x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 20-2971562 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Class A Common Stock, par value $0.001 per share | OLO | The New York Stock Exchange |
Large accelerated filer | ¨ | Accelerated filer | ¨ | |||||||||||
Non-accelerated filer | x | Smaller reporting company | ¨ | |||||||||||
Emerging growth company | x |
Page | ||||||||
Item 1. | Financial Statements (Unaudited) | |||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
As of June 30, 2022 | As of December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 386,670 | $ | 514,445 | |||||||
Short-term investments | 73,535 | — | |||||||||
Accounts receivable, net of allowances of $656 and $657, respectively | 41,649 | 42,319 | |||||||||
Contract assets | 435 | 568 | |||||||||
Deferred contract costs | 2,642 | 2,567 | |||||||||
Prepaid expenses and other current assets | 8,281 | 5,718 | |||||||||
Total current assets | 513,212 | 565,617 | |||||||||
Property and equipment, net | 8,992 | 3,304 | |||||||||
Intangible assets, net | 23,678 | 19,635 | |||||||||
Goodwill | 207,540 | 162,956 | |||||||||
Contract assets, noncurrent | 619 | 387 | |||||||||
Deferred contract costs, noncurrent | 4,003 | 3,616 | |||||||||
Operating lease right-of-use assets | 17,347 | — | |||||||||
Long-term investments | 4,476 | — | |||||||||
Other assets, noncurrent | 395 | 361 | |||||||||
Total assets | $ | 780,262 | $ | 755,876 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 2,098 | $ | 2,184 | |||||||
Accrued expenses and other current liabilities | 44,689 | 45,395 | |||||||||
Unearned revenue | 3,231 | 1,190 | |||||||||
Operating lease liabilities, current | 2,630 | — | |||||||||
Total current liabilities | 52,648 | 48,769 | |||||||||
Unearned revenue, noncurrent | 1,618 | 3,014 | |||||||||
Operating lease liabilities, noncurrent | 17,009 | — | |||||||||
Other liabilities, noncurrent | 69 | 2,343 | |||||||||
Total liabilities | 71,344 | 54,126 | |||||||||
Commitments and contingencies (Note 16) | |||||||||||
Stockholders’ equity: | |||||||||||
Class A common stock, $0.001 par value; 1,700,000,000 shares authorized at June 30, 2022 and December 31, 2021; 97,645,289 and 78,550,530 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively. Class B common stock, $0.001 par value; 185,000,000 shares authorized at June 30, 2022 and December 31, 2021; 63,554,232 and 79,149,659 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively | 161 | 158 | |||||||||
Preferred stock, $0.001 par value; 20,000,000 shares authorized at June 30, 2022 and December 31, 2021 | — | — | |||||||||
Additional paid-in capital | 843,764 | 813,166 | |||||||||
Accumulated deficit | (134,756) | (111,574) | |||||||||
Accumulated other comprehensive loss | (251) | — | |||||||||
Total stockholders’ equity | 708,918 | 701,750 | |||||||||
Total liabilities and stockholders’ equity | $ | 780,262 | $ | 755,876 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Platform | $ | 44,538 | $ | 34,526 | $ | 86,004 | $ | 69,449 | |||||||||||||||
Professional services and other | 1,063 | 1,370 | 2,353 | 2,570 | |||||||||||||||||||
Total revenue | 45,601 | 35,896 | 88,357 | 72,019 | |||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Platform | 12,749 | 6,180 | 23,773 | 11,787 | |||||||||||||||||||
Professional services and other | 1,419 | 1,183 | 3,197 | 2,426 | |||||||||||||||||||
Total cost of revenue | 14,168 | 7,363 | 26,970 | 14,213 | |||||||||||||||||||
Gross Profit | 31,433 | 28,533 | 61,387 | 57,806 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 17,233 | 13,931 | 34,058 | 28,387 | |||||||||||||||||||
General and administrative | 17,235 | 13,310 | 35,196 | 31,764 | |||||||||||||||||||
Sales and marketing | 8,897 | 3,701 | 16,967 | 7,537 | |||||||||||||||||||
Total operating expenses | 43,365 | 30,942 | 86,221 | 67,688 | |||||||||||||||||||
Loss from operations | (11,932) | (2,409) | (24,834) | (9,882) | |||||||||||||||||||
Other income (expenses), net: | |||||||||||||||||||||||
Interest income | 533 | — | 585 | — | |||||||||||||||||||
Interest expense | (46) | — | (46) | — | |||||||||||||||||||
Other income (expense) | 7 | 10 | 13 | (8) | |||||||||||||||||||
Change in fair value of warrant liability | — | — | — | (18,930) | |||||||||||||||||||
Total other income (expenses), net | 494 | 10 | 552 | (18,938) | |||||||||||||||||||
Loss before income taxes | (11,438) | (2,399) | (24,282) | (28,820) | |||||||||||||||||||
Provision (benefit) for income taxes | 235 | 38 | (1,100) | 74 | |||||||||||||||||||
Net loss | $ | (11,673) | $ | (2,437) | $ | (23,182) | $ | (28,894) | |||||||||||||||
Accretion of redeemable convertible preferred stock to redemption value | — | — | — | (14) | |||||||||||||||||||
Net loss attributable to Class A and Class B common stockholders | $ | (11,673) | $ | (2,437) | $ | (23,182) | $ | (28,908) | |||||||||||||||
Net loss per share attributable to Class A and Class B common stockholders: | |||||||||||||||||||||||
Basic | $ | (0.07) | $ | (0.02) | $ | (0.15) | $ | (0.30) | |||||||||||||||
Diluted | $ | (0.07) | $ | (0.02) | $ | (0.15) | $ | (0.30) | |||||||||||||||
