring us to reform and improve our corporate governance and internal procedures; ordering the Derivative Defendants to pay restitution to us; awarding the plaintiff her costs, fees, and expenses, including attorney’s fees; and granting such other relief that the Court determines to be appropriate. On June 1, 2023, the Court granted the parties’ stipulation to stay the Floyd Derivative Complaint. We are unable to predict the outcome, or the reasonably possible loss or range of loss, if any, related to this matter.
We are a party to various lawsuits and claims in the ordinary course of business, including the matter described above. Future litigation may be necessary to defend ourselves or our customers by determining the scope, enforceability, and validity of third-party proprietary rights or to establish our proprietary rights. Defending such proceedings is costly and can impose a significant burden on management and employees. The results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.
Leases
During March 2023, we abandoned our office lease located at 26 Broadway, New York, New York, resulting in a reduction of $0.3 million to operating lease right-of-use assets and operating lease liabilities, respectively. On April 18, 2023, we entered into an agreement with our landlord that provided for an early termination of our office lease located at 26 Broadway, New York, New York.
We received restricted cash on behalf of the subtenant of our former corporate headquarters at One World Trade Center in advance of certain future rental obligations that will be due from the subtenant. The balance we received on behalf of
OLO INC.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
the subtenant of $2.7 million is included in cash and cash equivalents, with an equal and offsetting liability in accrued expenses and other current liabilities in the condensed consolidated balance sheets as of September 30, 2023.
Sublease income was $0.6 million and $0.1 million for the three months ended September 30, 2023 and 2022, respectively. Sublease income was $1.9 million and $0.3 million for the nine months ended September 30, 2023 and 2022, respectively.
11.Net Loss per Share Attributable to Common Stockholders
A reconciliation of net loss available to common stockholders and the number of shares in the calculation of basic net loss per share is as follows (in thousands, except share and per share data):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Numerator: | | | | | | | |
Net loss attributable to Class A and Class B common stockholders | $ | (11,759) | | | $ | (14,560) | | | $ | (42,541) | | | $ | (37,742) | |
Denominator: | | | | | | | |
Weighted-average Class A and Class B common shares outstanding—basic and diluted | 163,991,486 | | | 162,364,654 | | | 162,674,062 | | | 160,667,412 | |
Net loss per share attributable to Class A and Class B common stockholders––basic and diluted | $ | (0.07) | | | $ | (0.09) | | | $ | (0.26) | | | $ | (0.23) | |
The following potential common shares were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an as-converted basis): | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Outstanding stock options | 22,730,187 | | | 31,960,236 | | | 22,730,187 | | | 31,960,236 | |
Outstanding restricted and performance-based stock units | 10,404,528 | | | 4,710,098 | | | 10,404,528 | | | 4,710,098 | |
Outstanding shares estimated to be purchased under ESPP | 192,422 | | | 125,128 | | | 192,422 | | | 125,128 | |
Total | 33,327,137 | | | 36,795,462 | | | 33,327,137 | | | 36,795,462 | |
12.Restructuring Charges
On June 14, 2023, we completed the Restructuring Plan and had a reduction of our workforce by approximately 11% to reorganize our business to better focus our investments on customer needs and to support long-term growth objectives.
We incurred charges of $6.8 million in connection with the Restructuring Plan for the nine months ended September 30, 2023, consisting of the following: $4.5 million related to severance expense and payroll taxes, $1.7 million related to stock-based compensation expense due to the acceleration of equity awards, and $0.6 million related to other employee benefits. These expenses are recorded within the restructuring charges line item in the condensed consolidated statement of operations.
OLO INC.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
The following table summarizes the restructuring liabilities, which are recorded within accrued expenses and other current liabilities on the condensed consolidated balance sheets, as of September 30, 2023 (in thousands):
| | | | | |
Balance at January 1, 2023 | $ | — | |
Charges | 6,682 | |
Payments | (2,726) | |
Balance at June 30, 2023 | 3,956 | |
Charges | 166 | |
Payments | (4,004) | |
Balance at September 30, 2023 | $ | 118 | |
The actions associated with the Restructuring Plan were fully completed during the nine months ended September 30, 2023 and we do not expect to incur any material additional charges under this plan.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q. The discussion contains forward-looking statements, including, but not limited to, statements with respect to our transaction volumes, our net revenue retention rate, and new and existing customer adoption of multi-modules, that are based on the beliefs of management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors, including those discussed elsewhere in this Quarterly Report on Form 10-Q, particularly in the section entitled “Special Note Regarding Forward-Looking Statements,” and our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission, or SEC, on February 24, 2023, and our other filings with the SEC.
Overview
We are Olo, a leading open SaaS platform for restaurants.
Our platform powers restaurant brands’ on-demand digital commerce operations, enabling digital ordering, delivery, front-of-house management, and payments, while further strengthening and enhancing restaurants’ direct guest relationships. Guests today expect more on-demand convenience and personalization from restaurants, particularly through digital channels, but many restaurants lack the in-house infrastructure and expertise to satisfy this increasing demand in a cost-effective manner. We provide restaurants with a business-to-business-to-guest, enterprise-grade, open SaaS platform to manage their complex digital businesses and enable fast and more personalized experiences for their guests. Our platform and application programming interfaces, or APIs, seamlessly integrate with a wide range of solutions, unifying disparate technologies across the restaurant ecosystem. Restaurant brands rely on us to increase their digital omni-channel sales, maximize profitability, establish and maintain direct guest relationships, and collect, protect, and leverage valuable guest data.
As a result of our ability to meet restaurant brands’ growing needs, gross merchandise volume, or GMV, which we define as the gross value of orders processed through our platform, has increased on an annual basis, reaching more than $23 billion in GMV during the year ended December 31, 2022, and gross payment volume, or GPV, which we define as the gross volume of payments processed through our Olo Pay module, has reached $250 million during the year ended December 31, 2022. Management uses GMV and GPV to assess demand for our products. We also believe these metrics provide investors with useful supplemental information about the financial performance of our business, enable the comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business. Our well-established platform has led many of the major publicly traded and top 50 fastest growing private restaurant brands, measured by overall sales, in the United States to work with us and has been a factor in our dollar-based net revenue retention, which approximated 119% for the three months ended September 30, 2023. See the section below entitled “Key Factors Affecting Our Performance” for additional information on how we calculate dollar-based net revenue retention. Further, industry-recognized outlets, including Restaurant Business Online, QSR Magazine, and Nation’s Restaurant News, have also deemed Olo a leading food ordering platform for the restaurant industry.
We built Olo with the goal of being the leading SaaS platform for the restaurant industry by aligning the solutions we have developed with the needs of our customers. For over 15 years, we have developed our platform in collaboration with many of the leading restaurant brands in the United States. We believe our platform is the only independent open SaaS platform for restaurants to enable hospitality with modern solutions that allow brands to:
•Order. A suite of solutions powering restaurant brands’ on-demand commerce operations, enabling digital ordering, delivery, and channel management through the Ordering, Dispatch, Rails, Switchboard, Network, Virtual Brands, Kiosk, Catering, and Sync modules.
•Pay. A fully-integrated, frictionless payment platform, enabling restaurants to grow and protect their digital business through an improved guest payment experience, offering advanced fraud prevention designed to improve authorization rates for valid transactions, and increase basket conversion through our Olo Pay module.
•Engage. A suite of restaurant-centric marketing solutions optimizing Guest Lifetime Value, or LTV, by strengthening and enhancing the restaurants’ direct guest relationships through the Guest Data Platform, or GDP, Marketing, Sentiment, and Host modules.
The key milestones in our corporate history are the following:
•2005: Olo Founder and CEO Noah Glass accepted $0.5 million in Series A funding to start Mobo.
•2010: We began rebranding as “Olo” and shifted our focus to enterprise customers.
•2015: We launched Dispatch, our first significant product extension.
•2017: We launched Rails and surpassed $1 billion in GMV.
•2021: We completed our IPO, executed our first acquisition, and surpassed $20 billion in GMV.
•2022: We announced commercial availability of Olo Pay, and surpassed $23 billion in GMV and $250 million in GPV.
Leading restaurant brands trust Olo’s enterprise-grade platform for its capabilities, reliability, security, scalability, and interoperability. Our platform currently handles, on average, more than 2 million orders per day, and more than 85 million guests have transacted on our platform over the last year. We continually invest in architectural improvements so that our system can scale in tandem with our continued growth. Additionally, both internal and external security experts frequently test our system for vulnerabilities. To our knowledge, to date, we have never experienced a material breach of customer or guest data. Our open SaaS platform integrates with over 300 restaurant technology solutions including point-of-sale, or POS, systems, aggregators, delivery service providers, or DSPs, ordering service providers, or OSPs, payment processors, user experience and user interface providers, and loyalty programs, giving our customers significant control over the configuration and features of their distinct digital offering.
We are the exclusive direct digital ordering provider for many leading brands across all service models of the restaurant industry, including quick service, fast casual, casual dining, family dining, and coffee and snack food. Our contracts typically have initial terms of three years or longer, with continuous one-to-two-year automatic renewal periods, providing visibility into our future financial performance. Our brands tend to be highly loyal.
We have a highly efficient go-to-market model as a result of our industry thought leadership, partnership approach with our restaurant customers, and experienced enterprise sales, customer success, and deployment teams. Unlike other enterprise software businesses, where the sales team works to sell to a single location or division and expand to others, we generally enter into relationships at the brand’s corporate level and strive to secure exclusivity across all locations. We consider each specific restaurant brand to be a customer, even if owned by a parent organization that owns multiple restaurant brands. In addition, each restaurant brand may have hundreds or even thousands of individual operators (sometimes referred to as “franchisees”) who own and operate a specific location or locations. It may take time to get all locations deployed, or we may not ultimately deploy all locations due to varying factors. For example, operator locations generally have more latitude in terms of their use of brand-endorsed solutions. Our relationship at the brand’s corporate level, however, enables us to market our modules across new and existing locations without any additional sales and marketing costs, and upsell new offerings to the brand itself, rather than each individual location.
We refer to our business model as a transactional SaaS model, as it includes both subscription and transaction-based revenue streams, and we designed it to align with our customers’ success. Our model allows our customers to forego the cost of building, maintaining, and securing their own digital ordering and delivery platforms and to retain direct relationships with their guests while maximizing profitability. Our hybrid-pricing model provides us with a predictable revenue stream and enables us to further grow our revenue as our customers increase their digital order volume. We generate subscription revenue from our Ordering, Switchboard, Virtual Brands, Kiosk, Catering, Sync, GDP, Marketing, Sentiment, and Host modules. In addition, a growing portion of our customers purchase an allotment of monthly orders for a fixed monthly fee and pay us an additional fee for each excess order, which we also consider to be subscription revenue. Our transaction revenue primarily includes revenue generated from our Dispatch, Rails, and Olo Pay modules. In most cases, we also charge aggregators, channel partners, and other service providers in our ecosystem on a per transaction basis for access to our Rails and Dispatch modules. We also derive transactional revenue from our Network module, which allows brands to take orders from non-aggregator digital channels (e.g.,
Order with Google, which enables restaurants to fulfill orders directly through Google Search results and Google Maps pages) and generates fees predominantly through revenue sharing agreements with partners.
Key Factors Affecting Our Performance
Expand Within Our Existing Customer Base
Our large base of enterprise customers and transactional SaaS revenue model represent an opportunity for further revenue expansion from the sale of additional modules. A key factor to our success in executing our expansion strategy will be our ability to retain our existing and future restaurant customers. Our long-term, direct digital ordering contracts with our customers provide us the opportunity to form trusted partnerships with our restaurant brands, further enhancing our ability to satisfy and retain our customers. Our contracts typically have initial terms of three years or longer, with continuous one-to-two-year automatic renewal periods, providing visibility into our future performance.
One indication of our ability to grow within our customer base, through the development of our products that our customers value, is our average revenue per unit. We calculate our average revenue per unit 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. Our ability to retain and increase revenue from existing customers will depend on a number of factors, including fluctuations in our customers’ spending levels, our customers’ ability to deploy our modules, fluctuations in the number of transactions processed by our customers on the platform, the average number of active locations, and the ability of our customers to switch to a competitor or develop their own solutions to replace our products. We have experienced, and will continue to experience, certain of our customers or locations reducing or terminating their usage of our platform including as a result of developing their own solutions that do not utilize any or all of our modules or moving to a competitor. In addition, Wingstop Inc. recently announced an initiative to develop their own technology solution, which they expect to roll out beginning in the second quarter of 2024. Our current contract with Wingstop Inc. runs through March 2024, and it is unclear when and to what extent Wingstop Inc. will transition from our platform. Management does not believe that any change to the Wingstop Inc. relationship will be material to our business, results of operations, or financial condition.
The following summarizes our average revenue per unit and approximate number of active locations for the three months ended, or as of, each of the dates presented.
| | | | | | | | | | | |
| Three Months Ended September 30, |
| 2023 | | 2022 |
Average Revenue Per Unit | $ | 742 | | | $ | 558 | |
Ending Active Locations | 78,000 | | | 84,000 | |
Another metric used to demonstrate the propensity of our customers to continue to work with and expand their relationship with us over time is our dollar-based net revenue retention, which compares our revenue from the same set of active customers in one period to the prior year period. An active customer is a specific restaurant brand that utilizes one or more of our modules in a given quarterly period. We calculate dollar-based net revenue retention 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 net revenue retention. We believe that net revenue retention is an important metric to our investors, demonstrating our ability to retain our customers and expand their use of our modules over time, proving the stability of our revenue base and the long-term value of our customer relationships.
For the quarter ended September 30, 2023, net revenue retention was approximately 119%. We have maintained a net revenue retention in excess of 100% throughout the past several years, and expect to continue this trend in the near term as customers continue to adopt additional product modules such as Olo Pay, GDP, Marketing, Sentiment, and Host.
We believe that, in the near term, average revenue per unit and net revenue retention will be greater drivers of growth than total active locations. This is due to the potential opportunity for further multi-module penetration and continued growth in digital ordering across our existing customer base. Additionally, because multi-module penetration can vary across
active locations, fluctuations in active locations may not be a clear indication of performance. An example of this would be when a brand has transitioned from our platform and the associated total revenue or revenue per unit of that brand is not material or less than our average.
Enable Higher Transaction Volume
Transaction revenue will continue to be an important source of our growth. We intend to continue to work with our existing restaurant customers to enable higher transaction volume at their locations that utilize our products. Higher transaction volumes may enable us to gene5rate additional subscription and transaction revenue. As on-demand digital commerce grows to represent a larger share of total food consumption, we expect to significantly benefit from this secular trend as we capture a portion of this increased on-demand digital commerce order volume. Not only does our software create the opportunity to drive more orders for our customers, but we also expect the industry’s secular tailwinds to help increase transaction order volume as more guests order food through digital means, including on- and off-premise. As transaction volume increases, the subscription revenue we receive from certain subscription-based modules may also increase as customers subscribe for higher tier ordering packages to enable more transactions. Additionally, as we continue to expand our product offerings and improve our current software, we also believe that we may be able to increase our share of the transaction revenue that flows through our platform. Specifically, in February 2022, we announced the general availability of our payment solution, Olo Pay, which we believe can continue to increase our ability to generate transactional revenue. Our ability to increase transaction volume is dependent on, among other factors, macroeconomic conditions, as well as the continued shift to digital ordering for food consumption and our ability to capture a meaningful portion of that shift.
Add New Large Multi-Location and High-Growth Restaurant Brands
We believe there is a substantial opportunity to grow our customer base across the U.S. restaurant industry, adding to our over 600 existing brands across approximately 78,000 active locations as of September 30, 2023. We define an “active location” as a unique restaurant location that is utilizing one or more modules in a given quarterly period. Given this definition, active locations in any one quarter may not reflect: (i) the future impact of new customer wins as it can take some time for their locations to go live with our platform, or (ii) the customers who have indicated their intent to reduce or terminate their use of our platform in future periods. Of further note, not all of our customer locations may choose to utilize our products, and while we aim to deploy all of customer locations, not all locations may ultimately deploy. 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. Our ability to attract new customers will depend on a number of factors, including our ability to innovate, the effectiveness and pricing of our new and existing modules, the growth of digital ordering, and the success of our marketing efforts.
Investment in Innovation and Growth
We have invested and intend to continue to invest in expanding the functionality of our current platform and broadening our capabilities to address new market opportunities, particularly around payments, data analytics, and on-premise dining. We also intend to continue to invest in enhancing awareness of our brand and developing more modules, features, and functionality that expand our capabilities to facilitate the extension of our platform to new use cases and industry verticals. We believe this strategy will provide new avenues for growth and allow us to continue to deliver differentiated, high-value outcomes to both our customers and stockholders. Specifically, we intend to invest in research and development to expand our existing modules and build new modules, sales and marketing to promote our modules to new and existing customers and in existing and expanded geographies, professional services to ensure the success of our customers’ implementations of our platform, and other operational and administrative functions to support our expected growth and requirements as a public company. For example, as Olo Pay continues to scale and we realize expanded Olo Pay adoption, we may experience increased processing and personnel-related costs. We expect our total operating expenses will increase over time and, in some cases, have short-term negative impacts on our operating margin. We also intend to continue to evaluate strategic acquisitions and investments in businesses and technologies to drive product and market expansion. Our future success is dependent, in part, on our ability to successfully develop, market, and sell new and existing modules to new and existing customers.
Grow Our Ecosystem
We plan to expand our current ecosystem of third-party partners to better support our customers. Our platform is highly configurable and deeply embedded into our customers’ disparate existing infrastructures. Our platform seamlessly integrates with technology providers across the restaurant ecosystem, including most POS systems, DSPs, OSPs, aggregators,
payment processors, loyalty programs, on-premise ordering providers, kitchen display systems, labor management providers, inventory management providers, and reservation and customer relationship management platforms. We believe that we can leverage these unique partnerships to deliver additional value to our customers. We see opportunity to further broaden our partnership group and build upon the integrations we currently offer. We plan to continue to invest and expand our ecosystem of compatible third-party technology providers to allow us to service a broader network of restaurant brands. We believe that these technology partnerships make us a critical component for restaurant brands looking to enhance their digital ordering and delivery platforms. We intend to continue to invest in building functionality that further integrates our platform with additional third-party technology providers, which would expand our capabilities and facilitate the extension of our platform to new use cases and industry verticals. Our future success is dependent on our ability to continue to integrate with third-party technology providers in the restaurant ecosystem.
Expand Our Longer-Term Market Opportunity
While we have not made any significant investments in this area to date, we believe there is an opportunity to partner with small- and medium-sized businesses to enable their on-demand digital commerce presence. Additionally, as many of our customers operate internationally, we believe there is a significant opportunity to expand the usage of our platform outside of the United States. We also believe that our platform can be applied to other commerce verticals, beyond the restaurant industry, that are undergoing a similar digital transformation to deliver real-time experiences and on-demand fulfillment to guests. For example, we currently partner with a number of grocery chains who use our Ordering module to help their guests order ready-to-eat meals and may potentially expand these or other partnerships in the future. We anticipate that our operating expenses will increase as a result of these initiatives.
Components of Results of Operations
Revenue
We generate revenue primarily from platform fees and professional services.
Platform
Platform revenue primarily consists of fees that provide customers access to one or more of our modules and standard customer support. Our contracts typically have initial terms of three years or longer, with continuous one-to-two-year automatic renewal periods. We generally bill monthly in arrears. A majority of our platform revenue is derived from our Order solutions, which consist of our Ordering, Dispatch, Rails, Switchboard, Network, Virtual Brands, Kiosk, Catering, and Sync modules. We also generate platform revenue from our Olo Pay module, which became commercially available during 2022, as well as from our Engage solutions, which consist of our GDP, Marketing, Sentiment, and Host modules.
Professional Services and Other
Professional services and other revenue primarily consists of fees paid to us by our customers for the implementation of our platform. The majority of our professional service fees are billed on a fixed fee basis upon execution of our agreement.
Cost of Revenue
Platform
Platform cost of revenue primarily consists of costs directly related to our platform services, including expenses for customer support and infrastructure personnel, including salaries, taxes, benefits, bonuses, and stock-based compensation, which we refer to as personnel costs, third-party software licenses, hosting, amortization of capitalized internal-use software and developed technology, payment processing, and allocated overhead. We expect platform cost of revenue to increase in absolute dollars in order to support additional customer and transaction volume growth on our platform.
Professional Services and Other
Professional services and other cost of revenue primarily consists of the personnel costs of our deployment team associated with delivering these services and allocated overhead.
Gross Profit
Gross profit, or revenue less cost of revenue, has been, and will continue to be, affected by various factors, including revenue fluctuations, our mix of revenue associated with various modules, the timing and amount of investments in personnel, increased hosting capacity to align with customer growth, and third-party licensing costs.
Operating Expenses
Our operating expenses consist of research and development, general and administrative, and sales and marketing expenses. Personnel costs are the most significant component of operating expenses.
Research and Development
Research and development expenses primarily consist of engineering and product development personnel costs and allocated overhead costs. Research and development costs exclude capitalized internal-use software development costs, as they are capitalized as a component of property and equipment, net and amortized to platform cost of revenue over the term of their estimated useful life. We anticipate investments in this area to increase slightly on an absolute dollar basis, but to decrease as a percentage of revenue in the short-term, as we balance growth initiatives and investments in innovative solutions to support our customers’ rapidly evolving needs.
General and Administrative
General and administrative expenses primarily consist of personnel costs and contractor fees for finance, legal, human resources, information technology, and other administrative functions. In addition, general and administrative expenses include amortization of trademarks, travel-related expenses, and allocated overhead. We also incur general and administrative expenses as a result of operating as a public company. We expect that our general and administrative expenses will continue to grow on an absolute dollar basis while declining as a percentage of revenue as we continue to scale our operations over time.
