It is my pleasure to welcome Joanna Lambert, Chief Operating Officer, and Peter Benevides, Chief Financial Officer at Olo. With over 600 restaurants on its platform, Olo is a leading open SaaS platform that allows- enables hospitality at every guest touch point. So with that, let's jump right in. Jo, you joined, you joined as Chief Operating Officer in July. What brought you to Olo, and what are you excited about? Yeah, fantastic. So first of all, I joined here about six months ago. My background is mostly predominantly been in the digital space, in different industries, fintech, payments, and more recently, media tech. What brought me to Olo, though, is just the opportunity to digitize the restaurant industry. Olo has been at the forefront, working really closely with brand partners since Noah founded the company. Noah was in that video just that you saw, in 2005. And, watching, you know, even today, just even I think even the last couple of years, the digitization is only really at 15%. So the opportunity is just so great, both off-premise as well as on-premise. So I just see such a great opportunity here. So very excited to be here. Well, let's get right into that. So we saw the video, a lot ahead, a lot of opportunity for the future. Let's go through the three core product suites. Obviously, it's traditionally been known for online ordering, but what's next? What's here, and what are you looking at? Yeah. So as you, as you mentioned, we really have solidified the customer offering to be very customer-centric focused. So we've got order, you know, digitizing all of your orders, making it seamless, making it easy, being able to drive all of that, that order volume. Pay has been one of our more recent launches. Correct me, Peter, I think it was 2022? Q1 of 2022. 2022, we launched our Pay offering. Again, we can talk a little bit more about that in some detail. And then Engage, actually is part of our, essentially a marketing offering that helps brands to be able to, you know, first of all, drive, you know, drive growth on their, for within their brands, to be able to automate marketing with that Engage. Actually, it was part of an acquisition that we made back in, 2021 with Wisely, but since then, we've been investing significant amount of time and energy into, you know, augmenting that, that platform to be able to help brands to be able to, you know, drive more guest lifetime value. Part of that acquisition was also a guest data platform, which is something that is really exciting. As we think about these three suites coming together, Order, Pay, and Engage, at the center of all of it is data, and I can't say data enough in terms of what the opportunity there is for us to be able to help brands utilize their data more effectively, to be able to drive growth across their brands. Great. So it is the data that helps these restaurant brands power all three of these functions together? Absolutely. Amazing. Peter, over to you. So Jo talked about payments as part of the product flywheel. Why get into payments in the first place, and where is it? How is it going? Yeah. So when I think back to the evolution of Olo Pay, it was really an opportunity that we were being brought into by our brands, initially to solve a variety of pain points that were typical in a digital environment, using a non-digital or analog solution for a digital need. And things like chargebacks, fraud, authorization rates, I would call those kind of the performance metrics of processing a payment, was subpar for the digital experience, again, because you're using, in many cases, an analog solution for a digital need. So we were brought into the opportunity by our brands, and we saw that as an opportunity not only to service the need of the payment processing experience, but to really use that strategically as a means to ultimately capture guest data that Jo was referencing earlier. What I mean by that is, in conjunction with the announcement of Olo Pay, we announced a feature or capability called Borderless that allows brands to more effectively collect guest data because guests are able to store their information at the Olo platform level and then use that information across all brands that are participating in that Borderless network. Which then means that you go from, in many cases, only a third of consumers were actually logged in a checked-out state, to over two-thirds of customers are now checking out in a logged-in state, which now means you know who that guest is, what they're ordering, et cetera, and that can better enrich the Guest Data Platform and drive business decisions. It was really taking what was an immediate need of better payment processing and extending that into a more strategic opportunity to ultimately collect and leverage guest data. What is the bigger opportunity then, as you look at Borderless and how that plays out? Yeah. So just maybe tying it back to payments for a moment. So today, Olo Pay is only servicing the card-not-present transaction, and the way to think about card-not-present is to think about it as the digital transaction. It's, it's the transaction that is happening without the card swipe. We are now working to extend Olo Pay's capability into card-present processing, and why that matters is today, the industry, about 15% of transactions are digital, which means with a card-present solution, we'll be able to service 100% of transactions. And last calendar year, or sorry, end of 2022, we had processed about $20 billion of GMV. So that $20 billion, again, is what that 15% of digital represents. If we now have a payment solution that can capture all of those transactions, that takes that $20 billion opportunity and extends it to $150 billion. So from a financial standpoint, huge opportunity to grow the business through that perspective. But that with every