Olo Inc. Price & Performance (OLO)

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. 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. During this call, we'll present both GAAP and non GAAP financial measures. Reconciliations to the most directly comparable GAAP measures are available on our earnings release which is available on the Investor Relations page of our website. Finally, in terms of our prepared remarks or in response to your questions, we may offer incremental metrics. Please be advised that this additional detail may be one time in 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. Thank you, Gary. Hi, everyone. Thank you for spending time with us today. In the first quarter, although built on the momentum we sustained, over 2024, We exceeded the high end of our revenue and non GAAP operating income guidance ranges.

We added approximately 2,000 locations quarter to quarter. And we made early progress on our 03/2025 priorities. Scaling Catering Plus, ramping Olo Pay card presence, and increasing the number of Olo flywheel brands. And today, we're sharing two exciting customer signings that we believe further validate our strategy.

A catering plus pilot with Chipotle a new top 25 brand for Olo. And an Olo Pay card presence full deployment deal with an existing publicly traded enterprise customer. 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. Olo ended the quarter with approximately zero eight eight thousand active locations adding approximately 2,000 net new locations over the first quarter. Our gross revenue retention increased sequentially and we continue to expand with customers as reflected in Q1 12% year over year ARPU growth. We started the year off with a strong Q1 of new and expansion deployments in both our enterprise and emerging enterprise brand categories. Enterprise new deployments included Ben and Jerry's, implemented ordering, rails and Olo Pay card not present. We also launched rails with Gong Cha, and pilot travel centers. Expansions included Catering Plus with El Pollo Loco, Halal Guys, and Salad and Go. Dispatch with Waffle House, and Olo Pay card not present with First Watch, who is now a flywheel customer. Adding flywheel customers is one of our twenty twenty five priorities. And today, we have more than 70 brands using Olo Order and Olo Pay to generate digital transactions.

And Olo engages GDP and marketing automation to aggregate and activate the data to drive guest engagement. We believe our early conviction in Olo Engage and the transformative power of leveraging guest data is paying off. In emerging enterprise, we deployed multiple modules with more than a dozen new brands. Such as KupBop Korean barbecue, and Swensen's. Expansions included Rubio's and Sunny's barbecue, who both added Olo Pay card not present to their order and catering plus channels. With its expansion into OloPay, Sunny's joins our list of flywheel customers. Enterprise restaurants choose Olo because of our commitment to their success. And we're honored that Texas Roadhouse the largest casual dining brand in The US, recently named Olo as its 2024 vendor of the year. We believe this recognition speaks volume about the strength of our technology and the dedication creativity and excellence King Olo Briggs, to solving complex challenges at scale. And today, we're announcing that Chipotle, a new top 25 brand for Olo, will pilot multiple Olo modules across a subset of locations to support their catering channel. It's a great validation. Of our platform strength and modularity. As Chipotle will use Olo to power its catering channel as a complement to their in house tech.

We're committed to helping Chipotle enhance their catering channel and we look forward to sharing our progress together later this year. Another 2025 priority is to begin ramping Olo Pay card presence. And I'm pleased to announce that one of our existing publicly traded enterprise brands has signed to fully deploy Olo Pay card presence. Once implemented with Card Presence, this brand will become our first flywheel customer to aggregate full stack payment transaction data alongside digital ordering data into the Engage GDP. It's a great milestone on the Olo Pay journey and the Olo guest data flywheel strategy. Catering card present payments and leveraging guest data were key themes at our sixth annual Beyond Four Customer Conference. Which we hosted in mid March. We had record attendance with over 130 brands and 200 plus attendees. And 18 brands presented how they leverage Olo other partners to run their businesses more efficiently. We hosted demos for Catering Plus, [indiscernible] a new capability I'll discuss shortly. We also shared that Borderless, our passwordless checkout feature, is now used by approximately 450 brands Borderless guests are now over 16,000,000. And we're beginning to see organic network effects here. For example, more than 2,000,000 Borderless guests have used Borderless at two or more brands.