Sales and Marketing
Sales and marketing expenses primarily consist of sales, marketing, and other personnel costs, commissions, general marketing, amortization of customer relationships, promotional activities, and allocated overhead costs. Sales commissions earned by our sales force are deferred and amortized on a straight-line basis over the expected benefit period. We plan to continue to invest in sales and marketing by expanding our go-to-market activities, hiring additional sales representatives, and sponsoring additional marketing events and trade shows. We expect our sales and marketing expenses to increase on an absolute dollar basis, but decline as a percentage of revenue, over time.
Restructuring Charges
Restructuring charges are comprised of severance costs, payroll taxes, and stock-based compensation expense associated with the accelerated vesting of equity awards. These charges were incurred as a result of our completed corporate reorganization in the second quarter of 2023, which entailed a reduction of workforce.
Other Income, Net
Other income, net consists primarily of income earned on our investments and money-market funds, partially offset by interest expense related to our credit facility.
Provision (Benefit) for Income Taxes
Provision (benefit) for income taxes primarily relates to U.S. state income taxes where we conduct business.
Results of Operations
The following tables set forth our results of operations for the periods presented.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (in thousands) |
Revenue: | | | | | | | |
Platform | $ | 57,261 | | | $ | 46,357 | | | $ | 163,235 | | | $ | 132,361 | |
Professional services and other | 533 | | | 909 | | | 2,050 | | | 3,262 | |
Total revenue | 57,794 | | | 47,266 | | | 165,285 | | | 135,623 | |
Cost of revenue: | | | | | | | |
Platform (1) (2) | 22,203 | | | 14,114 | | | 59,537 | | | 38,341 | |
Professional services and other (1) (2) | 1,026 | | | 1,368 | | | 3,220 | | | 4,640 | |
Total cost of revenue | 23,229 | | | 15,482 | | | 62,757 | | | 42,981 | |
Gross Profit | 34,565 | | | 31,784 | | | 102,528 | | | 92,642 | |
Operating expenses: | | | | | | | |
Research and development (1) (2) | 18,035 | | | 19,391 | | | 56,806 | | | 54,123 | |
General and administrative (1) (2) (3) | 21,307 | | | 20,295 | | | 56,986 | | | 54,047 | |
Sales and marketing (1) (2) | 11,363 | | | 8,016 | | | 36,438 | | | 25,224 | |
Restructuring charges (2) | 166 | | | — | | | 6,848 | | | — | |
Total operating expenses | 50,871 | | | 47,702 | | | 157,078 | | | 133,394 | |
Loss from operations | (16,306) | | | (15,918) | | | (54,550) | | | (40,752) | |
Other income, net: | | | | | | | |
Interest income | 4,598 | | | 1,525 | | | 12,207 | | | 2,110 | |
Interest expense | (43) | | | (70) | | | (165) | | | (116) | |
Other (expense) income | (1) | | | (7) | | | (1) | | | 6 | |
Total other income, net | 4,554 | | | 1,448 | | | 12,041 | | | 2,000 | |
Loss before income taxes | (11,752) | | | (14,470) | | | (42,509) | | | (38,752) | |
Provision (benefit) for income taxes | 7 | | | 90 | | | 32 | | | (1,010) | |
Net loss | $ | (11,759) | | | $ | (14,560) | | | $ | (42,541) | | | $ | (37,742) | |
(1) The following reclassifications were made to conform the prior year periods presented to the current year presentation:
•For the three months ended September 30, 2022, $0.6 million was reclassified from general and administrative expense as follows: $0.2 million into platform cost of revenue, $0.1 million into sales and marketing expenses, and $0.3 million into research and development expenses.
•For the nine months ended September 30, 2022, $2.0 million was reclassified from general and administrative expense as follows: $0.6 million into platform cost of revenue, $0.1 million into professional services and other cost of revenue, $0.3 million into sales and marketing expenses, and $1.0 million into research and development expenses.
Such reclassifications had no effect on previously reported operating loss, net loss, or accumulated deficit. See “Note 2—Significant Accounting Policies” to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information on the reclassifications.
(2) Includes stock-based compensation expense as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Cost of revenue - platform | $ | 1,661 | | | $ | 1,367 | | | $ | 5,159 | | | $ | 4,269 | |
Cost of revenue - professional services and other | 165 | | | 167 | | | 528 | | | 565 | |
Research and development | 3,628 | | | 3,571 | | | 11,730 | | | 10,382 | |
General and administrative | 5,506 | | | 5,442 | | | 16,093 | | | 15,567 | |
Sales and marketing | 1,553 | | | 1,372 | | | 6,103 | | | 4,321 | |
Restructuring charges | — | | | — | | | 1,728 | | | — | |
Total stock-based compensation expense | $ | 12,513 | | | $ | 11,919 | | | $ | 41,341 | | | $ | 35,104 | |
(3) Includes charitable donation expense of $1.1 million for both the three and nine months ended September 30, 2023. Also includes $1.4 million of charitable donation expense for both the three and nine months ended September 30, 2022.
The following table sets forth our statements of operations data expressed as a percentage of total revenue for the periods presented:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Revenue: | | | | | | | |
Platform | 99.1 | % | | 98.1 | % | | 98.8 | % | | 97.6 | % |
Professional services and other | 0.9 | | | 1.9 | | | 1.2 | | | 2.4 | |
Total revenue | 100.0 | | | 100.0 | | | 100.0 | | | 100.0 | |
Cost of revenue: | | | | | | | |
Platform | 38.4 | | | 29.9 | | | 36.0 | | | 28.3 | |
Professional services and other | 1.8 | | | 2.9 | | | 1.9 | | | 3.4 | |
Total cost of revenue | 40.2 | | | 32.8 | | | 38.0 | | | 31.7 | |
Gross Profit | 59.8 | | | 67.2 | | | 62.0 | | | 68.3 | |
Operating expenses: | | | | | | | |
Research and development | 31.2 | | | 41.0 | | | 34.4 | | | 39.9 | |
General and administrative | 36.9 | | | 42.9 | | | 34.5 | | | 39.9 | |
Sales and marketing | 19.7 | | | 17.0 | | | 22.0 | | | 18.6 | |
Restructuring charges | 0.3 | | | 0.0 | | | 4.1 | | | 0.0 | |
Total operating expenses | 88.0 | | | 100.9 | | | 95.0 | | | 98.4 | |
Loss from operations | (28.2) | | | (33.7) | | | (33.0) | | | (30.0) | |
Other income, net: | | | | | | | |
Interest income | 8.0 | | | 3.2 | | | 7.4 | | | 1.6 | |
Interest expense | (0.1) | | | (0.1) | | | (0.1) | | | (0.1) | |
Other expense (income) | 0.0 | | | 0.0 | | | 0.0 | | | 0.0 | |
Total other income, net | 7.9 | | | 3.1 | | | 7.3 | | | 1.5 | |
Loss before income taxes | (20.3) | | | (30.6) | | | (25.7) | | | (28.6) | |
Provision (benefit) for income taxes | 0.0 | | | 0.2 | | | 0.0 | | | (0.7) | |
Net loss | (20.3) | % | | (30.8) | % | | (25.7) | % | | (27.8) | % |
Comparison of the Three Months Ended September 30, 2023 and 2022
Revenue
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Change |
| 2023 | | 2022 | | $ | | % |
| (in thousands, except percentages) |
Revenue: | | | | | | | |
Platform | $ | 57,261 | | | $ | 46,357 | | | $ | 10,904 | | | 23.5 | % |
Professional services and other | 533 | | | 909 | | | (376) | | | (41.4) | |
Total Revenue | $ | 57,794 | | | $ | 47,266 | | | $ | 10,528 | | | 22.3 | % |
Platform
Total platform revenue increased $10.9 million, or 23.5%, to $57.3 million for the three months ended September 30, 2023 from $46.4 million for the three months ended September 30, 2022. This increase was primarily the result of increases in Olo Pay adoption, higher Order revenue from new customers, and increases in Engage utilization among our existing customer base. Average revenue per unit increased to approximately $742 for the three months ended September 30, 2023 from approximately $558 for the three months ended September 30, 2022. For the three months ended September 30, 2023 and 2022, 43.9% and 51.6% of our platform revenue was subscription revenue, respectively, and 56.1% and 48.4% was transaction revenue, respectively. Active locations decreased to approximately 78,000 as of September 30, 2023 from approximately 84,000 as of September 30, 2022 as a result of the previously announced transition of Subway off of the platform.
Professional Services and Other
Total professional services and other revenue decreased $0.4 million, or 41.4%, to $0.5 million for the three months ended September 30, 2023 from $0.9 million for the three months ended September 30, 2022. This decrease was driven by: (i) a
decrease in affiliate revenue due to the expiration of a certain referral agreement contract and (ii) a combination of macroeconomic factors such as labor shortages, which have delayed certain deployments due to their impact on restaurant customers at both the operator and brand levels. Additionally, our efforts to upsell additional platform solutions to existing customers who have already been deployed on our platform drive platform revenue growth, rather than growth in professional services and other revenue.
Cost of Revenue, Gross Profit, and Gross Margin
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Change |
| 2023 | | 2022 | | $ | | % |
| (in thousands, except percentages) |
Cost of revenues: | | | | | | | |
Platform | $ | 22,203 | | | $ | 14,114 | | | $ | 8,089 | | | 57.3 | % |
Professional services and other | 1,026 | | | 1,368 | | | (342) | | | (25.0) | |
Total cost of revenue | $ | 23,229 | | | $ | 15,482 | | | $ | 7,747 | | | 50.0 | % |
Percentage of revenue: | | | | | | | |
Platform | 38.4 | % | | 29.9 | % | | | | |
Professional services and other | 1.8 | | | 2.9 | | | | | |
Total cost of revenue | 40.2 | % | | 32.8 | % | | | | |
Gross Profit | $ | 34,565 | | | $ | 31,784 | | | $ | 2,781 | | | 8.7 | % |
Gross Margin | 59.8 | % | | 67.2 | % | | | | |
Platform
Total platform cost of revenue increased $8.1 million, or 57.3%, to $22.2 million for the three months ended September 30, 2023 from $14.1 million for the three months ended September 30, 2022. This increase was primarily the result
of higher processing costs associated with the increased adoption of Olo Pay. Also contributing to the increase were the costs from amortization of capitalized internal-use software and compensation costs.
Professional Services and Other
Total professional services and other cost of revenue decreased $0.3 million, or 25.0%, to $1.0 million for the three months ended September 30, 2023 from $1.4 million for the three months ended September 30, 2022. This decrease was primarily the result of reduced compensation costs due to decreased headcount, combined with a reduction in third party consulting costs.
Gross Profit
Gross profit increased $2.8 million to $34.6 million for the three months ended September 30, 2023, from $31.8 million for the three months ended September 30, 2022. Gross margin decreased to 59.8% for the three months ended September 30, 2023 from 67.2% for the three months ended September 30, 2022. The increase in gross profit was due to an increase in platform revenue, as discussed above. The decrease in gross margin as a percentage of revenue was driven by higher processing and compensation costs associated with the increased adoption of Olo Pay, higher platform and other compensation costs to support growth in transactions, and an increase in costs from amortization of capitalized internal-use software.
Operating Expenses
Research and Development
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Change |
| 2023 | | 2022 | | $ | | % |
| (in thousands, except percentages) |
Research and development | $ | 18,035 | | | $ | 19,391 | | | $ | (1,356) | | | (7.0) | % |
Percentage of total revenue | 31.2 | % | | 41.0 | % | | | | |
Research and development expense decreased $1.4 million, or 7.0%, to $18.0 million for the three months ended September 30, 2023 from $19.4 million for the three months ended September 30, 2022. This decrease was primarily the result of lower compensation costs subsequent to our corporate reorganization and reduction in workforce, combined with an increase in capitalized internal-use software costs as we make further investments in our platform development and continued product innovation. Partially offsetting these decreases were increases in website hosting costs. As a percentage of total revenue, research and development expenses decreased to 31.2% for the three months ended September 30, 2023 from 41.0% for the three months ended September 30, 2022.
General and Administrative | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Change |
| 2023 | | 2022 | | $ | | % |
| (in thousands, except percentages) |
General and administrative | $ | 21,307 | | | $ | 20,295 | | | $ | 1,012 | | | 5.0 | % |
Percentage of total revenue | 36.9 | % | | 42.9 | % | | | | |
General and administrative expense increased $1.0 million, or 5.0%, to $21.3 million for the three months ended September 30, 2023 from $20.3 million for the three months ended September 30, 2022. This increase was primarily a result of an increase in certain litigation-related expenses. Partially offsetting this increase was the absence in 2023 of the impairment expense recognized in 2022 associated with the sublease of our former corporate headquarters and lower compensation costs subsequent to our corporate reorganization and reduction in workforce. As a percentage of total revenue, general and administrative expenses decreased to 36.9% for the three months ended September 30, 2023 from 42.9% for the three months ended September 30, 2022.
Sales and Marketing | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Change |
| 2023 | | 2022 | | $ | | % |
| (in thousands, except percentages) |
Sales and marketing | $ | 11,363 | | | $ | 8,016 | | | $ | 3,347 | | | 41.8 | % |
Percentage of total revenue | 19.7 | % | | 17.0 | % | | | | |
Sales and marketing expense increased $3.3 million, or 41.8%, to $11.4 million for the three months ended September 30, 2023 from $8.0 million for the three months ended September 30, 2022. This increase was primarily the result of additional compensation costs, including commission costs, due to an increase in sales and marketing headcount. As a percentage of total revenue, sales and marketing expense increased to 19.7% for the three months ended September 30, 2023 from 17.0% for the three months ended September 30, 2022.
Restructuring Charges | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Change |
| 2023 | | 2022 | | $ | | % |
| (in thousands, except percentages) |
Restructuring charges | $ | 166 | | | $ | — | | | $ | 166 | | | Not meaningful |
Percentage of total revenue | 0.3 | % | | — | % | | | | |
Restructuring charges were $0.2 million for the three months ended September 30, 2023 and are comprised of severance costs. These charges were incurred as a result of our completed corporate reorganization in the second quarter of 2023, which entailed a reduction of our workforce.
Other Income, Net
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Change |
| 2023 | | 2022 | | $ | | % |
| (in thousands, except percentages) |
Other income, net: | | | | | | | |
Interest income | $ | 4,598 | | | $ | 1,525 | | | $ | 3,073 | | | 201.5 | % |
Percentage of total revenue | 8.0 | % | | 3.2 | % | | | | |
Interest expense | $ | (43) | | | $ | (70) | | | $ | 27 | | | (38.6) | % |
Percentage of total revenue | (0.1) | % | | (0.1) | % | | | | |
Other (expense) income | $ | (1) | | | $ | (7) | | | $ | 6 | | | (85.7) | % |
Percentage of total revenue | — | % | | — | % | | | | |
Total other income, net | $ | 4,554 | | | $ | 1,448 | | | $ | 3,106 | | | 214.5 | % |
Percentage of total revenue | 7.9 | % | | 3.1 | % | | | | |
Other income for the three months ended September 30, 2023 was primarily driven by income earned on our investments and money-market funds. The increase in interest income for the three months ended September 30, 2023 as compared to the three months ended September 30, 2022 is primarily driven by an increase in interest rates.
Provision for Income Taxes | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Change |
| 2023 | | 2022 | | $ | | % |
| (in thousands, except percentages) |
Provision for income taxes | $ | 7 | | | $ | 90 | | | $ | (83) | | | (92.2) | % |
Percentage of total revenue | — | % | | 0.2 | % | | | | |
Provision for income taxes for the three months ended September 30, 2023 primarily consists of state income taxes. We maintain a full valuation allowance on our net federal and state deferred tax assets as we have concluded that it is more likely than not that the deferred tax assets will not be realized.
Comparison of the Nine Months Ended September 30, 2023 and 2022
Revenue
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, | | Change |
| 2023 | | 2022 | | $ | | % |
| (in thousands, except percentages) |
Revenue: | | | | | | | |
Platform | $ | 163,235 | | | $ | 132,361 | | | $ | 30,874 | | | 23.3 | % |
Professional services and other | 2,050 | | | 3,262 | | | (1,212) | | | (37.2) | |
Total Revenue | $ | 165,285 | | | $ | 135,623 | | | $ | 29,662 | | | 21.9 | % |
Platform
Total platform revenue increased $30.9 million, or 23.3%, to $163.2 million for the nine months ended September 30, 2023 from $132.4 million for the nine months ended September 30, 2022. This increase was primarily the result of increases in Olo Pay adoption, higher Order revenue from new customers , and increases in Engage utilization among our existing customer base. Average revenue per unit increased to approximately $2,128 for the nine months ended September 30, 2023 from approximately $1,622 for the nine months ended September 30, 2022. For the nine months ended September 30, 2023 and 2022, 45.7% and 51.2% of our platform revenue was subscription revenue, respectively, and 54.3% and 48.8% was transaction revenue, respectively. Active locations decreased to approximately 78,000 as of September 30, 2023 from approximately 84,000 as of September 30, 2022 as a result of the previously announced transition of Subway off of the platform.
Professional Services and Other
Total professional services and other revenue decreased $1.2 million, or 37.2%, to $2.1 million for the nine months ended September 30, 2023 from $3.3 million for the nine months ended September 30, 2022. This increase was driven by a combination of macroeconomic factors such as labor shortages, which have delayed certain deployments due to their impact on restaurant customers at both the operator and brand levels. Additionally, our efforts to upsell additional platform solutions to existing customers who have already been deployed on our platform drive platform revenue growth, rather than growth in professional services and other revenue.
Cost of Revenue, Gross Profit, and Gross Margin
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, | | Change |
| 2023 | | 2022 | | $ | | % |
| (in thousands, except percentages) |
Cost of revenues: | | | | | | | |
Platform | $ | 59,537 | | | $ | 38,341 | | | $ | 21,196 | | | 55.3 | % |
Professional services and other | 3,220 | | | 4,640 | | | (1,420) | | | (30.6) | |
Total cost of revenue | $ | 62,757 | | | $ | 42,981 | | | $ | 19,776 | | | 46.0 | % |
Percentage of revenue: | | | | | | | |
Platform | 36.0 | % | | 28.3 | % | | | | |
Professional services and other | 1.9 | | | 3.4 | | | | | |
Total cost of revenue | 38.0 | % | | 31.7 | % | | | | |
Gross Profit | $ | 102,528 | | | $ | 92,642 | | | $ | 9,886 | | | 10.7 | % |
Gross Margin | 62.0 | % | | 68.3 | % | | | | |
Platform
Total platform cost of revenue increased $21.2 million, or 55.3%, to $59.5 million for the nine months ended September 30, 2023 from $38.3 million for the nine months ended September 30, 2022. This increase was primarily the result
of higher processing costs associated with the increased adoption of Olo Pay. Also contributing to the increase were the costs from amortization of capitalized internal-use software and compensation costs.
Professional Services and Other
Total professional services and other cost of revenue decreased $1.4 million, or 30.6%, to $3.2 million for the nine months ended September 30, 2023 from $4.6 million for the nine months ended September 30, 2022. This decrease was primarily the result of reduced compensation costs due to decreased headcount, combined with a reduction in third party consulting costs.
Gross Profit
Gross profit increased $9.9 million to $102.5 million for the nine months ended September 30, 2023, from $92.6 million for the nine months ended September 30, 2022. Gross margin decreased to 62.0% for the nine months ended September 30, 2023 from 68.3% for the nine months ended September 30, 2022. The increase in gross profit was due to an increase in platform revenue, as discussed above. The decrease in gross margin as a percentage of revenue was driven by higher processing and compensation costs associated with the increased adoption of Olo Pay, higher platform and other compensation costs to support growth in transactions, and an increase in costs from amortization of capitalized internal-use software.
Operating Expenses
Research and Development
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, | | Change |
| 2023 | | 2022 | | $ | | % |
| (in thousands, except percentages) |
Research and development | $ | 56,806 | | | $ | 54,123 | | | $ | 2,683 | | | 5.0 | % |
Percentage of total revenue | 34.4 | % | | 39.9 | % | | | | |
Research and development expense increased $2.7 million, or 5.0%, to $56.8 million for the nine months ended September 30, 2023 from $54.1 million for the nine months ended September 30, 2022. This increase was primarily the result of higher compensation costs associated with additional personnel prior to our reduction in workforce and increases in website hosting costs. As a percentage of total revenue, research and development expenses decreased to 34.4% for the nine months ended September 30, 2023 from 39.9% for the nine months ended September 30, 2022.
General and Administrative | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, | | Change |
| 2023 | | 2022 | | $ | | % |
| (in thousands, except percentages) |
General and administrative | $ | 56,986 | | | $ | 54,047 | | | $ | 2,939 | | | 5.4 | % |
Percentage of total revenue | 34.5 | % | | 39.9 | % | | | | |
General and administrative expense increased $2.9 million, or 5.4%, to $57.0 million for the nine months ended September 30, 2023 from $54.0 million for the nine months ended September 30, 2022. This increase was primarily a result of an increase in certain litigation-related expenses. Partially offsetting this increase was the absence in 2023 of the impairment expense recognized in 2022 associated with the sublease of our former corporate headquarters and lower compensation costs subsequent to our corporate reorganization and reduction in workforce. As a percentage of total revenue, general and administrative expenses decreased to 34.5% for the nine months ended September 30, 2023 from 39.9% for the nine months ended September 30, 2022.
