Olo (OLO) 10-Q 7 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-40213
Entity Registrant Name	Olo Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-2971562
Entity Address, Address Line One	99 Hudson Street
Entity Address, Address Line Two	10th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10013
City Area Code	212
Local Phone Number	260-0895
Title of 12(b) Security	Class A Common Stock, par value $0.001 per share
Trading Symbol	OLO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001431695
Amendment Flag	false
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		105,625,535
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		54,891,834

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 259,085	$ 278,218
Short-term investments	93,121	84,331
Accounts receivable, net of expected credit losses of $3,605 and $2,785, respectively	72,383	70,264
Contract assets	437	412
Deferred contract costs	4,544	4,743
Prepaid expenses and other current assets	12,896	12,769
Total current assets	442,466	450,737
Property and equipment, net of accumulated depreciation and amortization of $12,225 and $10,111, respectively	23,957	22,055
Intangible assets, net of accumulated amortization of $9,254 and $8,264, respectively	16,748	17,738
Goodwill	207,781	207,781
Contract assets, noncurrent	351	352
Deferred contract costs, noncurrent	6,183	5,806
Operating lease right-of-use assets	11,879	12,529
Long-term investments	25,177	25,748
Other assets, noncurrent	61	73
Total assets	734,603	742,819
Current liabilities:
Accounts payable	2,087	4,582
Accrued expenses and other current liabilities	67,144	68,240
Unearned revenue	2,683	1,533
Operating lease liabilities, current	2,875	2,859
Total current liabilities	74,789	77,214
Unearned revenue, noncurrent	114	57
Operating lease liabilities, noncurrent	13,257	13,968
Other liabilities, noncurrent	0	109
Total liabilities	88,160	91,348
Commitments and contingencies (Note 10)
Stockholders’ equity:
Class A common stock, $0.001 par value; 1,700,000,000 shares authorized at March 31, 2024 and December 31, 2023; 106,952,231 and 108,469,679 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively. Class B common stock, $0.001 par value; 185,000,000 shares authorized at March 31, 2024 and December 31, 2023; 54,891,834 and 54,891,834 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	162	163
Preferred stock, $0.001 par value; 20,000,000 shares authorized at March 31, 2024 and December 31, 2023	0	0
Additional paid-in capital	864,610	867,152
Accumulated deficit	(218,185)	(215,829)
Accumulated other comprehensive loss	(144)	(15)
Total stockholders’ equity	646,443	651,471
Total liabilities and stockholders’ equity	$ 734,603	$ 742,819

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts receivable, net of allowance	$ 3,605	$ 2,785
Accumulated depreciation and amortization	(12,225)	(10,111)
Accumulated amortization	$ (9,254)	$ (8,264)
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Common Class A
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,700,000,000	1,700,000,000
Common stock, shares issued (in shares)	106,952,231	108,469,679
Common stock, shares outstanding (in shares)	106,952,231	108,469,679
Common Class B
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	185,000,000	185,000,000
Common stock, shares issued (in shares)	54,891,834	54,891,834
Common stock, shares outstanding (in shares)	54,891,834	54,891,834

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total revenue	$ 66,511	$ 52,240
Total cost of revenue	29,303	18,749
Gross Profit	37,208	33,491
Operating expenses:
Research and development	16,999	20,473
General and administrative	12,756	17,210
Sales and marketing	14,613	12,881
Total operating expenses	44,368	50,564
Loss from operations	(7,160)	(17,073)
Other income, net:
Interest income	4,907	3,454
Interest expense	(69)	(69)
Other income, net	3	0
Total other income, net	4,841	3,385
Loss before income taxes	(2,319)	(13,688)
Provision for income taxes	37	18
Net loss	$ (2,356)	$ (13,706)
Net loss per share attributable to Class A and Class B common stockholders:
Basic (in USD per share)	$ (0.01)	$ (0.08)
Diluted (in USD per share)	$ (0.01)	$ (0.08)
Weighted-average Class A and Class B common shares outstanding:
Basic (in shares)	162,320,759	161,691,506
Diluted (in shares)	162,320,759	161,691,506
Platform
Total revenue	$ 65,765	$ 51,371
Total cost of revenue	28,328	17,613
Professional services and other
Total revenue	746	869
Total cost of revenue	$ 975	$ 1,136

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (2,356)	$ (13,706)
Other comprehensive (loss) income:
Unrealized (loss) gain on investments	(129)	197
Total other comprehensive (loss) income	(129)	197
Comprehensive loss	$ (2,485)	$ (13,509)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A and Class B Common Stock	Additional Paid In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2022		162,444,717
Beginning balance at Dec. 31, 2022	$ 697,616	$ 162	$ 855,249	$ (157,542)	$ (253)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock on exercise of stock options (in shares)		1,055,108
Issuance of common stock on exercise of stock options	2,365	$ 1	2,364
Vesting of restricted and performance-based restricted stock units (in shares)		802,576
Vesting of restricted and performance-based restricted stock units	0	$ 1	(1)
Repurchase of common stock (in shares)		(2,652,372)
Repurchase of common stock	(20,052)	$ (2)	(20,050)
Stock-based compensation	15,127		15,127
Other comprehensive (loss) income	197				197
Net loss	(13,706)			(13,706)
Ending balance (in shares) at Mar. 31, 2023		161,650,029
Ending balance at Mar. 31, 2023	681,547	$ 162	852,689	(171,248)	(56)
Beginning balance (in shares) at Dec. 31, 2023		163,361,513
Beginning balance at Dec. 31, 2023	651,471	$ 163	867,152	(215,829)	(15)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock on exercise of stock options (in shares)		469,841
Issuance of common stock on exercise of stock options	1,145	$ 1	1,144
Vesting of restricted and performance-based restricted stock units (in shares)		812,602
Vesting of restricted and performance-based restricted stock units	0	$ 1	(1)
Repurchase of common stock (in shares)		(2,799,891)
Repurchase of common stock	(15,290)	$ (3)	(15,287)
Stock-based compensation	11,602		11,602
Other comprehensive (loss) income	(129)				(129)
Net loss	(2,356)			(2,356)
Ending balance (in shares) at Mar. 31, 2024		161,844,065
Ending balance at Mar. 31, 2024	$ 646,443	$ 162	$ 864,610	$ (218,185)	$ (144)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net loss	$ (2,356)	$ (13,706)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	3,103	2,148
Stock-based compensation	10,840	14,044
Provision for expected credit losses	1,433	725
Non-cash lease expense	650	797
Loss on disposal of assets	0	38
Other non-cash operating activities, net	(548)	(770)
Changes in operating assets and liabilities:
Accounts receivable	(3,553)	(2,979)
Contract assets	(23)	(182)
Prepaid expenses and other current and noncurrent assets	(104)	430
Deferred contract costs	(178)	(1,308)
Accounts payable	(2,531)	(1,230)
Accrued expenses and other current liabilities	(1,109)	9,098
Operating lease liabilities	(695)	(835)
Unearned revenue	1,207	984
Other liabilities, noncurrent	(109)	(7)
Net cash provided by operating activities	6,027	7,247
Investing activities
Purchases of property and equipment	(68)	0
Capitalized internal-use software	(3,149)	(3,382)
Purchases of investments	(34,531)	(38,715)
Sales and maturities of investments	26,732	34,002
Net cash used in investing activities	(11,016)	(8,095)
Financing activities
Cash received for employee payroll tax withholdings	1,889	2,834
Cash paid for employee payroll tax withholdings	(1,876)	(2,416)
Proceeds from exercise of stock options	1,133	1,890
Repurchase of common stock	(15,290)	(20,052)
Net cash used in financing activities	(14,144)	(17,744)
Net decrease in cash and cash equivalents	(19,133)	(18,592)
Cash and cash equivalents, beginning of period	278,218	350,073
Cash and cash equivalents, end of period	259,085	331,481
Supplemental disclosure of non-cash investing and financing activities
Vesting of early exercised stock options	0	59
Employee receivables for options exercised	12	416
Purchase of property and equipment	36	0
Capitalization of stock-based compensation for internal-use software	$ 762	$ 1,083

