Olo Inc (OLO) 2024 Q3 法說會逐字稿

Greetings and welcome to the Olo Third-quarter 2024 Earnings Conference Call. (Operator Instructions)

問候並歡迎參加 Olo 2024 年第三季財報電話會議。（操作員指令）

At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad.

此時，所有參與者都處於只聽模式。正式演講結束後將有問答環節。如果有人需要接線生的幫助，請按電話鍵盤上的星號零。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄音。

I'd like to turn the conference over to our host. Gary Fuges, Senior Vice President of Investor Relations. Thank you. You may begin.

我想將會議交給我們的主持人。投資人關係資深副總裁 Gary Fuges。謝謝。你可以開始了。

Thank you. Good afternoon and welcome to Olo's third-quarter 2024 financial results conference call. Joining me today are Noah Glass, Olo's founder and CEO and Peter Benavides, Olo's CFO. During this call, we will make forward-looking statements, including but not limited to statements regarding our expectations of our business, our industry, our operations and future financial results.

謝謝。下午好，歡迎參加 Olo 2024 年第三季財務業績電話會議。今天與我一起出席的還有 Olo 的創辦人兼執行長 Noah Glass 和 Olo 的財務長 Peter Benavides。在本次電話會議中，我們將做出前瞻性陳述，包括但不限於有關我們的業務、我們的行業、我們的營運和未來財務表現的預期的陳述。

These statements reflect our beliefs and assumptions only as of today and are subject to a variety of risks and uncertainties that could cause actual results to differ materially. For discussion of these material risks and uncertainties. Please refer to our form 10-Q which was filed today, and our other SEC filings. During today's call. We also present GAAP and non-GAAP financial measures. Reconciliations to the most directly comparable GAAP Financial measures are available in our earnings release, which is available on our investor relations page on our website.

這些聲明僅反映我們截至今天的信念和假設，並受各種風險和不確定因素的影響，可能導致實際結果大不相同。討論這些重大風險和不確定性。請參閱我們今天提交的 10-Q 表格以及我們向 SEC 提交的其他文件。在今天的通話中。我們也提供 GAAP 和非 GAAP 財務指標。我們的收益報告中包含與最直接可比較的 GAAP 財務指標的對帳表，您可在我們網站的投資者關係頁面上找到該收益報告。

And finally, in terms of our prepared remarks or in response to your questions, we may offer incremental metrics, please be advised that this additional detail may be one time in nature and we may or may not provide an update in the future on these metrics. With that. I'll turn the call over to Noah.

最後，就我們準備好的評論或回答你的問題而言，我們可能會提供增量指標，請注意，這些額外的細節可能是一次性的，我們可能會也可能不會在未來提供這些指標的更新。就這樣。我會把電話轉給諾亞。

Thank you, Gary. Hi, everyone. Thank you for spending time with us today. Team Olo executed well on our top priorities in the third quarter and positioned Olo to complete a successful 2024.

謝謝你，加里。大家好。感謝您今天花時間與我們在一起。Olo 團隊在第三季度出色地完成了我們的首要任務，並為 Olo 成功完成 2024 年做好了準備。

With customers, we continue to win, retain and expand. In product, we drove further innovation across our three product suites and ecosystem, including a deeper partnership with ezCater to provide an additional demand channel for our fast-growing Catering+ module. In Olo Pay, we announced the general availability of card-present functionality on Qu POS and we expect to deploy multiple Olo Pay card-present pilots with enterprise and emerging enterprise brand customers on Qu and NCR Voyix POS before year-end. Financially, we hit our 2024 location growth target one quarter ahead of schedule and delivered yet another beat and raise quarter for revenue and non-GAAP operating income.

有了客戶，我們才能持續贏得客戶、留住客戶、拓展業務。在產品方面，我們推動了三大產品套件和生態系統的進一步創新，包括與 ezCater 建立更深層的合作夥伴關係，為我們快速成長的 Catering+ 模組提供額外的需求管道。在 Olo Pay 中，我們宣佈在 Qu POS 上全面推出刷卡功能，並預計在年底前在 Qu 和 NCR Voyix POS 上與企業和新興企業品牌客戶一起部署多個 Olo Pay 刷卡試點。在財務方面，我們提前一個季度實現了 2024 年門市成長目標，並且收入和非 GAAP 營業收入再一次超出預期並實現成長。

I'll discuss our customer product and partnership highlights for the quarter and Peter will review our Q3 financial performance and updated guidance.

我將討論本季的客戶產品和合作夥伴亮點，Peter 將回顧我們第三季的財務表現和最新指引。

We ended the quarter with approximately 85,000 active locations, adding approximately 3,000 net new locations since the end of Q2. ARPU for Q3 was $850, an increase of 15% year over year, and net revenue retention was above 120% for the fourth quarter in a row. We're particularly proud of our locations performance.

截至本季末，我們擁有約 85,000 家活躍門市，自第二季末以來淨新增約 3,000 家門市。第三季的ARPU為850美元，年增15%，淨收入保留率連續四個季度超過120%。我們對我們的地點表現特別感到自豪。

We reached our 5,000 net new location additions target for 2024 one quarter ahead of schedule. The Olo restaurant network has never been stronger. In Enterprise, Q3 implementations included the full launch of Dutch Bros on Olo Ordering and Olo Pay card-not-present across its 800-plus locations. We deployed multiple order modules and Olo Pay card-not-present with bakery cafe brand, Paris Baguette, who went from signing to launch within two quarters.

我們提前一個季度實現了 2024 年新增 5,000 家門市的目標。Olo 餐廳網絡從未如此強大。在 Enterprise 中，第三季的實施包括在 800 多個地點全面推出 Olo Ordering 和 Olo Pay 無卡支付的 Dutch Bros。我們與麵包咖啡品牌巴黎貝甜 (Paris Baguette) 部署了多個訂單模組和 Olo Pay 無卡支付服務，該品牌從簽約到推出僅用了兩個季度的時間。

We also deployed with Long John Silver's on Rails and Nothing Bundt Cakes on Dispatch, two great examples of how Olo's modular platform can meet brands where they are on their tech journeys and offer expansion opportunities as we deliver value. We also saw momentum with existing enterprise customers eager to realize the power of Guest Data. Both Another Broken Egg Cafe and P.F. Chang's deployed Olo Engage's Guest Data Platform during the quarter.

