Olo Inc (OLO) 2025 Q1 法說會逐字稿

Ladies and gentlemen, greetings. Welcome to the Olo Inc., first-quarter 2025 earnings conference call.

女士們、先生們，大家好。歡迎參加 Olo Inc. 2025 年第一季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

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

現在我很高興介紹主持人、投資者關係資深副總裁 Gary Fuges。請繼續。

Thank you. Good afternoon. Welcome to Olo's first-quarter 2025 financial results conference call.

謝謝。午安.歡迎參加 Olo 2025 年第一季財務業績電話會議。

Joining me, today, are Noah Glass, Olo's Founder and CEO; and Peter Benevides, Olo's CFO.

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 Benevides。

During this call, we will make forward-looking statements, including, but not limited to, statements regarding our expectations of our business, our industry, our operations, and future financial results. These statements reflect our beliefs and assumptions only as of today and are subject to a variety of risks and uncertainties that could cause actual results to differ, materially.

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對我們的業務、我們的行業、我們的營運和未來財務結果的預期的陳述。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性的影響，可能導致實際結果有重大差異。

For a discussion of these material risks and uncertainties, please refer to our Form 10-Q, which was filed today, and our other SEC filings.

有關這些重大風險和不確定性的討論，請參閱我們今天提交的 10-Q 表以及我們向美國證券交易委員會提交的其他文件。

During this call, we'll present both GAAP and non-GAAP financial measures.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。

Reconciliations to the most directly comparable GAAP measures are available on our earnings release, which is available on the Investor Relations page of our website.

我們的收益報告上有與最直接可比較的 GAAP 指標的對帳表，您可以在我們網站的「投資者關係」頁面上找到該收益報告。

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.

最後，就我們準備好的評論或回答您的問題而言，我們可能會提供增量指標。請注意，這些額外的細節可能只是一次性的。我們將來可能會或可能不會提供這些指標的更新。

With that, I'll turn the call over to Noah.

說完這些，我會把電話轉給諾亞。

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

謝謝你，加里。大家好。感謝您今天抽出時間與我們在一起。

In the first quarter, Olo built on the momentum we sustained over 2024. We exceeded the high end of our revenue and non-GAAP operating income guidance ranges.

在第一季度，Olo 延續了我們在 2024 年保持的勢頭。我們的收入和非公認會計準則營業收入超出了預期範圍的上限。

We added approximately 2,000 locations quarter to quarter. And we made early progress on our three 2025 priorities: scaling Catering+, ramping Olo Pay card presence, and increasing the number of Olo flywheel brands.

我們每季增加了約 2,000 個門市。我們在三個 2025 年優先事項上取得了早期進展：擴大 Catering+ 規模、增加 Olo Pay 卡覆蓋率以及增加 Olo 飛輪品牌的數量。

Today, we're sharing two exciting customer signings that we believe further validate our strategy: a Catering+ pilot with Chipotle, a new top 25 brand for Olo; and an Olo Pay card-present's full-deployment deal, with an existing publicly-traded enterprise customer.

今天，我們分享了兩個令人興奮的客戶簽約，我們相信這進一步驗證了我們的策略：與 Chipotle（Olo 的新前 25 名品牌）的 Catering+ 試點；以及與現有的上市企業客戶達成的 Olo Pay 卡的全面部署協議。

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

我將回顧第一季的上市情況和產品亮點。然後，彼得將討論我們的第一季財務業績和最新指引。然後我們會回答您的問題。

Olo ended the quarter with approximately 88,000 active locations, adding approximately 2,000 net new locations over the first quarter.

本季末，Olo 擁有約 88,000 家活躍門市，比第一季淨增約 2,000 家新門市。

Our gross revenue retention increased sequentially. And we continue to expand with customers, as reflected in Q1's 12% year-over-year ARPU growth.

我們的總收入保留率連續增加。我們將持續擴大客戶規模，這體現在第一季 ARPU 年增 12% 上。

We started the year off with a strong Q1 of new and expansion deployments in both our Enterprise and Emerging Enterprise brand categories.

今年第一季度，我們在企業和新興企業品牌類別中均實現了強勁的新部署和擴展部署。

Enterprise's new deployments included Ben & Jerry's, which implemented ordering, rails, and Olo Pay card-not-present. We also launched rails with Gong Cha and pilot travel centers.

Enterprise 的新部署包括 Ben & Jerry’s，它實現了訂購、軌道和 Olo Pay 無卡支付。我們也與貢茶公司合作開通了鐵路，並試辦了旅遊中心。

Expansions included Catering+, with El Pollo Loco, Halal Guys, and Salad & Go; Dispatch, with Waffle House; and Olo Pay card-not-present with First Watch, who is now a flywheel customer.

擴張包括與 El Pollo Loco、Halal Guys 和 Salad & Go 合作的 Catering+；與 Waffle House 合作的 Dispatch；以及與 First Watch 合作的無卡 Olo Pay，後者現在是飛輪客戶。

Adding flywheel customers is one of our 2025 priorities. And, today, we have more than 70 brands using Olo Order and Olo Pay to generate digital transactions and Olo Engage's GDP and marketing automation to aggregate and activate the data to drive guest engagement.

增加飛輪客戶是我們 2025 年的首要任務之一。如今，我們有超過 70 個品牌使用 Olo Order 和 Olo Pay 來產生數位交易，並使用 Olo Engage 的 GDP 和行銷自動化來匯總和啟動資料以推動客戶參與。

We believe our early conviction in Olo Engage and the transformative power of leveraging guest data is paying off.

我們相信，我們早期對 Olo Engage 的信心以及利用客戶資料的變革力量正在獲得回報。

In Emerging Enterprise, we deployed multiple modules, with more than a dozen new brands, such as Cupbop Korean Barbecue and Swensons. Expansions included Rubio's and Sonny's Barbecue, who both added Olo Pay card-not-present to their order and Catering+ channels.

在新興企業中，我們部署了多個模組，擁有十幾個新品牌，例如 Cupbop Korean Barbecue 和 Swensons。擴展業務包括 Rubio’s 和 Sonny’s Barbecue，這兩家公司都在其訂單和 Catering+ 管道中添加了 Olo Pay 無卡支付功能。

With its expansion into Olo Pay, Sonny's joins our list of flywheel customers.