Business

Business	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Olo Inc. was formed on June 1, 2005 in Delaware and is headquartered in New York City. On January 14, 2020, our Board of Directors and stockholders approved our name change from Mobo Systems, Inc. to Olo Inc. Unless the context otherwise indicates or requires, references to “we,” “us,” “our,” and “the Company” shall refer to Olo Inc.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. The December 31, 2023 condensed consolidated balance sheet was derived from the audited financial statements as of that date, but may not include all disclosures including certain footnotes required by U.S. GAAP on an annual reporting basis. These unaudited condensed consolidated financial statements have been prepared on a basis consistent with our annual financial statements and, in the opinion of management, reflect all adjustments, which include all normal recurring adjustments necessary to fairly state our financial position as of March 31, 2024, our results of operations and comprehensive loss for the three months ended March 31, 2024 and 2023 and our cash flows for the three months ended March 31, 2024 and 2023, respectively. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024 or for any other future annual or interim period. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K filed with the SEC on February 21, 2024. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. We regularly assess these estimates, including but not limited to, stock-based compensation including the determination of the fair value of our stock-based awards, realization of deferred tax assets, estimated life of our long-lived assets, purchase price allocations for business combinations, valuation of the acquired intangibles purchased in a business combination, valuation of goodwill, estimated standalone selling price of our performance obligations, and estimated consideration for implementation services and transactional revenue in certain arrangements. We base these estimates on historical experience and on various other market-specific and relevant assumptions that we believe to be reasonable under the circumstances. Actual results could differ from these estimates and such differences could be material to our financial position and results of operations. Significant Accounting Policies Our significant accounting policies are outlined in Note 2, “Significant Accounting Policies” in the Notes to Consolidated Financial Statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2023. During the three months ended March 31, 2024, there were no material changes to our significant accounting policies from those described in our Annual Report on Form 10-K for the year ended December 31, 2023. Concentrations of Business and Credit Risk We are exposed to concentrations of credit risk primarily through our cash, cash equivalents, and short- and long-term investments held by financial institutions. We primarily deposit our cash, cash equivalents, and investments with financial institutions that management believes are of high credit quality and the amounts on deposit may exceed federally insured limits at various times. We have not experienced any significant losses in such accounts and believe we are not exposed to any significant risk. For the three months ended March 31, 2024 and 2023, one customer accounted for 11% and 12% of our revenue, respectively. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact of adopting ASU 2023-07 and expect to adopt for the year ending December 31, 2024. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact that adopting ASU 2023-09 will have on our consolidated financial statements and disclosures.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The following table disaggregates revenue by type (in thousands): Three Months Ended March 31, 2024 Platform Professional Total Timing of revenue recognition Transferred over time $ 25,717 $ 746 $ 26,463 Transferred at a point in time 40,048 — 40,048 Total revenue $ 65,765 $ 746 $ 66,511 Three Months Ended March 31, 2023 Platform Professional Total Timing of revenue recognition Transferred over time $ 24,468 $ 869 $ 25,337 Transferred at a point in time 26,903 — 26,903 Total revenue $ 51,371 $ 869 $ 52,240 Contract Balances Contract Assets Professional services revenue is generally recognized ratably over the implementation period, beginning on the commencement date of each contract. Platform revenue is recognized as the services are delivered. Under ASC Topic 606, we record a contract asset when revenue recognized on a contract exceeds the billings. Our standard billing terms are monthly; however, the billings may not be consistent with the pattern of recognition, based on when services are performed. Contract assets were $0.8 million for both March 31, 2024 and December 31, 2023. Unearned Revenue Unearned revenue primarily consists of billings or payments received in advance of revenue recognition from subscription services and is recognized as revenue when transfer of control to customers has occurred. During the three months ended March 31, 2024, we recognized $1.0 million of revenue related to contracts that were included in unearned revenue at December 31, 2023. As of March 31, 2024, our remaining performance obligations were approximately $34.3 million, approximately 46% of which we expect to recognize as revenue over the next twelve months, and substantially all of the remaining revenue will be recognized thereafter over the next 24 to 48 months. These amounts only include contracts subject to a guaranteed fixed amount or the guaranteed minimum under variable contracts. Unrecognized revenue under contracts disclosed above do not include: (1) contracts with an original expected term of one year or less; (2) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage; or (3) agreements for which our right to invoice corresponds with the value provided to the customer. Deferred Contract Costs We capitalize the incremental costs of obtaining a revenue contract, including sales commissions for new and renewal revenue contracts, certain related incentives, and associated payroll tax and fringe benefit costs. Capitalized amounts are recoverable through future revenue streams under customer contracts. The following table summarizes the activity of current and non-current deferred contract costs (in thousands): Balance at December 31, 2023 $ 10,549 Capitalization of deferred contract costs 1,560 Amortization of deferred contract costs (1,382) Balance at March 31, 2024 $ 10,727