我們也與Long John Silver's on Rails 和Nothing Bundt Cakes on Dispatch 合作，這兩個很好的例子說明了Olo 的模組化平台如何滿足品牌在技術旅程中所處的位置，並在我們提供價值的同時提供擴展機會。我們也看到現有企業客戶渴望實現客戶資料的強大功能。Another Broken Egg Cafe 和 P.F. Chang 在本季度部署了 Olo Engage 的客戶資料平台。

In emerging enterprise, we had a strong quarter of multi-suite deployments, including Papa Gino's and Pizza Inn, who both deployed Ordering, Dispatch, Rails, and Olo Pay card-not-present. We're also pleased to welcome Oakberry, a provider of healthy organic acai bowls, who is one of multiple emerging enterprise flywheel customers that launched with all three Olo product suites in the quarter. We're also seeing the same momentum with existing emerging enterprise customers regarding Olo Engage, with Kolache Factory and Thompson Restaurants each deploying multiple modules from the Engage suite. We are landing and expanding with brands through the strength of our open platform, and this was on display at our inaugural Partner Summit in Chicago.

在新興企業中，我們在多套件部署方面表現強勁，其中包括 Papa Gino's 和 Pizza Inn，它們都部署了 Ordering、Dispatch、Rails 和 Olo Pay 沒有卡支付。我們也很高興歡迎健康有機巴西莓碗供應商 Oakberry，它是本季推出所有三款 Olo 產品套件的多家新興企業飛輪客戶之一。我們也看到現有的新興企業客戶在 Olo Engage 方面也呈現出同樣的勢頭，其中 Kolache Factory 和 Thompson Restaurants 分別部署了 Engage 套件的多個模組。我們正利用我們開放平台的優勢與品牌合作並進行擴張，這在芝加哥舉行的首屆合作夥伴峰會上得到了展示。

Attendance was at capacity, and the event brought together select members of our 400-plus ecosystem partners alongside some of our most innovative customers. Discussions focused on how we can collaborate to solve the industry's biggest challenges like proving ROI, creating a seamless guest experience, and moving beyond the limitations of in-house development and data silos. We remain committed to the philosophy that open beats closed and that our open platform approach can accelerate technological advancements in our industry. And we delivered further innovation through direct investment in our platform.

這次活動出席人數爆滿，匯集了我們 400 多個生態系統合作夥伴的精選成員以及一些最具創新精神的客戶。討論的重點是如何合作解決行業面臨的最大挑戰，例如證明投資回報率、創造無縫的客戶體驗以及超越內部開發和數據孤島的限制。我們始終堅信開放勝過封閉的理念，我們的開放平台方法可以加速我們行業的技術進步。我們透過對平台的直接投資實現了進一步的創新。

In our October fall release, we announced over a dozen product enhancements to help brands increase orders, streamline operations, and improve the guest experience. In Borderless, we integrated loyalty program sign-in so guests can now enjoy the benefits of both their Borderless accounts and their loyalty rewards through one password-less experience. Borderless continues to scale at a rapid pace with more than 10 million accounts, up 10 times from 1 million accounts just one year ago. And we believe this new loyalty program integration will further increase Borderless adoption and improve the guest experience.

在十月份的秋季發表會上，我們宣布了十多項產品增強功能，以幫助品牌增加訂單、簡化營運並改善客戶體驗。在「無邊界」方案中，我們整合了忠誠度計畫登入功能，因此客人現在可以透過一次無密碼體驗同時享受「無邊界」帳戶和忠誠度獎勵的優惠。Borderless 繼續快速擴張，目前帳戶數量已超過 1000 萬個，比一年前增加 10 倍。我們相信，這項新的忠誠度計畫整合將進一步提高無邊界服務的採用率並改善客戶體驗。

When we began this journey, it was because we believed that Borderless could be the true manifestation of a scaled two-sided network to connect enterprise restaurants and their guests, a unique offering that only Olo could bring to life.

當我們開始這段旅程時，是因為我們相信無邊界可以成為連接企業餐廳和他們的客人的規模化雙邊網絡的真實體現，這是只有 Olo 才能實現的獨特服務。

We're thrilled to see Borderless and its network effect proving out our thesis and scaling 10x over the past year. We added functionality to Catering+ to help operators manage complex business accounts within their existing Olo dashboard and give sales managers a comprehensive view of their guest data. And today, we announced a new menu integration with ezCater to make it easier for brands to manage their third-party marketplace catering demand and scale this increasingly important channel.

我們很高興看到 Borderless 及其網路效應證明了我們的論點並在過去的一年裡擴大了 10 倍。我們為 Catering+ 新增了功能，可協助營運商在現有的 Olo 儀表板中管理複雜的業務帳戶，並讓銷售經理全面了解他們的客戶資料。今天，我們宣布與 ezCater 進行新的菜單整合，以便品牌更輕鬆地管理其第三方市場餐飲需求並擴大這一日益重要的管道。

Catering+ continues to ramp within our base with new Q3 deployments with brands of all sizes and service models like Bojangles, Cowboy Chicken, and Mendocino Farms. Catering+ adoption has been a strong expansion driver, and we believe it sets us up well to sell additional Olo modules like Olo Pay, Dispatch, and Rails to support a brand's catering channel.

Catering+ 繼續在我們的基地內擴大規模，並在第三季與各種規模和服務模式的品牌（如 Bojangles、Cowboy Chicken 和 Mendocino Farms）進行新的部署。Catering+ 的採用一直是強勁的擴張動力，我們相信它為我們銷售額外的 Olo 模組（如 Olo Pay、Dispatch 和 Rails）以支持品牌的餐飲管道奠定了良好的基礎。

And most importantly, we've made great progress toward bringing Olo Pay card present to market. As we shared in our fall release, brands on Qu POS can now use Olo Pay to process card-present transactions and aggregate the associated basket-level data into the Olo Engage GDP.

最重要的是，我們在將 Olo Pay 卡推向市場方面取得了巨大進展。正如我們在秋季發布會中所分享的那樣，Qu POS 上的品牌現在可以使用 Olo Pay 處理卡片交易並將相關的購物籃級數據匯總到 Olo Engage GDP 中。

Qu is our first generally available direct POS integration for Olo Pay. We're completing our integration work with NCR Voyix, and we have discussions underway with additional providers to further expand our Olo Pay and Engage integrations. We've been running the Olo Pay go-to-market motion in parallel with our technical work, and we're excited to share that we expect to launch five Olo Pay card-present pilots in Q4 with brands on Qu and NCR Voyix. We're working with brands across multiple restaurant categories, and the majority of these pilots are with enterprise brands.