Weighted-average Class A and Class B common shares outstanding: | |||||||||||||||||||||||
Basic | 160,429,125 | 147,510,963 | 159,813,053 | 95,690,520 | |||||||||||||||||||
Diluted | 160,429,125 | 147,510,963 | 159,813,053 | 95,690,520 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net loss | $ | (11,673) | $ | (2,437) | $ | (23,182) | $ | (28,894) | |||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||
Unrealized loss on investments | (251) | — | (251) | — | |||||||||||||||||||
Total other comprehensive loss | (251) | — | (251) | — | |||||||||||||||||||
Comprehensive loss | $ | (11,924) | $ | (2,437) | $ | (23,433) | $ | (28,894) |
Class A and Class B Common Stock | Additional Paid In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity (Deficit) | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 157,700,189 | $ | 158 | $ | 813,166 | $ | (111,574) | $ | — | $ | 701,750 | ||||||||||||||||||||||||
Issuance of common stock on exercise of stock options | 1,851,334 | 2 | 2,305 | — | — | 2,307 | |||||||||||||||||||||||||||||
Vesting of restricted stock units | 136,662 | — | — | — | — | — | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | 12,457 | — | — | 12,457 | |||||||||||||||||||||||||||||
Net loss | — | — | — | (11,509) | — | (11,509) | |||||||||||||||||||||||||||||
Balance as of March 31, 2022 | 159,688,185 | $ | 160 | $ | 827,928 | $ | (123,083) | $ | — | $ | 705,005 | ||||||||||||||||||||||||
Issuance of common stock under the Employee Stock Purchase Plan | 193,267 | — | 1,764 | — | — | 1,764 | |||||||||||||||||||||||||||||
Issuance of common stock on exercise of stock options | 1,118,331 | 1 | 2,322 | — | — | 2,323 | |||||||||||||||||||||||||||||
Vesting of restricted stock units | 199,738 | — | — | — | — | — | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | 11,750 | — | — | 11,750 | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (251) | (251) | |||||||||||||||||||||||||||||
Net loss | — | — | — | (11,673) | — | (11,673) | |||||||||||||||||||||||||||||
Balance as of June 30, 2022 | 161,199,521 | $ | 161 | $ | 843,764 | $ | (134,756) | $ | (251) | $ | 708,918 |
Redeemable Convertible Preferred Stock | Class A and Class B Common Stock | Additional Paid In Capital | Accumulated Deficit | Total Stockholders' Equity (Deficit) | ||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 58,962,749 | $ | 111,737 | 22,320,286 | $ | 22 | $ | 16,798 | $ | (69,301) | $ | (52,481) | ||||||||||||||||||||||||||||||||
Initial public offering, net of underwriting discount and deferred offering costs | — | — | 20,700,000 | 21 | 477,805 | — | 477,826 | |||||||||||||||||||||||||||||||||||||
Accretion of redeemable convertible preferred stock to redemption value | — | 14 | — | — | (14) | — | (14) | |||||||||||||||||||||||||||||||||||||
Issuance of preferred stock on exercise of warrants | 1,681,848 | 2 | — | — | 39,056 | — | 39,056 | |||||||||||||||||||||||||||||||||||||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering | (60,644,597) | (111,753) | 100,196,780 | 100 | 111,653 | — | 111,753 | |||||||||||||||||||||||||||||||||||||
Issuance of common stock upon settlement of Share Appreciation Rights | — | — | 1,642,570 | 2 | 2,845 | — | 2,847 | |||||||||||||||||||||||||||||||||||||
Issuance of common stock in connection with charitable donation | — | — | 172,918 | — | 5,125 | — | 5,125 | |||||||||||||||||||||||||||||||||||||
Issuance of common stock on exercise of stock options | — | — | 1,965,824 | 2 | 2,155 | — | 2,157 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 5,426 | — | 5,426 | |||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (26,457) | (26,457) | |||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | — | $ | — | 146,998,378 | $ | 147 | $ | 660,849 | $ | (95,758) | $ | 565,238 | ||||||||||||||||||||||||||||||||
Reversal of deferred offering costs | — | — | — | — | 1,145 | — | 1,145 | |||||||||||||||||||||||||||||||||||||
Issuance of common stock on exercise of stock options | — | — | 698,453 | 1 | 949 | — | 950 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 8,198 | — | 8,198 | |||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (2,437) | (2,437) | |||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | — | $ | — | 147,696,831 | $ | 148 | $ | 671,141 | $ | (98,195) | $ | 573,094 |
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||
Operating activities | |||||||||||
Net loss | $ | (23,182) | $ | (28,894) | |||||||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization | 2,624 | 527 | |||||||||
Stock-based compensation | 23,185 | 13,550 | |||||||||
Stock-based compensation in connection with vesting of Stock Appreciation Rights | — | 2,847 | |||||||||
Charitable donation of Class A common stock | — | 5,125 | |||||||||
Bad debt expense | 276 | 238 | |||||||||
Change in fair value of warrants | — | 18,930 | |||||||||
Non-cash lease expense | 1,125 | — | |||||||||
Deferred income tax benefit | (1,421) | — | |||||||||
Impairment of internal-use software | 475 | — | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 911 | 5,701 | |||||||||