隨著向 Olo Pay 的擴張，Sonny’s 加入了我們的飛輪客戶名單。

Enterprise restaurants choose Olo because of our commitment to their success. And we are honored that Texas Roadhouse, the largest casual dining brand in the US, recently named Olo as its 2024 Vendor of the Year.

企業餐廳選擇 Olo 是因為我們致力於他們的成功。我們很榮幸，美國最大的休閒餐飲品牌 Texas Roadhouse 最近將 Olo 評為 2024 年度供應商。

We believe this recognition speaks volumes about the strength of our technology and the dedication, creativity, and excellence team Olo brings to solving complex challenges, at scale.

我們相信，這項認可充分說明了我們技術的實力以及 Olo 團隊為大規模解決複雜挑戰所帶來的奉獻精神、創造力和卓越性。

And, today, we're announcing that Chipotle, a new top 25 brand for Olo, will pilot multiple Olo modules across a subset of locations to support their catering channel. It's a great validation of our platform's strength and modularity, as Chipotle will use Olo to power its catering channel as a complement to their in-house tech.

今天，我們宣布，Olo 的新 25 大品牌 Chipotle 將在部分地區試行多個 Olo 模組，以支援其餐飲管道。這充分驗證了我們平台的實力和模組化，因為 Chipotle 將使用 Olo 為其餐飲管道提供支持，作為其內部技術的補充。

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

我們致力於協助 Chipotle 提升其餐飲管道。我們期待今年晚些時候共同分享我們的進展。

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

2025 年的另一個重點是開始增加 Olo Pay 卡贈送。我很高興地宣布，我們現有的一家上市公司品牌已經簽約全面部署 Olo Pay 刷卡支付。

Once implemented with card-present, this brand will become our first flywheel customer to aggregate full-stack payment transaction data, alongside digital ordering data into the Engage GDP. It's a great milestone on the Olo Pay journey and the Olo guest data flywheel strategy.

一旦實施刷卡支付，該品牌將成為我們第一個將全端支付交易資料以及數位訂購資料匯總到 Engage GDP 的飛輪客戶。這是 Olo Pay 旅程和 Olo 客戶資料飛輪策略的重要里程碑。

Catering, card-present payments, and leveraging guest data were key themes at our sixth Annual Beyond4 Customer Conference, which we hosted in mid-March.

餐飲、刷卡支付和利用客戶資料是我們於三月中旬舉辦的第六屆年度 Beyond4 客戶大會的主要主題。

We had record attendance, with over 130 brands and 200-plus attendees. And 18 brands presented how they leverage Olo and other partners to run their businesses more efficiently.

我們的出席人數創下了紀錄，有超過 130 個品牌和 200 多名與會者。18 個品牌展示如何利用 Olo 和其他合作夥伴更有效地經營業務。

We hosted demos for Catering+, Olo Pay card-present, and Olo Guest Intelligence, a new capability I'll discuss shortly. We also shared that Borderless, our password-less checkout feature, is now used by approximately 450 brands.

我們舉辦了 Catering+、Olo Pay 刷卡和 Olo Guest Intelligence 的演示，我將很快討論這項新功能。我們也表示，我們的無密碼結帳功能「Borderless」目前已被約 450 個品牌使用。

Borderless guests are now over 16 million. And we're beginning to see organic network effects here. For example, more than 2 million Borderless guests have used Borderless at two or more brands, up more than 10x from a year ago. That's more Borderless guests transacting more broadly across the Borderless network, which we believe is a win for guests, for brands, and for Olo.

無國界遊客人數現已超過 1,600 萬人。我們開始看到有機網路效應。例如，超過 200 萬 Borderless 顧客在兩個或兩個以上品牌使用過 Borderless，比一年前增加了 10 倍以上。這意味著更多的無國界客人可以透過無國界網絡進行更廣泛的交易，我們相信這對客人、品牌和 Olo 來說都是一個勝利。

In product innovation, our spring release highlights included a Catering+ calendar feature that improves catering team planning and operations; and Engage integration with Thanx, our third preferred loyalty partner integration; and the beta launch of Olo Guest Intelligence, or OGI.

在產品創新方面，我們春季發布的亮點包括 Catering+ 日曆功能，可改善餐飲團隊的規劃和營運；Engage 與 Thanx 的整合（我們的第三個首選忠誠度合作夥伴整合）；以及 Olo Guest Intelligence 或 OGI 的測試版發布。

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

OGI 將客戶指標直接傳輸到 Olo 儀表板，使品牌能夠輕鬆獲得有價值的見解，從而幫助他們做出業務決策。

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

OGI 受到了我們客戶的熱烈歡迎。該產品推出後的第一個月，已有超過 700 個品牌使用了它。我們相信，當我們在今年稍後整合 Olo Pay 數據時，OGI 將變得更有價值。

Guest data aggregation is one of Olo's key competitive differentiators. And OGI is putting that data to work to help brands succeed.

客戶資料聚合是 Olo 的主要競爭優勢之一。OGI 正在利用這些數據來幫助品牌成功。

Before I turn the call over to Peter, it's my pleasure to welcome Parrish Chapman as our new Chief Sales Officer, who joined us on May 5. Parrish has everything we were looking for in our next sales leader: enterprise restaurant experience, a proven track record as a sales leader, and he'll be working from our New York City headquarters.

在我將電話轉給彼得之前，我很高興歡迎 Parrish Chapman 擔任我們的新首席銷售官，他於 5 月 5 日加入我們。帕里什具備我們在下一任銷售領導身上尋找的一切：企業餐廳經驗、作為銷售領導的良好業績記錄，而且他將在我們位於紐約市的總部工作。

You can read Parrish's full biography on our website. And I'm sure you'll see why we're excited to welcome him to team Olo.

您可以在我們的網站上閱讀帕里什的完整傳記。我相信你會明白為什麼我們如此興奮地歡迎他加入 Olo 團隊。

Q1 was a strong start to the year. Olo is a mission-critical partner to restaurant brands. And we believe our value proposition remains compelling in an environment of rising input costs and increasing macroeconomic uncertainty. We take nothing for granted.

今年第一季開局強勁。Olo 是餐飲品牌的關鍵合作夥伴。我們相信，在投入成本上升和宏觀經濟不確定性增加的環境下，我們的價值主張仍然具有吸引力。我們認為沒有什麼是理所當然的。

With nearly 20 years of experience and a large base of enterprise-limited service restaurants, we've seen many of our brands weather past economic challenges and benefit from a trade-down effect in consumer behavior.

