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Weave Announces Fourth Quarter and Full Year 2023 Financial Results

  • Fourth quarter total revenue of $45.7 million, up 21.2% year over year.
  • Full year total revenue of $170.5 million, up 19.9% year-over-year.
  • Fourth quarter positive net cash from operating activities of $3.7 million, up from negative net cash from operating activities of $2.8 million last year.
  • Full year positive net cash from operating activities of $10.2 million, up from negative net cash from operating activities of $12.8 million last year.
  • Fourth quarter positive free cash flow of $2.9 million, up from negative free cash flow of $3.8 million last year.
  • Full year positive free cash flow of $6.5 million, up from negative free cash flow of $15.9 million last year.

Weave (NYSE: WEAV), a leading all-in-one customer experience and payments software platform for small and medium-sized healthcare businesses, today announced its financial results for the fourth quarter and year ended December 31, 2023.

“Weave delivered another strong quarter, capping off a terrific year in which we saw continuous quarterly improvements in revenue growth rate, gross and operating margin, adjusted EBITDA, free cash flow, and customer acquisition,” said CEO Brett White. “Our growing market opportunity and the economic resilience of our customer base, combined with a platform that delivers both innovation and real customer value, positions us for continued success in 2024.”

Fourth Quarter 2023 Financial Highlights

  • Total revenue was $45.7 million, representing a 21.2% year-over-year increase compared to $37.7 million in the fourth quarter of 2022.
  • GAAP gross margin was 69.1%, compared to a GAAP gross margin of 66.2% in the fourth quarter of 2022.
  • Non-GAAP gross margin was 69.7%, compared to a non-GAAP gross margin of 66.7% in the fourth quarter of 2022.
  • GAAP loss from operations was $8.0 million, compared to a GAAP loss from operations of $9.7 million in the fourth quarter of 2022.
  • Non-GAAP loss from operations was $1.7 million, compared to a non-GAAP loss from operations of $4.2 million in the fourth quarter of 2022.
  • GAAP net loss was $7.0 million, or $0.10 per share, compared to a GAAP net loss of $9.3 million, or $0.14 per share, in the fourth quarter of 2022.
  • Non-GAAP net loss was $0.8 million, or $0.01 per share, compared to a non-GAAP net loss of $3.7 million, or $0.06 per share, in the fourth quarter of 2022.
  • Net cash provided by operating activities was $3.7 million, up $6.6 million from net cash used in operating activities of $2.8 million in the fourth quarter of 2022.
  • Free cash flow was $2.9 million, up $6.7 million from free cash flow of negative $3.8 million in the fourth quarter of 2022.

Full Year 2023 Financial Highlights:

  • Total revenue was $170.5 million, representing a 19.9% year-over-year increase compared to $142.1 million in 2022.
  • GAAP loss from operations was $34.4 million, compared to a GAAP loss from operations of $49.7 million in 2022.
  • Non-GAAP loss from operations was $11.5 million, compared to a non-GAAP loss from operations of $31.0 million in 2022.
  • GAAP net loss was $31.0 million, or $0.46 per share, compared to a GAAP net loss of $49.7 million, or $0.76 per share, in 2022.
  • Non-GAAP net loss was $8.2 million, or $0.12 per share, compared to a non-GAAP net loss of $31.0 million, or $0.48 per share, in 2022.
  • Net cash provided by operating activities was $10.2 million, up $23.0 million from net cash used in operating activities of $12.8 million in 2022.
  • Free cash flow was $6.5 million, up $22.4 million from free cash flow of negative $15.9 million in 2022.
  • Dollar-Based Net Retention Rate (NRR) was 95% as of December 31, 2023.
  • Dollar-Based Gross Retention Rate (GRR) was 92% as of December 31, 2023.
  • Cash and cash equivalents plus short-term investments was $108.8 million as of December 31, 2023.
  • Added 3,809 net new customer locations in 2023 and had 31,002 customer locations as of December 31, 2023.