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement	Fair Value Measurement Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We apply the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 inputs: Based on unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs: Based on observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs: Based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities, and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The following tables present the costs, net unrealized losses, and fair value by major security type for our investments as of March 31, 2024 and December 31, 2023 (in thousands): As of March 31, 2024 Cost Net Unrealized Losses Fair Value Cash and Cash equivalents Short-term Investments Long-term Investments Cash $ 119,562 $ — $ 119,562 $ 119,562 $ — $ — Level 1: Money market funds 139,523 — 139,523 139,523 — — Commercial paper 14,876 (2) 14,874 — 14,874 — Subtotal 154,399 (2) 154,397 139,523 14,874 — Level 2: Certificates of deposit 20,957 14 20,971 — 20,971 — U.S. Government and agency securities 51,406 (168) 51,238 — 38,933 12,305 Corporate bonds 31,203 12 31,215 — 18,343 12,872 Subtotal 103,566 (142) 103,424 — 78,247 25,177 Level 3: — — — — — — Total $ 377,527 $ (144) $ 377,383 $ 259,085 $ 93,121 $ 25,177 As of December 31, 2023 Cost Net Unrealized Losses Fair Value Cash and Cash equivalents Short-term Investments Long-term Investments Cash $ 130,566 $ — $ 130,566 $ 130,566 $ — $ — Level 1: Money market funds 147,652 — 147,652 147,652 — — Commercial paper 16,408 11 16,419 — 16,419 — Subtotal 164,060 11 164,071 147,652 16,419 — Level 2: Certificates of deposit 15,366 21 15,387 — 15,387 — U.S. Government and agency securities 49,393 (73) 49,320 — 33,198 16,122 Corporate bonds 28,927 26 28,953 — 19,327 9,626 Subtotal 93,686 (26) 93,660 — 67,912 25,748 Level 3: — — — — — — Total $ 388,312 $ (15) $ 388,297 $ 278,218 $ 84,331 $ 25,748 Our assets measured at fair value on a nonrecurring basis include long-lived assets and finite-lived intangibles, which are considered to be Level 3 inputs. No material impairment charges were recorded during the three months ended March 31, 2024. Accounts receivable, accounts payable, and accrued expenses are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): As of March 31, 2024 As of December 31, 2023 Accrued delivery service partner fees $ 46,696 $ 39,964 Accrued compensation and benefits 4,867 9,148 Accrued legal settlement (1) 9,000 9,000 Professional and consulting fees 1,110 3,866 Sublease liability — 2,032 Accrued taxes 1,093 1,068 Other 4,378 3,162 Total accrued expenses and other current liabilities $ 67,144 $ 68,240 (1) See “Note 10—Commitments and Contingencies” for details.

Line of Credit

Line of Credit	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Line of Credit	Line of Credit On June 10, 2022, we entered into the Second Amended and Restated Loan and Security Agreement with Pacific Western Bank (now known as Banc of California) related to a revolving credit and term loan facility, or the Second Amended and Restated LSA. The Second Amended and Restated LSA includes a financial covenant requiring compliance with certain minimum revenue amounts. In addition, the Second Amended and Restated LSA contains representations and warranties generally consistent with the Amended and Restated Loan and Security Agreement, dated February 11, 2020, as amended (the “Prior LSA”), as well as certain non-financial covenants, including, but not limited to, limitations on our ability to incur additional indebtedness or liens, pay dividends, or make certain investments. We were in compliance with these covenants as of March 31, 2024. As of March 31, 2024, we had $43.6 million of commitments available under the Second Amended and Restated LSA, after consideration of $25.0 million in our letter of credit to DoorDash, Inc. (“DoorDash”) and $1.4 million in our letter of credit on the lease of our former corporate headquarters at One World Trade Center. As of March 31, 2024, we had no outstanding borrowings under the line of credit, and no amounts have been drawn against any of our letters of credit. The $25.0 million letter of credit to DoorDash expired on March 31, 2024 and was not renewed, as per the terms of the Third Amendment to the Restated Delivery Network Agreement between us and DoorDash, which became effective on March 30, 2024.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Repurchases of Common Stock On September 7, 2022, our Board of Directors authorized a program to repurchase up to $100 million of our Class A common stock (the “Stock Buyback Program”). Under the Stock Buyback Program, shares of Class A common stock may be repurchased from time to time on a discretionary basis through open market repurchases, privately negotiated transactions, block purchases, or other means, and will be structured to occur in compliance with applicable securities laws. The Stock Buyback Program does not obligate us to acquire any specific number of shares. In addition, open market repurchases of common stock could be made pursuant to our trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which would permit us to repurchase common stock at a time that we might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The timing and actual number of shares repurchased is determined by a committee established by the Board of Directors and depends on a variety of factors, including the Class A common stock price, trading volume, market conditions, our cash flow and liquidity profile, the capital needs of the business, and other considerations. Repurchases under the Stock Buyback Program have to date been, and are expected in the future to be, funded with existing cash on hand. The Stock Buyback Program has no expiration date and may be modified, suspended or terminated at any time by the Board of Directors at its discretion. The following table summarizes the share repurchase activity of our Class A common stock under the Stock Buyback Program for the periods presented (in thousands, except share and per share amounts): Total Number of Shares Purchased Average Price Paid per Share (1) Value of Shares Repurchased (1) Remaining Amount Authorized Balance as of January 1, 2024 $ 22,097 Repurchases of common stock for the three months ended: March 31, 2024 2,799,891 $ 5.44 $ 15,234 (15,234) Total 2,799,891 $ 5.44 $ 15,234 $ 6,863 (1) Average price paid per share and value of shares excludes broker commission fees.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The 2021 Equity Incentive Plan (“2021 Plan”) provides for the issuance of incentive and nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance-based restricted stock units (“PSUs”), and other awards, to employees, directors, consultants, and advisors. Pursuant to the evergreen provisions of the 2021 Plan, the Board of Directors approved an automatic increase of 8,168,075 additional shares of Class A common stock reserved and available for issuance under the 2021 Plan effective as of January 1, 2024. As of March 31, 2024 and December 31, 2023 the maximum number of shares authorized for issuance to participants under the 2021 Plan was 48,977,089 and 40,556,635, respectively. As of March 31, 2024 and December 31, 2023, the number of shares available for issuance to participants under the 2021 Plan was 29,299,036 and 25,029,007, respectively. Restricted Stock Units The following table summarizes the activity for the unvested RSUs during the three months ended March 31, 2024: RSUs Weighted- Unvested at December 31, 2023 9,545,036 $ 8.70 Granted 511,685 5.49 Vested (684,232) 9.82 Forfeited and canceled (328,769) 8.67 Unvested at March 31, 2024 9,043,720 $ 8.44 The total fair value of RSUs vested during the three months ended March 31, 2024 was $3.8 million. Future stock-based compensation for unvested RSUs awarded as of March 31, 2024 was approximately $70.2 million and is expected to be recognized over a weighted-average period of 2.82 years. Performance-Based Restricted Stock Units In February 2023, we made grants to executives in the form of PSUs (“2023 PSUs”) that will vest over three years based on the achievement of specified financial targets at the end of a one-year performance period. The target number of shares underlying the 2023 PSUs was determined based on the higher of (a) the 30-trading day average price preceding the grant date or (b) the floor price as determined by the Compensation Committee of the Board of Directors for the calendar year. Based on the actual financial metrics achieved relative to the target financial metrics for the year ended December 31, 2023, the number of PSUs issued were 103.86% of the target PSUs. Accordingly, 128,370 shares vested in March 2024 upon meeting the time-based vesting requirement. The remaining eligible shares will vest according to the time-based service requirements, subject to the applicable executive’s continued service as of each vesting date. The fair value of the 2023 PSUs is calculated based on the stock price on the date of grant. In March 2024, we made additional PSU grants to executives (“2024 PSUs”) that will vest over approximately three years based upon achievement of either (a) certain stock price targets or (b) our target total shareholder return (“TSR”), relative to the TSR of companies in the Russell 2000 Index over the specified performance period, in each case, subject to the executive’s continuous service through the last day of the applicable performance period. Depending on achievement of the market-based metrics, the number of PSUs issued could range from 0% to 200% of the target PSUs. The fair value of the 2024 PSUs is determined using a Monte Carlo simulation model on the date of the grant. Stock-based compensation expense is recognized over the requisite service period using either the straight-line method or the accelerated attribution method (depending on the award), and is adjusted based on actual forfeitures as necessary. The following table summarizes the activity for the unvested PSUs during the three months ended March 31, 2024: PSUs Weighted- Unvested at December 31, 2023 395,545 $ 7.77 Granted 2,104,852 6.89 Vested (128,370) 7.77 Forfeited and canceled — — Unvested at March 31, 2024 2,372,027 $ 6.99 The total fair value of PSUs vested during the three months ended March 31, 2024 was $0.7 million. Future stock-based compensation for unvested PSUs as of March 31, 2024 was approximately $15.0 million and is expected to be recognized over a weighted-average period of 2.74 years. Employee Stock Purchase Plan The employee stock purchase plan (“ESPP”) current offering period began in December 2023 and ends in June 2024. Pursuant to the evergreen provisions of the ESPP, the Board of Directors approved an automatic increase of 1,084,696 additional shares of Class A common stock reserved and available for issuance under the ESPP effective as of January 1, 2024. As of March 31, 2024, a total of 6,664,687 shares are available for issuance to employees under the ESPP. For the three months ended March 31, 2024 and 2023, we recorded approximately $0.2 million and $0.4 million of compensation expense associated with our ESPP, respectively. Stock-Based Compensation Expense The classification of stock-based compensation expense, which includes expense for stock options, RSUs, PSUs, and ESPP charges, by line item within the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended 2024 2023 Cost of revenue - platform $ 1,511 $ 1,825 Cost of revenue - professional services and other 125 191 Research and development 3,021 4,547 General and administrative 4,680 4,987 Sales and marketing 1,503 2,494 Total stock-based compensation expense $ 10,840 $ 14,044

