Q1 2025 Olo Inc Earnings Call

May 8, 2025

In the listen only mode.

Brief question and answer session will follow the formal presentation.

If anyone should require operator assistance during the conference. Please press star zero on your telephone keypad.

As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host Gary <unk> Senior Vice President of Investor Relations. Please go ahead.

Speaker Change: Thank you and good afternoon, and welcome to <unk> first quarter 2025 financial results Conference call. Joining me today are no glass, although its founder and CEO and Peter <unk> CFO. During this call we will make forward looking statements, including but not limited to statements regarding our expectations of our business our industry, our operations and future financial results.

Speaker Change: These statements reflect our beliefs and assumptions only as of today and are subject to a variety of risks and uncertainties that could cause actual results to differ materially for a discussion of these material risks and uncertainties. Please refer to our Form 10-Q, which was filed today and our other SEC filings.

Speaker Change: During this call will present, both GAAP and non-GAAP financial measures reconciliations to the most directly comparable GAAP measures are available on our earnings release, which is available on the Investor Relations page of our website.

Speaker Change: Finally in terms of our prepared remarks or in response to your questions. We may offer incremental metrics. Please be advised that this additional detail maybe onetime in nature, and we may or may not provide an update in the future on these metrics with that I'll turn the call over to Noah.

Noah: Thank you Gary Hi, everyone. Thank you for spending time with us today.

Noah: In the first quarter, although built on the momentum we sustained over 2024, we exceeded the high end of our revenue and non-GAAP operating income guidance ranges. We added approximately 2000 locations quarter to quarter and we made early progress on our $3 2025 priorities.

Operator: Finally, in terms of our prepared remarks, or in response to your questions, we may offer incremental metrics. Please be advised that this additional detail may be one-time in nature, and we may or may not provide an update in the future on these metrics.

Operator: At this time, all participants are in the listen-only mode.

In response to your questions. We may offer incremental metrics. Please be advised that this additional detail maybe onetime in nature, and we may or may not provide an update in the future on these metrics with that I'll turn the call over to Noah.

Noah: Scaling catering plus ramping although pay card presence and increasing the number of although flywheel brands.

Operator: A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star and zero on your telephone keypad.

Noah: Today, we're sharing two exciting customer signings that we believe further validate our strategy our catering plus pilot with Chipotle, a new top 25 brand for OLED.

Gary Fuges: With that, I'll turn the call over to Noah. Thank you, Gary. Hi, everyone. Thank you for spending time with us today.

Noah: Thank you Gary Hi, everyone. Thank you for spending time with us today.

Operator: As a reminder, this conference is being recorded.

Gary Fuges: It is now my pleasure to introduce your host, Gary Fuges, Senior Vice President of Investor Relations. Please go ahead. Thank you, good afternoon, and welcome to Olo's first quarter 2025 financial results conference call. Joining me today are Noah Glass, Olo's founder and CEO, and Peter Benevides, Olo's CFO. During this call, we will make forward-looking statements, including but not limited to statements regarding our expectations of our business, our industry, our operations, and future financial results. These statements reflect our beliefs and assumptions only as of today, and are subject to a variety of risks and uncertainties that could cause actual results to differ materially.

Noah Glass: In the first quarter, although built on the momentum we sustained over 2024, we exceeded the high end of our revenue and non-GAAP operating income guidance rate . We added approximately 2,000 locations quarter to quarter, and we made early progress on our three 2025 priorities. Scaling Catering Plus, Ramping Olo Pay Card Presence, and increasing the number of Olo Flywheel Brands.

Noah: <unk> and <unk> card presence full deployment deal with an existing publicly traded enterprise customer.

Noah: and over 2024. We exceeded the high end of our revenue and non-GAAP operating income guidance ranges. We added approximately 2000 locations

Noah: I'll review, the first quarter go to market and product highlights and then Peter will discuss our Q1 financial performance and our updated guidance. We will then take your questions.

Noah: Although we ended the quarter with approximately 88000 active locations, adding approximately 2000 net new locations over the first quarter.

Noah: Scaling catering plus, ramping Olo pay card presents, and increasing the number of Olo

Noah Glass: And today, we're sharing two exciting customer signings that we believe further validate our strategy.

Noah: And today, we're sharing two exciting customer signings that we believe further validate our strategy, a catering plus pilot with Chipotle, a new Top 25 brand for Ola.

Our gross revenue retention increased sequentially and we continued to expand with customers as reflected in Q1, 12% year over year <unk> growth.

Noah Glass: A Catering Plus pilot with Chipotle, a new top 25 brand for and an Olopay card presence full deployment deal with an existing publicly traded enterprise customer. I'll review the first quarter go-to-market and product highlights.

Gary Fuges: For a discussion of these material risks and uncertainties, please refer to our Form 10-Q, which was filed today, and our other SEC files. During this call, we'll present both GAAP and non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures are available on our earnings release, which is available on the Investor Relations page of our website. Finally, in terms of our prepared remarks or in response to your questions, we may offer incremental metrics.

Noah: We started the year off with a strong Q1 of new and expansion deployments in both our enterprise and emerging enterprise brand categories.

Noah: and an Olo pay card presence full deployment deal with an existing publicly traded enterprise customer.

Noah: I'll review the first quarter go-to-market and product highlights and then Peter will discuss our Q1 financial performance and our updated guidance. We'll then take your questions.

Noah Glass: And then Peter will discuss our Q1 financial performance and our updated guidance.

Noah: Enterprise, New deployments included Ben and Jerry's, which implemented ordering rails and overpay card not present.

Noah Glass: We'll then take your questions. Olo ended the quarter with approximately 88,000 active locations. adding approximately 2,000 met new locations over the first quarter. Our gross revenue retention increased sequentially, and we continued to expand with customers as reflected in Q1's 12% year-over-year ARPU growth. We started the year off with a strong Q1 of new and expansion deployments in both our enterprise and emerging enterprise brand categories.

Noah: We also launched rails with Gong Shah and pilot travel centers.

Olo ended the quarter with approximately 88,000 active locations.

Noah: Expansions included catering plus with El Pollo Loco, Hello, guys and solid and go.

Gary Fuges: Please be advised that this additional detail may be one-time in nature, and we may or may not provide an update in the future on these.

Noah: Bruce, adding approximately 2,000 met new locations over the first quarter. Our gross revenue retention increased sequentially, and we continue to expand with customers as reflected in Q1's 12% year-over-year Arpooh gross.

Noah: Dispatch with Waffle House, and <unk> card not present with first watch who is now a flywheel customer.

Noah Glass: With that, I'll turn the call over to Noah. Thank you, Gary. Hi, everyone. Thank you for spending time with us today. In the first quarter, although built on the momentum we sustained over 2024, we exceeded the high end of our revenue and non-GAAP operating income guidance range. We added approximately 2,000 locations quarter to quarter, and we made early progress on our three 2025 priorities. Scaling Catering Plus, Ramping Olo Pay Card Presence, and increasing the number of Olo Flywheel Brands. And today, we're sharing two exciting customer signings that we believe further validate our strategy, a catering plus pilot with Chipotle, a new top 25 brand for and an Olopay card presence full deployment deal with an existing publicly traded enterprise customer.

Noah: Adding flywheel customers is one of our 2025 priorities and today, we have more than 70 brands using OLED order and pay to generate digital transactions.

Noah: We started the year off with a strong Q1 of new and expansion deployments in both our enterprise and emerging enterprise brand categories.

Noah Glass: Enterprise new deployments included Ben & Jerry's, which implemented ordering, rails, and Olopay card not present.

Noah: Enterprise new deployments included Ben and Jerry's which implemented ordering rails and Olo pay card not present. We also launched rails with Gong Cha and pilot travel centers.

Noah: Although engages GDP and marketing automation to aggregate and activate the data to drive guest engagement.

Noah Glass: We also launch rails with Gong Cha and pilot travel. Expansions included Catering Plus with El Pollo Loco, Halal Guys, and Salad and Go. Dispatch with Waffle House. And Olope Cardnot Presents with First Watch, who is now a Flywheel customer.

Noah: We believe our early conviction in although engage and the transformative power of leveraging guest data is paying off.

Noah: Expansions included catering plus with El Puyoloco, Halal Guys, and Salad & Go, Dispatch with Waffle House, and Olo Pay card not present with first watch, who is now a flywheel customer.

Noah: In emerging enterprise, we deployed multiple modules with more than a dozen new brands such.

Noah: Such as cut BOP Korean barbecue and Swensen's.

Noah Glass: Adding Flywheel customers is one of our 2025 priorities. And today, we have more than 70 brands using OloOrder and OloPay to generate digital transit. And Olo engages GDP and marketing automation to aggregate and activate the data to drive guest. We believe our early conviction in Olo Engage and the transformative power of leveraging guest data is paying off.

Noah: Expansions included Rubios and Sonny's Bbq.

Noah: Both added although pay card not present to their order and catering plus channels.

Noah Glass: I'll review the first quarter go-to-market and product highlights.

Noah: With its expansion into overpay Sonny's joins our list of flywheel customers.

Noah Glass: And then Peter will discuss our Q1 financial performance and our updated guidance. We'll then take your questions. Olo ended the quarter with approximately 88,000 active locations. adding approximately 2,000 new locations over the first quarter. Our gross revenue retention increased sequentially, and we continued to expand with customers as reflected in Q1's 12% year-over-year ARPU growth.

Noah: Enterprise restaurants choose although because of our commitment to their success and we are honored that Texas roadhouse, the largest casual dining brand in the U S. Recently named <unk> as its 2024 vendor of the year we.

Noah: We believe our early conviction in Olo engage and the transformative power of leveraging death data is paying off.

Noah Glass: In Emerging Enterprise, we've deployed multiple modules with more than a dozen new brands. such as Cupbop Korean Barbecue and Swen. Expansions included Rubio's and Sonny's BBQ, who both added Olope Card Not Present to their Order and Catering Plus channels. With its expansion into Olope, Sunny's joins our list of Flywheel customers. Enterprise restaurants choose Olo because of our commitment to their success.

Noah: In Emerging Enterprise, we employed multiple modules with more than a dozen new brands, such as Cutbop Korean Barbecue and Swenson's.

Noah: We believe this recognition speaks volumes about the strength of our technology and the dedication creativity and excellence game, although breaks to solving complex challenges at scale.

Noah Glass: We started the year off with a strong Q1 of new and expansion deployments in both our enterprise and emerging enterprise brand categories. Enterprise new deployments included Ben & Jerry's, which implemented ordering, rails, and Olopay card not present. We also launch rails with Gong Cha and pilot travel. Expansions included Catering Plus with El Pollo Loco, Halal Guys, and Salad & Go, Dispatch with Waffle House, and Olope Cardnot Presents with First Watch, who is now a Flywheel customer. Adding Flywheel customers is one of our 2025 priorities. And today, we have more than 70 brands using Olo Order and OloPay to generate digital transit.

Noah: Expansions, Included Rubios, and Sunny's Barbecue, who both added Olo Pay card not present to their order and catering plus channels.

Noah: And today, we're announcing that Chipotle, a new top 25 brand for although we'll pilot multiple modules across a subset of locations to support their catering channel.

Noah: With its expansion into Olope, Sonny's joined our list of fly-wheel customers.

Noah: Enterprise restaurants choose Olo because of our commitment to their success, and we're honored that Texas Roadhouse, the largest casual dining brand in the US, recently named Olo as its 2024 vendor of the year.

Noah: Its a great validation of our platform strength and modularity as Chipotle will use although to power its catering channel as a complement to their in house Tech.

Noah Glass: And we're honored that Texas Roadhouse, the largest casual dining brand in the U.S., recently named Olo as its 2024 vendor of We believe this recognition speaks volumes about the strength of our technology and the dedication, creativity, and excellence Game Olo brings to solving complex challenges at scale. And today we're announcing that Chipotle, a new top 25 brand for Olo, will pilot multiple Olo modules across a subset of locations to support their catering channel. It's a great validation of our platform's strength and modularity as Chipotle will use Olo to power its catering channel as a complement to their in-house tech.

Noah: We're committed to helping chipotle enhance their catering channel and we look forward to sharing our progress together later this year.

Noah: We believe this recognition speaks volumes about the strength of our technology, and the dedication, creativity, and excellence.

Noah: Another 2025 priority is to begin ramping <unk> card presence and I'm pleased to announce that one of our existing publicly traded enterprise brands has signed to fully deploy overpay card presence.

Noah: and today, we're announcing that Chipotle, a new top 25 brand for Olo, will pilot multiple Olo modules across a subset of locations to support their catering channel.