Qu 是我們第一個為 Olo Pay 提供的普遍可用的直接 POS 整合。我們即將完成與 NCR Voyix 的整合工作，並且正在與其他供應商進行討論，以進一步擴大我們的 Olo Pay 和 Engage 整合。我們一直在技術工作的同時推進 Olo Pay 的上市計劃，我們很高興地告訴大家，我們預計將在第四季度與 Qu 和 NCR Voyix 上的品牌合作推出五個 Olo Pay 卡試點項目。我們正在與多個餐飲類別的品牌合作，其中大多數試點都是與企業品牌合作。

We see this as a great start, and the Olo Pay pipeline is building with our existing brand customers as well as with new enterprise brands interested in Olo's full-stack payments offering. We have work ahead of us. However, the early signs are encouraging for Olo Pay's product market fit for off- and on-premise transactions. We listened to our brands when they told us they needed a payment solution purpose-built for enterprise restaurants, and we're bringing it to market.

我們認為這是一個很好的開始，Olo Pay 管道正在與我們現有的品牌客戶以及對 Olo 全端支付產品感興趣的新企業品牌一起建立。我們還有很多工作要做。然而，早期跡象表明 Olo Pay 的產品市場適合場外和場內交易。當我們的品牌告訴我們他們需要專為企業餐廳打造的支付解決方案時，我們聽取了他們的意見，並將其推向市場。

We also have news regarding Team Olo. We're excited to welcome Jason Ordway as our new chief technology officer, overseeing Olo's engineering function as part of COO, Jo Lambert's, leadership team. Jason brings a wealth of technology leadership experience to Olo, particularly in the areas of enterprise-scale platforms and the management of remote engineering teams. For the last seven years, Jason was CTO at Slice, a restaurant tech platform used by 20,000 pizzeria locations, where he led a fully distributed team of 225 professionals across 9 countries.

我們還有關於 Team Olo 的消息。我們很高興歡迎 Jason Ordway 擔任我們的新任首席技術官，作為首席營運長 Jo Lambert 領導團隊的一部分，負責監督 Olo 的工程職能。Jason 為 Olo 帶來了豐富的技術領導經驗，特別是在企業級平台和遠端工程團隊管理領域。過去七年來，Jason 一直擔任 Slice 的首席技術官，Slice 是一個被 20,000 家披薩店使用的餐廳技術平台，他領導著一支由來自 9 個國家的 225 名專業人員組成的分散式團隊。

Jason is a great fit for Olo in terms of cross-functional leadership, experience and culture, and we're looking forward to him helping Olo deliver even greater innovation to our restaurant brands and their guests.

就跨職能領導力、經驗和文化而言，Jason 非常適合 Olo，我們期待他能幫助 Olo 為我們的餐廳品牌及其客人帶來更大的創新。

Finally, we shared in today's 8-K filing that Chief Revenue Officer, Diego Panama, will be leaving Olo at the end of the year. Diego joined us in July 2022 and has led all aspects of the customer journey for our brands, including sales, marketing, customer success and business development and partnerships. He built our sales engineering team to support the increased technical selling required as we added the Pay and Engage suites, succeeded in ramping up our emerging enterprise sales motion and streamlined operations to shorten deployment time lines and more efficiently support our customers.

最後，我們在今天的 8-K 文件中分享了首席營收長 Diego Panama 將於年底離開 Olo 的消息。Diego 於 2022 年 7 月加入我們，領導我們品牌的客戶旅程的各個方面，包括銷售、行銷、客戶成功以及業務發展和合作夥伴關係。他建立了我們的銷售工程團隊，以支持我們添加Pay 和Engage 套件時所需的不斷增長的技術銷售，成功提升了我們新興的企業銷售動態並簡化了運營，以縮短部署時間並更有效地支持我們的客戶。

As we look to 2025 and beyond, Diego and I concluded that Olo needs an executive to focus solely on driving bookings, and we mutually agreed to part ways. Diego will help us execute on our Q4 plan, assist with a smooth transition and act as an advisor to me. Sales leadership will report to me on an interim basis, and we will initiate a search for a new sales leader shortly. Additionally, COO, Jo Lambert, will expand her role to oversee the marketing, customer success and business development, and partnerships functions going forward.

展望 2025 年及以後，Diego 和我得出結論，Olo 需要一位專注於推動預訂量的高階主管，因此我們雙方同意分道揚鑣。Diego 將幫助我們執行第四季計劃，協助順利過渡並擔任我的顧問。銷售領導將臨時向我匯報，我們很快就會開始尋找新的銷售主管。此外，營運長喬·蘭伯特 (Jo Lambert) 將擴大其職責範圍，負責監督未來的行銷、客戶成功和業務發展以及合作夥伴關係職能。

We believe this will strengthen the connective tissue between product development and commercialization. We thank Diego for his contributions to Olo and wish him continued success in his career. Q3 was another strong quarter across the board. As we move to the end of the year and begin setting our sights on 2025, I'm energized by Team Olo's ability to serve our customers, drive further product innovation and industry collaboration, and deliver financial results.

我們相信這將加強產品開發和商業化之間的連結。我們感謝 Diego 對 Olo 的貢獻，並祝福他在職業生涯中繼續取得成功。第三季又是全面強勁的季度。隨著我們進入年底並開始將目光投向 2025 年，我對 Olo 團隊服務客戶、推動進一步的產品創新和行業合作以及實現財務業績的能力感到振奮。

We are winning with the strength of our open enterprise-grade platform while setting the table for future success by enabling data-driven personalization of the guest experience. As other verticals have shown, personalization drives profitable traffic and true customer loyalty. At Olo, we're laser-focused on being the clear leader in guest personalization for enterprise restaurants. I'll now turn the call over to Peter, who will review our third-quarter financial highlights and updated guidance.

我們憑藉開放式企業級平台的優勢贏得了勝利，同時透過實現數據驅動的客戶體驗個人化為未來的成功奠定了基礎。正如其他垂直行業所顯示的那樣，個人化可以帶來有利可圖的流量和真正的客戶忠誠度。在 Olo，我們專注於成為企業餐廳客人個人化領域的領導者。現在我將電話轉給彼得，他將回顧我們第三季的財務亮點和最新指引。

Peter?

