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美國
證券交易委員會
華盛頓特區20549
_______________________________________________________________
表格 10-Q
_______________________________________________________________
x根據1934年證券交易所法案第13或15(d)條的季報告
截至2024年6月30日季度結束 2024年9月30日
¨​
委員會檔案編號： 001-40213
Olo_Logo_Blue (1).jpg
olo inc
（依憑章程所載的完整登記名稱）
______________________________________________________________________________
特拉華州20-2971562
(成立地或組織其他管轄區)（國稅局雇主身份識別號碼）
285 Fulton Street
一世貿中心，82樓
紐約, 紐約 10007
(主要行政辦公室的地址)（郵政編碼）
(212) 260-0895
(註冊人電話號碼，包括區號)
_______________________________________________________________
根據法案第12(b)條規定登記的證券:
每種類別的名稱交易標的（s）每個註冊交易所的名稱
A類普通股，單張面額為$0.001OLO紐約證券交易所
請勾選是否申報人（1）已在前12個月內（或申報人須要在更短時期內提交此類報告時）按照《1934年證券交易法》第13或15(d)條的規定進行了所有所需報告的申報，並（2）在過去90天內一直受到此類申報要求的約束。是 x否¨
標的檢查標記，指出是否在過去12個月（或要求提交此類文件的較短期間）內，申報人已根據《S-t規則第405條（本章節第232.405條）》的規定提交了應提交的每個互動數據文件。是 x否 ¨
請標示勾選方格，以指明申報人是否為大型加速發行人、加速發行人、非加速發行人、較小的報告公司或新興增長公司。請參閱《交易所法》第120億2條的“大型加速發行人”、“加速發行人”、“較小的報告公司”和“新興增長公司”的定義。
大型加速歸檔人x加速檔案提交者¨
非加速歸檔人¨較小報告公司¨
 新興成長型企業¨
如果一家新興成長企業，請勾選表示，如果被登記者已選擇不使用《交易所法》第13(a)條規定的任何新的或修訂財務會計準則的延伸過渡期。 ¨
請在核准印章處打勾，表明公司是否為外殼公司（根據《交易所法》第120億2條所定義）。是 ¨沒有x
截至2024年11月4日， 111,678,544 名股票登記處的A類普通股和 51,991,185 公司B類普通股的股份已發行。


olo inc.
目 錄
頁面
項目 1。
基本報表 （未經審計）
項目2。
第3項目。
項目 4。
项目1。
项目1A。
项目2。
项目3。
項目 4。
项目5。
第六項。


有關前瞻性陳述的特別提示
此季度十項控制項表格中包含明示或暗示的前瞻性陳述，這些陳述基於我們管理層的信念和假設，以及目前管理層可以獲得的信息。此季度十項控制項表格中除了歷史事實陳述之外的所有陳述，包括關於我們未來營運結果或財務狀況、業務策略以及管理層對未來營運的計劃和目標的陳述，均屬前瞻性陳述。在某些情況下，您可以識別前瞻性陳述，因為它們包含“預期”、“相信”、“考慮”、“持續”、“可能”、“估計”、“期望”、“預測”、“如果”、“打算”、“可能”、“計劃”、“潛在”、“預測”、“項目”、“尋找”、“應該”、“目標”、“將”或“會”等詞語，或這些詞語的否定形式或其他相似的術語或表達方式。
前瞻性陳述並不代表未來表現的保證，涉及風險、不確定因素和假設。我們所做的前瞻性陳述的實際結果可能與之有重大差異。可能導致或促成這些差異的因素包括但不限於：
•我們對營業收入、費用和其他營運結果的期望，包括整體交易量、單位平均營業收入、活躍地點數、以美元計算的淨收入保留率、總商品成交量和總付款量；
•我們有能力吸引新客戶並成功地保留現有客戶；
•我們開發並推出新產品和服務的能力，以及任何新產品的成功，包括Olo Pay的持續增長，將決定我們的未來。
•我們有能力開發並成功推出對現有產品和服務的增強、功能和修改；
•我們能夠增加我們平台的使用率，並向新興企業客戶提供上銷和交叉銷售額外的模組；
•我們實現或維持盈利能力的能力；
•我們業務的未來投資，我們預期的資本支出，以及我們對資金需求的估計；
•我們有競爭效力，能夠有效地與現有競爭對手和新市場進入者競爭；
•我們購回股票的能力，無論是在所有情況下，或是在我們希望的時間或金額，以及我們購回股票計劃的結果;
•我們銷售和營銷努力的成本和成功，以及我們推廣品牌的能力；
•我們辨識、招募和留住熟練人才的能力；
•我們有效管理成長能力，包括任何國際擴張；
•我們實現過去或未來投資、戰略交易或收購預期好處的能力，以及這些收購的整合可能會干擾我們的業務和管理存在風險；
•我們保護知識產權的能力和相關費用；
•我們競爭的市場增長率；
•我們成功整合和結合所收購的業務，實現從這些收購中獲得的協同效應以及預期的戰略、財務和其他利益的能力；
•地緣政治不穩定、公共衛生危機、通膨和波動利率等宏觀經濟條件、消費者偏好變化和整體市場不確定性的影響；
•我們成功捍衛或解決任何當前或未來訴訟事宜的能力，以及在沒有重大財務處罰、限制我們業務和運營或其他補救措施的情況下履行這些事宜；和
•其他風險和不確定性，包括在名爲「風險因素」部分列出的那些。


您不應該把前瞻性聲明作爲未來事件的預測。我們主要根據我們對未來事件和趨勢的當前期望和預測，認爲這些會影響到我們的業務、財務狀況和運營結果，來撰寫了這份第10-Q季度報告中包含的前瞻性聲明。這些聲明基於我們在本季度10-Q報告日期可獲得的信息。雖然我們認爲該信息爲這些聲明提供了合理的基礎，但該信息可能是有限的或不完整的。我們的聲明不應被視爲表明我們已對所有相關信息進行了徹底的調查或審查。
這些前瞻性聲明描述的事件結果受到本季度10-Q表格和我們年度報告10-K中「風險因素」一節所述的風險、假設、不確定因素和其他因素的影響，截至2023年12月31日的年度報告以及我們隨後的季度10-Q報告中列出的內容。此外，我們經營在一個非常競爭激烈且快速變化的環境中。新的風險和不確定性會不時出現，我們無法預測會對本季度10-Q表格中包含的前瞻性聲明產生影響的所有風險和不確定性。前瞻性聲明中反映的結果、事件和情況可能無法實現或發生，實際結果、事件或情況可能與前瞻性聲明中描述的不同。
本季度10-Q表格中所作的前瞻性聲明僅涉及聲明所做的日期的事件。我們無需更新本季度10-Q表格中所做的任何前瞻性聲明，以反映本季度10-Q表格日期之後的事件或情況，或反映新信息或意外事件的發生，除非法律要求。我們可能無法實現前瞻性聲明中披露的計劃、意圖或期望，您不應過度依賴我們的前瞻性聲明。
除非上下文另有說明，本報告中提到的「Olo」、「公司」、「我們」、「我們的」和「我們」指的是Olo公司。
「Olo」和我們在這份10-Q季度報告中出現的其他商標屬於我們。 這份10-Q季度報告包含其他公司的商標，這些商標是其各自所有者的財產。 我們並不打算使用或顯示其他公司的商標來暗示這些公司對我們的認可或贊助，或者與這些公司中的任何一家有關係。

目錄
第一部分 - 財務信息
項目1。基本報表。
LO INC.
彙編的資產負債表(未經審計)
(以千爲單位，除每股數據外)
截至
9月30日
2024
截至
12月31日,
2023
資產  
流動資產：  
現金及現金等價物$272,180 $278,218 
短期投資77,533 84,331 
應收賬款淨額，預期信貸損失抵減$4,288 和 $2,785，分別
55,886 70,264 
合同資產500 412 
延期合同成本5,450 4,743 
預付費用和其他流動資產13,584 12,769 
總流動資產425,133 450,737 
固定資產，扣除累計折舊和攤銷$17,522 和 $10,111，分別
26,497 22,055 
無形資產淨額（攤銷數累計$89.5）11,233 和 $8,264，分別
14,769 17,738 
商譽207,781 207,781 
非流動合同資產1,168 352 
Deferred contract costs, 長期5,810 5,806 
經營租賃權使用資產9,988 12,529 
所有基金類型投資42,140 25,748 
其他資產，非流動資產39 73 
資產總額$733,325 $742,819 
負債和股東權益
流動負債:
應付賬款$1,462 $4,582 
應計費用及其他流動負債48,094 68,240 
未實現營業收入1,965 1,533 
經營租賃負債，流動負債2,552 2,859 
流動負債合計54,073 77,214 
長期未實現收入182 57 
非流動營業租賃負債12,159 13,968 
其他負債，非流動負債— 109 
負債合計66,414 91,348 
股東權益：
股東權益:
A類普通股，$0.0005股，截至2024年4月30日和2024年1月31日，授權股票0.0005股；0.001每股面值; 1,700,000,000 2024年9月30日和2023年12月31日授權股份; 111,275,660 和 108,469,679 2024年9月30日和2023年12月31日分別發行和流通的股份數。B類普通股，$0.001每股面值; 185,000,000 2024年9月30日和2023年12月31日授權股份; 51,993,616 和 54,891,834 而9月30日和2023年12月31日分別發行和流通的股份
163 163 
優先股，$0.00010.001每股面值; 20,000,000 股票授權數量爲2024年9月30日和2023年12月31日
— — 
額外實收資本882,461 867,152 
累積赤字(216,091)(215,829)
累計其他綜合收益(虧損)378 (15)
股東權益總額666,911 651,471 
負債和股東權益總額$733,325 $742,819 
附註是財務報表的一部分

1
目錄
OLO公司
未經審計的簡短綜合業績表(未經審計)
(以千爲單位，除每股數據外)

三個月結束
九月30日,		九個月結束
九月30日,
2024202320242023
營業收入：
平台$70,999 $57,261 $206,364 $163,235 
專業服務和其他854 533 2,504 2,050 
總收入71,853 57,794 208,868 165,285 
營業成本：
平台32,081 22,203 90,197 59,537 
專業服務和其他763 1,026 2,549 3,220 
營業成本總額32,844 23,229 92,746 62,757 
毛利潤39,009 34,565 116,122 102,528 
營業費用：
研發17,170 18,035 51,126 56,806 
一般行政15,130 21,307 36,550 56,986 
銷售及營銷費用12,832 11,363 40,752 36,438 
重組費用（附註12） 2,396 166 2,396 6,848 
營業費用總計47,528 50,871 130,824 157,078 
經營虧損(8,519)(16,306)(14,702)(54,550)
其他收入，淨額：
利息收入4,936 4,598 14,687 12,207 
利息支出(14)(43)(98)(165)
其他（費用）收入(1)(1)2 (1)
其他收入淨額4,921 4,554 14,591 12,041 
稅前虧損(3,598)(11,752)(111)(42,509)
所得稅費用
37 7 151 32 
淨損失$(3,635)$(11,759)$(262)$(42,541)
每股淨虧損歸屬於A類和B類普通股股東:
Basic$(0.02)$(0.07)$0.00 $(0.26)
Diluted$(0.02)$(0.07)$0.00 $(0.26)
加權平均普通A類和B類股份流通股數：
Basic162,477,259 163,991,486 162,005,026 162,674,062 
Diluted162,477,259 163,991,486 162,005,026 162,674,062 
附註是財務報表的一部分

2
目錄
OLO公司
簡明綜合損益陳述（未經審計）
（以千爲單位）

三個月已結束
九月三十日		九個月已結束
九月三十日
2024202320242023
淨虧損$(3,635)$(11,759)$(262)$(42,541)
其他綜合收益（虧損）：
未實現的投資收益（虧損）539 57 393 (151)
其他綜合收益總額（虧損）539 57 393 (151)
綜合（虧損）收入$(3,096)$(11,702)$131 $(42,692)
附註是財務報表的一部分

3
目錄
OLO公司
簡化股東權益綜合表（未經審計）
(以千爲單位，除股票數據外)

A類和B類普通股額外的
實收
資本		累積的
$
累計其他綜合收益（損失）
總計
股東權益
股份數量
2023年12月31日的餘額163,361,513 $163 $867,152 $(215,829)$(15)$651,471 
發行認股期權來授予員工期權469,841 1 1,144 — — 1,145 
限制性股票與業績表現限制性股票單位的解鎖812,602 1 (1)— — — 
回購普通股(2,799,891)(3)(15,287)— — (15,290)
股票補償— — 11,602 — — 11,602 
其他綜合損失— — — — (129)(129)
淨損失— — — (2,356)— (2,356)
2024年3月31日的餘額161,844,065 $162 $864,610 $(218,185)$(144)$646,443 
其他262,237 — 1,016 — — 1,016 
行使股票期權發行普通股330,894 — 727 — — 727 
限制性股票和基於績效的限制性股票單位的獲得970,715 1 (1)— — — 
回購普通股(1,374,108)(1)(6,890)— — (6,891)
股票補償— — 11,271 — — 11,271 
其他綜合損失— — — — (17)(17)
淨利潤— — — 5,729 — 5,729 
2024年6月30日的餘額162,033,803 $162 $870,733 $(212,456)$(161)$658,278 
行使期權發行普通股320,972 — 721 — — 721 
受限制股和基於表現的限制股單位歸屬914,501 1 (1)— — — 
股票補償— — 11,008 — — 11,008 
其他綜合收益— — — — 539 539 
淨損失— — — (3,635)— (3,635)
2024年9月30日餘額163,269,276 $163 $882,461 $(216,091)$378 $666,911 

4
目錄
OLO公司
簡化股東權益綜合表（未經審計）
(以千爲單位，除股票數據外)
A 類和 B 類普通股額外
已付款
資本		累積
赤字		累計其他綜合虧損總計
股東權益
股票金額
截至2022年12月31日的餘額162,444,717 $162 $855,249 $(157,542)$(253)$697,616 
行使股票期權時發行普通股1,055,108 1 2,364 — — 2,365 
限制性股票單位的歸屬802,576 1 (1)— — — 
回購普通股(2,652,372)(2)(20,050)— — (20,052)
基於股票的薪酬— — 15,127 — — 15,127 
其他綜合收入— — — — 197 197 
淨虧損— — — (13,706)— (13,706)
截至 2023 年 3 月 31 日的餘額161,650,029$162 $852,689 $(171,248)$(56)$681,547 
根據員工股票購買計劃發行普通股253,973 — 1,463 — — 1,463 
行使股票期權時發行普通股1,528,955 1 3,097 — — 3,098 
限制性股票單位的歸屬1,006,863 1 (1)— — — 
回購普通股(1,409,420)(1)(10,046)— — (10,047)
基於股票的薪酬— — 15,278 — — 15,278 
其他綜合損失— — — — (405)(405)
淨虧損— — — (17,076)— (17,076)
截至2023年6月30日的餘額163,030,400$163 $862,480 $(188,324)$(461)$673,858 
發行與慈善捐贈有關的普通股172,918 — 1,136 — — 1,136 
行使股票期權時發行普通股2,621,027 3 3,376 — — 3,379 
限制性股票單位的歸屬939,671 1 (1)— — — 
回購普通股(2,014,202)(2)(13,033)— — (13,035)
基於股票的薪酬— — 13,763 — — 13,763 
其他綜合收入— — — — 57 57 
淨虧損— — — (11,759)— (11,759)
截至2023年9月30日的餘額164,749,814$165 $867,721 $(200,083)$(404)$667,399 
附註是財務報表的一部分

