- Third quarter total revenue of $43.5 million, up 20.2% year
over year.
- Weave crossed a significant milestone during Q3, growing its
customer base to over 30,000 locations.
- Third quarter net cash provided by operating activities of $3.3
million, up from net cash used in operating activities of $4.0
million last year.
- Positive free cash flow of $2.1 million, up from negative free
cash flow of $4.6 million last year.
- Significant gross and operating margin improvement year over
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 third
quarter ended September 30, 2023.
“Weave had another excellent quarter, accelerating revenue
growth for the third quarter in a row and significantly improving
bottom-line, and free cash flow,” said CEO Brett White. “These
results demonstrate that our vertically tailored software and
payments platform is continuing to gain traction and the Weave team
is executing at a high level. Our SMB healthcare customers are
well-capitalized, well-managed, and demand for our platform remains
strong, despite the challenging macro environment.”
Third Quarter 2023 Financial Highlights
- Total revenue was $43.5 million, representing a 20.2%
year-over-year increase compared to $36.2 million in the third
quarter of 2022.
- GAAP gross margin was 68.7%, compared to a GAAP gross margin of
64.1% in the third quarter of 2022.
- Non-GAAP gross margin was 69.3%, compared to a non-GAAP gross
margin of 64.6% in the third quarter of 2022.
- GAAP loss from operations was $8.0 million, compared to a GAAP
loss from operations of $11.9 million in the third quarter of
2022.
- Non-GAAP loss from operations was $1.8 million, compared to a
non-GAAP loss from operations of $6.5 million in the third quarter
of 2022.
- GAAP net loss was $7.1 million, or $0.10 per share, compared to
a GAAP net loss of $11.8 million, or $0.18 per share, in the third
quarter of 2022.
- Non-GAAP net loss was $1.0 million, or $0.01 per share,
compared to a non-GAAP net loss of $6.5 million, or $0.10 per
share, in the third quarter of 2022.
- Net cash provided by operating activities was $3.3 million, up
$7.4 million from net cash used in operating activities of $4.0
million in the third quarter of 2022.
- Free cash flow was $2.1 million, up $6.7 million from free cash
flow of negative $4.6 million in the third quarter of 2022.
- Dollar-Based Net Retention Rate (NRR) was 95% as of September
30, 2023.
- Dollar-Based Gross Retention Rate (GRR) was 92% as of September
30, 2023.
- Cash and cash equivalents plus short-term investments was
$118.4 million as of September 30, 2023.
Business Highlights:
- Weave announced a new partnership with Affirm to enable
practitioners to seamlessly provide transparent and flexible
payment options to their customers, making it easier to access and
afford the care they need.
- Weave launched Scan to Pay to streamline the payment process by
allowing patients to complete transactions with a simple QR code
scan, reducing the reliance on physical cash or cards.
- The Weave platform ranked first in 34 different categories in
G2’s Fall 2023 Report and won 60 different badges including Patient
Relationship Manager Leader, Most Implementable Patient Engagement
System, and Spa Management Software Leader.
Updated Financial Fourth Quarter and Full Year 2023
Outlook
The company updated its financial guidance and now expects the
following financial results for the three months and full year
ending December 31, 2023:
Fourth Quarter
Full Year
(in millions)
Total revenue
$43.5 - $44.5
$168.3 - $169.3
Non-GAAP loss from operations
$(3.0) - $(2.0)
$(12.8) - $(11.8)
Weighted average share count
69.6
67.7
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 2023 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, November 1, 2023, beginning at 4:30
p.m. EDT.
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: 13741864. 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 a leading all-in-one customer experience and payments
software platform for small and medium-sized healthcare businesses.
Weave transforms how practitioners attract, engage, and retain
customers to grow their businesses. Weave brings payments, texting,
scheduling, reminders, reviews, phones and more together into one
easy-to-use efficiency and revenue boosting platform. Weave has set
the bar for Utah startup achievement & work culture. In the
past year alone, Weave has been named a leader in Patient
Engagement, Optometry, Dental Practice Management, Spa Management
Software and Patient Relationship Management by G2. Learn more at
getweave.com/newsroom/.