Up more than 10 x from a year ago. That's more borderless guests transacting more broadly across the borderless network. Which we believe is a win for guests or brands. And for Olo. In product innovation, our spring release highlights included a catering plus calendar feature that improves catering team planning and operations, and Engage integration with Thanks, our third preferred loyalty partner integration. And the beta launch of Olo Guest Intelligence, or OGI OGI services guest metrics directly into the Olo dashboard. Making it easy for brands to gain valuable insights that help inform their business decisions. OGI has been incredibly well received by our customers, More than 700 of our brands have used it in its first month of availability. And we believe OGI will become even more valuable when we integrate OloPay data later this year. Guest data aggregation is one of Olo's key competitive differentiators and OGI is putting that data to work to help brands succeed. Before I turn the call over to Peter, it's my pleasure to welcome Paris Chapman, as our new Chief Sales Officer. Who joined us on May 5. Parish has everything we were looking for, 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.

You can read Parish's full biography on our website.

And I'm sure you'll see why. We're excited to welcome him [indiscernible] Q1 was a strong start to the year. Olo is a mission critical partner to restaurant brands. And we believe our value proposition remains compelling in an environment of rising input costs. And increasing macroeconomic uncertainty. We take nothing for granted And with nearly twenty 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, consumer behavior. With our scaled network, reliable platform, and experience in helping brands do more with less, We believe Olo is well positioned to help restaurants capitalize on the secular trend of digitization. I'll now turn the call over to Peter for a review of our Q1 financial results and guidance. Peter? Thanks, Noah. Today, I'll review our first quarter results and our guidance for the second quarter and the full year 2025. In the first quarter, total revenue was $80,700,000 an increase of 21% year over year. Platform revenue in the first quarter was $79,200,000 an increase of 20% year over year. All product suites performed better than expected the quarter. Active locations were approximately 88,000.

Up approximately 2,000 locations sequentially due primarily to strong customer deployment activity and some implementations being pulled forward into Q1 from Q2. We continue to expect to add approximately 5,000 net new locations in 2025. ARPU for the first quarter was approximately $911 up 12% year over year due primarily to increased order volumes and modules per location. Net revenue retention 111%. Gross revenue retention remains above 98%. Due to the strength of the platform and breadth of solutions. For the remainder of the Q1 financial metrics disclosed, unless otherwise noted, I will be referencing non GAAP financial measures. Gross profit for the first quarter $49,200,000 up 18% year over year and gross margin in the quarter was 60.9% driven in part by solid non pay revenue performance and continued improvement in Olo pay gross margin. Gross profit and gross margin also benefited from approximately $1,000,000 of onetime cost of revenue adjustments associated with OloPay. Excluding these one time benefits, Q1 gross profit year over year growth have been approximately 16% and Q1 gross margin would have been roughly in line with the gross margin from the prior quarter. Q1 total operating expenses increased approximately 5% year over year in Q1.

Which reflects the impact of the cost reductions enacted in late September twenty twenty four and our continued focus on managing operating expenses. On a percentage of revenue basis, all operating expense lines were lower in Q1 than in the year ago period. Operating income for the first quarter was $11,500,000 up from $5,600,000 a year ago. Operating margin was 14.3% in Q1, an increase of approximately five eighty basis points year over year. Net income in the first quarter was $11,800,000 or $07 per share based on approximately 179,000,000 fully diluted shares. In Q1, Olo was also profitable on a GAAP basis at $01 per fully diluted share. This strong bottom line performance reflects both revenue and gross profit outperformance and continued expense discipline. Gross profit Rule of 40 performance which we define as year over year gross profit growth plus NGLI as a percentage of gross profit was 42 in Q1. And we achieved a rule of 38 when adjusting for the onetime OloPay cost of revenue benefit I discussed earlier. Turning our attention to the balance sheet and cash flow statement. Our cash, cash equivalents and short and long term investments totaled approximately $4.00 $2,000,000 as of 03/31/2025.