5
目錄
OLO公司
簡明的綜合現金流量表 （未經審計）
（以千爲單位）
結束的九個月
9月30日，
20242023
經營活動  
淨損失$(262)$(42,541)
用於調節淨虧損至經營活動現金流量淨額的調整項目：
折舊和攤銷10,380 7,283 
股票補償31,757 41,341 
慈善捐贈A類普通股— 1,136 
預期信貸損失準備金3,798 1,495 
非現金租賃費用1,978 2,079 
資產處置損失— 38 
非現金減值費用1,079 — 
其他非現金經營活動，淨額(1,576)(1,883)
經營性資產和負債變動:
應收賬款10,580 (23,580)
合同資產(903)(156)
預付費用和其他流動資產和非流動資產(778)2,835 
延期合同成本(711)(2,588)
應付賬款(3,119)(2,069)
應計費用及其他流動負債(20,167)7,189 
經營租賃負債(2,116)(2,226)
未實現營業收入558 (812)
其他負債，非流動負債(109)76 
經營活動產生的淨現金流量30,389 (12,383)
投資活動
購買固定資產(782)— 
資本化的內部使用軟件(9,459)(10,023)
投資購買(96,467)(96,501)
出售和到期投資88,842 88,155 
投資活動產生的淨現金流出(17,866)(18,369)
籌資活動
員工薪金稅款代扣收到的現金 5,367 13,902 
支付給員工薪金稅款的現金(5,351)(13,896)
股票期權行使和員工股票購買計劃下的收益3,604 10,208 
回購普通股(22,181)(43,134)
籌集資金淨額(18,561)(32,920)
現金及現金等價物淨減少(6,038)(63,672)
現金及現金等價物期初餘額278,218 350,073 
現金及現金等價物期末餘額$272,180 $286,401 
補充披露的非現金投融資活動
早期行使的股票期權的分配$— $97 
員工應收期權已行使$5 $— 
內部使用軟件的股權補償資本化$2,128 $2,827 
附註是財務報表的一部分

6
目錄
OLO INC.
簡明合併財務報表附註
（未經審計）

1.按照我們所處的風險和不確定性的假設，結果和在本招股書或在任何文檔中引用的前瞻性陳述中討論的事件可能不會發生。投資者應謹慎對待這些前瞻性陳述，它們僅在本招股書或在文檔中通過引用作爲參考，其僅在本招股書或在文檔中通過引用作爲參考的文件的日期發表時存在。我們沒有任何義務，並明確聲明不承擔任何義務，更新或更改任何前瞻性陳述，無論是基於新信息、未來事件或其他原因。我們或代表我們行事的任何人作出的所有後續前瞻性陳述，都受到本節中所包含或所提到的警示性聲明的明確限制。
Olo公司成立於2005年6月1日，在特拉華州註冊，並總部設在紐約市。2020年1月14日，我們的董事會和股東批准了將我們的公司名稱從Mobo Systems, Inc.更名爲Olo公司。除非上下文另有指示或要求，「我們」、「我們」、「我們的」和「公司」等引用將指代Olo公司。
我們是一個爲餐廳提供開放saas-雲計算平台。我們的平台支持餐廳品牌的即時數字商務運營，實現數字訂購、送貨、前廳管理和付款，同時進一步增強和改善餐廳與直接客人的關係。我們爲餐廳提供面向企業、業務對客人的開放saas-雲計算平台，以管理他們複雜的數字業務，併爲客人提供快速、更個性化的體驗。我們的平台和應用程序編程接口與各種解決方案無縫集成，統一餐廳生態系統中的不同技術。餐廳品牌依賴於我們來增加他們的數字全渠道銷售、最大化盈利能力、建立和維護直接客人關係，以及收集、保護和利用寶貴的客人數據。
2.重要會計政策
報告範圍
附註的未經審計的簡明合併基本報表及相關附註，是根據美國通行的會計原則（「美國通行會計原則」）編制的 interim financial information，並遵照美國證券交易委員會（「SEC」）的規章制度。因此，根據該規章制度，一些通常包含在根據美國通行會計原則編制的財務報表中的信息和腳註披露被省略掉了。2023年12月31日的簡明合併資產負債表是由該日期審計的財務報表推導而來，但可能不包含所有披露，包括在年度報告基礎上按照美國通行會計原則要求的某些腳註。
這些未經審計的簡明合併基本報表是根據我們年度基本報表的基礎編制的，並且在管理層的意見下，反映了所有調整，包括必要的所有正常和週期性調整，以公平陳述截至2024年9月30日的財務狀況、2024年9月30日和2023年三個和九個月的營運結果及綜合（損失）收入，以及2024年9月30日和2023年九個月的現金流量。2024年9月30日結束的三個和九個月的營運結果未必代表可能預期的截至2024年12月31日財政年度或任何未來年度或中期期間的結果。
本季度十大表格上所含信息應與基本報表及相關附註一同閱讀，這些附註包含在我們於2024年2月21日向美國證券交易委員會提交的年度報表十k中。所有企業內部結餘和交易在合併中已予以消除。
使用估計
根據美國通用會計準則，編制簡明的綜合財務報表需要管理層進行估計和假設，從而影響簡明綜合財務報表日期的資產和負債金額以及附註的資產和負債的披露，並影響報告期間的營業收入和費用金額。
我們定期評估這些估計，包括但不限於，基於股票的補償，包括確定我們基於股票的獎勵的公允價值，未實現的遞延所得稅資產，我們長期資產的估計壽命，業務組合的購買價格分配，業務組合中所購買的無形資產的估值，商譽的估值，我們履約義務的估計獨立銷售價格以及在某些安排中實施服務和交易收入的估計考慮。我們將這些估計建立在歷史經驗和我們認爲在特定情況下合理的各種市場特定和相關假設之上。實際結果可能會與這些估計不同，這種差異可能對我們的財務狀況和經營業績具有重大影響。

7
目錄
OLO 公司。
簡明合併財務報表附註
（未經審計）
重要會計政策
我們的重大會計政策詳見附註2， 重大會計政策 包含在我們2023年12月31日結束的年度報告第II部分第8項中的合併財務報表附註中。截至2024年9月30日的九個月內，我們的重大會計政策與我們2023年12月31日結束的年度報告中描述的情況沒有發生重大變化。
業務和信貸風險的集中度
我們主要通過我們的現金、現金等價物、金融機構持有的短期和長期投資來承擔信用風險的集中度。我們主要將我們的現金、現金等價物和投資存入金融機構，管理層認爲這些金融機構信用質量高，並且存款金額可能在不同時間超過聯邦保險限額。我們未在此類帳戶中經歷任何重大損失，並認爲我們不會面臨任何重大風險。截至2024年9月30日，沒有任何個別客戶佔總營業收入的比率高於 10%。在截至2023年9月30日的三個月和九個月中，一個客戶佔我們營業收入的 12%。
最近發佈的會計聲明
2023年11月，財務會計準則委員會（「FASB」）發佈了會計準則更新（「ASU」）2023-07， 分部報告（主題 280）：報告服務部門（主題 280）變更披露方式，通過升級對意義重大的分部費用的披露來改進分部報告披露要求。該準則適用於 2023 年 12 月 15 日之後的財年和 2024 年 12 月 15 日之後的財年間隔期。該準則必須適用於財務報表中呈現的所有期間的追溯。該公司目前正在評估該標準對合並財務報表的影響。根據公共實體披露其可報告分部的重要費用和其他分部項目的信息，要求其在中期和年度披露基礎上披露。 只有一個可報告分部的公共實體需要在中期和年度披露中適用ASU 2023-07的披露要求，以及會計準則修訂（「ASC」）280中的所有現有分部披露和協調要求。ASU 2023-07自2023年12月15日後開始的財政年度生效，對於在2024年12月15日之後開始的財政年度內的中期期間也有效，並可提前採用。 ASU的採用應追溯地應用於財務報表中呈現的所有先前期間。我們目前正在評估採用ASU 2023-07的影響，並預期將在截至2024年12月31日的年度中採用。
2023年12月，FASB發佈了ASU 2023-09， 《所得稅(Topic 740)：所得稅披露改善》，ASU No. 2023-09。ASU中的修正要求上市公司按年度披露比例調節中的特定類別，以及按司法管轄區分類披露已支付的所得稅。該ASU適用於2024年12月15日後開始年度的上市公司，允許提早採納。我們目前正在評估該標準對我們的合併財務報表和相關披露的影響。基本報表要求公共實體每年提供特定類別在利率對賬中的披露，以及按司法管轄區細分的所支付所得稅的披露。ASU 2023-09將於2024年12月15日之後開始的財政年度生效，允許提前採納。我們目前正在評估採納ASU 2023-09對我們的合併財務報表和披露將產生的影響。
3.收入確認
以下表格按類型（以千爲單位）細分營業收入：
截至2024年9月30日的三個月
平台專業的
服務和
其他		總計
收入確認時間
隨着時間的推移轉移$27,625 $854 $28,479 
在某個時間點轉移43,374 — 43,374 
總收入$70,999 $854 $71,853 

8
目錄
OLO 公司。
簡明合併財務報表附註
（未經審計）
Three Months Ended September 30, 2023
PlatformProfessional
Services and
Other		Total
Timing of revenue recognition
Transferred over time$25,158 $533 $25,691 
Transferred at a point in time32,103 — 32,103 
Total revenue$57,261 $533 $57,794 
Nine Months Ended September 30, 2024
PlatformProfessional
Services and
Other		Total
Timing of revenue recognition
Transferred over time$81,328 $2,504 $83,832 
Transferred at a point in time125,036 — 125,036 
Total revenue$206,364 $2,504 $208,868 
截至2023年9月30日的九個月
平台專業的
服務和
其他		總計
收入確認時間
隨着時間的推移轉移$74,518 $2,050 $76,568 
在某個時間點轉移88,717 — 88,717 
總收入$163,235 $2,050 $165,285 
合約餘額
合同資產
專業服務的營業收入通常按照實施期間按比例分攤的方式確認，從每份合同的開始日期開始。平台營業收入是在提供服務時確認的。根據ASC 606，當合同上確認的營業收入超過賬單時，我們會記錄合同資產。我們的標準結算條款是按月計費；然而，賬單可能與確認模式不一致，取決於服務完成的時間。合同資產爲$1.7萬美元和0.8百萬 分別截至2024年9月30日和2023年12月31日。
未實現營業收入
未來收入主要包括預先收取的訂閱服務款項或付款，待控制權轉移給客戶後確認爲營業收入。截至2024年9月30日的九個月內，我們確認了$的營業收入。1.4 相關合同於2023年12月31日包含在未來收入中，我們確認了$的營業收入。
截至2024年9月30日，我們的剩餘履約義務約爲$40.4 百萬美元，其中約 49%的收入預計在接下來的 十二個月年內確認，其餘大部分收入將在接下來的 24至48 個月內確認。這些金額僅包括合同中保證固定金額或可變合同下的擔保最低金額。上述已披露合同中未確認的收入不包括：（1）原始預期期限爲一年或更短的合同；（2）變動考慮因素基於客戶後續銷售或使用的合同；或（3）我們的開票權與向客戶提供價值相對應的協議。


9
目錄
OLO 公司。
簡明合併財務報表附註
（未經審計）
遞延合同成本。
我們將獲得營業合同的增量成本資本化，包括新的和續訂營業合同的銷售提成，某些相關激勵措施，以及與工資稅和福利成本相關的部分。資本化金額可通過客戶合同下的未來營業收入流實現回收。
以下表格總結了當前和非流動遞延合同成本的活動（以千計）：
2023年12月31日結餘爲$10,549 
遞延合同成本的資本化6,439 
推遲合同成本攤銷(5,728)
2024年9月30日的餘額$11,260 
4.公允價值計量
公平價值是在資產或負債的主要或最有利市場上，在測量日期市場參與者之間進行有序交易時將收到的資產的交換價格或支付的（退出價格）。 我們應用以下公平價值層次結構，該結構將用於測量公平價值的輸入劃分爲三個級別，並根據層次結構中可用且對公平價值測量重要的最低級別的輸入來進行分類：
一級輸入：基於相同資產或負債在活躍市場上未經調整的報價。
二級輸入：基於除一級價格之外的可觀察輸入，如類似資產或負債的報價價格；市場上成交量不足或交易不頻繁的報價價格（不活躍市場）；或者是模型推導的估值，其中所有重要輸入可被觀察，或者主要可從可觀察市場數據推導或證實，以便資產或負債的實際期限大部分內含。
三級輸入：基於對資產或負債的公允價值的重要測量不可觀察輸入，通常反映管理層對市場參與者在定價資產或負債時會使用的假設的估計。
以下表格列出了截至2024年9月30日和2023年12月31日我們投資的各類主要安防-半導體類型的成本、淨未實現損失和公允價值（以千爲單位）：
截至2024年9月30日
成本
未實現收益
公允價值現金及現金等價物短期投資開多期投資
現金
$128,812 $— $128,812 $128,812 $— $— 
一級：
貨幣市場基金142,159 — 142,159 142,159 — — 
商業票據7,721 16 7,737 — 7,737 — 
小計149,880 16 149,896 142,159 7,737 — 
二級：
定期存單24,431 34 24,465 1,209 23,256 — 
美國政府及機構證券47,968 191 48,159 — 25,568 22,591 
公司債券40,384 137 40,521 — 20,972 19,549 
小計112,783 362 113,145 1,209 69,796 42,140 
三級計量：— — — — — — 
總計$391,475 $378 $391,853 $272,180 $77,533 $42,140 


10
目錄
OLO 公司。
簡明合併財務報表附註
(未經審計)
截至 2023 年 12 月 31 日
成本
未實現淨收益（虧損）
公允價值現金和現金等價物短期投資長期投資
現金$130,566 $— $130,566 $130,566 $— $— 
第 1 級：
貨幣市場基金147,652 — 147,652 147,652 — — 
商業票據16,408 11 16,419 — 16,419 — 
小計164,060 11 164,071 147,652 16,419 — 
第 2 級：
存款證15,366 21 15,387 — 15,387 — 
美國政府和機構證券49,393 (73)49,320 — 33,198 16,122 
公司債券28,927 26 28,953 — 19,327 9,626 
小計93,686 (26)93,660 — 67,912 25,748 
第 3 級：— — — — — — 
總計$388,312 $(15)$388,297 $278,218 $84,331 $25,748 
我們在非定期基礎上按公允價值衡量的資產包括長期資產和有限壽命的無形資產，被認爲是三級輸入。在2024年9月30日結束的九個月中，我們記錄了一筆非現金減值費用，金額爲$0.5 百萬，與我們無法收回的部分內部使用軟件相關。該金額記錄在損益表中的研發費用中。此外，在2024年9月30日結束的九個月中，我們記錄了一筆非現金減值費用，金額爲$0.6 百萬，與我們的經營租賃使用權資產相關，因爲我們於2024年6月承諾執行放棄以前辦公空間的計劃，並於2024年7月將公司總部遷回One World Trade Center。該金額記錄在損益表中的一般和管理費用中。
應收賬款、應付賬款和預提費用按其賬面價值列示，由於到期日望收到或支付的時間較短，其公允價值近似。
5.應計費用及其他負債
應計費用及其他流動負債 包括以下內容（單位：千）：
截至
9月30日
2024
截至
12月31日,
2023
累計交付服務合作伙伴費用$33,036 $39,964 
應計的薪酬和福利10,166 9,148 
累計法律和解 (1)
— 9,000 
專業和諮詢費用1,100 3,866 
轉租責任
— 2,032 
應計稅費1,027 1,068 
其他2,765 3,162 
累計費用及其他流動負債總計$48,094 $68,240 
(1) 有關詳細信息，請參閱「註釋10—承諾和可能義務」。
6.授信額度
2022年6月10日，我們與太平洋西部銀行（現在被稱爲banc of california）簽訂了第二次修正和再次訂立的貸款和安全協議，涉及循環信貸和固定期限貸款設施（「第二次修正和再次訂立的LSA」）。