彼得？

Thanks, Noah. Today, I'll review our third-quarter results as well as provide guidance for the fourth quarter and the full year 2024. In the third quarter, total revenue was $71.9 million, an increase of 24% year over year. Platform revenue in the third quarter was $71 million, an increase of 24% year over year.

謝謝，諾亞。今天，我將回顧我們的第三季業績並為第四季度和 2024 年全年提供指導。第三季總營收為7,190萬美元，較去年同期成長24%。第三季平台營收為7,100萬美元，較去年同期成長24%。

Olo Pay had another strong revenue quarter and we generated year-over-year subscription revenue growth of 10%. Active locations were approximately 85,000, up approximately 3,000 locations sequentially due to the deployment activity Noah mentioned. We've added approximately 5,000 net new locations year to date through September 30th, meeting our full-year target for net new locations one quarter ahead of schedule. Based on our location performance year to date and line of sight into Q4, we now expect to add approximately 6,000 net new locations this year.

Olo Pay 又一個季度的營收表現強勁，我們的訂閱營收年增了 10%。由於 Noah 提到的部署活動，活躍地點約為 85,000 個，比上一季增加約 3,000 個。截至 9 月 30 日，今年迄今我們已淨增約 5,000 家新門市，比原計劃提前一個季度實現了全年淨增門店目標。根據我們今年迄今的門市表現以及第四季度的預測，我們預計今年將新增約 6,000 家門市。

ARPU for the third quarter was approximately $850, up 15% year over year and flat sequentially. The year-over-year increase in ARPU was driven by increased order volumes and modules per location, in particular, Olo Pay. And net revenue retention was above 120%, the fourth consecutive quarter where NRR was at or above 120%. For the remainder of the Q3 financial metrics disclosed, unless otherwise noted, I will be referencing non-GAAP financial measures.

第三季的 ARPU 約為 850 美元，年增 15%，與上一季持平。ARPU 的同比增長是由於每個地點的訂單量和模組數量的增加，尤其是 Olo Pay。淨收入保留率超過 120%，這是連續第四季度 NRR 達到或超過 120%。對於披露的第三季其餘財務指標，除非另有說明，我將參考非 GAAP 財務指標。

Gross profit for the third quarter was $43.6 million, up 12% year over year. Gross margin for the third quarter was approximately 60.7%, down about 200 basis points sequentially and in line with the expectations we set on our prior call. Gross profit and gross margin performance reflect the impact of this quarter's revenue outperformance as well as the increasing mix of Olo Pay revenue. We continue to exercise operating expense discipline.

第三季毛利為4,360萬美元，較去年同期成長12%。第三季的毛利率約為 60.7%，比上一季下降約 200 個基點，與我們在上次電話會議上設定的預期一致。毛利和毛利率表現反映了本季收入優異表現以及 Olo Pay 收入結構不斷增長的影響。我們將繼續嚴格執行營運費用紀律。

In Q3, all three operating expense line items improved year over year on a percentage of revenue basis. Sales and marketing expense for the third quarter was $11 million or 15% of total revenue. This compares to $9.4 million and 16% a year ago. Research and development expense for the third quarter was $14.3 million or 20% of total revenue.

第三季度，所有三個營業費用項目的收入百分比均較去年同期有所改善。第三季的銷售和行銷費用為 1,100 萬美元，佔總收入的 15%。相比之下，一年前這一數字為 940 萬美元，成長率為 16%。第三季的研發費用為 1,430 萬美元，佔總營收的 20%。

This compares to $14.3 million or 25% of total revenue a year ago. General and administrative expense for the third quarter was $10.1 million or 14% of total revenue. This compares to $9.4 million and 16% a year ago. Operating income for the third quarter was $8.2 million, up from $5.7 million a year ago.

相比之下，去年同期的總收入為 1,430 萬美元，佔總收入的 25%。第三季的一般及行政開支為 1,010 萬美元，佔總收入的 14%。相比之下，一年前這一數字為 940 萬美元，成長率為 16%。第三季的營業收入為 820 萬美元，高於去年同期的 570 萬美元。

Operating margin was approximately 11% in Q3, an increase of approximately 160 basis points year over year. This strong performance reflects a combination of continued expense discipline and revenue outperformance. The workforce reduction we announced on September 20, which I'll speak to when we discuss guidance, was an immaterial contributor to the non-GAAP operating income performance.

第三季營業利益率約11%，較去年同期成長約160個基點。這一強勁表現體現了持續的費用控制和優異的收入表現。我們在 9 月 20 日宣布的裁員計畫（在討論指引時我會談到）對非 GAAP 營業收入表現的貢獻並不重大。

Net income in the third quarter was $10.4 million or $0.06 per share based on approximately 171.9 million fully diluted weighted average shares outstanding.

根據約 1.719 億股完全稀釋加權平均流通股計算，第三季淨收入為 1,040 萬美元，即每股 0.06 美元。

Turning our attention to the balance sheet and cash flow statement. Our cash, cash equivalents and short- and long-term investments totaled approximately $392 million as of September 30, 2024. We did not repurchase any shares in the third quarter due to related shareholder litigation discussed in our SEC filing. This matter was settled in early August.

將注意力轉向資產負債表和現金流量表。截至 2024 年 9 月 30 日，我們的現金、現金等價物以及短期和長期投資總額約為 3.92 億美元。由於我們向美國證券交易委員會提交的文件中討論的相關股東訴訟，我們在第三季沒有回購任何股票。此事已於8月初解決。

In Q4, We expect to initiate a 10 B 51 plan for our $100 million share repurchase program.

在第四季度，我們預計將啟動10B51計劃，即1億美元的股票回購計劃。

In Q4, we expect to initiate a 10b5-1 plan for our $100 million share repurchase program. Net cash provided by operating activities was $6.2 million in the quarter compared to a negative $21.6 million in the quarter a year ago. Free cash flow was $3.2 million compared to negative $24.4 million a year ago. Q3 cash flow metrics primarily reflect operating income performance and working capital timing.