憑藉近 20 年的經驗和龐大的企業有限服務餐廳基礎，我們看到許多品牌度過了過去的經濟挑戰，並受益於消費者行為的降級效應。

With our scaled network, reliable platform, and experience in helping brands do more with less, we believe Olo is well positioned to help restaurants capitalize on the secular trend of digitization.

憑藉我們規模龐大的網絡、可靠的平台以及幫助品牌以更少的投入做更多事情的經驗，我們相信 Olo 能夠幫助餐廳充分利用數位化的長期趨勢。

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

現在我將把電話轉給彼得，讓他回顧我們的第一季財務表現和指導。彼得？

Thanks, Noah.

謝謝，諾亞。

Today, I'll review our first-quarter results and our guidance for the second-quarter and the full-year 2025.

今天，我將回顧我們第一季的業績以及對第二季和 2025 年全年的預測。

In the first quarter, total revenue was $80.7 million, an increase of 21% year over year.

第一季總營收為8,070萬美元，較去年同期成長21%。

Platform revenue in the first quarter was $79.2 million, an increase of 20% year over year.

第一季平台營收為7,920萬美元，較去年同期成長20%。

All product suites performed better than expected in the quarter.

本季所有產品套件的表現均優於預期。

Active locations were approximately 88,000, up approximately 2,000 locations sequentially, due primarily to strong customer deployment activity and some implementations being pulled forward into Q1 from Q2. We continue to expect to add approximately 5,000 net new locations in 2025.

活躍地點約為 88,000 個，比上一季增加約 2,000 個，這主要歸因於強勁的客戶部署活動以及一些實施從第二季度提前到第一季度。我們預計 2025 年將新增約 5,000 家門市。

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

第一季的 ARPU 約為 911 美元，年增 12%，主要原因是每個地點的訂單量和模組數量增加。

Net revenue retention was 111%. Gross revenue retention remains above 98%, due to the strength of the platform and breadth of solutions.

淨收入保留率為111%。由於平台的強大和解決方案的廣度，總收入保留率仍然保持在 98% 以上。

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

對於披露的其餘第一季財務指標，除非另有說明，我將參考非 GAAP 財務指標。

Gross profit for the first quarter was $49.2 million, up 18% year over year;. And gross margin in the quarter was 60.9%, driven, in part, by solid non-pay revenue performance and continued improvement in Olo Pay gross margin.

第一季毛利為4,920萬美元，較去年同期成長18%；。本季毛利率為 60.9%，部分原因是非工資收入表現穩健以及 Olo Pay 毛利率持續改善。

Gross profit and gross margin also benefited from approximately $1 million of one-time cost of revenue adjustments associated with Olo Pay. Excluding these one-time benefits, Q1 gross profit's year-over-year growth would have been approximately 16% and Q1 gross margin would have been roughly in line with the gross margin from the prior quarter.

毛利和毛利率也受益於與 Olo Pay 相關的約 100 萬美元的一次性收入成本調整。除去這些一次性收益，第一季毛利年增約16%，第一季毛利率與上一季毛利率大致持平。

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

第一季總營運費用年增約 5%，這反映了 2024 年 9 月下旬實施的成本削減措施的影響以及我們對管理營運費用的持續關注。

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

以收入百分比計算，第一季所有營運費用均低於去年同期。

Operating income for the first quarter was $11.5 million, up from $5.6 million a year ago. Operating margin was 14.3% in Q1, an increase of approximately 580 basis points year over year.

第一季的營業收入為 1,150 萬美元，高於去年同期的 560 萬美元。第一季營業利益率為14.3%，較去年同期成長約580個基點。

Net income in the first quarter was $11.8 million or $0.07 per share based on approximately 179 million fully diluted shares.

第一季淨收入為 1,180 萬美元，即每股 0.07 美元（基於約 1.79 億股完全稀釋股份）。

In Q1, Olo was also profitable, on a GAAP ,basis at $0.01 per fully diluted share. This strong bottom-line performance reflects both revenue and gross profit outperformance and continued expense discipline.

根據 GAAP 計算，Olo 第一季也實現了盈利，每股收益為 0.01 美元。這一強勁的獲利表現反映了收入和毛利的優異表現以及持續的開支控制。

Gross profit Rule of 40 performance, which we define as year-over-year gross profit growth plus NGOI as a percentage of gross profit, was 42% in Q1. And we achieved a Rule of 38, when adjusting for the one-time Olo Pay cost of revenue benefit I discussed earlier.

毛利 40 法則績效（我們將其定義為年比毛利成長加上 NGOI 佔毛利的百分比）在第一季為 42%。在調整我之前討論過的一次性 Olo Pay 收入成本效益時，我們實現了 38 法則。

Turning our attention to the balance sheet and cash flow statement. Our cash, cash equivalents, and short- and long-term investments totaled approximately $402 million, as of March 31, 2025.

將我們的注意力轉向資產負債表和現金流量表。截至 2025 年 3 月 31 日，我們的現金、現金等價物以及短期和長期投資總額約為 4.02 億美元。

Net cash provided by operating activities was $0.5 million in the quarter, compared to $6 million in the year-ago quarter.

本季經營活動提供的淨現金為 50 萬美元，去年同期為 600 萬美元。

Free cash flow was negative $1.9 million, compared to $2.8 million a year ago.

自由現金流為負 190 萬美元，去年同期為 280 萬美元。

Q1 cash flow metrics primarily reflect operating income performance and working capital timing.

Q1 現金流指標主要反映營業收入表現及營運資本時機。

Starting in Q1, payment terms from a partner changed from billing 1 quarter in advance to 30 days in arrears, which impacted this past quarter's cash flow metrics.

從第一季開始，合作夥伴的付款條件從提前 1 個季度付款變為拖欠 30 天付款，這影響了上個季度的現金流量指標。

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

考慮到這一時間變化，第一季的自由現金流約為 400 萬美元。

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

最後，我將提供我們對 2025 年第二季和全年的指導。

For the second quarter of 2025, we expect revenue in the range of $82 million and $82.5 million; and non-GAAP operating income in the range of $11.5 million and $11.8 million.

對於 2025 年第二季度，我們預計收入在 8,200 萬美元至 8,250 萬美元之間；非 GAAP 營業收入在 1,150 萬美元至 1,180 萬美元之間。

For the full-year 2025, we expect revenue in the range of $338.5 million and $340 million; and non-GAAP operating income in the range of $48.6 million and $49.8 million.