Contract assets | (99) | (537) | |||||||||
Prepaid expenses and other current assets | (2,016) | (4,848) | |||||||||
Deferred contract costs | (462) | (330) | |||||||||
Accounts payable | (286) | (7,225) | |||||||||
Accrued expenses and other current liabilities | (1,103) | 9,726 | |||||||||
Operating lease liabilities | (1,248) | — | |||||||||
Unearned revenue | 561 | 663 | |||||||||
Other liabilities, noncurrent | (36) | (2) | |||||||||
Other non-cash loss, net | (174) | — | |||||||||
Net cash (used in) provided by operating activities | (870) | 15,471 | |||||||||
Investing activities | |||||||||||
Purchases of property and equipment | (409) | (271) | |||||||||
Capitalized internal-use software | (5,125) | (389) | |||||||||
Acquisitions, net of cash acquired | (49,308) | — | |||||||||
Purchases of investments | (82,394) | — | |||||||||
Sales and maturities of investments | 4,306 | — | |||||||||
Net cash used in investing activities | (132,930) | (660) | |||||||||
Financing activities | |||||||||||
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts | — | 485,541 | |||||||||
Cash received for employee payroll tax withholdings | 3,033 | 18,691 | |||||||||
Cash paid for employee payroll tax withholdings | (2,866) | (18,691) | |||||||||
Proceeds from exercise of warrants | — | 392 | |||||||||
Payment of deferred finance costs | — | (136) | |||||||||
Payment of deferred offering costs | (420) | (4,118) | |||||||||
Proceeds from exercise of stock options and purchases under employee stock purchase plan | 6,278 | 2,990 | |||||||||
Net cash provided by financing activities | 6,025 | 484,669 | |||||||||
Net (decrease) increase in cash and cash equivalents | (127,775) | 499,480 | |||||||||
Cash and cash equivalents, beginning of period | 514,445 | 75,756 | |||||||||
Cash and cash equivalents, end of period | $ | 386,670 | $ | 575,236 | |||||||
Supplemental disclosure of non-cash investing and financing activities | |||||||||||
Accrued offering costs | $ | — | $ | 339 | |||||||
Vesting of early exercised stock options | $ | 116 | $ | 116 | |||||||
Accretion of redeemable convertible preferred stock to redemption value | $ | — | $ | 14 | |||||||
Purchase of property and equipment on account | $ | 3 | $ | 7 | |||||||
Capitalization of stock-based compensation for internal-use software | $ | 1,418 | $ | 104 |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Beginning balance | $ | 657 | $ | 631 | |||||||
Provision for expected credit losses | 276 | 238 | |||||||||
Writeoffs | (277) | (212) | |||||||||
Ending balance | $ | 656 | $ | 657 |
Three Months Ended June 30, 2022 | |||||||||||||||||
Platform | Professional Services and Other | Total | |||||||||||||||
Timing of revenue recognition | |||||||||||||||||
Transferred over time | $ | 22,990 | $ | 1,063 | $ | 24,053 | |||||||||||
Transferred at a point in time | 21,548 | — | 21,548 | ||||||||||||||
Total revenue | $ | 44,538 | $ | 1,063 | $ | 45,601 |
Three Months Ended June 30, 2021 | |||||||||||||||||
Platform | Professional Services and Other | Total | |||||||||||||||
Timing of revenue recognition | |||||||||||||||||
Transferred over time | $ | 16,313 | $ | 1,370 | $ | 17,683 | |||||||||||
Transferred at a point in time | 18,213 | — | 18,213 | ||||||||||||||
Total revenue | $ | 34,526 | $ | 1,370 | $ | 35,896 |
Six Months Ended June 30, 2022 | |||||||||||||||||
Platform | Professional Services and Other | Total | |||||||||||||||
Timing of revenue recognition | |||||||||||||||||
Transferred over time | $ | 43,791 | $ | 2,353 | $ | 46,144 | |||||||||||
Transferred at a point in time | 42,213 | — | 42,213 | ||||||||||||||
Total revenue | $ | 86,004 | $ | 2,353 | $ | 88,357 |
Six Months Ended June 30, 2021 | |||||||||||||||||
Platform | Professional Services and Other | Total | |||||||||||||||
Timing of revenue recognition | |||||||||||||||||
Transferred over time | $ | 30,856 | $ | 2,570 | $ | 33,426 | |||||||||||
Transferred at a point in time | 38,593 | — | 38,593 | ||||||||||||||
Total revenue | $ | 69,449 | $ | 2,570 | $ | 72,019 |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Beginning balance | $ | 6,183 | $ | 5,176 | |||||||
Capitalization of deferred contract costs | 2,099 | 1,644 | |||||||||
Amortization of deferred contract costs | (1,637) | (1,314) | |||||||||
Ending balance | $ | 6,645 | $ | 5,506 |
As of June 30, 2022 | |||||||||||||||||||||||||||||||||||
Cost | Net Unrealized Losses | Fair Value | Cash and cash equivalents | Short-term investments | Long-term investments | ||||||||||||||||||||||||||||||
Cash | $ | 236,312 | $ | — | $ | 236,312 | $ | 236,312 | $ | — | $ | — | |||||||||||||||||||||||
Level 1: | |||||||||||||||||||||||||||||||||||
Money market funds | $ | 140,301 | $ | — | $ | 140,301 | $ | 140,301 | $ | — | $ | — | |||||||||||||||||||||||
Commercial paper | 18,214 | (51) | 18,163 | 2,296 | 15,867 | — | |||||||||||||||||||||||||||||
Subtotal | $ | 158,515 | $ | (51) | $ | 158,464 | $ | 142,597 | $ | 15,867 | $ | — | |||||||||||||||||||||||
Level 2: | |||||||||||||||||||||||||||||||||||
