Olo Inc. (OLO) to Cut 9% Staff

On September 20, 2024, Olo Inc. (NYSE: OLO) announced a reduction of its workforce by approximately 9% to better focus the Company’s investments and to support the Company’s long-term growth objectives. Olo intends to strategically reinvest some savings from this reduction in force into future growth initiatives and will continue to hire for roles critical to those initiatives.

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. These charges consist primarily of $2.1 million to $2.3 million in charges related to cash expenditures for severance payments and payroll taxes. Of the aggregate amount of charges that the Company estimates it will incur in connection with the reduction of its workforce, the Company expects that approximately $0.2 million to $0.3 million related to employee benefits will be in future cash expenditures.

The estimated charges are based on certain assumptions and actual amounts may differ materially from such estimates.

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