Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q. The discussion contains forward-looking statements, including with respect to the durability of the acceleration we have experienced in the near term on consumer preferences for digital ordering, transaction volumes, and customer adoption of multi-modules, that are based on the beliefs of management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors, including those discussed below and elsewhere in this Quarterly Report on Form 10-Q, particularly in the sections entitled “Risk Factors” and “Special Note Regarding Forward-Looking Statements.” Overview We are a leading on-demand commerce platform powering the restaurant industry’s digital transformation. Restaurant brands rely on our platform to enable digital ordering and delivery, while strengthening and enhancing their direct consumer relationships. Consumers today expect more on-demand convenience and personalization from restaurants, particularly through digital channels, but many restaurants lack the in- house infrastructure and expertise to satisfy this increasing demand in a cost-effective manner. We provide restaurants with a business-to-business-to-consumer, enterprise-grade, open SaaS platform to manage their complex digital businesses and enable fast and more personalized experiences for their customers. Our platform and application programming interfaces, or APIs, seamlessly integrate with a wide range of solutions, unifying disparate technologies across the restaurant ecosystem. Restaurant brands rely on us to increase their digital and in-store sales, maximize profitability, establish and maintain direct consumer relationships, and collect, protect, and leverage valuable consumer data. Our well-established platform has led many of the major publicly traded and top 50 fastest growing private restaurant brands, measured by overall sales, in the United States to work with us and has been a factor in our high dollar-based net revenue retention rate. Further, industry- recognized outlets, including Restaurant Business Online, QSR Magazine, and AP News, have also deemed Olo a leading food ordering platform for the restaurant industry. We built Olo with the goal of being the leading SaaS platform for the restaurant industry by aligning the solutions we have developed with the needs of our customers. Our platform initially focused on enabling digital ordering, through the deployment of white label on-demand commerce websites and applications, and tools for digital order management. We then expanded our platform by launching Dispatch, our delivery enablement module, and Rails, our aggregator and channel management module. We believe our solution is the only independent SaaS platform for restaurants to provide seamless digital ordering and efficient delivery enablement, offering centralized management of a restaurant’s entire digital business. The key milestones in our corporate history are the following: • 2005: Founder & CEO Noah Glass accepted $0.5 million in Series A funding to start Mobo. • 2010: We renamed our product as Olo and shifted our focus to enterprise customers. • 2013: We surpassed $50 million in GMV and expanded our executive leadership team. • 2014: We surpassed $100 million in GMV, and restaurateur Danny Meyer joined our board of directors. • 2015: We launched Dispatch, our first significant product extension. • 2016: We surpassed $500 million in GMV. • 2017: We launched Rails and surpassed $1 billion in GMV. • 2018: We surpassed $2 billion in GMV. • 2019: We surpassed $5 billion in GMV. • 2020: We reached nearly $14.6 billion in GMV. • 2021: We completed our initial public offering, or IPO, and listed on the New York Stock Exchange. 25