Olo Inc.: restructuring charge — Olo cuts workforce ~9%, expects $2.2M-$2.6M charges; guidance unchanged

Olo Inc.

~9% workforce reduction; estimated total charges $2.2M-$2.6M, primarily severance.
Charges include $2.1M-$2.3M for severance and payroll taxes; $0.2M-$0.3M for benefits.
Reiterates Q3 and FY 2024 revenue and Non-GAAP OI guidance ranges from July 31, 2024.
Plans to reinvest savings into growth initiatives; departing employees get 10 weeks severance plus COBRA.

item 2.05 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Olo Inc. announced a restructuring with charges of approximately $2.2 million to $2.6 million (approximately 9%).

Type: restructuring
Charge: approximately $2.2 million to $2.6 million
Headcount: approximately 9%

Exact text from the filing

Olo estimates that it will incur charges of approximately $2.2 million to $2.6 million in connection with the reduction of its workforce, which is expected to be incurred in the third quarter of fiscal year 2024.

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Source: SEC EDGAR

accession 0001140361-24-041520

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