Noah Glass: And Olo engages GDP and marketing automation to aggregate and activate the data to drive guest We believe our early conviction in Olo Engage and the transformative power of leveraging guest data is paying off. In Emerging Enterprise, we deployed multiple modules with more than a dozen new brands. such as Cupbop Korean Barbecue and Swenson. Expansions included Rubio's and Sonny's BBQ, who both added Olopay Card Not Present to their Order and Catering Plus channels. With its expansion into Olope, Sunny's joins our list of Flywheel customers.

Noah: Once implemented with card presence this brand will become our first flywheel customer to aggregated full stack payment transaction data alongside digital ordering data into the engage GDP.

Noah: It's a great validation of our platform's strength and modularity, as Chipotle will use Olo to power its catering channel as a complement to their in-house tech.

Noah: It's a great milestone on the overpaid journey and the although guest data flywheel strategy.

Noah Glass: We're committed to helping Chipotle enhance their catering channel and we look forward to sharing our progress together later this year.

Noah: We're committed to helping Chipotle enhance their catering channel and we look forward to sharing our progress together later this year.

Noah: Catering card present payments and leveraging guest data were key themes at our sixth annual beyond four customer conference, which.

Noah Glass: Another 2025 priority is to begin ramping Olopay card presence, and I'm pleased to announce that one of our existing publicly traded enterprise brands has signed to fully deploy Olopay card presence. Once implemented with CardPresent, this brand will become our first Flywheel customer to aggregate full-stack payment transaction data alongside digital ordering data into the Engage It's a great milestone on the Olo pay journey and the Olo guest data flywheel strategy.

Noah: Another 2025 priority is to begin ramping Olo Pay card presents, and I'm pleased to announce that one of our existing publicly traded enterprise brands has signed to fully deploy Olo Pay card presents.

Noah: Which we hosted in mid March we had record attendance with over 130 brands and 200, plus attendees and 18 brands presented how they leverage <unk> and other partners to run their businesses more efficiently.

Noah: Once implemented with card presence, this brand will become our first flywheel customer to aggregate full stack payment transaction data alongside digital ordering data into the Engage GDP.

Noah Glass: Enterprise restaurants choose Olo because of our commitment to their success, and we're honored that Texas Roadhouse, the largest casual dining brand in the U.S., recently named Olo as its 2024 Vendor of We believe this recognition speaks volumes about the strength of our technology and the dedication, creativity, and excellence Game Olo brings to solving complex challenges at scale. And today we're announcing that Chipotle, a new top 25 brand for Olo, will pilot multiple Olo modules across a subset of locations to support their catering channel. It's a great validation of our platform's strength and modularity, as Chipotle will use Olo to power its catering channel as a complement to their in-house tech.

Noah: Hosted demos for catering plus although pay card present, and OLED guest intelligence, a new capability I'll discuss shortly.

Noah: It's a great milestone on the Olo page journey and the Olo guest data flywheel strategy.

Noah: We also shared that border with our password list checkout feature is now used by approximately 450 brands.

Noah Glass: Catering, card present payments, and leveraging guest data were key themes at our sixth annual Beyond Four Customer Conference. which we hosted in mid-March. We had record attendance with over 130 brands and 200 plus attendees. and 18 brands presented how they leverage Olo and other partners to run their businesses more efficiently. We hosted demos for Catering Plus, Olo Pay Card Present, and Olo Guest Intelligence, a new capability I'll discuss shortly. We also shared that Borderless, our passwordless checkout feature, is now used by approximately 450 brands. Bordaless guests are now over 16 million, and we're beginning to see organic network effects here.

Noah: Catering, Card Present Payments, and Leveraging Guest Data, were key themes at our sixth annual Beyond Four Customer Conference.

Noah: <unk> guests are now over $16 million and we are beginning to see organic network effects. Here for example, more than $2 million border with guests have used board with two or more brands up more than 10 X from a year ago.

Noah: which we hosted in mid-March. We had record attendance with over 130 brands and 200 plus attendees, and 18 brands presented how they leverage Olo and other partners to run their businesses more efficiently.

Noah: That's more board of Lyft guests transacting more broadly across the board with network, which we believe is a win for guests for brands and for OLED.

Noah: We hosted demos for Catering Plus, Olo Pay Card Present, and Olo Guest Intelligence. A new capability I'll discuss shortly.

Noah: In product innovation, our spring release highlights included a catering plus calendar feature that improves catering team planning and operations and.

Noah: We also shared that borderless, our passwordless checkout feature is now used by approximately 450 brands.

Noah Glass: We're committed to helping Chipotle enhance their catering channel, and we look forward to sharing our progress together later this year.

Noah: And engage integration with thanks, our third preferred loyalty partner integration.

Noah: Bortalist guests are now over 16 million, and we're beginning to see organic network effects here.

Noah Glass: Another 2025 priority is to begin ramping Olopay card presence, and I'm pleased to announce that one of our existing publicly traded enterprise brands has signed to fully deploy Olopay card presence. Once implemented with CarPresence, this brand will become our first flywheel customer to aggregate full-stack payment transaction data alongside digital ordering data into the Engage For more information visit www.carpresence.com It's a great milestone on the Olo pay journey and the Olo guest data flywheel strategy.

Noah: And the beta launch of although guest intelligence or <unk>.

Noah Glass: For example, more than 2 million Bordaless guests have used Bordaless at two or more brands, up more than 10x from a year ago. That's more Bordaless guests transacting more broadly across the Bordaless network, which we believe is a win for guests, for brands, and for Olo.

Noah: For example, more than two million borderless guests have used borderless at two or more brands, up more than 10x from a year ago.

Noah: Oh Gee guys services guest metrics directly into the OLED dashboard.

Noah: Making it easy for brands to gain valuable insights that help inform their business decisions.

Noah: That's more borderless guests transacting more broadly across the borderless network, which we believe is a win for guests for brands and for Olo.

Noah: Oh Gi has been incredibly well received by our customers more than 700 of our brands have used it in its first month of availability and we believe <unk> will become even more valuable when we integrate overpay data later this year.

Noah Glass: In product innovation, our spring release highlights included a catering plus calendar feature that improves catering team planning and operation. and Engage Integration with Thanks, our third preferred loyalty partner integration. and the beta launch of Olo Guest Intelligence or OGI. OGI services guest metrics directly into the Olo dashboard. making it easy for brands to gain valuable insights that help inform their business decisions. OGI has been incredibly well received by our customers. more than 700 of our brands have used it in its first month of availability. And we believe OGI will become even more valuable when we integrate OloPay data later this year.

Noah: In-product innovation, our spring release highlights included a catering plus calendar feature that improves catering team planning and operations.

Noah: <unk> data aggregation is one of all of those key competitive differentiators and <unk> is putting that data to work to help brands succeed.

Noah: and Engage Integration with Thanks, our third preferred loyalty partner integration and the beta launch of Olo Guest Intelligence, or OGI.

Speaker Change: Before I turn the call over to Peter It's my pleasure to welcome Paris Chapman as our new Chief sales officer, who joined US on May 5th.

Noah: OGI Services guest metrics directly into the Olo Dashboard, making it easy for brands to gain valuable insights that help inform their business decisions.

Speaker Change: Harish has everything we were looking for in our next sales leader enterprise restaurant experience, our proven track record as a sales leader and he'll be working from our New York City headquarters.

Noah: OGI has been incredibly well received by our customers. More than 700 of our brands have used it in its first months of availability. And we believe OGI will become even more valuable when we integrate Olo pay data later this year.

Speaker Change: You can read parishes full biography on our website and I'm sure you'll see why we're excited to welcome him to <unk>.

Noah Glass: Guest data aggregation is one of Olo's key competitive differentiators, and OGI is putting that data to work to help brands Before I turn the call over to Peter, it's my pleasure to welcome Parrish Chapman as our new Chief Sales Officer who joined us on May 5th. Parrish has everything we were looking for in our next sales leader. Enterprise restaurant experience, a proven track record as a sales leader, and he'll be working from our New York City headquarters.

Noah: Guest Data Aggregation is one of all those key competitive differentiators, and OGI is putting that data to work to help brands succeed.

Speaker Change: Q1 was a strong start to the year.

Speaker Change: <unk> is a mission critical partner to restaurant brands, and we believe our value proposition remains compelling in an environment of rising input costs and increasing macroeconomic uncertainty.

Speaker Change: Before I turn the call over to Peter, it's my pleasure to welcome Paris Chapman as our new Chief Sales Officer, who joined us on May 5th.

Take nothing for granted and with nearly 20 years of experience and a large base of enterprise limited service restaurants, we've seen many of our brands, whether past economic challenges and benefit from a trade down effect and consumer behavior.

Speaker Change: Parrish has everything we were looking for in our next sales leader, Enterprise Restaurant Experience, a proven track record as a sales leader, and he'll be working from our New York City headquarters.

Noah Glass: In product innovation, our spring release highlights included a catering plus calendar feature that improves catering team planning and operation. and Engage Integration with Thanks, our third preferred loyalty partner integration. and the beta launch of Olo Guest Intelligence or OGI. OGI services guest metrics directly into the Olo dashboard. making it easy for brands to gain valuable insights that help inform their business decisions. OGI has been incredibly well-received by our customers. more than 700 of our brands have used it in its first month of availability. And we believe OGI will become even more valuable when we integrate OloPay data later this year.

Noah Glass: You can read Parrish's full biography on our website. And I'm sure you'll see why.

Speaker Change: With our scaled network reliable platform and experience in helping brands do more with less we believe <unk> is well positioned to help restaurants capitalized on the secular trend of Digitization.

Speaker Change: You can read Paris' full biography on our website, and I'm sure you'll see why. We're excited to welcome him to Team Olo.

Noah Glass: We're excited to welcome him to T-Mobile.

Noah Glass: Q1 was a strong start to the year. Olo is a mission-critical partner to restaurant brands, and we believe our value proposition remains compelling in an environment of rising input costs and increasing macroeconomic uncertainty. We take nothing for granted, and with nearly 20 years of experience at a large base of enterprise limited service restaurants, we've seen many of our brands weather past economic challenges and benefit from a trade-down effect in consumer behavior. With our scaled network, reliable platform, and experience in helping brands do more with less, we believe Olo is well-positioned to help restaurants capitalize on the secular trend of digitization.

Speaker Change: Q1 was a strong start to the year. Olo is a mission-critical partner to restaurant brands, and we believe our value proposition remains compelling in an environment of rising input costs and increasing macroeconomic uncertainty.

Speaker Change: I'll now turn the call over to Peter for a review of our Q1 financial results and guidance Peter.

Peter: Thanks, Noah today, I'll review, our first quarter results and our guidance for the second quarter and the full year of 2025.

Speaker Change: We take nothing for granted and with nearly 20 years of experience and a large base of enterprise limited service restaurants, we've seen many of our brands weather past economic challenges and benefit from a trade-down effect in consumer behavior.

Peter: In the first quarter total revenue was $87 million, an increase of 21% year over year.

Peter: Platform revenue in the first quarter with $79 $2 million, an increase of 20% year over year.

Peter: All product suites performed better than expected in the quarter.

Peter Benevides: I'll now turn the call over to Peter for a review of our Q1 financial results and guidance. Thanks, Noah. Today, I'll review our first quarter results and our guidance for the second quarter and the full year 2025. In the first quarter, total revenue was $80.7 million, an increase of 21% year-over-year. Platform revenue in the first quarter was $79.2 million, an increase of 20% year-over-year. All product suites performed better than expected in the quarter. Active locations were approximately 88,000, up approximately 2,000 locations sequentially, due primarily to strong customer deployment activity and some implementations being pulled forward into Q1 from Q2.

Peter: Active locations were approximately 88000.

Peter: Approximately 2000 locations sequentially due primarily to strong customer deployment activity and some implementations being pulled forward into Q1 from Q2.

Peter: We continue to expect to add approximately 5000 net new locations in 2025.

Speaker Change: In the first quarter total revenue was $87 million, an increase of 21% year over year.

Peter: <unk> for the first quarter was approximately $911 up 12% year over year, due primarily to increased order volumes and modules per location.

Speaker Change: Platform revenue in the first quarter with $79 $2 million, an increase of 20% year over year.

Noah Glass: Q1 was a strong start to the year. Olo is a mission-critical partner to restaurant brands, and we believe our value proposition remains compelling in an environment of rising input costs and increasing macroeconomic uncertainty. We take nothing for granted, and with nearly 20 years of experience and a large base of enterprise limited service restaurants, we've seen many of our brands weather past economic challenges and benefit from a trade-down effect in consumer behavior. With our scaled network, reliable platform, and experience in helping brands do more with less, we believe Olo is well-positioned to help restaurants capitalize on the secular trend of digitization.

Speaker Change: All product suites performed better than expected in the quarter.

Peter: Net revenue retention was 111%.

Speaker Change: Active locations, where approximately 88000.

Peter: <unk> revenue retention remains above 98% due to the strength of the platform and breadth of solutions.