對於 2025 年全年，我們預計收入將在 3.385 億美元至 3.4 億美元之間；非 GAAP 營業收入將在 4,860 萬美元至 4,980 萬美元之間。

Our full-year 2025 outlook reflects many of the assumptions we shared on our February call, regarding the mix of incremental revenue coming from existing projects in deployment versus new business signed and deployed intra-year, location count growth, Olo Pay revenue contribution, and gross profit, and operating expense growth.

我們對 2025 年全年的展望反映了我們在 2 月電話會議上分享的許多假設，包括來自部署中的現有項目與年內簽署和部署的新業務的增量收入組合、地點數量增長、Olo Pay 收入貢獻、毛利以及營運費用增長。

Full-year 2025 guidance also includes the expected impact of the Chipotle pilot and the Enterprise brand pay card-present signed contracts Noah discussed.

2025 年全年指引還包括諾亞討論的 Chipotle 試點和 Enterprise 品牌支付卡簽約合約的預期影響。

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

我們在二月制定的2025年指導方針是基於對數位訂購持續成長的預期、餐廳持續需要部署技術來提高效率和抵消成本上升以及宏觀經濟的不確定性。

Based on what we see today, our updated 2025 guidance continues to reflect these factors. That said, we believe the segment of the market in which we operate: enterprise brands, with an emphasis on limited-service concepts, makes our business more resilient than others.

根據我們今天看到的情況，我們更新的 2025 年指南繼續反映這些因素。話雖如此，我們相信，我們所經營的市場部分：企業品牌，強調有限服務概念，使我們的業務比其他業務更具彈性。

We believe enterprise restaurants are better positioned than SMBs to withstand downturns. And limited-service concepts tend to benefit from a trade-down effect in consumer spending.

我們相信，企業餐廳比中小企業更能抵禦經濟衰退。有限服務概念往往會受益於消費者支出的降價效應。

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

我們在先前的經濟衰退期間經歷過這些趨勢，例如在 2008 年至 2009 年的金融危機期間；並且相信，我們的業務性質以及品牌需要用更少的資源做更多的事情才能取得成功，有助於 Olo 在經濟不確定性加大的時期取得良好的業績。

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

根據第二季和 2025 年的訂購趨勢，到目前為止，我們已經開始看到降級效應形成的跡象，與全方位服務相比，有限服務概念的同店銷售額份額正在增加。

Gross profit Rule of 40 performance remains a priority for us. And updated guidance still implies that we meet or exceed the gross profit Rule of 40 in Q4 of this year.

毛利 40 法則的績效仍是我們的首要任務。更新後的指引仍然意味著我們在今年第四季達到或超過了 40 的毛利規則。

Regarding second quarter 2025 guidance, note that annual compensation increases hit in Q2, as was the case in 2024. Also recall that we had approximately $1 million of non-recurring high gross margin revenue in Q2 2024, which makes the year-over-year gross profit comparison more challenging for Q2 2025.

關於 2025 年第二季的指引，請注意，年度薪資成長在第二季達到頂峰，就像 2024 年的情況一樣。還記得，我們​​在 2024 年第二季的非經常性高毛利率收入約為 100 萬美元，這使得 2025 年第二季的年比毛利比較更具挑戰性。

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

調整影響 2024 年第二季度和 2025 年第一季毛利的一次性項目，並考慮我們對 2025 年第二季度的指引，我們預計 2025 年上半年的正常化同比毛利潤增長率約為 14%，這將高於 2024 年上半年 12% 的增長率正常增長同比毛利潤。

To wrap up, Olo is off to a great start in 2025, with top- and bottom-line performance that exceeded our guidance ranges, GAAP profitability, and the achievement of gross profit Rule of 40 in the quarter.

總而言之，Olo 在 2025 年取得了良好的開端，其頂線和底線業績超出了我們的指導範圍，實現了 GAAP 盈利能力，並在本季度實現了 40 的毛利潤規則。

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

我們正在執行我們的策略，同時根據當前的宏觀經濟環境採取審慎的指導方式。鑑於我們專注於企業規模品牌和有限服務理念，我們對前景充滿信心，與中小型企業和全方位服務餐廳相比，這些品牌和理念在更具挑戰性的市場中表現更佳。

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

話雖如此，現在我想將時間交給操作員開始問答環節。操作員？

(Operator Instructions)

（操作員指示）

Terry Tillman, Truist Securities.

特里·蒂爾曼（Terry Tillman），Truist Securities。

Connor Passarella, on for Terry. Just to start, congratulations on the Chipotle pilot.

康納·帕薩雷拉替換特里上場。首先，恭喜 Chipotle 試點計畫成功。

Just wanted to hear a little bit more about what the deal means for Catering+ and top 25 brands, in general.

我只是想進一步了解這筆交易對 Catering+ 和前 25 個品牌總體而言意味著什麼。

And then, also -- I'm sorry if I missed this, -- but I think you said multi-module deal. Is there just -- is there anything you can say, from an adoption standpoint, in terms of core offerings there?

然後，還有——如果我錯過了這一點，我很抱歉——但我認為你說的是多模組交易。從採用的角度來看，就核心產品而言，您能說些什麼嗎？

Conor, thank you. This is Noah. I'll take that one.

康納，謝謝你。這是諾亞。我要那個。

Yeah, we're excited about this Catering+ pilot with Chipotle. And I think we've been saying, for a couple of quarters now, how excited we are, generally speaking, about Catering+, as both an upsell opportunity for existing customers and an opportunity for us to land and hopefully expand with new customers, inclusive of top 25.

是的，我們對與 Chipotle 合作的 Catering+ 試點計畫感到非常興奮。我想我們已經說了幾個季度了，總的來說，我們對 Catering+ 感到非常興奮，因為它既是現有客戶的追加銷售機會，也是我們吸引新客戶（包括前 25 名客戶）並希望擴大新客戶的機會。

Chipotle is a great example of that. And you're right, we talked about it as a multi-module win. Without going into specific details on Chipotle, in Catering+, what we typically see is it's a module that is custom-built for the catering use case.

Chipotle 就是一個很好的例子。你說得對，我們將其視為多模組勝利。無需深入了解 Chipotle 的具體細節，在 Catering+ 中，我們通常看到的是專為餐飲用例量身定制的模組。

So it has components, features built into it around tax-exempt status, house accounts, production sheets, prep slips. All of those things are specific to the catering use case for ordering.