Forward-Looking Statements
This press release and the accompanying conference call contain
forward-looking statements including, among others, current
estimates of fourth quarter and full year 2023 revenue and 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: transitions in company leadership;
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 June 30, 2023, filed with the SEC on August 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 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.
We have provided location count information in this press
release due to crossing a significant milestone. Apart from this
press release, 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 in analyzing our financial results and evaluating 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 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 has
included depreciation on operating fixed assets and has not
included 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)
September 30, 2023
December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
63,291
$
61,997
Short-term investments
55,148
51,340
Accounts receivable, net
3,713
3,296
Deferred contract costs, net
10,440
9,881
Prepaid expenses and other current
assets
5,895
6,374
Total current assets
138,487
132,888
Non-current assets:
Property and equipment, net
10,249
10,773
Operating lease right-of-use assets
42,292
45,110
Finance lease right-of-use assets
10,456
10,589
Deferred contract costs, net, less current
portion
8,423
8,146
Other non-current assets
926
843
TOTAL ASSETS
$
210,833
$
208,349
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable
$
4,785
$
3,793
Accrued liabilities
16,825
13,636
Deferred revenue
37,687
34,136
Current portion of operating lease
liabilities
3,799
3,662
Current portion of finance lease
liabilities
6,762
6,992
Current portion of long-term debt
—
10,000
Total current liabilities
69,858
72,219
Non-current liabilities:
Operating lease liabilities, less current
portion
44,050
46,914
Finance lease liabilities, less current
portion
5,999
5,997
Long-term debt
10,000
—
Total liabilities
129,907
125,130
Stockholders' equity:
Preferred stock, $0.00001 par value per
share; 10,000,000 shares authorized, zero shares issued and
outstanding as of September 30, 2023 and December 31, 2022
—
—
Common stock, $0.00001 par value per
share; 500,000,000 shares authorized as of September 30, 2023 and
December 31, 2022; 69,341,193 and 65,739,053 shares issued and
outstanding as of September 30, 2023 and December 31, 2022,
respectively
—
—
Additional paid-in capital
336,659
314,884
Accumulated deficit
(255,628
)
(231,636
)
Accumulated other comprehensive loss
(105
)
(29
)
Total stockholders' equity
80,926
83,219
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
$
210,833
$
208,349
WEAVE COMMUNICATIONS,
INC
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(unaudited, in thousands,
except share and per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Revenue
$
43,544
$
36,230
$
124,776
$
104,432
Cost of revenue
13,609
13,023
40,266
40,525
Gross profit
29,935
23,207
84,510
63,907
Operating expenses:
Sales and marketing
17,801
16,292
52,474
49,259
Research and development
8,628
7,897
24,907
22,529
General and administrative
11,528
10,876
33,502
32,077
Total operating expenses
37,957
35,065
110,883
103,865
Loss from operations
(8,022
)
(11,858
)
(26,373
)
(39,958
)
Other income (expense):
Interest income
594
468
1,557
606
Interest expense
(512
)
(380
)
(1,485
)
(1,005
)
Other income (expense), net
874
(17
)
2,457
(32
)
Loss before income taxes
(7,066
)
(11,787
)
(23,844
)