Speaker Change: Approximately 2000 locations sequentially due primarily to strong customer deployment activity and.

Peter: For the remainder of the Q1 financial metrics disclosed unless otherwise noted I will be referencing non-GAAP financial measures.

Speaker Change: Some implementations being pulled forward into Q1 from Q2.

Peter Benevides: We continue to expect to add approximately 5,000 net new locations in 2025. Our poo for the first quarter was approximately $911, up 12% year over year, due primarily to increased order volumes and modules per location. Net revenue retention was 111%. gross revenue retention remains above 98% due to the strength of the platform and breadth of solution.

Speaker Change: We continue to expect to add approximately 5000 net new locations in 2025.

Peter: Gross profit for the first quarter was $49 $2 million.

Speaker Change: <unk> for the first quarter was approximately $911 up 12% year over year, due primarily to increased order volumes and modules per location.

Peter: Up 18% year over year and gross margin in the quarter with 69% driven in part by solid non pay revenue performance and continued improvement in <unk> gross margin.

Speaker Change: Net revenue retention was 111%.

Peter: Gross profit and gross margin also benefited from approximately $1 million of one time cost of revenue adjustments associated with all okay.

Speaker Change: <unk> revenue retention remains above 98% due to the strength of the platform and breadth of solutions.

Peter: Excluding these one time benefits Q1 gross profit year over year growth would have been approximately 16% in Q1 gross margin would have been roughly in line with the gross margin from the prior quarter.

Peter Benevides: For the remainder of the Q1 financial metrics disclosed, unless otherwise noted, I will be referencing non-GAAP financial metrics. Gross profit for the first quarter was $49.2 million, up 18% year over year, and gross margin in the quarter was 60.9%, driven in part by solid non-pay revenue performance and continued improvement in Olo pay gross margin. Gross profit and gross margin also benefited from approximately $1 million of one-time cost to revenue adjustment. Associated with Olope . Excluding these one-time benefits, Q1 gross profit year-over-year growth would have been approximately 16%. and Q1 gross margin would have been roughly in line with the gross margin from the prior quarter.

Speaker Change: For the remainder of the Q1 financial metrics disclosed unless otherwise noted I will be referencing non-GAAP financial measures.

Speaker Change: Gross profit for the first quarter was $49 $2 million.

Peter: Q1, total operating expenses increased approximately 5% year over year in Q1, which reflects the impact of the cost reductions enacted in late September 2024, and our continued focus on managing operating expenses.

Speaker Change: Up 18% year over year and gross margin in the quarter with 69% driven in part by solid non pay revenue performance and continued improvement in <unk> gross margin.

Speaker Change: Gross profit and gross margin also benefited from approximately $1 million of one time cost of revenue adjustments associated with the oil okay.

Peter: Percentage of revenue basis, all operating expense lines were lower in Q1 than in the year ago period.

Speaker Change: Excluding these one time benefits Q1 gross profit year over year growth would have been approximately 16% and.

Peter: Operating income for the first quarter was $11 $5 million up from $5 $6 million a year ago.

Speaker Change: Q1 gross margin would have been roughly in line with the gross margin from the prior quarter.

Peter Benevides: We continue to expect to add approximately 5,000 net new locations in 2025. Our poo for the first quarter was approximately $911, up 12% year-over-year, due primarily to increased order volumes and modules per location. Net revenue retention was 111%. gross revenue retention remains above 98% due to the strength of the platform and breadth of solution.

Peter: Operating margin was 14, 3% in Q1, an increase of approximately 580 basis points year over year.

Peter Benevides: Q1 total operating expenses increased approximately 5% year over year in Q1, which reflects the impact of the cost reductions enacted in late September 2024 and our continued focus on managing operating expenses. On a percentage of revenue basis, all operating expense lines were lower in Q1 than in the year-ago period. Operating income for the first quarter was $11.5 million, up from $5.6 million a year ago. Operating margin was 14.3% in Q1, an increase of approximately 580 basis points year-over-year. Net income in the first quarter was $11.8 million, or $0.07 per share, based on approximately 179 million fully diluted shares.

Speaker Change: Q1, total operating expenses increased approximately 5% year over year in Q1, which reflects the impact of the cost reductions enacted in late September 2024, and our continued focus on managing operating expenses.

Peter: Net income in the first quarter was $11 8 million or <unk> <unk> per share based on approximately 179 million fully diluted shares.

Peter: In Q1, <unk> was also profitable on a GAAP basis at one per fully diluted share.

Speaker Change: On a percentage of revenue basis, all operating expense lines were lower in Q1 than in the year ago period.

Peter: This strong bottom line performance reflects both revenue and gross profit outperformance and continued expense discipline.

Speaker Change: Operating income for the first quarter was $11 $5 million up from $5 $6 million a year ago.

Peter Benevides: For the remainder of the Q1 financial metrics disclosed, unless otherwise noted, I will be referencing non-GAAP financial measures. Gross profit for the first quarter was $49.2 million, up 18% year-over-year, and gross margin in the quarter was 60.9%, driven in part by solid non-pay revenue performance and continued improvement in Olo pay gross margin. Gross profit and gross margin also benefited from approximately $1 million of one-time cost to revenue adjustment. Associated with Olopay. Excluding these one-time benefits, Q1 gross profit year-over-year growth would have been approximately 16 percent. and Q1 gross margin would have been roughly in line with the gross margin from the prior quarter.

Peter: Gross profit rule of 40 performance, which we define as year over year gross profit growth plus <unk> as a percentage of gross profit was 42 in Q1, and we achieved a rule of 38 when adjusting for the one time <unk> cost of revenue benefit I discussed earlier.

Speaker Change: Operating margin was 14, 3% in Q1, an increase of approximately 580 basis points year over year net.

Speaker Change: Net income in the first quarter was $11 8 million or <unk> <unk> per share based on approximately 179 million fully diluted shares.

Turning our attention to the balance sheet and cash flow statement.

Peter Benevides: In Q1, Olo was also profitable on a gap basis. at one cent per fully diluted share. This strong bottom-line performance reflects both revenue and gross profit outperformance and continued expense discipline. Gross profit rule of 40 performance, which we define as year-over-year gross profit growth plus NGOI as a percentage of gross profit, was 42 in Q1, and we achieved a rule of 38 when adjusting for the one-time OloPay cost-to-revenue benefit I discussed earlier.

Speaker Change: In Q1, <unk> was also profitable on a GAAP basis.

Our cash cash equivalents and short and long term investments totaled approximately $402 million as of March 31 2025.

Speaker Change: At one per fully diluted share.

Speaker Change: This strong bottom line performance reflects both revenue and gross profit outperformance and continued expense discipline.

Peter: Net cash provided by operating activities was <unk>.

Speaker Change: Gross profit rule of 40 performance, which we define as year over year gross profit growth plus <unk> as a percentage of gross profit was 42 in Q1, and we achieved a rule of 38 when adjusting for the one time <unk> cost of revenue benefit I discussed earlier.

Peter: $5 million in the quarter compared to $6 million in the year ago quarter.

Peter: Free cash flow was negative $1 9 million compared to $2 $8 million a year ago.

Peter: Q1 cash flow metrics, primarily reflect operating income performance and working capital timing starting in Q1 payment terms from our partner change from billing one quarter in advance to 30 days in arrears, which impacted this past quarter's cash flow metrics.

Peter Benevides: Turning our attention to the balance sheet and cash flow statement. Our cash, cash equivalents, and short and long-term investments total approximately $402 million as of March 31st, 2025. Net cash provided by operating activities was $0.5 million in the quarter, compared to $6 million in the year-ago quarter. Free cash flow was negative $1.9 million compared to $2.8 million a year ago. Q1 cash flow metrics primarily reflect operating income performance and working capital timing. Starting in Q1, payment terms from a partner changed from billing one quarter in advance to 30 days in arrears, which impacted this past quarter's cash flow metric.

Speaker Change: Turning our attention to the balance sheet and cash flow statement.

Speaker Change: Our cash cash equivalents and short and long term investments totaled approximately $402 million as of March 31 2025.

Peter: Normalizing for this timing change free cash flow in Q1 would have been approximately $4 million.

Speaker Change: Net cash provided by operating activities was <unk>.

Speaker Change: $5 million in the quarter compared to $6 million in the year ago quarter.

Peter: I'll wrap up by providing our guidance for the second quarter and full year 2025.

Speaker Change: Free cash flow was negative $1 9 million.

Peter: For the second quarter of 2025, we expect revenue in the range of $82 million and $82 5 million and non-GAAP operating income in the range of 11.5 and $11 $8 million.

Speaker Change: Compared to $2 $8 million a year ago.

Speaker Change: Q1 cash flow metrics, primarily reflect operating income performance and working capital timing starting in Q1 payment terms from our partner changed from billing one quarter in advance to 30 days in arrears, which impacted this past quarter's cash flow metrics.

Peter: For the full year 2025, we expect revenue in the range of $338 5 million and $340 million.

Peter: And non-GAAP operating income in the range of $48 6 million and $49 $8 million.

Peter Benevides: Normalizing for this timing change, free cash flow in Q1 would have been approximately $4 million.

Speaker Change: Normalizing for this timing change free cash flow in Q1 would have been approximately $4 million.

Peter: Our full year 2025 outlook reflects many of the assumptions we shared on our February call regarding the mix of incremental revenue coming from existing projects and deployment versus new business signed and deployed intra year location count growth.

Speaker Change: I'll wrap up by providing our guidance for the second quarter and full year 2025.

Peter Benevides: I'll wrap up by providing our guidance for the second quarter and full year 2025. For the second quarter of 2025, we expect revenue in the range of $82 million and $82.5 million, and non-GAAP operating income in the range of $11.5 and $11.8 million. For the full year 2025, we expect revenue in the range of $338.5 million and $340 million and non-GAAP operating income in the range of $48.6 million and $49.8 million. Our full year 2025 outlook reflects many of the assumptions we shared on our February call regarding the mix of incremental revenue coming from existing projects in deployment versus new business signed and deployed intra-year, location count growth, Olo pay revenue contribution, and gross profit and operating expense growth.

Speaker Change: For the second quarter of 2025, we expect revenue in the range of $82 million and $82 5 million and non-GAAP operating income in the range of 11.5, and 11 $8 million for.

Peter: <unk> revenue contribution and gross profit and operating expense growth.

Speaker Change: For the full year 2025, we expect revenue in the range of $338 5 million and $340 million and non-GAAP operating income in the range of $48 6 million and $49 $8 million.

Peter: Full year 2025 guidance also includes the expected impact of the Chipotle pilot and the enterprise brand pay card present signed contracts knowing that Scott.

Peter: The 2025 guidance, we set in February was based on expectations of consistent growth in digital ordering a continued need for restaurants to deploy technology to improve efficiency and offset rising costs and macroeconomic uncertainty.

Speaker Change: Our full year 2025 outlook reflects many of the assumptions we shared on our February call regarding the mix of incremental revenue coming from existing projects and deployment versus new business signed and deployed intra year location count growth, although pay revenue contribution in <unk>.

Peter: Based on what we see today, our updated 2025 guidance continues to reflect these factors.

Speaker Change: Gross profit and operating expense growth.

Peter: That said, we believe this segment of the market in which we operate enterprise brands with an emphasis on limited service concepts makes our business more resilient than others.

Peter Benevides: Full year 2025 guidance also includes the expected impact of the Chipotle pilot and the enterprise brand pay card present signed contracts Noah discussed. The 2025 guidance we set in February was based on expectations of consistent growth in digital ordering, a continued need for restaurants to deploy technology to improve efficiency and offset rising costs, and macroeconomic uncertainty. Based on what we see today, our updated 2025 guidance continues to reflect these factors. That said, we believe the segment of the market in which we operate, enterprise brands with an emphasis on limited service concepts, makes our business more resilient than others.

Scott: Full year 2025 guidance also includes the expected impact of the Chipotle pilot and the enterprise brand pay card present signed contracts know what that Scott.

Peter: We believe enterprise restaurants are better positioned than smbs to withstand downturns and limited service concepts tend to benefit from a trade down effect in consumer spending.

Peter Benevides: Normalizing for this timing change, free cash flow in Q1 would have been approximately four million dollars.

Scott: The 2025 guidance, we set in February was based on expectations of consistent growth in digital ordering a continued need for restaurants to deploy technology to improve efficiency and offset rising costs and macroeconomic uncertainty.

Peter: We experienced these trends during prior downturns such as during the 2008 through 2009 financial crisis and believe the nature of our business along with the need for brands to do more with less to succeed helps OLED performance in times of greater economic uncertainty and.

Scott: Based on what we see today, our updated 2025 guidance continues to reflect these factors.