11
目錄
OLO INC.
簡明合併財務報表附註
（未經審計）
第二份修正和重新規定的LSA包括財務契約，要求遵守特定的最低營業收入金額。此外，第二份修改和重新規定的LSA包含的陳述和保證通常與2020年2月11日修改的修正後貸款和安防協議（「先前LSA」）一致，幷包括某些非金融契約，包括但不限於，限制我們增加債務或留置權，支付分紅派息，或進行某些投資。截至2024年9月30日，我們符合這些契約。

截至2024年9月30日，我們有$68.6根據考慮後的第二次修訂和重簽發的LSA協議，我們有百萬美元的承諾可供使用。1.4百萬美元用於我們在世界貿易中心一號大樓的租賃信用證。截至2024年9月30日，我們在額度授信中有未償還借款。 no 未還借款， no 並沒有透支我們的信用證。
2024年4月，我們進一步修改了第二次修訂的LSA（"第二修正案"），與加利福尼亞銀行（前身爲太平洋西部銀行）達成了2024年的合規閾值。 第二修正案未更改任何其他金融或非金融契約，我們在簽訂第二修正案時仍符合所有必要契約。 上文對第二修正案的重要條款的描述並不完整，完整條款以附件的第二修正案全文爲準。
7.股東權益
回購普通股
2022年9月7日，我們的董事會授權了一個計劃，回購最多100萬美元的A類普通股（「股票回購計劃」）。100我們在2024年第二季度完成了這個股票回購計劃。
2024年4月30日，董事會批准了一項回購高達$成交量的計劃100 百萬美元的A類普通股（「2024回購計劃」）。 根據2024回購計劃，我們可能不時地以自主方式通過公開市場回購，私下協商的交易，大宗購買或其他方式回購我們的A類普通股，並且這些回購將根據適用的證券法規定的情況進行。 如果有的話，回購的時間和實際股數將由董事會或董事會成立的委員會根據多種因素確定，包括A類普通股價格，成交量，市場情況，我們的現金流和流動性狀況，業務的資本需求等等。 我們預計將使用現有現金資金進行回購。 2024回購計劃沒有到期日期，並且可以由董事會自主隨時修改，暫停或終止。
此外，根據1934年修訂的《證券交易法》下制定的第10b5-1條款，開展普通股的公開市場回購，允許我們在可能受到內幕交易法律或自我設定的交易限制禁止的情況下回購普通股。
以下表格總結了我們A類普通股在股票回購計劃下的回購活動，以千爲單位，除股票和每股金額外。
購買的總股數
每股平均支付價格 (1)
回購股票價值 (1)
授權剩餘金額
2024年1月1日的餘額$22,097 
截至三個月結束時的股票回購計劃回購情況：
酒精飲料銷售 $ 32,907 45.5％ $ 30,136 42.1％ $ 66,2232,799,891 $5.44 $15,234 (15,234)
2024年6月30日1,374,108 4.99 6,863 (6,863)
總計4,173,999 $5.29 $22,097 $— 
(1)每股平均價格及股票價值不包括經紀佣金費用。
我們尚未在2024年回購計劃下進行任何回購。

12
目錄
OLO 公司。
簡明合併財務報表附註
(未經審計)
8.以股票爲基礎的補償
2021年股權激勵計劃（「2021計劃」）規定發行激勵和非合格股票期權、股票增值權、限制性股票、限制性股票單位（「RSU」）、以績效爲基礎的限制性股票單位（「PSU」）和其他獎勵，給僱員、董事、顧問和顧問。根據2021計劃的永續條款，董事會批准自動增加 8,168,075 2024年1月1日生效的2021年計劃下預留並可供發行的A類普通股額外股份。
截至2024年9月30日和2023年12月31日，根據2021年計劃，授權發行給參與者的股份最大數量爲 49,257,534 和 40,556,635分別爲。截至2024年9月30日和2023年12月31日，2021年計劃下可發行給參與者的股份數量爲 31,840,015 和 25,029,007分別爲。
限制性股票單位
以下表格總結了2024年9月30日結束前九個月未投資的RSU活動：
RSUs支付Weighted-
平均數
授予日公允價值
2023年12月31日的未歸屬股份9,545,036 $8.70 
已批准1,482,747 5.06 
34,105(2,526,117)9.16 
被放棄和註銷的受限股票單位。(1,482,644)8.48 
2024年9月30日前尚未獲授的股份7,019,022 $7.82 
2024年9月30日結束的九個月內，可供出售單位受限股票的總公允價值爲$12.7 百萬美元。截至2024年9月30日，未行權單位受限股票的未來以股票爲基礎的補償費用約爲$52.1 年。 該公司未在2024年6月30日之前有任何與期權有關的未確認報酬支出。 2.45年。
以業績爲基礎的限制性股票單位
2023年2月，我們以PSUs（「2023 PSUs」）形式向高管授予了股份，這些股份將會在一段時間後解禁 三年 根據特定財務目標的達成情況，於一定表現期結束後 一年後將繼續自動延長 執行期間需要符合連續服務的要求。2023 PSUs所基於的目標股份數量是根據（a）授予日期前一天的平均價格或（b）董事會薪酬委員會爲當年次要股票價格 30確定的地板價格中較高的一個確定的 103.86根據實際財務指標的實現情況相對於截至2023年12月31日年度目標財務指標，發行的PSUs數量爲 171,701 目標PSUs的%，因此根據時間限制的解禁要求，截至2024年9月30日的九個月，股份解禁。剩餘的符合條件的股份將根據時間要求解禁，取決於每個解禁日期時執行人員的繼續服務情況。2023 PSUs的公正價值是根據授予日期的股價計算的。
2024年3月，我們向高管發放了額外的PSU股票（「2024 PSU」），將會在大約 三年 基於實現(a)特定的股價目標或(b)我們的目標總股東回報率（「TSR」），相對於Russell 2000指數公司在特定業績區間內的TSR，情況下，視高管在適用績效期的最後一天前是否持續服務。根據市場爲基礎的度量標準的實現情況，發行的PSU數量可從 0可以降低至0.75%每年200%的目標PSUs。2024 PSU的公允價值是根據授予日使用Monte Carlo模擬模型確定的。
Stock-based compensation expense is recognized over the requisite service period using either the straight-line method or the accelerated attribution method (depending on the award), and is adjusted based on actual forfeitures as necessary.


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OLO INC.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
The following table summarizes the activity for the unvested PSUs during the nine months ended September 30, 2024:
PSUsWeighted-
Average
Grant Date Fair Value
Unvested at December 31, 2023395,545 $7.77 
Granted2,104,852 6.89 
Vested(171,701)7.77 
Forfeited and canceled(56,968)7.77 
Unvested at September 30, 20242,271,728 $6.96 
The total fair value of PSUs vested during the nine months ended September 30, 2024 was $0.9 million. Future stock-based compensation expense for unvested PSUs as of September 30, 2024 was approximately $11.7 million and is expected to be recognized over a weighted-average period of 2.25 years.
Employee Stock Purchase Plan
The employee stock purchase plan (“ESPP”) current offering period began in June 2024 and ends in December 2024. Pursuant to the evergreen provisions of the ESPP, the Board of Directors approved an automatic increase of 1,084,696 additional shares of Class A common stock reserved and available for issuance under the ESPP effective as of January 1, 2024. As of September 30, 2024, a total of 6,402,450 shares are available for issuance to employees under the ESPP. For the nine months ended September 30, 2024 and 2023, we recorded approximately $0.5 million and $0.9 million of compensation expense associated with our ESPP, respectively.
Stock-Based Compensation Expense
The classification of stock-based compensation expense, which includes expense for stock options, RSUs, PSUs, and ESPP charges, by line item within the condensed consolidated statements of operations was as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Cost of revenue - platform$1,182 $1,661 $3,995 $5,159 
Cost of revenue - professional services and other83 165 257 528 
Research and development2,779 3,628 8,458 11,730 
General and administrative5,008 5,506 14,573 16,093 
Sales and marketing1,449 1,553 4,474 6,103 
Restructuring charges— — — 1,728 
Total stock-based compensation expense$10,501 $12,513 $31,757 $41,341 
9.Income Taxes
We recorded a provision for income taxes resulting in an effective tax rate of (136.04)% for the nine months ended September 30, 2024. We recorded a provision for income taxes resulting in an effective tax rate of (0.08)% for the nine months ended September 30, 2023. The effective tax rate for the nine months ended September 30, 2024 is driven primarily by adjustments to the full valuation allowance on our deferred tax assets, adjustments for share-based compensation, and state and local taxes. We maintain a full valuation allowance on our net federal and state deferred tax assets as we have concluded that it is more likely than not the deferred tax assets will not be realized.
We evaluated the available evidence supporting the realization of our deferred tax assets, including the amount and timing of future taxable income, and determined that it is more likely than not that our net deferred tax assets will not be realized. Due to uncertainties surrounding the realization of the deferred tax assets, we maintain a full valuation allowance against substantially all of our net deferred tax assets. When we determine that we will be able to realize some portion or all of

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OLO INC.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
our deferred tax assets, an adjustment to our valuation allowance on our deferred tax assets would have the effect of increasing net income in the period such determination is made.
We applied ASC 740, Income Taxes, and determined that we do not have any uncertain positions that would result in a tax reserve for each of the nine months ended September 30, 2024 and 2023. Our policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. We are subject to U.S. federal tax authority and state tax authority examinations.

10.Commitments and Contingencies
Contingencies
Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. If we determine that a loss is reasonably possible, and the loss or range of loss can be estimated, we will disclose the possible loss in the notes to our financial statements. Accounting for contingencies requires us to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. Legal costs incurred in connection with loss contingencies are expensed as incurred.
On September 26, 2022, a class action lawsuit was filed in the United States District Court for the Southern District of New York asserting claims under the federal securities laws against us and certain of our executive officers. On December 21, 2022, the Court appointed a lead plaintiff and lead counsel on behalf of the class, following which the case was captioned Steamship Trade Association of Baltimore - International Longshoremen’s Association Pension Fund v. Olo Inc., et al. (Case No.1:22-cv-08228-JSR). On August 9, 2023, lead plaintiff filed a second amended complaint asserting claims on behalf of a class composed of all persons who purchased or otherwise acquired our securities between March 17, 2021 and August 11, 2022, inclusive (the “Second Amended Complaint”). The Second Amended Complaint asserts a claim against all defendants for alleged violations of Section 10(b) of the Exchange Act and Rule 10b5 promulgated thereunder and a claim under Section 20(a) of the Exchange Act against Mr. Glass, our Chief Executive Officer, and Mr. Benevides, our Chief Financial Officer, as alleged controlling persons. The Second Amended Complaint alleges that defendants made materially false and misleading statements concerning, among other things, our business relationship with the restaurant brand Subway, our financial position, our enterprise market customers, and our publicly disclosed “active locations” counts, and that these alleged false and misleading statements caused losses and damages for members of the class. The Second Amended Complaint seeks unspecified damages, interest, costs and attorneys’ fees, and other unspecified relief that the Court deems appropriate. On August 24, 2023, we filed a motion to dismiss the Second Amended Complaint. On September 26, 2023, the Court issued a summary order granting in part and denying in part our motion to dismiss, dismissing the claims in the Second Amended Complaint to the extent they are premised on misstatements about Subway, our financial prospects, and our prospects in the enterprise market, but permitting the remaining claims concerning our publicly disclosed “active locations” counts to proceed. On December 1, 2023, the Court issued an opinion confirming its September 26, 2023, order granting in part and denying in part our motion to dismiss. Also on December 1, 2023, the Court entered an order certifying a class of stockholders that purchased Olo’s Class A common stock between March 17, 2021 and August 11, 2022. On January 16, 2024, the parties reached an agreement to settle the lawsuit, and lead plaintiff filed an unopposed motion for preliminary approval of the proposed class action settlement. The Court granted final approval of the settlement on June 11, 2024. In connection with the agreement, we recorded an expense of $9.0 million during the year ended December 31, 2023 for the anticipated settlement. We maintain insurance coverage for a portion of the settlement and legal and consulting fees, but we do not record anticipated insurance proceeds until all contingencies relating to the insurance recovery have been removed, including an acknowledgment by the insurance company and our determination that recovery of the expected amount is probable. During the nine months ended September 30, 2024, we recorded $10.6 million in recoveries under this insurance coverage, which was recorded within general and administrative expenses.
On May 4, 2023, Cashondra Floyd, an alleged Olo stockholder, derivatively and on behalf of us as a nominal defendant, filed a complaint in the U.S. District Court for the Southern District of New York against certain of our directors and officers (the “Floyd Derivative Defendants”), captioned Floyd v. Glass, et al. (Case No. 1:23-cv-03770). On May 25, 2023, the plaintiff voluntary dismissed her complaint and refiled in the Court of the Chancery of the State of Delaware (C.A. No. 2023-0560-KSJM) (the “Floyd Derivative Complaint”). The Floyd Derivative Complaint alleges that, between at least August 10, 2021 and August 11, 2022, the Floyd Derivative Defendants caused, or failed to prevent, our alleged issuance of materially false and misleading statements concerning our business relationship with the restaurant brand Subway and our publicly disclosed “active locations” counts. The Floyd Derivative Complaint asserts claims for breaches of fiduciary duty, aiding and

