Q1 2024 Olo Inc Earnings Call Transcript
Key Points
- Olo Inc (OLO) reported a 27% year-over-year increase in total revenue for Q1 2024, reaching $66.5 million.
- The company announced new POS integrations with NCR, Wix, and Q, enhancing its payment processing and data footprint.
- Olo Inc (OLO) successfully launched several major product enhancements, including smart cross-sells and AI-powered features, improving guest engagement and average order value.
- The company's net revenue retention remained strong, exceeding 120% for the second consecutive quarter.
- Olo Inc (OLO) raised its full-year revenue and non-GAAP operating income guidance for 2024, reflecting confidence in continued growth and operational efficiency.
- Despite strong revenue growth, Olo Inc (OLO) faces challenges from increasing OpEx, which partially offset the gross profit gains.
- The company noted ongoing macroeconomic uncertainties and industry-specific challenges such as food cost inflation and labor market tightness.
- Olo Inc (OLO) is still in the early stages of scaling its card-present functionality, with revenue contributions expected to start in 2025.
- There was a slight decline in profitability from Q4 2023 to Q1 2024 due to seasonal factors and increased expenses from hosting the annual customer conference.
- The company's free cash flow in Q1 was lower than expected, primarily driven by capital expenditures on software development.
Greetings and welcome to the -- welcome to Olo Inc's first-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to turn the conference over to your host, Gary Fuges, Senior Vice President of Investor Relations. Please go ahead.
Thank you. Good afternoon and welcome to Olo's first-quarter of 2024 financial results conference call. Joining me today are Noah Glass, Olo's Founder and CEO; and Peter Benavides, our CFO.
During this call, we will make forward-looking statements, including but not limited to, statements regarding our expectations of our business, our industry 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
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