Olo Inc

If anyone should require operator assistance during the conference, please press star and zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Gary Fugies, Senior Vice President of Investor Relations. Please go ahead.

Thank you. Good afternoon and welcome to OLO's first quarter 2025 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. 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 10Q, 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 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.

Thank you, Gary. Hi, everyone. Thank you for spending time with us today. 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. We added approximately 2,000 locations quarter to quarter, and we made early progress on our three 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 88,000 active locations, adding approximately 2,000 net new locations over the first quarter. Our gross revenue retention increased sequentially, and we continued to expand with customers as reflected in Q1's 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 & Jerry's, which 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 OloPay card not present with Firstwatch, who is now a Flywheel customer. Adding Flywheel customers is one of our 2025 priorities. And today, we have more than 70 brands using OloOrder and OloPay 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 Cupbop Korean Barbecue and Swenson'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 U.S., recently named Olo as its 2024 Vendor of the Year. We believe this recognition speaks volumes about the strength of our technology and the dedication, creativity, and excellence GameOlo brings 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's 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 CardPresent, 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 CardPresent 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 Ollo and other partners to run their businesses more efficiently. We hosted demos for Catering Plus, Ollo Pay Card Present, and Ollo Guest Intelligence, 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 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. In product innovation, our spring release highlights included a Catering Plus calendar feature that improves catering team planning and operations, an 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 OLO pay data later this year. Guest data aggregation is one of OLA'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 Parrish Chapman as our new Chief Sales Officer, who joined us on May 5th. 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. 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. 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 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. 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.