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OLO INC.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
abetting breach of fiduciary duty, and waste of corporate assets. The Floyd Derivative Complaint seeks a judgment declaring that the plaintiff may bring the action on behalf of us in a derivative capacity; awarding us damages for the Floyd Derivative Defendants’ alleged breaches of fiduciary duty, and waste of corporate assets; requiring us to reform and improve our corporate governance and internal procedures; ordering the Floyd Derivative Defendants to pay restitution to us; awarding the plaintiff her costs, fees, and expenses, including attorney’s fees; and granting such other relief that the Court determines to be appropriate. On June 1, 2023, the Court granted the parties’ stipulation to stay the Floyd Derivative Complaint. We are unable to predict the outcome, or the reasonably possible loss or range of loss, if any, related to this matter.
On November 16, 2023, Alexander A. Balleh and Neil Ahearne, alleged Olo stockholders, derivatively and on behalf of us as a nominal defendant, filed a complaint in the Court of the Chancery of the State of Delaware captioned Balleh v. Glass, et al. (C.A. No. 2023-1165-KSJM) (the “Balleh Derivative Complaint”) against certain of our directors and officers (the “Balleh Derivative Defendants”). The Balleh Derivative Complaint alleges that, from approximately March 2021 through the date of the Balleh Derivative Complaint, the Balleh Derivative Defendants caused our alleged issuance of materially false and misleading statements concerning our business relationship with the restaurant brand Subway and our publicly disclosed “active locations” counts. The Balleh Derivative Complaint asserts a claim for breaches of fiduciary duty. The Balleh Derivative Complaint seeks a judgment against the Balleh Derivative Defendants in favor of us for the amount of damages sustained by us as a result of the Balleh Derivative Defendants’ breaches of fiduciary duties; directing us to take all necessary actions to reform and improve our corporate governance and internal procedures to comply with applicable laws and to protect us and our shareholders from a repeat of the damaging events alleged in the Balleh Derivative Complaint; awarding us restitution from the Balleh Derivative Defendants and ordering disgorgement of all profits, benefits and other compensation obtained by the Balleh Derivative Defendants; awarding plaintiffs the costs and disbursements of the action, including reasonable attorneys’ fees, accountants’ and experts’ fees, costs and expenses; and granting such other relief that the Court deems just and proper. We are unable to predict the outcome, or the reasonably possible loss or range of loss, if any, related to this matter.
On January 11, 2024, J. Brandon Giuda and Katrina Giuda, alleged Olo stockholders, derivatively and on behalf of us as a nominal defendant, filed a complaint in the Court of the Chancery of the State of Delaware captioned Giuda v. Glass, et al. (C.A. No. 2024-0025-KSJM) (the “Giuda Derivative Complaint”) against certain of our directors and officers (the “Giuda Derivative Defendants”). The Giuda Derivative Complaint alleges that, from at least March 2021, the Giuda Derivative Defendants caused, or failed to prevent, our alleged issuance of materially false and misleading statements concerning our business relationship with the restaurant brand Subway and our publicly disclosed “active locations” counts. The Giuda Derivative Complaint asserts claims for breaches of fiduciary duties, contribution and indemnification, aiding and abetting breaches of fiduciary duties, insider trading against Defendant Glass, and unjust enrichment against Defendant Glass. The Giuda Derivative Complaint seeks a judgment against the Giuda Derivative Defendants declaring that plaintiffs may maintain the action on behalf of us and that they are adequate representatives of us; declaring that the Giuda Derivative Defendants have breached and/or aided and abetted the breach of their fiduciary duties to Olo; directing us to take all necessary actions to implement and maintain an effective system of internal controls and meaningful oversight and monitoring; determining and awarding to us the damages sustained as a result of the violations alleged against the Giuda Derivative Defendants; ordering Defendant Glass to disgorge and pay to us all profits, benefits, and other compensation obtained by his alleged insider trading and breaches of fiduciary duties; ordering the disgorgement of profits, benefits, and other compensation; awarding us restitution from the Giuda Derivative Defendants; awarding plaintiffs costs and disbursements of the action, including reasonable attorneys’ and experts’ fees, costs, and expenses; and granting such other relief that the Court deems just and proper. On April 26, 2024, the Court granted the parties’ stipulation regarding a schedule for the Giuda Derivative Defendants’ anticipated motion to dismiss the Giuda Derivative Complaint. The Giuda Derivative Defendants are currently negotiating a schedule to answer, move to dismiss, or otherwise respond to the Giuda Derivative Complaint. We are unable to predict the outcome, or the reasonably possible loss or range of loss, if any, related to this matter.
On May 15, 2024, Richard Scarantino (the “Scarantino Plaintiff”), an alleged Olo stockholder, filed a class action and derivative complaint on behalf of Olo stockholders and on behalf of us as a nominal defendant, in the Court of the Chancery of the State of Delaware captioned Scarantino v. Glass, et al. (C.A. No. 2024-0517-KSJM) (the “Scarantino Complaint”) against our Board of Directors (the “Scarantino Director Defendants”), our Chief Executive Officer (the “Scarantino Officer Defendant”), The Raine Group LLC, RPII Order LLC, and Raine Associates II LP (collectively, “The Raine Group” and together with Olo, the Scarantino Director Defendants, and the Scarantino Officer Defendant, the “Scarantino Defendants”). The Scarantino Complaint alleged that the Director Defendants and Officer Defendant breached their fiduciary duties by authorizing the 2024 Buyback Program, which could result in The Raine Group having majority voting control over Olo. The Scarantino Complaint asserted a direct and a derivative claim for breaches of fiduciary duty against the Scarantino Director Defendants and the Scarantino Officer Defendant. The Scarantino Complaint also asserted that The Raine

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OLO INC.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
Group aided and abetted the Scarantino Director Defendants’ and Scarantino Officer Defendant’s breaches of fiduciary duty. On June 11, 2024, our Board of Directors agreed, through unanimous written consent (the “Board Resolutions”) that, among other things, the 2024 Buyback Program shall be carried out in such a way that our repurchases pursuant thereto do not cause The Raine Group’s ownership of Olo’s outstanding voting stock to exceed 49.9% and to take appropriate measures to the best of their ability to ensure that repurchases pursuant to the 2024 Buyback Program do not cause The Raine Group’s ownership of our outstanding voting stock to exceed 49.9%. The Scarantino Plaintiff subsequently agreed that the Board Resolutions would render the Scarantino Complaint moot. On June 12, 2024, the Scarantino Defendants moved to dismiss the Scarantino Complaint. On June 21, 2024, the parties filed a stipulation and proposed order dismissing the Scarantino Complaint with prejudice, which the Court granted on June 24, 2024. The Court retained jurisdiction of the lawsuit solely for the purpose of adjudicating an application for attorneys’ fees in connection with the claims asserted in the Scarantino Complaint. On August 2, 2024, the Court entered a Stipulation and Order providing that the Scarantino Plaintiff’s action will be dismissed with prejudice and the case will be closed, subject to the Company filing an affidavit with the Court confirming that a notice of settlement has been issued. The Company filed an affidavit with the Court on August 6, 2024.
We recorded $0.6 million of litigation-related expenses related to this matter for the nine months ended September 30, 2024. This amount was recorded in general and administrative expenses within the condensed consolidated statement of operations.
We have also received, and may in the future continue to receive, other claims from third parties asserting, among other things, infringement of their intellectual property rights. Future litigation may be necessary to defend ourselves or our customers by determining the scope, enforceability, and validity of third-party proprietary rights or to establish our proprietary rights. Defending such proceedings is costly and can impose a significant burden on management and employees. The results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.
Leases
In June 2024 we committed to a plan to abandon our office lease located at 99 Hudson St, New York, New York before the expiration of the lease term and relocate our corporate headquarters back to One World Trade Center. We recorded an impairment of operating lease right-of-use assets totaling $0.6 million during the nine months ended September 30, 2024 in connection with the abandonment of the former office space. This amount was recorded in general and administrative expenses within the condensed consolidated statement of operations.
In March 2023, we abandoned our office lease located at 26 Broadway, New York, New York, resulting in a reduction of $0.3 million to operating lease right-of-use assets and operating lease liabilities, respectively. On April 18, 2023, we entered into an agreement with our landlord that provided for an early termination of our office lease located at 26 Broadway, New York, New York.
Sublease income was $0.6 million for the nine months ended September 30, 2024. Sublease income was $0.6 million and $1.9 million for the three and nine months ended September 30, 2023, respectively. During the nine months ended September 30, 2024, the subtenant of our corporate headquarters at One World Trade Center surrendered the premises back to us, and in connection with this, we recorded a lease termination benefit of $1.4 million within general and administrative expenses.

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OLO INC.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
11.Net Loss per Share Attributable to Common Stockholders
A reconciliation of net loss available to common stockholders and the number of shares in the calculation of basic and diluted net loss per share is as follows (in thousands, except share and per share data):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Numerator:
Net loss attributable to Class A and Class B common stockholders$(3,635)$(11,759)$(262)$(42,541)
Denominator:
Weighted-average Class A and Class B common shares outstanding—basic162,477,259 163,991,486 162,005,026 162,674,062 
Dilutive effect of outstanding stock-based compensation awards— — — — 
Weighted-average common shares outstanding—diluted162,477,259 163,991,486 162,005,026 162,674,062 
Net loss per share attributable to Class A and Class B common stockholders––basic
$(0.02)$(0.07)$0.00 $(0.26)
Net loss per share attributable to common stockholders—diluted
$(0.02)$(0.07)$0.00 $(0.26)
The following potential common shares were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an as-converted basis):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Outstanding stock options
19,985,166 22,730,187 19,985,166 22,730,187 
Outstanding RSUs and PSUs
9,290,750 10,404,528 9,290,750 10,404,528 
Outstanding shares estimated to be purchased under ESPP
202,496 192,422 202,496 192,422 
Total29,478,412 33,327,137 29,478,412 33,327,137 

12.Restructuring Charges
On September 20, 2024, we announced a reduction of our workforce by approximately 9% to reorganize our business to better focus our investments on customer needs and to support long-term growth objectives (“2024 Restructuring Plan”).
We incurred charges of $2.4 million in connection with the 2024 Restructuring Plan for the three and nine months ended September 30, 2024, consisting of the following: $2.0 million related to severance expense and payroll taxes and $0.4 million related to other employee benefits. These expenses are recorded within the restructuring charges line item in the condensed consolidated statement of operations.
The following table summarizes the restructuring liabilities, which are recorded in accrued expenses and other current liabilities on the condensed consolidated balance sheets, as of September 30, 2024 (in thousands):
Balance at January 1, 2024$— 
Charges2,396 
Payments(162)
Balance at September 30, 2024$2,234 

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OLO INC.
Notes to the Condensed Consolidated Financial Statements
(Unaudited)
The actions associated with the 2024 Restructuring Plan were fully completed during the three months ended September 30, 2024, and we do not expect to incur any material additional charges under this plan.
On June 14, 2023, we completed a reduction of our workforce by approximately 11% to reorganize our business to better focus our investments on customer needs and to support long-term growth objectives (“2023 Restructuring Plan”).
We incurred charges of $6.8 million in connection with the 2023 Restructuring Plan for the nine months ended September 30, 2023, consisting of the following: $4.5 million related to severance expense and payroll taxes, $1.7 million related to stock-based compensation expense due to the acceleration of equity awards, and $0.6 million related to other employee benefits. These expenses are recorded within the restructuring charges line item in the condensed consolidated statement of operations.
The following table summarizes the restructuring liabilities, which are recorded within accrued expenses and other current liabilities on the condensed consolidated balance sheets, as of September 30, 2023 (in thousands):
Balance at January 1, 2023$— 
Charges6,682 
Payments(2,726)
Balance at June 30, 20233,956 
Charges166 
Payments(4,004)
Balance at September 30, 2023$118 
The actions associated with the 2023 Restructuring Plan were fully completed during the nine months ended September 30, 2023 and we do not expect to incur any material additional charges under this plan.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q. The discussion contains forward-looking statements, including, but not limited to, statements with respect to our transaction volumes, our net revenue retention, our costs and expenses, and new and existing customer adoption and growth of modules and multi-modules, that are based on the beliefs of management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors, including those discussed elsewhere in this Quarterly Report on Form 10-Q, particularly in the section entitled “Special Note Regarding Forward-Looking Statements,” and our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission, or SEC, on February 21, 2024, and our other filings with the SEC.
Overview
We are Olo, a leading open SaaS platform for restaurants. We provide restaurant brands with an enterprise-grade, open SaaS platform that powers their digital ordering, delivery, and payment programs and enables them to collect, analyze, and act on data to drive more meaningful guest experiences. Our platform and application programming interfaces, or APIs, seamlessly integrate with a wide range of solutions, unifying disparate technologies across the restaurant ecosystem. Leading restaurant brands trust Olo for its capabilities, reliability, security, scalability, and interoperability. Our platform currently handles, on average, more than two million orders per day, and more than 85 million guests have transacted on our platform over the last year. As of September 30, 2024, our customer base included over 700 restaurant brands, representing approximately 85,000 active locations, across all industry service models, including quick service, fast casual, casual dining, family dining, and coffee and snack food.
As a result of our ability to meet restaurant brands’ growing needs, gross merchandise volume, or GMV, which we define as the gross value of orders processed through our platform, has increased on an annual basis, reaching more than $26 billion during the year ended December 31, 2023, and gross payment volume, or GPV, which we define as the gross volume of payments processed through Olo Pay, has reached $1 billion during the year ended December 31, 2023. Management uses GMV and GPV metrics to assess demand for our products. We also believe these metrics provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business.
Restaurants are an incredibly complex segment of the retail industry. Restaurant operators must manage the intricacies of food production for just-in-time consumption and comply with strict health and safety regulations while providing a high-quality and consistent guest experience that engenders loyalty and trust. Most restaurant brands, which we define as a specific restaurant brand or restaurant chain, do not have the expertise or the resources to develop their own solutions to manage on-demand digital commerce and are more acutely challenged because their in-store technology consists of a fragmented set of legacy solutions, many of which were developed before the internet. At the same time, delivery service providers, or DSPs, and ordering aggregators have catalyzed digital demand, but pose new challenges for restaurant brands through lower long-term profitability, increased complexity, disintermediation of the restaurant’s direct relationship with the guest and, increasingly, directly competitive food offerings. Due to its unique complexities and challenges, the restaurant industry has historically been one of the lowest-penetrated on-demand digital commerce segments of the retail industry, with digital orders accounting for only 16% of total restaurant industry orders in 2023, according to data from Circana (formerly known as The NPD Group).
Our open SaaS platform is purpose-built to meet the complex needs of restaurants and align with the interests of the restaurant industry. We have developed our platform in collaboration with many of the leading restaurant brands in the United States. We believe our platform is the only independent open SaaS platform for restaurants to enable hospitality with modern solutions across three product suites:
•Order. A suite of solutions powering restaurant brands’ on-demand commerce operations, enabling digital ordering, delivery, and channel management;


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•Pay. A fully-integrated, frictionless payment platform, enabling restaurants to grow and protect their digital business through an improved guest payment experience, offering advanced fraud prevention designed to improve authorization rates for valid transactions, and increase basket conversion; and
•Engage. A suite of restaurant-centric marketing solutions optimizing Guest Lifetime Value, or LTV, by leveraging data to strengthen and enhance the restaurants’ direct guest relationships.
The key milestones in our corporate history are the following:
•2005: Olo Founder and CEO Noah Glass accepted $0.5 million in Series A funding to start Mobo.
•2010: We began rebranding as “Olo” and shifted our focus to enterprise customers.
•2015: We launched Dispatch, our first significant product extension.
•2017: We launched Rails and surpassed $1 billion in GMV.
•2021: We completed our IPO, executed our first acquisition, and surpassed $20 billion in GMV.
•2022: We announced commercial availability of Olo Pay, and surpassed $23 billion in GMV and $250 million in GPV.
•2023: We surpassed $26 billion in GMV and $1 billion in GPV.
We continually invest in architectural improvements so that our system can scale in tandem with our continued growth. Additionally, both internal and external security experts frequently test our system for vulnerabilities. To our knowledge, we have never experienced a material breach of customer or guest data. Our open SaaS platform integrates with over 400 restaurant technology solutions including point-of-sale, or POS, systems, aggregators, DSPs, ordering service providers, or OSPs, payment processors, user experience, or UX, and user interface, or UI, providers, and loyalty programs, giving our customers significant control over the configuration and features of their distinct digital offering.
Our contracts typically have initial terms of three years or longer, with continuous one-to-two-year automatic renewal periods, providing visibility into our future financial performance. We have a highly efficient go-to-market model as a result of our industry thought leadership, partnership approach with our restaurant customers, and experienced enterprise sales, customer success, and deployment teams. Unlike other enterprise software businesses, where the sales team works to add a single location or division and expand to others, we generally enter into relationships at the brand’s corporate level and strive to secure exclusivity across all locations. This enables us to deploy our modules across all new and existing brand locations without any additional sales and marketing costs and upsell new offerings to the brand itself, rather than each individual location. Our dollar-based net revenue retention exceeded 120% for the three months ended September 30, 2024. See the section below entitled “Key Factors Affecting Our Performance” for additional information on how we calculate dollar-based net revenue retention.
We refer to our business model as a transactional SaaS model, as it includes both subscription and transaction-based revenue streams, and we designed it to align with our customers’ success. Our model allows our customers to forego the cost of building, maintaining, and securing their own digital ordering and delivery platforms and to retain direct relationships with their guests while maximizing profitability. Our hybrid-pricing model provides us with a predictable revenue stream and enables us to further grow our revenue as our customers increase their digital order volume. We generate subscription revenue primarily from our Ordering, Switchboard, Kiosk, Catering, Virtual Brands, Sync, Guest Data Platform, or GDP, Marketing, Sentiment, and Host modules. In addition, a portion of our customers purchase an allotment of monthly orders for a fixed monthly fee and pay us an additional fee for each excess order, which we also consider to be subscription revenue. Our transaction revenue primarily includes revenue generated from our Dispatch, Rails, Network, Virtual Brands, and Olo Pay modules. In most cases, we also charge aggregators, channel partners, and other service providers in our ecosystem on a per transaction basis for access to our Rails and Dispatch modules.

