WEAV - Earnings call 4 2023 | Weave Communications, Inc.

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Operator

Greetings, and welcome to the Weave Fourth Quarter and Fiscal Year 2023 Earnings Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mark McReynolds, Head of Investor Relations. Thank you, Mr. begin. may you McReynolds,

Mark McReynolds

Good fourth thank XXXX quarter Call. Camilla. us Earnings for for our and afternoon, you, you and joining Conference Thank full year

the results overview statements. of and results performance differ the and White, filings refer from will financial Joining materially discuss the also accounting Exchange language detail. recent XX-Q Web's materially cautionary forward-looking are our will CFO. statements. We'll financial open an Securities Taylor, that more Brett the measures CEO; with and call principles. Alan in today the call in earnings Alan Brett forward-looking to involve Commission, differ that with about Weave's discussion represent Please our that cause and XX-K the After concerning future for All to to forward-looking cause most events. our additional contains Form prepared release information uncertainties generally the discuss remarks, including we'll statements risks from not and factors do forward-looking conform the results actual statements or that accepted could take actual could expectations and questions. Today's beliefs Form with

may turn can I'll be GAAP otherwise and that, on a found the today be reconciliation of about our numbers which non-GAAP call similar our in investors.getweave.com. And Investor Brett. will release, with data these between website differently press calculated non-GAAP financial included For we other sake over measures basis. earnings Relations at to is talk the all noted, companies. A than unless clarity, Information non-GAAP be by on presented

Brett White

teams million X in scaling in a opportunities sales at customer businesses, $XX instrumental of years team. off David recurring afternoon. served Chief the years practices HubSpot from spent leadership in and this to We're Tebra, the He to multiyear brings success, joining McNeil independently have team Officer. at kick also company as as nearly revenue leverage of and call to execute automation over and to sales, Chief owned Thank care he welcome leading revenue. David that you, where Mark, operations in everyone like our leading as us to by with for the and annual and America. grew He payments at was XX leading Revenue experience of welcoming billion I'd Bank as platform Officer $X Commercial we leadership we excited continue on front David's positions us. to expertise Salesforce health SaaS

presently provide use in new provide like of We for point we our focus retaining story. payments. set of patient customer of the offering and [Audio They payments engagement streamline we up these a SMBs solutions businesses Weave simplifying to and tailored seamlessly their the and Now unified need easy many integrated make spent XX years health engaging practitioners software practitioners majority while disparate process empower solution small care of have the benefit attracting, to to that U.S., overview I'd like Gap] vast a Weave care a that the solutions We've and patchwork are who practices, platform. on communications, time experience the and those quick medium-sized vertically are to to of and Weave use. of up the software past patients.

XX.X% was the consecutive adjusted customer cash This operating EBITDA, quarter million, of for Revenue terrific Now in quarterly fourth is strong year growth another the growth representing excited growth. continuous rate, capping improvements which Weave of and quarter, year-over-year rate. an accelerating I'm share $XX.X delivered saw to QX. from revenue we highlights some gross free acquisition. and margin, flow year-over-year in a off QX

top revenue a in quarter row. for the exceeded guidance of our eighth also We end the

year. In payments increase and XXX new customers customer growth added existing acceleration locations continued of higher net we QX, revenue points reached margin more the higher expansion driven quarter the of to last net by was over consecutive margin than in QX Our improve improvement. sales higher the prices basis the business. rates addition than XXXX we new year, in attach operational customers. in continued previous marking our average within XXX at efficiency of eighth XX.X%, of gross Notably, Gross