在第四季度，我們預計將啟動10b5-1計劃，實施1億美元的股票回購計劃。本季經營活動提供的淨現金為 620 萬美元，去年同期為負 2,160 萬美元。自由現金流為 320 萬美元，而一年前為負 2,440 萬美元。Q3 現金流指標主要反映營業收入表現及營運資本時機。

I'll wrap up by providing our guidance for the fourth quarter and full year 2024. For the fourth quarter of 2024, we expect revenue in the range of $72.5 million and $73 million and non-GAAP operating income in the range of $8.7 million and $9 million. For the fiscal year 2024, we are again raising revenue and non-GAAP operating income guidance. We now expect revenue in the range of $281.4 million and $281.9 million and non-GAAP operating income in the range of $30.2 million and $30.5 million.

最後，我將提供我們對 2024 年第四季和全年的指導。對於 2024 年第四季度，我們預計收入在 7,250 萬美元至 7,300 萬美元之間，非 GAAP 營業收入在 870 萬美元至 900 萬美元之間。對於 2024 財年，我們再次提高收入和非 GAAP 營業收入預期。我們現在預計收入在 2.814 億美元至 2.819 億美元之間，非 GAAP 營業收入在 3,020 萬美元至 3,050 萬美元之間。

A few things to keep in mind as you consider our updated outlook for the year. We continue to expect trends in the restaurant industry to be similar to what we saw in 2023, consistent growth in digital ordering, a continued need to improve efficiency to offset rising costs, and macro uncertainty. We now expect Olo Pay to contribute revenue in the high $60 million range in fiscal year 2024, up from the mid-$60 million range we shared on our Q2 call. We continue to expect Olo Pay revenue for the year to be essentially all card-not-present revenue.

當您考慮我們對今年的最新展望時，請記住以下幾點。我們繼續預期餐飲業的趨勢將與 2023 年的趨勢相似，數位訂購將持續成長，需要繼續提高效率以抵消不斷上升的成本以及宏觀不確定性。我們現在預計 Olo Pay 在 2024 財年的營收將達到 6,000 萬美元左右，高於我們在第二季電話會議上公佈的 6,000 萬美元中段。我們仍然預計 Olo Pay 今年的收入基本上全部來自無卡收入。

We also continue to expect full-year 2024 gross margin to be in the low 60% range and that full-year 2024 will be the trough in annual year-over-year gross profit growth. We anticipate Q4 2024 gross margin will be flat compared to Q3 2024. Non-GAAP gross profit and operating income for Q4 and full-year 2024 reflect the impact of the workforce reduction we announced on September 20, 2024, where we lowered total headcount by approximately 9%. We consistently review our cost structure, and we took this action to streamline operations prior to our 2025 budget process.

我們也繼續預計 2024 年全年毛利率將在 60% 的低位，並且 2024 年全年將是年度同比毛利成長的低谷。我們預計 2024 年第四季的毛利率將與 2024 年第三季持平。2024 年第四季和全年的非 GAAP 毛利和營業收入反映了我們於 2024 年 9 月 20 日宣布的裁員的影響，我們將總員工人數減少了約 9%。我們不斷審查我們的成本結構，並採取此行動以在 2025 年預算流程之前簡化營運。

We primarily consolidated teams and reduced spans and layers across implementation and customer success, marketing, and sales. This action lowered our total annual cost base by approximately $8 million. We expect about 60% of the cost savings to flow to NGOI with the remainder being reinvested into the business. To wrap up, third-quarter financial performance continued to build on our first-half momentum, and our updated guidance reflects our increased confidence in the business.

我們主要整合團隊並減少實施、客戶成功、行銷和銷售方面的跨度和層級。此舉使我們的年度總成本基礎降低了約 800 萬美元。我們預計約 60% 的成本節省將流向 NGOI，剩餘部分將重新投資到業務中。總而言之，第三季的財務表現持續鞏固我們上半年的勢頭，我們更新後的指引反映了我們對業務的信心增強。

We're adding logos and expanding with existing brands to drive the top line, doing the work to accelerate gross profit growth in 2025 and driving greater operating leverage through disciplined expense management. With that, I'd now like to turn the call over to the operator to begin the Q&A session. Operator?

我們正在增加標誌並擴大現有品牌以推動營收成長，努力加速 2025 年的毛利成長，並透過嚴格的費用管理來提高營運槓桿。說完這些，我現在想將電話轉給接線生，開始問答環節。操作員？

Great. Thank you. (Operator Instructions)

偉大的。謝謝。（操作員指令）

Our first question is from Terry Tillman from Truist Securities. Please Go ahead.

我們的第一個問題來自 Truist Securities 的 Terry Tillman。請繼續。

Great. Good afternoon, guys. Connor Passarella on for Terry. First one, I just want to start with Olo Pay.

偉大的。大家下午好。康納·帕薩雷拉替換特里上場。首先，我想從 Olo Pay 開始。

That business looks like it will more than double again with the new guidance here. Lots of opportunities still with card-present and the POS partnerships. Just curious on how we should be, I guess, thinking about the continued growth trajectory of that business as more of these drivers start to play out through the end of this year and into next year?

在新的指導下，該業務看起來將再次成長一倍以上。透過刷卡和 POS 合作仍有很多機會。我只是好奇，隨著越來越多的驅動因素在今年年底和明年開始發揮作用，我們應該如何思考該業務的持續成長軌跡？

Connor, this is Noah. Yes, we're very excited about the progress, the continued progress with Olo Pay. Looking back now over two years, we were about $250 million in our first year in market with Olo Pay, just card-not-present in gross processing volume. Then up to $1 billion last year.

康納，這是諾亞。是的，我們對 Olo Pay 的進展和持續進步感到非常興奮。回顧過去兩年，我們在 Olo Pay 進入市場的第一年就創造了約 2.5 億美元的總處理量，這只是無卡支付。去年則上漲至 10 億美元。

And now projecting $2.5 billion in processing volume this year. And as you heard, going from $30 million in revenue last year up to now the high $60 million range. So very excited about that opportunity, and especially when we compare it to the fact that our brands are processing in GMV about $26 billion through the Olo platform on an annual basis. So on that basis, we're just about 10% or less than 10% from a gross payments volume running through Olo Pay as compared to that gross merchandise value.