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Key Factors Affecting Our Performance
Expand Within Our Existing Customer Base
Our large base of enterprise customers and transactional SaaS revenue model represent an opportunity for further revenue expansion from the sale of additional modules and the addition of new restaurant locations. A key factor to our success in executing our expansion strategy will be our ability to retain our existing and future restaurant customers. Our long-term, direct digital ordering contracts with our customers provide us the opportunity to form unique trusted partnerships with our restaurant brands, further enhancing our ability to satisfy and retain our customers. Our contracts typically have initial terms of three years or longer, with continuous one-to-two-year automatic renewal periods, providing visibility into our future performance.
One indication of our ability to grow within our customer base, through the development of our products that our customers value, is our average revenue per unit. We calculate our average revenue per unit by dividing the total platform revenue in a given period by the average active locations in that same period. We believe this demonstrates our ability to grow within our customer base through the development of our products that our customers value. Our ability to retain and increase revenue from existing customers will depend on a number of factors, including fluctuations in our customers’ spending levels, our customers’ ability to deploy our modules, fluctuations in the number of transactions processed by our customers on the platform, the average number of active locations, and the ability of our customers to switch to a competitor or develop their own internal platform solutions. As previously disclosed, Wingstop Inc. rolled out an initiative to develop their own technology solution in the second quarter of 2024, while continuing to use Olo’s API for Voice orders. The change to the Wingstop Inc. relationship has not been, and we believe will continue to not be, material to our business, results of operations, or financial condition.
The following summarizes our average revenue per unit and approximate number of active locations for the three months ended, or as of, each of the dates presented.
Three Months Ended
September 30,
20242023
Average Revenue Per Unit$850 $742 
Ending Active Locations 85,000 78,000 
Another metric used to demonstrate the propensity of our customers to continue to work with and expand their relationship with us over time is our dollar-based net revenue retention, which compares our revenue from the same set of active customers in one period to the prior year period. An active customer is a specific restaurant brand that utilizes one or more of our modules in a given quarterly period. We calculate dollar-based net revenue retention as of a period-end by starting with the revenue, defined as platform revenue, from the cohort of all active customers as of 12 months prior to such period-end, or the prior period revenue. We then calculate the platform revenue from these same customers as of the current period-end, or the current period revenue. Current period revenue includes any expansion and is net of contraction or attrition over the last 12 months, but excludes platform revenue from new customers in the current period. We then divide the total current period revenue by the total prior period revenue to arrive at the point-in-time dollar-based net revenue retention. We believe that net revenue retention is an important metric to our investors, demonstrating our ability to retain our customers and expand their use of our modules over time, proving the stability of our revenue base and the long-term value of our customer relationships.
For the quarter ended September 30, 2024, net revenue retention exceeded 120%. We have maintained a net revenue retention in excess of 100% throughout the past several years, and expect to continue this trend in the near term as customers continue to adopt additional product modules such as Olo Pay, GDP, Marketing, Sentiment, and Host.
We believe that, in the near term, average revenue per unit and net revenue retention will be greater drivers of growth than total active locations. This is due to the potential opportunity for further multi-module penetration and continued growth in digital ordering across our existing customer base. Additionally, because multi-module penetration can vary across active locations, fluctuations in active locations may not be a clear indication of performance. An example of this would be when a brand has transitioned from our platform and the associated total revenue or revenue per unit of that brand is not material or less than our average.


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Enable Higher Transaction Volume
Transaction revenue will continue to be an important source of our growth. We intend to continue to work with our existing restaurant customers to enable higher transaction volume at their locations that utilize our products. Higher transaction volumes may enable us to generate additional subscription and transaction revenue. As on-demand digital commerce grows to represent a larger share of total food consumption, we expect to significantly benefit from this secular trend as we capture a portion of this increased on-demand digital commerce order volume. Not only does our software create the opportunity to drive more orders for our customers, but we also expect the industry’s secular tailwinds to help increase transaction order volume as more guests order food through digital means, including on- and off-premise. As transaction volume increases, the subscription revenue we receive from certain subscription-based modules may also increase as customers subscribe for higher tier ordering packages to enable more transactions. Additionally, as we continue to expand our product offerings and improve our current software, we also believe that we may be able to increase our share of the transaction revenue that flows through our platform. Specifically, in February 2022, we announced the general availability of our payment solution, Olo Pay, which we believe can continue to increase our ability to generate transactional revenue. Our ability to increase transaction volume is dependent on, among other factors, macroeconomic conditions, as well as the continued shift to digital ordering for food consumption and our ability to capture a meaningful portion of that shift.
Add New Large Multi-Location and High-Growth Restaurant Brands
We believe there is a substantial opportunity to continue to grow our customer base across the U.S. restaurant industry, adding to our over 700 existing brands across approximately 85,000 active locations as of September 30, 2024. We define an “active location” as a unique restaurant location that is utilizing or subscribed to one or more of our modules in a quarterly period (depending on the module). Given this definition, active locations in any one quarter may not reflect: (i) the future impact of new customer wins as it can take some time for their locations to go live with our platform, or (ii) the customers who have indicated their intent to reduce or terminate their use of our platform in future periods. Of further note, not all of our customer locations may choose to utilize our products, and while we aim to deploy all of a customer’s locations, not all locations may ultimately deploy. We intend to continue to drive new customer growth by leveraging our brand and experience within the industry and expanding our sales and marketing efforts. We have also historically pursued and will continue to target the most well-capitalized, fastest-growing restaurant brands in the industry. Our ability to attract new customers will depend on a number of factors, including our ability to innovate, the effectiveness and pricing of our new and existing modules, the growth of digital ordering, and the success of our marketing efforts.
Investment in Innovation and Growth
We have invested and intend to continue to invest in expanding the functionality of our current platform and broadening our capabilities to address new market opportunities, particularly around payments, data analytics, and on-premise dining. We also intend to continue to invest in enhancing awareness of our brand and developing more modules, features, and functionality that expand our capabilities to facilitate the extension of our platform to new use cases and industry verticals. We believe this strategy will provide new avenues for growth and allow us to continue to deliver differentiated, high-value outcomes to both our customers and stockholders. Specifically, we intend to invest in research and development to expand our existing modules and build new modules, sales and marketing to promote our modules to new and existing customers and in existing and expanded geographies, professional services to ensure the success of our customers’ implementations of our platform, and other operational and administrative functions to support our expected growth and requirements as a public company. For example, as Olo Pay continues to scale and we realize expanded Olo Pay adoption, we may experience increased processing and personnel-related costs. We expect our total operating expenses will increase over time and, in some cases, have short-term negative impacts on our operating margin. We also intend to continue to evaluate strategic acquisitions and investments in businesses and technologies to drive product and market expansion. Our future success is dependent, in part, on our ability to successfully develop, market, and sell new and existing modules to new and existing customers.
Grow Our Ecosystem
We plan to expand our current ecosystem of third-party partners to better support our customers. Our platform is highly configurable and deeply embedded into our customers’ disparate existing infrastructures. Our platform seamlessly integrates with technology providers across the restaurant ecosystem, including most POS systems, DSPs, OSPs, aggregators, payment processors, loyalty programs, on-premise ordering providers, kitchen display systems, labor management providers, inventory management providers, and reservation and customer relationship management platforms. We believe that we can leverage these unique partnerships to deliver additional value to our customers. We see opportunity to further broaden our partnership group and build upon the integrations we currently offer. We plan to continue to invest and expand our ecosystem

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of compatible third-party technology providers to allow us to service a broader network of restaurant brands. We believe that these technology partnerships make us a critical component for restaurant brands looking to enhance their digital ordering and delivery platforms. We intend to continue to invest in building functionality that further integrates our platform with additional third-party technology providers, which would expand our capabilities and facilitate the extension of our platform to new use cases and industry verticals. Our future success is dependent on our ability to continue to integrate with third-party technology providers in the restaurant ecosystem.
Expand Our Longer-Term Market Opportunity
While we have not made any significant investments in this area to date, we believe there is an opportunity to partner with small- and medium-sized businesses to enable their on-demand digital commerce presence. Additionally, as many of our customers operate internationally, we believe there is a significant opportunity to expand the usage of our platform outside of the United States. We also believe that our platform can be applied to other commerce verticals, beyond the restaurant industry, that are undergoing a similar digital transformation to deliver real-time experiences and on-demand fulfillment to guests. For example, we currently partner with a number of grocery chains who use our Ordering module to help their guests order ready-to-eat meals and may potentially expand these or other partnerships in the future. We anticipate that our operating expenses will increase as a result of these initiatives and, in some cases, have short-term negative impacts on our operating margin.

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Components of Results of Operations
Revenue
We generate revenue primarily from platform fees and professional services.
Platform
Platform revenue primarily consists of fees that provide customers access to one or more of our modules and standard customer support. Our contracts typically have initial terms of three years or longer, with continuous one-to-two-year automatic renewal periods. We generally bill monthly in arrears. A majority of our platform revenue is derived from our Order solutions, which consist of our Ordering, Dispatch, Rails, Switchboard, Network, Virtual Brands, Kiosk, Catering, and Sync modules. We also generate platform revenue from our Olo Pay module, which became commercially available during 2022, as well as from our Engage solutions, which consist of our GDP, Marketing, Sentiment, and Host modules.
Professional Services and Other
Professional services and other revenue primarily consists of fees paid to us by our customers for the implementation of our platform. The majority of our professional service fees are billed on a fixed fee basis upon execution of our agreement.
Cost of Revenue
Platform
Platform cost of revenue primarily consists of costs directly related to our platform services, including expenses for customer support and infrastructure personnel, including salaries, taxes, benefits, bonuses, and stock-based compensation, which we refer to as personnel costs, third-party software licenses, hosting, amortization of capitalized internal-use software and developed technology, payment processing, and allocated overhead. We expect platform cost of revenue to increase in absolute dollars in order to support additional customer and transaction volume growth on our platform.
Professional Services and Other
Professional services and other cost of revenue primarily consists of the personnel costs of our deployment team associated with delivering these services and allocated overhead.
Gross Profit
Gross profit, or revenue less cost of revenue, has been, and will continue to be, affected by various factors, including revenue fluctuations, our mix of revenue associated with various modules, the timing and amount of investments in personnel, increased hosting capacity to align with customer growth, and third-party licensing costs.
Operating Expenses
Our operating expenses consist of research and development, general and administrative, sales and marketing expenses, and restructuring charges. Personnel costs are the most significant component of operating expenses.
Research and Development
Research and development expenses primarily consist of engineering and product development personnel costs and allocated overhead costs. Research and development costs exclude capitalized internal-use software development costs, as they are capitalized as a component of property and equipment, net and amortized to platform cost of revenue over the term of their estimated useful life. We anticipate investments in this area to increase on an absolute dollar basis, but to decrease as a percentage of revenue over time, as we balance growth initiatives and investments in innovative solutions to support our customers’ rapidly evolving needs.

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General and Administrative
General and administrative expenses primarily consist of personnel costs and contractor fees for finance, legal, human resources, information technology, and other administrative functions. In addition, general and administrative expenses include amortization of trademarks, travel-related expenses, and allocated overhead. We also incur additional general and administrative expenses as a result of operating as a public company. We expect that our general and administrative expenses will continue to grow on an absolute dollar basis while declining as a percentage of revenue as we continue to scale our operations over time.
Sales and Marketing
Sales and marketing expenses primarily consist of sales, marketing, and other personnel costs, commissions, general marketing, amortization of customer relationships, promotional activities, and allocated overhead costs. Sales commissions earned by our sales force are deferred and amortized on a straight-line basis over the expected benefit period. We plan to continue to invest in sales and marketing by expanding our go-to-market activities, including sponsoring additional marketing events and trade shows. We expect our sales and marketing expenses to increase on an absolute dollar basis, but decline as a percentage of revenue, over time.
Restructuring Charges
Restructuring charges are comprised of severance costs, payroll taxes, benefits, and stock-based compensation expense associated with the accelerated vesting of equity awards. These charges were incurred as a result of our completed workforce reductions in the third quarter of 2024 and the second quarter of 2023.
Other Income, Net
Other income, net consists primarily of income earned on our investments and money-market funds in cash and cash equivalents, partially offset by interest expense related to our credit facility.
Provision for Income Taxes
Provision for income taxes primarily relates to U.S. state income taxes where we conduct business.


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Results of Operations
The following tables set forth our results of operations for the periods presented.
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
(in thousands)
Revenue:
Platform $70,999 $57,261 $206,364 $163,235 
Professional services and other 854 533 2,504 2,050 
Total revenue71,853 57,794 208,868 165,285 
Cost of revenue:  
Platform (1)
32,081 22,203 90,197 59,537 
Professional services and other (1)
763 1,026 2,549 3,220 
Total cost of revenue32,844 23,229 92,746 62,757 
Gross Profit39,009 34,565 116,122 102,528 
Operating expenses:  
Research and development (1)
17,170 18,035 51,126 56,806 
General and administrative (1) (2)
15,130 21,307 36,550 56,986 
Sales and marketing (1)
12,832 11,363 40,752 36,438 
Restructuring charges (1)
2,396 166 2,396 6,848 
Total operating expenses47,528 50,871 130,824 157,078 
Loss from operations(8,519)(16,306)(14,702)(54,550)
Other income, net:  
Interest income4,936 4,598 14,687 12,207 
Interest expense(14)(43)(98)(165)
Other (expense) income(1)(1)2 (1)
Total other income, net4,921 4,554 14,591 12,041 
Loss before income taxes(3,598)(11,752)(111)(42,509)
Provision for income taxes
37 7 151 32 
Net loss$(3,635)$(11,759)$(262)$(42,541)
(1) Includes stock-based compensation expense as follows (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Cost of revenue - platform$1,182 $1,661 $3,995 $5,159 
Cost of revenue - professional services and other83 165 257 528 
Research and development2,779 3,628 8,458 11,730 
General and administrative5,008 5,506 14,573 16,093 
Sales and marketing1,449 1,553 4,474 6,103 
Restructuring charges— — — 1,728 
Total stock-based compensation expense$10,501 $12,513 $31,757 $41,341 

(2) Includes benefits of $10.6 million for the nine months ended September 30, 2024, related to insurance recoveries of certain litigation-related expenses. Refer to “Note 10—Commitments and Contingencies” of our condensed consolidated financial statements included in Item 1 of this Quarterly Report on Form 10-Q for additional information.