Scott: That said, we believe this segment of the market in which we operate enterprise brands with an emphasis on limited service concepts makes our business more resilient than others.

Peter: And based on Q2, and 2025 ordering trends to date, we have begun to see signs of the trade down effect, taking shape with same store sales for limited service concepts gaining share as compared to full service.

Peter Benevides: We believe enterprise restaurants are better positioned than SMBs to withstand downturns and limited service concepts tend to benefit from a trade-down effect in consumer spending. We experienced these trends during prior downturns, such as during the 2008-2009 financial crisis, and believe the nature of our business, along with the need for brands to do more with less to succeed, helps Olo's performance in times of greater economic uncertainty. And based on Q2 in 2025 ordering trends to date, we've begun to see signs of the trade-down effect taking shape, with same-store sales for limited-service concepts gaining share as compared to full-service.

Scott: We believe enterprise restaurants are better positioned than smbs to withstand downturns and limited service concepts tend to benefit from a trade down effect in consumer spending we.

Peter: Gross profit rule of 40 performance remains a priority for us and updated guidance still implies that we meet or exceed gross profit rule of 40 in Q4 of this year.

Scott: We experienced these trends during prior downturns such as during the 2008 through 2009 financial crisis.

Peter: Regarding second quarter 2025 guidance note that annual compensation increases hit in Q2.

Scott: And believe the nature of our business along with the need for brands to do more with less to succeed helps OLED performance in times of greater economic uncertainty.

Peter: As was the case in 2024.

Peter: Also recall that we had approximately $1 million of nonrecurring high gross margin revenue in Q2 2024.

Scott: And based on Q2, and 2025 ordering trends to date, we have begun to see signs of the trade down effect, taking shape with same store sales for limited service concepts gaining share as compared to full service.

Peter: Which makes the year over year gross profit comparison more challenging for Q2 2025.

Peter Benevides: Gross profit rule of 40 performance remains a priority for us and updated guidance still implies that we meet or exceed gross profit rule of 40 in Q4 of this year. Regarding second quarter 2025 guidance, note that annual compensation increases hit in Q2, as was the case in 2024. Also recall that we had approximately $1 million of non-recurring high gross margin revenue in Q2 2024, which makes the year-over-year gross profit comparison more challenging for Q2 2025.

Scott: Gross profit rule of 40 performance remains a priority for us and updated guidance still implies that we meet or exceed gross profit rule of 40 in Q4 of this year.

Peter: Adjusting for the onetime items impacting Q2, 2024, and Q1 2025 gross profit and considering our Q2 2025 guidance, we expect normalized year over year gross profit growth in the first half of 2025 to be approximately 14%.

Scott: Regarding second quarter 2025 guidance note that annual compensation increases hit in Q2.

Scott: As was the case in 2024.

Peter: Which would be an acceleration from normalized year over year gross profit growth of 12% in the first half of 2024.

Scott: Also recall that we had approximately $1 million of nonrecurring high gross margin revenue in Q2 2024.

Peter: To wrap up although it's off to a great start in 2025 with top and bottom line performance that exceeded our guidance ranges GAAP profitability and the achievement of gross profit rule of 40 in the quarter.

Scott: Which makes the year over year gross profit comparison more challenging for Q2 2025.

Peter Benevides: We believe enterprise restaurants are better positioned than SMBs to withstand downturns and limited service concepts tend to benefit from a trade-down effect in consumer spending. We experienced these trends during prior downturns, such as during the 2008-2009 financial crisis, and believe the nature of our business, along with the need for brands to do more with less to succeed, helps Olo's performance in times of greater economic uncertainty. And based on Q2 in 2025 ordering trends to date, we've begun to see signs of the trade down effect taking shape, with same store sales for limited service concepts gaining share as compared to full service.

Peter Benevides: Adjusting for the one-time items impacting Q2 2024 and Q1 2025 gross profit and considering our Q2 2025 guidance, we expect normalized year-over-year gross profit growth in the first half of 2025 to be approximately 14%, which would be an acceleration from normalized year-over-year gross profit growth of 12% in the first half of 2024.

Scott: Adjusting for the onetime items impacting Q2, 2024, and Q1 2025 gross profit and considering our Q2 2025 guidance, we expect normalized year over year gross profit growth in the first half of 2025 to be approximately 14%.

Peter: We are executing on our strategy, while taking a prudent approach to guidance in light of the current macroeconomic environment. We are confident in our prospects given our focus on enterprise scale brands and limited service concepts, which have shown to hold up better in more challenging markets relative to F&B and full service restaurants.

Scott: Which would be an acceleration from normalized year over year gross profit growth of 12% in the first half of 2024.

Peter: With that said I'd now like to turn it over to the operator to begin the Q&A session operator.

Scott: To wrap up although it's off to a great start in 2025 with top and bottom line performance that exceeded our guidance ranges GAAP profitability and the achievement of gross profit rule of 40 in the quarter.

Peter Benevides: To wrap up, Olo is off to a great start in 2025, with top and bottom line performance that exceeded our guidance ranges, gap profitability, and the achievement of gross profit rule of 40 in the quarter. We are executing on our strategy while taking a prudent approach to guidance in light of the current macroeconomic environment.

Peter: Thank you.

Speaker Change: Ladies and gentlemen, we will now be conducting a question and answer session.

Peter Benevides: Gross profit rule of 40 performance remains a priority for us, and updated guidance still implies that we meet or exceed gross profit rule of 40 in Q4 of this year. Regarding second quarter 2025 guidance, note that annual compensation increases hit in Q2, as was the case in 2024. Also recall that we had approximately $1 million of non-recurring high gross margin revenue in Q2 2024, which makes the year-over-year gross profit comparison more challenging for Q2 2025. Adjusting for the one-time items impacting Q2 2024 and Q1 2025 gross profit and considering our Q2 2025 guidance, we expect normalized year-over-year gross profit growth in the first half of 2025 to be approximately 14%, which would be an acceleration from normalized year-over-year gross profit growth of 12% in the first half of 2024.

Speaker Change: If you would like to ask a question. Please press star and one on a touchtone telephone.

Scott: We are executing on our strategy, while taking a prudent approach to guidance in light of the current macroeconomic environment. We are confident in our prospects given our focus on enterprise scale brands and limited service concepts, which have shown to hold up better in more challenging markets relative to F&B and full service restaurants.

Speaker Change: A confirmation tone will indicate your line is in the question queue.

Peter Benevides: We are confident in our prospects, given our focus on enterprise scale brands and limited service concepts, which have shown to hold up better in more challenging markets relative to SMB and full-service Russia.

Speaker Change: You May press star.

Speaker Change: And two if you would like to remove your question from the queue.

Speaker Change: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

Operator: With that said, I'd now like to turn it over to the operator to begin the Q&A session. Operator? Thank you.

Scott: With that said I'd now like to turn it over to the operator to begin the Q&A session operator.

Speaker Change: Ladies and gentlemen, we will wait for a moment when we poll for questions.

Scott: Yes.

Speaker Change: Thank you.

Operator: Ladies and gentlemen, we will now be conducting a question and answer session. If you would like to ask a question, please press star and one on your touchtone telephone. A confirmation tone will indicate your line is in the question queue. You may press star and two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Ladies and gentlemen, we will wait for a moment while we poll for questions.

Speaker Change: Our first question comes from Terry Tillman with <unk> Securities. Please go ahead.

Speaker Change: Ladies and gentlemen, we will now be conducting a question and answer session.

Speaker Change: If you would like to ask a question. Please press star and one on a touchtone telephone.

Speaker Change: Great. Good evening Tam counterparts are all on for Terry I. Appreciate you taking the question.

Speaker Change: A confirmation tone will indicate your line is in the question queue.

Speaker Change: I guess just to start congratulations on the Chipotle pilot.

Speaker Change: You May press star.

Speaker Change: I'm just kind of wanted to hear a little bit more about what the deal means for I guess catering plus in California brands General and then also I'm sorry, if I.

Speaker Change: And two if you'd like to remove your question from the queue.

Speaker Change: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

If I missed this but.

Speaker Change: I think you said multi module deals. There just is there anything you can kind of say from adoption standpoint in terms of core although offerings there.

Speaker Change: Ladies and gentlemen, we would wait for a moment when we poll for questions.

Peter Benevides: To wrap up, Olo is off to a great start in 2025 with top and bottom line performance that exceeded our guidance ranges, gap profitability, and the achievement of gross profit rule of 40 in the quarter. We are executing on our strategy while taking a prudent approach to guidance in light of the current macroeconomic environment.

Speaker Change: Hey, Tyler. Thank you. This is Noah I'll take that one so yeah. We're excited about this catering plus pilot with Chipotle and I think we've been saying for a couple of quarters now how excited we are generally speaking about catering plus as both an upsell opportunity for existing customers and an opportunity for us.

Speaker Change: Our first question comes from Terry Tillman with <unk> Securities. Please go ahead.

Terry Tillman: Our first question comes from Terry Tillman with Truist Securities. Please go ahead. Great.

Speaker Change: Great. Good evening Tam counterparts are all on for Terry I. Appreciate you taking the question.

Noah Glass: Good evening, Tim, Connor, Passarella, Ankur, Kerry. Appreciate you taking the question. I guess just to start, congratulations on, you know, the Chipotle pilot. You know, just kind of wanted to hear a little bit more about, you know, what the deal means for, I guess, Catering Plus and, you know, Top24i Brands in general. And then, you know, also, I'm sorry if I, you know, if I missed this, but I think you said multi-module deal. Is there just, is there anything you can kind of say from an adoption standpoint in terms of, you know, core Olo offerings there?

Speaker Change: I guess just to start congratulations on the Chipotle pilot.

Speaker Change: Kind of wanted to hear a little bit more about what the deal means for I guess catering plus in California brands General and then also I'm sorry, if I missed.

Speaker Change: To land and hopefully expand with new customers inclusive of top 25.

Peter Benevides: We are confident in our prospects given our focus on enterprise scale brands and limited service concepts, which have shown to hold up better and more challenging markets relative to SMB and full service Russia.

Speaker Change: <unk> is a great example of that and you are right we talked about it as a multi module win.

Speaker Change: If I missed this but I think you said multi module deals. There just is there anything you can kind of say from adoption standpoint in terms of core although offerings there.

Speaker Change: Without going into specific details on chipotle.

Operator: With that said, I'd now like to turn it over to the operator to begin the Q&A session. Operator? Thank you.

Speaker Change: In catering plus what we typically see it it's a module that is custom built for the catering use case. So it has components features built into it around tax exempt status house accounts production sheets prep slips.

Noah Glass: Hey, Connor. Thank you. This is Noah. I'll take that one. So, yeah, we're excited about this Catering Plus pilot with Chipotle. And I think we've been saying for a couple quarters now how excited we are, generally speaking, about Catering Plus as both an upsell opportunity for existing customers and an opportunity for us to land and hopefully expand with new customers, inclusive of Top 25. Chipotle is a great example of that. And you're right, we talked about it as a multi-module win. Without going into specific details on Chipotle, in Catering Plus, what we typically see is it's a module that is custom-built for the catering use case.

Speaker Change: You land and hopefully expand with new customers inclusive of top 25 Chipotle.

Speaker Change: It take out ordering instance, so examples for catering could be things like although pay for these catering transactions things like enabling delivery through either first party using dispatch and delivery service providers, who are purpose built for large format orders catering orders that tend to be much much larger $350 on.

Speaker Change: Chipotle is a great example of that and Youre right, we talked about it as a multi module win without.

Speaker Change: Without going into specific details on chipotle.

Noah Glass: So, it has components, features built into it around tax-exempt status, house accounts, production sheets, prep slips. All of those things are specific to the catering use case for ordering. The modularity of the Olo platform really comes into play when you can add other modules onto that catering instance just like you can for a takeout ordering instance. So examples for catering could be things like OloPay for these catering transactions, things like enabling delivery through either first party using dispatch and delivery service providers who are purpose built for large format orders, catering orders that tend to be much, much larger, $350 on average across our system.

Terry Tillman: Our first question comes from Terry Tillman with Truist Securities. Please go ahead. Great. Good evening, team. Connor Passarella on for Carey. Appreciate you taking the question.

Speaker Change: Average across our system.

Speaker Change: Rails for catering specific marketplaces, we've talked about our relationship with easy cater in.

Speaker Change: <unk> sheets prep slips.

Speaker Change: All of those things are specific to the catering use case for ordering the modularity of the older platform really comes into play when you can add other modules onto that catering instance, just like you can or it take out ordering instance, so examples for catering could be things like although pay for these catering transactions things like enabling.

Connor Passarella: I guess just to start, congratulations on, you know, the Chipotle pilot. You know, just kind of wanted to hear a little bit more about, you know, what the deal means for, I guess, Catering Plus and, you know, top 24 brands in general. And then, you know, also, I'm sorry if I, you know, if you missed, if I missed this, but I think you said multi-module deal. Is there just, is there anything you can kind of say from an adoption standpoint in terms of, you know, core, overall offerings there?

