Q2 2024 Olo Inc Earnings Call Transcript
Key Points
- Revenue and non-GAAP operating income exceeded the high end of guidance ranges.
- Full-year 2024 revenue and profitability guidance raised due to Q2 outperformance.
- Added approximately 1,000 net new locations, ending the quarter with 82,000 active locations.
- Second-quarter ARPU increased 19% year over year, with net revenue retention above 120%.
- Strong performance in all three suites: Order, Pay, and Engage, with notable customer expansions.
- Gross margin would have declined approximately 50 basis points sequentially without one-time items.
- Revenue guidance reflects a shift in the Wingstop relationship, impacting future revenue.
- Full-year 2024 gross margin expected to be in the low 60% range, with a decline in the second half.
- Continued macro uncertainty and rising costs in the restaurant industry.
- Dependence on digital ordering growth and ARPU expansion for future revenue increases.
Greetings, and welcome to the Olo Incorporated second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Gary Fuges, Senior Vice President of Investor Relations. Thank you. You may begin.
Thank you. Good afternoon, and welcome to Olo's second-quarter 2024 financial results conference call. Joining me today are Noah Glass, Noah'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. 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
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