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The following table sets forth our statements of operations data expressed as a percentage of total revenue for the periods presented:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Revenue:
Platform98.8 %99.1 %98.8 %98.8 %
Professional services and other1.2 0.9 1.2 1.2 
Total revenue100.0 100.0 100.0 100.0 
Cost of revenue:
Platform44.6 38.4 43.2 36.0 
Professional services and other1.1 1.8 1.2 1.9 
Total cost of revenue45.7 40.2 44.4 38.0 
Gross Profit54.3 59.8 55.6 62.0 
Operating expenses:
Research and development23.9 31.2 24.5 34.4 
General and administrative21.1 36.9 17.5 34.5 
Sales and marketing17.9 19.7 19.5 22.0 
Restructuring charges3.3 0.3 1.1 4.1 
Total operating expenses66.1 88.0 62.6 95.0 
Loss from operations
(11.9)(28.2)(7.0)(33.0)
Other income, net:
Interest income6.9 8.0 7.0 7.4 
Interest expense0.0 (0.1)0.0 (0.1)
Other (expense) income
0.0 0.0 0.0 0.0 
Total other income, net6.8 7.9 7.0 7.3 
Loss before income taxes
(5.0)(20.3)(0.1)(25.7)
Provision for income taxes
0.1 0.0 0.1 0.0 
Net loss
(5.1)%(20.3)%(0.1)%(25.7)%

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Comparison of the Three Months Ended September 30, 2024 and 2023
Revenue
Three Months Ended
September 30,		Change
20242023$%
(in thousands, except percentages)
Revenue:
Platform$70,999 $57,261 $13,738 24.0 %
Professional services and other854 533 321 60.2 
Total Revenue$71,853 $57,794 $14,059 24.3 %
Platform

Total platform revenue increased $13.7 million, or 24.0%, to $71.0 million for the three months ended September 30, 2024 from $57.3 million for the three months ended September 30, 2023. This increase was primarily the result of increases in Olo Pay adoption and volume, combined with higher Order revenue from new customers and higher transaction volume. Average revenue per unit increased to approximately $850 for the three months ended September 30, 2024 from approximately $742 for the three months ended September 30, 2023. For the three months ended September 30, 2024 and 2023, 38.9% and 43.9% of our platform revenue was subscription revenue, respectively, and 61.1% and 56.1% was transaction revenue, respectively. Active locations increased to approximately 85,000 as of September 30, 2024 from approximately 78,000 as of September 30, 2023.
Professional Services and Other
Total professional services and other revenue increased $0.3 million, or 60.2%, to $0.9 million for the three months ended September 30, 2024 from $0.5 million for the three months ended September 30, 2023. This increase was driven by an increase in deployments during the three months ended September 30, 2024.
Cost of Revenue, Gross Profit, and Gross Margin
Three Months Ended
September 30,		Change
20242023$%
(in thousands, except percentages)
Cost of revenues:
Platform$32,081 $22,203 $9,878 44.5 %
Professional services and other763 1,026 (263)(25.6)
Total cost of revenue$32,844 $23,229 $9,615 41.4 %
Percentage of revenue:
Platform44.6 %38.4 %
Professional services and other1.1 1.8 
Total cost of revenue45.7 %40.2 %
Gross Profit$39,009 $34,565 $4,444 12.9 %
Gross Margin54.3 %59.8 %
Platform
Total platform cost of revenue increased $9.9 million, or 44.5%, to $32.1 million for the three months ended September 30, 2024 from $22.2 million for the three months ended September 30, 2023. This increase was primarily the result

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of higher transaction processing costs associated with the increased adoption of Olo Pay and increased amortization of capitalized internal-use software.
Professional Services and Other
Total professional services and other cost of revenue decreased $0.3 million, or 25.6%, to $0.8 million for the three months ended September 30, 2024 from $1.0 million for the three months ended September 30, 2023. This decrease was primarily the result of reduced third party consulting costs and a decrease in stock-based compensation costs during the three months ended September 30, 2024.
Gross Profit
Gross profit increased $4.4 million to $39.0 million for the three months ended September 30, 2024, from $34.6 million for the three months ended September 30, 2023. Gross margin decreased to 54.3% for the three months ended September 30, 2024 from 59.8% for the three months ended September 30, 2023. The increase in gross profit was due to an increase in platform revenue, as discussed above. The decrease in gross margin was driven by higher transaction processing costs associated with the increased Olo Pay adoption and increased amortization of capitalized internal-use software.
Operating Expenses
Research and Development
Three Months Ended
September 30,		Change
20242023$%
(in thousands, except percentages)
Research and development$17,170 $18,035 $(865)(4.8)%
Percentage of total revenue23.9 %31.2 %
Research and development expense decreased $0.9 million, or 4.8%, to $17.2 million for the three months ended September 30, 2024 from $18.0 million for the three months ended September 30, 2023. This decrease was primarily the result of reduced stock-based compensation costs during the three months ended September 30, 2024. This was partially offset by increases in hosting costs. As a percentage of total revenue, research and development expenses decreased to 23.9% for the three months ended September 30, 2024 from 31.2% for the three months ended September 30, 2023.
General and Administrative
Three Months Ended
September 30,		Change
20242023$%
(in thousands, except percentages)
General and administrative$15,130 $21,307 $(6,177)(29.0)%
Percentage of total revenue21.1 %36.9 %
General and administrative expense decreased $6.2 million, or 29.0%, to $15.1 million for the three months ended September 30, 2024 from $21.3 million for the three months ended September 30, 2023. This decrease was primarily driven by higher litigation-related expenses recorded during the three months ended September 30, 2023 and the charitable donation of common stock during the three months ended September 30, 2023. As a percentage of total revenue, general and administrative expenses decreased to 21.1% for the three months ended September 30, 2024 from 36.9% for the three months ended September 30, 2023.
Sales and Marketing
Three Months Ended
September 30,		Change
20242023$%
(in thousands, except percentages)
Sales and marketing$12,832 $11,363 $1,469 12.9 %
Percentage of total revenue17.9 %19.7 %

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Sales and marketing expense increased $1.5 million, or 12.9%, to $12.8 million for the three months ended September 30, 2024 from $11.4 million for the three months ended September 30, 2023. This increase was primarily the result of additional compensation costs, including commission costs, due to an increase in sales and marketing headcount. As a percentage of total revenue, sales and marketing expense decreased to 17.9% for the three months ended September 30, 2024 from 19.7% for the three months ended September 30, 2023.
Restructuring Charges
Three Months Ended
September 30,		Change
20242023$%
(in thousands, except percentages)
Restructuring charges$2,396 $166 $2,230 1343.4 %
Percentage of total revenue3.3 %0.3 %
Restructuring charges were $2.4 million and $0.2 million for the three months ended September 30, 2024 and 2023, respectively. The charges were comprised of severance costs, payroll taxes, and other employee benefits. These charges were incurred as a result of our completed corporate reorganizations in 2023 and 2024, each of which entailed a reduction of workforce.
Other Income, Net
Three Months Ended
September 30,		Change
20242023$%
(in thousands, except percentages)
Other income, net:
Interest income$4,936 $4,598 $338 7.4 %
Percentage of total revenue6.9 %8.0 %
Interest expense$(14)$(43)$29 (67.4)%
Percentage of total revenue— %(0.1)%
Other (expense) income$(1)$(1)$— — %
Percentage of total revenue— %— %
Total other income, net$4,921 $4,554 $367 8.1 %
Percentage of total revenue6.8 %7.9 %
Other income for the three months ended September 30, 2024 was primarily driven by income earned on our investments and money-market funds. The increase in interest income for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023 is primarily driven by growth in our investment portfolio.

Provision for Income Taxes
Three Months Ended
September 30,		Change
20242023$%
(in thousands, except percentages)
Provision for income taxes$37 $7 $30 428.6 %
Percentage of total revenue0.1 %— %
Provision for income taxes for the three months ended September 30, 2024 primarily consists of state income taxes. We maintain a full valuation allowance on our net federal and state deferred tax assets as we have concluded that it is more likely than not that the deferred tax assets will not be realized.

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Comparison of the Nine Months Ended September 30, 2024 and 2023
Revenue
Nine Months Ended
September 30,		Change
20242023$%
(in thousands, except percentages)
Revenue:
Platform$206,364 $163,235 $43,129 26.4 %
Professional services and other2,504 2,050 454 22.1 
Total Revenue$208,868 $165,285 $43,583 26.4 %
Platform
Total platform revenue increased $43.1 million, or 26.4%, to $206.4 million for the nine months ended September 30, 2024 from $163.2 million for the nine months ended September 30, 2023. This increase was primarily the result of increases in Olo Pay adoption and volume, combined with higher Order revenue from new customers and higher transaction volume. Average revenue per unit increased to approximately $2,504 for the nine months ended September 30, 2024 from approximately $2,128 for the nine months ended September 30, 2023. For the nine months ended September 30, 2024 and 2023, 39.4% and 45.7% of our platform revenue was subscription revenue, respectively, and 60.6% and 54.3% was transaction revenue, respectively. Active locations increased to approximately 85,000 as of September 30, 2024 from approximately 78,000 as of September 30, 2023.
Professional Services and Other
Total professional services and other revenue increased $0.5 million, or 22.1%, to $2.5 million for the nine months ended September 30, 2024 from $2.1 million for the nine months ended September 30, 2023. This increase was driven by an increase in deployments during the nine months ended September 30, 2024.
Cost of Revenue, Gross Profit, and Gross Margin
Nine Months Ended
September 30,		Change
20242023$%
(in thousands, except percentages)
Cost of revenues:
Platform$90,197 $59,537 $30,660 51.5 %
Professional services and other2,549 3,220 (671)(20.8)
Total cost of revenue$92,746 $62,757 $29,989 47.8 %
Percentage of revenue:
Platform43.2 %36.0 %
Professional services and other1.2 1.9 
Total cost of revenue44.4 %38.0 %
Gross Profit$116,122 $102,528 $13,594 13.3 %
Gross Margin55.6 %62.0 %
Platform
Total platform cost of revenue increased $30.7 million, or 51.5%, to $90.2 million for the nine months ended September 30, 2024 from $59.5 million for the nine months ended September 30, 2023. This increase was primarily the result

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of higher transaction processing costs associated with the increased adoption of Olo Pay and increased amortization of capitalized internal-use software.
Professional Services and Other
Total professional services and other cost of revenue decreased $0.7 million, or 20.8%, to $2.5 million for the nine months ended September 30, 2024 from $3.2 million for the nine months ended September 30, 2023. This decrease was primarily the result of reduced third party consulting costs and a decrease in stock-based compensation costs during the nine months ended September 30, 2024.
Gross Profit
Gross profit increased $13.6 million to $116.1 million for the nine months ended September 30, 2024, from $102.5 million for the nine months ended September 30, 2023. Gross margin decreased to 55.6% for the nine months ended September 30, 2024 from 62.0% for the nine months ended September 30, 2023. The increase in gross profit was due to an increase in platform revenue, as discussed above. The decrease in gross margin was driven by higher transaction processing costs associated with the increased Olo Pay adoption and increased costs from amortization of capitalized internal-use software.
Operating Expenses
Research and Development
Nine Months Ended
September 30,		Change
20242023$%
(in thousands, except percentages)
Research and development$51,126 $56,806 $(5,680)(10.0)%
Percentage of total revenue24.5 %34.4 %
Research and development expense decreased $5.7 million, or 10.0%, to $51.1 million for the nine months ended September 30, 2024 from $56.8 million for the nine months ended September 30, 2023. This decrease was primarily the result of reduced compensation costs during the nine months ended September 30, 2024 stemming from our workforce reductions in 2024 and 2023. This was partially offset by increases in hosting costs. As a percentage of total revenue, research and development expenses decreased to 24.5% for the nine months ended September 30, 2024 from 34.4% for the nine months ended September 30, 2023.
General and Administrative
Nine Months Ended
September 30,		Change
20242023$%
(in thousands, except percentages)
General and administrative$36,550 $56,986 $(20,436)(35.9)%
Percentage of total revenue17.5 %34.5 %
General and administrative expense decreased $20.4 million, or 35.9%, to $36.6 million for the nine months ended September 30, 2024 from $57.0 million for the nine months ended September 30, 2023. This decrease was primarily driven by higher litigation-related expenses recorded during the nine months ended September 30, 2023, combined with the impact of $10.6 million of litigation-related insurance recoveries recorded in the nine months ended September 30, 2024. Refer to “Note 10—Commitments and Contingencies” of our condensed consolidated financial statements included in Item 1 of this Quarterly Report on Form 10-Q for additional information. Also contributing to the decrease were reduced compensation costs during the nine months ended September 30, 2024 stemming from our workforce reduction in 2023 and the charitable donation of common stock during the nine months ended September 30, 2023. As a percentage of total revenue, general and administrative expenses decreased to 17.5% for the nine months ended September 30, 2024 from 34.5% for the nine months ended September 30, 2023.

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Sales and Marketing
Nine Months Ended
September 30,		Change
20242023$%
(in thousands, except percentages)
Sales and marketing$40,752 $36,438 $4,314 11.8 %
Percentage of total revenue19.5 %22.0 %
Sales and marketing expense increased $4.3 million, or 11.8%, to $40.8 million for the nine months ended September 30, 2024 from $36.4 million for the nine months ended September 30, 2023. This increase was primarily the result of additional compensation costs, including commission costs, due to an increase in sales and marketing headcount. As a percentage of total revenue, sales and marketing expense decreased to 19.5% for the nine months ended September 30, 2024 from 22.0% for the nine months ended September 30, 2023.
Restructuring Charges
Nine Months Ended
September 30,		Change
20242023$%
(in thousands, except percentages)
Restructuring charges$2,396 $6,848 $(4,452)(65.0)%
Percentage of total revenue1.1 %4.1 %
Restructuring charges were $2.4 million and $6.8 million for the nine months ended September 30, 2024 and 2023, respectively. The charges were comprised of severance costs, payroll taxes, other employee benefits, and stock-based compensation expense associated with the accelerated vesting of equity awards. These charges were incurred as a result of our completed corporate reorganizations in the third quarter of 2024 and the second quarter of 2023, each of which entailed a reduction of workforce.

Other Income, Net
Nine Months Ended
September 30,		Change
20242023$%
(in thousands, except percentages)
Other income, net:
Interest income$14,687 $12,207 $2,480 20.3 %
Percentage of total revenue7.0 %7.4 %
Interest expense$(98)$(165)$67 (40.6)%
Percentage of total revenue— %(0.1)%
Other (expense) income$2 $(1)$3 (300.0)%
Percentage of total revenue— %— %
Total other income, net$14,591 $12,041 $2,550 21.2 %
Percentage of total revenue7.0 %7.3 %
Other income for the nine months ended September 30, 2024 was primarily driven by income earned on our investments and money-market funds. The increase in interest income for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023 is primarily driven by growth in our investment portfolio.