Certificates of deposit | $ | 32,326 | $ | (69) | $ | 32,257 | $ | 7,761 | $ | 24,496 | $ | — | |||||||||||||||||||||||
U.S. Government and agency securities | 15,361 | (48) | 15,313 | — | 15,313 | — | |||||||||||||||||||||||||||||
Corporate bonds | 22,418 | (83) | 22,335 | — | 17,859 | 4,476 | |||||||||||||||||||||||||||||
Subtotal | $ | 70,105 | $ | (200) | $ | 69,905 | $ | 7,761 | $ | 57,668 | $ | 4,476 | |||||||||||||||||||||||
Level 3: | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Total | $ | 464,932 | $ | (251) | $ | 464,681 | $ | 386,670 | $ | 73,535 | $ | 4,476 |
As of December 31, 2021 | |||||||||||||||||||||||||||||||||||
Cost | Net Unrealized Losses | Fair Value | Cash and cash equivalents | Short-term investments | Long-term investments | ||||||||||||||||||||||||||||||
Cash | $ | 219,344 | $ | — | $ | 219,344 | $ | 219,344 | $ | — | $ | — | |||||||||||||||||||||||
Level 1: | |||||||||||||||||||||||||||||||||||
Money market funds | 295,101 | — | 295,101 | 295,101 | — | — | |||||||||||||||||||||||||||||
Total | $ | 514,445 | $ | — | $ | 514,445 | $ | 514,445 | $ | — | $ | — |
Estimated Useful Life (in Years) | As of June 30, 2022 | As of December 31, 2021 | |||||||||||||||
Computer and office equipment | 3 - 5 | $ | 2,197 | $ | 1,800 | ||||||||||||
Capitalized internal-use software | 3 | 9,460 | 3,392 | ||||||||||||||
Furniture and fixtures | 10 | 413 | 386 | ||||||||||||||
Leasehold improvements | Shorter of estimated useful life or remaining term of lease | 386 | 374 | ||||||||||||||
Total property and equipment | 12,456 | 5,952 | |||||||||||||||
Less: accumulated depreciation and amortization of internal-use software | (3,464) | (2,648) | |||||||||||||||
Total property and equipment, net | $ | 8,992 | $ | 3,304 |
Initial Fair Value Estimate | |||||
Accounts receivable | $ | 518 | |||
Other current assets | 148 | ||||
Operating lease right-of-use asset | 236 | ||||
Property and equipment | 24 | ||||
Other assets, noncurrent | 9 | ||||
Customer relationships | 1,290 | ||||
Developed technology | 4,410 | ||||
Trademark | 150 | ||||
Goodwill | 44,678 | ||||
Accounts payable | (198) | ||||
Accrued expenses and other current liabilities | (101) | ||||
Unearned revenue | (83) | ||||
Operating lease liability, current | (81) | ||||
Operating lease liability, noncurrent | (177) | ||||
Deferred tax liability, net | (1,421) | ||||
Total purchase price, net of cash acquired | $ | 49,402 |
Operating expenses: | |||||
Sales and marketing | $ | 79 | |||
General and administrative | 1,117 | ||||
Total transaction costs | $ | 1,196 |
Balance at December 31, 2021 | $ | 162,956 | |||
Adjustment to Wisely acquisition | (94) | ||||
Acquisition of Omnivore | 44,678 | ||||
Balance at June 30, 2022 | $ | 207,540 |
Weighted-average Remaining Useful Life (in years) | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | ||||||||||||||||||||
Developed technology | 5.4 | $ | 14,595 | $ | (1,377) | $ | 13,218 | ||||||||||||||||
Customer relationships | 7.4 | 10,921 | (856) | 10,065 | |||||||||||||||||||
Trademark | 2.4 | 486 | (91) | 395 | |||||||||||||||||||
Balance at June 30, 2022 | $ | 26,002 | $ | (2,324) | $ | 23,678 |
2022 (remaining) | $ | 1,940 | ||||||
2023 | 3,967 | |||||||
2024 | 3,949 | |||||||
2025 | 3,813 | |||||||
2026 | 3,804 | |||||||
Thereafter | 6,205 | |||||||
Total | $ | 23,678 |
As of June 30, 2022 | As of December 31, 2021 | ||||||||||
Prepaid software licensing fees | $ | 2,720 | $ | 1,888 | |||||||
Prepaid insurance | 1,931 | 1,298 | |||||||||
Other | 3,630 | 2,532 | |||||||||
Total prepaid expenses and other current assets | $ | 8,281 | $ | 5,718 |
As of June 30, 2022 | As of December 31, 2021 | ||||||||||
Accrued delivery service partner fees | $ | 33,896 | $ | 35,441 | |||||||
Accrued compensation and benefits | 6,085 | 4,189 | |||||||||
Professional and consulting fees | 976 | 1,806 | |||||||||
Accrued taxes | 1,176 | 1,538 | |||||||||
Other | 2,556 | 2,421 | |||||||||
Total accrued expenses and other current liabilities | $ | 44,689 | $ | 45,395 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2022 | 2022 | ||||||||||
Operating lease costs | $ | 842 | $ | 1,670 | |||||||
Other lease income | (87) | (174) | |||||||||
Total lease costs | $ | 755 | $ | 1,496 |
2022 (remaining) | $ | 1,813 | ||||||
2023 | 3,444 | |||||||
2024 | 2,877 | |||||||
2025 | 2,893 | |||||||
2026 | 2,960 | |||||||
Thereafter | 10,114 | |||||||
Total future minimum lease payments | 24,101 | |||||||
Less: imputed interest | (4,462) | |||||||
Total | $ | 19,639 |
As of June 30, 2022 | |||||
Weighted average remaining lease term (years) | 7.54 | ||||
Weighted average discount rate | 5.38% |
2022 | $ | 3,559 | ||||||
2023 | 3,352 | |||||||
2024 | 2,780 | |||||||
2025 | 2,885 | |||||||
2026 | 2,960 | |||||||
Thereafter | 10,113 | |||||||
Total | $ | 25,649 |
As of June 30, 2022 | As of December 31, 2021 | ||||||||||
Shares available for grant under employee stock purchase plan | 5,143,850 | 3,760,115 | |||||||||
Shares available for grant under stock option plan | 19,371,515 | 18,994,572 | |||||||||
Restricted stock units | 3,943,566 | 1,082,980 | |||||||||