Net cash provided by operating activities was $500,000 in the quarter. Compared to $6,000,000 in the year ago quarter. Free cash flow was negative $1,900,000 compared to $2,800,000 a year ago. Q1 cash flow metrics primarily reflect operating income performance and working capital timing. Starting in Q1, payment terms from a partner changed from billing one quarter in advance to thirty days in arrears. Which impacted this past quarter's cash flow metric. Normalizing for this timing change, free cash flow in Q1 would have been approximately $4,000,000 I'll wrap up by providing our guidance for the second quarter and full year 2025. For the second quarter of twenty twenty five, we expect revenue in the range of 82,000,000 and $82,500,000 and non GAAP operating income in the range of 11,500,000.0 and $11,800,000 For the full year 2025, we expect revenue in the range of 338,500,000.0 and $340,000,000 and non GAAP operating income in the range of 48,600,000.0 and $49,800,000 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.

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

The 2025 guidance we set in February was based on expectations of consistent growth in digital ordering a continued need for restaurants to deploy technology to improve efficiency and offset rising costs. And macroeconomic uncertainty. Based on what we see today, our updated 2025 guidance continues to reflect these factors. That said, we believe the segment of the market in which we operate enterprise brands with an emphasis on limited service concepts, makes our business more resilient than others. We believe enterprise restaurants are better positioned than SMBs to withstand downturns and limited service concepts tend to benefit from a trade down effect consumer spending. We experienced these trends during prior downturns such as during the February and believe the nature of our business along with the need for brands to do more with less to succeed helps Olo's performance in times of greater economic uncertainty. And based on Q2 and twenty twenty five 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. Gross profit Rule of 40 performance remains a priority for us. And updated guidance still implies that we meet or exceed gross profit Rule of 40 in Q4 of this year.

Regarding second quarter twenty twenty five guidance, note that annual compensation increases hit in Q2 as was the case in 2024. Also recall that we had approximately $1,000,000 of non recurring high gross margin revenue in Q2 twenty twenty four. Which makes the year over year gross profit comparison more challenging for Q2 twenty twenty five. Adjusting for the one time items impacting Q2 twenty twenty four and Q1 twenty twenty five gross profit, and considering our Q2 twenty twenty five guidance, we expect normalized year over year gross profit growth in the first half of twenty twenty five to be approximately 14%. Which would be an acceleration from normalized year over year gross profit growth of 12% in the first half of twenty twenty four. 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. 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.

Have shown to hold up better in more challenging markets relative to SMB and full service restaurants. With that said, I'd now like to turn over to the operator to begin the Q and A session. Operator?

Thank you. You may press star For participants using speaker equipment, you may be necessary to pick up your handset before pressing the star keys. Our first question comes from Terry Tillman with Truist Securities. Please go ahead.

Great. Good evening, team. Connor Basarall on for Terry. Appreciate you taking the question. I guess just to start, congratulations on the Chipotle pilot. Just kind of wanted to hear a little bit more about what the deal means for, I guess, Catering Plus and Top 25 brands in general. And then, also, I'm sorry if I you know, if you missed if I missed this, but think you said multi module deal. Is there just is there anything you can kinda say from an adoption standpoint? Sorry. Terms of core Olo offerings there? Hey, Connor. Thank you. This is Noah. I'll take that one. So we're excited about this catering plus pilot with Chipotle. And I think we've been saying for a couple quarters now how excited we are generally speaking, about catering plus as both an upsell opportunity for existing customers and an opportunity for us to land and hopefully expand with new customers, inclusive of top 25. Chipotle is a great example of that. And you're right. We talked about it as a win.

Without going into specific details on Chipotle, in catering plus, what we typically see is it's a module that is custom built for the catering use case. So it has components, features built into it. Around tax exempt status, house accounts, production sheets, prep slips, All of those things are specific to the catering use case for ordering. The modularity of the Olo platform really comes into play when you can add other modules onto that catering instance just like you can for a takeout ordering instance. So examples for catering could be things like 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, much larger, $350 on average across our system. Rails for catering specific marketplaces, we've talked about our relationship with EasyCater. In the past in in recent calls. And then also a very popular way for guests to order catering, for catering guests to place orders is through the phone. And we have a platform, that maybe we don't talk about as much as others, but called Switchboard. And that is purpose built for a guest who is calling in over the phone and speaking to someone either inside the restaurant or in a call center to field that call through the switchboard tool, enter in that order, and put that order, though it's being placed over the phone, through voice into the digital ordering platform.

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

Great color, Noah. I appreciate that. 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?