Recent Business Highlights:

  • Announced David McNeil as Chief Revenue Officer. David joins Weave with over 25 years of experience in scaling SaaS businesses, leading sales, customer success, revenue operations, and payments teams. He spent six years at HubSpot, where he was instrumental in leading sales teams as the company grew from $90 million to nearly $1 billion in annual recurring revenue. He also served as the Chief Commercial Officer at Tebra, a leading automation platform for independently owned healthcare practices as well as leadership positions at Salesforce and Bank of America.
  • Added ACH Debit and Payment Plans to our platform. With ACH Debit, patients experience enhanced transaction security and healthcare providers benefit from lower transaction costs. Payment Plans enable healthcare businesses to easily set up and manage recurring monthly payment schedules, making care more accessible and affordable through flexible payment options.
  • Named the leading platform in the G2 Grid for Patient Relationship Management. Weave also ranked first in 27 different categories in G2’s Winter 2023 Report, winning 61 different badges including Patient Scheduling Software Leader. Weave was named a Great Place to Work for the fifth consecutive year, and a Top Workplace USA for the second consecutive year. Weave was further recognized by placing on the Deloitte Technology Fast 500 List for the second year in a row.

Financial First Quarter and Full Year 2024 Outlook

The company expects to achieve the following financial results for the three months ending March 31, 2024, and full year ending December 31, 2024:

 

First Quarter

Full Year

 

(in millions)

Total revenue

$45.2 - $46.2

$194.0 - $198.0

Non-GAAP loss from operations

$(2.5) - $(1.5)

$(6.0) - $(2.0)

Weighted average share count

70.5

71.7

The guidance provided above constitutes forward-looking statements and actual results may differ materially. Refer to the “Forward-Looking Statements” safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Non-GAAP loss from operations excludes estimates for, among other things, stock-based compensation expense. A reconciliation of this non-GAAP financial guidance measure to a corresponding GAAP financial guidance measure is not available on a forward-looking basis because we do not provide guidance on GAAP net loss from operations and are not able to present the various reconciling cash and non-cash items between GAAP loss from operations and non-GAAP loss from operations without unreasonable effort. In particular, stock-based compensation expense is impacted by our future hiring and retention needs, as well as the future fair market value of our common stock, all of which is difficult to predict and is subject to change. The actual amount of these expenses during 2024 will have a significant impact on our future GAAP financial results.

Webcast

The company will host a conference call and webcast for analysts and investors on Wednesday, February 21, 2024, beginning at 4:30 p.m. EST.

Individuals interested in listening to the conference call may do so by dialing (412) 902-1020 or toll free at (877) 502-7186. Please reference the following conference ID: 13743937. The live webcast and a webcast replay of the conference call can be accessed from the investor relations page of Weave’s website at investors.getweave.com.

About Weave

Weave is the all-in-one customer experience and payments software platform for small and medium-sized healthcare practices. From the first phone call to the final invoice and every touchpoint in between, Weave connects the entire patient journey. Weave’s software solutions transform how local healthcare practitioners attract, communicate with and engage patients to grow their practice. In the past year, Weave has been named a G2 leader in Patient Relationship Management, Patient Engagement, Optometry, and Dental Practice Management software. To learn more, visit getweave.com/newsroom/.

Forward-Looking Statements

This press release and the accompanying conference call contain forward-looking statements including, among others, current estimates of first quarter and full year 2024 revenue, non-GAAP loss from operations and statements in the quotes of our Chief Executive Officer.