Speaker Change: In the past.

Speaker Change: Recent calls.

And then also a very popular way for guests to order catering catering guests to place orders is through the phone and we have a platform that maybe we don't talk about as much as others, but called switchboard and that is purpose built for a guest who is calling it over the phone.

Speaker Change: Delivery through either first party using dispatch and delivery service providers, who are purpose built for large format orders catering orders that tend to be much much larger $350 on average across our system.

Speaker Change: Speaking to someone either inside the restaurant or in a call center to field that coal through the switchboard tool enter in that order and put that order those being placed over the phone through voice into the digital ordering platform. All of those are really great. Examples that attach to the catering plus module.

Noah Glass: Hey, Connor. Thank you. This is Noah. I'll take that one. So, yeah, we're excited about this Catering Plus pilot with Chipotle. And I think we've been saying for a couple quarters now how excited we are, generally speaking, about Catering Plus as both an upsell opportunity for existing customers and an opportunity for us to land and hopefully expand with new customers, inclusive of top 25. Chipotle is a great example of that. And you're right. We talked about it as a multi-module win. Without going into specific details on Chipotle, in Catering Plus, what we typically see is it's a module that is custom built for the catering use case.

Noah Glass: Rails for catering specific marketplaces. We've talked about our relationship with Easy Cater in the past, in recent calls. And then also a very popular way for guests to order catering, for catering guests to place orders is through the phone. And we have a platform that maybe we don't talk about as much as others, but called Switchboard. And that is purpose-built for a guest who is calling in over the phone and speaking to someone either inside the restaurant or in a call center to field that call through the Switchboard tool, enter in that order, and put that order, though it's being placed over the phone through voice, into the digital ordering platform.

Speaker Change: Rails for catering specific marketplaces, we've talked about our relationship with easy cater in.

Speaker Change: In the past.

Speaker Change: Recent calls.

Speaker Change: And then also a very popular way for guests to order catering catering guests to place orders is through the phone and we have a platform that maybe we don't talk about as much as others, but called switchboard and that is purpose built for a guest who is calling it over the phone.

Speaker Change: And we're excited that in the in the case of Chipotle is a multi module pilot and not just limited to the catering plus.

Speaker Change: Module itself.

Speaker Change: And a great example, and validation of what we've been saying around catering plus enabling us to get an audience with the top 25, and then Chipotle is case, a top 25 brand with a history of doing homegrown technology. In this case seeing the value in the catering plus module itself and all those large.

Speaker Change: And speaking to someone either inside the restaurant or in a call center to field that call through the switchboard tool enter in that order and put that order those being placed over the phone through voice into the digital ordering platform. All of those are really great. Examples that attach to the catering plus module.

Noah Glass: So it has components, features built into it around tax-exempt status, house accounts, production sheets, prep slips. All of those things are specific to the catering use case for ordering. The modularity of the Olo platform really comes into play when you can add other modules onto that catering instance, just like you can for a takeout ordering instance. So examples for catering could be things like OloPay for these catering transactions, things like enabling delivery through either first party using dispatch and delivery service providers who are purpose built for large format orders, catering orders that tend to be much, much larger, $350 on average across our system.

Speaker Change: Set of modules to augment their existing catering program.

Speaker Change: Great color and I appreciate that.

Speaker Change: And we're excited that in the in the case of Chipotle is a multi module pilot and not just limited to the catering plus.

Speaker Change: Peter maybe just a quick follow up for you on the gross margin gross profit benefit from the cost of revenue adjustment. There just anything you can say about maybe just some more color about around the old pay it back and then also just anything on a go forward basis, we should be worried about there.

Speaker Change: Module itself.

Speaker Change: Yeah. So in terms of the one time impact.

Noah Glass: And in Chipotle's case, a top 25 brand with a history of doing homegrown technology, in this case, seeing the value in the Catering Plus module itself and Olo's larger set of modules to augment their existing catering program. Great, great color.

Speaker Change: In terms of absolute dollars, it's about a $1 million of one time impact two thirds of that was related to our new go forward agreement with with our underlying processor and about one third of that being driven by.

Speaker Change: In this case seeing the value in the catering plus module itself and all of those larger set of modules.

Noah Glass: Rails for catering specific marketplaces. We've talked about our relationship with Easy Cater in the past, in recent calls. And then also a very popular way for guests to order catering, for catering guests to place orders is through the phone. And we have a platform that maybe we don't talk about as much as others, but called Switchboard. And that is purpose-built for a guest who is calling in over the phone and speaking to someone either inside the restaurant or in a call center to field that call through the Switchboard tool, enter in that order, and put that order that was being placed over the phone through voice into the digital ordering platform.

Speaker Change: Augment their existing catering program.

Speaker Change: Card mix.

Speaker Change: Great Great color and I appreciate that.

Noah Glass: And I appreciate that.

Speaker Change: In a given quarter meeting.

Peter Benevides: Peter, maybe just a quick follow up for you on the gross margin gross profit benefit from the cost of revenue adjustment there.

Speaker Change: Peter maybe just a quick follow up for you on the gross margin gross profit benefit from the cost of revenue adjustment. There just anything you can say about you know maybe just some more color about around the old pay it back and then also just anything on a go forward basis, we should be worried about there.

Speaker Change: A bit more debit and overall mix versus credit, which you've heard me say in the past tend to lend itself to that our underlying economics.

Peter Benevides: Just anything you can say about, you know, maybe just some more coloring by around, you know, the Ola Pay impact and also just anything on a go forward basis, we should be worried about there. Yeah, so in terms of the one-time impact, in terms of absolute dollars, about a million dollars of one-time impact, two-thirds of that was related to our new go-forward agreement with our underlying processor, and about one-third of that being driven by card mix in the given quarter, meaning seeing a bit more debit in overall mix versus credit, which you've heard me say in the past tend to lend itself to better underlying economics.

Speaker Change: That last one third when we think about the go forward model that that's not an assumption that we're running through meaning if if that mix.

Speaker Change: Yeah. So in terms of the one time impact.

Speaker Change: In terms of absolute dollars, it's about $1 million of one time impact two thirds of that was related to our new go forward agreement with with our underlying processor and about one third of that being driven by.

Speaker Change: Persists that would that would be upside to the model, but currently we're not we're not anticipating that.

Speaker Change: At this at this point.

Speaker Change: That said when when you think about the guide in terms of topline revenue and kind of what we've shared from a from a margin profile. We anticipate on a full year basis gross margins to come down in aggregate between about 250 to 275 basis points.

Noah Glass: All of those are really great examples that attach to the Catering Plus module. And we're excited that in the case of Chipotle, it is a multi-module pilot and not just limited to the Catering Plus. module itself. and a great example and validation of what we've been saying around Catering Plus enabling us to get an audience with the top 25. And in Chipotle's case, a top 25 brand with a history of doing homegrown technology, in this case, seeing the value in the Catering Plus module itself and Olo's larger set of modules to augment their existing catering program.

Speaker Change: Card mix.

Speaker Change: In a given quarter, meaning.

Speaker Change: A bit more debit and overall mix versus credit, which you've heard me say in the past tend to lend itself to.

Speaker Change: That our underlying economics.

Speaker Change: That last one third when we think about the go forward model that that's not an assumption that we're running through meaning if if that mix.

Speaker Change: And then that obviously happened as we as we move throughout the year and start to scale into the.

Speaker Change: The card present opportunity.

Bill: Great. Thank you Bill.

Speaker Change: Persists that would that would be upside to the model, but currently we're not we're not anticipating that.

Speaker Change: Thank you.

Matthew Hedberg: Our next question comes from Matthew Hedberg with RBC capital markets. Please go ahead.

Speaker Change: At this at this point.

Peter Benevides: That said, when you think about the guide in terms of top-line revenue and kind of what we've shared from a margin profile, we anticipate on a full-year basis gross margins to come down in aggregate between about 250 to 275 basis points, and then that will obviously happen as we move throughout the year and start to scale into the card-present opportunities.

Mike Richardson: Hey, guys. This is Mike Richardson on for Matt.

Speaker Change: Nice results and congrats on the big wins here.

Connor Passarella: Great color and I appreciate that.

Peter Benevides: Peter, maybe just a quick follow up for you on the gross margin, gross profit benefit from the cost of revenue adjustment there. Just anything you can say about, you know, maybe just some more color you can provide around, you know, the Ola Pay impact and also just anything on a go forward basis we should be worried about there. Yeah, so in terms of the one-time impact, in terms of absolute dollars, about a million dollars of one-time impact, two-thirds of that was related to our new go-forward agreement with our underlying processor, and about one-third of that being driven by card mix in the given quarter, meaning seeing a bit more debit in overall mix versus credit, which you've heard me say in the past tend to lend itself to better underlying economics.

Speaker Change: I appreciate all the tariff commentary and how you guys have supported your customers through you know in the past few years of macro uncertainty, maybe just taking it one step deeper what do you actually hearing from customers Post Liberation day is this.

Speaker Change: And then that obviously happened as we as we move throughout the year and start to scale into.

Speaker Change: The card present opportunity.

Speaker Change: Straw that breaks the camel's back and they're really trying to lean in now or is it just one more thing in a period of rising input costs over the past few years here.

Speaker Change: Great. Thank you both.

Peter Benevides: Great, thank you both. Thank you.

Speaker Change: Thank you.

Speaker Change: Our next question comes from Matthew Hedberg with RBC capital markets. Please go ahead.

Matthew Hedberg: Our next question comes from Matthew Hedberg with RBC Capital Markets. Please go ahead.

Speaker Change: Any detail there I appreciate it.

Speaker Change: Mike Thanks for the question this is Noah.

Speaker Change: Hey, guys. This is Mike Richardson on for Matt.

Michael Richards: Hey guys, this is Mike Richards on for Matt, you know, nice results and congrats on the big wins here. Yeah, I appreciate all the tariff commentary and how you guys have supported your customers through, you know, the past few years of macro uncertainty. Maybe just taking it one step deeper, you know, what are you actually hearing from customers, you know, post liberation day? Is this, you know, the straw that breaks the camel's back and they're really trying to lean in now? Or is it just, you know, one more thing in a period of just rising input costs over, you know, the past few years here?

Speaker Change: Take that one.

Speaker Change: I think it is kind of one more thing for the industry. Another.

Speaker Change: Nice results and congrats on the big wins here.

Speaker Change: I appreciate all the tariff commentary and how you guys are.

Speaker Change: Another component in <unk>.

Speaker Change: Challenged profitability for our industry. The nice thing about the restaurant industry of course is that it is a non discretionary.

Speaker Change: Where did your customers through you know in the past few years of macro uncertainty, maybe just taking it one step deeper what do you actually hearing from customers post Liberation day.

Peter Benevides: That last one-third, when we think about the go-forward model, that's not an assumption that we're running through, meaning if that mix persists, that would be upside to the model, but currently we're not anticipating that at this point. That said, when you think about the guide in terms of top-line revenue and kind of what we've shared from a margin profile, we anticipate on a full-year basis gross margins to come down in aggregate between about 250 to 275 basis points, and then that will obviously happen as we move throughout the year and start to scale into the card-present opportunities.

Speaker Change: Good that we sell and people have to eat and what we've seen in other times of economic uncertainty is that people don't trade out of the restaurant category. They don't magically learn how to Cook go get ingredients from the grocery store for themselves, but what we see and Peter spoke to as well in his prepared remarks.

Speaker Change: Is this the straw that breaks the camel's back and they're really trying to lean in now or is it just one more thing in a period of just rising input costs over the past few years here.

Michael Richards: Yeah, any detail there. I appreciate it. Thanks for that note. I appreciate it.

Speaker Change: Any detail there I appreciate it.

Noah: Mike Thanks for the question this is Noah.

Mike Richardson: I'll take that one.

Speaker Change: Is that guests opt for more limited service restaurant options instead of maybe the high end restaurants that they might go to in times of less economic uncertainty that is actually a good thing for all those customer base, because two thirds of them or limited service restaurants.

Noah: I think it is kind of one more thing for the industry. Another.

Speaker Change: Another component yes.

Speaker Change: Challenged profitability for our industry. The nice thing about the restaurant industry of course is that it is a non discretionary.

Speaker Change: Good that we sell and people have to eat and what we've seen in other times of economic uncertainty is that people don't trade out of the restaurant category. They don't magically learn how to Cook go get ingredients from the grocery store and spoke for themselves, but what we see and Peter spoke to as well in his prepared remarks.

Speaker Change: So see that enterprise chains are in a better financial health physician than SMB, they tend to gain share during moments like this.

Connor Passarella: Great, thank you both.