Options issued and outstanding under stock option plan | 34,100,749 | 36,716,816 | |||||||||
Total common stock reserved for future issuance | 62,559,680 | 60,554,483 |
Shares | Weighted- Average Grant Date Fair Value | ||||||||||
Unvested at December 31, 2021 | 1,082,980 | $ | 27.70 | ||||||||
Granted | 3,520,925 | 17.14 | |||||||||
Vested | (336,400) | 20.51 | |||||||||
Forfeited and canceled | (323,939) | 22.07 | |||||||||
Unvested at June 30, 2022 | 3,943,566 | $ | 19.34 |
Number of options outstanding | Weighted- average exercise price | Weighted- average remaining contractual term (In years) | Aggregate intrinsic value | ||||||||||||||||||||
As of December 31, 2021 | 36,716,816 | $ | 3.55 | 5.76 | $ | 633,730 | |||||||||||||||||
Granted | 859,038 | 15.75 | |||||||||||||||||||||
Exercised | (2,969,665) | 1.56 | |||||||||||||||||||||
Forfeited | (505,440) | 7.11 | |||||||||||||||||||||
Vested and expected to vest as of June 30, 2022 | 34,100,749 | $ | 3.98 | 5.47 | $ | 200,923 | |||||||||||||||||
Exercisable as of June 30, 2022 | 25,640,244 | $ | 2.49 | 4.52 | $ | 189,281 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Weighted-average grant date fair value of options granted | N/A | $ | 17.64 | $ | 15.75 | $ | 10.70 | ||||||||||||||||
Intrinsic value of options exercised | $ | 10,289 | $ | 18,622 | $ | 41,138 | $ | 71,998 | |||||||||||||||
Total fair value of options vested | $ | 11,026 | $ | 12,696 | $ | 24,725 | $ | 18,646 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Expected term (in years) | N/A | 6.00 | 5.24 | 5.48 - 6.07 | |||||||||||||||||||
Volatility | N/A | 65% | 32% | 52% - 65% | |||||||||||||||||||
Risk-free interest rate | N/A | 1.06% | 1.62% | 0.50% - 1.06% | |||||||||||||||||||
Dividend yield | N/A | 0% | 0% | 0% | |||||||||||||||||||
Fair value of underlying common stock | N/A | $30.02 | $15.75 | $16.78 - $30.02 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Cost of revenue - platform | $ | 1,432 | $ | 744 | $ | 2,902 | $ | 1,180 | |||||||||||||||
Cost of revenue - professional services and other | 188 | 131 | 398 | 246 | |||||||||||||||||||
Research and development | 3,413 | 2,500 | 6,811 | 5,952 | |||||||||||||||||||
General and administrative | 5,087 | 4,237 | 10,125 | 8,095 | |||||||||||||||||||
Sales and marketing | 1,357 | 536 | 2,949 | 924 | |||||||||||||||||||
Total stock-based compensation expense | $ | 11,477 | $ | 8,148 | $ | 23,185 | $ | 16,397 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net loss and comprehensive loss | $ | (11,673) | $ | (2,437) | $ | (23,182) | $ | (28,894) | |||||||||||||||
Less: accretion of redeemable convertible preferred stock to redemption value | — | — | — | (14) | |||||||||||||||||||
Net loss attributable to Class A and Class B common stockholders—basic and diluted | $ | (11,673) | $ | (2,437) | $ | (23,182) | $ | (28,908) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average Class A and Class B common shares outstanding—basic and diluted | 160,429,125 | 147,510,963 | 159,813,053 | 95,690,520 | |||||||||||||||||||
Net loss per share attributable to Class A and Class B common stockholders––basic and diluted | $ | (0.07) | $ | (0.02) | $ | (0.15) | $ | (0.30) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Outstanding stock options | 34,100,749 | 42,967,950 | 34,100,749 | 42,967,950 | |||||||||||||||||||
Outstanding restricted stock units | 3,943,566 | 109,444 | 3,943,566 | 109,444 | |||||||||||||||||||
Outstanding shares estimated to be purchased under ESPP | 134,318 | 144,841 | 134,318 | 144,841 | |||||||||||||||||||
Total | 38,178,633 | 43,222,235 | 38,178,633 | 43,222,235 |
Three Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Average Revenue Per Unit | $ | 544 | $ | 486 | |||||||
Ending Active Locations | 82,000 | 74,000 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Platform | $ | 44,538 | $ | 34,526 | $ | 86,004 | $ | 69,449 | |||||||||||||||
Professional services and other | 1,063 | 1,370 | 2,353 | 2,570 | |||||||||||||||||||
Total revenue | 45,601 | 35,896 | 88,357 | 72,019 | |||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Platform (2) | 12,749 | 6,180 | 23,773 | 11,787 | |||||||||||||||||||
Professional services and other (2) | 1,419 | 1,183 | 3,197 | 2,426 | |||||||||||||||||||
Total cost of revenue | 14,168 | 7,363 | 26,970 | 14,213 | |||||||||||||||||||
Gross Profit | 31,433 | 28,533 | 61,387 | 57,806 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development (2) | 17,233 | 13,931 | 34,058 | 28,387 | |||||||||||||||||||
General and administrative (2) (1) | 17,235 | 13,310 | 35,196 | 31,764 | |||||||||||||||||||
Sales and marketing (2) | 8,897 | 3,701 | 16,967 | 7,537 | |||||||||||||||||||
Total operating expenses | 43,365 | 30,942 | 86,221 | 67,688 | |||||||||||||||||||
Loss from operations | (11,932) | (2,409) | (24,834) | (9,882) | |||||||||||||||||||
Other income (expenses), net: | |||||||||||||||||||||||
Interest income | 533 | — | 585 | — | |||||||||||||||||||
Interest expense | (46) | — | (46) | — | |||||||||||||||||||
Other income (expense) | 7 | 10 | 13 | (8) | |||||||||||||||||||