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We recorded a provision for income taxes resulting in an effective tax rate of (1.61)% for the three months ended March 31, 2024. We recorded a provision for income taxes resulting in an effective tax rate of (0.13)% for the three months ended March 31, 2023. The effective tax rate for the three months ended March 31, 2024 is driven primarily by adjustments to the full valuation allowance on our deferred tax assets and adjustments for share-based compensation. We maintain a full valuation allowance on our net federal and state deferred tax assets as we have concluded that it is more likely than not the deferred tax assets will not be realized. We evaluated the available evidence supporting the realization of our deferred tax assets, including the amount and timing of future taxable income, and determined that it is more likely than not that our net deferred tax assets will not be realized. Due to uncertainties surrounding the realization of the deferred tax assets, we maintain a full valuation allowance against substantially all of our net deferred tax assets. When we determine that we will be able to realize some portion or all of our deferred tax assets, an adjustment to our valuation allowance on our deferred tax assets would have the effect of increasing net income in the period such determination is made. We applied ASC 740, Income Taxes

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. If we determine that a loss is reasonably possible, and the loss or range of loss can be estimated, we will disclose the possible loss in the notes to our financial statements. Accounting for contingencies requires us to use judgment related to both the likelihood of a loss and the estimate of the amount or range of loss. Legal costs incurred in connection with loss contingencies are expensed as incurred. On September 26, 2022, a class action lawsuit was filed in the United States District Court for the Southern District of New York asserting claims under the federal securities laws against us and certain of our executive officers. On December 21, 2022, the Court appointed a lead plaintiff and lead counsel on behalf of the class, following which the case was captioned Steamship Trade Association of Baltimore - International Longshoremen’s Association Pension Fund v. Olo Inc., et al. (Case No.1:22-cv-08228-JSR). On August 9, 2023, lead plaintiff filed a second amended complaint asserting claims on behalf of a class composed of all persons who purchased or otherwise acquired our securities between March 17, 2021 and August 11, 2022, inclusive (the “Second Amended Complaint”). The Second Amended Complaint asserts a claim against all defendants for alleged violations of Section 10(b) of the Exchange Act and Rule 10b5 promulgated thereunder and a claim under Section 20(a) of the Exchange Act against Mr. Glass, our Chief Executive Officer, and Mr. Benevides, our Chief Financial Officer, as alleged controlling persons. The Second Amended Complaint alleges that defendants made materially false and misleading statements concerning, among other things, our business relationship with the restaurant brand Subway, our financial position, our enterprise market customers, and our publicly disclosed “active locations” counts, and that these alleged false and misleading statements caused losses and damages for members of the class. The Second Amended Complaint seeks unspecified damages, interest, costs and attorneys’ fees, and other unspecified relief that the Court deems appropriate. On August 24, 2023, we filed a motion to dismiss the Second Amended Complaint. On September 26, 2023, the Court issued a summary order granting in part and denying in part our motion to dismiss, dismissing the claims in the Second Amended Complaint to the extent they are premised on misstatements about Subway, our financial prospects, and our prospects in the enterprise market, but permitting the remaining claims concerning our publicly disclosed “active locations” counts to proceed. On December 1, 2023, the Court issued an opinion confirming its September 26, 2023, order granting in part and denying in part our motion to dismiss. Also on December 1, 2023, the Court entered an order certifying a class of stockholders that purchased Olo’s Class A common stock between March 17, 2021 and August 11, 2022. On January 16, 2024, the parties reached an agreement to settle the lawsuit, and lead plaintiff filed an unopposed motion for preliminary approval of the proposed class action settlement. The Court preliminarily approved the settlement on February 20, 2024 and scheduled a final settlement hearing for June 10, 2024. In connection with the agreement, we recorded an expense of $9.0 million during the year ended December 31, 2023 for the anticipated settlement. We maintain insurance coverage for a portion of the settlement and legal and consulting fees, but we do not record anticipated insurance proceeds until all contingencies relating to the insurance recovery have been removed, including an acknowledgment by the insurance company and our determination that recovery of the expected amount is probable. During the three months ended March 31, 2024, we recorded $1.6 million in recoveries under this insurance coverage, which was recorded within general and administrative expenses. On May 4, 2023, Cashondra Floyd, an alleged Olo stockholder, derivatively and on behalf of us as a nominal defendant, filed a complaint in the U.S. District Court for the Southern District of New York against certain of our directors and officers (the “Floyd Derivative Defendants”), captioned Floyd v. Glass, et al. (Case No. 1:23-cv-03770). On May 25, 2023, the plaintiff voluntary dismissed her complaint and refiled in the Court of the Chancery of the State of Delaware (C.A. No. 2023-0560) (the “Floyd Derivative Complaint”). The Floyd Derivative Complaint alleges that, between at least August 10, 2021 and August 11, 2022, the Floyd Derivative Defendants caused, or failed to prevent, our alleged issuance of materially false and misleading statements concerning our business relationship with the restaurant brand Subway and our publicly disclosed “active locations” counts. The Floyd Derivative Complaint asserts claims for breaches of fiduciary duty, aiding and abetting breach of fiduciary duty, and waste of corporate assets. The Floyd Derivative Complaint seeks a judgment