Our X.X% of X.X% ago. margin a compared improved basis points negative year revenue a adjusted EBITDA by a negative to XXX over revenue of to

improvement to on over million while our year. gain outcomes Finally, the quarter cash free last laser-focused a tailored $X.X team in $X.X Weave the we during vertically excellence. traction, software payments These operational remains platform underscore the generated continues quarter, that flow same million and

growth take dive by the into accomplishments built to XX.X% The year-over-year imparted [ grew flywheel some we XXX like earnings I'd of across of shared I At of ] as a our simultaneously QX this off saw reducing accelerate again effect while QX, each We loss annual rotation for XXXX. was and growth is we extremely in Before XX.X% XXXX. in focus and XXXX. upon team XXXX, that I'm focus over pay quarter XX.X% first strategic [indiscernible], team, in share of them. XX.X% February, margin energy were growth revenue focus last area and in average our unique operating in you this a to of the our that within for XXXX, our significant proud accomplished In and key strategic X/X. business in year, against QX, model. we to back our QX. delivered I which of rates last entire call projects look the give total revenue we our recap business. on the our areas want a beginning the Accelerating brief discussed area how a

area growth. building a scalable for focus profitable XXXX second was foundation Our

areas single very pleased and efficiency improving year. our are throughout on We the focusing of the results operating with with business, margins gross every here quarter in of all

the we we positive a flow. a cash XXXX. $X.X generated exit team, ending quarter hard $XX.X to of the Additionally, year our negative flow the committed free significant February, with positive free of million with in million cash every XXXX to last improvement positive in XXXX, Due work

customers turns Champions, both delivering our Our and focus experience an involves service. into third XXXX customer area which that was product

our was named new this attention approximately GX's year, XX,XXX of prospects. excellent different improved management XX including -- and won platform platform into. platform the in We Winter potential scheduling badges, throughout customer locations to intentions full and service, sell XX over the leader. feature categories we that the report In which unlock We significantly increased our unlocking throughout for Our XX improvements in GX's different our software customers grid from the ranked our added and NPS increased patient patient in integrations first accomplished XX relationship new integrations customer XXXX, integrated year. through leader can

integrations both in markets. our We to core new adjacent continue expand and deepen markets will our XXXX, and

a product deeper engineering platform Stripe Our partnership to payments pay with pay, our a the with Tap significant partnership Pay teams bill firm delivered platform and functionality. mobile in several a online Scan addition and and to with enhancements improvements including new to XXXX, of

innovative also features, mill We review prescription AI-driven assisted. launched including and response voice e-mail assistant,

alternatives. practice gross This within customers higher year, premium we that that cheap productivity experienced retention enhance patient and our customers. reaffirms over and consistent rate Our prioritize satisfaction throughout belief existing net solutions expansion the remained

employee previous business, and engaged to was significant fostering XXXX to situation our our for earnings their Weave. and Our concerns. that XXXX, was to our resources lives not final headwind that address nutrition in and our an shared area compensation calls values. to unique We effective benefits focus employees a XXXX in listen a team aligned We and

to XX% USA announce has nearly named XXXX NPS decreased by from to performance. second tenure year. year for rate employee Our Great the into we employee Workplace that fifth consecutive consecutive attrition the are Increased employee increased XXXX. I'm Average Top for business overall and satisfaction a the improved and pleased Place customer engagement translated to in Work improved,

verticals aligned have forward the area, the areas medical we Accelerating increasing to in X such very revenue penetration focus expand initiatives our optometry plastic which into once plan first verticals veterinarian therapy, is behind focus As again year, medical physical as for and look our include primary continuing aesthetics, about. and care. and our into XXXX adjacent to strategic XXXX, excited dental, I'm growth surgery key specialty and we

and new multi-location single and segments. innovative service that build will We both products

to from XXXX. health business Payments continue care easily payment set plans health and transaction convenient patients. making payment manage improve operations also month, patients our our we ACH added better and customer experienced business base is both to area the financial debit, platform. our businesses to it enhance second care will and their schedules, and value serve solution debit the up plans customer security focus Increasing and enhanced recurring benefit last We payment to In our and ACH providers their transaction for enables for lower With outcomes. costs.