Operator: Thank you.

Speaker Change: We've experienced since 2008 2009, 2014 2020, there's a lot going on in that year of course, but we see that these things.

Matthew Hedberg: Our next question comes from Matthew Hedberg with RBC Capital Markets. Please go ahead. Hey, guys, Mike Richards on for Matt, you know, nice results and congrats on the big wins here. Yeah, appreciate all the tariff commentary and how you guys have supported your customers through, you know, the past few years of macro uncertainty, maybe just taking it one step deeper.

Speaker Change: Our our pattern of those times of economic uncertainty.

Speaker Change: If we look at something like our order volume per day per store coming through the platform, we see strength.

Speaker Change: In those numbers, even as Peter mentioned in the beginning of Q2. So I guess, that's the time period that youre asking about specifically.

Mike Richards: You know, what are you actually hearing from customers, you know, post liberation day? Is this, you know, the straw that breaks the camel's back? And they're really trying to lean in now? Or is it just, you know, one more thing in a period of, of just rising input costs over, you know, the past few years here? Yeah, any detail, I appreciate it.

Speaker Change: So see that enterprise chains are in a better financial health physician than SMB, they tend to gain share during moments like this.

Speaker Change: That gives us confidence that we're seeing the same thing that we have seen historically.

Speaker Change: Our restaurants are going to have a digital ordering tailwind.

Speaker Change: We've experienced since 2008, 2009, 2014 2020 with a lot going on in that year of course, but we see that these things are.

Speaker Change: Even if they had some other headwinds in their business I think also worth noting that.

Mike Richards: Mike, thanks for the question.

Noah Glass: This is Noah. I'll take that one. I think it is kind of one more thing for the industry. Another another component in challenge profitability for our industry. The nice thing about the restaurant industry, of course, is that it is a non-discretionary good that we sell and people have to eat. And what we've seen in other times of economic uncertainty is that people don't trade out of the restaurant category. They don't magically learn how to cook, go get ingredients from the grocery store and cook for themselves. But what we see, and Peter spoke to this well in his prepared remarks, is that guests opt for more limited service restaurant options instead of maybe the high end restaurants that they might go to in times of less economic uncertainty.

Speaker Change: I think our restaurants have relatively limited exposure to some of the.

Speaker Change: Our our pattern of those times of economic uncertainty.

Speaker Change: And that if we look at something like our order volume per day per store coming through the platform, we see strength.

Speaker Change: Tariffs impacting their input ingredients most of those as we've sort of looked and talked to our brands are sourced domestically and that's also helpful fact about our customers obviously the tariff situation that we're in.

Speaker Change: In those numbers, even as Peter mentioned in the beginning of Q2. So I guess, that's the time period that youre asking about specifically.

Speaker Change: And that gives us confidence that we're seeing the same thing that we have seen historically.

Speaker Change: Thanks for that I appreciate it.

Speaker Change: And that our restaurants are going to have with a digital ordering tailwind.

Obviously, not expecting you to comment on M&A rumors here, but maybe we could take a step back and look at our LOE moving forward and how you guys have built out the platform. Maybe you could just talk through you guys as a center of gravity and in this world of restaurant Tech.

Speaker Change: Even if they had some other headwinds in their business I think also worth noting that.

Speaker Change: I think our restaurants have relatively limited exposure to some of the.

Speaker Change: Terrorists impacting their input ingredients most of those as we've sort of looked and talked to our brands are sourced domestically and that's also a helpful fact about our customers obviously the tariff situation that we're in.

Speaker Change: Yes, I think we spoke about this a bit on the last earnings call as we think about the difference between what is the staff facing tech stack the point of sale.

Noah Glass: That is actually a good thing for Olo's customer base, because two thirds of them are limited service restaurants. We also see that enterprise chains are in a better financial health position than SMB. They tend to gain share during moments like this. And again, we've experienced this 2008, 2009, 2014, 2020, with a lot going on in that year, of course. But we see that these things are a pattern of those times of economic uncertainty. And that if we look at something like our order volume per day per store coming to the platform, we see strength in those numbers, even as Peter mentioned in the beginning of Q2.

Speaker Change: And what other represents which is the guest facing tech stack and as we think about it really the guests data gravity control point.

Speaker Change: Thanks for that.

Speaker Change: Appreciate it.

Speaker Change: And that is true of all the things that we offer to our customers that they are helping them to gather more guest data.

Michael Richards: You know, obviously, you know, not expecting you to comment on M&A rumors here.

Speaker Change: No obviously not expecting you to comment on M&A rumors here, but maybe we could take a step back and look at our LOE moving forward and how you guys have built out the platform. Maybe you could just talk through you guys as a center of gravity and in this world of restaurant Tech.

Noah Glass: But, you know, maybe we could take a step back and, you know, look at Olo moving forward and how you guys have built out the platform. Maybe you could just talk through, you know, you guys as a center of gravity and in this, you know, world of restaurant tech. Yeah, I think we spoke about this a bit on the last earnings call. As we think about the difference between what is the staff-facing tech stack, the point of sale, and what Olo represents, which is the guest-facing tech stack. And as we think about it, really the guest data gravity control point.

Speaker Change: Although pay card presence is yet another great example of that unlocking the 82% of industry transactions that are non digital and pulling those into what we consider to be the guest data platform for the brand that is a really big and consequential moments for our <unk>.

Speaker Change: Yes, I think we spoke about this a bit on the last earnings call as we think about the difference between what is the staff facing tech stack the point of sale and what other represents which is the guest facing tech stack and as we think about it really the guest data gravity control point.

Speaker Change: Industry and at our customer conference.

Noah Glass: So I guess that's the time period that you're asking about specifically. And that gives us confidence that we're seeing the same thing that we have seen historically, and that our restaurants are going to have a digital ordering tailwind, even if they have some other headwinds in their business. I think also worth noting that, you know, I think our restaurants have relatively limited exposure to some of the tariffs impacting their input ingredients. Most of those, as we've sort of looked and talked to our brands, are sourced domestically. And that's also a helpful fact about our customers vis-a-vis the tariff situation that we're in.

Speaker Change: Couple of months ago, I talked about this being this inflection point, where we now are able to get to 100% digital of every transaction being pulled into the guest data platform through all those solutions and helping our brands to really understand their guests across digital and non digital transactions.

Noah Glass: And that is true of all the things that we offer to our customers, that they're helping them to gather more guest data. Olo Paycard Presents is yet another great example of that, unlocking the 82% of industry transactions that are non-digital. And pulling those into what we consider to be the guest data platform for the brand. That is a really big and consequential moment for our industry. And at our customer conference a couple months ago, I talked about this being this inflection point where we now are able to get to 100% digital of every transaction being pulled into the guest data platform through Olo's solutions.

Speaker Change: And that is true of all the things that we offer to our customers that they are helping them to gather more guest data.

Speaker Change: And so then you use that data to personalize the guest experience and ultimately grow guest lifetime value.

As a an alternative tactic to discounts and deals and dependence on marketplaces that you see a lot of restaurant brands doing a short term attempts to drive topline sales, but the expense of the long term health of the brand driving profitable traffic is what we're focused on it's what our customers are focused on but I think.

Speaker Change: The industry in <unk>.

Speaker Change: At our customer conference.

Speaker Change: A couple of months ago I talked about this being this inflection point, where we now are able to get to 100% digital of every transaction being pulled into the guest data platform through all those solutions and helping our brands to really understand their guests across digital and non digital transactions.

Mike Richards: Thanks for that, Noah, I appreciate it.

Mike Richards: You know, obviously, you know, not expecting you to comment on M&A rumors here.

Speaker Change: Our position as that nucleus of guest data and helping our brands too.

Noah Glass: And helping our brands to really understand their guests across digital and non-digital transactions. And to then use that data to personalize the guest experience and ultimately grow guest lifetime value as an alternative tactic to discounts and deals and dependents on marketplaces. That you see a lot of restaurant brands doing short-term attempts to drive top-line sales, but at the expense of the long-term health of the brand. Driving profitable traffic is what we're focused on, it's what our customers are focused on. And I think our position as that nucleus of guest data and helping our brands to, with a guest permission, pull as much guest data as they can from zero-party data that guests are offering, first-party data of all the transactional activity from those guests.

Speaker Change: With a guest provision pull as much guest data as they can from zero party data that guests are offering first party data of all the transactional activity from those guests and increasingly in our board was platform that second party data, where the brands are really using <unk> as a coalition and the ability to have.

Speaker Change: And so then you use that data to personalize the guest experience and ultimately grow guest lifetime value as a an alternative tactic to discounts and deals and dependence on marketplaces that you see a lot of restaurant brands doing a short term attempts to drive topline sales but.

Speaker Change: Of an alliance, where they can share data across the brands in that logging layer to give a better guest experience and to enable brands to.

Speaker Change: The expense of the long term health of the brand driving profitable traffic is what we're focused on it's what our customers are focused on.

Noah Glass: And that is true of all the things that we offer to our customers, that they are helping them to gather more guest data. Olo Paycard presence is yet another great example of that, unlocking the 82% of industry transactions that are non-digital, and pulling those into what we consider to be the guest data platform for the brand. That is a really big and consequential moment for our industry. And at our customer conference a couple months ago, I talked about this being this inflection point, where we now are able to get to 100% digital of every transaction being pulled into the guest data platform through Olo's solutions, and helping our brands to really understand their guests across digital and non-digital transactions.

Speaker Change: Win with more guests data at their disposal to grow those guests relationships overtime.

Speaker Change: Our position as that nucleus of guest data and helping our brands to with.

Speaker Change: With our guests permission pull as much guest data as they can from zero party data that guests are offering first party data of all the transactional activity from those guests.

Speaker Change: Thanks, and congrats again.

Speaker Change: Thank you.

Speaker Change: The next question comes from Max Mccandless with Lake Street Capital markets. Please go ahead.

Michael Richards: And then increasingly in our Bordaless platform, that second party data where the brands are really using Bordaless as a coalition and the ability to have an alliance where they can share data across the brands in that login layer to give a better guest experience and to enable brands to win with more guest data at their disposal to grow those guest relationships over time. Thanks and congrats again. Thank you.

Speaker Change: And then increasingly in our border platform that second party data, where the brands are really using board lists as a coalition and the ability to have an alliance where they can share data across the brands in that logging layer to give a better guest experience and to enable brands to.

Max Mccandless: Hey, guys. Thanks for taking my question and nice quarter, just wanted to stick to the Chipotle when when we look at the catering business had they had had they've been using a homegrown technology or where they did you guys displaced a competitor on that one.

Speaker Change: That's right they were they are using a homegrown.

Speaker Change: Win with more guests data at their disposal to grow those guests relationships over time.

Speaker Change: Catering platform.

Speaker Change: Offshoot of their homegrown digital ordering platform for takeout and delivery orders.

Speaker Change: Thanks, and congrats again.

Noah Glass: And to then use that data to personalize the guest experience, and ultimately grow guest lifetime value as an alternative tactic to discounts and deals and dependence on marketplaces that you see a lot of restaurant brands doing short-term attempts to drive top-line sales, but at the expense of the long-term health of the brand. Driving profitable traffic is what we're focused on. It's what our customers are focused on. And I think our position as that nucleus of guest data, and helping our brands to, with a guest's permission, pull as much guest data as they can from zero-party data that guests are offering, first-party data of all the transactional activity from those guests.

Speaker Change: Thank you.

Speaker Change: And saw the catering plus feature set as something that would add new capabilities things like tax exempt status in house accounts and other.

Max Michaelis: The next question comes from Max Michaelis with Lake Street Capital Markets. Please go ahead. Hey guys, thanks for taking my question. A nice quarter.

Speaker Change: The next question comes from Max Mccandless with Lake Street Capital markets. Please go ahead.

Speaker Change: Catering specific features and then beyond that catering plus module. The other modules that we offer being additive to the overall catering solution.

Noah Glass: I just wanted to stick to the Chipotle win. When we look at the catering business, had they had they been using a homegrown technology or were they did you guys displace a competitor on that one? That's right. They were, they are using a homegrown catering platform, kind of an offshoot of their homegrown digital ordering platform for takeout and delivery orders and saw the Catering Plus feature set as something that would add new capabilities, things like tax exempt status and house accounts and other catering specific features. And then beyond that Catering Plus module, the other modules that we offer being additive to the overall catering solution.

Speaker Change: And is there a timeline around this pilot program.

Speaker Change: That's right. They were they are using a homegrown catering platform.

I think we shared that this is in a subset of stores and it's going to be in the pilot phase and that's going to be middle of the year. This year.

Speaker Change: I'm, an offshoot of their homegrown digital ordering platform for takeout and delivery orders.

Speaker Change: All we have to share at this time and we're excited to keep you abreast of our progress and excited about working with Chipotle, Great brand Great Tech team great product team.