declaring that the plaintiff may bring the action on behalf of us in a derivative capacity; awarding us damages for the Floyd Derivative Defendants’ alleged breaches of fiduciary duty, and waste of corporate assets; requiring us to reform and improve our corporate governance and internal procedures; ordering the Floyd Derivative Defendants to pay restitution to us; awarding the plaintiff her costs, fees, and expenses, including attorney’s fees; and granting such other relief that the Court determines to be appropriate. On June 1, 2023, the Court granted the parties’ stipulation to stay the Floyd Derivative Complaint. We are unable to predict the outcome, or the reasonably possible loss or range of loss, if any, related to this matter. On November 16, 2023, Alexander A. Balleh and Neil Ahearne, alleged Olo stockholders, derivatively and on behalf of us as a nominal defendant, filed a complaint in the Court of the Chancery of the State of Delaware captioned Balleh v. Glass, et al. (C.A. No. 2023-1165) (the “Balleh Derivative Complaint”) against certain of our directors and officers (the “Balleh Derivative Defendants”). The Balleh Derivative Complaint alleges that, from approximately March 2021 through the date of the Balleh Derivative Complaint, the Balleh Derivative Defendants caused our alleged issuance of materially false and misleading statements concerning our business relationship with the restaurant brand Subway and our publicly disclosed “active locations” counts. The Balleh Derivative Complaint asserts a claim for breaches of fiduciary duty. The Balleh Derivative Complaint seeks a judgment against the Balleh Derivative Defendants in favor of us for the amount of damages sustained by us as a result of the Balleh Derivative Defendants’ breaches of fiduciary duties; directing us to take all necessary actions to reform and improve our corporate governance and internal procedures to comply with applicable laws and to protect us and our shareholders from a repeat of the damaging events alleged in the Balleh Derivative Complaint; awarding us restitution from the Balleh Derivative Defendants and ordering disgorgement of all profits, benefits and other compensation obtained by the Balleh Derivative Defendants; awarding plaintiffs the costs and disbursements of the action, including reasonable attorneys’ fees, accountants’ and experts’ fees, costs and expenses; and granting such other relief that the Court deems just and proper. We are unable to predict the outcome, or the reasonably possible loss or range of loss, if any, related to this matter. On January 11, 2024, J. Brandon Giuda and Katrina Giuda, alleged Olo stockholders, derivatively and on behalf of us as a nominal defendant, filed a complaint in the Court of the Chancery of the State of Delaware captioned Giuda v. Glass, et al. (C.A. No. 2024-0025) (the “Giuda Derivative Complaint”) against certain of our directors and officers (the “Giuda Derivative Defendants”). The Giuda Derivative Complaint alleges that, from at least March 2021, the Giuda Derivative Defendants caused, or failed to prevent, our alleged issuance of materially false and misleading statements concerning our business relationship with the restaurant brand Subway and our publicly disclosed “active locations” counts. The Giuda Derivative Complaint asserts claims for breaches of fiduciary duties, contribution and indemnification, aiding and abetting breaches of fiduciary duties, insider trading against Defendant Glass, and unjust enrichment against Defendant Glass. The Giuda Derivative Complaint seeks a judgment against the Giuda Derivative Defendants declaring that plaintiffs may maintain the action on behalf of us and that they are adequate representatives of us; declaring that the Giuda Derivative Defendants have breached and/or aided and abetted the breach of their fiduciary duties to Olo; directing us to take all necessary actions to implement and maintain an effective system of internal controls and meaningful oversight and monitoring; determining and awarding to us the damages sustained as a result of the violations alleged against the Giuda Derivative Defendants; ordering Defendant Glass to disgorge and pay to us all profits, benefits, and other compensation obtained by his alleged insider trading and breaches of fiduciary duties; ordering the disgorgement of profits, benefits, and other compensation; awarding us restitution from the Giuda Derivative Defendants; awarding plaintiffs costs and disbursements of the action, including reasonable attorneys’ and experts’ fees, costs, and expenses; and granting such other relief that the Court deems just and proper. On April 26, 2024, the Court granted the parties’ stipulation regarding a schedule for the Giuda Derivative Defendants’ anticipated motion to dismiss the Giuda Derivative Complaint. The Giuda Derivative Defendants are currently due to answer, move to dismiss, or otherwise respond to the Giuda Derivative Complaint by July 25, 2024. We are unable to predict the outcome, or the reasonably possible loss or range of loss, if any, related to this matter. We have also received, and may in the future continue to receive, other claims from third parties asserting, among other things, infringement of their intellectual property rights. Future litigation may be necessary to defend ourselves or our customers by determining the scope, enforceability, and validity of third-party proprietary rights or to establish our proprietary rights. Defending such proceedings is costly and can impose a significant burden on management and employees. The results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors. Leases In March 2023, we abandoned our office lease located at 26 Broadway, New York, New York, resulting in a reduction of $0.3 million to operating lease right-of-use assets and operating lease liabilities, respectively. On April 18, 2023, we entered into an agreement with our landlord that provided for an early termination of our office lease located at 26 Broadway, New York, New York. Sublease income was $0.6 million and $0.7 million for the three months ended March 31, 2024 and 2023, respectively. During the three months ended March 31, 2024, the subtenant of our former corporate headquarters at One World Trade Center surrendered the premises back to us, and in connection with this, we recorded a lease termination benefit of $1.4 million within general and administrative expenses.