Change in fair value of warrant liability | — | — | — | (18,930) | |||||||||||||||||||
Total other income (expenses), net | 494 | 10 | 552 | (18,938) | |||||||||||||||||||
Loss before income taxes | (11,438) | (2,399) | (24,282) | (28,820) | |||||||||||||||||||
Provision (benefit) for income taxes | 235 | 38 | (1,100) | 74 | |||||||||||||||||||
Net loss | (11,673) | (2,437) | (23,182) | (28,894) | |||||||||||||||||||
Accretion of redeemable convertible preferred stock to redemption value | — | — | — | (14) | |||||||||||||||||||
Net loss attributable to Class A and Class B common stockholders | $ | (11,673) | $ | (2,437) | $ | (23,182) | $ | (28,908) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Cost of revenue - platform | $ | 1,432 | $ | 744 | $ | 2,902 | $ | 1,180 | |||||||||||||||
Cost of revenue - professional services and other | 188 | 131 | 398 | 246 | |||||||||||||||||||
Research and development | 3,413 | 2,500 | 6,811 | 5,952 | |||||||||||||||||||
General and administrative | 5,087 | 4,237 | 10,125 | 8,095 | |||||||||||||||||||
Sales and marketing | 1,357 | 536 | 2,949 | 924 | |||||||||||||||||||
Total stock-based compensation expense | $ | 11,477 | $ | 8,148 | $ | 23,185 | $ | 16,397 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Platform | 97.7 | % | 96.2 | % | 97.3 | % | 96.4 | % | |||||||||||||||
Professional services and other | 2.3 | 3.8 | 2.7 | 3.6 | |||||||||||||||||||
Total revenue | 100.0 | 100.0 | 100.0 | 100.0 | |||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Platform | 28.0 | 17.2 | 26.9 | 16.4 | |||||||||||||||||||
Professional services and other | 3.1 | 3.3 | 3.6 | 3.4 | |||||||||||||||||||
Total cost of revenue | 31.1 | 20.5 | 30.5 | 19.7 | |||||||||||||||||||
Gross Profit | 68.9 | 79.5 | 69.5 | 80.3 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 37.8 | 38.8 | 38.5 | 39.4 | |||||||||||||||||||
General and administrative | 37.8 | 37.1 | 39.8 | 44.1 | |||||||||||||||||||
Sales and marketing | 19.5 | 10.3 | 19.2 | 10.5 | |||||||||||||||||||
Total operating expenses | 95.1 | 86.2 | 97.6 | 94.0 | |||||||||||||||||||
Loss from operations | (26.2) | (6.7) | (28.1) | (13.7) | |||||||||||||||||||
Other income (expenses), net: | |||||||||||||||||||||||
Interest income | 1.2 | 0.0 | 0.7 | 0.0 | |||||||||||||||||||
Interest expense | (0.1) | 0.0 | (0.1) | 0.0 | |||||||||||||||||||
Other income (expense) | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
Change in fair value of warrant liability | 0.0 | 0.0 | 0.0 | (26.3) | |||||||||||||||||||
Total other income (expenses), net | 1.1 | 0.0 | 0.6 | (26.3) | |||||||||||||||||||
Loss before income taxes | (25.1) | (6.7) | (27.5) | (40.0) | |||||||||||||||||||
Provision (benefit) for income taxes | 0.5 | 0.1 | (1.2) | 0.1 | |||||||||||||||||||
Net loss and comprehensive loss | (25.6) | (6.8) | (26.2) | (40.1) | |||||||||||||||||||
Accretion of redeemable convertible preferred stock to redemption value | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
Net loss attributable to Class A and Class B common stockholders | (25.6) | % | (6.8) | % | (26.2) | % | (40.1) | % |
Three Months Ended June 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Platform | $ | 44,538 | $ | 34,526 | $ | 10,012 | 29.0 | % | |||||||||||||||
Professional services and other | 1,063 | 1,370 | (307) | (22.4) | |||||||||||||||||||
Total Revenue | $ | 45,601 | $ | 35,896 | $ | 9,705 | 27.0 | % |
Three Months Ended June 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Cost of revenues: | |||||||||||||||||||||||
Platform | $ | 12,749 | $ | 6,180 | $ | 6,569 | 106.3 | % | |||||||||||||||
Professional services and other | 1,419 | 1,183 | 236 | 19.9 | |||||||||||||||||||
Total cost of revenue | $ | 14,168 | $ | 7,363 | $ | 6,805 | 92.4 | % | |||||||||||||||
Percentage of revenue: | |||||||||||||||||||||||
Platform | 28.0 | % | 17.2 | % | |||||||||||||||||||
Professional services and other | 3.1 | 3.3 | |||||||||||||||||||||
Total cost of revenue | 31.1 | % | 20.5 | % | |||||||||||||||||||
Gross Profit | $ | 31,433 | $ | 28,533 | $ | 2,900 | 10.2 | % | |||||||||||||||
Gross Margin | 68.9 | % | 79.5 | % |
Three Months Ended June 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Research and development | $ | 17,233 | $ | 13,931 | $ | 3,302 | 23.7 | % | |||||||||||||||
Percentage of total revenue | 37.8 | % | 38.8 | % |
Three Months Ended June 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
General and administrative | $ | 17,235 | $ | 13,310 | $ | 3,925 | 29.5 | % | |||||||||||||||
Percentage of total revenue | 37.8 | % | 37.1 | % |
Three Months Ended June 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Sales and marketing | $ | 8,897 | $ | 3,701 | $ | 5,196 | 140.4 | % | |||||||||||||||
Percentage of total revenue | 19.5 | % | 10.3 | % |
Three Months Ended June 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Other income (expenses), net: | |||||||||||||||||||||||
Interest income | $ | 533 | $ | — | $ | 533 | — | ||||||||||||||||
Percentage of total revenue | 1.2 | % | — | % | |||||||||||||||||||
Interest expense | $ | (46) | $ | — | $ | (46) | — | ||||||||||||||||