These forward-looking statements involve risks and uncertainties. If any of these risks or uncertainties materialize, or if any of our assumptions prove incorrect, our actual results could differ materially from the results expressed or implied by these forward-looking statements. These risks and uncertainties include risks associated with: our ability to attract new customers, retain existing customers and increase our customers’ use of our platform; our ability to manage our growth; the impact of unfavorable economic conditions and macroeconomic uncertainties on our company; our ability to maintain and enhance our brand and increase market awareness of our company, platform and products; customer adoption of our platform and products; customer acquisition costs and sales and marketing strategies; our ability to achieve profitability in any future period; competition; our ability to enhance our platform and products; interruptions in service; and the risks described in the filings we make from time to time with the Securities and Exchange Commission (SEC), including the risks described under the heading “Risk Factors” in our Quarterly Report on Form 10-Q for the three months ended September 30, 2023, filed with the SEC on November 8, 2023, which should be read in conjunction with our financial results and forward-looking statements and is available on the SEC Filings section of the Investor Relations page of our website at investors.getweave.com/.

All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

Channels for Disclosure of Information

Weave Communications uses the investor relations page on our website, blog posts on our website, press releases, public conference calls, webcasts, our X (Twitter) feed (@getweave), our Facebook page, and our LinkedIn page as the means of complying with our disclosure obligations under Regulation FD. We encourage investors, the media, and others to follow the channels listed above, in addition to following Weave Communications’ press releases, SEC filings, and public conference calls and webcasts, and to review the information disclosed through such channels.

Supplemental Financial Information

Dollar-Based Net Revenue Retention (NRR)

For retention rate calculations, we use adjusted monthly revenue (AMR), which is calculated for each location as the sum of (i) the subscription component of revenue for each month and (ii) the average of the trailing-three-month recurring payments revenue. To calculate our NRR, we first identify the cohort of locations (the Base Locations) that were active in a particular month (the Base Month). We then divide AMR for the Base Locations in the same month of the subsequent year (the Comparison Month), by AMR in the Base Month to derive a monthly NRR. We derive our annual NRR as of any date by taking a weighted average of the monthly net retention rates over the trailing twelve months prior to such date.

Dollar-Based Gross Revenue Retention (GRR)

To calculate our GRR, we first identify the cohort of locations (the Base Locations) that were under subscription in a particular month (the Base Month). We then calculate the effect of reductions in revenue from customer location terminations by measuring the amount of AMR in the Base Month for Base Locations still under subscription twelve months subsequent to the Base Month (Remaining AMR). We then divide Remaining AMR for the Base Locations by AMR in the Base Month for the Base Locations to derive a monthly gross retention rate. We calculate GRR as of any date by taking a weighted average of the monthly gross retention rates over the trailing twelve months prior to such date. GRR reflects the effect of customer locations that terminate their subscriptions, but does not reflect changes in revenue due to revenue expansion, revenue contraction, or addition of new customer locations.

Number of Locations

We measure locations as the total number of customer locations under subscription active on the Weave platform as of the end of each month. A single organization or customer with multiple divisions, segments, offices or subsidiaries is counted as multiple locations if they have entered into subscriptions for each location.

As a reminder, we only provide customer location information on an annual basis with annual and fourth quarter results and do not provide this information with financial statements or earnings releases covering interim periods.

Non-GAAP Financial Measures

In this press release, Weave Communications has provided financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). We disclose the following historical non-GAAP financial measures in this press release: non-GAAP net loss, non-GAAP net loss margin, non-GAAP net loss per share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP loss from operations, non-GAAP loss from operations margin, Adjusted EBITDA and free cash flow. We use these non-GAAP financial measures internally to analyze our financial results and evaluate our ongoing operational performance. We believe that these non-GAAP financial measures provide an additional tool for investors to use in understanding and evaluating ongoing operating results and trends in the same manner as our management and board of directors. Our use of these non-GAAP financial measures has limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of our financial results as reported under GAAP. Because of these and other limitations, you should consider these non-GAAP financial measures along with other GAAP-based financial performance measures, including various cash flow metrics, operating income (loss), net income (loss), and our GAAP financial results. We have provided a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures in the tables included in this press release, and investors are encouraged to review the reconciliation.