Sales and Marketing | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, | | Change |
| 2023 | | 2022 | | $ | | % |
| (in thousands, except percentages) |
Sales and marketing | $ | 36,438 | | | $ | 25,224 | | | $ | 11,214 | | | 44.5 | % |
Percentage of total revenue | 22.0 | % | | 18.6 | % | | | | |
Sales and marketing expense increased $11.2 million, or 44.5%, to $36.4 million for the nine months ended September 30, 2023 from $25.2 million for the nine months ended September 30, 2022. This increase was primarily the result of additional compensation costs, including commission costs, due to an increase in sales and marketing headcount. As a percentage of total revenue, sales and marketing expense increased to 22.0% for the nine months ended September 30, 2023 from 18.6% for the nine months ended September 30, 2022.
Restructuring Charges | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, | | Change |
| 2023 | | 2022 | | $ | | % |
| (in thousands, except percentages) |
Restructuring charges | $ | 6,848 | | | $ | — | | | $ | 6,848 | | | Not meaningful |
Percentage of total revenue | 4.1 | % | | — | % | | | | |
Restructuring charges were $6.8 million for the nine months ended September 30, 2023 and are comprised of severance costs, payroll taxes, and stock-based compensation expense associated with the accelerated vesting of equity awards. These charges were incurred as a result of our completed corporate reorganization in the second quarter of 2023, which entailed a reduction of workforce.
Other Income, Net
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, | | Change |
| 2023 | | 2022 | | $ | | % |
| (in thousands, except percentages) |
Other income, net: | | | | | | | |
Interest income | $ | 12,207 | | | $ | 2,110 | | | $ | 10,097 | | | 478.5 | % |
Percentage of total revenue | 7.4 | % | | 3.2 | % | | | | |
Interest expense | $ | (165) | | | $ | (116) | | | $ | (49) | | | 42.2 | % |
Percentage of total revenue | (0.1) | % | | (0.1) | % | | | | |
Other (expense) income | $ | (1) | | | $ | 6 | | | $ | (7) | | | (116.7) | % |
Percentage of total revenue | — | % | | — | % | | | | |
Total other income, net | $ | 12,041 | | | $ | 2,000 | | | $ | 10,041 | | | 502.1 | % |
Percentage of total revenue | 7.3 | % | | 1.5 | % | | | | |
Other income for the nine months ended September 30, 2023 was primarily driven by income earned on our investments and money-market funds. The increase in interest income for the nine months ended September 30, 2023 as compared to the nine months ended September 30, 2022 is primarily driven by an increase amounts invested and an increase in interest rates.
Provision (Benefit) for Income Taxes | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, | | Change |
| 2023 | | 2022 | | $ | | % |
| (in thousands, except percentages) |
Provision (benefit) for income taxes | $ | 32 | | | $ | (1,010) | | | $ | 1,042 | | | (103.2) | % |
Percentage of total revenue | — | % | | (0.7) | % | | | | |
Provision for income taxes for the nine months ended September 30, 2023 primarily consists of state income taxes. We maintain a full valuation allowance on our net federal and state deferred tax assets as we have concluded that it is more likely than not that the deferred tax assets will not be realized.
Liquidity and Capital Resources
General
As of September 30, 2023, our principal sources of liquidity were cash and cash equivalents and short-term and long-term investments in marketable securities totaling $397.6 million, which was held for working capital purposes and to fund repurchases of our Class A common stock (as described more fully below), as well as the available balance of our revolving line of credit, described further below.
We have financed our operations primarily through payments received from customers and sales of our equity securities.
On September 7, 2022, the Board of Directors authorized a program to repurchase up to $100 million of our Class A common stock, or the Stock Buyback Program. Under the Stock Buyback Program, shares of our Class A common stock may be repurchased from time to time on a discretionary basis through open market repurchases, privately negotiated transactions, block purchases or other means, and will be structured to occur in compliance with applicable securities laws. The timing and actual number of shares repurchased are determined by a committee established by the Board of Directors, depending on a variety of factors, including the Class A common stock price, trading volume, market conditions, our cash flow and liquidity profile, the capital needs of the business, and other considerations. We expect to fund repurchases with existing cash on hand. The Stock Buyback Program has no expiration date and may be modified, suspended, or terminated at any time by the Board of Directors at its discretion. During the nine months ended September 30, 2023, we repurchased shares of our Class A common stock for approximately $43.1 million under the Stock Buyback Program.
We believe our existing cash and cash equivalents, marketable securities, and amounts available under our outstanding credit facility will be sufficient to support our working capital and capital expenditure requirements for at least the next twelve months and thereafter for the foreseeable future. Our future capital requirements will depend on many factors, including, but not limited to, our obligation to repay any balance under our credit facility if we were to borrow against the facility in the future, our platform revenue growth rate, receivable and payable cycles, and the timing and extent of investments in research and development, sales and marketing, and general and administrative expenses.
Credit Facility
As of September 30, 2023, we had $43.6 million of commitments available under the Second Amended and Restated Loan and Security Agreement with Pacific Western Bank related to a revolving credit and term loan facility, after consideration of $25.0 million in our letter of credit to DoorDash and $1.4 million in our letter of credit on the lease of our former corporate headquarters at One World Trade Center. As of September 30, 2023, we had no outstanding borrowings under the line of credit, and no amounts have been drawn against any of our letters of credit.
Cash Flows
The following table summarizes our cash flows for the periods presented:
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2023 | | 2022 |
| (in thousands) |
Net cash (used in) provided by operating activities | $ | (12,383) | | | $ | 2,398 | |
Net cash used in investing activities | $ | (18,369) | | | $ | (159,310) | |
Net cash (used in) provided by financing activities | $ | (32,920) | | | $ | 8,866 | |
Operating Activities
For the nine months ended September 30, 2023, net cash used in operating activities was $12.4 million, primarily due to net loss of $42.5 million adjusted for non-cash charges of $51.5 million and a net decrease attributable to our operating assets and liabilities of $21.3 million. The non-cash adjustments primarily relate to stock-based compensation charges of $41.3 million, depreciation and amortization expense of $7.3 million, and a charge related to a charitable donor-advised fund of $1.1 million. The net decrease attributable to our operating assets and liabilities was primarily driven by an increase in accounts receivable of $23.6 million due primarily to higher days sales outstanding for the period, driven in part by a change in billing
timing. This was partially offset by an increase in accrued expenses and other current liabilities of $7.2 million related primarily to higher fees owed to delivery service providers and a liability related to cash received on behalf of the subtenant of our former corporate headquarters at One World Trade Center in advance of certain future rental obligations that will be due from the subtenant.
For the nine months ended September 30, 2022, net cash provided by operating activities was $2.4 million, primarily due to a net loss of $37.7 million adjusted for non-cash charges of $43.6 million, partially offset by a net decrease attributable our operating assets and liabilities of $3.4 million. The non-cash adjustments primarily related to stock-based compensation charges of $35.1 million, depreciation and amortization expense of $4.3 million, non-cash impairment charges of $2.8 million, and a charge related to a charitable donor-advised fund of $1.4 million. The net decrease attributable to our operating assets and liabilities was primarily driven by a decrease in operating lease liabilities of $1.9 million due to payments on our leases, a decrease in unearned revenue of $0.6 million due to the timing of payment from customers and revenue recognition, increases in contract assets and deferred contract costs of $0.6 million primarily due to growth of our revenue, and an increase in prepaid expenses of $0.4 million, primarily attributable to increased prepayments for software licensing fees.
Investing Activities
Cash used in investing activities was $18.4 million during the nine months ended September 30, 2023, primarily due to $8.3 million of net purchases of investments and $10.0 million for the development of capitalized internal-use software to support further product development.
Cash used in investing activities was $159.3 million during the nine months ended September 30, 2022, primarily due to $102.6 million of net purchases of investments, $49.2 million to acquire Omnivore, and $7.5 million for the development of capitalized internal-use software and purchases of computer and office equipment to support further product development.
Financing Activities
Cash used by financing activities was $32.9 million during the nine months ended September 30, 2023, primarily driven by $43.1 million of stock repurchases under the Stock Buyback Program, partially offset by $10.2 million of net proceeds from the exercise of stock options and purchases under our employee stock purchase plan.
Cash provided by financing activities was $8.9 million during the nine months ended September 30, 2022, primarily driven by net proceeds from the exercise of stock options and purchases under our employee stock purchase plan.
Material Cash Requirements
There were no material changes in our material cash requirements during the nine months ended September 30, 2023 from the obligations and commitments disclosed in our Annual Report on Form 10-K filed with the SEC on February 24, 2023. See “Note 11—Leases” and “Note 16—Commitments and Contingencies” of the Notes to Consolidated Financial Statements included in Part II, Item 8 of our Annual Report on Form 10-K for additional information regarding our material cash requirements.
Certain Non-GAAP Financial Measures
We report our financial results in accordance with accounting principles generally accepted in the United States, or GAAP. To supplement our financial statements, we provide investors with non-GAAP operating income and free cash flow, each of which is a non-GAAP financial measure, and certain key performance indicators, including GMV, GPV, net revenue retention, average revenue per unit, and active locations.
Management uses these non-GAAP financial measures and key performance indicators, in conjunction with financial measures prepared in accordance with GAAP for planning purposes, including in the preparation of our annual operating budget, as a measure of our core operating results and the effectiveness of our business strategy, and in evaluating our financial performance. These measures provide consistency and comparability with past financial performance as measured by such non-GAAP figures, facilitate period-to-period comparisons of core operating results, and assist shareholders in better evaluating us by presenting period-over-period operating results without the effect of certain charges or benefits that may not be consistent or comparable across periods or compared to other registrants’ similarly named non-GAAP financial measures and key performance indicators.
We adjust our GAAP financial measures for the following items to calculate non-GAAP operating income and non-GAAP operating margin: 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 of our Class A common stock (non-cash expense), certain litigation-related expenses (which consist of legal and other professional fees associated with litigation-related matters which are not indicative of Olo’s core operations and are not part of our normal course of business), costs and impairment charges associated with the sublease of our former corporate headquarters, loss on disposal of assets, non-cash capitalized internal-use software impairment, capitalized internal-use software and intangible amortization (non-cash expense), restructuring charges, certain severance costs, and transaction costs (typically incurred within one year of the related acquisition). Management believes that it is useful to exclude certain non-cash charges and non-core operational charges from our non-GAAP financial measures because: (1) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and we believe does not relate to ongoing operational performance; and (2) such expenses can vary significantly between periods.
Free cash flow represents net cash provided by or used in operating activities, reduced by purchases of property and equipment and capitalization of internal-use software. Free cash flow is a measure used by management to understand and evaluate our liquidity and to generate future operating plans. Free cash flow excludes items that we do not consider to be indicative of our liquidity and facilitates comparisons of our liquidity on a period-to-period basis. Management believes 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.
Our use of non-GAAP financial measures and key performance indicators 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 and key performance indicators are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies.
Reconciliation of Non-GAAP Operating Income to GAAP Operating (Loss) Income
The following table presents a reconciliation of non-GAAP operating income to GAAP operating (loss) income, the most directly comparable GAAP measure, for the following periods:
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| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
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| (in thousands, except percentages) |
Operating income (loss) reconciliation: | | | | | | | |
Operating loss, GAAP | $ | (16,306) | | | $ | (15,918) | | | $ | (54,550) | | | $ | (40,752) | |
Plus: Stock-based compensation expense and related payroll tax expense | 13,012 | | | 12,106 | | | 41,004 | | | 35,824 | |
Plus: Charitable donation of Class A common stock | 1,136 | | | 1,406 | | | 1,136 | | | 1,406 | |
Plus: Certain litigation-related expenses | 4,944 | | | — | | | 8,803 | | | — | |
Plus: Costs and impairment charge associated with sublease of former corporate headquarters | — | | | 3,272 | | | — | | | 3,272 | |
Plus: Loss on disposal of assets | — | | | — | | | 38 | | | — | |
Plus: Non-cash capitalized internal-use software impairment | — | | | — | | | — | | | 475 | |
Plus: Capitalized internal-use software and intangible amortization | 2,726 | | | 1,513 | | | 6,965 | | | 3,838 | |
Plus: Restructuring charges | 166 | | | — | | | 6,848 | | | — | |
Plus: Certain severance costs | — | | | 623 | | | 830 | | | 1,178 | |
Plus: Transaction costs | — | | | (19) | | | 358 | | | 1,467 | |
Operating income, non-GAAP | $ | 5,678 | | | $ | 2,983 | | | $ | 11,432 | | | $ | 6,708 | |
Percentage of revenue: | | | | | | | |
Operating margin, GAAP | (28) | % | | (34) | % | | (33) | % | | (30) | % |
Operating margin, non-GAAP | 10 | % | | 6 | % | | 7 | % | | 5 | % |
Reconciliation of Non-GAAP Free Cash Flow to Net Cash (Used in) Provided by Operating Activities
The following table presents a reconciliation of free cash flow to net cash (used in) provided by operating activities, the most directly comparable GAAP measure, for each of the periods indicated:
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| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (in thousands) |
Net cash (used in) provided by operating activities | $ | (21,649) | | | $ | 3,268 | | | $ | (12,383) | | | $ | 2,398 | |
Purchase of property and equipment | — | | | (45) | | | — | | | (454) | |
Capitalized internal-use software | (2,744) | | | (1,872) | | | (10,023) | | | (6,997) | |
Non-GAAP free cash flow | $ | (24,393) | | | $ | 1,351 | | | $ | (22,406) | | | $ | (5,053) | |
Critical Accounting Policies and Estimates
Our management’s discussion and analysis of financial condition and results of operations are based upon our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. The preparation of our condensed consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenue, expenses, and related disclosures. We base our estimates on past experience and other assumptions that we believe are reasonable under the circumstances, and we evaluate these estimates on an ongoing basis. Actual results may differ from those estimates.
There have been no material changes to our critical accounting policies and estimates during the nine months ended September 30, 2023, as compared to those disclosed under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” in our Annual Report on Form 10-K filed with the SEC on February 24, 2023.
Recent Accounting Pronouncements
See “Note 2—Significant Accounting Policies” to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for all recently issued standards impacting our condensed consolidated financial statements.
Item 3. Quantitative and Qualitative Disclosures about Market Risk.
We are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily a result of exposure to potential changes in interest rates. We do not enter into investments for trading or speculative purposes and have not used any derivative financial instruments to manage our interest rate risk exposure.
Interest Rate Risk
Our primary market risk exposure is changing interest rates in connection with our investments and the Second Amended and Restated Loan and Security Agreement with Pacific Western Bank. Interest rate risk is highly sensitive due to many factors, including U.S. monetary and tax policies, U.S. and international economic factors, and other factors beyond our control.
As of September 30, 2023, advances under the formula revolving line of the Second Amended and Restated Loan and Security Agreement bear interest equal to the greater of (A) the Prime Rate then in effect; or (B) 3.25%. As of September 30, 2023, advances under the term loans bear interest equal to the greater of (A) 0.25% above the Prime Rate then in effect; or (B) 3.50%. As of September 30, 2023, we had no outstanding debt under our credit facility.
Our interest-earning instruments also carry a degree of interest rate risk. Our cash and cash equivalents have a relatively short maturity, and are therefore relatively insensitive to interest rate changes. As of September 30, 2023, we had cash and cash equivalents of $286.4 million. We invest in money market funds, U.S. and municipal government agency securities, corporate bonds and notes, certificates of deposit, and commercial paper. Our current investment policy seeks first to preserve principal, second to provide liquidity for our operating and capital needs, and third to maximize yield without putting our principal at risk. As of September 30, 2023, we invested $173.5 million in money market funds and $111.2 million in other securities, of which $90.4 million was classified as short-term. Because the majority of our investment portfolio is short-term in nature, we do not believe an immediate 10% increase in interest rates would have a material effect on the fair market value of our portfolio, and therefore we do not expect our results of operations or cash flows to be materially affected by a sudden change in market interest rates.
Foreign Currency Exchange Risks
Our revenue and costs are generally denominated in U.S. dollars and are not subject to foreign currency exchange risk. However, to the extent we commence generating revenue outside of the United States that is denominated in currencies other than the U.S. dollar, our results of operations could be impacted by changes in exchange rates. We do not believe a hypothetical 10% strengthening or weakening in the value of the U.S. dollar relative to the foreign currencies in which our revenues and expenses are denominated would result in a material impact to our consolidated financial statements.
Inflation Risk
Inflation has remained at historically high levels in the U.S. and overseas, resulting in rising transportation, wages, and other costs. The primary inflation factors affecting our business are increased cost of labor and overhead costs. However, we do not believe that inflation has had a material effect on our business, results of operations, or financial condition. If our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases. Our inability or failure to do so could harm our business, results of operations, and financial condition.
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of September 30, 2023.
Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of September 30, 2023 due to the material weakness in our internal control over financial reporting described below under “Management’s Report on Internal Control Over Financial Reporting.”
Management’s Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate “internal control over financial reporting,” as defined in Rule 13a-15(f) of the Exchange Act. Our management conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2022 based on the criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. As a result, our management has concluded that our internal control over financial reporting was not effective at December 31, 2022, due to the material weakness in internal control over financial reporting.
We identified a material weakness in our internal control over financial reporting related to the lack of sufficient qualified personnel who possessed an appropriate level of technical expertise and we did not design and maintain effective controls over complex technical accounting matters. This material weakness was previously reported in the Registration Statement on Form S-1 in connection with the initial public offering and reported in the Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and was updated, as necessary, as of December 31, 2022. A material weakness is a deficiency or combination of deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our consolidated financial statements would not be prevented or detected on a timely basis. This material weakness could result in misstatements to our consolidated financial statements that would be material and would not be prevented or detected on a timely basis.
On March 4, 2022, we completed our acquisition of Omnivore (see “Note 5—Acquisitions” of the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q). As the acquisition occurred during 2022, management excluded the acquisition from its assessment of internal control over financial reporting. As of the fiscal year ended December 31, 2022, the acquisition constituted 0.1% of our total assets (excluding goodwill and intangibles) and 2.8% of our total revenue.
Remediation Plans
Starting in 2021 and continuing through 2023, we have been actively engaged in the implementation of remediation efforts to address the material weakness. Specific remedial actions undertaken by management included, without limitation:
•Engaged external resources to assist with remediation efforts and internal control execution, as well as to provide additional training to existing personnel.
•Hired additional internal resources with appropriate knowledge and technical expertise to effectively operate financial close and reporting processes and controls over complex technical accounting matters.
•Enhanced the design of our existing controls over complex technical accounting matters.
The above controls need to operate for a sufficient period of time so that management can conclude that our controls are operating effectively. As such, the material weakness will not be considered remediated until management has concluded through additional testing that these controls are effective.
Changes in Internal Control over Financial Reporting
We are taking actions to remediate the material weakness relating to our internal control over financial reporting, as described above. Except as otherwise described herein, there were no changes in our internal control over financial reporting in connection with the evaluation required by Rule 13a-15 (d) and 15d-15 (d) of the Exchange Act that occurred during the period
covered by this Quarterly Report on Form 10-Q that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Inherent Limitations on Effectiveness of Controls
Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
A description of our legal proceedings is included in and incorporated by reference to “Note 10—Commitments and Contingencies” of the notes to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Item 1A. Risk Factors.
Investing in our securities involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Quarterly Report on Form 10-Q, including our consolidated financial statements and related notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” as well as in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 24, 2023 and our other filings with the SEC, before making any investment decision with respect to our securities. The risks and uncertainties described below and in our other filings with the SEC, including our Annual Report on Form 10-K filed with the SEC on February 24, 2023, may not be the only ones we face. If any of the risks actually occur, our business could be materially and adversely affected. In that event, the market price of our Class A common stock could decline, and you could lose part or all of your investment.
The following description includes risk factors associated with our business previously disclosed in Part I, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, filed with the SEC on August 1, 2023 under the heading “Risk Factors” and new risk factors and material changes to risk factors associated with our business previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on February 24, 2023 under the heading “Risk Factors.”
Commercial Risks
Our sales cycles can be long and unpredictable, and our sales efforts require considerable investment of time and expense. If our sales cycle continues to lengthen, we invest substantial resources pursuing unsuccessful sales opportunities, or our customers do not timely onboard and deploy our modules, our operating results and growth would be harmed.
We have historically incurred significant costs and experienced long sales cycles when selling to customers. In the restaurant market segment, the decision to adopt our modules may require the approval of multiple technical and business decision makers, including security, compliance, operations, finance and treasury, marketing, and IT. In addition, before committing to deploy our modules at scale, restaurant customers often require extensive education about our modules and significant support time with our employees or pilot programs, engage in protracted pricing negotiations, and seek to secure development resources.
Additionally, sales cycles for restaurant customers in general, and larger restaurants in particular, are inherently complex and unpredictable. These complex and resource intensive sales efforts could place additional strain on our development and engineering resources. Our standard contracts state that we will be the exclusive provider of digital ordering services to the restaurant brand, and the restaurant brand must use best efforts to ensure their operators also use Olo exclusively. However, not all of our contracts that we enter into with restaurant brands provide that we will be the exclusive provider of digital ordering services, as we have in the past and may in the future agree to waive exclusivity for various reasons. We strive for exclusivity across all locations, but because operators are not required to use Olo, we have in the past had and may in the future have some locations of a restaurant brand choose not to use our platform. Further, even after our restaurant brands contract to use our platform, individual locations may require extensive integration or deployment resources from us before they become active locations, which have at times extended to multiple quarterly periods following the execution of an agreement with us.
Because we generally only generate transaction revenue after our platform is deployed, if we are unable to deploy our platform with our customers in a timely manner, our results of operations and financial condition may be harmed. For example, our sales cycle extended in 2022 and 2023 to be longer than we had experienced historically, and may continue to be extended, due to our restaurant customers’ budgetary constraints and shifting priorities in response to labor and staffing challenges at both the operator and brand level. If we are unsuccessful in closing sales after expending significant funds and management resources, or we experience delays in the deployment of our platform to customers or incur greater than anticipated costs, our business, financial condition, and results of operations have in the past and may in the future be adversely affected.