Yeah. So in terms of the onetime impact, in terms of absolute dollars, it's about a million dollars of onetime impact. Twothree of that was related to our new go forward agreement with with our underlying processor about one third of that being driven by card mix. 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.

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

At this at this point.

That said, when when you think about the the guide in terms of top line revenue and kind of what we've shared from a from a margin profile, we anticipate on a full year basis gross margins to come down in aggregate between about two fifty to two seventy five basis points? And then that that will obviously happen as we as we move throughout the year and start to scale into, the card present opportunity.

Great. Thank you both.

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

Hey, guys. This is Mike Richards on for Matt. Nice results, and and congrats on the big wins here. Yes, appreciate all the tariff commentary and how you guys have supported your customers through the past few years of macro uncertainty.

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, you know, one more thing in a period of of just rising input costs over, you know, the past few years here? Yeah. Any detail there. I appreciate it.

Mike, thanks for the question. This is Noah. I'll take that one. 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 nondiscretionary good that we sell, and people have to eat 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 in the grocery store, and cook for themselves. But what we see, and Peter spoke to this well in his prepared remarks, is that guests opt for more limited service restaurant options. Instead of maybe the high end restaurants that they might go to 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. We also see that enterprise chains are in a better financial health position SMB. They tend to gain share during moments like this. And, again, we've experienced this 02/2008, 02/2009. 02/2014. 2020 with a lot going on in that year, of course. But we see that these things are 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, see strength in those numbers even, as Peter mentioned, in the beginning of q two. 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 with a digital ordering tailwind, if they have some other headwinds in their business. Think also worth noting that, you know, I think our our restaurants have relatively limited exposure to some of the [indiscernible] tariffs impacting their input ingredients. Most of those, as we've sort of looked and talked to our brands, are sourced domestically, and that's also a helpful fact about our customers vis a vis know, the tariff, situation that we're in.

Thanks for that, Noah. I I appreciate it. Obviously, not expecting you to comment on M and 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 and in this, you know, world of restaurant tech.

Yeah. I think we spoke about this a bit on the last earnings call as we think about the difference between what is the staff facing tech stack, the point of sale, and what Olo represents, is the guest facing tech stack. 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. They're helping them to gather more guest data Olo Pay card presence is yet another great example of that unlocking the 82% of industry transactions that are nondigital. Pulling those into what we consider to be the the guest data platform for the brand. That is a really big and consequential moment for our industry and at our customer conference, a couple months ago, I talked about this being this inflection point where we now are able to get to 100% digital. Of every transaction being pulled into the guest data platform through Olo's solutions and helping our brands to really understand their guests across digital and nondigital transactions to then use that data to personalize the guest experience and ultimately grow guest lifetime value, as a an alternative tactic to discounts and deals and dependence on marketplaces that you see a lot of restaurant brands doing as short term attempts to drive top line sales, but at the expense of the long term health of the brand.

Driving profitable traffic is what we're focused on what our customers are focused on. I think our position as that nucleus of guest data and 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 login layer to give a better guest experience and to enable brands to win with more guest data at their disposal to grow those guest relationships over time. Thanks, and congrats again. Thank you.

Next question comes from Max Michaelis with Lake Street Capital Markets. Please go ahead. [indiscernible] quarter. Just wanted to stick to the Chipotle win. When we look at the catering business, had they hit they been using a homegrown technology or were they did you guys displace a competitor on that one? That's right. They were they are using a homegrown catering platform kind of an offshoot of their homegrown digital ordering platform for takeout and delivery orders. And, saw the catering plus feature set as something that would add new capabilities, things like tax exempt status and house accounts and other catering specific features, And then beyond that catering plus module, the other modules that we offer being additive to the overall catering solution. And is there a timeline around this pilot program? I think we shared that this is in a subset of stores and it's going to be, in this in this pilot phase. That's going to be middle of the year this year. It's kind of all we have to share at this time. And, we're excited to keep you abreast of our progress and excited about working with Chipotle. Great brand, great tech team, great product team.

To drive this forward. Okay. And last one for me, and then I will jump back into queue. When we look at mister Chapman coming on onto the team here as a chief sales maybe what sort of new initiatives could we expect from him?