Non-GAAP net loss, non-GAAP net loss margin and non-GAAP net loss per share

We define non-GAAP net loss as GAAP net loss adjusted to exclude stock-based compensation expense, and non-GAAP net loss margin as non-GAAP net loss as a percentage of revenue. Non-GAAP net loss per share is calculated as non-GAAP net loss divided by the diluted weighted-average shares outstanding.

Non-GAAP gross profit and non-GAAP gross margin

We define non-GAAP gross profit as GAAP gross profit adjusted to exclude stock-based compensation expense, and non-GAAP gross margin as non-GAAP gross profit as a percentage of revenue.

Non-GAAP operating expenses

We define non-GAAP operating expenses, in the aggregate or its individual components (i.e., sales and marketing, research and development or general and administrative), as the applicable GAAP operating expenses adjusted to exclude the applicable stock-based compensation expense.

Non-GAAP loss from operations and non-GAAP loss from operations margin

We define non-GAAP loss from operations as GAAP loss from operations less stock-based compensation expense, and non-GAAP loss from operations margin as non-GAAP loss from operations as a percentage of revenue.

Adjusted EBITDA

We define EBITDA as earnings before interest expense, interest income, other income/expense, provision for income taxes, depreciation, and amortization. Our depreciation adjustment includes depreciation on operating fixed assets and we do not adjust for amortization of finance lease right-of-use assets on phone hardware provided to our customers. We further adjust EBITDA to exclude stock-based compensation expense, a non-cash item. We believe that Adjusted EBITDA provides management and investors consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations. Additionally, management uses Adjusted EBITDA to measure our financial and operational performance and prepare our budgets.

Free cash flow

We define free cash flow as net cash provided by (used in) operating activities, less purchases of property and equipment and capitalized internal-use software costs. We believe that free cash flow is a useful indicator of liquidity that provides useful information to management and investors, even if negative, as it provides information about the amount of cash consumed by our combined operating and investing activities. For example, as free cash flow has in the past been negative, we have needed to access cash reserves or other sources of capital for these investments.

The foregoing non-GAAP financial measures have a number of limitations. For example, the non-GAAP financial information presented above may be determined or calculated differently by other companies and may not be directly comparable to that of other companies. In addition, free cash flow does not reflect our future contractual commitments and the total increase or decrease of our cash balance for a given period. Further, Adjusted EBITDA excludes some costs, namely, non-cash stock-based compensation expense. Therefore, Adjusted EBITDA does not reflect the non-cash impact of stock-based compensation expense or working capital needs that will continue for the foreseeable future. All of these limitations could reduce the usefulness of these non-GAAP financial measures as analytical tools.

WEAVE COMMUNICATIONS, INC

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands except share amounts)

 

 

December 31, 2023

 

December 31, 2022

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

50,756

 

 

$

61,997

 

Short-term investments

 

58,088

 

 

 

51,340

 

Accounts receivable, net

 

3,511

 

 

 

3,296

 

Deferred contract costs, net

 

10,547

 

 

 

9,881

 

Prepaid expenses and other current assets

 

6,876

 

 

 

6,374

 

Total current assets

 

129,778

 

 

 

132,888

 

Non-current assets:

 

 

 

Property and equipment, net

 

9,922

 

 

 

10,773

 

Operating lease right-of-use assets

 

41,318

 

 

 

45,110

 

Finance lease right-of-use assets

 

10,351

 

 

 

10,589

 

Deferred contract costs, net, less current portion

 

8,622

 

 

 

8,146

 

Other non-current assets

 

1,021

 

 

 

843

 

TOTAL ASSETS

$

201,012

 

 

$

208,349

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

5,171

 

 

$

3,793

 

Accrued liabilities

 

18,491

 

 

 

13,636

 

Deferred revenue

 

38,850

 

 

 

34,136

 

Current portion of operating lease liabilities

 

3,821

 

 

 

3,662

 