transaction, you're spinning off more guest data, and then that guest data is populating the data platform, and the flywheel continues to spin. So I think ultimately, Borderless is what helps us achieve greater Pay penetration and greater revenue opportunity, but also allows brands to more effectively collect that guest data. From a guest perspective, what Borderless is essentially is a really easy checkout experience, a passwordless checkout experience, which just makes it so much easier for you. You don't have to remember your password every time you're checking out. It also leads to much higher conversion for the brands who have adopted Borderless as well, which is also a great, great news for brands and our customers. So let's move on to Engage. How has Olo expanded into this category, and why don't we talk a little bit about Engage? Yeah, sure. So as I mentioned, Engage came about also a little bit from customer demand, quite frankly. Of being at this conference, I'm hearing consistently the need to be able to, you know, drive down and make more, get more out of our marketing spend across the industry. And Engage allows us to do that. So we acquired Wisely at the end of 2021. Since then, we have, you know, again, continued to augment that product suite, both the Guest Data Platform as well as marketing automation functionality. What it really allows customers to be able to do, though, is to be able to utilize their data more effectively, gather the data, analyze data, and then be able to, you know, more effectively target customers and drive lifetime value for those customers. So really, really big opportunity for us, and very very helpful for our brands as they think about, you know, again, collecting data across every order transaction, you know, on-premise, off-premise, then also being able to collect the Pay data that Peter just talked about, card present, card not present. That then allows us to be able to collect more data and then drive, you know, more functionality into our Engage platform, which creates this incredible flywheel with the three suites working together to be able to help brands to, you know, more effectively acquire new customers, grow existing customer spend, and provide more relevant offers out there to customers as well, which is a really big opportunity for us. Anything else on- No, that's spot on. Yep. Let's talk a little bit about the brands you're working with. With over 600 restaurants on the platform, you've got both powerhouse enterprise brands as well as emerging, emerging brands. What is making Olo the ideal partner for these brands at both sides, on both sides? Yeah. So I'd say depending on the segment, we kind of fit a need across different segments within the industry. I think, we're again, traditionally known for digital ordering and delivery, which we focused initially early days on the enterprise segment of the market, which we define as, call it 100 locations, up to 2,000 locations per brand. And we've done really well within that segment and now are thinking of ways to better service the, what I'll call the mega enterprise segment of the industry, so the top 25 brands. Today we work with four of the top 25, when measured on a location basis, six if you were to do it on a GMV basis. But really educating that segment around the modularity of the platform and I think oftentimes people think about, "Oh, if I work with Olo, I have to use all of the things," when in reality that's not the case. We've built the platform in a way that allows you to use components of the platform to perhaps augment the thing that you've already built. So it's not a build or buy, it's a build and buy, and you can kind of use elements of the platform to build out whatever your, you know, digital ambitions may be. Within the emerging enterprise segment, that's a segment that we define as five locations, up to 99 locations per brand. That's a segment that we've moved, you know, more aggressively into over the past 18-24 months, certainly on the heels of having a payments product that is native to the platform. So now we can service that segment in a more kind of unified way and say, "Well, we can service your digital ordering, delivery, payment, and engagement needs just by selecting Olo." So within that segment, it's really more of a kind of all-in-one approach. And so depending on, again, depending on the conversation that we're having, it's a, it's a slightly different strategy of how we would engage with that segment. So let's talk about some of the bigger brands. There is chatter that they're looking at taking their own tech in-house. What are your thoughts there? What are you hearing and seeing? Yeah, I would say the trend has been the opposite, where, you know, since IPO, if we went back further, the trend is probably even greater, but it has been to cut off of homegrown technology and onto best-of-breed software or SaaS provider. And it really comes down to two things. It comes down to total cost of ownership, so significantly less costly to use a SaaS provider versus trying to rebuild and replicate what someone has already done. As well as the ability to leverage platform level innovation that you would otherwise forgo if you wanted to build that technology yourself. So we talked a bit about Borderless. We have 85 million consumers that have transacted over the platform over the past 12 months. There's no other brand that has that size and scale to replicate that level of guest, you know, guest data, but also, individual guest logins to then help drive sales and help drive, data capture. So I think those two reasons, total cost of ownership and foregoing platform-level innovation, is why the trend has been, to cut off of homegrown technology and onto a best-of-breed SaaS provider. The other thing that we hear a lot about in talking with our brand