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Provision for Income Taxes
Nine Months Ended
September 30,		Change
20242023$%
(in thousands, except percentages)
Provision for income taxes$151 $32 $119 371.9 %
Percentage of total revenue0.1 %— %
Provision for income taxes for the nine months ended September 30, 2024 primarily consists of state income taxes. We maintain a full valuation allowance on our net federal and state deferred tax assets as we have concluded that it is more likely than not that the deferred tax assets will not be realized.

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Liquidity and Capital Resources
General
As of September 30, 2024, our principal sources of liquidity were cash and cash equivalents and short-term and long-term investments in marketable securities, totaling $391.9 million, which was held for working capital purposes and to fund repurchases of our Class A common stock (as described more fully below), as well as the available balance of our revolving line of credit, described further below.
We have financed our operations primarily through payments received from customers and sales of our equity securities.
On September 7, 2022, the Board of Directors authorized a program to repurchase up to $100 million of our Class A common stock, or the Stock Buyback Program. During the nine months ended September 30, 2024, we repurchased 4,173,999 shares of our Class A common stock for approximately $22.2 million under the Stock Buyback Program, completing this program.
On April 30, 2024, the Board of Directors authorized a program to repurchase up to $100 million of our Class A common stock, or the 2024 Buyback Program. Under the 2024 Buyback Program, we may repurchase shares of our Class A common stock from time to time on a discretionary basis through open market repurchases, privately negotiated transactions, block purchases or other means, and such repurchases will be structured to occur in compliance with applicable securities laws. The timing and actual number of shares repurchased, if any, will be determined by the Board of Directors or a committee established by the Board of Directors, depending on a variety of factors, including the Class A common stock price, trading volume, market conditions, our cash flow and liquidity profile, the capital needs of the business, and other considerations. We expect to fund repurchases with existing cash on hand. The 2024 Buyback Program has no expiration date and may be modified, suspended, or terminated at any time by the Board of Directors at its discretion. We have not made any repurchases under the 2024 Buyback Program.
We believe our existing cash and cash equivalents, marketable securities, and amounts available under our outstanding credit facility will be sufficient to support our working capital and capital expenditure requirements for at least the next twelve months and thereafter for the foreseeable future. Our future capital requirements will depend on many factors, including, but not limited to, our obligation to repay any balance under our credit facility if we were to borrow against the facility in the future, our platform revenue growth rate, receivable and payable cycles, and the timing and extent of investments in research and development, sales and marketing, and general and administrative expenses.
Credit Facility
As of September 30, 2024, we had $68.6 million of commitments available under the Second Amended and Restated Loan and Security Agreement with Banc of California (formerly known as Pacific Western Bank), after consideration of $1.4 million in our letter of credit on the lease of our corporate headquarters at One World Trade Center. As of September 30, 2024, we had no outstanding borrowings under the line of credit, and no amounts have been drawn against any of our letters of credit.
Cash Flows
The following table summarizes our cash flows for the periods presented:
Nine Months Ended
September 30,
20242023
(in thousands)
Net cash provided by (used in) operating activities$30,389 $(12,383)
Net cash used in investing activities$(17,866)$(18,369)
Net cash used in financing activities$(18,561)$(32,920)


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Operating Activities
For the nine months ended September 30, 2024, net cash provided by operating activities was $30.4 million, primarily due to a net loss of $0.3 million adjusted for non-cash charges of $47.4 million, partially offset by a net decrease attributable to our operating assets and liabilities of $16.8 million. The non-cash adjustments primarily relate to stock-based compensation charges of $31.8 million, depreciation and amortization expense of $10.4 million, and provision for expected credit losses of $3.8 million. The net decrease attributable to our operating assets and liabilities was primarily driven by a decrease in accrued expenses of $20.2 million related primarily to the relief of a liability related to a legal settlement, payment of fees owed to delivery service providers, vendors, and the payment of accrued compensation offset by a decrease in accounts receivable of $10.6 million.    
For the nine months ended September 30, 2023, net cash provided by operating activities was $12.4 million, primarily due to a net loss of $42.5 million adjusted for non-cash charges of $51.5 million, and a net decrease attributable to our operating assets and liabilities of $21.3 million. The non-cash adjustments primarily related to stock-based compensation charges of $41.3 million and depreciation and amortization expense of $7.3 million, and a charge related to a charitable donor-advised fund of $1.1 million. The net decrease attributable to our operating assets and liabilities was primarily driven by an increase in accounts receivable of $23.6 million due primarily to higher days sales outstanding for the period, driven in part by a change in billing timing. This was partially offset by an increase in accrued expenses and other current liabilities of $7.2 million related primarily to higher fees owed to delivery service providers and a liability related to cash received on behalf of the subtenant of our corporate headquarters at One World Trade Center in advance of certain future rental obligations that were due from the subtenant.
Investing Activities
Cash used in investing activities was $17.9 million during the nine months ended September 30, 2024, primarily due to $7.6 million of net purchases of investments and $9.5 million for the development of capitalized internal-use software to support further product development.
Cash used in investing activities was $18.4 million during the nine months ended September 30, 2023, primarily due to $8.3 million of net purchases of investments and $10.0 million for the development of capitalized internal-use software to support further product development.
Financing Activities
Cash used by financing activities was $18.6 million during the nine months ended September 30, 2024, primarily driven by $22.2 million of stock repurchases under the Stock Buyback Program, partially offset by $3.6 million of net proceeds from the exercise of stock options and purchases under the employee stock purchase plan.
Cash used by financing activities was $32.9 million during the nine months ended September 30, 2023, primarily driven by $43.1 million of stock repurchases under the Stock Buyback Program, partially offset by $10.2 million of net proceeds from the exercise of stock options and purchases under the employee stock purchase plan.
Material Cash Requirements
There were no material changes in our material cash requirements during the nine months ended September 30, 2024 from the obligations and commitments disclosed in our Annual Report on Form 10-K filed with the SEC on February 21, 2024. See “Note 11—Leases” and “Note 16—Commitments and Contingencies” of the Notes to Consolidated Financial Statements included in Part II, Item 8 of our Annual Report on Form 10-K, as well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” included in Part II, Item 8 of our Annual Report on Form 10-K, for additional information regarding our material cash requirements.

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Certain Non-GAAP Financial Measures

We report our financial results in accordance with accounting principles generally accepted in the United States, or GAAP. To supplement our financial statements, we provide investors with non-GAAP operating income and free cash flow, each of which is a non-GAAP financial measure, and certain key performance indicators, including GMV, GPV, net revenue retention, average revenue per unit, and active locations.
Management uses these non-GAAP financial measures and key performance indicators, in conjunction with financial measures prepared in accordance with GAAP for planning purposes, including in the preparation of our annual operating budget, as a measure of our core operating results and the effectiveness of our business strategy, and in evaluating our financial performance. These measures provide consistency and comparability with past financial performance as measured by such non-GAAP figures, facilitate period-to-period comparisons of core operating results, and assist shareholders in better evaluating us by presenting period-over-period operating results without the effect of certain charges or benefits that may not be consistent or comparable across periods or compared to other registrants’ similarly named non-GAAP financial measures and key performance indicators.
We adjust our GAAP financial measures for the following items to calculate non-GAAP operating income and non-GAAP operating margin: stock-based compensation expense (non-cash expense calculated by companies using a variety of valuation methodologies and subjective assumptions) and related payroll tax expense, equity expense related to charitable contributions of our Class A common stock (non-cash expense), certain litigation-related expenses, net of recoveries (which relate to legal and other professional fees associated with litigation-related matters that are not indicative of our core operations and are not part of our normal course of business), loss on disposal of assets, capitalized internal-use software and intangible amortization (non-cash expense), non-cash impairment charges, restructuring charges, certain severance costs, and transaction costs (typically incurred within one year of the related acquisition). Management believes that it is useful to exclude certain non-cash charges and non-core operational charges from our non-GAAP financial measures because: (1) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and we believe does not relate to ongoing operational performance; and (2) such expenses can vary significantly between periods.
Free cash flow represents net cash provided by or used in operating activities, reduced by purchases of property and equipment and capitalization of internal-use software. Free cash flow is a measure used by management to understand and evaluate our liquidity and to generate future operating plans. Free cash flow excludes items that we do not consider to be indicative of our liquidity and facilitates comparisons of our liquidity on a period-to-period basis. Management believes providing free cash flow provides useful information to investors and others in understanding and evaluating the strength of our liquidity and future ability to generate cash that can be used for strategic opportunities or investing in our business from the perspective of our management and Board of Directors.
Our use of non-GAAP financial measures and key performance indicators has limitations as an analytical tool, and these measures should not be considered in isolation or as a substitute for analysis of financial results as reported under GAAP. Because our non-GAAP financial measures and key performance indicators are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies.



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Reconciliation of Non-GAAP Operating Income to GAAP Operating Loss
The following table presents a reconciliation of non-GAAP operating income to GAAP operating income (loss), the most directly comparable GAAP measure, for the following periods:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
(in thousands, except percentages)
Operating income (loss) reconciliation:
Operating loss, GAAP$(8,519)$(16,306)$(14,702)$(54,550)
Plus: Stock-based compensation expense and related payroll tax expense10,715 13,012 32,470 41,004 
Plus: Charitable donation of Class A common stock— 1,136 — 1,136 
Plus: Certain litigation-related expenses, net of recoveries(45)4,944 (9,879)8,803 
Plus: Non-cash impairment charge associated with corporate headquarters— — 563 — 
Plus: Non-cash capitalized internal-use software impairment— — 517 — 
Plus: Capitalized internal-use software and intangible amortization3,678 2,726 10,091 6,965 
Plus: Restructuring charges2,396 166 2,396 6,848 
Plus: Certain severance costs— — — 830 
Plus: Loss on disposal of assets— — — 38 
Plus: Transaction costs— — — 358 
Operating income, non-GAAP$8,225 $5,678 $21,456 $11,432 
Percentage of revenue:
Operating margin, GAAP(12)%(28)%(7)%(33)%
Operating margin, non-GAAP11 %10 %10 %7 %
Reconciliation of Non-GAAP Free Cash Flow to Net Cash Provided by Operating Activities
The following table presents a reconciliation of free cash flow to net cash provided by operating activities, the most directly comparable GAAP measure, for each of the periods indicated:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
(in thousands)
Net cash provided by (used in) operating activities
$6,231 $(21,649)$30,389 $(12,383)
Purchase of property and equipment(415)— (782)— 
Capitalized internal-use software(2,628)(2,744)(9,459)(10,023)
Non-GAAP free cash flow$3,188 $(24,393)$20,148 $(22,406)
Critical Accounting Policies and Estimates
Our management’s discussion and analysis of financial condition and results of operations are based upon our condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q. The preparation of our condensed consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenue, expenses, and related disclosures. We base our estimates on past experience and other assumptions that we believe are reasonable under the circumstances, and we evaluate these estimates on an ongoing basis. Actual results may differ from those estimates.

There have been no material changes to our critical accounting policies and estimates during the nine months ended September 30, 2024, as compared to those disclosed under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” in our Annual Report on Form 10-K filed with the SEC on February 21, 2024.

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Recent Accounting Pronouncements
See “Note 2—Significant Accounting Policies” to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for all recently issued standards impacting our condensed consolidated financial statements.
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Item 3. Quantitative and Qualitative Disclosures about Market Risk.
We are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily a result of exposure to potential changes in interest rates. We do not enter into investments for trading or speculative purposes and have not used any derivative financial instruments to manage our interest rate risk exposure.
Interest Rate Risk
Our primary market risk exposure is changing interest rates in connection with our investments and the Second Amended and Restated Loan and Security Agreement with Pacific Western Bank (now known as Banc of California). Interest rate risk is highly sensitive due to many factors, including U.S. monetary and tax policies, U.S. and international economic factors, and other factors beyond our control.

As of September 30, 2024, advances under the formula revolving line of the Second Amended and Restated Loan and Security Agreement bear interest equal to the greater of (A) the Prime Rate then in effect; or (B) 3.25%. As of September 30, 2024, advances under the term loans bear interest equal to the greater of (A) 0.25% above the Prime Rate then in effect; or (B) 3.50%. As of September 30, 2024, we had no outstanding borrowings under our credit facility.

Our interest-earning instruments also carry a degree of interest rate risk. Our cash and cash equivalents have a relatively short maturity, and are therefore relatively insensitive to interest rate changes. As of September 30, 2024, we had cash and cash equivalents of $272.2 million. We invest in money market funds, U.S. and municipal government agency securities, corporate bonds and notes, certificates of deposit, and commercial paper. Our current investment policy seeks first to preserve principal, second to provide liquidity for our operating and capital needs, and third to maximize yield without putting our principal at risk. As of September 30, 2024, we invested $142.2 million of our cash and cash equivalents in money market funds. We also invested $119.7 million in other securities, of which $77.5 million was classified as short-term. Because the majority of our investment portfolio is short-term in nature, we do not believe an immediate 10% increase in interest rates would have a material effect on the fair market value of our portfolio, and therefore we do not expect our results of operations or cash flows to be materially affected by a sudden change in market interest rates.
Foreign Currency Exchange Risks
Our revenue and costs are generally denominated in U.S. dollars and are not subject to foreign currency exchange risk. However, to the extent we commence generating revenue outside of the United States that is denominated in currencies other than the U.S. dollar, our results of operations could be impacted by changes in exchange rates. A hypothetical 10% strengthening or weakening in the value of the U.S. dollar relative to the foreign currencies in which our revenues and expenses are denominated would not result in a material impact to our condensed consolidated financial statements.
Inflation Risk
Inflation has remained at historically high levels in the U.S. and overseas, resulting in rising transportation, wages, and other costs. The primary inflation factors affecting our business are increased cost of labor and overhead costs. However, we do not believe that inflation has had a material effect on our business, results of operations, or financial condition. If our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases. Our inability or failure to do so could harm our business, results of operations, and financial condition.
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Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or Exchange Act), as of September 30, 2024. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2024, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized, and reported within the time periods specified in the SEC rules and forms and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, during the quarter ended September 30, 2024 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Inherent Limitations on Effectiveness of Controls
Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
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PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
A description of our legal proceedings is included in and incorporated by reference to “Note 10—Commitments and Contingencies” of the notes to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Item 1A. Risk Factors.
Investing in our securities involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Quarterly Report on Form 10-Q, including the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our condensed consolidated financial statements and related notes, as well as in our Annual Report on Form 10-K filed with the SEC on February 21, 2024 and our other filings with the SEC, before making any investment decision with respect to our securities. The risks and uncertainties described below and in our other filings with the SEC, including our Annual Report on Form 10-K filed with the SEC on February 21, 2024, may not be the only ones we face. If any of the risks actually occur, our business could be materially and adversely affected. In that event, the market price of our Class A common stock could decline, and you could lose part or all of your investment.

The following description includes risk factors associated with our business previously disclosed in Part I, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, filed with the SEC on May 7, 2024, our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed with the SEC on July 31, 2024, and new risk factors and material changes to risk factors associated with our business previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 21, 2024, under the heading “Risk Factors.”

Legal, Regulatory, Compliance, and Reputational Risks

We and our third-party partners and service providers transmit and store personal information of our customers and guests. We anticipate that Olo, or our third-party partners and service providers, may be the target of future cybersecurity attacks which may result in personal information, confidential information, or credit card information being compromised or accessed without or beyond authorization, which could interrupt our business, result in our reputation being harmed, and expose us to liability and loss of business.