Current portion of finance lease liabilities

 

6,520

 

 

 

6,992

 

Current portion of long-term debt

 

 

 

 

10,000

 

Total current liabilities

 

72,853

 

 

 

72,219

 

Non-current liabilities:

 

 

 

Operating lease liabilities, less current portion

 

43,080

 

 

 

46,914

 

Finance lease liabilities, less current portion

 

6,122

 

 

 

5,997

 

Total liabilities

 

122,055

 

 

 

125,130

 

Stockholders' equity:

 

 

 

Preferred stock, $0.00001 par value per share; 10,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2023 and December 31, 2022

 

 

 

 

 

Common stock, $0.00001 par value per share; 500,000,000 shares authorized as of December 31, 2023 and December 31, 2022, 70,116,357 and 65,739,053 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively

 

 

 

 

 

Additional paid-in capital

 

341,514

 

 

 

314,884

 

Accumulated deficit

 

(262,667

)

 

 

(231,636

)

Accumulated other comprehensive income (loss)

 

110

 

 

 

(29

)

Total stockholders' equity

 

78,957

 

 

 

83,219

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

201,012

 

 

$

208,349

 

WEAVE COMMUNICATIONS, INC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except share and per share data)

 

 

 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2023

 

2022

 

2023

 

2022

Revenue

$

45,692

 

 

$

37,685

 

 

$

170,468

 

 

$

142,117

 

Cost of revenue

 

14,111

 

 

 

12,751

 

 

 

54,377

 

 

 

53,276

 

Gross profit

 

31,581

 

 

 

24,934

 

 

 

116,091

 

 

 

88,841

 

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing

 

18,291

 

 

 

16,118

 

 

 

70,765

 

 

 

65,378

 

Research and development

 

9,133

 

 

 

8,185

 

 

 

34,040

 

 

 

30,714

 

General and administrative

 

12,150

 

 

 

10,376

 

 

 

45,652

 

 

 

42,453

 

Total operating expenses

 

39,574

 

 

 

34,679

 

 

 

150,457

 

 

 

138,545

 

Loss from operations

 

(7,993

)

 

 

(9,745

)

 

 

(34,366

)

 

 

(49,704

)

Other income (expense):

 

 

 

 

 

 

 

Interest income

 

639

 

 

 

549

 

 

 

2,196

 

 

 

1,155

 

Interest expense

 

(438

)

 

 

(436

)

 

 

(1,923

)

 

 

(1,441

)

Other income (expense), net

 

865

 

 

 

388

 

 

 

3,322

 

 

 

356

 

Loss before income taxes

 

(6,927

)

 

 

(9,244

)

 

 

(30,771

)

 

 

(49,634

)

Provision for income taxes

 

(112

)

 

 

(22

)

 

 

(260

)

 

 

(104

)

Net loss

$

(7,039

)

 

$

(9,266

)

 

$

(31,031

)

 

$

(49,738

)

Net loss per share - basic and diluted

$

(0.10

)

 

$

(0.14

)

 

$

(0.46

)

 

$

(0.76

)

Weighted-average common shares outstanding - basic and diluted

 

69,715,329

 

 

 

65,629,940

 

 

 

67,694,978

 

 

 

65,083,198

 

WEAVE COMMUNICATIONS, INC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

 

 

 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2023

 

2022

 

2023

 

2022

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

Net loss

$

(7,039

)

 

$

(9,266

)

 

$

(31,031

)

 

$

(49,738

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities

 

 

 

 

 

 

 

Depreciation and amortization

 

3,032

 

 

 

3,120

 

 

 

12,001

 

 

 

12,964

 

Amortization of operating right-of-use assets

 

974

 

 

 

939

 

 

 

3,831

 

 

 

3,681

 

Provision for losses on accounts receivable

 

318

 

 

 

271

 

 

 

1,164

 

 

 

729

 

Amortization of deferred contract costs

 