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stockholders	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stockholders	Net Loss per Share Attributable to Common Stockholders A reconciliation of net loss available to common stockholders and the number of shares in the calculation of basic net loss per share is as follows (in thousands, except share and per share data): Three Months Ended 2024 2023 Numerator: Net loss attributable to Class A and Class B common stockholders $ (2,356) $ (13,706) Denominator: Weighted-average Class A and Class B common shares outstanding—basic and diluted 162,320,759 161,691,506 Net loss per share attributable to Class A and Class B common stockholders––basic and diluted $ (0.01) $ (0.08) The following potential common shares were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an as-converted basis): Three Months Ended 2024 2023 Outstanding stock options 21,065,578 27,815,043 Outstanding RSUs and PSUs 11,415,747 11,362,142 Outstanding shares estimated to be purchased under ESPP 244,108 290,734 Total 32,725,433 39,467,919

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In April 2024, we further amended the Second Amended and Restated Loan and Security Agreement (the “Second Amendment”) with Banc of California (formerly known as Pacific Western Bank) to set compliance thresholds for 2024. The Second Amendment did not change any other financial or non-financial covenants, and we remained in compliance with all required covenants upon execution of the Second Amendment. The foregoing description of the material terms of the Second Amendment does not purport to be complete and is subject to, and is qualified in its entirety by, reference to the full terms of the Second Amendment, which we intend to file as an exhibit to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. In the second quarter of 2024, we repurchased an additional 1,374,108 shares of our Class A common stock at a weighted average price of $4.99 per share for a total amount of $6.9 million, completing the Stock Buyback Program authorized in September 2022. On April 30, 2024, our Board of Directors authorized a program to repurchase up to $100 million of our Class A common stock (the “2024 Buyback Program”). The 2024 Buyback Program is in addition to the Stock Buyback Program completed in the second quarter of 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (2,356)	$ (13,706)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements and accompanying notes were prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. The December 31, 2023 condensed consolidated balance sheet was derived from the audited financial statements as of that date, but may not include all disclosures including certain footnotes required by U.S. GAAP on an annual reporting basis. These unaudited condensed consolidated financial statements have been prepared on a basis consistent with our annual financial statements and, in the opinion of management, reflect all adjustments, which include all normal recurring adjustments necessary to fairly state our financial position as of March 31, 2024, our results of operations and comprehensive loss for the three months ended March 31, 2024 and 2023 and our cash flows for the three months ended March 31, 2024 and 2023, respectively. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024 or for any other future annual or interim period. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K filed with the SEC on February 21, 2024. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period.
Concentrations of Business and Credit Risk	Concentrations of Business and Credit Risk We are exposed to concentrations of credit risk primarily through our cash, cash equivalents, and short- and long-term investments held by financial institutions. We primarily deposit our cash, cash equivalents, and investments with financial institutions that management believes are of high credit quality and the amounts on deposit may exceed federally insured limits at various times. We have not experienced any significant losses in such accounts and believe we are not exposed to any significant risk. For the three months ended March 31, 2024 and 2023, one customer accounted for 11% and 12%
Concentrations of Business and Credit Risk	Concentrations of Business and Credit Risk We are exposed to concentrations of credit risk primarily through our cash, cash equivalents, and short- and long-term investments held by financial institutions. We primarily deposit our cash, cash equivalents, and investments with financial institutions that management believes are of high credit quality and the amounts on deposit may exceed federally insured limits at various times. We have not experienced any significant losses in such accounts and believe we are not exposed to any significant risk. For the three months ended March 31, 2024 and 2023, one customer accounted for 11% and 12%
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact of adopting ASU 2023-07 and expect to adopt for the year ending December 31, 2024. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact that adopting ASU 2023-09 will have on our consolidated financial statements and disclosures.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table disaggregates revenue by type (in thousands): Three Months Ended March 31, 2024 Platform Professional Total Timing of revenue recognition Transferred over time $ 25,717 $ 746 $ 26,463 Transferred at a point in time 40,048 — 40,048 Total revenue $ 65,765 $ 746 $ 66,511 Three Months Ended March 31, 2023 Platform Professional Total Timing of revenue recognition Transferred over time $ 24,468 $ 869 $ 25,337 Transferred at a point in time 26,903 — 26,903 Total revenue $ 51,371 $ 869 $ 52,240
Schedule of Current and Non-current Deferred Contract Costs	The following table summarizes the activity of current and non-current deferred contract costs (in thousands): Balance at December 31, 2023 $ 10,549 Capitalization of deferred contract costs 1,560 Amortization of deferred contract costs (1,382) Balance at March 31, 2024 $ 10,727

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements, Nonrecurring	The following tables present the costs, net unrealized losses, and fair value by major security type for our investments as of March 31, 2024 and December 31, 2023 (in thousands): As of March 31, 2024 Cost Net Unrealized Losses Fair Value Cash and Cash equivalents Short-term Investments Long-term Investments Cash $ 119,562 $ — $ 119,562 $ 119,562 $ — $ — Level 1: Money market funds 139,523 — 139,523 139,523 — — Commercial paper 14,876 (2) 14,874 — 14,874 — Subtotal 154,399 (2) 154,397 139,523 14,874 — Level 2: Certificates of deposit 20,957 14 20,971 — 20,971 — U.S. Government and agency securities 51,406 (168) 51,238 — 38,933 12,305 Corporate bonds 31,203 12 31,215 — 18,343 12,872 Subtotal 103,566 (142) 103,424 — 78,247 25,177 Level 3: — — — — — — Total $ 377,527 $ (144) $ 377,383 $ 259,085 $ 93,121 $ 25,177 As of December 31, 2023 Cost Net Unrealized Losses Fair Value Cash and Cash equivalents Short-term Investments Long-term Investments Cash $ 130,566 $ — $ 130,566 $ 130,566 $ — $ — Level 1: Money market funds 147,652 — 147,652 147,652 — — Commercial paper 16,408 11 16,419 — 16,419 — Subtotal 164,060 11 164,071 147,652 16,419 — Level 2: Certificates of deposit 15,366 21 15,387 — 15,387 — U.S. Government and agency securities 49,393 (73) 49,320 — 33,198 16,122 Corporate bonds 28,927 26 28,953 — 19,327 9,626 Subtotal 93,686 (26) 93,660 — 67,912 25,748 Level 3: — — — — — — Total $ 388,312 $ (15) $ 388,297 $ 278,218 $ 84,331 $ 25,748