Our business depends on customers increasing their use of our platform, and any loss of customers or decline in their use of our platform could materially and adversely affect our business, results of operations, and financial condition.
Our ability to grow and generate incremental revenue depends, in part, on our ability to maintain and grow our relationships with existing customers, to have them increase their deployment and use of our platform and modules, and to increase or maintain transaction volume on our platform. Although our customers generally have multi-year contracts with us, they generally have the right to elect not to renew by providing at least 90 days’ written notice prior to the expiration date of the contract. In addition, if our customers do not increase their use of our platform or adopt and deploy additional modules, or if they reduce the number of locations using our platform, then our revenue may decline and our results of operations may be harmed. Customers in the past have not renewed, and in the future may not renew, their contracts with us or reduce their use of our platform for any number of reasons, including if they are not satisfied with our platform or modules, the value proposition of our platform or our ability to meet their needs and expectations, security or platform reliability issues, or if they decide to directly integrate with one or more of our partners, build their own solution internally or temporarily or permanently close their restaurants in a location. For example, Subway and other customers have not renewed their contracts with us or reduced their use of our platform.
Additionally, guests may change their purchasing habits or reduce their orders from our current customers, which could harm their business and reduce their use of our platform. We cannot accurately predict our customers’ usage levels, and the loss of customers or reductions in the number of locations that use our platform or their usage levels of our modules may each have a negative impact on our business, results of operations, and financial condition and may cause our expansion rate to decline. If a significant number of customers cease using, or reduce their usage of our platform, then we may be required to spend significantly more on sales and marketing than we currently plan to spend in order to maintain or increase revenue from our customers. Such additional sales and marketing expenditures could adversely affect our business, results of operations, and financial condition.
Our business is highly competitive. We may not be able to compete successfully against current and future competitors.
We face competition in various aspects of our business, and we expect such competition to intensify in the future, as existing and new competitors, including some of our current ecosystem partners, introduce new solutions or enhance existing solutions that are directly competitive with our modules. Our platform combines functionality from numerous product categories, and we may compete against providers in each of these categories including white-label digital ordering solution providers, restaurant-focused POS platforms, aggregators that provide direct digital ordering solutions, and custom software providers. Our potential new or existing competitors may be able to develop solutions that are better received by customers or may be able to respond more quickly and effectively than we can to new or changing opportunities, technologies, regulations or customer requirements. Some ordering aggregators sell solutions that are competitive with our core platform and they may become more aggressive in their sales tactics, including by bundling competitive solutions with their delivery or aggregator products. If competitors, many of which are much better capitalized than we are, are successful in providing our customers with a more attractive solution or pricing, our business and results of operation may be harmed. In addition, as we expand into new markets, such as the emerging enterprise segment, we will continue to encounter varying competitive dynamics in such markets.
Competition may intensify as current or future competitors enter into business combinations or alliances or raise additional capital, or as established companies in other market segments or geographic markets expand into our market segments or geographic markets. For instance, current or future competitors could use strong or dominant positions in one or more markets to gain a competitive advantage against us in areas where we operate, including by integrating additional or competing platforms or features into solutions they control, such as additional payment, rewards, or delivery platforms or features. In addition, certain customers may choose to partner with our competitors in a specific geographic market or choose to engage exclusively with our competitors. Further, our current ecosystem partners could add features to their solutions, including POS functionality, limit or terminate the availability of their products on our platform, or directly compete with our solutions by expanding their product offerings. Current and future competitors may also choose to offer a different pricing model or to undercut prices in an effort to increase their market share. If we cannot compete successfully against current and future competitors, our business, results of operations, and financial condition could be negatively impacted.
Financial Risks
Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties, could adversely affect our business, financial condition, and results of operations.
Actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past led and may in the future lead to market-wide liquidity problems. On March 10, March 12, and May 1, 2023, the Federal Deposit Insurance Corporation, or the FDIC, took control and was appointed receiver of Silicon Valley Bank, or SVB, Signature Bank, and First Republic Bank, respectively, after each bank was unable to continue its operations, which led to market instability. We cannot predict the impact that the high market volatility and instability of the banking sector more broadly could have on economic activity and our business in particular. The failure of other banks and financial institutions and measures taken, or not taken, by governments, businesses, and other organizations in response to these events could adversely impact our and our customers’ business, financial condition, and results of operations.
If the financial institutions with which we do business enter receivership or become insolvent in the future, there is no guarantee that the Department of the Treasury, the Federal Reserve, and the FDIC will intercede to provide us and other depositors with access to balances in excess of the $250,000 FDIC insurance limit or that we would be able to (i) access our existing cash, cash equivalents, and investments, (ii) maintain any required letters of credit or other credit support arrangements, or (iii) adequately fund our business for a prolonged period of time or at all, any of which could have a material adverse effect on our current or projected business operations and results of operations and financial condition. In addition, if any parties with which we conduct business are unable to access funds pursuant to such instruments or lending arrangements with such a financial institution, such parties’ ability to continue to fund their business and perform their obligations to us could be adversely affected, which, in turn, could have a material adverse effect on our business, financial condition, and results of operations.
Legal, Regulatory, Compliance, and Reputational Risks
Payment transactions processed on our platform and through the Olo Pay module may subject us to regulatory requirements and the rules of payment card networks, and other risks that could be costly and difficult to comply with or could harm our business.
We began commercially offering Olo Pay in the first quarter of 2022 and card-present transactions in the third quarter of 2023. In connection with this offering, the payment card networks require us to comply with payment card network operating rules, including special operating rules that apply to us as a “payment service provider” that provides payment processing-related services to merchants and payment processors. The payment card networks set these network rules and have discretion to interpret them and change them, including in ways that may limit our ability to offer Olo Pay card-present payment services. Through our offering of Olo Pay, we are also required to comply with payment card network operating rules and, in certain instances, we have agreed to reimburse our payment processor partners for fines they are assessed by payment card networks as a result of any rule violations by us or our customers. Any changes to or interpretations of the network rules that are inconsistent with the way we and the payment processors and customers currently operate may require us to make changes to our business that could be costly or difficult to implement. If we fail to make such changes or otherwise resolve the issue with the payment card networks, they could fine us, cancel or suspend our registration as a payment service provider, or prohibit us from processing payment cards on their networks, which could have an adverse effect on our business, financial condition, and operating results. In addition, violations of the network rules or any failure to maintain good standing with the payment card networks as a payment service provider could impact our ability to facilitate payment card transactions on our platform, increase our costs, or otherwise harm our business. If we were unable to facilitate payment card transactions on our platform or were limited in our ability to do so, our business would be materially and adversely affected.
If we fail to comply with the rules and regulations adopted by the payment card networks, we could also be in breach of our contractual obligations to our payment processors, financial institutions, customers, or partners. Such failure to comply may subject us to fines, penalties, damages, higher transaction fees, and civil liability, and could eventually prevent us from processing or accepting payment cards or could lead to a loss of payment processor partners. In the event that we are found to be in violation of any of these legal or regulatory requirements, our business, financial condition, and results of operations could be harmed.
We currently substantially rely on a limited number of third-party payment processors to facilitate payments made by guests and payments made to customers through the Olo Pay module. While we are seeking to develop payment processing relationships with other payment processors, we expect to continue to rely on a limited number of payment processors for the foreseeable future. In the event that any of our third-party payment processors fail to maintain adequate levels of support, experience interrupted operations, do not provide high quality service, increase the fees they charge us, discontinue their lines of business, terminate their contractual arrangements with us, or cease or reduce operations, we may suffer additional costs and be required to pursue new third-party relationships, which could materially disrupt our operations and our ability to provide our products and services, and could divert management’s time and resources. In addition, such incidents could result in periods of time during which our platform cannot function properly, and therefore cannot collect payments from customers and their guests, which could adversely affect our relationships with our customers and our business, reputation, brand, financial condition, and results of operations.
We believe the licensing requirements of the Financial Crimes Enforcement Network and state agencies that regulate banks, money service businesses, money transmitters, and other providers of electronic commerce services do not apply to us. One or more governmental agencies may conclude that, under its statutes or regulations, we are engaged in activity requiring licensing or registration. In that event, we may be subject to monetary penalties and adverse publicity and may be required to cease doing business with residents of those states until we obtain the requisite license or registration.
We may use artificial intelligence in our business, and challenges with properly managing its use could result in reputational harm, competitive harm, and legal liability, and adversely affect our results of operations.
We have in the past and may in the future incorporate machine learning and artificial intelligence, or AI, solutions into our platform, modules, services and features, and these applications have become and may continue to become increasingly important in our operations over time. For example, OrderReady AI is our machine-learning-based solution that is built to enable brands to provide more accurate quote times. Our competitors or other third parties may incorporate AI into their products more quickly or more successfully than us, which could impair our ability to compete effectively and adversely affect our results of operations. Additionally, if the content, analyses, or recommendations that AI applications assist in producing are or are alleged to be deficient, inaccurate, or biased, our business, financial condition, and results of operations may be adversely affected. The use of AI applications has resulted in, and may in the future result in, cybersecurity incidents that implicate the personal data of end users of such applications. Any such cybersecurity incidents related to our use of AI applications could adversely affect our reputation and results of operations. AI also presents emerging ethical issues and if our use of AI becomes controversial, we may experience brand or reputational harm, competitive harm, or legal liability. The rapid evolution of AI, including potential government regulation of AI, has in the past and will in the future require significant resources to develop, test and maintain our platform, modules, services, and features to help us implement AI ethically in order to minimize unintended, harmful impact.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Unregistered Sales of Equity Securities
None.
Issuer Purchases of Equity Securities
The following table provides information with respect to repurchases of our Class A common stock during the periods indicated:
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| Total Number of Shares Purchased | | Average Price Paid per Share (1) | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | Approximate Dollar Value of Shares that May Yet be Purchased under the Plans or Program (in thousands)(2) |
July 1 - 31, 2023 | 600,981 | | | $ | 6.57 | | | 600,981 | | | $ | 46,035 | |
August 1 - 31, 2023 | 666,250 | | | 6.79 | | | 666,250 | | | 41,513 | |
September 1 - 30, 2023 | 746,971 | | | 6.06 | | | 746,971 | | | 36,987 | |
Total | 2,014,202 | | | 6.45 | | | 2,014,202 | | | 36,987 | |
(1) Average price paid per share excludes broker commission fees.
(2) On September 7, 2022, we announced a program to repurchase up to $100 million of our Class A common stock. The Stock Buyback Program has no expiration date and may be modified, suspended or terminated at any time by our Board of Directors at its discretion. The $37.0 million in the table above represents the amount available to repurchase shares under the Stock Buyback Program as of September 30, 2023. The Stock Buyback Program does not obligate us to acquire any specific number of shares. Under the Stock Buyback Program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act.
Item 3. Defaults Upon Senior Securities.
Not applicable.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
Rule 10b5-1 Trading Plans
On August 7, 2023, Raqtinda Investments LLC (“Raqtinda”), an investment vehicle of which David Frankel, a member of our Board of Directors, is a manager, adopted a trading arrangement for the sale of shares of our Class B common stock (the “Rule 10b5-1 Trading Plan”) that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c). The Rule 10b5-1 Trading Plan, which has a term of one year from the date of adoption, provides for the sale of up to 2,990,000 shares of our Class B common stock pursuant to the terms of the Rule 10b5-1 Trading Plan.
Item 6. Exhibits.
The documents listed in the Exhibit Index of this Quarterly Report on Form 10-Q are incorporated by reference or are filed with this Quarterly Report on Form 10-Q, in each case as indicated therein.
EXHIBIT INDEX
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Exhibit Number | | Description | | Filing Date |
| | | | March 22, 2021 |
| | | | |
| | | | March 22, 2021 |
| | | | |
| | | | March 8, 2021 |
| | | | |
| | | | Filed herewith |
| | | | |
| | | | Filed herewith |
| | | | |
| | | | Filed herewith |
| | | | |
| | | | Furnished herewith |
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101.INS | | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | | Filed herewith |
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101.SCH | | Inline XBRL Taxonomy Extension Schema Document | | Filed herewith |
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101.CAL | | Inline XBRL Taxonomy Extension Calculation Linkbase Document | | Filed herewith |
| | | | |
101.DEF | | Inline XBRL Taxonomy Extension Definition Linkbase Document | | Filed herewith |
| | | | |
101.LAB | | Inline XBRL Taxonomy Extension Label Linkbase Document | | Filed herewith |
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101.PRE | | Inline XBRL Taxonomy Extension Presentation Linkbase Document | | Filed herewith |
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104 | | Cover Page with Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101). | | |
_____________________________
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* | The certifications furnished in Exhibit 32.1 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, except to the extent that the registrant specifically incorporates it by reference. | |
# | Portions of this exhibit (indicated by asterisks) have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K because the registrant has determined they are not material and is the type of information that the registrant treats as private or confidential. | |
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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| | Olo Inc. |
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November 6, 2023 | | _____________________/s/ Noah H. Glass_____________________ Noah H. Glass Chief Executive Officer (Principal Executive Officer) |
| | |
November 6, 2023 | | _____________________/s/ Peter Benevides__________________ Peter Benevides Chief Financial Officer (Principal Accounting and Financial Officer) |
Exhibit 10.1
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE OLO INC. HAS DETERMINED THE INFORMATION (I) IS NOT MATERIAL AND (II) IS THE TYPE THAT OLO INC. TREATS AS PRIVATE AND CONFIDENTIAL
DOORDASH DATA LICENSE ADDENDUM
DOORDASH [***] API AND OLO ORDERING API
This DoorDash Data License Addendum (this “Addendum”) to the Restated Delivery Network Agreement dated April 22, 2021 (the “Agreement”) between DoorDash and the Middleware Provider identified below (each, a “Party” and collectively, “the Parties”) is entered into on the Addendum Effective Date. Capitalized terms not defined in this Addendum are defined in the Agreement.
| | | | | |
DoorDash, Inc. (“DoorDash”) | Olo Inc. (“Middleware Provider” or “Olo”) |
Signature: /s/ Kent Ferguson | Signature: /s/ Diego Panama |
Name: Kent Ferguson | Name: Diego Panama |
Title: Sr. Dir. Business Dev. | Title: Chief Revenue Officer |
Date: 8/3/2023 | Date: 8/3/2023 |
Addendum Effective Date: 8/3/2023 Agreement Effective Date: April 22, 2021 |
1. FEES
1. Unless otherwise agreed between the parties in writing, there are [***] for the Licensed Data or the Licensed Data Portal during the Term of the Agreement.
2. Beginning Addendum Effective Date until the end of the Term, DoorDash shall pay Middleware Provider [***]. Middleware Provider will not [***]. For the avoidance of doubt, the foregoing will not prohibit Middleware Provider from [***] in accordance with the terms of the Agreement. Middleware Provider shall pay any sales, use or value-added taxes imposed by any taxing authority with respect to [***], provided that Middleware Provider shall not be liable for any taxes related to [***]. Payment of [***] will be made in accordance with the Payment Terms set forth in Exhibit A of the Agreement.
2. UNDERLYING AGREEMENT
1. Background. The Parties entered into the Agreement that permits DoorDash to integrate into Middleware Provider’s APIs for the purpose of providing Middleware Provider’s services to Merchants. This Addendum provides for DoorDash’s access to the Olo Ordering API and Middleware Provider’s access to Licensed Data, Licensed Data Portal, and Merchant Licensed Data (as defined below).
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE OLO INC. HAS DETERMINED THE INFORMATION (I) IS NOT MATERIAL AND (II) IS THE TYPE THAT OLO INC. TREATS AS PRIVATE AND CONFIDENTIAL
2. Conflicts. This Addendum is governed by the terms of the Agreement. In the event of any conflict between this Addendum and the Agreement, this Addendum shall control solely as it pertains to Ordering API, Licensed Data and/or the Licensed Data Portal.
3. LICENSED DATA TERMS
1. Ownership of Licensed Data.
a. Definitions.
“Licensed Data” means any information that DoorDash provides or makes accessible to Middleware Provider via the [***] API [***].
“Merchant Licensed Data” means any information that DoorDash provides or makes accessible to the Middleware Provider via the [***] API in accordance with the agreement between Middleware Provider and the respective Merchant [***].
The “Licensed Data Portal” is any mechanism whereby Middleware Provider accesses or receives the Licensed Data, which for the purposes of this Addendum will be the DoorDash [***] API or any other program or interface that DoorDash may provide Middleware Provider access to.
“[***] API” means DoorDash’s proprietary application programming interface (API) and includes any related documentation.
“Ordering API” means Middleware Provider’s proprietary application programming interface (API) and includes any related documentation.
b. Ownership and Consents. As between the Parties, DoorDash owns all right, title and interest, including without limitation, all intellectual property rights, in and to the [***] API, the Licensed Data and the Licensed Data Portal, the technology used to create the foregoing, any derivative works that contain the foregoing. Middleware Provider owns all right, title and interest, including without limitation, all intellectual property rights, in and to the Ordering API. Middleware Provider acknowledges that DoorDash will share Merchant Licensed Data for a specific Merchant with Middleware Provider only for use and processing in accordance with [***].
2. License.
a. Permitted Uses. Subject to Middleware Provider's compliance with the Agreement and this Addendum, DoorDash hereby grants Middleware Provider a limited, revocable, non-exclusive, non-transferable, non-assignable, non-sublicensable license to access and use Licensed Data for the sole purpose of providing services to Merchants, [***] (the “Permitted Use”). For absolute clarity, Middleware Provider expressly acknowledges that it shall not use the Licensed Data or the Licensed Data Portal for any reason other than a Permitted Use.
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE OLO INC. HAS DETERMINED THE INFORMATION (I) IS NOT MATERIAL AND (II) IS THE TYPE THAT OLO INC. TREATS AS PRIVATE AND CONFIDENTIAL
DoorDash shall provide [***] to enable Middleware Provider to integrate into the DoorDash [***] API and access the Licensed Data.
b. Restrictions. Middleware Provider will not, and will not attempt to: (i) reverse engineer, disassemble, decompile or otherwise attempt to derive the source code or the underlying ideas, algorithms, structure or organization of Licensed Data, the Licensed Data Portal, or any part of any of the foregoing; (ii) sublicense, lease, loan, sell, transfer, distribute, disclose or otherwise make available any part of any of Licensed Data or the Licensed Data Portal, in any form [***]; (iii) remove or alter any legal, copyright, trademark, watermark, or other proprietary rights notice contained in or on Licensed Data or the Licensed Data Portal; (iv) use Licensed Data or the Licensed Data Portal for a reason other than as specifically provided or intended under this Addendum [***].
c. Feedback. Middleware Provider may provide DoorDash with comments, ideas or suggestions, concerning the DoorDash Platform, the Licensed Data, the Licensed Data Portal, or Middleware Provider's evaluation and use thereof (collectively, “Feedback”). Middleware Provider hereby grants and agrees to grant DoorDash all rights, title, and ownership of such Feedback (including all intellectual property rights therein), and DoorDash may use the Feedback for any and all commercial and non-commercial purposes with no obligation of any kind to Middleware Provider.
d. License to Ordering API. Subject to DoorDash’s compliance with the Agreement and this Addendum, Middleware Provider hereby grants DoorDash a limited, revocable, non-exclusive, non-transferable, non-assignable, non-sublicensable license to access and use Ordering API [***]. The “License Restrictions” set forth in Sections D.2. of the Agreement shall apply to the license provided by Middleware Provider to DoorDash for the Ordering API.
e. Deletion. The parties agree any request made by DoorDash to Middleware Provider requiring prompt deletion or destruction of all Licensed Data in Middleware Provider’s possession or control that arises from Middleware Provider’s breach of subsections 2.a, 2.b, or 2.c of this Section 3 (Licensed Data Terms) shall be considered a reasonable request under Section H.2. of the Agreement.
f. Active Merchant Review. Middleware Provider shall provide a list of Merchants that are active vendors upon DoorDash’s reasonable written request [***].
3. Privacy and Security. Middleware Provider will establish, maintain, and implement an information security program, including appropriate administrative, technical, organizational, and physical safeguards, that are designed to: (a) ensure the security and confidentiality of the Licensed Data, Merchant Licensed Data, and the Licensed Data Portal; (b) protect against threats or hazards to the security or integrity of the Licensed Data, Merchant Licensed Data, and the Licensed Data Portal; (c) protect against unauthorized access to or use of Licensed Data, Merchant Licensed Data or the Licensed Data Portal. If Middleware Provider becomes aware of
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE OLO INC. HAS DETERMINED THE INFORMATION (I) IS NOT MATERIAL AND (II) IS THE TYPE THAT OLO INC. TREATS AS PRIVATE AND CONFIDENTIAL
any unauthorized access to or loss of Licensed Data, Merchant Licensed or the Licensed Data Portal, it shall promptly report such incident to DoorDash, take appropriate remedial actions, and reasonably cooperate with DoorDash in its review and investigation of the incident.
4. Olo Product Commitments. In consideration of access to the Licensed Data and Licensed Data Portal, Middleware Provider shall work with DoorDash to [***] as outlined in Exhibit A for Merchants identified by DoorDash. DoorDash shall provide Middleware Provider access to the Licensed Data and Licensed Data Portal and Middleware Provider shall begin [***] after the Addendum Effective Date [***]. For the avoidance of doubt, DoorDash will provide access to the Licensed Data Portal as outlined above. However, access to Licensed Data shall be provided in multiple stages which shall be mutually determined by the Parties.
