Noah Glass: Yes. So in terms of size of organization, it’s sort of call it in the high 100s, low 1,000 range in terms of size, in terms of dynamics as to why it’s pushing. Again, I think what we shared on the call is that kind of constraints at the brand’s perspective, in this case, there’s a rollout that is being coupled with the POS rollout. So as POS installs are happening, they’re also deploying the Olo platform. So that is being staged in that manner. In terms of what this means for 2024, where we are today, we feel pretty good in terms of having similar net location adds next year as to what we’re pacing to this year, even net of the Wingstop update. So to know it’s earlier point, plenty of market to go get out there and the team has really fired up to go and deliver on that and we feel really good entering 2024.
Andrew Harte: And then, just a follow-up. At $1 billion of GMV this year. I guess if you — the entire platform is doing $23 billion, it’s a little under 5% penetrated on Olo Pay. Kind of where do you see that cadence going towards in 2024 and beyond?
Peter Benevides: Yes. I actually think about it a little bit differently which is if you think about the $23 billion of GMV that we quoted last year being processed over the platform and you assume that, call it, 15% of transactions industry-wide are digital. That means as card-present comes to market we actually have a, call it, 6x opportunity just within the installed base which takes that $23 billion somewhere north of $150 billion in terms of just GMV within the existing installed base once we have a 360 payment solution available. So by comparing the $1 billion which we’re really proud of, it’s a great milestone as compared to — call it, the $150 billion of GMV just within the existing installed base. We are less than 1% penetrated against that opportunity.
And of course, as we add more locations to the platform, that will build upon that $150 billion plus the GMV. So it’s still really, really early in the overall adoption curve and opportunity for Olo Pay, making great progress along the way but still really early and a huge opportunity for us to continue to grow GPV and in turn, grow revenue and operating profit.
Noah Glass: Andrew, if I could add on to that. I think one of the things that we’re really excited about when it comes to the card-present opportunity for those on-premise transactions is, again, back to harvesting guest data and doing something that other card-present payment processors can’t do because they’re not connected into the point of sale to pull ingredient level data back into a guest data platform in the way that Olo is set up to do. That’s some of the secret sauce of Olo Pay card-not-present, addressing those off-premise transactions primarily that we address today. Restaurant brands love that. We’re fantastic at the basics of authorization rate, fraud prevention and charge back, et cetera. But also having that connection back to the data platform and being able to harvest that guest data so that you can tie every transaction, whether it’s off-premise or on back to that same guest account is really the secret sauce and why we think Olo Pay is so compelling for card-not-present and card-present transactions and why the card-not-present success that we’ve had is a great calling card and launch pad for us to go and get that card-present business as well which, as Peter noted, is 6x the opportunity of card-not-present by itself.
Peter Benevides: Thank you. Operator, we have time for one more question, please.
Operator: The last question we have is from Clarke Jeffries of Piper Sandler.
Clarke Jeffries: Hello, Noah and Peter. First question is, good to see the retention rates continue to improve sequentially. I wanted to ask, we’ve had these crosscurrents about data points on check sizes and trends in the industry. Wondering if we can take the proxy of improving retention rates as a proxy of improving digital ordering growth. And I know Pay is in there. So I wanted to ask, are you seeing digital ordering growth hold stable or improve from quarter-to-quarter. What does that look like kind of under the covers compared to maybe what might be happening in spending volumes overall?