3,187

 

 

 

2,884

 

 

 

12,171

 

 

 

11,120

 

Loss on disposal of assets

 

4

 

 

 

(6

)

 

 

16

 

 

 

4

 

Stock-based compensation

 

6,247

 

 

 

5,525

 

 

 

22,823

 

 

 

18,752

 

Net accretion of discounts on short-term investments

 

(660

)

 

 

(413

)

 

 

(2,668

)

 

 

(413

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

(116

)

 

 

86

 

 

 

(1,379

)

 

 

(966

)

Deferred contract costs

 

(3,493

)

 

 

(3,082

)

 

 

(13,313

)

 

 

(12,343

)

Prepaid expenses and other assets

 

(1,076

)

 

 

(1,799

)

 

 

(680

)

 

 

(93

)

Accounts payable

 

334

 

 

 

382

 

 

 

1,323

 

 

 

(330

)

Accrued liabilities

 

1,666

 

 

 

(2,137

)

 

 

4,855

 

 

 

1,786

 

Operating lease liabilities

 

(948

)

 

 

(846

)

 

 

(3,714

)

 

 

(2,534

)

Deferred revenue

 

1,312

 

 

 

1,501

 

 

 

4,822

 

 

 

4,615

 

Net cash provided by (used in) operating activities

 

3,742

 

 

 

(2,841

)

 

 

10,221

 

 

 

(12,766

)

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

Maturities of short-term investments

 

18,250

 

 

 

 

 

 

62,150

 

 

 

 

Purchases of short-term investments

 

(20,464

)

 

 

(50,915

)

 

 

(66,199

)

 

 

(50,915

)

Proceeds from sale of assets

 

 

 

 

7

 

 

 

 

 

 

16

 

Purchases of property and equipment

 

(178

)

 

 

(704

)

 

 

(1,691

)

 

 

(1,895

)

Capitalized internal-use software costs

 

(629

)

 

 

(229

)

 

 

(1,999

)

 

 

(1,232

)

Net cash used in investing activities

 

(3,021

)

 

 

(51,841

)

 

 

(7,739

)

 

 

(54,026

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

Principal payments on finance leases

 

(1,864

)

 

 

(2,015

)

 

 

(7,530

)

 

 

(8,709

)

Principal payments on line of credit

 

(10,000

)

 

 

 

 

 

(10,000

)

 

 

 

Proceeds from stock option exercises

 

1,513

 

 

 

336

 

 

 

12,866

 

 

 

1,315

 

Payments for taxes related to net share settlement of equity awards

 

(2,905

)

 

 

 

 

 

(10,388

)

 

 

 

Paid offering costs

 

 

 

 

 

 

 

 

 

 

(671

)

Proceeds from the employee stock purchase plan

 

 

 

 

 

 

 

1,329

 

 

 

858

 

Net cash used in financing activities

 

(13,256

)

 

 

(1,679

)

 

 

(13,723

)

 

 

(7,207

)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(12,535

)

 

 

(56,361

)

 

 

(11,241

)

 

 

(73,999

)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

 

63,291

 

 

 

118,358

 

 

 

61,997

 

 

 

135,996

 

CASH AND CASH EQUIVALENTS, END OF PERIOD

$

50,756

 

 

$

61,997

 

 

$

50,756

 

 

$

61,997

 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

 

 

 

 

 

 

 

Cash paid during the period for interest

$

438

 

 

$

436

 

 

$

1,923

 

 

$

1,441

 

Cash paid during the period for income taxes

$

112

 

 

$

22

 

 

$

260

 

 

$

104

 

SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:

 

 

 

 

 

 

 

Equipment purchases financed with accounts payable

$

52

 

 

$

13

 

 

$

52

 

 

$

13

 

Finance lease liabilities arising from obtaining finance lease right-of-use assets

$

1,745

 

 

$

1,996

 

 

$

7,183

 

 