5. Term & Termination. For clarity, in the event the Agreement terminates for any reason, this Addendum and all Licenses provided hereunder shall simultaneously terminate. Upon termination of this Addendum, Middleware Provider and DoorDash shall immediately cease to market the services of the other Party as they relate to this Addendum. Additionally, Middleware Provider agrees that upon Termination of this Addendum, DoorDash may request deletion or destruction of the Licensed Data in Middleware Provider’s possession or control, and Middleware Provider shall delete or destroy any such Licensed Data as soon as reasonably practicable. DoorDash may suspend Middleware Provider’s access to the Licensed Data or the Licensed Data Portal if DoorDash reasonably believes that Middleware Provider is breaching the terms of this Addendum or the Agreement. Neither Party shall be entitled to any compensation as a result of termination, suspension, or expiration of this Agreement.
6. Indemnity. In addition to Section K in the Agreement, each party shall indemnify, defend, and hold harmless the other party and each of its subsidiaries and affiliates, and each of their respective past or present officers, directors, agents, servants, employees, stockholders, predecessors, successors or assigns against all Claims incurred by the non-breaching party resulting from or relating to a breach or alleged breach of Sections 3.1, 3.2, or 3.3 of this Addendum, or an allegation that the Ordering API, Licensed Data or the Licensed Data Portal infringes, violates, or misappropriates any United States patent, trademark, or copyright.
7. Limitation of Liability. The terms of this paragraph modify Article L in the Agreement solely as it pertains to the use of Ordering API, Licensed Data or the Licensed Data Portal. Except for damages arising from or relating to either Party’s wilful misconduct and indemnification obligations herein, each Party’s maximum aggregate liability pursuant to this Addendum shall not exceed [***], and neither Party shall be liable for any indirect, special, punitive or consequential damages.
The rest of the page is intentionally left blank.
CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE OLO INC. HAS DETERMINED THE INFORMATION (I) IS NOT MATERIAL AND (II) IS THE TYPE THAT OLO INC. TREATS AS PRIVATE AND CONFIDENTIAL
Exhibit A: Olo Commitments Related To DoorDash [***]
DoorDash and Olo shall work together in good faith on [***]. For the avoidance of doubt, the [***] set forth below shall be for [***], and Olo shall not be required to [***] .
[***] shall include:
[***]
Both parties shall designate [***] in accordance with this Exhibit A.
Exhibit 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a), AS ADOPTED
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Noah Glass, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Olo Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
Date: | November 6, 2023 | By: | /s/ Noah H. Glass |
| | | Noah H. Glass |
| | | Chief Executive Officer |
| | | (Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a), AS ADOPTED
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Peter Benevides, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Olo Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
Date: | November 6, 2023 | By: | /s/ Peter Benevides |
| | | Peter Benevides |
| | | Chief Financial Officer |
| | | (Principal Financial and Accounting Officer) |
Exhibit 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
Pursuant to the requirement set forth in Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. §1350), as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, Noah H. Glass, Chief Executive Officer of Olo Inc. (the “Company”), and Peter Benevides, Chief Financial Officer of the Company, each hereby certifies that, to the best of his knowledge:
1.The Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2023, to which this certification is attached as Exhibit 32.1 (the “Periodic Report”), fully complies with the requirements of Section 13(a) or Section 15(d) of the Exchange Act; and
2.The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | |
Date: November 6, 2023 | |
| |
/s/ Noah H. Glass | |
Noah H. Glass Chief Executive Officer (Principal Executive Officer) | |
| |
/s/ Peter Benevides | |
Peter Benevides Chief Financial Officer (Principal Accounting and Financial Officer) | |
This certification accompanies the Quarterly Report on Form 10-Q to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act (whether made before or after the date of the Form 10-Q), irrespective of any general incorporation language contained in such filing.
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash and cash equivalents |
$ 286,401
|
$ 350,073
|
Short-term investments |
90,382
|
98,699
|
Accounts receivable, net of expected credit losses of $1,589 and $612, respectively |
70,213
|
48,128
|
Contract assets |
395
|
336
|
Deferred contract costs |
4,088
|
2,851
|
Prepaid expenses and other current assets |
8,954
|
11,687
|
Total current assets |
460,433
|
511,774
|
Property and equipment, net of accumulated depreciation and amortization of $8,479 and $4,328, respectively |
20,201
|
11,700
|
Intangible assets, net of accumulated amortization of $7,274 and $4,304, respectively |
18,728
|
21,698
|
Goodwill |
207,781
|
207,781
|
Contract assets, noncurrent |
339
|
241
|
Deferred contract costs, noncurrent |
5,522
|
4,171
|
Operating lease right-of-use assets |
13,176
|
15,581
|
Long-term investments |
20,824
|
2,430
|
Other assets, noncurrent |
83
|
186
|
Total assets |
747,087
|
775,562
|
Current liabilities: |
|
|
Accounts payable |
189
|
2,259
|
Accrued expenses and other current liabilities |
59,534
|
52,411
|
Unearned revenue |
2,215
|
2,527
|
Operating lease liabilities, current |
2,796
|
3,220
|
Total current liabilities |
64,734
|
60,417
|
Unearned revenue, noncurrent |
160
|
661
|
Operating lease liabilities, noncurrent |
14,711
|
16,827
|
Other liabilities, noncurrent |
83
|
41
|
Total liabilities |
79,688
|
77,946
|
Commitments and contingencies (Note 10) |
|
|
Stockholders’ equity: |
|
|
Class A common stock, $0.001 par value; 1,700,000,000 shares authorized at September 30, 2023 and December 31, 2022; 109,857,980 and 105,053,030 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively. Class B common stock, $0.001 par value; 185,000,000 shares authorized at September 30, 2023 and December 31, 2022; 54,891,834 and 57,391,687 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively |
165
|
162
|
Preferred stock, $0.001 par value; 20,000,000 shares authorized at September 30, 2023 and December 31, 2022 |
0
|
0
|
Additional paid-in capital |
867,721
|
855,249
|
Accumulated deficit |
(200,083)
|
(157,542)
|
Accumulated other comprehensive loss |
(404)
|
(253)
|
Total stockholders’ equity |
667,399
|
697,616
|
Total liabilities and stockholders’ equity |
$ 747,087
|
$ 775,562
|
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Accounts receivable, net of allowance |
$ 1,589
|
$ 612
|
Accumulated depreciation and amortization |
(8,479)
|
(4,328)
|
Accumulated amortization |
$ (7,274)
|
$ (4,304)
|
Preferred stock, par value (in USD per share) |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized (in shares) |
20,000,000
|
20,000,000
|
Common Class A |
|
|
Common stock, par value (in USD per share) |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized (in shares) |
1,700,000,000
|
1,700,000,000
|
Common stock, shares issued (in shares) |
109,857,980
|
105,053,030
|
Common stock, shares outstanding (in shares) |
109,857,980
|
105,053,030
|
Common Class B |
|
|
Common stock, par value (in USD per share) |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized (in shares) |
185,000,000
|
185,000,000
|
Common stock, shares issued (in shares) |
54,891,834
|
57,391,687
|
Common stock, shares outstanding (in shares) |
54,891,834
|
57,391,687
|
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- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v3.23.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Total revenue |
|
$ 57,794
|
$ 47,266
|
$ 165,285
|
$ 135,623
|
Total cost of revenue |
|
23,229
|
15,482
|
62,757
|
42,981
|
Gross Profit |
|
34,565
|
31,784
|
102,528
|
92,642
|
Operating expenses: |
|
|
|
|
|
Research and development |
[1] |
18,035
|
19,391
|
56,806
|
54,123
|
General and administrative |
[1] |
21,307
|
20,295
|
56,986
|
54,047
|
Sales and marketing |
[1] |
11,363
|
8,016
|
36,438
|
25,224
|
Restructuring charges (Note 12) |
|
166
|
0
|
6,848
|
0
|
Total operating expenses |
|
50,871
|
47,702
|
157,078
|
133,394
|
Loss from operations |
|
(16,306)
|
(15,918)
|
(54,550)
|
(40,752)
|
Other income, net: |
|
|
|
|
|
Interest income |
|
4,598
|
1,525
|
12,207
|
2,110
|
Interest expense |
|
(43)
|
(70)
|
(165)
|
(116)
|
Other (expense) income |
|
(1)
|
(7)
|
(1)
|
6
|
Total other income, net |
|
4,554
|
1,448
|
12,041
|
2,000
|
Loss before income taxes |
|
(11,752)
|
(14,470)
|
(42,509)
|
(38,752)
|
Provision (benefit) for income taxes |
|
7
|
90
|
32
|
(1,010)
|
Net loss |
|
$ (11,759)
|
$ (14,560)
|
$ (42,541)
|
$ (37,742)
|
Net loss per share attributable to Class A and Class B common stockholders: |
|
|
|
|
|
Basic (in USD per share) |
|
$ (0.07)
|
$ (0.09)
|
$ (0.26)
|
$ (0.23)
|
Diluted (in USD per share) |
|
$ (0.07)
|
$ (0.09)
|
$ (0.26)
|
$ (0.23)
|
Weighted-average Class A and Class B common shares outstanding: |
|
|
|
|
|
Basic (in shares) |
|
163,991,486
|
162,364,654
|
162,674,062
|
160,667,412
|
Diluted (in shares) |
|
163,991,486
|
162,364,654
|
162,674,062
|
160,667,412
|
Platform |
|
|
|
|
|
Total revenue |
|
$ 57,261
|
$ 46,357
|
$ 163,235
|
$ 132,361
|
Total cost of revenue |
[1] |
22,203
|
14,114
|
59,537
|
38,341
|
Professional services and other |
|
|
|
|
|
Total revenue |
|
533
|
909
|
2,050
|
3,262
|
Total cost of revenue |
[1] |
$ 1,026
|
$ 1,368
|
$ 3,220
|
$ 4,640
|
|
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
General and administrative |
[1] |
$ 21,307
|
$ 20,295
|
$ 56,986
|
$ 54,047
|
Total cost of revenue |
|
23,229
|
15,482
|
62,757
|
42,981
|
Sales and marketing |
[1] |
11,363
|
8,016
|
36,438
|
25,224
|
Research and development |
[1] |
18,035
|
19,391
|
56,806
|
54,123
|
Platform |
|
|
|
|
|
Total cost of revenue |
[1] |
22,203
|
14,114
|
59,537
|
38,341
|
Professional services and other |
|
|
|
|
|
Total cost of revenue |
[1] |
$ 1,026
|
1,368
|
$ 3,220
|
4,640
|
Revision of Prior Period, Reclassification, Adjustment |
|
|
|
|
|
General and administrative |
|
|
(600)
|
|
(2,000)
|
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|
|
100
|
|
300
|
Research and development |
|
|
300
|
|
1,000
|
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|
|
|
|
|
Total cost of revenue |
|
|
$ 200
|
|
600
|
Revision of Prior Period, Reclassification, Adjustment | Professional services and other |
|
|
|
|
|
Total cost of revenue |
|
|
|
|
$ 100
|
|
|
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v3.23.3
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
Net loss |
$ (11,759)
|
$ (14,560)
|
$ (42,541)
|
$ (37,742)
|
Other comprehensive income (loss): |
|
|
|
|
Unrealized gain (loss) on investments |
57
|
(169)
|
(151)
|
(420)
|
Total other comprehensive income (loss) |
57
|
(169)
|
(151)
|
(420)
|
Comprehensive loss |
$ (11,702)
|
$ (14,729)
|
$ (42,692)
|
$ (38,162)
|
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v3.23.3
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Class A and Class B Common Stock |
Additional Paid In Capital |
Accumulated Deficit |
Accumulated Other Comprehensive Loss |
Beginning balance (in shares) at Dec. 31, 2021 |
|
157,700,189
|
|
|
|
Beginning balance at Dec. 31, 2021 |
$ 701,750
|
$ 158
|
$ 813,166
|
$ (111,574)
|
$ 0
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Issuance of common stock on exercise of stock options (in shares) |
|
1,851,334
|
|
|
|
Issuance of common stock on exercise of stock options |
2,307
|
$ 2
|
2,305
|
|
|
Vesting of restricted stock units (in shares) |
|
136,662
|
|
|
|
Stock-based compensation |
12,457
|
|
12,457
|
|
|
Net loss |
(11,509)
|
|
|
(11,509)
|
|
Ending balance (in shares) at Mar. 31, 2022 |
|
159,688,185
|
|
|
|
Ending balance at Mar. 31, 2022 |
705,005
|
$ 160
|
827,928
|
(123,083)
|
0
|
Beginning balance (in shares) at Dec. 31, 2021 |
|
157,700,189
|
|
|
|
Beginning balance at Dec. 31, 2021 |
701,750
|
$ 158
|
813,166
|
(111,574)
|
0
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Other comprehensive income |
(420)
|
|
|
|
|
Net loss |
(37,742)
|
|
|
|
|
Ending balance (in shares) at Sep. 30, 2022 |
|
163,484,846
|
|
|
|
Ending balance at Sep. 30, 2022 |
711,001
|
$ 163
|
860,574
|
(149,316)
|
(420)
|
Beginning balance (in shares) at Mar. 31, 2022 |
|
159,688,185
|
|
|
|
Beginning balance at Mar. 31, 2022 |
705,005
|
$ 160
|
827,928
|
(123,083)
|
0
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Issuance of common stock on exercise of stock options (in shares) |
|
1,118,331
|
|
|
|
Issuance of common stock on exercise of stock options |
2,323
|
$ 1
|
2,322
|
|
|
Issuance of common stock under the Employee Stock Purchase Plan (in shares) |
|
193,267
|
|
|
|
Issuance of common stock under the Employee Stock Purchase Plan |
1,764
|
|
1,764
|
|
|
Vesting of restricted stock units (in shares) |
|
199,738
|
|
|
|
Stock-based compensation |
11,750
|
|
11,750
|
|
|
Other comprehensive income |
(251)
|
|
|
|
(251)
|
Net loss |
(11,673)
|
|
|
(11,673)
|
|
Ending balance (in shares) at Jun. 30, 2022 |
|
161,199,521
|
|
|
|
Ending balance at Jun. 30, 2022 |
708,918
|
$ 161
|
843,764
|
(134,756)
|
(251)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Issuance of common stock on exercise of stock options (in shares) |
|
1,945,436
|
|
|
|
Issuance of common stock on exercise of stock options |
3,030
|
$ 2
|
3,028
|
|
|
Vesting of restricted stock units (in shares) |
|
166,971
|
|
|
|
Issuance of common stock in connection with charitable donation |
1,406
|
|
1,406
|
|
|
Issuance of common stock in connection with charitable donation (in shares) |
|
172,918
|
|
|
|
Stock-based compensation |
12,376
|
|
12,376
|
|
|
Other comprehensive income |
(169)
|
|
|
|
(169)
|
Net loss |
(14,560)
|
|
|
(14,560)
|
|
Ending balance (in shares) at Sep. 30, 2022 |
|
163,484,846
|
|
|
|
Ending balance at Sep. 30, 2022 |
711,001
|
$ 163
|
860,574
|
(149,316)
|
(420)
|
Beginning balance (in shares) at Dec. 31, 2022 |
|
162,444,717
|
|
|
|
Beginning balance at Dec. 31, 2022 |
697,616
|
$ 162
|
855,249
|
(157,542)
|
(253)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Issuance of common stock on exercise of stock options (in shares) |
|
1,055,108
|
|
|
|
Issuance of common stock on exercise of stock options |
2,365
|
$ 1
|
2,364
|
|
|
Vesting of restricted stock units (in shares) |
|
802,576
|
|
|
|
Vesting of restricted stock units |
0
|
$ 1
|
(1)
|
|
|
Repurchase of common stock (in shares) |
|
(2,652,372)
|
|
|
|
Repurchase of common stock |
(20,052)
|
$ (2)
|
(20,050)
|
|
|
Stock-based compensation |
15,127
|
|
15,127
|
|
|
Other comprehensive income |
197
|
|
|
|
197
|
Net loss |
(13,706)
|
|
|
(13,706)
|
|
Ending balance (in shares) at Mar. 31, 2023 |
|
161,650,029
|
|
|
|
Ending balance at Mar. 31, 2023 |
681,547
|
$ 162
|
852,689
|
(171,248)
|
(56)
|
Beginning balance (in shares) at Dec. 31, 2022 |
|
162,444,717
|
|
|
|
Beginning balance at Dec. 31, 2022 |
697,616
|
$ 162
|
855,249
|
(157,542)
|
(253)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Other comprehensive income |
(151)
|
|
|
|
|
Net loss |
(42,541)
|
|
|
|
|
Ending balance (in shares) at Sep. 30, 2023 |
|
164,749,814
|
|
|
|
Ending balance at Sep. 30, 2023 |
667,399
|
$ 165
|
867,721
|
(200,083)
|
(404)
|
Beginning balance (in shares) at Mar. 31, 2023 |
|
161,650,029
|
|
|
|
Beginning balance at Mar. 31, 2023 |
681,547
|
$ 162
|
852,689
|
(171,248)
|
(56)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Issuance of common stock on exercise of stock options (in shares) |
|
1,528,955
|
|
|
|
Issuance of common stock on exercise of stock options |
3,098
|
$ 1
|
3,097
|
|
|
Issuance of common stock under the Employee Stock Purchase Plan (in shares) |
|
253,973
|
|
|
|
Issuance of common stock under the Employee Stock Purchase Plan |
1,463
|
|
1,463
|
|
|
Vesting of restricted stock units (in shares) |
|
1,006,863
|
|
|
|
Vesting of restricted stock units |
0
|
$ 1
|
(1)
|
|
|
Repurchase of common stock (in shares) |
|
(1,409,420)
|
|
|
|
Repurchase of common stock |
(10,047)
|
$ (1)
|
(10,046)
|
|
|
Stock-based compensation |
15,278
|
|
15,278
|
|
|
Other comprehensive income |
(405)
|
|
|
|
(405)
|
Net loss |
(17,076)
|
|
|
(17,076)
|
|
Ending balance (in shares) at Jun. 30, 2023 |
|
163,030,400
|
|
|
|
Ending balance at Jun. 30, 2023 |
673,858
|
$ 163
|
862,480
|
(188,324)
|
(461)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Issuance of common stock on exercise of stock options (in shares) |
|
2,621,027
|
|
|
|
Issuance of common stock on exercise of stock options |
3,379
|
$ 3
|
3,376
|
|
|
Vesting of restricted stock units (in shares) |
|
939,671
|
|
|
|
Vesting of restricted stock units |
0
|
$ 1
|
(1)
|
|
|
Repurchase of common stock (in shares) |
|
(2,014,202)
|
|
|
|
Repurchase of common stock |
(13,035)
|
$ (2)
|
(13,033)
|
|
|
Issuance of common stock in connection with charitable donation |
1,136
|
|
1,136
|
|
|
Issuance of common stock in connection with charitable donation (in shares) |
|
172,918
|
|
|
|
Stock-based compensation |
13,763
|
|
13,763
|
|
|
Other comprehensive income |
57
|
|
|
|
57
|
Net loss |
(11,759)
|
|
|
(11,759)
|
|
Ending balance (in shares) at Sep. 30, 2023 |
|
164,749,814
|
|
|
|
Ending balance at Sep. 30, 2023 |
$ 667,399
|
$ 165
|
$ 867,721
|
$ (200,083)
|
$ (404)
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v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Operating activities |
|
|
Net loss |
$ (42,541)
|
$ (37,742)
|
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
|
|
Depreciation and amortization |
7,283
|
4,285
|
Stock-based compensation |
41,341
|
35,104
|
Charitable donation of Class A common stock |
1,136
|
1,406
|
Provision for expected credit losses |
1,495
|
263
|
Non-cash lease expense |
2,079
|
1,706
|
Deferred income tax benefit |
0
|
(1,421)
|
Loss on disposal of assets |
38
|
0
|
Non-cash impairment charges |
0
|
2,806
|
Other non-cash operating activities, net |
(1,883)
|
(560)
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
(23,580)
|
(602)
|
Contract assets |
(156)
|
(66)
|
Prepaid expenses and other current assets |
2,835
|
(404)
|
Deferred contract costs |
(2,588)
|
(537)
|
Accounts payable |
(2,069)
|
(452)
|
Accrued expenses and other current liabilities |
7,189
|
927
|
Operating lease liabilities |
(2,226)
|
(1,893)
|
Unearned revenue |
(812)
|
(558)
|
Other liabilities, noncurrent |
76
|
136
|
Net cash (used in) provided by operating activities |
(12,383)
|
2,398
|
Investing activities |
|
|
Purchases of property and equipment |
0
|
(454)
|
Capitalized internal-use software |
(10,023)
|
(6,997)
|
Acquisitions, net of cash acquired |
0
|
(49,241)
|
Purchases of investments |
(96,501)
|
(114,006)
|
Sales and maturities of investments |
88,155
|
11,388
|
Net cash used in investing activities |
(18,369)
|
(159,310)
|
Financing activities |
|
|
Cash received for employee payroll tax withholdings |
13,902
|
7,083
|
Cash paid for employee payroll tax withholdings |
(13,896)
|
(7,012)
|
Payment of deferred offering costs |
0
|
(423)
|
Proceeds from exercise of stock options and purchases under employee stock purchase plan |
10,208
|
9,218
|
Repurchase of common stock |
(43,134)
|
0
|
Net cash (used in) provided by financing activities |
(32,920)
|
8,866
|
Net decrease in cash and cash equivalents |
(63,672)
|
(148,046)
|
Cash and cash equivalents, beginning of period |
350,073
|
514,445
|
Cash and cash equivalents, end of period |
286,401
|
366,399
|
Supplemental disclosure of non-cash investing and financing activities |
|
|
Vesting of early exercised stock options |
97
|
174
|
Capitalization of stock-based compensation for internal-use software |
$ 2,827
|
$ 1,856
|
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v3.23.3
Business
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Business |
BusinessOlo Inc. was formed on June 1, 2005 in Delaware and is headquartered in New York City. On January 14, 2020, our Board of Directors and stockholders approved our name change from Mobo Systems, Inc. to Olo Inc. Unless the context otherwise indicates or requires, references to “we,” “us,” “our,” and “the Company” shall refer to Olo Inc.We are an open SaaS platform for restaurants. Our platform powers restaurant brands’ on-demand digital commerce operations, enabling digital ordering, delivery, front-of-house management, and payments, while further strengthening and enhancing restaurants’ direct guest relationships. We provide restaurants with a business-to-business-to-guest, enterprise-grade, open SaaS platform to manage their complex digital businesses and enable fast and more personalized experiences for their guests. Our platform and application programming interfaces seamlessly integrate with a wide range of solutions, unifying disparate technologies across the restaurant ecosystem. Restaurant brands rely on us to increase their digital omni-channel sales, maximize profitability, establish and maintain direct guest relationships, and collect, protect, and leverage valuable guest data.