目前預計今年的處理量為 25 億美元。正如您所聽到的，收入從去年的 3,000 萬美元增長到現在的 6,000 萬美元左右。我對這個機會感到非常興奮，尤其是當我們將它與我們的品牌每年透過 Olo 平台處理的約 260 億美元的 GMV 進行比較時。因此，在此基礎上，我們透過 Olo Pay 支付的總金額與商品交易總值相比，僅佔 10% 或不到 10%。

But especially as we make this jump into card-present payments, that's when we see the full GMV of the brands we work with being addressable to Olo. So that takes us -- because of the fact that card-present and card-not-present together are about 6x the size of card-not-present alone, up to about $160 billion of GMV addressable as gross payments volume ultimately for Olo Pay. So from that standpoint, the $2.5 billion of gross payment volume on Olo Pay is quite substantial, but very early in the overall opportunity, under 2%. And we're very excited to see that progress with Olo Pay card present in the form of these 5 pilots that we announced tonight on two different POS partners, Qu POS and NCR Voyix launching in the fourth quarter of this year. We expect a lot of continued momentum heading into 2025 and we're very excited about that Olo Pay opportunity.

但特別是當我們轉向卡片支付時，我們就會看到我們合作的品牌的全部 GMV 都可以透過 Olo 實現。因此，由於刷卡支付和無卡支付加起來大約是無卡支付的 6 倍，因此 Olo Pay 最終可實現的 GMV 高達 1600 億美元。因此從這個角度來看，Olo Pay 25 億美元的總支付額相當可觀，但對於整體機會而言還處於早期階段，不到 2%。我們非常高興看到 Olo Pay 卡取得進展，我們今晚宣佈在兩個不同的 POS 合作夥伴 Qu POS 和 NCR Voyix 上進行的 5 個試點將於今年第四季度推出。我們預計到 2025 年該行業將繼續保持強勁發展勢頭，我們對 Olo Pay 的機會感到非常興奮。

I'd also say it's an exciting opportunity for Olo, but it's also an opportunity that our customers are very excited about because they see that when Olo Pay is processing the transactions for card-present, it's an opportunity to pull data about those transactions back into the guest data platform to understand what the guest is ordering and to collate that data back to a guest profile. So really understanding every transaction that a guest places, whether it's a digital transaction or a non-digital transaction. That is the Holy Grail opportunity that Olo Pay card-present represents in a time in this industry when brands are really looking to understand their guests to know all of their guests and to really personalize the guest experience as a way of standing out from their competition.

我還想說，這對Olo 來說是一個令人興奮的機會，但這也是我們的客戶非常興奮的機會，因為他們看到，當Olo Pay 處理刷卡交易時，這是將這些交易的數據拉回來的機會進入客人資料平台，了解客人的訂單，並將資料整理到客人檔案中。因此真正了解客人進行的每筆交易，無論是數位交易還是非數位交易。這是 Olo Pay 刷卡支付所代表的聖杯機會，在這個行業中，品牌真正希望了解他們的客人，了解所有的客人，並真正個性化客人體驗，以在競爭中脫穎而出。

Great, thanks, thanks. It's really helpful. Just maybe as a follow-up, on the go-to-market motion with Diego departing, I guess, what are you looking for in terms of the next CRO that gets appointed to that role? And maybe what would you want to see from a go-to-market organization as you guys look toward the next phase of growth?

太好了，謝謝，謝謝。這真的很有幫助。也許作為後續問題，隨著 Diego 的離職，關於進入市場的動議，我想，您對下一個擔任該職位的 CRO 有何期望？當你們展望下一階段的成長時，也許你們希望從行銷組織中看到什麼？

Yeah. It's a great question. I mean I'm excited for, in the interim period, myself getting closer to the go-to-market organization. It's something that I've been involved with from the very beginning of Olo, as you'd imagine, but especially co-selling into larger opportunities and going deeper with existing partners.

是的。這是一個很好的問題。我的意思是，我很高興，在過渡期內，我自己能夠更接近行銷組織。正如您所想像的，這是我從 Olo 成立之初就參與的事情，尤其是共同銷售更大的機會以及與現有合作夥伴進行更深入的合作。

I think as we initiate the search, what we're really looking for is a greater focus on bookings and a sales leader who is a proven executive with industry experience, with relationships in this industry. And important that they are based in New York City and have a tight partnership with our New York City-based team, Peter, our CFO; Jo, our COO; and me. And we're excited about that focus and also for those non-sales activities to then be part of Jo Lambert's organization as our COO and really having innovation and commercialization at Olo living together. I think that's a very healthy combination, and we're looking forward to that change as well.

我認為，當我們開始搜尋時，我們真正尋找的是更加關注預訂量的銷售領導者，他是一位擁有行業經驗、在該行業有關係的資深高管。重要的是，他們的總部設在紐約市，並與我們位於紐約市的團隊、我們的財務長彼得建立了緊密的合作關係； Jo，我們的營運長；還有我。我們對這一重點感到很興奮，也對這些非銷售活動感到興奮，這些活動隨後成為 Jo Lambert 組織的一部分，擔任我們的首席營運官，並真正在 Olo 共同實現創新和商業化。我認為這是一個非常健康的組合，我們也期待著這種改變。

I should also say we're very excited about our sales leaders at the SVP level, Katie Cofer, Katie Lang, one layer down. I'm very excited to get closer to them and be working with them as they lead our sales team in the foreseeable future and especially as I'm working closely with them in this interim period before we brought on a new sales leader.

我還應該說，我們對高級副總裁級別的銷售領導感到非常興奮，例如凱蒂·科弗 (Katie Cofer)、凱蒂·朗 (Katie Lang) 以及他們的下一級領導。我非常高興能夠更接近他們並與他們合作，因為他們將在可預見的未來領導我們的銷售團隊，特別是在我們引入新的銷售主管之前的這個過渡期內，我將與他們密切合作。

Thanks, Noah.

謝謝，諾亞。

Your next question from Stephen Sheldon from William Blair. Please go ahead.

您的下一個問題來自威廉布萊爾公司的史蒂芬謝爾頓。請繼續。

Hi, team. You have Patrick Mcllwee on this afternoon.

大家好。今天下午請到 Patrick Mcllwee 為您講解。

My first question, so when you completed the September RIF, which included some heads in your go-to-market function, you noted plans to focus more on ARPU expansion in the existing client base. And this quarter, you added the most locations in a quarter since 2022 and ARPU was roughly flat sequentially.