因此，它具有圍繞免稅狀態、內部帳戶、生產表、準備單等組件和內建功能。所有這些都特定於餐飲訂購用例。

The modularity of the Olo platform really comes into play, when you can add other modules onto that catering instance; just like you can for a takeout ordering instance.

當您可以將其他模組添加到該餐飲實例上時，Olo 平台的模組化才真正發揮作用；就像外帶訂購實例一樣。

So examples for catering could be things like Olo Pay for these catering transactions; things like enabling delivery through either first-party using dispatch and delivery service providers who are purpose-built for large format orders -- catering orders that tend to be much larger, $350, on average, across our system; rails for catering-specific marketplaces.

因此，餐飲的例子可能是像 Olo Pay 這樣用於餐飲交易的東西；例如透過第一方使用調度和配送服務提供者實現配送，這些服務提供者是專門為大格式訂單而設計的——餐飲訂單往往要大得多，在我們的系統中平均為 350 美元；針對特定餐飲市場的軌道。

We've talked about our relationship with Easycater in the past and in recent calls.

我們在過去和最近的通話中談到了我們與 Easycater 的關係。

And then, also a very popular way for guests to order catering -- for catering guests to place orders is through the phone. And we have a platform that, maybe, we don't talk about as much as others -- but called Switchboard. And that is purpose-built for a guest who is calling in over the phone and speaking to someone, either inside the restaurant or in a call center to field that call through the Switchboard tool, enter in that order, and put that order -- though it's being placed over the phone -- through voice into the digital ordering platform.

然後，客人訂購餐飲的一種非常流行的方式——餐飲客人下訂單是透過電話。我們有一個平台，也許我們談論得不像其他平台那麼多，但它被稱為 Switchboard。這是專門為透過電話撥打電話並與餐廳內或呼叫中心的某人通話的客人設計的，透過 Switchboard 工具接聽電話，輸入訂單，然後下訂單（儘管是透過電話下達的）透過語音進入數位訂購平台。

All of those are really great examples that attach to the Catering+ module. And we're excited that in the case of Chipotle, it is a multi-module pilot and not just limited to the Catering+ module itself; and a great example and validation of what we've been saying around Catering+, enabling us to get an audience with the top 25.

所有這些都是附加到 Catering+ 模組的非常好的例子。我們很高興看到，就 Chipotle 而言，這是一個多模組試點項目，而不僅限於 Catering+ 模組本身；這是一個很好的例子，驗證了我們在 Catering+ 方面所說的內容，使我們能夠吸引前 25 名的受眾。

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

就 Chipotle 而言，它是一個擁有自主研發技術歷史的前 25 大品牌；在這個案例中，它看到了 Catering+ 模組本身的價值，以及 Olo 更大的模組集對增強其現有餐飲計劃的價值。

Peter, maybe just a quick follow-up for you on the gross margin, gross profit benefit from the cost of revenue adjustment there. Just anything you can say about -- maybe, just some more color you can provide around the Olo Pay impact. And then, also, just anything, on a go-forward basis, we should be worried about there?

彼得，也許我只是想快速跟進毛利率，毛利是否受益於收入成本的調整。您可以說任何有關——也許，您可以提供一些有關 Olo Pay 影響的更多細節。那麼，從未來來看，我們該擔心什麼呢？

Yeah. In terms of the one-time impact, in terms of absolute dollars, about $1 million of one-time impact. Two-thirds of that was related to our new go-forward agreement with our underlying processor and about one-third of that being driven by card mix in a given quarter; meaning, seeing a bit more debit in overall mix versus credit, which -- you've heard me say in the past -- tend to lend itself to better underlying economics.

是的。就一次性影響而言，以絕對美元計算，一次性影響約為 100 萬美元。其中三分之二與我們與基礎處理器達成的新的未來協議有關，約三分之一是由特定季度的信用卡組合推動的；這意味著，在整體組合中，借記卡比信用卡多一點，這——你以前聽我說過——往往有助於改善基礎經濟。

That last one-third, when we think about the go-forward model, that's not an assumption that we're running through; meaning, if that mix persists, that would be upside to the model. But, currently, we're not anticipating that, at this point.

當我們考慮未來模型時，最後的三分之一並不是我們正在進行的假設；這意味著，如果這種組合持續存在，將對模型有利。但目前我們還沒有預料到這一點。

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

也就是說，當您考慮指南時，就營業收入和我們從利潤率概況中分享的內容而言，我們預計全年毛利率總計將下降約 250 個基點至 275 個基點。

And then, that will obviously happen, as we move throughout the year and start to scale into the card-present opportunity.

然後，隨著我們全年的發展並開始擴大卡片贈送機會，這顯然會發生。

Matthew Hedberg, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的馬修‧赫德伯格 (Matthew Hedberg)。

This is Mike Richards, on for Matt. Nice results and congrats on the big wins here.

我是麥克理查茲，取代馬特。不錯的結果，祝賀你取得巨大勝利。

Yeah. I appreciate all the tariff commentary and how you, guys, have supported your customers through the past few years of macro uncertainty. Maybe, just taking it one step deeper What are you actually hearing from customers, post Liberation Day? Is this the straw that breaks the camel's back and they're really trying to lean in now? Or is it just one more thing in a period of just rising input costs over the past few years here?

是的。我感謝所有的關稅評論，以及你們在過去幾年宏觀不確定性中如何支持你們的客戶。也許，只是更深入地思考一下，解放日之後，您實際上聽到了什麼來自客戶的聲音？這是壓垮駱駝的最後一根稻草嗎？他們現在真的有在努力嗎？或者這只是過去幾年投入成本不斷上升時期的另一個現象？

Yeah. Any detail there? I'd appreciate it.

是的。有詳細資料嗎？我將非常感激。

Mike, thanks for the question. This is Noah. I'll take that one.

麥克，謝謝你的提問。這是諾亞。我要那個。

I think it is kind of one more thing for the industry; another component in challenge profitability for our industry. The nice thing about the restaurant industry, of course, is that it is a non-discretionary good that we sell. And people have to eat.

我認為這對產業來說又是一種挑戰；對我們產業獲利能力的另一個挑戰。當然，餐飲業的優點在於，我們銷售的是非自由支配的商品。人總得吃飯。

And what we've seen in other times of economic uncertainty is that people don't trade out of the restaurant category. They don't magically learn how to cook, go get ingredients from the grocery store, and cook for themselves.