$

6,655

 

Operating lease liabilities arising from obtaining operating lease right-of-use assets

 

 

 

 

309

 

 

$

154

 

 

$

309

 

Unrealized gain on short-term investments

$

66

 

 

$

12

 

 

$

31

 

 

$

12

 

WEAVE COMMUNICATIONS, INC

DISAGGREGATED REVENUE AND COST OF REVENUE (GAAP)

(unaudited, in thousands)

 

 

 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2023

 

2022

 

2023

 

2022

Subscription and payment processing:

 

 

 

 

 

 

 

Revenue

$

43,726

 

 

$

36,163

 

 

$

162,715

 

 

$

136,592

 

Cost of revenue

 

(10,221

)

 

 

(8,633

)

 

 

(38,194

)

 

 

(35,008

)

Gross profit

$

33,505

 

 

$

27,530

 

 

$

124,521

 

 

$

101,584

 

Gross margin

 

77

%

 

 

76

%

 

 

77

%

 

 

74

%

 

 

 

 

 

 

 

 

Onboarding:

 

 

 

 

 

 

 

Revenue

$

824

 

 

$

428

 

 

$

3,232

 

 

$

1,288

 

Cost of revenue

 

(2,022

)

 

 

(2,093

)

 

 

(8,710

)

 

 

(9,612

)

Gross profit

$

(1,198

)

 

$

(1,665

)

 

$

(5,478

)

 

$

(8,324

)

Gross margin

 

(145

)%

 

 

(389

)%

 

 

(169

)%

 

 

(646

)%

 

 

 

 

 

 

 

 

Hardware:

 

 

 

 

 

 

 

Revenue

$

1,142

 

 

$

1,094

 

 

$

4,521

 

 

$

4,237

 

Cost of revenue

 

(1,868

)

 

 

(2,025

)

 

 

(7,473

)

 

 

(8,656

)

Gross profit

$

(726

)

 

$

(931

)

 

$

(2,952

)

 

$

(4,419

)

Gross margin

 

(64

)%

 

 

(85

)%

 

 

(65

)%

 

 

(104

)%

WEAVE COMMUNICATIONS, INC

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(unaudited, in thousands, except share and per share data)

 

The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP financial measures for the periods indicated below

 
 

Non-GAAP gross profit

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2023

 

2022

 

2023

 

2022

Gross profit

$

31,581

 

 

$

24,934

 

 

$

116,091

 

 

$

88,841

 

Stock-based compensation add back

 

249

 

 

 

209

 

 

 

971

 

 

 

723

 

Non-GAAP gross profit

$

31,830

 

 

$

25,143

 

 

$

117,062

 

 

$

89,564

 

GAAP gross margin

 

69

%

 

 

66

%

 

 

68

%

 

 

63

%

Non-GAAP gross margin

 

70

%

 

 

67

%

 

 

69

%

 

 

63

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP operating expenses

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2023

 

2022

 

2023

 

2022

Sales and marketing

$

18,291

 

 

$

16,118

 

 

$

70,765

 

 

$

65,378

 

Stock-based compensation excluded

 

(776

)

 

 

(1,105

)

 

 

(4,233

)

 

 

(3,436

)

Non-GAAP sales and marketing

$

17,515

 

 

$

15,013

 

 

$

66,532

 

 

$

61,942

 

 

 

 

 

 

 

 

 

Research and development

$

9,133

 

 

$

8,185

 

 

$

34,040

 

 

$

30,714

 

Stock-based compensation excluded

 

(1,863

)

 

 

(1,654

)

 

 

(5,590

)

 

 

(4,576

)

Non-GAAP research and development

$

7,270

 

 

$

6,531

 

 

$

28,450

 

 

$

26,138

 

 

 

 

 

 

 

 

 

General and administrative

$

12,150

 

 

$

10,376

 

 

$

45,652

 

 

$

42,453

 

Stock-based compensation excluded

 