Percentage of total revenue | (0.1) | % | — | % | |||||||||||||||||||
Other income (expense) | $ | 7 | $ | 10 | $ | (3) | (30.0) | % | |||||||||||||||
Percentage of total revenue | — | % | — | % | |||||||||||||||||||
Total other income (expenses), net | $ | 494 | $ | 10 | $ | 484 | 4,840.0 | % | |||||||||||||||
Percentage of total revenue | 1.1 | % | — | % |
Three Months Ended June 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Provision for income taxes | $ | 235 | $ | 38 | $ | 197 | 518.4 | % | |||||||||||||||
Percentage of total revenue | 0.5 | % | 0.1 | % |
Six Months Ended June 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Platform | $ | 86,004 | $ | 69,449 | $ | 16,555 | 23.8 | % | |||||||||||||||
Professional services and other | 2,353 | 2,570 | (217) | (8.4) | |||||||||||||||||||
Total Revenue | $ | 88,357 | $ | 72,019 | $ | 16,338 | 22.7 | % |
Six Months Ended June 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Cost of revenues: | |||||||||||||||||||||||
Platform | $ | 23,773 | $ | 11,787 | $ | 11,986 | 101.7 | % | |||||||||||||||
Professional services and other | 3,197 | 2,426 | 771 | 31.8 | |||||||||||||||||||
Total cost of revenue | $ | 26,970 | $ | 14,213 | $ | 12,757 | 89.8 | % | |||||||||||||||
Percentage of revenue: | |||||||||||||||||||||||
Platform | 26.9 | % | 16.4 | % | |||||||||||||||||||
Professional services and other | 3.6 | 3.4 | |||||||||||||||||||||
Total cost of revenue | 30.5 | % | 19.7 | % | |||||||||||||||||||
Gross Profit | $ | 61,387 | $ | 57,806 | $ | 3,581 | 6.2 | % | |||||||||||||||
Gross Margin | 69.5 | % | 80.3 | % |
Six Months Ended June 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Research and development | $ | 34,058 | $ | 28,387 | $ | 5,671 | 20.0 | % | |||||||||||||||
Percentage of total revenue | 38.5 | % | 39.4 | % |
Six Months Ended June 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
General and administrative | $ | 35,196 | $ | 31,764 | $ | 3,432 | 10.8 | % | |||||||||||||||
Percentage of total revenue | 39.8 | % | 44.1 | % |
Six Months Ended June 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Sales and marketing | $ | 16,967 | $ | 7,537 | $ | 9,430 | 125.1 | % | |||||||||||||||
Percentage of total revenue | 19.2 | % | 10.5 | % |
Six Months Ended June 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Other income (expenses), net: | |||||||||||||||||||||||
Interest income | $ | 585 | $ | — | $ | 585 | — | ||||||||||||||||
Percentage of total revenue | 0.7 | % | — | % | |||||||||||||||||||
Interest expense | $ | (46) | $ | — | $ | (46) | — | ||||||||||||||||
Percentage of total revenue | (0.1) | % | — | % | |||||||||||||||||||
Other income (expense) | $ | 13 | $ | (8) | $ | 21 | (262.5) | % | |||||||||||||||
Percentage of total revenue | — | % | — | % | |||||||||||||||||||
Change in fair value of warrant liability | $ | — | $ | (18,930) | $ | 18,930 | (100.0) | % | |||||||||||||||
Percentage of total revenue | — | % | (26.3) | % | |||||||||||||||||||
Total other income (expenses), net | $ | 552 | $ | (18,938) | $ | 19,490 | (102.9) | % | |||||||||||||||
Percentage of total revenue | 0.6 | % | (26.3) | % |
Six Months Ended June 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
(Benefit) provision for income taxes | $ | (1,100) | $ | 74 | $ | (1,174) | (1586.5) | % | |||||||||||||||
Percentage of total revenue | (1.2) | % | 0.1 | % |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
(in thousands) | |||||||||||
Net cash (used in) provided by operating activities | $ | (870) | $ | 15,471 | |||||||
Net cash used in investing activities | $ | (132,930) | $ | (660) | |||||||
Net cash provided by financing activities | $ | 6,025 | $ | 484,669 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Operating Income (loss) reconciliation: | |||||||||||||||||||||||
Operating loss, GAAP | $ | (11,932) | $ | (2,409) | $ | (24,834) | $ | (9,882) | |||||||||||||||
Plus: Stock-based compensation expense and related payroll tax expense (1) | 11,640 | 8,769 | 23,718 | 17,018 | |||||||||||||||||||
Plus: Charitable donation of Class A common stock | — | — | — | 5,125 | |||||||||||||||||||
Plus: Impairment of internal-use software | — | — | 475 | — | |||||||||||||||||||
Plus: Amortization | 1,365 | 138 | 2,325 | 275 | |||||||||||||||||||
Plus: Severance costs (2) | 555 | — | 555 | — | |||||||||||||||||||
Plus: Transaction costs | 351 | — | 1,486 | — | |||||||||||||||||||
Operating income, non-GAAP | $ | 1,979 | $ | 6,498 | $ | 3,725 | $ | 12,536 | |||||||||||||||
Percentage of revenue: | |||||||||||||||||||||||
Operating margin, GAAP | (26) | % | (7) | % | (28) | % | (14) | % | |||||||||||||||
Operating margin, non-GAAP | 4 | % | 18 | % | 4 | % | 17 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 19 | $ | 11,262 | $ | (870) | $ | 15,471 | |||||||||||||||
Purchase of property and equipment | (333) | (165) | (409) | (271) | |||||||||||||||||||
Capitalization of internal-use software | (2,663) | (317) | (5,125) | (389) | |||||||||||||||||||
Non-GAAP free cash flow | $ | (2,977) | $ | 10,780 | $ | (6,404) | $ | 14,811 |