我的第一個問題是，當您完成 9 月的 RIF 時，其中包括您的行銷職能中的一些負責人，您指出計劃更專注於現有客戶群的 ARPU 擴展。本季度，你們新增了 2022 年以來最多的一個季度的門市，而 ARPU 與上一季基本持平。

So I wanted to ask if you feel that initiative will take time to materialize or if you've kind of remain focused more so on winning new business rather than account expansion? And just what you're seeing in terms of underlying momentum for upsell and cross-sell?

所以我想問一下，您是否認為這項舉措需要一些時間來實現，或者您是否仍然更注重贏得新業務而不是擴大帳戶？就追加銷售和交叉銷售的潛在動能而言，您看到了什麼？

Yes, I could take that one. You have Peter here, Patrick. So I mean, we're trying to accomplish both, right? So we want to grow both our ARPU as well as add more locations to the platform over time. The ARPU dynamic this quarter was driven by two factors.

是的，我可以接受這個。派崔克，彼得在這裡。所以我的意思是，我們正在努力實現這兩點，對嗎？因此，我們希望隨著時間的推移，提高我們的 ARPU 並在平台上增加更多位置。本季的 ARPU 動態受兩個因素影響。

One, this was the first quarter where you felt the full impact of Wingstop transitioning from three product modules down to one. And you had a subset of locations that did come on this quarter were single module locations. I think Noah called one out in the prepared remarks in Long John Silver, which when only utilizing one product module, you inherently have a lower ARPU. So through the combination of those two things, that's why you saw the deselling growth from an ARPU perspective.

首先，這是您第一次感受到 Wingstop 從三個產品模組減少到一個產品模組的全面影響。本季出現的一些地點是單模組地點。我認為 Noah 在《Long John Silver》的準備好的評論中提到了這一點，當僅使用一個產品模組時，您的 ARPU 本質上會較低。所以透過這兩件事的結合，你就可以從 ARPU 的角度看到銷售額的下降。

That said, we've shared historically the number of product modules per location that average around three to three and a half product modules per location. We have now upwards of 16 product modules to sell within the installed base. So just the sheer magnitude of the ability to expand from where we are today up to that 16 product modules per location just has such an outsized impact on our ability to grow ARPU relative to our ability to grow location count, which is why we've shared. And it continues to be the case that ARPU will be a larger driver of growth in the near term than locations will be.

也就是說，我們歷史上分享的每個位置的產品模組數量平均每個位置大約有三到三個半產品模組。目前，我們在已安裝的客戶群內有超過 16 個產品模組可供銷售。因此，從現在的水平擴展到每個地點 16 個產品模組的能力，對我們增加 ARPU 的能力產生了巨大的影響，相對於增加地點數量的能力，這就是為什麼我們共享。從短期來看，ARPU 仍將比地理位置更能推動業務成長。

That doesn't mean to say that we're taking our eye off the ball as it relates to locations. We still want to do a great job there as well, which this quarter, in particular, was emblematic of that.

這並不意味著我們會忽視與地點相關的問題。我們仍然希望在那裡做得很好，特別是本季的表現就體現了這一點。

Okay. That helps. Thanks Peter. And it sounds like after the step down in gross margins this quarter, you're expecting this to be a pretty good baseline heading into year-end. But my question is, how should we frame any further potential pressure on margins from the continued scaling of Olo Pay heading into 2025 and '26?

好的。這有幫助。謝謝彼得。聽起來，在本季毛利率下降之後，您預計這將是年底前一個相當不錯的基線。但我的問題是，我們應該如何看待 2025 年和 2026 年 Olo Pay 持續擴張對利潤率造成的進一步潛在壓力？

Yes. So the sequential change in gross margin Q3 to Q4, what we messaged earlier on the prepared remarks, that's being driven by continued growth of Olo Pay revenue mix being offset by continued cost optimization, in particular, the portion of the costs pulled out of the business as part of the recent reduction in force, that being an offsetting factor to that continued revenue mix shift. In terms of how margins trend longer term, I think that's going to largely depend on how quickly we ramp into the Olo Pay opportunity, in particular, card-present. We haven't shared a perspective on that.

是的。因此，我們之前在準備好的評論中提到，第三季至第四季毛利率的連續變化是由 Olo Pay 收入組合的持續成長所推動的，但被持續的成本優化所抵消，特別是從業務是最近裁員的一部分，這是持續收入結構轉變的抵銷因素。就長期利潤率趨勢而言，我認為這在很大程度上取決於我們如何快速地抓住 Olo Pay 機會，尤其是信用卡支付。我們尚未就此發表看法。

That's something I think we'll share as we set guidance for 2025. But in many ways -- if that were to happen faster, I think that would be a good thing because what that then means is we're ramping quickly into the pay opportunity and gross profit growth is reaccelerating, which is really what we're focused on and continue to believe that for 2025 on a full year basis, gross profit growth will reaccelerate as compared to 2024.

我認為我們在製定 2025 年指導方針時會分享這些內容。但在很多方面——如果這種情況發生得更快，我認為這將是一件好事，因為這意味著我們正在迅速抓住薪酬機會，毛利成長正在重新加速，這才是我們真正想要的重點關注並繼續相信，2025年全年毛利成長將較2024年再次加速。

Okay, that's helpful. Thank you, Peter. Appreciate the color.

好的，這很有幫助。謝謝你，彼得。感謝色彩。

The next question is from Bruce Goldfarb from Lake Street Capital. Please go ahead.

下一個問題來自 Lake Street Capital 的 Bruce Goldfarb。請繼續。

Hey Greg, Peter. Congrats on the results. Congratulations. Thanks for taking my call, my questions.What's been the trend in -- what's been the trend for like emerging enterprise versus enterprise with regard to the pipeline?

嘿，格雷格，彼得。恭喜你所取得的成果。恭喜。感謝您接聽我的電話，我的問題是：就管道而言，新興企業與企業的趨勢是什麼？

Thanks for the question. This is Noah here. So I think a really good quarter, as you heard, on both fronts. Some great enterprise wins in Dutch Bros. That's a very exciting one that we talked about a bit past -- in the last quarter. Parris Baggett. And as Peter mentioned, Long John Silver and Nothing Bundt Cakes coming on in the enterprise segment. And then in the emerging enterprise segment, a great set of wins this quarter. As a Boston native, I'm particularly excited about Papa Gino's coming on to the platform, Pizza Inn, Oakbererry, and more.