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): As of March 31, 2024 As of December 31, 2023 Accrued delivery service partner fees $ 46,696 $ 39,964 Accrued compensation and benefits 4,867 9,148 Accrued legal settlement (1) 9,000 9,000 Professional and consulting fees 1,110 3,866 Sublease liability — 2,032 Accrued taxes 1,093 1,068 Other 4,378 3,162 Total accrued expenses and other current liabilities $ 67,144 $ 68,240 (1) See “Note 10—Commitments and Contingencies” for details.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Stock Repurchased Activity	The following table summarizes the share repurchase activity of our Class A common stock under the Stock Buyback Program for the periods presented (in thousands, except share and per share amounts): Total Number of Shares Purchased Average Price Paid per Share (1) Value of Shares Repurchased (1) Remaining Amount Authorized Balance as of January 1, 2024 $ 22,097 Repurchases of common stock for the three months ended: March 31, 2024 2,799,891 $ 5.44 $ 15,234 (15,234) Total 2,799,891 $ 5.44 $ 15,234 $ 6,863 (1) Average price paid per share and value of shares excludes broker commission fees.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity	The following table summarizes the activity for the unvested RSUs during the three months ended March 31, 2024: RSUs Weighted- Unvested at December 31, 2023 9,545,036 $ 8.70 Granted 511,685 5.49 Vested (684,232) 9.82 Forfeited and canceled (328,769) 8.67 Unvested at March 31, 2024 9,043,720 $ 8.44 The following table summarizes the activity for the unvested PSUs during the three months ended March 31, 2024: PSUs Weighted- Unvested at December 31, 2023 395,545 $ 7.77 Granted 2,104,852 6.89 Vested (128,370) 7.77 Forfeited and canceled — — Unvested at March 31, 2024 2,372,027 $ 6.99
Schedule of Stock-based Compensation By Statement of Operations Line Item	The classification of stock-based compensation expense, which includes expense for stock options, RSUs, PSUs, and ESPP charges, by line item within the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended 2024 2023 Cost of revenue - platform $ 1,511 $ 1,825 Cost of revenue - professional services and other 125 191 Research and development 3,021 4,547 General and administrative 4,680 4,987 Sales and marketing 1,503 2,494 Total stock-based compensation expense $ 10,840 $ 14,044

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Net Loss Available to Common Stockholders	A reconciliation of net loss available to common stockholders and the number of shares in the calculation of basic net loss per share is as follows (in thousands, except share and per share data): Three Months Ended 2024 2023 Numerator: Net loss attributable to Class A and Class B common stockholders $ (2,356) $ (13,706) Denominator: Weighted-average Class A and Class B common shares outstanding—basic and diluted 162,320,759 161,691,506 Net loss per share attributable to Class A and Class B common stockholders––basic and diluted $ (0.01) $ (0.08)
Schedule of Anti-dilutive Securities Excluded from Loss per Share	The following potential common shares were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an as-converted basis): Three Months Ended 2024 2023 Outstanding stock options 21,065,578 27,815,043 Outstanding RSUs and PSUs 11,415,747 11,362,142 Outstanding shares estimated to be purchased under ESPP 244,108 290,734 Total 32,725,433 39,467,919

Significant Accounting Polici_3

Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Largest Customer | Revenue Benchmark | Customer Concentration Risk
Property, Plant and Equipment [Line Items]
Concentration risk	11%	12%

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 66,511	$ 52,240
Transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	26,463	25,337
Transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	40,048	26,903
Platform
Disaggregation of Revenue [Line Items]
Total revenue	65,765	51,371
Platform | Transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	25,717	24,468
Platform | Transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	40,048	26,903
Professional Services and Other
Disaggregation of Revenue [Line Items]
Total revenue	746	869
Professional Services and Other | Transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	746	869
Professional Services and Other | Transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	$ 0	$ 0

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract assets	$ 0.8	$ 0.8
Revenue recognized previously unearned	1
Remaining performance obligations	$ 34.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percent of remaining performance obligation expected to be recognized (as a percent)	46%
Revenue, remaining performance obligation, period (in months)	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period (in months)	24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01 | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, period (in months)	48 months

Revenue Recognition - Deferred

Revenue Recognition - Deferred Contract Costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Capitalized Contract Cost [Roll Forward]
Capitalized contract cost balance at beginning of period	$ 10,549
Capitalization of deferred contract costs	1,560
Amortization of deferred contract costs	(1,382)
Capitalized contract cost balance at end of period	$ 10,727

Fair Value Measurement - Amorti

Fair Value Measurement - Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Cost	$ 377,527	$ 388,312
Net Unrealized Losses	(144)	(15)
Fair Value	377,383	388,297
Cash and Cash equivalents	259,085	278,218
Short-term Investments	93,121	84,331
Long-term Investments	25,177	25,748
Non-cash impairment charges	0
Fair Value, Inputs, Level 1 | Fair Value, Recurring
Debt Securities, Available-for-Sale [Line Items]
Cost	154,399	164,060
Net Unrealized Losses	(2)	11
Fair Value	154,397	164,071
Cash and Cash equivalents	139,523	147,652
Short-term Investments	14,874	16,419
Long-term Investments	0	0
Fair Value, Inputs, Level 2 | Fair Value, Recurring
Debt Securities, Available-for-Sale [Line Items]
Cost	103,566	93,686
Net Unrealized Losses	(142)	(26)
Fair Value	103,424	93,660
Cash and Cash equivalents	0	0
Short-term Investments	78,247	67,912
Long-term Investments	25,177	25,748
Fair Value, Inputs, Level 3 | Fair Value, Recurring
Debt Securities, Available-for-Sale [Line Items]
Cost	0	0
Net Unrealized Losses	0	0
Fair Value	0	0
Cash and Cash equivalents	0	0
Short-term Investments	0	0
Long-term Investments	0	0
Cash
Debt Securities, Available-for-Sale [Line Items]
Cost	119,562	130,566
Net Unrealized Losses	0	0
Fair Value	119,562	130,566
Cash and Cash equivalents	119,562	130,566
Short-term Investments	0	0
Long-term Investments	0	0
Money market funds | Fair Value, Inputs, Level 1 | Fair Value, Recurring
Debt Securities, Available-for-Sale [Line Items]
Cost	139,523	147,652
Net Unrealized Losses	0	0
Fair Value	139,523	147,652
Cash and Cash equivalents	139,523	147,652
Short-term Investments	0	0
Long-term Investments	0	0
Commercial paper | Fair Value, Inputs, Level 1 | Fair Value, Recurring
Debt Securities, Available-for-Sale [Line Items]
Cost	14,876	16,408
Net Unrealized Losses	(2)	11
Fair Value	14,874	16,419
Cash and Cash equivalents	0	0
Short-term Investments	14,874	16,419
Long-term Investments	0	0
Certificates of deposit | Fair Value, Inputs, Level 2 | Fair Value, Recurring
Debt Securities, Available-for-Sale [Line Items]
Cost	20,957	15,366
Net Unrealized Losses	14	21
Fair Value	20,971	15,387
Cash and Cash equivalents	0	0
Short-term Investments	20,971	15,387
Long-term Investments	0	0
U.S. Government and agency securities | Fair Value, Inputs, Level 2 | Fair Value, Recurring
Debt Securities, Available-for-Sale [Line Items]
Cost	51,406	49,393
Net Unrealized Losses	(168)	(73)
Fair Value	51,238	49,320
Cash and Cash equivalents	0	0
Short-term Investments	38,933	33,198
Long-term Investments	12,305	16,122
Corporate bonds | Fair Value, Inputs, Level 2 | Fair Value, Recurring
Debt Securities, Available-for-Sale [Line Items]
Cost	31,203	28,927
Net Unrealized Losses	12	26
Fair Value	31,215	28,953
Cash and Cash equivalents	0	0
Short-term Investments	18,343	19,327
Long-term Investments	$ 12,872	$ 9,626