our Our that customers This busy. quickly platform around the customer is Internal our the journey feature-rich focus a and value platform. extract centered data of our full are as customers platform using are not possible. of valuable as guided most shows is area helps customers that features of our many

patient with key focus success product management and our strengthen in systems integration to earlier, fit mentioned another area. As market this is

integration Powerful and integrations for example, customer for seen the customers, for journey For advocacy and better existing release, in seamless we demand new Since value more customers. this strong in result November, brand. increased we've and Dentrix from adoption with released integration Ascend our will both personalized our platform. and our a retention

profitability, you in elevate your that, shareholders solve We're class. To our investing intently future. real accomplished year. call more which and customers, review outlook them we that our Alan team our customer that to over in building for to focused A in our We people cylinders. XXXX. provide Weave capping on improve proud to have to Our firing a conclude, on all Fundamentally, support problems the delivered scalable of in in excellence to to third on business talent an means experience a XXXX team QX, of we turn thank our and are is excited customers, this area results the accelerated investing our incredibly is on and experience XXXX excellent incredible focus continues execution. members of represent developing our big engaged Weave. for an operational off on and gained an our growth. and our our we detail in for we built momentum in focus revenue financial foundation XXXX. With Alan? results our I'll best I'm We that for continued empowering deliver all and are team for

Alan Taylor

excellent good everyone. had an a the delivering and XX.X% or November. reflecting million of the This provided growth X% Brett, of over $X.X Thanks, represents fourth afternoon, beat quarter we in revenue midpoint We quarter, range million, year-over-year. $XX.X

XX% Our revenue in net retention remained QX. rate at

expect we is metric to see NRR quarterly calculation. are a trailing a due the and primarily positive seeing calculation improving, reminder, we XX-month software On and And upsell. basis, XXXX. a to and reported already in our adoption payments As improve are monthly of

gross has at retention QX SMB for revenue logo best-in-class consistent for remained among over Our been for retention XX% and X the retention years. rate

to on operating Moving results.

be a As will non-GAAP I stated referring results, reminder, unless otherwise. to

was significant margin basis a increase Our Gross across QX XX.X%. board. results This improvement represents showed the year-over-year. XXX point

on for In $XX.X QX, operating Our remaining the doing engineering are increase to teams million period. million last year while operating experience $X.X expanding $X an in focused efficient expenses an customer were revenue and a so margins. providing and million increase and same from compared exceptional our

we million, from loss corresponding guidance and XX.X% loss the gave $XXX,XXX margin X.X% Our The of of an improvement of is significant operating last XX% was $X.X than loss the midpoint $X.X a last compared year. margin year operating or November. in improvement better to the of million operating

EBITDA improvement $X.X fourth to compared improvement year-over-year. $X.X a loss X.X% is the X.X% loss shares share operating in revenue and or compared due a year $XXX,XXX, is a to million Our per based margin EBITDA loss Adjusted acceleration $X.XX a per loss This was ago. represents significant the loss $X.XX year. average million improvement Adjusted outstanding. of to efficiencies. quarter million reported was XX.X share margin of net weighted $X.X or This million a last on net $XXX,XXX

outstanding We $X.X $XXX.X paid flow million flow flow Free This operations, In million compares from $XX free flow. cash $X.X million cash balance. QX, of Turning year essentially which Net was negative to in the cash balance cash but XXXX. open, of year-over-year. we to XX% quarter cash the credit, in cash remains We investments. and was $X.X generated on margin our and $X.X unchanged short-term with no X.X%. free a ended improvement free negative sheet with quarter-over-quarter. line and million cash flow million million margin down was cash in fourth the and of of a

We with our pleased progress. are

the produced was each and we XXXX. achieve and quarter flow QX positive cash Our initial XXXX, year to of and overachieved goal for free cash free positive flow by full

We But again of positive expect are flow expect QX XXXX. employee in cash in free we paying be our we QX free year cash as flow annual the for to bonuses will negative XXXX. XXXX full out be that

Before recap $XXX.X year XX.X%, brief reviewing million, grew improved margin year. and XXXX, total last of a XX% gross our guidance, the I'll results. to provide up full In by XX.X% to revenue from our