(40,389
)
Provision for income taxes
(79
)
(31
)
(148
)
(82
)
Net loss
$
(7,145
)
$
(11,818
)
$
(23,992
)
$
(40,471
)
Net loss per share - basic and diluted
$
(0.10
)
$
(0.18
)
$
(0.36
)
$
(0.62
)
Weighted-average common shares outstanding
- basic and diluted
68,213,250
65,143,929
67,014,127
64,898,948
WEAVE COMMUNICATIONS,
INC
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(unaudited, in
thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
CASH FLOWS FROM OPERATING
ACTIVITIES
Net loss
$
(7,145
)
$
(11,818
)
$
(23,992
)
$
(40,471
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities
Depreciation and amortization
2,971
3,151
8,969
9,844
Amortization of operating right-of-use
assets
952
920
2,857
2,742
Provision for losses on accounts
receivable
192
159
846
458
Amortization of deferred contract
costs
2,961
2,828
8,984
8,236
Loss on disposal of assets
1
10
12
10
Stock-based compensation
6,187
5,322
16,576
13,227
Net accretion of discounts on short-term
investments
(664
)
—
(2,008
)
—
Changes in operating assets and
liabilities:
Accounts receivable
(622
)
(831
)
(1,263
)
(1,052
)
Deferred contract costs
(3,080
)
(3,286
)
(9,820
)
(8,490
)
Prepaid expenses and other assets
(1,047
)
(684
)
396
934
Accounts payable
518
(1,304
)
989
(712
)
Accrued liabilities
2,344
1,902
3,189
3,923
Operating lease liabilities
(925
)
(717
)
(2,766
)
(1,688
)
Deferred revenue
691
325
3,510
3,114
Net cash provided by (used in) operating
activities
3,334
(4,023
)
6,479
(9,925
)
CASH FLOWS FROM INVESTING
ACTIVITIES
Maturities of short-term investments
14,900
—
43,900
—
Purchases of short-term investments
(10,583
)
—
(45,735
)
—
Proceeds from sale of assets
—
9
—
9
Purchases of property and equipment
(675
)
(270
)
(1,513
)
(1,191
)
Capitalized internal-use software
costs
(579
)
(325
)
(1,370
)
(1,003
)
Net cash provided by (used in) investing
activities
3,063
(586
)
(4,718
)
(2,185
)
CASH FLOWS FROM FINANCING
ACTIVITIES
Principal payments on finance leases
(1,859
)
(2,234
)
(5,666
)
(6,694
)
Proceeds from stock option exercises
10,732
286
11,353
979
Payments for taxes related to net share
settlement of equity awards
(4,811
)
—
(7,483
)
—
Paid offering costs
—
(271
)
—
(671
)
Proceeds from the employee stock purchase
plan
707
858
1,329
858
Net cash provided by (used in) financing
activities
4,769
(1,361
)
(467
)
(5,528
)
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS
11,166
(5,970
)
1,294
(17,638
)
CASH AND CASH EQUIVALENTS, BEGINNING OF
PERIOD
52,125
124,328
61,997
135,996
CASH AND CASH EQUIVALENTS, END OF
PERIOD
$
63,291
$
118,358
$
63,291
$
118,358
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:
Cash paid during the period for
interest
$
512
$
380
$
1,485
$
1,005
Cash paid during the period for income
taxes
$
79
$
31
$
148
$
82
SUPPLEMENTAL DISCLOSURE OF NONCASH
INVESTING AND FINANCING ACTIVITIES:
Equipment purchases financed with accounts
payable
$
—
$
29
$
—
$
29
Finance lease liabilities arising from
obtaining finance lease right-of-use assets
$
1,799
$
1,335
$
5,438
$
4,659
Operating lease liabilities arising from
obtaining operating lease right-of-use assets
—
—
$
154
$
—
Accrued unpaid offering costs
$
—
$
—
$
—
$
271
Unrealized gain (loss) on short-term
investments
$
17
$
—
$
(35
)
$
—
WEAVE COMMUNICATIONS,
INC
DISAGGREGATED REVENUE AND COST
OF REVENUE (GAAP)
(unaudited, in
thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Subscription and payment
processing:
Revenue
$
41,601
$
34,943
$
118,989
$
100,431
Cost of revenue
(9,486
)
(8,544
)
(27,973
)
(26,374
)
Gross profit
$
32,115
$
26,399
$
91,016
$
74,057
Gross margin
77
%
76
%
76
%
74