|
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v3.23.3
Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Significant Accounting Policies |
Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. The December 31, 2022 condensed consolidated balance sheet was derived from the audited financial statements as of that date, but may not include all disclosures including certain footnotes required by U.S. GAAP on an annual reporting basis. These unaudited condensed consolidated financial statements have been prepared on a basis consistent with our annual financial statements and, in the opinion of management, reflect all adjustments, which include all normal recurring adjustments necessary to fairly state our financial position as of September 30, 2023, our results of operations and comprehensive loss for the three and nine months ended September 30, 2023 and 2022 and our cash flows for the nine months ended September 30, 2023 and 2022, respectively. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023 or for any other future annual or interim period. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K filed with the SEC on February 24, 2023. All intercompany balances and transactions have been eliminated in consolidation. Effective January 1, 2023, we began allocating certain employee-related costs to platform cost of revenues, professional services and other cost of revenues, sales and marketing, and research and development expenses. Previously, such costs had been presented within general and administrative expenses on our condensed consolidated statement of operations. These costs are allocated based on each department’s proportionate share of total employee headcount. We determined that these changes would better reflect industry practice and provide more meaningful information as well as increased transparency of our operations. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. We regularly assess these estimates, including but not limited to, stock-based compensation including the determination of the fair value of our stock-based awards, realization of deferred tax assets, estimated life of our long-lived assets, purchase price allocations for business combinations, valuation of the acquired intangibles purchased in a business combination, valuation of goodwill, estimated standalone selling price of our performance obligations, and estimated consideration for implementation services and transactional revenue in certain arrangements. We base these estimates on historical experience and on various other market-specific and relevant assumptions that we believe to be reasonable under the circumstances. Actual results could differ from these estimates and such differences could be material to our financial position and results of operations. Significant Accounting Policies Our significant accounting policies are outlined in Note 2, “Significant Accounting Policies” in the Notes to Consolidated Financial Statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2022. During the nine months ended September 30, 2023, there were no material changes to our significant accounting policies from those described in our Annual Report on Form 10-K for the year ended December 31, 2022. Cash and Cash Equivalents Cash and cash equivalents are stated at fair value. We consider all short-term, highly liquid investments, with an original maturity of three months or less, to be cash equivalents. We received restricted cash on behalf of the subtenant of our former corporate headquarters at One World Trade Center in advance of certain future rental obligations that will be due from the subtenant. The balance we received on behalf of the subtenant of $2.7 million is included in cash and cash equivalents in the condensed consolidated balance sheets as of September 30, 2023. See “Note 10—Commitments and Contingencies” for more details. Concentrations of Business and Credit Risk We are exposed to concentrations of credit risk primarily through our cash and short- and long-term investments held by financial institutions. We primarily deposit our cash, cash equivalents, and investments with financial institutions that management believes are of high credit quality and the amounts on deposit may exceed federally insured limits at various times. We have not experienced any significant losses in such accounts and believe we are not exposed to any significant risk. For the three months ended September 30, 2023 and 2022, one customer accounted for 12% of our revenue. For the nine months ended September 30, 2023 and 2022, one customer accounted for 12% of our revenue. Credit Facility On June 10, 2022, we entered into the Second Amended and Restated Loan and Security Agreement with Pacific Western Bank related to a revolving credit and term loan facility (the “Second Amended and Restated LSA”). The Second Amended and Restated LSA includes a financial covenant requiring compliance with certain minimum revenue amounts. In addition, the Second Amended and Restated LSA contains representations and warranties generally consistent with the Amended and Restated Loan and Security Agreement, dated February 11, 2020, as amended (the “Prior LSA”), as well as certain non-financial covenants, including, but not limited to, limitations on our ability to incur additional indebtedness or liens, pay dividends, or make certain investments. We were in compliance with these covenants as of September 30, 2023. As of September 30, 2023, we had $43.6 million of commitments available under the Second Amended and Restated LSA, after consideration of $25.0 million in our letter of credit to DoorDash and $1.4 million in our letter of credit on the lease of our former corporate headquarters at One World Trade Center. As of September 30, 2023, we had no outstanding borrowings under the line of credit, and no amounts have been drawn against any of our letters of credit. Recent Accounting Pronouncements There have been no recent accounting pronouncements, changes in accounting pronouncements, or recently adopted accounting guidance during the nine months ended September 30, 2023 that are of significance or potential significance to us.
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v3.23.3
Revenue Recognition
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Revenue Recognition |
Revenue Recognition The following table disaggregates revenue by type (in thousands): | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2023 | | Platform | | Professional Services and Other | | Total | Timing of revenue recognition | | | | | | Transferred over time | $ | 25,158 | | | $ | 533 | | | $ | 25,691 | | Transferred at a point in time | 32,103 | | | — | | | 32,103 | | Total revenue | $ | 57,261 | | | $ | 533 | | | $ | 57,794 | |
| | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2022 | | Platform | | Professional Services and Other | | Total | Timing of revenue recognition | | | | | | Transferred over time | $ | 23,919 | | | $ | 909 | | | $ | 24,828 | | Transferred at a point in time | 22,438 | | | — | | | 22,438 | | Total revenue | $ | 46,357 | | | $ | 909 | | | $ | 47,266 | |
| | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2023 | | Platform | | Professional Services and Other | | Total | Timing of revenue recognition | | | | | | Transferred over time | $ | 74,518 | | | $ | 2,050 | | | $ | 76,568 | | Transferred at a point in time | 88,717 | | | — | | | 88,717 | | Total revenue | $ | 163,235 | | | $ | 2,050 | | | $ | 165,285 | |
| | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2022 | | Platform | | Professional Services and Other | | Total | Timing of revenue recognition | | | | | | Transferred over time | $ | 67,710 | | | $ | 3,262 | | | $ | 70,972 | | Transferred at a point in time | 64,651 | | | — | | | 64,651 | | Total revenue | $ | 132,361 | | | $ | 3,262 | | | $ | 135,623 | |
Contract Balances Contract Assets Professional services revenue is generally recognized ratably over the implementation period, beginning on the commencement date of each contract. Platform revenue is recognized as the services are delivered. Under ASC Topic 606, we record a contract asset when revenue recognized on a contract exceeds the billings. Our standard billing terms are monthly; however, the billings may not be consistent with the pattern of recognition, based on when services are performed. Contract assets were $0.7 million and $0.6 million as of September 30, 2023 and December 31, 2022, respectively. Unearned Revenue Unearned revenue primarily consists of billings or payments received in advance of revenue recognition from subscription services and is recognized as revenue when transfer of control to customers has occurred. During the nine months ended September 30, 2023, we recognized $1.4 million of revenue related to contracts that were included in unearned revenue at December 31, 2022. As of September 30, 2023, our remaining performance obligations were approximately $29.4 million, approximately 53% of which we expect to recognize as revenue over the next twelve months, and substantially all of the remaining revenue will be recognized thereafter over the next 24 to 48 months. These amounts only include contracts subject to a guaranteed fixed amount or the guaranteed minimum under variable contracts. Unrecognized revenues under contracts disclosed above do not include: (1) contracts with an original expected term of one year or less; (2) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage; and (3) agreements for which our right to invoice corresponds with the value provided to the customer. Deferred Contract Costs We capitalize the incremental costs of obtaining a revenue contract, including sales commissions for new and renewal revenue contracts, certain related incentives, and associated payroll tax and fringe benefit costs. Capitalized amounts are recoverable through future revenue streams under customer contracts. The following table summarizes the activity of current and non-current deferred contract costs (in thousands): | | | | | | Balance at December 31, 2022 | $ | 7,022 | | Capitalization of deferred contract costs | 5,975 | | Amortization of deferred contract costs | (3,387) | | Balance at September 30, 2023 | $ | 9,610 | |
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v3.23.3
Fair Value Measurement
|
9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurement |
Fair Value Measurement Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 inputs: Based on unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs: Based on observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs: Based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities, and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The following tables present the costs, net unrealized losses, and fair value by major security type for our investments as of September 30, 2023 and December 31, 2022 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2023 | | Cost | | Net Unrealized Losses | | Fair Value | | Cash and Cash equivalents | | Short-term Investments | | Long-term Investments | Cash (1) | $ | 112,924 | | | $ | — | | | $ | 112,924 | | | $ | 112,924 | | | $ | — | | | $ | — | | Level 1: | | | | | | | | | | | | Money market funds | 173,477 | | | — | | | 173,477 | | | 173,477 | | | — | | | — | | Commercial paper | 19,177 | | | (9) | | | 19,168 | | | — | | | 19,168 | | | — | | Subtotal | 192,654 | | | (9) | | | 192,645 | | | 173,477 | | | 19,168 | | | — | | Level 2: | | | | | | | | | | | | Certificates of deposit | 22,790 | | | — | | | 22,790 | | | — | | | 22,790 | | | — | | U.S. Government and agency securities | 45,682 | | | (308) | | | 45,374 | | | — | | | 31,376 | | | 13,998 | | Corporate bonds | 23,961 | | | (87) | | | 23,874 | | | — | | | 17,048 | | | 6,826 | | Subtotal | 92,433 | | | (395) | | | 92,038 | | | — | | | 71,214 | | | 20,824 | | Level 3: | — | | | — | | | — | | | — | | | — | | | — | | Total | $ | 398,011 | | | $ | (404) | | | $ | 397,607 | | | $ | 286,401 | | | $ | 90,382 | | | $ | 20,824 | |
(1) We received restricted cash on behalf of the subtenant of our former corporate headquarters at One World Trade Center in advance of certain future rental obligations that will be due from the subtenant and have included this in cash and cash equivalents in the condensed consolidated balance sheets. See “Note 10—Commitments and Contingencies” for more details. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2022 | | Cost | | Net Unrealized Losses | | Fair Value | | Cash and Cash equivalents | | Short-term Investments | | Long-term Investments | Cash | $ | 200,808 | | | $ | — | | | $ | 200,808 | | | $ | 200,808 | | | $ | — | | | $ | — | | Level 1: | | | | | | | | | | | | Money market funds | 142,168 | | | — | | | 142,168 | | | 142,168 | | | — | | | — | | Commercial paper | 21,920 | | | (39) | | | 21,881 | | | — | | | 21,881 | | | — | | Subtotal | 164,088 | | | (39) | | | 164,049 | | | 142,168 | | | 21,881 | | | — | | Level 2: | | | | | | | | | | | | Certificates of deposit | 35,081 | | | (97) | | | 34,984 | | | 6,351 | | | 28,633 | | | — | | U.S. Government and agency securities | 30,408 | | | (42) | | | 30,366 | | | — | | | 29,431 | | | 935 | | Corporate bonds | 21,070 | | | (75) | | | 20,995 | | | 746 | | | 18,754 | | | 1,495 | | Subtotal | 86,559 | | | (214) | | | 86,345 | | | 7,097 | | | 76,818 | | | 2,430 | | Level 3: | — | | | — | | | — | | | — | | | — | | | — | | Total | $ | 451,455 | | | $ | (253) | | | $ | 451,202 | | | $ | 350,073 | | | $ | 98,699 | | | $ | 2,430 | |
Our assets measured at fair value on a nonrecurring basis include long-lived assets and finite-lived intangibles, which are considered to be Level 3 inputs. No material impairment charges were recorded during the nine months ended September 30, 2023. For the nine months ended September 30, 2022 we recorded a non-cash impairment charge of $0.5 million related to the estimated fair value of a portion of our capitalized internal-use software that was non-recoverable and a non-cash impairment charge of $2.3 million related to our right-of-use asset and furniture and fixtures in connection with the sublease of our former corporate headquarters at One World Trade Center. Accounts receivable, accounts payable, and accrued expenses are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date.
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v3.23.3
Acquisitions
|
9 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Acquisitions |
Acquisitions Omnivore Acquisition On February 20, 2022, we signed a definitive agreement to acquire Omnivore Technologies, Inc. (“Omnivore”), a restaurant technology provider that connects restaurants’ Point of Sale systems with technologies that improve efficiency and increase profitability. We closed the acquisition on March 4, 2022 for total consideration of approximately $49.3 million in cash, net of cash acquired and a post-closing working capital adjustment. The operating results of Omnivore have been included in our condensed consolidated statement of operations since the acquisition date. Actual results of operations from the date of acquisition through September 30, 2023 and supplemental pro forma revenue and results of operations have not been presented because the effects were not material to the condensed consolidated financial statements. We have finalized the valuation of assets acquired and liabilities assumed for the acquisition of Omnivore as of March 31, 2023. Purchase Price Allocation The following table summarizes the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed of Omnivore (in thousands): | | | | | | | Final Purchase Price Allocation | Accounts receivable | $ | 451 | | Other current assets | 148 | | Operating lease right-of-use asset | 236 | | Property and equipment | 24 | | Other assets, noncurrent | 9 | | Customer relationships | 1,290 | | Developed technology | 4,410 | | Trademark | 150 | | Goodwill | 44,919 | | Accounts payable | (198) | | Accrued expenses and other current liabilities | (101) | | Unearned revenue | (226) | | Operating lease liability, current | (81) | | Operating lease liability, noncurrent | (177) | | Deferred tax liability, net | (1,519) | | Total purchase price, net of cash acquired and post-closing working capital adjustment | $ | 49,335 | |
We recorded $0.4 million in transaction-related expenses for the nine months ended September 30, 2023 primarily related to professional fees and sales taxes associated with the acquisition of Omnivore and the acquisition of Wisely, Inc in November 2021. We recorded $1.5 million in transaction-related expenses, primarily related to transaction-related compensation, advisory, legal, valuation, and other professional fees, for the nine months ended September 30, 2022.
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v3.23.3
Accrued Expenses and Other Liabilities
|
9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
Accrued Expenses and Other Liabilities |
Accrued Expenses and Other Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): | | | | | | | | | | | | | As of September 30, 2023 | | As of December 31, 2022 | Accrued delivery service partner fees | $ | 43,917 | | | $ | 40,846 | | Accrued compensation and benefits | 7,784 | | | 6,986 | | Sublease liability (1) | 2,677 | | | — | | Professional and consulting fees | 1,190 | | | 1,262 | | Accrued taxes | 927 | | | 674 | | Other | 3,039 | | | 2,643 | | Total accrued expenses and other current liabilities | $ | 59,534 | | | $ | 52,411 | |
(1) We received restricted cash on behalf of the subtenant of our former corporate headquarters at One World Trade Center in advance of certain future rental obligations that will be due from the subtenant. See “Note 10—Commitments and Contingencies” for more details.
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v3.23.3
Stockholders' Equity
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Stockholders' Equity |
Stockholders’ Equity Repurchases of Common Stock On September 7, 2022, our Board of Directors authorized a program to repurchase up to $100 million of our Class A common stock (the “Stock Buyback Program”). Under the Stock Buyback Program, shares of common stock may be repurchased from time to time on a discretionary basis through open market repurchases, privately negotiated transactions, block purchases, or other means, and will be structured to occur in compliance with applicable securities laws. The Stock Buyback Program does not obligate us to acquire any specific number of shares. In addition, open market repurchases of common stock could be made pursuant to our trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which would permit us to repurchase common stock at a time that we might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The timing and actual number of shares repurchased is determined by a committee established by the Board of Directors and depends on a variety of factors, including the Class A common stock price, trading volume, market conditions, our cash flow and liquidity profile, the capital needs of the business, and other considerations. Repurchases under the Stock Buyback Program have to date been, and are expected in the future to be, funded with existing cash on hand. The Stock Buyback Program has no expiration date and may be modified, suspended or terminated at any time by the Board of Directors at its discretion. The following table summarizes the share repurchase activity of our Class A common stock under the Stock Buyback Program for the periods presented (in thousands, except share and per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | Total Number of Shares Purchased | | Average Price Paid per Share (1) | | Value of Shares Repurchased (1) | | Remaining Amount Authorized | Balance as of January 1, 2023 | | | | | | | $ | 80,000 | | Repurchases of common stock for the three months ended: | | | | | | | | March 31, 2023 | 2,652,372 | | | $ | 7.54 | | | $ | 20,000 | | | (20,000) | | June 30, 2023 | 1,409,420 | | | $ | 7.11 | | | $ | 10,018 | | | (10,018) | | September 30, 2023 | 2,014,202 | | | $ | 6.45 | | | $ | 12,995 | | | (12,995) | | Total | 6,075,994 | | | $ | 7.08 | | | $ | 43,013 | | | $ | 36,987 | |
(1) Average price paid per share and value of shares excludes broker commission fees. Charitable Contributions In March 2021, our Board of Directors approved the issuance of 1,729,189 shares of our Class A common stock to an independent donor-advised fund sponsor, Tides Foundation, in conjunction with our Olo for Good initiative. We donated 172,918 shares of our Class A common stock to the Olo for Good Fund at Tides Foundation and recognized $1.1 million as a non-cash general and administrative expense in our condensed consolidated statement of operations for the three and nine months ended September 30, 2023. We donated 172,918 shares of our Class A common stock and recognized $1.4 million as a non-cash general and administrative expense for the three and nine months ended September 30, 2022. Through September 30, 2023, we have donated a total of 691,672 shares of our Class A common stock. We expect to donate 1/10th of the total remaining approved shares into the fund annually.
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v3.23.3
Stock-Based Compensation
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Stock-Based Compensation |
Stock-Based Compensation The 2021 Equity Incentive Plan (“2021 Plan”) provides for the issuance of incentive and nonqualified stock options, SARs, restricted stock, restricted stock units (“RSUs”), performance-based restricted stock units (“PSUs”), and other awards, to employees, directors, consultants, and advisors. Pursuant to the evergreen provisions of the 2021 Plan, the Board of Directors approved an automatic increase of 8,124,002 additional shares of Class A common stock reserved and available for issuance under the 2021 Plan effective as of January 1, 2023. As of September 30, 2023 and December 31, 2022 the maximum number of shares authorized for issuance to participants under the Plans was 40,185,923 and 30,263,529, respectively. As of September 30, 2023 and December 31, 2022, the number of shares available for issuance to participants under the Plans was 24,812,139 and 23,358,039, respectively. Restricted Stock Units and Performance-Based Restricted Stock Units Starting in 2023, we began awarding PSUs in addition to the RSUs at fixed dollar amounts. The target number of shares underlying the RSU and PSU awards was determined based on the higher of (a) the 30-trading day average price preceding the grant date or (b) the floor price as determined by the Compensation Committee of the Board of Directors for the calendar year. The amount of PSUs issued will depend on the achievement of financial metrics relative to the approved performance targets. Depending on the actual financial metrics achieved relative to the target financial metrics, the number of PSUs issued could range from 0% to 120% of the target amount. The following table summarizes the activity for the unvested RSUs and PSUs during the nine months ended September 30, 2023: | | | | | | | | | | | | | Shares | | Weighted- Average Grant Date Fair Value | Unvested at December 31, 2022 | 4,559,917 | | | $ | 15.57 | | Granted | 10,920,422 | | | 7.04 | | Vested | (2,749,110) | | | 10.55 | | Forfeited and canceled | (2,326,701) | | | 11.22 | | Unvested at September 30, 2023 | 10,404,528 | | | $ | 8.92 | |
The total fair value of RSUs vested during the nine months ended September 30, 2023 was $19.8 million. Future stock-based compensation for unvested RSUs and PSUs awarded as of September 30, 2023 was approximately $87.3 million and is expected to be recognized over a weighted-average period of 3.14 years. 2021 Employee Stock Purchase Plan The employee stock purchase plan (“2021 ESPP”) current offering period began in June 2023 and ends in December 2023. Pursuant to the evergreen provisions of the 2021 ESPP, the Board of Directors approved an automatic increase of 1,050,883 additional shares of Class A common stock reserved and available for issuance under the 2021 ESPP effective as of January 1, 2023. As of September 30, 2023, a total of 5,785,854 shares are available for issuance to employees under the 2021 ESPP. For the nine months ended September 30, 2023 and 2022, we recorded approximately $0.9 million and $1.2 million of compensation expense associated with our 2021 ESPP, respectively. Stock-Based Compensation Expense The classification of stock-based compensation expense, which includes expense for stock options, RSUs, PSUs, and ESPP charges, by line item within the condensed consolidated statements of operations was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Cost of revenue - platform | $ | 1,661 | | | $ | 1,367 | | | $ | 5,159 | | | $ | 4,269 | | Cost of revenue - professional services and other | 165 | | | 167 | | | 528 | | | 565 | | Research and development | 3,628 | | | 3,571 | | | 11,730 | | | 10,382 | | General and administrative | 5,506 | | | 5,442 | | | 16,093 | | | 15,567 | | Sales and marketing | 1,553 | | | 1,372 | | | 6,103 | | | 4,321 | | Restructuring charges | — | | | — | | | 1,728 | | | — | | Total stock-based compensation expense | $ | 12,513 | | | $ | 11,919 | | | $ | 41,341 | | | $ | 35,104 | |
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v3.23.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Income Taxes We recorded a provision for income taxes resulting in an effective tax rate of (0.08)% for the nine months ended September 30, 2023. We recorded a benefit for income taxes resulting in an effective tax rate of 2.61% for the nine months ended September 30, 2022. The effective tax rate for the nine months ended September 30, 2023 is driven primarily by adjustments to the full valuation allowance on our deferred tax assets and adjustments for share-based compensation. We maintain a full valuation allowance on our net federal and state deferred tax assets as we have concluded that it is more likely than not the deferred tax assets will not be realized. We evaluated the available evidence supporting the realization of our deferred tax assets, including the amount and timing of future taxable income, and determined that it is more likely than not that our net deferred tax assets will not be realized. Due to uncertainties surrounding the realization of the deferred tax assets, we maintain a full valuation allowance against substantially all of our net deferred tax assets. When we determine that we will be able to realize some portion or all of our deferred tax assets, an adjustment to our valuation allowance on our deferred tax assets would have the effect of increasing net income in the period such determination is made. We applied ASC 740, Income Taxes, and determined that we do not have any uncertain positions that would result in a tax reserve for each of the nine months ended September 30, 2023 and 2022. Our policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. We are subject to U.S. federal tax authority and state tax authority examinations.