Our contributions the with we team year. pleased of members and operating X.X%, this improvement progress and having ending made on We Weave for margin XX.X% year through like improved customers their a negative our last to progress from at the generated our $XX.X negative year. up the million, XXXX. negative $X.X over million flow, significant free substantial all We're cash thank in would to partners

our XXXX. full for Turning now quarter first to year the outlook and

implementation quarter XXXX, guide. expect into last same a signed We also nonrecurring revenue million revenue in rate non-GAAP payments as In but onboarding last onboarding range collecting a in $XX.X in we we improvement Stripe QX in these see improvement improvements For the components bring range and as partnership XXXX, we to we the expect would our regarding to and payment increased on Leading $X.X payments rate more increased approach with platform. like both and more the year, million. fees this little in these do total on increased in of revenue. our agreement agreement growth That of $XX.X multiyear extend throughout QX revenue of the of QX revenues customers. them These revenues to million to of revenue processing. not for year, last provide for first our customers disciplined remain and take to rate payments XXX% from $X.X I our a operating color last by place the new deepen of the we to we of we loss implemented our year. and nonrecurring collect will year in are onboarding lap Both the our year, our XXXX. for impact and the take volume million to

year-over-year year. each our the initial As year-over-year growth such, expect in we QX in last to versus had to growth rate decrease see initiatives due modest our these lapping QX that of a impact

which rate in throughout higher growth significantly total rates payments rate, subscription and strong is see than our demand Our growth for still XXXX. growth improving revenue products, we continue to had our

For XXXX, $XXX range in the to revenue million full be million. year of we the total to $XXX expect

operating We for $X full to to million million. expect be $X loss year range XXXX non-GAAP the our from

We full million every summarize, expect share to count a XX.X we've strong have of the results in weighted XXXX. approximately delivered for year. shares average To quarter

business with to that, we'll our for our drive your will demonstrates we to platform. ahead long-term strong We maximize questions. demand about take performance excited and Our the continue opportunity remain value. And

Operator

Instructions]. [Operator

of the with Raymond Alex First question James. Sklar from comes line

Alexander Sklar

into functionality lot alluded to the that in the investment your you I'm from you to XX,XXX you of seeing customers coming adding functionality the that with locations tangible and as year, just those a Brett, multi-office functionality remarks, built have increasing integrated past curious integrations to prepared that you the integrated an results Are on some added of regards locations? in if platform specifically, kind color provide in? of mix can on the

Brett White

Sure.

we customers probably we demand, Dentrix and in deeply And the Specialty platform and are an track is that dev throughout is are obviously Medical, where bet penetrated was integration we've investment latest what existing the released Ascend which prepared my all the mentioned most integration from up our pretty strong on integration optometry there significant new I of perspective dental we we've customers in both on in activities our business. remarks, So picked pretty return side seen since integration. and

one focusing #X actually our on as and our right that's outside dental of optometry bet, past medical So and veterinarian a vertical. point. we've proof just been actually lot it that's fastest-growing segment specialty But now,

tangible and medical. both our we're in So seeing we're and vet work definitely specialty additional that doing, dental in integration results in

Alexander Sklar

answer great follow last your up That's on kind point. context. of to Maybe I'll that

As that right what's #X about that in specialty growth medical to of occurred vertical, in the the of think kind passes location way linearity XXXX.

the then location a into embedding As did you outlook, formally count to about what think up with we about stood think medical specialty you're your on increase basis you progressed? year was location as a the And right the outlook gross see of from standpoint? the what as XXXX kind that, way

Brett White

Sure.

think, in remarks acquisition on improved I mentioned quarter. I prepared count, customer linearity, each location So that and so every my

quarter And our being X the medical So was verticals other the major nod a mix that then growth from I'll got dental I specialty XXXX. optometry little than specialty what Alan now, each I'm with vet came thinking from And unit bit in that better and a of call one. we're a how still about dental thinking higher growth contributor, one. there. the medical was

we into add to both think the can probably think year. maybe from plan increasing continue customers just you throughout an it to the net basis, on gross And just guide. revenue new I back and I