%
Onboarding:
Revenue
$
757
$
278
$
2,408
$
859
Cost of revenue
(2,295
)
(2,431
)
(6,688
)
(7,519
)
Gross profit
$
(1,538
)
$
(2,153
)
$
(4,280
)
$
(6,660
)
Gross margin
(203
)%
(774
)%
(178
)%
(775
)%
Hardware:
Revenue
$
1,186
$
1,009
$
3,379
$
3,142
Cost of revenue
(1,828
)
(2,048
)
(5,605
)
(6,632
)
Gross profit
$
(642
)
$
(1,039
)
$
(2,226
)
$
(3,490
)
Gross margin
(54
)%
(103
)%
(66
)%
(111
)%
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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Gross profit
$
29,935
$
23,207
$
84,510
$
63,907
Stock-based compensation add back
258
190
722
514
Non-GAAP gross profit
$
30,193
$
23,397
$
85,232
$
64,421
GAAP gross margin
69
%
64
%
68
%
61
%
Non-GAAP gross margin
69
%
65
%
68
%
62
%
Non-GAAP operating expenses
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Sales and marketing
$
17,801
$
16,292
$
52,474
$
49,259
Stock-based compensation excluded
(1,274
)
(844
)
(3,457
)
(2,331
)
Non-GAAP sales and marketing
$
16,527
$
15,448
$
49,017
$
46,928
Research and development
$
8,628
$
7,897
$
24,907
$
22,529
Stock-based compensation excluded
(1,474
)
(1,292
)
(3,727
)
(2,922
)
Non-GAAP research and development
$
7,154
$
6,605
$
21,180
$
19,607
General and administrative
$
11,528
$
10,876
$
33,502
$
32,077
Stock-based compensation excluded
(3,181
)
(2,996
)
(8,670
)
(7,460
)
Non-GAAP general and administrative
$
8,347
$
7,880
$
24,832
$
24,617
Non-GAAP loss from operations
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Loss from operations
$
(8,022
)
$
(11,858
)
$
(26,373
)
$
(39,958
)
Stock-based compensation add back
6,187
5,322
16,576
13,227
Non-GAAP loss from operations
$
(1,835
)
$
(6,536
)
$
(9,797
)
$
(26,731
)
GAAP loss from operations margin
(18
)%
(33
)%
(21
)%
(38
)%
Non-GAAP loss from operations margin
(4
)%
(18
)%
(8
)%
(26
)%
Non-GAAP net loss
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net loss
$
(7,145
)
$
(11,818
)
$
(23,992
)
$
(40,471
)
Stock-based compensation add back
6,187
5,322
16,576
13,227
Non-GAAP net loss
$
(958
)
$
(6,496
)
$
(7,416
)
$
(27,244
)
GAAP net loss margin
(16
)%
(33
)%
(19
)%
(39
)%
Non-GAAP net loss margin
(2
)%
(18
)%
(6
)%
(26
)%
GAAP net loss per share - basic and
diluted
$
(0.10
)
$
(0.18
)
$
(0.36
)
$
(0.62
)
Non-GAAP net loss per share - basic and
diluted
$
(0.01
)
$
(0.10
)
$
(0.11
)
$
(0.42
)
Weighted-average common shares outstanding
- basic and diluted
68,213,250
65,143,929
67,014,127
64,898,948
Free Cash Flow
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net cash provided by (used in) operating
activities
$
3,334
$
(4,023
)
$
6,479
$
(9,925
)
Less: Purchases of property and
equipment
(675
)
(270
)
(1,513
)
(1,191
)
Less: Capitalized internal-use software
costs
(579
)
(325
)
(1,370
)
(1,003
)
Free cash flow
$
2,080
$
(4,618
)
$
3,596
$
(12,119
)
Adjusted EBITDA
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net loss
$
(7,145
)
$
(11,818
)
$
(23,992
)
$
(40,471
)
Interest expense
512
380
1,485
1,005
Provision for income taxes
79
31
148
82
Interest income
(594
)
(468
)
(1,557
)
(606
)
Other income/expense, net
(874
)
17
(2,457
)
32
Depreciation
619
645
1,816
2,003
Amortization
305
285
924
851
Stock-based compensation
6,187
5,322
16,576
13,227
Adjusted EBITDA
$
(911
)
$
(5,606
)
$
(7,057
)
$
(23,877
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231101026766/en/
Investor Relations Contact Mark McReynolds Head of
Investor Relations ir@getweave.com
Media Contact Natalie House Senior Director of
Content & Communications pr@getweave.com
Weave Communications (NYSE:WEAV)
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