Speaker Change: And saw the catering plus feature set as something that would add new capabilities things like tax exempt status in house accounts and other catering specific features and then beyond that catering plus module. The other modules that we offer being additive to the overall catering solution.

Noah Glass: And increasingly in our borderless platform, that second party data where the brands are really using borderless as a coalition and the ability to have an alliance where they can share data across the brands in that login layer to give a better guest experience and to enable brands to win with more guest data at their disposal to grow those guest relationships over time.

Speaker Change: To drive this forward.

Speaker Change: Okay and last one from me and then I'll jump back in the queue. When we look at Mr. Chairman coming on onto the team hears a chief sales officer, maybe what sort of new initiatives could we expect from him.

Noah Glass: And is there a timeline around this pilot program? I think we shared that this is in a subset of stores, and it's going to be in this pilot phase, and that's going to be middle of the year this year. That's kind of all we have to share at this time, and we're excited to keep you abreast of our progress and excited about working with Chipotle, great brand, great tech team, great product team to drive this forward.

Speaker Change: And is there a timeline around this pilot program.

Speaker Change: I think we shared that this is a in a subset of stores and it's going to be in the pilot phase and that's going to be.

Speaker Change: Yeah, well I'll just take the opportunity to express how excited I am for parish Chapman to be joining us.

Speaker Change: Paris with someone that we know well he has been a partner.

Speaker Change: Middle of the year this year.

Mike Richards: Thanks and congrats again. Thank you.

Speaker Change: All we have to share at this time and we're excited to keep you abreast of our progress and excited about working with Chipotle, Great brand Great Tech team great product team.

Speaker Change: Leading sales at Grubhub kiosk partner of ours that serves top 25 in large enterprise restaurant brands. So we've gotten to know him.

Max Michelis: The next question comes from Max Michelis with Lake Street Capital Markets. Please go ahead. Hey, guys, thanks for taking my question. A nice quarter. I just want to stick to the Chipotle win. When we look at the catering business, had they had they been using a homegrown technology or were they did you guys displace a competitor on that one? That's right. They were, they are using a homegrown catering platform, kind of an offshoot of their homegrown digital ordering platform for takeout and delivery orders and saw the Catering Plus feature set as something that would add new capabilities, things like tax exempt status and house accounts and other catering specific features.

Speaker Change: Just on our day to day relationship with Grubhub and the team.

Speaker Change: To drive this forward.

Max Michaelis: Okay, and last one from me and then I will jump back into queue. When we look at Mr. Chapman coming on onto the team here as the chief sales officer, maybe what sort of new initiatives could we expect from him?

Speaker Change: And he's somebody who really fits the bill are all the things we were looking for in this chief sales officer. This is a really focus role dedicated to bookings going out and winning new customers growing our relationships with existing customers and parishes somebody who is of the restaurant industry starting out on.

Speaker Change: Okay and last one from me and then I'll jump back in the queue. When we look at it Mr Chairman coming on onto the team here as the Chief sales officer, maybe what sort of new initiatives could we expect from him.

Noah Glass: Yeah, well, I'll just take the opportunity to express how excited I am for Parrish Chapman to be joining us. Parrish is someone that we know well. He has been a partner leading sales at Grubber, a kiosk partner of ours that serves top 25 and large enterprise restaurant brands. So we've gotten to know him just in our day to day relationship with Grubber and the team. And he's somebody who really fits the bill of all the things we were looking for in this chief sales officer. This is a really focused role dedicated to bookings, going out and winning new customers, growing our relationships with existing customers.

Speaker Change: Yeah, I'll just take the opportunity to express how excited I am for parish Chapman to be joining us.

Speaker Change: The executive team at Wendy's as an operator of dairy Queens, and then working into restaurant technology side of test Sadeq at Samsung and most recently at Graeber sales capacity.

Speaker Change: So someone that we know well he has been a partner.

Speaker Change: Leading sales at Grubhub, a kiosk partner of ours that serves top 25 in large enterprise restaurant brands. So we've gotten to know him.

Speaker Change: He is somebody who has a proven sales leader and builds trust very quickly with customers and prospects and he's here in New York, which we're really excited about to have the full executive team here in New York City working out of one World Trade Center altogether.

Speaker Change: Just on our day to day relationship with Grubhub and the team.

Noah Glass: And then beyond that Catering Plus module, the other modules that we offer being additive to the overall catering solution. And is there a timeline around this pilot program? I think we shared that this is in a subset of stores, and it's going to be in this pilot phase, and that's going to be middle of the year this year.

Speaker Change: And I think in this role again is is very focused in going after bookings and being laser focused on on that front instead of a broader mandate of the chief revenue officer. Some of those things. If you recall from our last call have now shifted over to Joe.

Noah Glass: And Parrish is somebody who is of the restaurant industry, starting out on the executive team at Wendy's as an operator of Dairy Queens, and then working in the restaurant technology side at Panasonic, at Samsung, and most recently at Grubber in a sales capacity. He is somebody who is a proven sales leader and builds trust very quickly with customers and prospects. And he's here in New York, which we're really excited about to have the full executive team here in New York City, working out of one World Trade Center altogether. And I think this role, again, is very focused in going after bookings and being laser focused on that front instead of a broader mandate of the Chief Revenue Officer.

Speaker Change: The executive team at Wendy's as an operator of dairy Queens, and then working into restaurant technology side of test Tzaddik at Samsung and most recently a graeber sales capacity.

Noah Glass: That's kind of all we have to share at this time, and we're excited to keep you abreast of our progress and excited about working with Chipotle, great brand, great tech team, great product team to drive this forward.

Speaker Change: Labrador Ceos organization, so marketing business development and customer experience now live under Joe and we're very pleased about.

Max Michelis: Okay, and last one for me and then I will jump back into queue. When we look at Mr. Chapman coming on onto the team here as the chief sales officer, maybe what sort of new initiatives could we expect from him?

Speaker Change: The innovation on the commercialization at although living together under one leader and enabling the sales team under parish is a great new leader to really be focused on bookings and growing our relationships with our existing customers.

Speaker Change: And I think in this role again is very focused in going after bookings and being laser focused on that front instead of a broader mandate of the chief revenue officer. Some of those things. If you recall from our last call has now shifted over to Joe Lambert.

Noah Glass: Yeah, well, I'll just take the opportunity to express how excited I am for Parrish Chapman to be joining us. Parrish is someone that we know well. He has been a partner leading sales at Grubber, a kiosk partner of ours that serves Top 25 and large enterprise restaurant brands. So we've gotten to know him just in our day-to-day relationship with Grubber and the team. And he's somebody who really fits the bill of all the things we were looking for in this chief sales officer. This is a really focused role dedicated to bookings, going out and winning new customers, growing our relationships with existing customers.

Speaker Change: Awesome. Thanks, guys.

Speaker Change: Thank you.

Max Michaelis: Some of those things, if you recall from our last call, have now shifted over to Joe Lambert, our COO's organization. So, marketing, business development, and customer experience now live under Joe, and we're very pleased about both the innovation and the commercialization at Olo living together under one leader and enabling the sales team under Parrish as a great new leader to really be focused on bookings and growing our relationships with our existing customers. Awesome, thanks guys. Thank you.

Speaker Change: Thank you.

Speaker Change: The next question comes from Stephen Sheldon with William Blair. Please go ahead.

Speaker Change: Seow's organization, so marketing business development and customer experience now live under Joe and we're very pleased about.

Speaker Change: I seem to have Pat Mcinally on today nice results and congrats on the wins you announced.

Speaker Change: My first question is on the gross profit acceleration you saw this quarter.

Speaker Change: Both the innovation and the commercialization at although living together under one leader and enabling the sales team under parish is a great new leader to really be focused on bookings and growing our relationships with our existing customers.

Speaker Change: Even adjusting for that one time benefit.

Speaker Change: So I wanted to ask is there any way you can frame how much of that Reacceleration came from payments versus software and then Peter Thanks for framing the first half expectations, but can you confirm that you still expect a reacceleration in gross profit growth following the second quarter. This year.

Noah Glass: And Parrish is somebody who is of the restaurant industry, starting out on the executive team at Wendy's as an operator of Dairy Queens and then working in the restaurant technology side at Panasonic, at Samsung, and most recently at Grubber in a sales capacity. He is somebody who is a proven sales leader and builds trust very quickly with customers and prospects. And he's here in New York, which we're really excited about to have the full executive team here in New York City, working out of One World Trade Center all together. And I think this role, again, is very focused in going after bookings and being laser focused on that front instead of a broader mandate of the Chief Revenue Officer.

Speaker Change: Awesome. Thanks, guys.

Speaker Change: Thank you.

Stephen Sheldon: The next question comes from Stephen Sheldon with William Blair. Please go ahead. Hi team, you have Pat McIlwee on today. Nice results and congrats on the wins you announced. My first question is on the gross profit acceleration you saw this quarter, even adjusting for that one-time benefit. So I wanna ask, is there any way you can frame how much of that re-acceleration came from payments versus software?

Speaker Change: The next question comes from Stephen Sheldon with William Blair. Please go ahead.

Speaker Change: Yes, maybe starting with that last part first.

Speaker Change: I seem to have Pat Mcinally on today nice results and congrats on the wins you announced.

Speaker Change: That is correct, we are still forecasting a reacceleration of gross profit.

Stephen Sheldon: My first question is on the gross profit acceleration you saw this quarter.

Speaker Change: Starting in Q3 and through the back half of the year and that is as we <unk>.

Speaker Change: A more difficult compare in the first half of 'twenty five as compared to the first half of 'twenty four.

Speaker Change: Even adjusting for that one time benefit.

Speaker Change: So I wanted to ask is there any way you can frame how much of that Reacceleration came from payments versus software and then Peter Thanks for premium in the first half expectations, but can you confirm that you still expect a reacceleration in gross profit growth following the second quarter. This year.

I made a point in the prepared remarks that I think is helpful. In kind of framing some of the onetime items, we experienced this quarter, but also one time items, we experienced in Q2 of 2024, if you normalize for both of those one time items and compare first half of 'twenty.

Peter Benevides: And then Peter, thanks for framing the first half expectations, but can you confirm that you still expect a re-acceleration in gross profit growth following the second quarter this year? Yeah, maybe starting with that last part first. That is correct. We are still forecasting a re-acceleration gross profit, starting in Q3 and through the back half of the year. And that is as we lap a more difficult compare in the first half of 25 as compared to the first half of 24. I made a point in the prepared remarks that I think is helpful in kind of framing some of the one-time items we experienced this quarter, but also one-time items we experienced in Q2 of 2024.

Max Michelis: Some of those things, if you recall from our last call, have now shifted over to Joe Lambert, our COO's organization. So, marketing, business development, and customer experience now live under Joe, and we're very pleased about both the innovation and the commercialization at Olo living together under one leader and enabling the sales team under Parrish as a great new leader to really be focused on bookings and growing our relationships with our existing customers. Awesome. Thanks, guys. Thank you.

Speaker Change: Yes, maybe starting with that last part first.

Speaker Change: That is correct, we are still forecasting a reacceleration of gross profit.

Speaker Change: Five growth rate as compared to first half of 'twenty four you've actually accelerated growth in the first half of 'twenty five at about 14% based on what's implied in the guide.

Speaker Change: Starting in Q3 and through the back half of the year and that is as we.

Speaker Change: Lack of a more difficult compare in the first half of 'twenty five as compared to the first half of 'twenty four.

Speaker Change: Versus 12% ish in the first half of 'twenty four.

Speaker Change: I made a point in the prepared remarks that I think is helpful. In kind of framing some of the onetime items, we experienced this quarter, but also one time items, we experienced in Q2 of 2024, if you normalize for both of those one time items and compare first half of <unk>.

Speaker Change: Even when you account for the one time items this past quarter the year on year grocery for gross profit was around 16% and Theres really two things driving that reacceleration. The Hearst is pulling in more locations into Q1 from Q2 than we anticipated. So we had a healthy deployment.

Peter Benevides: If you normalize for both of those one-time items and compare first half of 25 growth rate as compared to first half of 24, we've actually accelerated growth in the first half of 25 at about 14% based on what's implied in the guide versus 12%-ish in the first half of 24. Even when you account for the one-time items this past quarter, the year-on-year growth rate for gross profit was around 16%.

Speaker Change: Deployment quarter, and that also kind of trickles down to incremental product modules that don't show up in unique locations, but they show up in strength of <unk>. So we saw some additional product modules coming on.

Speaker Change: Five growth rate as compared to first half of 'twenty four.

Speaker Change: Actually accelerated growth in the first half of 'twenty five at about 14% based on what's implied in the guide.

Speaker Change: Versus 12% ish in the first half of 'twenty four.