在其他經濟不確定時期，我們看到人們不會放棄餐飲業。他們不會神奇地學會如何做飯，去雜貨店買食材，然後自己做飯。

But what we see, and Peter spoke to as well in his prepared remarks, is that guests opt for more limited- service restaurant options, instead of, maybe, the high-end restaurants that they might go to in times of less economic uncertainty. That is actually a good thing for Olo's customer base because two-thirds of them are limited-service restaurants.

但我們看到的是，彼得在準備好的發言中也提到了這一點，那就是客人會選擇服務有限的餐廳，而不是在經濟不太不確定的時候他們可能會去的高檔餐廳。對於 Olo 的客戶群來說，這實際上是一件好事，因為其中三分之二都是有限服務餐廳。

We also see that enterprise chains are in a better financial health position than SMB. They tend to gain share during moments like this.

我們也發現，企業連鎖店的財務狀況比中小企業好。他們往往在這樣的時刻獲得市場份額。

And, again, we've experienced this 2008, 2009, 2014, 2020 -- with a lot going on in that year, of course. But we see that these things are a pattern of those times of economic uncertainty. And that if we look at something like our order volume per day per store coming through the platform, we see strength in those numbers, even -- as Peter mentioned -- in the beginning of Q2.

我們再次經歷了 2008 年、2009 年、2014 年和 2020 年——當然，那一年發生了很多事情。但我們看到，這些事情是經濟不確定時期的一種模式。如果我們看一下透過該平台每個商店每天的訂單量，我們會發現這些數字很強勁，甚至——正如彼得所提到的——在第二季初。

So I guess that's the time period that you're asking about, specifically. And that gives us confidence that we're seeing the same thing that we have seen, historically; and that our restaurants are going to have a digital ordering tailwind, even if they have some other headwinds in their business.

所以我猜這就是你具體詢問的時間段。這讓我們有信心，我們看到的和歷史上看到的同樣的情況；即使我們的餐廳在業務上面臨其他一些阻力，他們也將迎來數位訂購的順風。

I think also worth noting that I think our restaurants have relatively limited exposure to some of the tariffs impacting their input ingredients. Most of those, as we've looked and talked to our brands, are sourced domestically. And that's also a helpful fact about our customers vis-a-vis the tariff situation that we're in.

我認為也值得注意的是，我們的餐廳受到影響其投入原料的某些關稅的影響相對有限。正如我們所觀察並與我們的品牌交談的那樣，其中大部分都是來自國內的。相對於我們所處的關稅狀況​​，這對我們的客戶來說也是一個有益的事實。

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

顯然，我不指望你在這裡對併購傳聞發表評論。但是，也許我們可以退一步看看 Olo 的未來發展以及你們是如何建立這個平台的。也許，你們可以談談你們作為餐飲科技領域的重心。

Yeah. I think we spoke about this a bit on the last earnings call, as we think about the difference between what is the staff-facing tech stack, the point of sale, and what Olo represents, which is the guest-facing tech stack.

是的。我想我們在上次財報電話會議上討論過這個問題，我們思考了面向員工的技術堆疊、銷售點和 Olo 所代表的面向客人的技術堆疊之間的區別。

And as we think about it, really, the guest data gravity control point. And that is true of all the things that we offer to our customers; that they are helping them to gather more guest data.

正如我們所想，這確實是客人資料重力控制點。我們為客戶提供的所有服務都是如此；它們正在幫助他們收集更多的客戶資料。

Olo Pay card-present is yet another great example of that, unlocking the 82% of industry transactions that are non-digital and pulling those into what we consider to be the guest data platform for the brand. That is a really big and consequential moment for our industry.

Olo Pay 刷卡支付是另一個很好的例子，它解鎖了 82% 的非數位產業交易，並將其納入我們認為的品牌客戶資料平台。對我們的產業來說，這是一個真正重大且意義深遠的時刻。

And at our customer conference, a couple of months ago, I talked about this being this inflection point, where we now are able to get to 100% digital of every transaction being pulled into the guest data platform through Olo solutions and helping our brands to really understand their guests across digital and non-digital transactions and to, then, use that data to personalize the guest experience and, ultimately, grow guest lifetime value, as an alternative tactic to discounts and deals and dependence on marketplaces -- that you see a lot of restaurant brands doing short-term attempts to drive top-line sales but at the expense of the long-term health of the brand.

幾個月前，在我們的客戶會議上，我談到了這是一個轉捩點，現在我們能夠透過 Olo 解決方案將每筆交易 100%數位化，並納入客戶數據平台，幫助我們的品牌真正了解他們的客戶在數位和非數位交易中的情況，然後使用這些數據來個性化客戶體驗，並最終提高客戶終身價值，作為折扣和交易以及對市場的依賴的替代策略——你會看到很多餐飲品牌在短期內試圖推動營收成長，但卻以犧牲品牌的長期健康為代價。

Driving profitable traffic is what we're focused on. It's what our customers are focused on. And I think our position as that nucleus of guest data in helping our brands to, with the guest's permission, pull as much guest data as they can from zero-party data that guests are offering, first-party data of all the transactional activity from those guests; and then, increasingly, in our borderless platform, that second-party data where the brands are really using Borderless as a coalition; and the ability to have an alliance where they can share data across the brands in that log-in layer to give a better guest experience and to enable brands to win with more guest data at their disposal to grow those guest relationships over time.

我們關注的是推動有利可圖的流量。這正是我們的客戶所關注的。我認為，作為客戶數據的核心，我們可以幫助品牌在客戶允許的情況下，從客戶提供的零方數據、這些客戶的所有交易活動的第一方數據中提取盡可能多的客戶數據；然後，在我們的無邊界平台上，越來越多地使用第二方數據，品牌實際上將無邊界用作聯盟；並且能夠建立聯盟，使他們能夠在登錄層跨品牌共享數據，並提供更多的時間來創造客戶的勝利層和客戶關係層

Max Michelis, Lake Street Capital Markets.

馬克斯‧米歇利斯 (Max Michelis)，Lake Street Capital Markets。

Nice quarter. I just wanted to stick to the Chipotle win. When we look at the catering business, had they been using a homegrown technology? Where -- did you, guys, displace a competitor on that win?