(3,359

)

 

 

(2,557

)

 

 

(12,029

)

 

 

(10,017

)

Non-GAAP general and administrative

$

8,791

 

 

$

7,819

 

 

$

33,623

 

 

$

32,436

 

Non-GAAP loss from operations

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2023

 

2022

 

2023

 

2022

Loss from operations

$

(7,993

)

 

$

(9,745

)

 

$

(34,366

)

 

$

(49,704

)

Stock-based compensation add back

 

6,247

 

 

 

5,525

 

 

 

22,823

 

 

 

18,752

 

Non-GAAP loss from operations

$

(1,746

)

 

$

(4,220

)

 

$

(11,543

)

 

$

(30,952

)

GAAP loss from operations margin

 

(17

)%

 

 

(26

)%

 

 

(20

)%

 

 

(35

)%

Non-GAAP loss from operations margin

 

(4

)%

 

 

(11

)%

 

 

(7

)%

 

 

(22

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net loss

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2023

 

2022

 

2023

 

2022

Net loss

$

(7,039

)

 

$

(9,266

)

 

$

(31,031

)

 

$

(49,738

)

Stock-based compensation add back

 

6,247

 

 

 

5,525

 

 

 

22,823

 

 

 

18,752

 

Non-GAAP net loss

$

(792

)

 

$

(3,741

)

 

$

(8,208

)

 

$

(30,986

)

GAAP net loss margin

 

(15

)%

 

 

(25

)%

 

 

(18

)%

 

 

(35

)%

Non-GAAP net loss margin

 

(2

)%

 

 

(10

)%

 

 

(5

)%

 

 

(22

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss per share - basic and diluted

$

(0.10

)

 

$

(0.14

)

 

$

(0.46

)

 

$

(0.76

)

Non-GAAP net loss per share - basic and diluted

$

(0.01

)

 

$

(0.06

)

 

$

(0.12

)

 

$

(0.48

)

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding - basic and diluted

 

69,715,329

 

 

 

65,629,940

 

 

 

67,694,978

 

 

 

65,083,198

 

Free Cash Flow

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2023

 

2022

 

2023

 

2022

Net cash provided by (used in) operating activities

$

3,742

 

 

$

(2,841

)

 

$

10,221

 

 

$

(12,766

)

Less: Purchases of property and equipment

 

(178

)

 

 

(704

)

 

 

(1,691

)

 

 

(1,895

)

Less: Capitalized internal-use software costs

 

(629

)

 

 

(229

)

 

 

(1,999

)

 

 

(1,232

)

Free cash flow

$

2,935

 

 

$

(3,774

)

 

$

6,531

 

 

$

(15,893

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2023

 

2022

 

2023

 

2022

Net loss

$

(7,039

)

 

$

(9,266

)

 

$

(31,031

)

 

$

(49,738

)

Interest expense

 

438

 

 

 

436

 

 

 

1,923

 

 

 

1,441

 

Provision for income taxes

 

112

 

 

 

22

 

 

 

260

 

 

 

104

 

Interest income

 

(639

)

 

 

(549

)

 

 

(2,196

)

 

 

(1,155

)

Other income/expense, net

 

(865

)

 

 

(388

)

 

 

(3,322

)

 

 

(356

)

Depreciation

 

625

 

 

 

606

 

 

 

2,441

 

 

 

2,609

 

Amortization

 

332

 

 

 

289

 

 

 

1,256

 

 

 

1,140

 

Stock-based compensation

 

6,247

 

 

 

5,525

 

 

 

22,823

 

 

 

18,752

 

Adjusted EBITDA

$

(789

)

 

$

(3,325

)

 

$

(7,846

)

 

$

(27,203

)

 

Contacts

Investor Relations Contact

Mark McReynolds

Head of Investor Relations

ir@getweave.com

Media Contact

Natalie House

Senior Director of Content & Communications

pr@getweave.com

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