Our business involves the collection, transmission, and storage of the personal information and confidential information of our partners, our customers and their guests, and guests with whom we have a direct relationship. Cybersecurity incidents or data breaches can originate either externally, such as through our customers, our third-party partners, or service providers, or internally. There may in the future be successful attempts by third parties to obtain unauthorized access to the personal information of our partners, our customers, and guests. This information could also be exposed through human error, malfeasance, or otherwise. The unauthorized disclosure, unauthorized access, or compromise of this information could have an adverse effect on our business, financial condition, and results of operations. Even if such a cybersecurity incident or data breach does not arise out of our actions or inactions, or directly impact our business, the resulting guest concern arising from a customer, partner, or service provider cybersecurity incident or data breach could negatively affect our customers and our business.

We do not proactively monitor or control our customers’ content uploaded to our platform(s) or on our servers, or information made available through third-party integrations that our customers use in connection with our platform, which may include personal information or confidential information. We integrate with a number of third-party partners in order to meet our customers’ needs, and although we contractually require our customers to ensure the security of such partners, a cybersecurity incident or data breach of one of these providers could become negatively associated with our brand or our assistance in responding to such a breach could tie up our internal resources. Additionally, we use service providers to help deliver services to our customers and guests. These service providers may handle or store personal information, credit card information, or confidential information. By the nature of the integrations and the constantly evolving techniques used to obtain access, compromise, or interrupt the integrity of systems, we could get drawn into any resulting lawsuits. We are also subject to federal, state, provincial, and other laws regarding cybersecurity and data protection. Although we have taken measures to monitor and protect our systems within our control and ensure that those third parties which have access to our platform maintain adequate security, we cannot guarantee that these measures will protect our systems from a security incident in the
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future. Some jurisdictions have enacted laws requiring companies to notify affected individuals or government agencies of data breaches involving certain types of personal information and our agreements with customers and partners require us to notify them in the event of certain security incidents. Additionally, an increasing number of jurisdictions, as well as our contracts with certain customers, require us to maintain industry-standard or reasonable measures to safeguard personal information or confidential information. This includes safeguards related to credit card information and sensitive authentication data which is transmitted through our platform. We are required by card networks and our contracts with payment processors to adhere to the Payment Card Industry Data Security Standards.

Our failure to comply with legal, regulatory or contractual requirements, and the rules of payment card networks’ and self-regulatory organizations’ cybersecurity or data protection requirements could lead to significant fines and penalties imposed by regulators and card networks, as well as claims by our customers, guests or other relevant stakeholders. These claims could force us to spend money in defense or settlement of these proceedings, result in the imposition of monetary liability or injunctive relief, divert management’s time and attention, increase our costs of doing business, and materially adversely affect our reputation and the demand for our platform. In addition, if our security measures fail to protect personal information or confidential information, including payment information, adequately, we could be liable to our partners, our customers, and guests for their losses as well as for statutory damages. As a result, we could be subject to fines, face regulatory or other legal action, and our customers could lose their confidence with us, which all could negatively impact our business. There can be no assurance that the limitations of liability in our contracts would be enforceable or adequate or would otherwise protect us from any such liabilities or damages with respect to any particular claim. We also cannot be sure that our existing insurance coverage and coverage for errors and omissions will continue to be available on acceptable terms or be available in sufficient amounts to cover one or more large claims, or that our insurers will not deny coverage as to any future claim. The successful assertion of one or more large claims against us that exceeds our available insurance coverage or changes in our insurance policies, including premium increases, or the imposition of large deductible or co-insurance requirements, could have an adverse effect on our business and results of operations.

Payment transactions processed on our platform and through the Olo Pay module may subject us to regulatory requirements and the rules of payment card networks, and other risks that could be costly and difficult to comply with or could harm our business.

We began commercially offering Olo Pay in the first quarter of 2022. In connection with this offering, the payment card networks require us to comply with payment card network operating rules, including special operating rules that apply to us as a “payment service provider” that provides payment processing-related services to merchants and payment processors. The payment card networks set these network rules and they have discretion to interpret them and change them, including in ways that may limit our ability to offer Olo Pay. We have also agreed, via our contracts with our payment processing partners, to comply with certain contractual obligations in addition to the payment card network operating rules. Through our offering of Olo Pay, we have agreed to reimburse our payment processor partners for fines they are assessed by payment card networks as a result of any rule violations by us or our customers. We are also required to reimburse guests for chargebacks not funded by our customers. Any changes to or interpretations of the network rules that are inconsistent with the way we and the payment processors and customers currently operate may require us to make changes to our business that could be costly or difficult to implement. If we fail to make such changes or otherwise resolve the issue with the payment card networks, they could fine us, cancel or suspend our registration as a payment service provider, or prohibit us from processing payment cards on their networks, which could have an adverse effect on our business, financial condition, and operating results. In addition, violations of the network rules or any failure to maintain good standing with the payment processing partners and payment card networks as a payment service provider could impact our ability to facilitate payment card transactions on our platform, increase our costs, or otherwise harm our business. If we were unable to facilitate payment card transactions on our platform or were limited in our ability to do so, our business would be materially and adversely affected.

If we fail to comply with the rules and regulations adopted by the payment card networks, we could also be in breach of our contractual obligations to our payment processors, financial institutions, customers, or partners. Such failure to comply may subject us to fines, penalties, damages, higher transaction fees, and civil liability, and could eventually prevent us from processing or accepting payment cards or could lead to a loss of payment processor partners. In the event that we are found to be in violation of any of these legal or regulatory requirements, our business, financial condition, and results of operations could be harmed.

Currently, we substantially rely on a limited number of third-party payment processors to facilitate payments made by guests and payments made to customers through the Olo Pay module. While we may develop payment processing relationships with other payment processors, we expect to continue to rely on a limited number of payment processors for the foreseeable future. In the event that any of our third-party payment processors fail to maintain adequate levels of support, experience
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interrupted operations, do not provide high quality service, increase the fees they charge us, discontinue their lines of business, terminate their contractual arrangements with us, or cease or reduce operations, we may suffer additional costs and be required to pursue new third-party relationships, which could materially disrupt our operations and our ability to provide our products and services, and could divert management’s time and resources. In addition, such incidents could result in periods of time during which our platform cannot function properly, and therefore may not collect payments from customers and their guests, which could adversely affect our relationships with our customers and our business, reputation, brand, financial condition, and results of operations.

We believe the licensing and registration requirements of the Financial Crimes Enforcement Network and state agencies that regulate banks, money service businesses, money transmitters, and other providers of electronic commerce services do not apply to us. One or more governmental agencies may conclude that, under its statutes or regulations, we are engaged in activity requiring licensing or registration. In that event, we may be subject to monetary penalties and adverse publicity and may be required to cease doing business with residents of those jurisdictions until we obtain the requisite license or registration.

We have also recently become a payment facilitator. As a payment facilitator, we must comply with additional provisions of the payment card network operating rules and additional contractual obligations. In addition to the risks described above, being a payment facilitator means that we may be contractually required to assume more risk on behalf of our customers that use Olo Pay. Specifically, we may be contractually obligated to manage fraud costs to the extent they are facilitated by our customers through Olo Pay. In addition, we have implemented a process to evaluate the risk posed by potential losses, including but not limited to losses resulting from data security incidents, instances of fraud, and increased chargebacks by our customers and potential customers to minimize the risk of onboarding or supporting customers that pose elevated risk of such potential losses. We may be subject to liability from losses caused by such elevated risk customers. Failure to meet the obligations imposed on payment facilitators could adversely affect our customer relationships, business, reputation, brand, financial condition, and results of operations.

Employee Related Risks

If we cannot maintain our corporate culture as we grow, our success and our business and competitive position may be harmed.

We believe that a key contributor to our success to date has been our corporate culture, which is based on transparency, innovation, and entrepreneurial spirit. Any failure to preserve our culture could negatively affect our ability to retain and recruit personnel, which is critical to our growth, and to effectively focus on and pursue our corporate objectives. In June 2023 and September 2024, we announced workforce reductions impacting approximately 11% and 9% of our workforce, respectively, as part of our efforts to reorganize our business units to better focus our investments on customer needs and to support our long-term growth objectives, or Restructuring Plans. The workforce reductions may make it more difficult to preserve our company culture and may negatively impact employee morale. In addition, anticipated headcount growth and our policy permitting all of our employees, inclusive of those local to our New York City headquarters, to elect whether to work remotely or from the office may make it difficult to maintain important aspects of our culture. If we fail to maintain our corporate culture, or if we are unable to retain or hire key personnel, our business and competitive position may be harmed.

If we are unable to hire, retain, and motivate qualified personnel, our business may be adversely affected.

Our future success depends, in part, on our ability to continue to attract and retain highly skilled personnel. Competition for certain of these personnel is substantial, especially for engineers experienced in designing and developing SaaS or on-demand digital commerce applications, products managers and designers, and experienced enterprise sales professionals.

Further, our ability to increase our customer base, especially among restaurant brands, small-to-medium businesses, potential international customers, and other customers we may pursue, or to achieve broader market acceptance of our platform will depend, in part, on our ability to effectively organize, focus, and train our sales, marketing, and customer success personnel.

Our ability to convince restaurant brands to use our platform or adopt additional modules will depend, in part, on our ability to attract and retain sales personnel with experience selling to large enterprises. We believe that there is significant competition for experienced sales professionals with the skills and technical knowledge that we require. Our ability to achieve revenue growth in the future will depend, in part, on our ability to recruit, train, and retain a sufficient number of experienced sales professionals, particularly those with experience selling to restaurant brands or large enterprises. In addition, even if we
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are successful in hiring qualified sales personnel, new hires require significant training and experience before they achieve full productivity, particularly for sales efforts targeted at restaurant brands and new territories. Our recent hires and planned hires may not become as productive as quickly as we expect and we may be unable to hire or retain sufficient numbers of qualified individuals in the future in the markets where we do business.

In the past we have experienced, and we expect to continue to experience, difficulty in hiring employees with appropriate qualifications. In many markets, competition for qualified individuals is substantial and we may be unable to identify and attract a sufficient number of individuals to meet our growing needs, especially in markets where our brand is less established. As a result, because we aim to hire top talent, we may be required to pay higher wages or provide increased levels of benefits. Our commitment to taking care of our team may cause us to incur higher labor costs compared to other technology companies. We also place a heavy emphasis on the qualification and training of our team members, and spend a significant amount of time and money training our team members. Any inability to recruit and retain qualified individuals may result in higher turnover and increased labor costs, and could compromise the quality of our service, all of which could adversely affect our business. Many of the companies with which we compete for experienced personnel have greater resources than we have. If we hire employees from competitors or other companies, their former employers may attempt to assert that these employees or we have breached their legal obligations, resulting in additional costs and a diversion of our time and resources. The workforce reductions we have implemented as part of our Restructuring Plans may negatively impact our ability to attract, integrate, retain, and motivate highly qualified employees, and may harm our reputation with current or prospective employees. In addition, prospective and existing employees often consider the value of the equity awards they receive in connection with their employment. Capital markets have been volatile, which may cause the perceived value of our equity awards to decline and cause prospective employees to believe there is limited upside to the value of our equity awards, which would adversely affect our ability to recruit and retain key employees. If we fail to attract new personnel or fail to retain and motivate our current personnel, our business and future growth prospects could be harmed.

Risks Related to Ownership of Our Class A Common Stock

We may not realize the anticipated long-term stockholder value of our stock buyback programs, and any failure to repurchase our Class A common stock after we have announced our intention to do so may negatively impact our stock price. Share repurchases could also increase the volatility of our stock price and diminish our cash reserves.

We have authorized stock buyback programs in the past and may authorize other stock buyback programs in the future to repurchase shares of our Class A common stock. On April 30, 2024, the Board of Directors authorized the 2024 Buyback Program. Such repurchases may be made from time to time on a discretionary basis through open market repurchases, privately negotiated transactions, block purchases, or other means, and will be structured to occur in compliance with applicable securities laws. The 2024 Buyback Program does not have an expiration date or obligate us to repurchase any specific dollar amount or acquire any specific number of shares. Further, the 2024 Buyback Program may be modified, suspended or terminated at any time by the Board of Directors at its discretion.

Any failure to repurchase our Class A common stock after we have announced our intention to do so may negatively impact our reputation and investor confidence in us and may negatively impact our stock price.

The existence of our stock buyback programs could cause our stock price to trade higher than it otherwise would. Although the programs are intended to enhance long-term stockholder value, there is no assurance they will do so because the market price of our Class A common stock may decline below the levels at which we repurchased shares and short-term stock price fluctuations could reduce the effectiveness of the programs.

Repurchasing our Class A common stock will reduce the amount of cash we have available to fund working capital, capital expenditures, strategic acquisitions, or business opportunities, and other general corporate purposes, and we may fail to realize the anticipated long-term stockholder value of our stock buyback programs. Furthermore, the timing and amount of any repurchases, if any, will be subject to liquidity, market and economic conditions, compliance with applicable legal requirements such as Delaware surplus and solvency tests, and other relevant factors.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Unregistered Sales of Equity Securities
None.

Issuer Purchases of Equity Securities
The following table provides information with respect to repurchases through the Stock Buyback Program of our Class A common stock during the periods indicated:
Total Number of Shares Purchased
Average Price Paid per Share (1)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Approximate Dollar Value of Shares that May Yet be Purchased under the Plans or Program (in thousands)(2)
July 1 - 31, 2024— $— — $100,000 
August 1 - 31, 2024— — — 100,000 
September 1 - 30, 2024— — — 100,000 
Total— — — 100,000 
(1) Average price paid per share excludes broker commission fees.
(2) On September 7, 2022, we announced a program to repurchase up to $100 million of our Class A common stock, or the Stock Buyback Program. The Stock Buyback Program was completed as of June 30, 2024. On April 30, 2024, the Board of Directors authorized a program to repurchase up to $100 million of our Class A common stock, or the 2024 Buyback Program. The 2024 Buyback Program has no expiration date and may be modified, suspended or terminated at any time by our Board of Directors at its discretion. We have not made any repurchases under the 2024 Buyback Program.
Item 3. Defaults Upon Senior Securities.
Not applicable.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
Rule 10b5-1 Trading Plans
During the three months ended September 30, 2024, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, terminated or materially modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).
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Item 6. Exhibits.
The documents listed in the Exhibit Index of this Quarterly Report on Form 10-Q are incorporated by reference or are filed with this Quarterly Report on Form 10-Q, in each case as indicated therein.
EXHIBIT INDEX
Exhibit NumberDescriptionFiling Date
March 22, 2021
June 26, 2024
March 22, 2021
March 8, 2021
Filed herewith
Filed herewith
Filed herewith
Furnished herewith
101.INS
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
Filed herewith
101.SCH
Inline XBRL Taxonomy Extension Schema Document
Filed herewith
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document
Filed herewith
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document
Filed herewith
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document
Filed herewith
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document
Filed herewith
104Cover Page with Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101).
_____________________________
*The certifications furnished in Exhibit 32.1 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, except to the extent that the registrant specifically incorporates it by reference.
+
Indicates management contract or compensatory plan.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Olo Inc.
November 7, 2024
_____________________/s/ Noah H. Glass_____________________
Noah H. Glass
Chief Executive Officer (Principal Executive Officer)
November 7, 2024
_____________________/s/ Peter Benevides__________________
Peter Benevides
Chief Financial Officer (Principal Accounting and Financial Officer)
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