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued delivery service partner fees	$ 46,696	$ 39,964
Accrued compensation and benefits	4,867	9,148
Accrued legal settlement	9,000	9,000
Professional and consulting fees	1,110	3,866
Sublease liability	0	2,032
Accrued taxes	1,093	1,068
Other	4,378	3,162
Total accrued expenses and other current liabilities	$ 67,144	$ 68,240

Line of Credit (Details)

Line of Credit (Details)	Mar. 31, 2024 USD ($)
Revolving Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 1,400,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Outstanding balance of credit	0
DoorDash Agreement | Letter of Credit
Debt Instrument [Line Items]
Current borrowing capacity	43,600,000
Letter of credit issued amount	25,000,000
Amounts drawn against letter of credit	$ 0

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)	Sep. 07, 2022 USD ($)
Common Class A
Class of Stock [Line Items]
Repurchase of common stock authorised amount	$ 100,000,000

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchase Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Stock Repurchase Program [Roll Forward]
Number of Shares Purchased, beginning (in shares) | shares
Number of Shares Purchased, Repurchase of common stock (in shares) | shares	2,799,891
Number of Shares Purchased, ending (in shares) | shares	2,799,891
Average Price Paid per Share, (in USD per share) | $ / shares	$ 5.44
Value of Shares Repurchased, beginning
Value of shares repurchased, Repurchases of common stock	$ (15,234)
Value of Shares Repurchased, ending	15,234
Remaining Amount Authorized, beginning	22,097
Remaining Amount Authorized, ending	$ 6,863

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Jan. 01, 2023	Mar. 31, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares authorized for issuance (in shares)		48,977,089	48,977,089		40,556,635
Total stock-based compensation expense			$ 10,840	$ 14,044
2021 Equity Incentive Plan | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, number of additional shares authorized (in shares)			8,168,075
Options, RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		29,299,036	29,299,036		25,029,007
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested during the period			$ 3,800
Unrecognized compensation expense		$ 70,200	$ 70,200
Weighted-average recognition period			2 years 9 months 25 days
Share-based compensation, trading day			30 days
Vested (in shares)			684,232
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested during the period			$ 700
Unrecognized compensation expense		$ 15,000	$ 15,000
Weighted-average recognition period			2 years 8 months 26 days
Vesting period (in years)		3 years	3 years
Achievement of specified financial targets period (in years)			1 year
Share-based compensation, target amount percentage			103.86%
Vested (in shares)		128,370	128,370
PSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, target amount percentage		0%
PSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, target amount percentage		200%
2021 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares authorized for issuance (in shares)		6,664,687	6,664,687
Total stock-based compensation expense			$ 200	$ 400
2021 Employee Stock Purchase Plan | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, number of additional shares authorized (in shares)	1,084,696

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of RSUs and PSUs (Details) - $ / shares	1 Months Ended	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2024
RSUs
RSUs
Unvested at beginning of period (in shares)		9,545,036
Granted (in shares)		511,685
Vested (in shares)		(684,232)
Forfeited and canceled (in shares)		(328,769)
Unvested at end of period (in shares)	9,043,720	9,043,720
Weighted- Average Grant Date Fair Value
Weighted-average grant date fair value of unvested at beginning of period (in USD per share)		$ 8.70
Granted (in USD per share)		5.49
Vested (in USD per share)		9.82
Forfeited and canceled (in USD per share)		8.67
Weighted-average grant date fair value of unvested at end of period (in USD per share)	$ 8.44	$ 8.44
PSUs
RSUs
Unvested at beginning of period (in shares)		395,545
Granted (in shares)		2,104,852
Vested (in shares)	(128,370)	(128,370)
Forfeited and canceled (in shares)		0
Unvested at end of period (in shares)	2,372,027	2,372,027
Weighted- Average Grant Date Fair Value
Weighted-average grant date fair value of unvested at beginning of period (in USD per share)		$ 7.77
Granted (in USD per share)		6.89
Vested (in USD per share)		7.77
Forfeited and canceled (in USD per share)		0
Weighted-average grant date fair value of unvested at end of period (in USD per share)	$ 6.99	$ 6.99

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 10,840	$ 14,044
Cost of Sales | Platform
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,511	1,825
Cost of Sales | Professional services and other
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	125	191
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	3,021	4,547
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	4,680	4,987
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1,503	$ 2,494

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	(1.61%)	(0.13%)

Commitment and Contingencies (D

Commitment and Contingencies (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Accrued legal settlement		$ 9,000		$ 9,000
Insurance recoveries		1,600
Decrease in operating lease right-of-use asset	$ 300
Decrease in operating lease liability	$ 300
Sublease income		600	$ 700
Lease termination benefit		$ 1,400

Net Loss per Share Attributab_3

Net Loss per Share Attributable to Common Stockholders - Schedule of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net loss	$ (2,356)	$ (13,706)
Denominator:
Weighted-average Class A and Class B common shares outstanding - basic (in shares)	162,320,759	161,691,506
Weighted-average Class A and Class B common shares outstanding - diluted (in shares)	162,320,759	161,691,506
Net loss per share attributable to Class A and Class B common stockholders - basic (in shares)	$ (0.01)	$ (0.08)
Net loss per share attributable to Class A and Class B common stockholders - diluted (in shares)	$ (0.01)	$ (0.08)

Net Loss per Share Attributab_4

Net Loss per Share Attributable to Common Stockholders - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net loss per share (in shares)	32,725,433	39,467,919
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net loss per share (in shares)	21,065,578	27,815,043
Outstanding RSUs and PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net loss per share (in shares)	11,415,747	11,362,142
Outstanding shares estimated to be purchased under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of net loss per share (in shares)	244,108	290,734

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	1 Months Ended	3 Months Ended
	May 07, 2024	Mar. 31, 2024	Apr. 30, 2024	Sep. 07, 2022
Subsequent Event [Line Items]
Repurchased additional shares (in shares)		2,799,891
Repurchased stock per share (in USD per share)		$ 5.44
Value of shares repurchased		$ 15,234,000
Common Class A
Subsequent Event [Line Items]
Repurchase of common stock authorised amount				$ 100,000,000
Subsequent Event | Common Class A
Subsequent Event [Line Items]
Repurchased additional shares (in shares)	1,374,108
Repurchased stock per share (in USD per share)	$ 4.99
Value of shares repurchased	$ 6,900,000
Repurchase of common stock authorised amount			$ 100,000,000