Speaker Change: During Q1 than we had anticipated the second thing that.

Speaker Change: Was it helpful. In Q1 in terms of accelerating gross profit growth was the strength in order volumes.

Peter Benevides: And then Peter, thanks for framing the first half expectations, but can you confirm that you still expect a re-acceleration in gross profit growth following the second quarter this year? Yeah, maybe starting with that last part first. That is correct. We are still forecasting a reacceleration of gross profit, starting in Q3 and through the back half of the year. And that is as we lap a more difficult compare in the first half of 25 as compared to the first half of 24. I made a point in the prepared remarks that I think is helpful in kind of framing some of the one-time items we experienced this quarter, but also one-time items we experienced in Q2 of 2024.

Peter Benevides: And there's really two things driving that re-acceleration. The first is pulling in more locations into Q1 from Q2 than we anticipated, so we had a healthy deployment. Deployment Quarter. And that also kind of trickles down to incremental product modules that don't show up in unique locations, but they show up in strength of ARPUs. So we saw some additional product modules coming on faster in Q1 than we had anticipated.

Speaker Change: And we saw that in particular within the <unk> segment, The limited service segment and the platform where.

Speaker Change: Order volumes year on year and on a same store sales basis performed really well in the quarter, which is again help too.

Speaker Change: Deployment quarter, and that also kind of trickles down to incremental product modules that don't show up in unique locations, but they show up and strength of our pool. So we saw some additional product modules coming on faster in Q1 than we had anticipated the second thing that.

Speaker Change: Real reaccelerate that gross profit growth.

Speaker Change: Got it okay. Thank you Peter and then.

Speaker Change: My second a bit more theoretical but just having rounded out your platform over recent years with both continued innovation in a number of partnerships you've announced.

Peter Benevides: The second thing that was helpful in Q1 in terms of accelerating gross profit growth was the strength in order volumes. And we saw that in particular within the QSR segment, the limited service segment in the platform, where order volumes year on year and on a same-store sales basis perform really well in the quarter, which has, again, helped to re-accelerate that gross profit growth. Got it. Okay.

Speaker Change: Wasn't helpful. In Q1 in terms of accelerating gross profit growth was the strength in order volumes.

Speaker Change: Or do you feel about your competitive positioning at this point and are there any other products or modules are white space you hoped to build out over time.

Speaker Change: And we saw that in particular within the <unk> segment, The limited service segment and the platform where.

Speaker Change: Order volumes year on year and on a same store sales basis performed really well in the quarter, which is again help too.

Speaker Change: But I think we feel really good about our competitive position and I think the proof is in the pudding with the gross revenue retention for the ninth quarter now being above 98% were in a solid position from that standpoint, with our customers we've gotten to a mission critical status with them and they can.

Speaker Change: Real reaccelerate that gross profit growth.

Speaker Change: Got it okay. Thank you Peter and then.

Peter Benevides: Thank you, Peter.

Noah Glass: And then My second, a bit more theoretical, but just having rounded out your platform over recent years with both continued innovation and a number of partnerships you've announced, how do you feel about your competitive positioning at this point, and are there any other products or modules or white space you hope to build out over time? Well, I think we feel really good about our competitive position. And I think the proof is in the pudding with the Gris revenue retention for the ninth quarter now being above 98%. We're in a solid position from that standpoint with our customers.

Speaker Change: My second a bit more theoretical but just having rounding out your platform over recent years with both continued innovation in a number of partnerships you've announced.

Speaker Change: Growing.

Speaker Change: The number of modules they are using and the number of orders going through the platform on a per store basis. So we become more and more mission critical over time and you can see that in the net revenue retention numbers.

Speaker Change: How do you feel about your competitive positioning at this point and are there any other products or modules are white space, you hope to build out over time.

Speaker Change: I think also when we look at the business. We've talked about this a couple of times, but we think about the different suites of order pay and engage really as three S curves of growth and all of them are growing.

Peter Benevides: Deployment Quarter, and that also kind of trickles down to incremental product modules that don't show up in unique locations, but they show up in strength of ARPUs. So we saw some additional product modules coming on faster in Q1 than we had anticipated. The second thing that was helpful in Q1 in terms of accelerating gross profit growth was the strength and order volume.

Speaker Change: Exciting to see with order the success that we're having not just with the typical triumvirate of ordering dispatch and rails, but now with catering plus that has been a real green shoot in the order platform.

Noah Glass: We've gotten to mission critical status with them, and they continue growing the number of modules they're using and the number of orders going through the platform on a per store basis. So, we've become more and more mission critical over time, and you can see that in the net revenue retention numbers. I think also, you know, when we look at the business, we've talked about this a couple of times, but we think about the different suites of order, pay, and engage really as three S curves of growth. And all of them are growing, and it's exciting to see with order the success that we're having, not just with the typical triumvirate of ordering dispatch and rails, but now with catering plus that has been a real green shoot in the order platform.

Speaker Change: Continue growing the.

Speaker Change: Citing within overpay to continue growing and scaling card not present, which are scaled tenex over the last two years, but has a huge runway ahead of it and then to now unlock even more white space with all the pay card present and to start to have these proof points, where we have a public enterprise customer who is coming on.

Peter Benevides: For more information visit www.FEMA.gov And we saw that in particular within the QSR segment, the limited service segment in the platform where order volumes year-on-year and on a same-store sales basis perform really well in the quarter, which has again helped to re-accelerate that gross profit . Got it. Okay. Thank you, Peter.

Speaker Change: Look also when we look at the business we've talked about this a couple of times, but we think about the different suites of order pay and engage really as three S curves of growth.

Speaker Change: To overpay card present, and becoming a full flywheel customer that is a great proof point, a great validation of the guest data flywheel strategy and we're very excited about that tons of white space, there and it sets up the ability to use all of that guest data through the engage.

Speaker Change: All of them are growing.

Noah Glass: And then My second, a bit more theoretical, but just having rounded out your platform over recent years with both continued innovation and, you know, a number of partnerships you've announced, how do you feel about your competitive positioning at this point? And are there any other products or modules or white space you hope to build out over time? Well, I think we feel really good about our competitive position. And I think the proof is in the pudding with the Gris revenue retention for the ninth quarter now being above 98%. We're in a solid position from that standpoint with our customers.

Noah Glass: It's exciting within Olopay to continue growing and scaling card not present, which is scaled 10X over the last two years, but has a huge runway ahead of it. And then to now unlock even more white space with Olopay card present and to start to have these proof points where we have a public enterprise customer who is coming on to Olopay card present and becoming a full flywheel customer. That is a great proof point, a great validation of the guest data flywheel strategy, and we're very excited about that. Tons of white space there, and it sets up the ability to use all of that guest data through the engage platform to really optimize outbound marketing to guests and to personalize the guest experience through the commerce platform itself.

Speaker Change: Citing within overpay to continue growing and scaling card not present, which are scaled tenex over the last two years that has a huge runway ahead of it and then to now unlock even more white space.

Speaker Change: Platform to really optimize outbound marketing to guests and to personalize the guest experience through the commerce platform itself and that is the full flywheel spinning we think theres a lot of opportunity for us to do even more with data and Theres a lot of opportunity for us to help brands use what they know about.

Speaker Change: Well the pay card present and to start to have these proof points, where we have a public enterprise customer who is coming on to overpay card present, and becoming a full flywheel customer that is a great proof point, a great validation of the guest data flywheel strategy.

Speaker Change: Their best guests to inform their advertising efforts to go and find more guests who look like their best guests I talked a little bit about zero first party second party data. There's also a big third party data opportunity and I think we are just scratching the surface on that and it's something that we're very excited about in the quarters and years to come.

Noah Glass: We've gotten to mission critical status with them, and they continue growing the number of modules they're using and the number of orders going through the platform on a per store basis. So we become more and more mission critical over time. And you can see that in the net revenue retention numbers. I think also, you know, when we look at the business, we've talked about this a couple of times, but we think about the different suites of order, pay and engage really as three S curves of growth. And all of them are growing. And it's exciting to see with order the success that we're having, not just with the typical triumvirate of ordering dispatch and rails, but now with catering plus that has been a real green shoot in the order platform.

Speaker Change: And we're very excited about that tons of white space, there and it sets up the ability to use all of that guest data through the engage platform to really optimize outbound marketing to guests and to personalize the guest experience through the commerce platform itself and that is the full flywheel spinning we think theres a lot of.

Speaker Change: Okay. That's all great. Thank you nice quarter.

Noah Glass: And that is the full flywheel spinning. I think there's a lot of opportunity for us to do even more with data, and there's a lot of opportunity for us to help brands use what they know about their best guests to inform their advertising efforts to go and find more guests who look like their best guests. I talked a little bit about zero first-party, second-party data. There's also a big third-party data opportunity, and I think we are just scratching the surface on that, and it's something that we're very excited about in the quarters and years to come.

Speaker Change: Thank you.

Speaker Change: No further questions I would now like to hand, the conference or to know our glass.

Speaker Change: The opportunity for us to do even more with data and Theres a lot of opportunity for us to help brands use what they know about their best guests to inform their advertising efforts to go and find more guests who look like their best guests I talked a little bit about the zero first party second party data.

Speaker Change: Founder and CEO for closing remarks.

Speaker Change: Okay. Thank you for joining us today, we had a great start to the year across the board and we believe <unk> is uniquely positioned to help enterprise brands do more with less and drive profitable traffic, we're helping restaurants leverage guest data to make their guests feel known the foundation of hospitality.

Speaker Change: There's also a big third party data opportunity and I think we are just scratching the surface on that and it's something that we're very excited about in the quarters and years to come.

Noah Glass: It's exciting within OloPay to continue growing and scaling card not present, which is scaled 10x over the last two years, but has a huge runway ahead of it. And then to now unlock even more white space with OloPay card present and to start to have these proof points where we have a public enterprise customer who is coming on to OloPay card present and becoming a full flywheel customer. That is a great proof point, a great validation of the guest data flywheel strategy. And we're very excited about that. Tons of white space there. And it sets up the ability to use all of that guest data through the engage platform to really optimize outbound marketing to guests and to personalize the guest experience through the commerce platform itself.

Speaker Change: And we're achieving this while continuing to deliver strong financial results.

Noah Glass: Okay, that's all great.

Speaker Change: Okay. That's all great. Thank you know nice quarter.

Noah Glass: Thank you, Noah. Nice quarter. Thank you.

Speaker Change: Have a great evening.

Speaker Change: Thank you.

Speaker Change: Thank you. This concludes today's teleconference. You may disconnect. Your lines at this time. Thank you for your participation.

Speaker Change: Thank you.

Noah Glass: As there are no further questions, I would now like to hand the conference over to Noah Glass, founder and CEO, for closing remarks.

Noah Glass: No further questions I would now like to hand, the conference over to Noah glass.

Noah Glass: Founder and CEO for closing remarks.

Noah Glass: Okay, thank you for joining us today. We had a great start to the year across the board. And we believe Olo is uniquely positioned to help enterprise brands do more with less and drive profitable traffic. We're helping restaurants leverage guest data to make their guests feel known, the foundation of hospitality. And we're achieving this while continuing to deliver strong financial results.

Noah Glass: Okay. Thank you for joining us today, we had a great start to the year across the board and we believe <unk> is uniquely positioned to help enterprise brands do more with less and drive profitable traffic, we're helping restaurants leverage guest data to make their guests feel known the foundation of hospitality.

Noah Glass: We're achieving this while continuing to deliver strong financial results.

Operator: Have a great evening. Thank you.

Noah Glass: Have a great evening.

Noah Glass: And that is the full flywheel spinning. I think there's a lot of opportunity for us to do even more with data. And there's a lot of opportunity for us to help brands use what they know about their best guests to inform their advertising efforts to go and find more guests who look like their best guests. I talked a little bit about zero first party, second party data. There's also a big third party data opportunity. And I think we are just scratching the surface on that. And it's something that we're very excited about in the quarters and years to come.

Noah Glass: Thank you. This concludes today's teleconference. You may disconnect. Your lines at this time. Thank you for your participation.

Operator: This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

Noah Glass:

Noah Glass: [music].

Noah Glass: Yeah.

Noah Glass: [music].

Noah Glass: Okay, that's all great. Thank you, Noah. Nice quarter. Thank you.

Noah Glass: As there are no further questions, I would now like to hand the conference over to Noah Glass, founder and CEO, for closing remarks. Okay, thank you for joining us today. We had a great start to the year across the board. And we believe Olo is uniquely positioned to help enterprise brands do more with less and drive profitable traffic. We're helping restaurants leverage guest data to make their guests feel known, the foundation of hospitality. And we're achieving this while continuing to deliver strong financial results.

Operator: Have a great evening. Thank you.

Operator: This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

Q1 2025 Olo Inc Earnings Call

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