不錯的季度。我只是想堅持 Chipotle 的勝利。當我們看餐飲業時，他們是否一直在使用自主研發的技術？你們在哪裡──你們在這場勝利中取代了競爭對手？

That's right. They are using a homegrown catering platform -- an offshoot of their homegrown digital ordering platform for take-out and delivery orders - and saw the Catering+ feature set as something that would add new capabilities, things like tax-exempt status, and house accounts, and other catering-specific features.

這是正確的。他們正在使用自主研發的餐飲平台——這是他們自主研發的用於外帶和送貨訂單的數位訂購平台的一個分支——並將 Catering+ 功能集視為可以增加新功能的東西，例如免稅狀態、內部帳戶和其他餐飲特定功能。

And then, beyond that Catering+ module -- the other modules that we offer, being additive to the overall catering solution.

然後，除了 Catering+ 模組之外，我們還提供其他模組，作為整體餐飲解決方案的補充。

And is there a timeline around this pilot program?

這個試點計畫有時間表嗎？

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

我認為我們已經分享過這是在一部分商店中。它將處於試點階段。那將是今年年中。

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

目前，這就是我們要分享的全部內容。我們很高興向您通報我們的進展，也很高興與 Chipotle 合作——偉大的品牌、優秀的技術團隊、優秀的產品團隊推動著這一進程。

Okay. And last one for me; and then, I will jump back in the queue. When we look at Mr. Chapman coming on to the team here as the Chief Sales Officer, maybe, what new initiatives could we expect from him?

好的。對我來說這是最後一個；然後，我將重新回到隊列中。當我們看到查普曼先生以首席銷售官的身份加入團隊時，我們可以期待他採取哪些新舉措？

Yeah. Well, I'll just take the opportunity to express how excited I am for Parrish Chapman to be joining us. Parrish is someone that we know well. He has been a partner leading sales at Grubber, a kiosk partner of ours that serves top 25 and large enterprise restaurant brands.

是的。好吧，我只是想藉此機會表達我對帕里什·查普曼加入我們的興奮之情。帕里什是我們很熟悉的一個人。他曾擔任 Grubber 的銷售主管，Grubber 是我們的自助服務終端合作夥伴，為前 25 名的大型企業餐廳品牌提供服務。

So we've gotten to know him just in our day-to-day relationship with Grubber and the team. And he's somebody who really fits the bill of all the things we were looking for in this Chief Sales Officer.

因此，我們在與格魯伯和團隊的日常交往中認識了他。他是一個真正適合我們在這位首席銷售官中尋找的所有事情的人。

This is a really focused role dedicated to bookings, going out and winning new customers, growing our relationships with existing customers.

這是一個真正專注的職位，致力於預訂、擴展和贏得新客戶，發展與現有客戶的關係。

And Parrish is somebody who is of the restaurant industry, starting out on the executive team at Wendy's as an operator of Dairy Queens; and then, working in the restaurant technology side at Panasonic, at Samsung, and, most recently, at GRUBBRR in his sales capacity.

帕里什 (Parrish) 是餐飲業的從業者，最初在溫迪漢堡 (Wendy's) 的管理團隊中擔任 Dairy Queens 的經營者；之後，他先後在松下 (Panasonic)、三星 (Samsung) 從事餐飲技術領域的工作，最近又在 GRUBBRR 擔任銷售職務。

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

他是一位經驗豐富的銷售領導者，能夠迅速與客戶和潛在客戶建立信任。現在他來到了紐約，我們對此感到非常興奮：整個執行團隊都在紐約市，在世界貿易中心一號大樓工作。

And I think this role, again, is very focused in going after bookings and being laser-focused on that front instead of a broader mandate of the Chief Revenue Officer. Some of those things, if you recall from our last call, have now shifted over to Joe Lambert, our COO's organization.

我認為，這個角色非常注重預訂，並專注於這一方面，而不是首席營收長的更廣泛職責。如果您還記得我們上次通話的內容，那麼其中一些事情現在已經轉移到我們的營運長喬·蘭伯特 (Joe Lambert) 的組織上。

So marketing, business development, and customer experience now live under Joe. And we're very pleased about both the innovation and the commercialization at Olo, living together under one leader; and enabling the sales team under Parrish as a great new leader to really be focused on bookings and growing our relationships with our existing customers.

所以，行銷、業務拓展和客戶體驗現在都由喬負責。我們對Olo的創新和商業化發展感到非常高興，能夠在一位領導下齊心協力；同時，在帕里什這位出色的新領導下，銷售團隊能夠真正專注於預訂，並發展與現有客戶的關係。

Stephen Sheldon, William Blair.

史蒂芬謝爾頓、威廉布萊爾。

Nice results and congrats on the wins you announced. My first question is on the gross profit acceleration you saw this quarter, even adjusting for that one-time benefit. So I want to ask: Is there any way you can frame how much of that reacceleration came from payments versus software?

不錯的結果，恭喜你宣布的勝利。我的第一個問題是，即使考慮到一次性收益，本季的毛利是否也有所增長？所以我想問一下：您能否確定這種再加速有多少是來自支付而不是軟體？

And then, Peter, thanks for framing the first-half expectations. But can you confirm that you still expect a reacceleration in gross profit growth, following the second quarter this year?

然後，彼得，感謝你制定了上半年的期望。但您能否確認，今年第二季之後，您仍然預期毛利成長將再次加速？

Yeah. Maybe, starting with that last part first. That is correct. We are still forecasting a reacceleration of gross profit, starting in Q3 and through the back half of the year. And that is as we lap a more difficult compare in the first half of '25, as compared to the first half of '24.

是的。也許，先從最後一部分開始。沒錯。我們仍然預測從第三季開始到下半年毛利將再次加速成長。與 24 年上半年相比，25 年上半年的比賽更加艱難。

I made a point in the prepared remarks that I think is helpful in framing some of the one-time items we experienced this quarter but, also, one-time items we experienced in Q2 of 2024.

我在準備好的發言中提出了一點，我認為這有助於概括我們本季經歷的一些一次性事項，以及我們在 2024 年第二季度經歷的一些一次性事項。

If you normalize for both of those one-time items and compare first half of '25 growth rate, as compared to first half of '24, we've actually accelerated growth in the first half of '25 at about 14%, based on what's implied in the guide versus 12%-ish in the first half of '24.