謝謝你的提問。這是諾亞。因此我認為，正如您所聽到的，從兩個方面來看，這都是一個非常好的季度。荷蘭兄弟公司取得了一些偉大的企業勝利。這是一個非常令人興奮的話題，我們在上個季度討論過它。帕里斯·巴格特。正如彼得所提到的，Long John Silver 和 Nothing Bundt Cakes 即將進入企業領域。在新興企業領域，本季取得了一系列重大勝利。身為波士頓本地人，我對 Papa Gino、Pizza Inn、Oakbererry 等餐廳加入平台感到特別興奮。

I think what's interesting to look at is kind of how we're landing in those different segments. In the emerging enterprise segment, we have noted for a couple of quarters now the tendency for brands to land with all three of our product suites. We call those flywheel customers, where they're using Order, they're using Pay and they're using Engage. They're really getting up the digital maturity curve quickly.

我認為有趣的是看看我們如何進入這些不同的領域。在新興企業領域，我們注意到，在過去幾個季度中，品牌傾向於採用我們所有三種產品套件。我們稱這些客戶為飛輪客戶，他們使用Order，使用Pay，也使用Engage。他們確實正在快速提升數位化成熟度曲線。

It's a little bit different in enterprise and also in top 25 when we tend to land with, more typically, a single module or a single suite for an engagement and then build that over time and continue to sell additional modules. As Peter noted, we're now up to 16 different modules across those three suites, our suite 16 of modules. And it gives us a lot of opportunity to continue to sell additional capabilities into brands once we've proven out Olo's capabilities as a partner for their digital maturity.

在企業和前 25 名中情況略有不同，我們傾向於採用單一模組或單一套件來進行一項活動，然後隨著時間的推移進行建造並繼續銷售其他模組。正如彼得所說，我們現在在這三個套件中擁有 16 個不同的模組，我們的套件共有 16 個模組。一旦我們證明了 Olo 作為合作夥伴能夠實現其數位成熟度，我們就有很多機會繼續向品牌出售額外功能。

Great. In terms of like technology, are there certain areas that you'd like to -- is M&A focused on?

偉大的。就技術方面而言，您是否希望進行某些特定領域併購？

I'm sorry, I missed that. Could you repeat that last part?

很抱歉，我忽略了這一點。你能重複最後一部分嗎？

Yeah. Are there, are there certain areas of technology you guys would like to acquire, either developing or through M&A?

是的。你們是否希望獲得某些技術領域的專利，無論是開發還是透過併購？

I think we feel pretty good when we look at our product road map and the things that we're planning over the coming year and really three years on that time horizon about what we plan to build from an R&D standpoint. Very excited about Jason Ordway joining Olo as our CTO and leading our engineering team and accelerating those innovation efforts. And we also have a great partner ecosystem of over 400 ecosystem partners who are integrated into Olo and enable us to really experiment with additional capabilities beyond what we do ourselves. And that's historically been a really interesting opportunity for us to watch what brands are using and deriving value from and to learn from that and lean into those partnerships.

當我們看到我們的產品路線圖以及未來一年甚至三年內我們從研發角度規劃建造的內容時，我覺得我們感覺相當不錯。非常高興 Jason Ordway 加入 Olo 擔任我們的 CTO 並領導我們的工程團隊並加快這些創新工作。我們還擁有一個由 400 多個生態系統合作夥伴組成的龐大合作夥伴生態系統，這些合作夥伴融入了 Olo，使我們能夠真正嘗試超越我們自己能力的附加功能。從歷史上看，這對我們來說是一個非常有趣的機會，讓我們觀察品牌正在使用什麼，從中獲得價值，並從中學習並依靠這些合作關係。

So I think that's really how we think about R&D and innovation at Olo and how we can sometimes accelerate R&D through potential M&A of those partners that we work with closely and where we see our common customers experiencing a lot of value.

所以我認為這確實是我們對 Olo 研發和創新的看法，以及我們如何透過與我們密切合作的合作夥伴的潛在併購來加速研發，並且我們看到我們的共同客戶體驗到了很多價值。

And then my last question. When you announced the 9% growth in September, you said you were going to reinvest $6 million in growth. Are there certain areas where you're hiring or you're running marketing campaigns?

這是我的最後一個問題。當您在 9 月宣布實現 9% 的成長率時，您說過將再投資 600 萬美元用於成長。您是否在某些特定領域招募員工或開展行銷活動？

Yeah, just to clarify that. So the reduction in force that we announced in September removed about $8 million of cost annualized. Of that, we are dropping 60% of that to the bottom line. So about $4.8 million of that will be savings going forward, with the remainder of the $3.2 million being reinvested into the business. And that's really broadly across various areas of opex and a bit within cost of revenue as well. But for the most part, throughout various areas of opex.

是的，只是為了澄清這一點。因此，我們在九月宣布的裁員措施每年可減少約 800 萬美元的成本。其中，我們將把 60% 降至底線。因此，其中約 480 萬美元將是未來的儲蓄，剩餘的 320 萬美元將重新投資到業務中。這實際上廣泛地涵蓋了營運支出的各個領域，也包括收入成本。但大多數情況下，涉及營運支出的各個領域。

Great. Thanks for that clarification. Great. Those are my questions. Congrats on the results.

偉大的。感謝您的澄清。偉大的。這些都是我的問題。恭喜你所取得的成果。

Thank you.

謝謝。

This concludes the question and answer session. I'd like to turn the floor back over to Noah Glass for any closing comment.

問答環節到此結束。我想將發言權交還給諾亞·格拉斯，請他發表最後評論。

OK. Well, thank you for joining us tonight. While we're pleased with our Q3 and year-to-date performance in 2024, we're by no means satisfied. We remain laser-focused on doing more to help brands convert their transaction data into personalized guest experiences and profitable traffic.

好的。好吧，感謝您今晚加入我們。雖然我們對 2024 年第三季和年初至今的表現感到滿意，但我們絕不滿足。我們將繼續專注於做更多工作，幫助品牌將其交易數據轉化為個人化的客戶體驗和有利可圖的流量。

We're committed to achieving this objective as an open platform that serves as a force multiplier for hospitality and through operating discipline that drives profitable growth. Have a great evening.

我們致力於透過開放平台實現這一目標，為酒店業提供力量倍增器，並透過營運紀律推動獲利成長。祝您有個愉快的夜晚。

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

（操作員指示）今天的電話會議到此結束。現在您可以斷開您的線路。再次感謝您的參與。