Operator

of comes the Bracelin Our Sandler. Piper line Brent with from next question

Brent Bracelin

of XXXX? priorities scaling double-click to And hire. in wanted expertise, you the what Obviously, have are about David focused a think you into I Brett, new what the brings as his lot on? him do opportunity

Brett White

Brent. great It's question. Thanks, a Yes.

well candidates, I broken, need Sales So managed. them And fix? do is answer is pretty is, every when what's interviewing very much really of the function nothing. to CRO well. one was single what I asked It's executing me,

He's to us now, billion. our $XX from million senior million Salesforce. talent gives we get really $XXX million. HubSpot roles from $X us growth business where He's had and to that are helping to So scale. $XXX David's at seen leverage and the opportunity

And so scale. role is on really his focusing

a are with Some scale the opportunities multi-location business right segment. -- on now journey of the we're multiyear we have

We can we think have do haven't dedicated a payments business we payments. leader had a at, I and frankly a better that job in

our the then side that's also surface on revenue the just one top priorities. And of to on So the starting being the of We're growing partner scratch partner partnerships. strategic business.

next maybe organization. our year, inside definitely several I going are mid an to years. last part through over sales the partnerships important of we be And think the I were think future

our partnering Group, Chief So being scale. with really there spend helping Strategic David, Officer he'll us time. that But just his been hopefully Partners where our is Strategy and done person

Brent Bracelin

there. Absolutely Medical, to And veterinarian. color that momentum actually started little is helpful it What's sparked driving to now there? enough Is interest. quick and then a a that much that. on some Specialty the one some Is just it follow-up TAM it's have just overtake larger partnerships growing surprised fast overtake

Just curious here this success what's specialty driving the in medical quarter? outsized here

Brett White

Sure. it's few I'd things. say a

sure. for TAM, So

always has specialty pretty for meaningful demand growing. and inbound that been been Our medical has inbound

now into to adjacent really verticals but we on of full we where satisfy when these into integrated demand, some fully medical, been haven't functionality the integrations specialty been of layer that inbound able seeing with So can Weave we've offer a actually product. demand

from demand of So and integrations number of then growing the increasing seeing that segment. inbound fit it's and market around that that a just combination we're TAM, product

Operator

of from question of Mike Funk Bank with America. the line next Our comes

Unknown Analyst

This question. Matt on for Appreciate Mike is Funk. the

see et where can growth you of retention upside? highest the facing expected components revenue can guidance expansion, payment But locations, help the 'XX understand starting growth, ASP tougher 'XX. in the going down side some in fiscal shape driving break the then little for between be sounds it you like a the and XQ. you So on cetera, potential And comps you're to us further

Brett White

Sure.

Alan Taylor

Matt. Thanks, Sure.

seen think some with the going you've I all, XXXX. respect of with shape the to of you're see consistency growth, revenue to in First what

terms year. the the probably front looking In for there's that both that well upside the their of avenues source is the of partner partnerships growth, of and into team as as on revenue efforts biggest integration other we're

that. we're at so looking And

actually we of onboarding I piece think with to payments, that has difficult QX mentioned that recognize. the the the compare revenues in -- bigger you the do but

rest going see If those in at in revenues. in the them. the And the We're you same you'll with a that, of we'll now kind growth just year-over-year that spot. consistent growth information XXX% onboarded of not healthy disaggregated the see customers, look to be was rate that it's it's growth at as at revenues, onboarding while the

just going normal the partnerships year. won't shape and be as just big we'll as last course QX they of were to business again, So is to comps continue consistent, those see upside fairly where They around in be are benefits.

Operator

next of Our the Stifel. from Parker line with Lane question comes

J. Lane

new Curious on you year. overall launched second the of half us of next you to the the of over idea out you of the growth Lots when and in just the and expectation if few that that attach have being impact capabilities could payments expect give around years? last payments an look rates payments adoption

Brett White

Sure.