Yeah. Well, I'll just take the the opportunity to express how excited I am for Parish Chapman to be joining us Parish is someone that we know well. He has been a a partner leading sales at Grubber, a kiosk partner of ours that serves top 25 and large enterprise restaurant brands. So we've gotten to know him just in our day to day relationship with Grubber and the team. And he's somebody who really fits the bill of all the things we were looking for in this chief sales officer. This is a really focused role dedicated to bookings, going out and winning new customers, growing our relationships with existing customers. And Parish is somebody who is of the restaurant industry, starting out on the executive team at Wendy's, as an operator of Dairy Queens and then working in the restaurant technology side at Panasonic, at Samsung, and most recently at Grubber. In a sales capacity. He is somebody who is a proven sales leader in 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 1 World Trade Center, altogether.

And I think this role, again, is is very focused in going after bookings and being laser focused on on that front instead of a broader mandate of the chief revenue officer Some of those things, if you recall from our last call, have now shifted over to Joe Lambert, our COO's organization. So marketing business developments, 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 Parish as a great new leader to really be focused on bookings and growing our relationships our existing customers.

Awesome. Thanks, guys.

Thank you.

Thank you. The next question comes from Stephen Sheldon with William Blair. Please go ahead.

Hi, Stephen. You have Pat McAuley on today. Nice results, and congrats on the wins you announced. My first question is on the gross profit acceleration you saw this quarter even adjusting for that onetime benefit So I wanna ask, is there any way you can frame how much of that reacceleration came from payments versus software? And then, Peter, thanks for framing the first half.

Expectations, but can you confirm that you still expect a reacceleration in gross profit growth following the second quarter this year? 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 a more difficult compare in the in the first half of twenty five as compared to the first half of twenty four. I made a a point in the prepared remarks that I think is helpful and kind of framing some of the onetime items we experienced this quarter, but also onetime items we experienced in q two of twenty twenty four. If you normalize for both of those one time items and compare first half of twenty twenty five growth rate as compared to first half of twenty twenty four we've actually accelerated growth in the 25% at about 14% based on what's implied in the guide. Versus 12% ish in the first half of of twenty four. Even when you account for the onetime items this past quarter, the year on year growth rate for gross profit was around 16% And there's really two things driving that reacceleration.

The first is pulling in more locations into q one from q two than we anticipated. So we had a healthy deployment, deployment quarter. That also kind of trickles down to incremental product modules that don't show up in unique locations, but they show up in strength of ARPU. So we saw some additional product modules coming on, faster in one than we had anticipated. The second thing that, was helpful in in q one in terms of accelerating gross profit growth was the strength in order volumes. And we saw that in particular within the QSR segment, the limited service segment in the platform where order volumes year on year and on a same store sales basis performed really well in the quarter, which has again helped to re reaccelerate that gross profit growth.

Got it.

Okay.

Thank you, Peter. And then my second, a bit more theoretical, but just having rounded out your platform over recent years with both continued innovation and, you know, a number of partnerships you've announced how do you feel about your competitive positioning at this point in are there any other products or modules or white space you hope to build out over time? Well, I think we feel really good about competitive position, and I think the the proof is in the pudding with the gross revenue retention for the ninth quarter now being above 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 store basis. So we become more and more mission critical over time, and you can see that in the net revenue retention numbers. I think also, you know, when we look at the business we've talked about this a couple of times, but we think about the different suites of order pay, and engage really as three s curves of growth. And all of them are growing, and it's exciting to see with order the success that we're having, not just with you know, the the typical triumvirate of ordering dispatch and rails, but now with catering plus that has been a real green shoot in the order platform.

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 Take Heart present and to start to have these proof points where we have a public enterprise customer who is coming on to Olo Pay card presence [indiscernible] becoming a full flywheel [indiscernible] That is a 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. I think there's a lot of opportunity for us to do even more with data. There's a lot of opportunity for us to help brands use what they know about their best guests to inform their advertising efforts to go and find more guests who look like their best guests. I talked a little bit about zero first party, second party data.

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.

Okay.

That's all great. Thank you, Noah. Nice quarter.

Thank you.

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

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

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