如果將這兩個一次性項目標準化，並將 25 年上半年的成長率與 24 年上半年進行比較，那麼根據指南中暗示的內容，我們實際上已經將 25 年上半年的成長加速了約 14%，而 24 年上半年的成長率為 12% 左右。

Even when you account for the one-time items this past quarter, the year-on-year growth rate for gross profit was around 16%.

即使考慮到上個季度的一次性項目，毛利的年增率也在 16% 左右。

And there's really two things driving that reacceleration. The first is pulling in more locations into Q1 from Q2 than we anticipated. So we had a healthy deployment quarter.

其實有兩件事推動了這種再加速。首先，從第二季到第一季度，吸引的門市數量超出我們的預期。因此，我們的部署季度表現良好。

And that also trickles down to incremental product modules that don't show up in unique locations but they show up in strength of ARPU. So we saw some additional product modules coming on faster in Q1 than we had anticipated.

這也會影響到增量產品模組，這些模組不會出現在獨特的位置，但它們會以 ARPU 的強度出現。因此，我們看到第一季一些額外的產品模組的推出速度比我們預期的要快。

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

就加速毛利成長而言，第一季第二個有幫助的因素是訂單量的強勁成長。我們看到，特別是在 QSR 領域、有限服務領域和平台內，本季的訂單量年比和同店銷售表現都非常出色，這再次幫助加速了毛利的成長。

And then, my second -- a bit more theoretical. But just having rounded out your platform over recent years, with both continued innovation and a number of partnerships you've announced, how do you feel about your competitive positioning, at this point? And are there any other products or modules or white space you hope to build out, over time?

然後，我的第二個問題 — — 更理論化一些。但是，近年來，隨著你們平台的不斷完善，透過持續的創新和宣布的多項合作，你們對自己目前的競爭定位有何看法？隨著時間的推移，您是否希望開發其他產品、模組或空白領域？

Well, I think we feel really good about our competitive position. And I think the proof is in the pudding with the gross revenue retention for the ninth quarter, now, being above 98%.

嗯，我認為我們對自己的競爭地位感到非常滿意。我認為，事實勝於雄辯，因為第九季的總收入保留率目前已超過 98%。

We're in a solid position, from that standpoint, with our customers; we've gotten to mission-critical status with them; and they continue growing the number of modules they're using and the number of orders going through the platform on a per-store basis.

從這個角度來看，我們與客戶的關係十分穩固；我們與他們的關係已達到關鍵任務狀態；他們繼續增加使用的模組數量以及每個商店透過平台處理的訂單數量。

So we become more and more mission-critical, over time. And you can see that in the net revenue retention numbers.

因此，隨著時間的推移，我們的任務變得越來越重要。您可以從淨收入保留數字中看到這一點。

I think, also, when we look at the business -- we've talked about this a couple of times but we think about the different suites of Order, Pay, and Engage really as 3 S curves of growth. And all of them are growing.

我認為，當我們審視業務時——我們已經討論過這個問題幾次了，但我們認為訂單、支付和參與的不同套件實際上就是 3S 成長曲線。而且它們都在成長。

And it's exciting to see, with Order, the success that we're having, not just with the typical triumvirate of ordering, dispatch, and rails; but, now, with Catering+ -- that has been a real green shoot in the Order platform.

我們很高興地看到，透過 Order，我們取得了成功，這不僅僅是透過訂購、調度和鐵路這三個典型的環節；而且，現在，透過 Catering+，這是 Order 平台真正的復甦之芽。

It's exciting within Olo Pay to continue growing and scaling card-not-present, which has scaled 10x over the last two years but has a huge runway ahead of it; and then, to now unlock even more white space with Olo Pay card-present and to start to have these proof points where we have a public enterprise customer, who is coming on to Olo Pay card-present and becoming a full flywheel customer.

令人興奮的是，Olo Pay 能夠繼續發展和擴大無卡支付服務，該服務在過去兩年中已擴大了 10 倍，但未來還有很長的路要走；然後，現在透過 Olo Pay 刷卡支付解鎖了更多的空白領域，並開始擁有這些證明點，即我們擁有一個公共企業客戶，該客戶正在使用 Olo Pay 刷卡客戶並成為一個完全飛輪卡客戶。

That is a great proof point, a great validation of the guest data flywheel strategy. And we're very excited about that, tons of white space there. And it sets up the ability to use all of that guest data through the Engage platform to really optimize outbound marketing to guests and to personalize the guest experience through the commerce platform itself. And that is the full flywheel spinning.

這是一個很好的證明點，也是對客戶資料飛輪策略的一個很好的驗證。我們對此感到非常興奮，那裡有大量的空白。它能夠透過 Engage 平台使用所有客戶數據，從而真正優化針對客戶的外向行銷，並透過商務平臺本身個人化客戶體驗。這就是飛輪的全面旋轉。

We think there's a lot of opportunity for us to do even more with data. And there's a lot of opportunity for us to help brands use what they know about their best guests to inform their advertising efforts to go and find more guests who look like their best guests.

我們認為，我們有很多機會利用數據做更多的事情。我們有很多機會幫助品牌利用他們對最佳客人的了解來指導他們的廣告活動，以找到更多看起來像他們最佳客人的客人。

I talked a little bit about zero first-party, second-party data. There's also a big third-party data opportunity. I think we are just scratching the surface on that. And it's something that we're very excited about in the quarters and years to come.

我談了一些關於零第一方、第二方資料的問題。第三方數據也存在巨大的機會。我認為我們對此還只是觸及皮毛。我們對未來幾季和幾年的情況感到非常興奮。

Thank you.

謝謝。

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

由於沒有其他問題，我現在想將會議交給創始人兼執行長諾亞·格拉斯 (Noah Glass) 致閉幕詞。

Okay. Thank you for joining us today.

好的。感謝您今天加入我們。

We had a great start to the year, across the board. And we believe Olo is uniquely positioned to help enterprise brands do more with less and drive profitable traffic.

我們今年的開局總體來說很好。我們相信 Olo 具有獨特的優勢，可以幫助企業品牌以更少的投入做更多的事情，並帶來獲利流量。

We're helping restaurants leverage guest data to make their guests feel known: the foundation of hospitality. And we're achieving this while continuing to deliver strong financial results.

我們正在幫助餐廳利用客人數據讓客人感受到被重視：這是熱情好客的基礎。我們在實現這一目標的同時，繼續取得強勁的財務表現。

Have a great evening.

祝您有個愉快的夜晚。

Thank you.

謝謝。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines, at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。