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Commitments and Contingencies Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. If we determine that a loss is reasonably possible, and the loss or range of loss can be estimated, we will disclose the possible loss in the notes to our financial statements. Accounting for contingencies requires us to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. Legal costs incurred in connection with loss contingencies are expensed as incurred. On September 26, 2022, a putative class action lawsuit was filed in the United States District Court for the Southern District of New York asserting claims under the federal securities laws against us and certain of our executive officers. On December 21, 2022, the Court appointed a lead plaintiff and lead counsel on behalf of the putative class, following which the case was captioned Steamship Trade Association of Baltimore - International Longshoremen’s Association Pension Fund v. Olo Inc., et al. (Case No.1:22-cv-08228-JSR). On August 9, 2023, lead plaintiff filed a second amended complaint asserting claims on behalf of a putative class composed of all persons who purchased or otherwise acquired our securities between March 17, 2021 and August 11, 2022, inclusive (the “Second Amended Complaint”). The Second Amended Complaint asserts a claim against all defendants for alleged violations of Section 10(b) of the Exchange Act and Rule 10b5 promulgated thereunder and a claim under Section 20(a) of the Exchange Act against Mr. Glass, our Chief Executive Officer, and Mr. Benevides, our Chief Financial Officer, as alleged controlling persons. The Second Amended Complaint alleges that defendants made materially false and misleading statements concerning, among other things, our business relationship with the restaurant brand Subway, our financial position, our enterprise market segment, and our publicly disclosed “active locations” counts, and that these alleged false and misleading statements caused losses and damages for members of the putative class. The Second Amended Complaint seeks unspecified damages, interest, costs and attorneys’ fees, and other unspecified relief that the Court deems appropriate. On August 24, 2023, we filed a motion to dismiss the Second Amended Complaint. On September 26, 2023, the Court issued a summary order granting in part and denying in part our motion to dismiss, dismissing the claims in the Second Amended Complaint to the extent they are premised on misstatements about Subway, our financial prospects, and our prospects in the enterprise market, but permitting the remaining claims to proceed. Under the current schedule, a final pre-trial conference is set for January 25, 2024. We are unable to predict the outcome, or the reasonably possible loss or range of loss, if any, related to this matter. On May 4, 2023, Cashondra Floyd, an alleged Olo stockholder, derivatively and on behalf of us as a nominal defendant, filed a complaint in the U.S. District Court for the Southern District of New York against certain of our directors and officers (the “Derivative Defendants”), captioned Floyd v. Glass, et al. (Case No. 1:23-cv-03770). On May 25, 2023, the plaintiff voluntary dismissed her complaint and refiled in the Court of the Chancery of the State of Delaware (C.A. No. 2023-0560) (the “Floyd Derivative Complaint”). The Floyd Derivative Complaint alleges that, between at least August 10, 2021 and August 11, 2022, the Derivative Defendants caused, or failed to prevent, our alleged issuance of materially false and misleading statements concerning our business relationship with the restaurant brand Subway and our publicly disclosed “active locations” counts. The Floyd Derivative Complaint asserts claims for breaches of fiduciary duty, aiding and abetting breach of fiduciary duty, and waste of corporate assets. The Floyd Derivative Complaint seeks a judgment declaring that the plaintiff may bring the action on behalf of us in a derivative capacity; awarding us damages for the Derivative Defendants’ alleged breaches of fiduciary duty, and waste of corporate assets; requiring us to reform and improve our corporate governance and internal procedures; ordering the Derivative Defendants to pay restitution to us; awarding the plaintiff her costs, fees, and expenses, including attorney’s fees; and granting such other relief that the Court determines to be appropriate. On June 1, 2023, the Court granted the parties’ stipulation to stay the Floyd Derivative Complaint. We are unable to predict the outcome, or the reasonably possible loss or range of loss, if any, related to this matter. We are a party to various lawsuits and claims in the ordinary course of business, including the matter described above. Future litigation may be necessary to defend ourselves or our customers by determining the scope, enforceability, and validity of third-party proprietary rights or to establish our proprietary rights. Defending such proceedings is costly and can impose a significant burden on management and employees. The results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors. Leases During March 2023, we abandoned our office lease located at 26 Broadway, New York, New York, resulting in a reduction of $0.3 million to operating lease right-of-use assets and operating lease liabilities, respectively. On April 18, 2023, we entered into an agreement with our landlord that provided for an early termination of our office lease located at 26 Broadway, New York, New York. We received restricted cash on behalf of the subtenant of our former corporate headquarters at One World Trade Center in advance of certain future rental obligations that will be due from the subtenant. The balance we received on behalf of the subtenant of $2.7 million is included in cash and cash equivalents, with an equal and offsetting liability in accrued expenses and other current liabilities in the condensed consolidated balance sheets as of September 30, 2023. Sublease income was $0.6 million and $0.1 million for the three months ended September 30, 2023 and 2022, respectively. Sublease income was $1.9 million and $0.3 million for the nine months ended September 30, 2023 and 2022, respectively.
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v3.23.3
Net Loss per Share Attributable to Common Stockholders
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Net Loss per Share Attributable to Common Stockholders |
Net Loss per Share Attributable to Common Stockholders A reconciliation of net loss available to common stockholders and the number of shares in the calculation of basic net loss per share is as follows (in thousands, except share and per share data): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Numerator: | | | | | | | | Net loss attributable to Class A and Class B common stockholders | $ | (11,759) | | | $ | (14,560) | | | $ | (42,541) | | | $ | (37,742) | | Denominator: | | | | | | | | Weighted-average Class A and Class B common shares outstanding—basic and diluted | 163,991,486 | | | 162,364,654 | | | 162,674,062 | | | 160,667,412 | | Net loss per share attributable to Class A and Class B common stockholders––basic and diluted | $ | (0.07) | | | $ | (0.09) | | | $ | (0.26) | | | $ | (0.23) | |
The following potential common shares were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an as-converted basis): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Outstanding stock options | 22,730,187 | | | 31,960,236 | | | 22,730,187 | | | 31,960,236 | | Outstanding restricted and performance-based stock units | 10,404,528 | | | 4,710,098 | | | 10,404,528 | | | 4,710,098 | | Outstanding shares estimated to be purchased under ESPP | 192,422 | | | 125,128 | | | 192,422 | | | 125,128 | | Total | 33,327,137 | | | 36,795,462 | | | 33,327,137 | | | 36,795,462 | |
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v3.23.3
Restructuring Charges
|
9 Months Ended |
Sep. 30, 2023 |
Restructuring and Related Activities [Abstract] |
|
Restructuring Charges |
Restructuring Charges On June 14, 2023, we completed the Restructuring Plan and had a reduction of our workforce by approximately 11% to reorganize our business to better focus our investments on customer needs and to support long-term growth objectives. We incurred charges of $6.8 million in connection with the Restructuring Plan for the nine months ended September 30, 2023, consisting of the following: $4.5 million related to severance expense and payroll taxes, $1.7 million related to stock-based compensation expense due to the acceleration of equity awards, and $0.6 million related to other employee benefits. These expenses are recorded within the restructuring charges line item in the condensed consolidated statement of operations. The following table summarizes the restructuring liabilities, which are recorded within accrued expenses and other current liabilities on the condensed consolidated balance sheets, as of September 30, 2023 (in thousands): | | | | | | Balance at January 1, 2023 | $ | — | | Charges | 6,682 | | Payments | (2,726) | | Balance at June 30, 2023 | 3,956 | | Charges | 166 | | Payments | (4,004) | | Balance at September 30, 2023 | $ | 118 | |
The actions associated with the Restructuring Plan were fully completed during the nine months ended September 30, 2023 and we do not expect to incur any material additional charges under this plan.
|
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- DefinitionThe entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.
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v3.23.3
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Pay vs Performance Disclosure |
|
|
|
|
|
|
|
|
Net loss |
$ (11,759)
|
$ (17,076)
|
$ (13,706)
|
$ (14,560)
|
$ (11,673)
|
$ (11,509)
|
$ (42,541)
|
$ (37,742)
|
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v3.23.3
Insider Trading Arrangements
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023
shares
|
Sep. 30, 2023
shares
|
Trading Arrangements, by Individual |
|
|
Non-Rule 10b5-1 Arrangement Adopted |
false
|
|
Rule 10b5-1 Arrangement Terminated |
false
|
|
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false
|
|
David Frankel [Member] |
|
|
Trading Arrangements, by Individual |
|
|
Material Terms of Trading Arrangement |
|
On August 7, 2023, Raqtinda Investments LLC (“Raqtinda”), an investment vehicle of which David Frankel, a member of our Board of Directors, is a manager, adopted a trading arrangement for the sale of shares of our Class B common stock (the “Rule 10b5-1 Trading Plan”) that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c). The Rule 10b5-1 Trading Plan, which has a term of one year from the date of adoption, provides for the sale of up to 2,990,000 shares of our Class B common stock pursuant to the terms of the Rule 10b5-1 Trading Plan.
|
Name |
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|
|
Title |
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|
|
Rule 10b5-1 Arrangement Adopted |
true
|
|
Adoption Date |
August 7, 2023
|
|
Arrangement Duration |
366 days
|
|
Aggregate Available |
2,990,000
|
2,990,000
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v3.23.3
Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation The accompanying unaudited condensed consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. The December 31, 2022 condensed consolidated balance sheet was derived from the audited financial statements as of that date, but may not include all disclosures including certain footnotes required by U.S. GAAP on an annual reporting basis. These unaudited condensed consolidated financial statements have been prepared on a basis consistent with our annual financial statements and, in the opinion of management, reflect all adjustments, which include all normal recurring adjustments necessary to fairly state our financial position as of September 30, 2023, our results of operations and comprehensive loss for the three and nine months ended September 30, 2023 and 2022 and our cash flows for the nine months ended September 30, 2023 and 2022, respectively. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023 or for any other future annual or interim period. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K filed with the SEC on February 24, 2023. All intercompany balances and transactions have been eliminated in consolidation. Effective January 1, 2023, we began allocating certain employee-related costs to platform cost of revenues, professional services and other cost of revenues, sales and marketing, and research and development expenses. Previously, such costs had been presented within general and administrative expenses on our condensed consolidated statement of operations. These costs are allocated based on each department’s proportionate share of total employee headcount. We determined that these changes would better reflect industry practice and provide more meaningful information as well as increased transparency of our operations.
|
Use of Estimates |
Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. We regularly assess these estimates, including but not limited to, stock-based compensation including the determination of the fair value of our stock-based awards, realization of deferred tax assets, estimated life of our long-lived assets, purchase price allocations for business combinations, valuation of the acquired intangibles purchased in a business combination, valuation of goodwill, estimated standalone selling price of our performance obligations, and estimated consideration for implementation services and transactional revenue in certain arrangements. We base these estimates on historical experience and on various other market-specific and relevant assumptions that we believe to be reasonable under the circumstances. Actual results could differ from these estimates and such differences could be material to our financial position and results of operations.
|
Concentrations of Business |
Concentrations of Business and Credit RiskWe are exposed to concentrations of credit risk primarily through our cash and short- and long-term investments held by financial institutions. We primarily deposit our cash, cash equivalents, and investments with financial institutions that management believes are of high credit quality and the amounts on deposit may exceed federally insured limits at various times. We have not experienced any significant losses in such accounts and believe we are not exposed to any significant risk. For the three months ended September 30, 2023 and 2022, one customer accounted for 12% of our revenue. For the nine months ended September 30, 2023 and 2022, one customer accounted for 12% of our revenue.
|
Cash and Cash Equivalents |
Cash and Cash Equivalents Cash and cash equivalents are stated at fair value. We consider all short-term, highly liquid investments, with an original maturity of three months or less, to be cash equivalents. We received restricted cash on behalf of the subtenant of our former corporate headquarters at One World Trade Center in advance of certain future rental obligations that will be due from the subtenant. The balance we received on behalf of the subtenant of $2.7 million is included in cash and cash equivalents in the condensed consolidated balance sheets as of September 30, 2023. See “Note 10—Commitments and Contingencies” for more details.
|
Concentrations of Business and Credit Risk |
Concentrations of Business and Credit RiskWe are exposed to concentrations of credit risk primarily through our cash and short- and long-term investments held by financial institutions. We primarily deposit our cash, cash equivalents, and investments with financial institutions that management believes are of high credit quality and the amounts on deposit may exceed federally insured limits at various times. We have not experienced any significant losses in such accounts and believe we are not exposed to any significant risk. For the three months ended September 30, 2023 and 2022, one customer accounted for 12% of our revenue. For the nine months ended September 30, 2023 and 2022, one customer accounted for 12% of our revenue.
|
Credit Facility |
Credit Facility On June 10, 2022, we entered into the Second Amended and Restated Loan and Security Agreement with Pacific Western Bank related to a revolving credit and term loan facility (the “Second Amended and Restated LSA”). The Second Amended and Restated LSA includes a financial covenant requiring compliance with certain minimum revenue amounts. In addition, the Second Amended and Restated LSA contains representations and warranties generally consistent with the Amended and Restated Loan and Security Agreement, dated February 11, 2020, as amended (the “Prior LSA”), as well as certain non-financial covenants, including, but not limited to, limitations on our ability to incur additional indebtedness or liens, pay dividends, or make certain investments. We were in compliance with these covenants as of September 30, 2023.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements There have been no recent accounting pronouncements, changes in accounting pronouncements, or recently adopted accounting guidance during the nine months ended September 30, 2023 that are of significance or potential significance to us.
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v3.23.3
Revenue Recognition (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Disaggregation of Revenue |
The following table disaggregates revenue by type (in thousands): | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2023 | | Platform | | Professional Services and Other | | Total | Timing of revenue recognition | | | | | | Transferred over time | $ | 25,158 | | | $ | 533 | | | $ | 25,691 | | Transferred at a point in time | 32,103 | | | — | | | 32,103 | | Total revenue | $ | 57,261 | | | $ | 533 | | | $ | 57,794 | |
| | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2022 | | Platform | | Professional Services and Other | | Total | Timing of revenue recognition | | | | | | Transferred over time | $ | 23,919 | | | $ | 909 | | | $ | 24,828 | | Transferred at a point in time | 22,438 | | | — | | | 22,438 | | Total revenue | $ | 46,357 | | | $ | 909 | | | $ | 47,266 | |
| | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2023 | | Platform | | Professional Services and Other | | Total | Timing of revenue recognition | | | | | | Transferred over time | $ | 74,518 | | | $ | 2,050 | | | $ | 76,568 | | Transferred at a point in time | 88,717 | | | — | | | 88,717 | | Total revenue | $ | 163,235 | | | $ | 2,050 | | | $ | 165,285 | |
| | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2022 | | Platform | | Professional Services and Other | | Total | Timing of revenue recognition | | | | | | Transferred over time | $ | 67,710 | | | $ | 3,262 | | | $ | 70,972 | | Transferred at a point in time | 64,651 | | | — | | | 64,651 | | Total revenue | $ | 132,361 | | | $ | 3,262 | | | $ | 135,623 | |
|
Schedule of Current and Non-current Deferred Contract Costs |
The following table summarizes the activity of current and non-current deferred contract costs (in thousands): | | | | | | Balance at December 31, 2022 | $ | 7,022 | | Capitalization of deferred contract costs | 5,975 | | Amortization of deferred contract costs | (3,387) | | Balance at September 30, 2023 | $ | 9,610 | |
|
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- DefinitionTabular disclosure of cost capitalized in obtaining or fulfilling contract with customer.
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v3.23.3
Fair Value Measurement (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Schedule of Fair Value Measurements, Nonrecurring |
The following tables present the costs, net unrealized losses, and fair value by major security type for our investments as of September 30, 2023 and December 31, 2022 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2023 | | Cost | | Net Unrealized Losses | | Fair Value | | Cash and Cash equivalents | | Short-term Investments | | Long-term Investments | Cash (1) | $ | 112,924 | | | $ | — | | | $ | 112,924 | | | $ | 112,924 | | | $ | — | | | $ | — | | Level 1: | | | | | | | | | | | | Money market funds | 173,477 | | | — | | | 173,477 | | | 173,477 | | | — | | | — | | Commercial paper | 19,177 | | | (9) | | | 19,168 | | | — | | | 19,168 | | | — | | Subtotal | 192,654 | | | (9) | | | 192,645 | | | 173,477 | | | 19,168 | | | — | | Level 2: | | | | | | | | | | | | Certificates of deposit | 22,790 | | | — | | | 22,790 | | | — | | | 22,790 | | | — | | U.S. Government and agency securities | 45,682 | | | (308) | | | 45,374 | | | — | | | 31,376 | | | 13,998 | | Corporate bonds | 23,961 | | | (87) | | | 23,874 | | | — | | | 17,048 | | | 6,826 | | Subtotal | 92,433 | | | (395) | | | 92,038 | | | — | | | 71,214 | | | 20,824 | | Level 3: | — | | | — | | | — | | | — | | | — | | | — | | Total | $ | 398,011 | | | $ | (404) | | | $ | 397,607 | | | $ | 286,401 | | | $ | 90,382 | | | $ | 20,824 | |
(1) We received restricted cash on behalf of the subtenant of our former corporate headquarters at One World Trade Center in advance of certain future rental obligations that will be due from the subtenant and have included this in cash and cash equivalents in the condensed consolidated balance sheets. See “Note 10—Commitments and Contingencies” for more details. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2022 | | Cost | | Net Unrealized Losses | | Fair Value | | Cash and Cash equivalents | | Short-term Investments | | Long-term Investments | Cash | $ | 200,808 | | | $ | — | | | $ | 200,808 | | | $ | 200,808 | | | $ | — | | | $ | — | | Level 1: | | | | | | | | | | | | Money market funds | 142,168 | | | — | | | 142,168 | | | 142,168 | | | — | | | — | | Commercial paper | 21,920 | | | (39) | | | 21,881 | | | — | | | 21,881 | | | — | | Subtotal | 164,088 | | | (39) | | | 164,049 | | | 142,168 | | | 21,881 | | | — | | Level 2: | | | | | | | | | | | | Certificates of deposit | 35,081 | | | (97) | | | 34,984 | | | 6,351 | | | 28,633 | | | — | | U.S. Government and agency securities | 30,408 | | | (42) | | | 30,366 | | | — | | | 29,431 | | | 935 | | Corporate bonds | 21,070 | | | (75) | | | 20,995 | | | 746 | | | 18,754 | | | 1,495 | | Subtotal | 86,559 | | | (214) | | | 86,345 | | | 7,097 | | | 76,818 | | | 2,430 | | Level 3: | — | | | — | | | — | | | — | | | — | | | — | | Total | $ | 451,455 | | | $ | (253) | | | $ | 451,202 | | | $ | 350,073 | | | $ | 98,699 | | | $ | 2,430 | |
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v3.23.3
Acquisitions (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
The following table summarizes the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed of Omnivore (in thousands): | | | | | | | Final Purchase Price Allocation | Accounts receivable | $ | 451 | | Other current assets | 148 | | Operating lease right-of-use asset | 236 | | Property and equipment | 24 | | Other assets, noncurrent | 9 | | Customer relationships | 1,290 | | Developed technology | 4,410 | | Trademark | 150 | | Goodwill | 44,919 | | Accounts payable | (198) | | Accrued expenses and other current liabilities | (101) | | Unearned revenue | (226) | | Operating lease liability, current | (81) | | Operating lease liability, noncurrent | (177) | | Deferred tax liability, net | (1,519) | | Total purchase price, net of cash acquired and post-closing working capital adjustment | $ | 49,335 | |
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v3.23.3
Accrued Expenses and Other Liabilities (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
Schedule of Accrued Expenses and Other Current Liabilities |
Accrued expenses and other current liabilities consisted of the following (in thousands): | | | | | | | | | | | | | As of September 30, 2023 | | As of December 31, 2022 | Accrued delivery service partner fees | $ | 43,917 | | | $ | 40,846 | | Accrued compensation and benefits | 7,784 | | | 6,986 | | Sublease liability (1) | 2,677 | | | — | | Professional and consulting fees | 1,190 | | | 1,262 | | Accrued taxes | 927 | | | 674 | | Other | 3,039 | | | 2,643 | | Total accrued expenses and other current liabilities | $ | 59,534 | | | $ | 52,411 | |
(1) We received restricted cash on behalf of the subtenant of our former corporate headquarters at One World Trade Center in advance of certain future rental obligations that will be due from the subtenant. See “Note 10—Commitments and Contingencies” for more details.
