- 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
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240221897054/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
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