partners is around this, the reliability and security. You know, we've spent a lot of time and money investing in our platform to be able to, you know, support these 600 brands and 78,000 locations and 85 million guests. And, you know, data integrity, making sure that we keep, you know, security top of mind is really critical. It's something that at our scale, we focus on every second of every day. And being a partner with brands that really take some of that, you know, what keeps them up at night, you know, off their back, so to speak. Well, you've both talked a lot about competitive advantages. Let's get in a little bit further. What is the growth plan? Let's talk near and longer term. Like, can you lay it out for us? Yes. So I think fundamentally, the ways in which we grow the business are the same today as they were, you know, years ago, adding more locations to the platform and then increasing the amount of revenue we earn on a per location basis, which we define as ARPU. From a location standpoint, today, there are 78,000 enterprise restaurant locations on the platform. There are about 300,000 within the industry in North America, so there's about a 4x opportunity to expand a location count from where we are today. And how we do that is really across those three subsegments that I talked about, more success in the top 25, emerging and emerging enterprise. In terms of ARPU, this past quarter, I believe our ARPU was about $742 per location per quarter, so call it $2,500 per year. We think we can grow that number more than 20x as a result of having, in large part, a payments offering that can service both the card-not-present and card-present offering. And just to maybe double-click on that card-present opportunity, again, there's $20 billion of GMV that we've processed over the platform this past year. We have, just within our install base, the opportunity to 6x that number once we have card present ready, and that's, you know, a huge opportunity to then monetize that GMV that we're otherwise not monetizing today by not having card present. So it's really those two levers, more locations, more ARPU, fueled by payments, that I think will help to drive growth going forward. Yeah, and I think, you know, with the, a s I mentioned before, with the addition, you know, we've solidified Order over many, many years. But with the addition of payments, and then now with the Engage module as well, there's much more opportunity for upsell. You know, we've, we're very well penetrated into the, enterprise space as Peter indicated, and we have a lot of opportunity now to, you know, continue to sell, these different modules in. And then on, obviously, in the emerging enterprise space, as Peter indicated, more and more brands are coming to us to look for that, that all-in-one solution, so there, there's a real opportunity there. Yeah, just on the upsell point for a moment, if you look at, within Order, there are additional product modules within the Order suite, Dispatch, Rails, etc., that have been, Dispatch we launched in 2015, Rails in 2018. If you look at the- or 2017. If you look at the penetration rates of those product modules within the Order suite, we've done a very good job of cross-selling those products within our install base. We now have Pay, which has, you know, been in the market a little over 18 months, and similarly with Engage. But the reason why I mentioned the penetration rates of some of the older modules is because we're developing things in partnership with our brands so that it increases the likelihood of success in terms of how further, you know, how much more we can penetrate within our brands. It's just so early for both Pay and Engage, but we believe over time they'll start to emulate the success that we had with Dispatch and Rails. So I want to repeat some numbers because I think this is a really important, and you guys have said it a few times. Olo supports 78,000 restaurants, roughly, more than 600 brands, connecting them to more than 85 million guests, on average, with more than 2 million orders per day. So just let that sink in of just the scale. So to set up my next question: What are you seeing as far as the state of the consumer? What behaviors are changing? Yeah, I would define the consumer as being resilient. If you just think about the amount of change that has happened over the past, you know, 12-24 months, whether it's inflation and the issues that's caused with price increases and so forth. If we look at, you know, overall industry transactions, digital transactions, that's continued to grow in light of some of the headwinds around pricing and inflation, etc. So I would say the consumer has been resilient. The one thing I would say is, if you look at the composition of the brands that are on our platform today, about two-thirds of the brands on the platform are—would be defined as limited-service restaurants, where from a pricing perspective, more cost-effective than full service or more higher-priced offerings. So to the extent, you know, consumers were to trade down to lower-priced alternatives, which has been the case in prior recessionary time periods, we feel like we're somewhat insulated from that, from that scenario, just given the composition of our existing customer base. But that said, again, I'd say the consumer has been pretty resilient, and the trends that we've seen in demand for digital food ordering have persisted in light of some of those dynamics. I think also from a consumer perspective, what we're seeing across every industry is a higher expectation for a more seamless experience, and a more personalized experience across the board as well. Like, so this is where we're investing a lot of, a lot of energy in terms of helping brands to be able to, you know, provide a more personalized experience. Like, my expectation is, you