I'll with So start that answer.

functionality, continue believe a I to key that more payments really we they we move. office. that to it have we So that process I care it offices workflow make payments. a the more And -- then them And on add is on. which And really think They features, the the integrated -- these terrific of make it's and way to work really then they do don't platform the well. -- And compelling training in really helping into functionality and really the want the functionality of offering. it's opportunity getting is just the much just significant Weaves

this better see integrate of office continued then functionality where and we'll So as more develop workflow their we into is it adoption.

faster than than even and to subscription accelerated, would revenue has So of to of we expect we is a it see XX% our you in that. less growing do subscription it payments we're because it's revenue. though financials. But revenue, percentage more, growing revenue It's were as continue if currently

we directly priorities we're how general a to and that us of for overtake walks McNeil dedicated the other activities every manager to who one just I top of think is meaningfully a get in that to are report our couple adoption, do percentage of but total the out over of pieces floor figuring on, really payments get integrated then working pretty going his more key we mentioned, And the necessary is the next those can also grow into thing several day, usage. I years. him The think a of greater success, as greater is of both our workflow, payments, one and payments I kind recruiting for as David going is revenue

J. Lane

employee helpful. different it. also to actually 'XX on And gains what you of across Got Very that rates improvement how in business. undertook material measures you to a attrition outcome then pretty go into out detail can into from bit called 'XX, more achieve I wonder if little areas that's productivity you a translating and

Brett White

Sure.

and opinion, it my on give on. opinion then been we years here were it a few work What priorities? were are lacked because can as really going was I operations. to think ownership a real business what you were have. And we what What I'll I give we not when ago, A lot is of to to you've than longer trying joined, on, your also work I So Alan, business. we down our clarity accomplish going pushing

year. what -- priorities focus And for last those announced areas whole single every We were are. focus in top together X in very across then company year, over number and brought kickoff. accountability what it expected new, projects then employee the on, we last how So we and started built areas explicit increasing was starting our a We working our that they're they're work project of ownership a working also we and it how different what outcome part it impacted why of the is the tools. by that company. on And who

of It's together all previous it every working week, and it outcomes synergistic the signs. of XX of the all week. together call behaviors of kind Tuesday through we them of the measured going XX and was spends generate the the gets really were to minutes One created where leadership every company single and to vital morning the business desired and results functions the understanding for

to success functions teammates it's see to So people could were help been having frankly, in it's watch. them, challenges, where really jumped magical actually, -- and

So I'll to it up Alan. pass

Alan Taylor

Yes.

that mentioned been and of this we All that in, came can what a real the Brett to business." mantra around to people its Weave was he absolutely key to make want tough and people us the be said, of very are why And environment. the heart be we inception, collaborative introduced founders serves as people. great those we've things aggressive, being want Since We working grow are We but doing. love his himself business." We the When of well. Brett "Hey, on love kind "Be together.

environment benefit environment, the obviously, that done not we're then that's so we've And And And nationwide create. gone the along a with you year. been through have just in that. we've macroeconomic to but a been here unique can adding growing the Wasatch front, Weave respect XXXX, only employee personnel And is as somewhat where located. that always

the question. that are add -- would that's those So I to what

Operator

of the Staffel Our next from comes with question Jacob line Sachs. Goldman

Jacob Staffel

good Lot questions ahead me. of of

it XQ, unless customers. here. admin XQ I it want on of all don't I couple noted. things a was XQ, wrap So you think noted missed the Boomerang I call, just But more XQ, maybe to And up in and

question see first this you'll boomerang Or just quarter? around you be be would would customers many that So can any how great. that give color around

Brett White

pick that. Sure. crack I'll a at

competitive reason [indiscernible] understand the dive customer happening. boomerang the to a what's We've actually in really let's question. was in got concept introduced there and competitive a we response of So question

stop The bit think a a introduced really quarters just internally the was we we but little do And was more. We it's we that kind that in just X really it, quarter to similar it I and you're about business. not But not a let's talking we right, -- concept, for of because the the on it it, is basically keep proven we've year, on the in row. about well, and key key focus point. this watch. talked we've we trend maybe same, it's a our results said, metric So seen metric. It good all

it's just because going a not anymore, just mostly we're to continuing So preconsistent trend. report it

Jacob Staffel

you. Got

That question guidance. you was XXXX, assumptions sense. growing in the at And If for and around that of perfect the guidance was Okay. makes the XX%, initial into had were I baked growth in look other ended I then progression XX%.