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v3.23.3
Stockholders' Equity (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Schedule of Stock Repurchased Activity |
The following table summarizes the share repurchase activity of our Class A common stock under the Stock Buyback Program for the periods presented (in thousands, except share and per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | Total Number of Shares Purchased | | Average Price Paid per Share (1) | | Value of Shares Repurchased (1) | | Remaining Amount Authorized | Balance as of January 1, 2023 | | | | | | | $ | 80,000 | | Repurchases of common stock for the three months ended: | | | | | | | | March 31, 2023 | 2,652,372 | | | $ | 7.54 | | | $ | 20,000 | | | (20,000) | | June 30, 2023 | 1,409,420 | | | $ | 7.11 | | | $ | 10,018 | | | (10,018) | | September 30, 2023 | 2,014,202 | | | $ | 6.45 | | | $ | 12,995 | | | (12,995) | | Total | 6,075,994 | | | $ | 7.08 | | | $ | 43,013 | | | $ | 36,987 | |
(1) Average price paid per share and value of shares excludes broker commission fees.
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v3.23.3
Stock-Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity |
The following table summarizes the activity for the unvested RSUs and PSUs during the nine months ended September 30, 2023: | | | | | | | | | | | | | Shares | | Weighted- Average Grant Date Fair Value | Unvested at December 31, 2022 | 4,559,917 | | | $ | 15.57 | | Granted | 10,920,422 | | | 7.04 | | Vested | (2,749,110) | | | 10.55 | | Forfeited and canceled | (2,326,701) | | | 11.22 | | Unvested at September 30, 2023 | 10,404,528 | | | $ | 8.92 | |
|
Schedule of Stock-based Compensation By Statement of Operations Line Item |
The classification of stock-based compensation expense, which includes expense for stock options, RSUs, PSUs, and ESPP charges, by line item within the condensed consolidated statements of operations was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Cost of revenue - platform | $ | 1,661 | | | $ | 1,367 | | | $ | 5,159 | | | $ | 4,269 | | Cost of revenue - professional services and other | 165 | | | 167 | | | 528 | | | 565 | | Research and development | 3,628 | | | 3,571 | | | 11,730 | | | 10,382 | | General and administrative | 5,506 | | | 5,442 | | | 16,093 | | | 15,567 | | Sales and marketing | 1,553 | | | 1,372 | | | 6,103 | | | 4,321 | | Restructuring charges | — | | | — | | | 1,728 | | | — | | Total stock-based compensation expense | $ | 12,513 | | | $ | 11,919 | | | $ | 41,341 | | | $ | 35,104 | |
|
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v3.23.3
Net Loss per Share Attributable to Common Stockholders (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of Net Loss Available to Common Stockholders |
A reconciliation of net loss available to common stockholders and the number of shares in the calculation of basic net loss per share is as follows (in thousands, except share and per share data): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Numerator: | | | | | | | | Net loss attributable to Class A and Class B common stockholders | $ | (11,759) | | | $ | (14,560) | | | $ | (42,541) | | | $ | (37,742) | | Denominator: | | | | | | | | Weighted-average Class A and Class B common shares outstanding—basic and diluted | 163,991,486 | | | 162,364,654 | | | 162,674,062 | | | 160,667,412 | | Net loss per share attributable to Class A and Class B common stockholders––basic and diluted | $ | (0.07) | | | $ | (0.09) | | | $ | (0.26) | | | $ | (0.23) | |
|
Schedule of Anti-dilutive Securities Excluded from Loss per Share |
The following potential common shares were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an as-converted basis): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Outstanding stock options | 22,730,187 | | | 31,960,236 | | | 22,730,187 | | | 31,960,236 | | Outstanding restricted and performance-based stock units | 10,404,528 | | | 4,710,098 | | | 10,404,528 | | | 4,710,098 | | Outstanding shares estimated to be purchased under ESPP | 192,422 | | | 125,128 | | | 192,422 | | | 125,128 | | Total | 33,327,137 | | | 36,795,462 | | | 33,327,137 | | | 36,795,462 | |
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v3.23.3
Restructuring Charges (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Restructuring and Related Activities [Abstract] |
|
Schedule of Restructuring Liabilities |
The following table summarizes the restructuring liabilities, which are recorded within accrued expenses and other current liabilities on the condensed consolidated balance sheets, as of September 30, 2023 (in thousands): | | | | | | Balance at January 1, 2023 | $ | — | | Charges | 6,682 | | Payments | (2,726) | | Balance at June 30, 2023 | 3,956 | | Charges | 166 | | Payments | (4,004) | | Balance at September 30, 2023 | $ | 118 | |
|
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- DefinitionTabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.
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v3.23.3
Significant Accounting Policies - Narrative (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
Collateralized restricted cash |
$ 2,700,000
|
|
$ 2,700,000
|
|
Revolving Credit Facility | Line of Credit |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Outstanding balance of credit |
0
|
|
0
|
|
Letter of Credit | Revolving Credit Facility |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Letters of credit outstanding, amount |
1,400,000
|
|
1,400,000
|
|
Restated Agreement | Letter of Credit |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Current borrowing capacity |
43,600,000
|
|
43,600,000
|
|
Letter of credit issued amount |
25,000,000
|
|
25,000,000
|
|
Amounts drawn against letter of credit |
$ 0
|
|
$ 0
|
|
Largest Customer | Revenue Benchmark | Customer Concentration Risk |
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
Concentration risk |
12.00%
|
12.00%
|
12.00%
|
12.00%
|
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v3.23.3
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
$ 57,794
|
$ 47,266
|
$ 165,285
|
$ 135,623
|
Transferred over time |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
25,691
|
24,828
|
76,568
|
70,972
|
Transferred at a point in time |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
32,103
|
22,438
|
88,717
|
64,651
|
Platform |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
57,261
|
46,357
|
163,235
|
132,361
|
Platform | Transferred over time |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
25,158
|
23,919
|
74,518
|
67,710
|
Platform | Transferred at a point in time |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
32,103
|
22,438
|
88,717
|
64,651
|
Professional Services and Other |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
533
|
909
|
2,050
|
3,262
|
Professional Services and Other | Transferred over time |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total revenue |
533
|
909
|
2,050
|
3,262
|
Professional Services and Other | Transferred at a point in time |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
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$ 0
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$ 0
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v3.23.3
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions |
9 Months Ended |
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] |
|
|
Contract assets |
$ 0.7
|
$ 0.6
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
|
Contract assets |
0.7
|
$ 0.6
|
Revenue recognized previously unearned |
1.4
|
|
Remaining performance obligations |
$ 29.4
|
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 |
|
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
|
Percent of remaining performance obligation expected to be recognized (as a percent) |
53.00%
|
|
Revenue, remaining performance obligation, period (in months) |
12 months
|
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Minimum |
|
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
|
Revenue, remaining performance obligation, period (in months) |
24 months
|
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Maximum |
|
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
|
Revenue, remaining performance obligation, period (in months) |
48 months
|
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v3.23.3
Fair Value Measurement - Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands |
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Line Items] |
|
|
|
Cost |
$ 398,011
|
|
$ 451,455
|
Net Unrealized Losses |
(404)
|
|
(253)
|
Fair Value |
397,607
|
|
451,202
|
Cash and Cash equivalents |
286,401
|
|
350,073
|
Short-term Investments |
90,382
|
|
98,699
|
Long-term Investments |
20,824
|
|
2,430
|
Non-cash impairment charges |
0
|
$ 500
|
|
Operating lease, impairment loss |
|
$ 2,300
|
|
Fair Value, Inputs, Level 1 | Fair Value, Recurring |
|
|
|
Debt Securities, Available-for-Sale [Line Items] |
|
|
|
Cost |
192,654
|
|
164,088
|
Net Unrealized Losses |
(9)
|
|
(39)
|
Fair Value |
192,645
|
|
164,049
|
Cash and Cash equivalents |
173,477
|
|
142,168
|
Short-term Investments |
19,168
|
|
21,881
|
Long-term Investments |
0
|
|
0
|
Fair Value, Inputs, Level 2 | Fair Value, Recurring |
|
|
|
Debt Securities, Available-for-Sale [Line Items] |
|
|
|
Cost |
92,433
|
|
86,559
|
Net Unrealized Losses |
(395)
|
|
(214)
|
Fair Value |
92,038
|
|
86,345
|
Cash and Cash equivalents |
0
|
|
7,097
|
Short-term Investments |
71,214
|
|
76,818
|
Long-term Investments |
20,824
|
|
2,430
|
Fair Value, Inputs, Level 3 | Fair Value, Recurring |
|
|
|
Debt Securities, Available-for-Sale [Line Items] |
|
|
|
Cost |
0
|
|
0
|
Net Unrealized Losses |
0
|
|
0
|
Fair Value |
0
|
|
0
|
Cash and Cash equivalents |
0
|
|
0
|
Short-term Investments |
0
|
|
0
|
Long-term Investments |
0
|
|
0
|
Cash (1) |
|
|
|
Debt Securities, Available-for-Sale [Line Items] |
|
|
|
Cost |
112,924
|
|
200,808
|
Net Unrealized Losses |
0
|
|
0
|
Fair Value |
112,924
|
|
200,808
|
Cash and Cash equivalents |
112,924
|
|
200,808
|
Short-term Investments |
0
|
|
0
|
Long-term Investments |
0
|
|
0
|
Money market funds | Fair Value, Inputs, Level 1 | Fair Value, Recurring |
|
|
|
Debt Securities, Available-for-Sale [Line Items] |
|
|
|
Cost |
173,477
|
|
142,168
|
Net Unrealized Losses |
0
|
|
0
|
Fair Value |
173,477
|
|
142,168
|
Cash and Cash equivalents |
173,477
|
|
142,168
|
Short-term Investments |
0
|
|
0
|
Long-term Investments |
0
|
|
0
|
Commercial paper | Fair Value, Inputs, Level 1 | Fair Value, Recurring |
|
|
|
Debt Securities, Available-for-Sale [Line Items] |
|
|
|
Cost |
19,177
|
|
21,920
|
Net Unrealized Losses |
(9)
|
|
(39)
|
Fair Value |
19,168
|
|
21,881
|
Cash and Cash equivalents |
0
|
|
0
|
Short-term Investments |
19,168
|
|
21,881
|
Long-term Investments |
0
|
|
0
|
Certificates of deposit | Fair Value, Inputs, Level 2 | Fair Value, Recurring |
|
|
|
Debt Securities, Available-for-Sale [Line Items] |
|
|
|
Cost |
22,790
|
|
35,081
|
Net Unrealized Losses |
0
|
|
(97)
|
Fair Value |
22,790
|
|
34,984
|
Cash and Cash equivalents |
0
|
|
6,351
|
Short-term Investments |
22,790
|
|
28,633
|
Long-term Investments |
0
|
|
0
|
U.S. Government and agency securities | Fair Value, Inputs, Level 2 | Fair Value, Recurring |
|
|
|
Debt Securities, Available-for-Sale [Line Items] |
|
|
|
Cost |
45,682
|
|
30,408
|
Net Unrealized Losses |
(308)
|
|
(42)
|
Fair Value |
45,374
|
|
30,366
|
Cash and Cash equivalents |
0
|
|
0
|
Short-term Investments |
31,376
|
|
29,431
|
Long-term Investments |
13,998
|
|
935
|
Corporate bonds | Fair Value, Inputs, Level 2 | Fair Value, Recurring |
|
|
|
Debt Securities, Available-for-Sale [Line Items] |
|
|
|
Cost |
23,961
|
|
21,070
|
Net Unrealized Losses |
(87)
|
|
(75)
|
Fair Value |
23,874
|
|
20,995
|
Cash and Cash equivalents |
0
|
|
746
|
Short-term Investments |
17,048
|
|
18,754
|
Long-term Investments |
$ 6,826
|
|
$ 1,495
|
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v3.23.3
Acquisitions - Allocation (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Business Acquisition [Line Items] |
|
|
|
Goodwill |
$ 207,781
|
|
$ 207,781
|
Omnivore Technologies, Inc. |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Accounts receivable |
|
$ 451
|
|
Other current assets |
|
148
|
|
Operating lease right-of-use asset |
|
236
|
|
Property and equipment |
|
24
|
|
Other assets, noncurrent |
|
9
|
|
Goodwill |
|
44,919
|
|
Accounts payable |
|
(198)
|
|
Accrued expenses and other current liabilities |
|
(101)
|
|
Unearned revenue |
|
(226)
|
|
Operating lease liability, current |
|
(81)
|
|
Operating lease liability, noncurrent |
|
(177)
|
|
Deferred tax liability, net |
|
(1,519)
|
|
Total purchase price, net of cash acquired and post-closing working capital adjustment |
|
49,335
|
|
Omnivore Technologies, Inc. | Customer relationships |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Intangible assets |
|
1,290
|
|
Omnivore Technologies, Inc. | Developed technology |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Intangible assets |
|
4,410
|
|
Omnivore Technologies, Inc. | Trademark |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Intangible assets |
|
$ 150
|
|
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v3.23.3
Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Payables and Accruals [Abstract] |
|
|
Accrued delivery service partner fees |
$ 43,917
|
$ 40,846
|
Accrued compensation and benefits |
7,784
|
6,986
|
Sublease liability |
2,677
|
0
|
Professional and consulting fees |
1,190
|
1,262
|
Accrued taxes |
927
|
674
|
Other |
3,039
|
2,643
|
Total accrued expenses and other current liabilities |
$ 59,534
|
$ 52,411
|
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v3.23.3
Stockholders' Equity - Narrative (Details) - USD ($)
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
Mar. 31, 2021 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 07, 2022 |
Class of Stock [Line Items] |
|
|
|
|
|
|
Issuance of common stock in connection with charitable donation |
|
$ 1,136,000
|
$ 1,406,000
|
|
|
|
Common Class A |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Repurchase of common stock authorised amount |
|
|
|
|
|
$ 100,000,000
|
Approved shares for issuance in connection with charitable donation (in shares) |
1,729,189
|
|
|
|
|
|
Issuance of common stock in connection with charitable donation (in shares) |
|
172,918
|
172,918
|
172,918
|
172,918
|
|
Issuance of common stock in connection with charitable donation |
|
$ 1,100,000
|
$ 1,400,000
|
$ 1,100,000
|
$ 1,400,000
|
|
Donated shares (in shares) |
|
691,672
|
|
691,672
|
|
|
Expected percent of remaining shares to be donated |
|
10.00%
|
|
10.00%
|
|
|
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v3.23.3
Stockholders' Equity - Share Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2023 |
Stock Repurchase Program [Roll Forward] |
|
|
|
|
Number of Shares Purchased, Repurchase of common stock (in shares) |
2,014,202
|
1,409,420
|
2,652,372
|
|
Number of Shares Purchased, ending (in shares) |
6,075,994
|
|
|
6,075,994
|
Average Price Paid per Share, (in USD per share) |
$ 6.45
|
$ 7.11
|
$ 7.54
|
$ 7.08
|
Value of shares repurchased, Repurchases of common stock |
$ 12,995
|
$ 10,018
|
$ 20,000
|
|
Value of Shares Repurchased, ending |
43,013
|
|
|
$ 43,013
|
Remaining Amount Authorized, beginning |
|
|
$ 80,000
|
80,000
|
Remaining Amount Authorized, ending |
$ 36,987
|
|
|
$ 36,987
|
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v3.23.3
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands |
|
3 Months Ended |
9 Months Ended |
|
Jan. 01, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Common shares authorized for issuance (in shares) |
|
40,185,923
|
|
40,185,923
|
|
30,263,529
|
Total stock-based compensation expense |
|
$ 12,513
|
$ 11,919
|
$ 41,341
|
$ 35,104
|
|
Restructuring reserve, settled without cash |
|
|
|
$ 1,700
|
|
|
2021 Equity Incentive Plan | Common Class A |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Share-based compensation, number of additional shares authorized (in shares) |
8,124,002
|
|
|
|
|
|
RSUs and PSUs |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Share-based compensation, trading day |
|
|
|
30 days
|
|
|
Fair value of awards vested during the period |
|
|
|
$ 19,800
|
|
|
Unrecognized compensation expense |
|
$ 87,300
|
|
$ 87,300
|
|
|
Weighted-average recognition period |
|
|
|
3 years 1 month 20 days
|
|
|
PSUs | Minimum |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Share-based compensation, target amount percentage |
|
|
|
0.00%
|
|
|
PSUs | Maximum |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Share-based compensation, target amount percentage |
|
|
|
120.00%
|
|
|
2021 Employee Stock Purchase Plan |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Common shares authorized for issuance (in shares) |
|
5,785,854
|
|
5,785,854
|
|
|
Total stock-based compensation expense |
|
|
|
$ 900
|
$ 1,200
|
|
2021 Employee Stock Purchase Plan | Common Class A |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Share-based compensation, number of additional shares authorized (in shares) |
1,050,883
|
|
|
|
|
|
Options, RSUs and PSUs |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Common stock reserved for future issuance (in shares) |
|
24,812,139
|
|
24,812,139
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v3.23.3
Stock-Based Compensation - Schedule of RSUs and PSUs (Details) - RSUs and PSUs
|
9 Months Ended |
Sep. 30, 2023
$ / shares
shares
|
Shares |
|
Unvested at beginning of period (in shares) | shares |
4,559,917
|
Granted (in shares) | shares |
10,920,422
|
Vested (in shares) | shares |
(2,749,110)
|
Forfeited and canceled (in shares) | shares |
(2,326,701)
|
Unvested at end of period (in shares) | shares |
10,404,528
|
Weighted- Average Grant Date Fair Value |
|
Weighted-average grant date fair value of unvested at beginning of period (in USD per share) | $ / shares |
$ 15.57
|
Granted (in USD per share) | $ / shares |
7.04
|
Vested (in USD per share) | $ / shares |
10.55
|
Forfeited and canceled (in USD per share) | $ / shares |
11.22
|
Weighted-average grant date fair value of unvested at end of period (in USD per share) | $ / shares |
$ 8.92
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v3.23.3
Stock-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total stock-based compensation expense |
$ 12,513
|
$ 11,919
|
$ 41,341
|
$ 35,104
|
Cost of Sales | Platform |
|
|
|
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total stock-based compensation expense |
1,661
|
1,367
|
5,159
|
4,269
|
Cost of Sales | Professional services and other |
|
|
|
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total stock-based compensation expense |
165
|
167
|
528
|
565
|
Research and development |
|
|
|
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total stock-based compensation expense |
3,628
|
3,571
|
11,730
|
10,382
|
General and administrative |
|
|
|
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total stock-based compensation expense |
5,506
|
5,442
|
16,093
|
15,567
|
Sales and marketing |
|
|
|
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total stock-based compensation expense |
1,553
|
1,372
|
6,103
|
4,321
|
Restructuring charges |
|
|
|
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total stock-based compensation expense |
$ 0
|
$ 0
|
$ 1,728
|
$ 0
|
X |
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v3.23.3
Net Loss per Share Attributable to Common Stockholders - Schedule of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Numerator: |
|
|
|
|
|
|
|
|
Net loss |
$ (11,759)
|
$ (17,076)
|
$ (13,706)
|
$ (14,560)
|
$ (11,673)
|
$ (11,509)
|
$ (42,541)
|
$ (37,742)
|
Denominator [Abstract] |
|
|
|
|
|
|
|
|
Weighted-average Class A and Class B common shares outstanding - basic (in shares) |
163,991,486
|
|
|
162,364,654
|
|
|
162,674,062
|
160,667,412
|
Weighted-average Class A and Class B common shares outstanding - diluted (in shares) |
163,991,486
|
|
|
162,364,654
|
|
|
162,674,062
|
160,667,412
|
Net loss per share attributable to Class A and Class B common stockholders - basic (in shares) |
$ (0.07)
|
|
|
$ (0.09)
|
|
|
$ (0.26)
|
$ (0.23)
|
Net loss per share attributable to Class A and Class B common stockholders - diluted (in shares) |
$ (0.07)
|
|
|
$ (0.09)
|
|
|
$ (0.26)
|
$ (0.23)
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.23.3
Net Loss per Share Attributable to Common Stockholders - Antidilutive Securities (Details) - shares
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities excluded from computation of net loss per share (in shares) |
33,327,137
|
36,795,462
|
33,327,137
|
36,795,462
|
Outstanding stock options |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities excluded from computation of net loss per share (in shares) |
22,730,187
|
31,960,236
|
22,730,187
|
31,960,236
|
Outstanding restricted and performance-based stock units |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities excluded from computation of net loss per share (in shares) |
10,404,528
|
4,710,098
|
10,404,528
|
4,710,098
|
Outstanding shares estimated to be purchased under ESPP |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Antidilutive securities excluded from computation of net loss per share (in shares) |
192,422
|
125,128
|
192,422
|
125,128
|
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v3.23.3
Restructuring Charges - Narrative (Details) - USD ($) $ in Thousands |
|
3 Months Ended |
6 Months Ended |
9 Months Ended |
Jun. 14, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Restructuring and Related Activities [Abstract] |
|
|
|
|
|
|
Restructuring and related cost, number of positions eliminated, period percent |
11.00%
|
|
|
|
|
|
Restructuring charges |
|
$ 166
|
$ 0
|
$ 6,682
|
$ 6,848
|
$ 0
|
Severance expense |
|
|
|
|
4,500
|
|
Restructuring reserve, settled without cash |
|
|
|
|
1,700
|
|
Other employee benefits |
|
|
|
|
$ 600
|
|
X |
- DefinitionAmount of other expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses associated with a discontinued operation or an asset retirement obligation.
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v3.23.3
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3 Months Ended |
6 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Restructuring Reserve [Roll Forward] |
|
|
|
|
|
Beginning balance |
$ 3,956
|
|
$ 0
|
$ 0
|
|
Charges |
166
|
$ 0
|
6,682
|
6,848
|
$ 0
|
Payments |
(4,004)
|
|
(2,726)
|
|
|
Ending balance |
$ 118
|
|
$ 3,956
|
$ 118
|
|
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