know, your expectation is you, you're going into a store, you saw in the video the waitress, the hostess, recognized the couple, "Happy anniversary." You know, if I don't want rosemary in my meal, you know, you want to be able to let brands know that so that they're not serving up different types of foods that you may not be, you know, amenable to. You know, smart upsells is another huge opportunity in an area where we really think that we can serve the increased consumer demand for a more seamless experience. Things like, you know, no, it's not just, fries with that order, it might be actually a side salad with that order or, you know, guacamole with that order, 'cause I order guacamole everywhere I go. And that's the power. You mentioned these, these numbers, 85 million guests, 600 brands, 78,000 locations. The power that I think the opportunity here is utilizing all that data then to be able to better support the customer and the consumer at the end of the day, as well as better support our brand partners to be able to help them, you know, provide a much more, as I said, personalized experience, which ultimately then drives, you know, more guest lifetime value over time. As we look ahead, though, to 2024, any thoughts on behaviors that you're expecting or any predictions? I think it's gonna be just, again, increasingly a more seamless experience overall for the consumer. And I think the expectation, you know, you look at any other industry, you know, the banking industry, payments industry, the retail industry, you know, people are those industries are serving things to us as consumers before we even think about knowing that we want them, and I think that's the real opportunity. You know, you mentioned, Peter, 15% of the restaurant industry is digitized. That's 85% we still have an opportunity there to go serve. Actually, one of the things that we talked about before is Borderless, which is this, you know, really easy checkout experience. You have to think, remember your password, where you're going, et cetera, drives greater conversion. We actually have been selling that in as part of our Pay offering over the course of the last 18 months or so. As we go into this year, I forget we're in 2024 already. As we go into 2024, we're actually decoupling that from Pay. So again, giving brands more opportunity to choose which pieces of the platform they take. Borderless will be available to those other Order customers, even irrespective of whether or not they've yet taken on our Pay module. Yeah, I would—the only thing I would add there is there's certainly, you probably heard a lot of that, a lot of this today, a trend to digitize a greater portion of industry transactions. And there's an operational reason why you would do that, or even a, a leverage reason of why you would do that, more cost effective, as an example. But there's also the ability to more effectively capture guest data and using the digital interaction as that customer acquisition engine. Because if you think about the traditional way of, you know, how you would interact with a, with a restaurant brand going up to a POS as an example, and that interaction, that is a unknown guest, right? Most cases, the payment and the POS are decoupled, so right away it's tough to tie that transaction together. Because the person who's on the other side taking your order is only concerned about entering that order, they're not really logging you in, right? They don't know who you are, what you've done historically, et cetera. But through applications like a kiosk or using QR code ordering, these are all things that the Olo platform can power today. You can better facilitate that transaction, drive more leverage in your business, but also capture guest data that you otherwise would not have captured. So I think in 2024, I think brands will start to think about: How can I drive more leverage in my business, but at the same time, more effectively capture guest data? And hopefully, they give us a call 'cause we can help. Well, you captured my last question, which was that, what are the challenges facing these operators? But it does sound like the data is a huge opportunity as they look ahead. Yeah, I think driving leverage in one's business, finding ways to provide great service, personalized service in a more cost-effective way is a big focus. But at the same time, being able to capture that guest data to then leverage for future personalization, but also to drive business decisions. What menu items are working? What's not working? What are the things that correlate to the highest lifetime value customers of my brand? Where do I open my next site? Et cetera. There's so much power in that data if you can correctly capture, normalize, and then act upon that data. And the other thing is obviously, you know, reducing costs across the board in the industry is something that we just hear over and over again. And, you know, how can we help to help every marketing spend get more return on that investment across the board? And as Peter said, help make better, better decisions, whether it's menu, location, or personalization for guests coming to your platform. The other thing that I think is a really big trend for 2024 is, you know, what Peter just mentioned a little, is increasingly what we're hearing is brands wanna be able to see the full customer journey, both digital transactions, someone ordering perhaps from home or ordering on the street, as well as those customers that walk up and pay in store. Connecting those two pieces of data so that you can actually see the full picture of the customer journey overall is increasingly something that we're trying to solve. Well, I am being told we're out of time. But Jo and Peter, thank you. Thank you for joining us today. Thank you. Thanks for having us. Thanks for having us. Thank you.