So about be pressure initial you're there can guidance we you guidance throughout fiscal continued or we and just talk progress where as should that upside might for making that be 'XX. aware assumptions of the

Brett White

Sure.

talking just by start me The let business well. doing is So philosophy.

continued continues to You well. in business to the saw QX, do grow. Demand

to We continue execute well.

away. volume We probably good most customer So take growth. The important to saw point I'd very the team well. performing say, that's, sales is

like average So volume grew if almost that you look 'XX. per year-over-year, at customer in

So businesses well. But doing And it that worked providing we has can for 'XX. we philosophy in are in We on X the quarters guidance beat It deliver we for row. very of it on. focused kind us in us that high worked confidence changed. not have are 'XX, a customers' our

any sticking guidance in with we're Alan you'd if that 'XX, I and philosophy in can details So fill let like.

Alan Taylor

Jacob, nailed Brett I in think it. philosophy. the change No

and to have present We Street just are on about conviction to the march the continue forward. high continue what we going to

Operator

line of Citi. Our Tyler with next question comes Radke from the

Tyler Radke

an that I -- other Medical? segmentation Specialty you're surgery, plastic I other is about you're can guess, just then therapy? there you on working you any motions that integrations like for And spas, have planning some kind think around think of Or on be further further there kind So any of unlock is you product-specific within that physical things the medical specialty talk could vertical? of that capabilities medical vertical, the

Brett White

Sure.

XX think The I'll verticals -- specialty maybe medical. I So sub there's start. in

ones building we're out of called I physical practice those. fit market so around medspa, are general and therapy, X the primarily say that those on aesthetics, medical them: I'd product focused And

was the also existing really fronts. X done practice management integrations, that's one. X -- sorry. software fronts, as to Building EMR Number their far The and that integrations. two, lead. really work work As Number integrating well, to done so on plastic them the is or integrating and deepening

levels get product more you there write of the So more integration you different and that are the is. integrated, the valuable can

us, to integrations. medical and have of So go-to-market crisp are the that recognition. don't third brand is newer really or specialty we lot recognition. very deepening -- existing new developing subverticals brand The piece great these A X

I is recognition And a of focused so and think to very us building that in important success. lot way driving a brand

we that's X to and going down knock them then really take just we're focus on now or go of that break off. X to the through XX-plus, So and why kind it

Alan Taylor

one providers. add [ developing door. deep we that. do. to back [indiscernible] some not ] we're couple -- are stuff partners got beyond going have and one, So competitors ] relationships. like things door We in of [ doing the to want relationships we EHR, the developing I'll Number of the management, those front -- Rack these just a with these and the We're

ahead now that going thing our we targets. way see a leadership would to I Officer, with I is the to those that's got all that create we're the know second add [indiscernible]. We but got great we and interactions and map. much objectives. open The We've that both to that Chief about after respect to road will Strategy continue things of there. opportunities heading can't the delve just speak in have up this. under publicly new up disciplined the We've integrations We've to of deepen with -- group we the approach a more those, got as

Brett White

comment here. one add Just let more me

to Just allowed A between integration and They is the where only do, support agreement with important. [indiscernible] do sometimes integration without front an attempt a kind the agreement and provider, integration go the customers. the referred is a is provider, and are software software support to of back it. The the would vendor front integration and supposed of have to front with difference an connect things as backdoor actually is the integration door and We in where approve to integration company, their that do and unauthorized they focus door pretty supported. hospital is software that and door our integration then a us back they we're door. we and on our