Exhibit Number | Description | Filing Date | ||||||||||||
March 22, 2021 | ||||||||||||||
March 22, 2021 | ||||||||||||||
March 8, 2021 | ||||||||||||||
Filed herewith | ||||||||||||||
Filed herewith | ||||||||||||||
Filed herewith | ||||||||||||||
Filed herewith | ||||||||||||||
Filed herewith | ||||||||||||||
Filed herewith | ||||||||||||||
June 15, 2022 | ||||||||||||||
Filed herewith | ||||||||||||||
Filed herewith | ||||||||||||||
Furnished herewith | ||||||||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | Filed herewith | ||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | Filed herewith | ||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | Filed herewith | ||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | Filed herewith | ||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | Filed herewith | ||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | Filed herewith | ||||||||||||
104 | Cover Page with Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101). |
* | The certifications furnished in Exhibit 32.1 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, except to the extent that the registrant specifically incorporates it by reference. | |||||||
# | Portions of this exhibit (indicated by asterisks) have been omitted because the registrant has determined they are not material and is the type of information that the registrant treats as private or confidential. | |||||||
† | Certain schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant hereby undertakes to furnish supplementally a copy of any omitted exhibit or schedule upon request by the SEC. | |||||||
+ | Indicates management contract or compensatory plan. |
Olo Inc. | ||||||||
August 11, 2022 | _____________________/s/ Noah H. Glass_____________________ Noah H. Glass Chief Executive Officer (Principal Executive Officer) | |||||||
August 11, 2022 | _____________________/s/ Peter Benevides__________________ Peter Benevides Chief Financial Officer (Principal Accounting and Financial Officer) |
Grant ID | Equity Plan | Grant Date | Grant Type | Grant Price | Grant Amount | ||||||||||||
ES-0063 | 2005 Olo Equity Incentive Plan | 09/10/2013 | ISO | $0.16 | 1,399,916 | ||||||||||||
ES-0127 | 2015 Olo Equity Incentive Plan | 01/12/2016 | ISO | $1.67 | 59,891 | ||||||||||||
ES-0128 | 2015 Olo Equity Incentive Plan | 01/12/2016 | NSO | $1.67 | 1,488,928 | ||||||||||||
ES-0757_ISO | 2015 Olo Equity Incentive Plan | 01/21/2020 | ISO | $2.74 | 114,240 | ||||||||||||
ES-0757_NQ | 2015 Olo Equity Incentive Plan | 01/21/2020 | NSO | $2.74 | 117,810 | ||||||||||||
ES-1182_ISO | 2015 Olo Equity Incentive Plan | 02/01/2021 | ISO | $9.72 | 12,512 | ||||||||||||
ES-1182_NQ | 2015 Olo Equity Incentive Plan | 02/01/2021 | NSO | $9.72 | 160,038 | ||||||||||||
ISO-22-00039 | 2021 Olo Equity Incentive Plan | 01/19/2022 | ISO | $15.75 | 5,598 | ||||||||||||
NSO-22-00039 | 2021 Olo Equity Incentive Plan | 01/19/2022 | NSO | $15.75 | 64,958 | ||||||||||||
RSU-22-00907 | 2021 Olo Equity Incentive Plan | 01/19/2022 | RSU | $0.00 | 35,278 |
Grant ID | Equity Plan | Grant Date | Grant Type | Grant Price | Vested Amount | ||||||||||||
ES-0063 | 2005 Olo Equity Incentive Plan | 09/10/2013 | ISO | $0.16 | 1,399,916 | ||||||||||||
ES-0127 | 2015 Olo Equity Incentive Plan | 01/12/2016 | ISO | $1.67 | 59,891 | ||||||||||||
ES-0128 | 2015 Olo Equity Incentive Plan | 01/12/2016 | NSO | $1.67 | 1,488,928 | ||||||||||||
ES-0757_ISO | 2015 Olo Equity Incentive Plan | 01/21/2020 | ISO | $2.74 | 72,930 | ||||||||||||
ES-0757_NQ | 2015 Olo Equity Incentive Plan | 01/21/2020 | NSO | $2.74 | 96,271 | ||||||||||||
ES-1182_ISO | 2015 Olo Equity Incentive Plan | 02/01/2021 | ISO | $9.72 | 0 | ||||||||||||
ES-1182_NQ | 2015 Olo Equity Incentive Plan | 02/01/2021 | NSO | $9.72 | 82,671 | ||||||||||||
ISO-22-00039 | 2021 Olo Equity Incentive Plan | 01/19/2022 | ISO | $15.75 | 0 | ||||||||||||
NSO-22-00039 | 2021 Olo Equity Incentive Plan | 01/19/2022 | NSO | $15.75 | 16,169 | ||||||||||||
RSU-22-00907 | 2021 Olo Equity Incentive Plan | 01/19/2022 | RSU | $0.00 | 8,819 |
Olo Inc. | ||||||||||||||||||||||||||
By | /s/ Diego Panama | By | /s/ Noah H. Glass | |||||||||||||||||||||||
Name | Diego Panama | Name | Noah H. Glass | |||||||||||||||||||||||
Title | Chief Revenue Officer | Title | Founder and Chief Executive Officer | |||||||||||||||||||||||
Date | April 26, 2022 | Date | April 26, 2022 |
Date: | August 11, 2022 | By: | /s/ Noah H. Glass | ||||||||||||||||||||||||||||||||
Noah H. Glass | |||||||||||||||||||||||||||||||||||
Chief Executive Officer | |||||||||||||||||||||||||||||||||||
(Principal Executive Officer) |
Date: | August 11, 2022 | By: | /s/ Peter Benevides | ||||||||||||||||||||||||||||||||
Peter Benevides | |||||||||||||||||||||||||||||||||||
Chief Financial Officer | |||||||||||||||||||||||||||||||||||
(Principal Financial and Accounting Officer) |
Date: August 11, 2022 | |||||
/s/ Noah H. Glass | |||||
Noah H. Glass Chief Executive Officer (Principal Executive Officer) | |||||
/s/ Peter Benevides | |||||
Peter Benevides Chief Financial Officer (Principal Accounting and Financial Officer) |