Financial Data and Key Metrics Changes - Company reported a total revenue of 41.5 million, compared to 7.8 million, or 2.8 million, down from 65.8 million, a 28% year-over-year growth [26] - Active locations reached 81,000, adding approximately 1,000 sequentially [26] - Average Revenue Per User (ARPU) for Q1 was approximately 60 billion, with Olo launching its Catering Plus module to capture this opportunity [8] - Catering same-store sales for brands using Catering Plus increased by 22% [17] Company Strategy and Development Direction - Company is focused on enhancing its open platform and expanding partnerships to leverage 100% of restaurant transactions [108] - The strategy includes integrating Olo Pay and Engage with POS systems to improve data collection and guest personalization [50][101] - Company aims to capitalize on the digitization of the restaurant industry, helping brands improve operational efficiency and guest engagement [33][52] Management's Comments on Operating Environment and Future Outlook - Management expects trends in the restaurant industry to remain consistent with 2023, with continued growth in digital ordering and a need for efficiency improvements [30] - The company raised its full-year revenue and profitability guidance, reflecting a solid start to the year [30][56] - Management highlighted the importance of data-driven personalization in addressing challenges faced by restaurants, such as labor costs and inflation [52][70] Other Important Information - The company announced a new 100 million share repurchase program [29] - Management emphasized the significance of professional services in helping restaurant brands utilize Olo's capabilities effectively [120] Q&A Session Summary Question: What are the estimates for Olo Pay this year? - Management confirmed the expectation of doubling Olo Pay revenue to over 60 million for the year, focusing on card-not-present transactions [37] Question: Can you discuss the NCR Voyix partnership? - The partnership is tied to the launch of card-present processing, allowing for detailed transaction data collection [68] Question: What trends are being observed in consumer spending? - Management noted a trade-down in consumer spending, with restaurants facing labor pressures and price sensitivity [91][92] Question: How is the professional services team ramping up? - The professional services team is being developed to help restaurant brands leverage Olo's capabilities, with significant interest observed at the Beyond4 conference [120][121] Question: Is there a dedicated sales force for Engage? - The sales team is trained to promote all Olo products, leveraging existing relationships with restaurant brands to educate them on new capabilities [127][128]
Olo (OLO) - 2024 Q1 - Earnings Call Transcript