Tyler Radke

helpful. That's

outlook. So follow-ups the just couple last about a the of I think as question had, we

TAMs that to higher Alan, say that expecting be the a it on front, new And that the adds encouraging do that detail really secondly, have think next NRR. just higher and the locations. This in see to you're I these year now XXXX? leading NRR you of on fair versus you're then Would further XXXX new hear in So locations? lot customer that, appreciate frankly into accelerates pickup year,

Alan Taylor

given the that can as that the confidence the metric second trailing going question, going is we seen that given get accelerate. we same -- just exception that half currently half, -- will we're to into the customers are NR we think on yes, on. I new think the we're seeing, Tyler, second the that to with already I is So new what second we've pattern in that with follow XX-month partnership say see the the the that of customers year. opportunities the do And

Operator

Markets. comes Schappel question from with Capital the of Our Mark next line Loop

Mark Schappel

prior earnings sense to And product on from will you if year. of you just and when Brett, just expect us the noted the that may calls, your wondering on this drive that starting of you I building just coming it next-gen one benefits the development in was year with working group platform. could a give be you some released financially was maybe

Brett White

Sure.

bet. You

desired So platform. X next really, there's Gen our from outcomes

now, you're product, desktop. app. of we iPhone product, basically an the and sits If app that right an into our of familiar on looks current that our like put kind with -- it's all functionality It it's

So app platform outcome the next-generation more app. the a that's functionality first into legacy current the by is to move from the desired dynamic

that longer larger move also for because for make the easier where app easier web. the an or constrained customer, into them can you And the and and that to is to app. the that's estate. by real We're and corners no And functionality us them the around. more it's functionality other of can grab smaller piece move we move So

up the either a or can there. app of the the functionality, occurs you same done over we're and pull the app of can new on kind of to just some work the you functionality. time. the majority some So the of like from fully of the to the slack We're in app getting We're web the legacy web, way and functionality majority of the it remaining kind the way on down version

should year, it hopefully, definitely, this around midyear. So happen

the then adding first that's second multifunctionality. outcome. And is outcome So the

useful is offices. usable So functionality and -- to makes multi-location much more product that the

for doing example, once, being inboxes So testing to e-mail able multiple at activities. manage multiple

office of take pick all can from or a the to XX either X and X offices So offices, X or list basically, pick do. you whatever want you

X really We up late working it's to that year. last it outcomes opened those they're around early So access on.

with think it, customers over using it, it, got it. playing X,XXX testing we've on I

responses new I embed say place select a the over XXXX. would selling but not multi-location functionality in that we've will we the this yet, it into And continue customers. think I good so gotten quite the And The throughout and improve, quite there. are very been feedback We're to -- we're good. has legacy it to platform showing

Mark Schappel

then an year, just And bit on give I if go-to-market us a maybe your for the update of on wondering plans hiring the on you particularly building could earlier little question, was an side.

Brett White

Right.

hiring that added it we've we that expect to sure goes throughout clicked sales the continue way and in you engineering. got in make quarter, QX, QX certainly it could the XXXX. want and add we've but capacity XXXX. Anything capacity every on. got planned I notches product else will, few we to that So everything capacity add in additional think then we And plan need I of sales sales we we'll some hope and kind a XXXX. up throughout We so

Alan Taylor

No.

will growth metrics those the we support obviously, across will that board. the making on are sure the it. execution grow think that And I continued elements and key gauge we

Operator

There Brett are turn back to for floor questions this would time. further at closing the no over CEO, White comments. to I like

Brett White

we'll again another talk Weave continued delivering in to terrific you for our the and you support, call. thank team next Well, thank for your to Okay. you entire quarter, and

Operator

teleconference. This concludes today's

your time. lines You for your participation. at you Thank may disconnect this

Weave Communications (WEAV) 21 Feb 242023 Q4 Earnings call transcript