Weave Communications Inc (WEAV) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Weave Communications Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce to you Mark McReynolds, Head of Investor Relations. Thank you, Mark. You may begin.

您好，歡迎來到 Weave Communications 第四季度和 2022 年全年收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。現在我很高興向您介紹投資者關係主管 Mark McReynolds。謝謝你，馬克。你可以開始了。

Thank you, John. Good afternoon, and thanks for joining us for our fourth quarter and full year 2022 Earnings Conference Call. Joining the call today are Brett White, CEO; and Alan Taylor, CFO. Brett will open the call with an overview of Weave's performance and strategy; and Alan will discuss our financial results in more detail. After the prepared remarks, we'll take questions.

謝謝你，約翰。下午好，感謝您加入我們的第四季度和全年 2022 年收益電話會議。今天加入電話會議的是首席執行官 Brett White；和首席財務官 Alan Taylor。 Brett 將首先概述 Weave 的業績和戰略；艾倫將更詳細地討論我們的財務結果。在準備好的評論之後，我們將接受提問。

Today's discussion contains forward-looking statements that represent our beliefs or expectations about future events. All forward-looking statements involve risks and uncertainties that could cause the actual results to differ materially from the forward-looking financial statements.

今天的討論包含前瞻性陳述，代表我們對未來事件的信念或預期。所有前瞻性陳述均涉及風險和不確定性，可能導致實際結果與前瞻性財務報表存在重大差異。

Please refer to the cautionary language in the earnings release and in Weave's filings with the Securities and Exchange Commission, including our most recent Form 10-K and 10-Q for additional information concerning factors that could cause actual results to differ materially from the forward-looking statements. We'll also discuss financial measures that do not conform with generally accepted accounting principles.

請參閱收益發布和 Weave 向美國證券交易委員會提交的文件中的警示性語言，包括我們最近的 10-K 和 10-Q 表格，以了解有關可能導致實際結果與前瞻性結果大不相同的因素的更多信息-尋找陳述。我們還將討論不符合公認會計原則的財務措施。

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

為清楚起見，除非另有說明，否則我們今天談論的所有數字都將基於非公認會計原則。信息的計算方式可能不同於其他公司提供的類似非 GAAP 數據。這些 GAAP 和非 GAAP 財務指標之間的對賬包含在我們的收益新聞稿中，可以在我們的投資者關係網站 investors.getweave.com 上找到。有了這個，我會把電話轉給布雷特。

Thank you, Mark. Good afternoon, and thank all of you for joining us today. I'll start my remarks with a review of our results for the year before providing a broader company update. I'm pleased with our fourth quarter performance and how we closed out the year. We generated revenue of $142.1 million in 2022, a 23% year-over-year increase and above the high end of the initial guidance that we gave at the beginning of the year and also above the high end of last quarter's guidance.

謝謝你，馬克。下午好，感謝大家今天加入我們。在提供更廣泛的公司更新之前，我將首先回顧我們今年的業績。我對我們第四季度的表現以及我們如何結束這一年感到滿意。我們在 2022 年創造了 1.421 億美元的收入，同比增長 23%，高於我們在年初給出的初步指導的上限，也高於上一季度指導的上限。

We continue to make significant progress on the path to profitability throughout the year. For example, if we compare Q4 2022 to the same quarter in 2021, we improved our gross margin by over 900 basis points, and we improved our operating margin by over 2,200 basis points. Our operating loss for the year was $31 million, a 15% improvement over last year and over $5 million better than the high end of the guidance we gave at the beginning of the year and $2 million better than the high end of the guidance we gave in November.

我們在全年的盈利道路上繼續取得重大進展。例如，如果我們將 2022 年第四季度與 2021 年同一季度進行比較，我們的毛利率提高了 900 多個基點，營業利潤率提高了 2,200 多個基點。我們今年的營業虧損為 3100 萬美元，比去年減少 15%，比我們年初給出的指導的上限好 500 萬美元，比我們給出的指導的上限好 200 萬美元十一月。

Our customers have proven to be very resilient in the midst of a challenging macro environment, and we saw demand for Weave increase in the second half of the year as health care providers sought out our high ROI solutions to make their operations more efficient. I want to sincerely thank the Weave team for their outstanding work in serving our customers and delivering these results.

事實證明，我們的客戶在充滿挑戰的宏觀環境中非常有彈性，我們看到下半年對 Weave 的需求增加，因為醫療保健提供商尋求我們的高投資回報率解決方案以提高他們的運營效率。我要衷心感謝 Weave 團隊在為我們的客戶提供服務和取得這些成果方面所做的出色工作。

We have many reasons to be optimistic that 2023 will be a positive momentum building year, but first, I want to look back and share some of what we learned in 2022. We made a number of changes to our go-to-market motion and organization at the beginning of 2022, which when combined with the increased employee attrition from the great resignation, particularly in our sales organization, put us in a place where we had fewer ramped sales reps in early 2022 than we had in Q4 of 2021.

我們有很多理由樂觀地認為 2023 年將是積極發展的一年，但首先，我想回顧一下並分享我們在 2022 年學到的一些東西。我們對進入市場的行動進行了一些改變， 2022 年初的組織結構，再加上大辭職導致的員工流失增加，尤其是在我們的銷售組織中，使我們在 2022 年初的銷售代表人數比 2021 年第四季度少。

Additionally, one of our most important sources of sales leads had historically been in-person events, and due to the COVID-19 pandemic, we had very few in-person events from early 2020 through the first half of 2022. More than 2 years. These 2 factors resulted in a challenging first half of the year and a slowing of new customer additions.

此外，從歷史上看，我們最重要的銷售線索來源之一是現場活動，由於 COVID-19 大流行，從 2020 年初到 2022 年上半年，我們很少舉行現場活動。超過 2 年.這兩個因素導致上半年充滿挑戰，新客戶增加速度放緩。

In the second half of the year, we began to see improvement in a number of key areas of the business. The number of ramped sales reps increased by nearly 60%. We attended more in-person events in the second half of 2022 than in all of 2021. The number of leads steadily improved. The number of new customer additions and the average sales price for new customers increased.

今年下半年，我們開始看到業務的一些關鍵領域有所改善。增加的銷售代表數量增加了近 60%。 2022 年下半年，我們參加的現場活動比 2021 年全年都多。潛在客戶數量穩步增加。新增客戶數量和新客戶平均銷售價格均有所上升。

And lastly, business efficiency initiatives improved both gross and operating margins dramatically compared to the prior year. By Q4, we had cut our operating loss by more than half from Q1 and Q2 of 2022. In Q4, we also finalized the most robust annual planning process we have ever completed at Weave.

最後，與上一年相比，業務效率舉措顯著提高了毛利率和營業利潤率。到第四季度，我們的運營虧損比 2022 年第一季度和第二季度減少了一半以上。在第四季度，我們還完成了 Weave 有史以來最強大的年度規劃流程。

The output of that work was a 2023 strategic plan that aligns us around 4 focus areas in our business: accelerating revenue growth; building a scalable foundation for profitable growth; delivering an experience that turns customers into champions; and fostering an effective and engaged team that lives our values.

這項工作的成果是一項 2023 年戰略計劃，該計劃使我們圍繞業務的 4 個重點領域：加速收入增長；為盈利增長建立可擴展的基礎；提供將客戶變成冠軍的體驗；培養一支踐行我們價值觀的高效、敬業的團隊。

This detailed plan was rolled out company-wide in January and builds upon the green shoots we experienced at the end of Q4, carrying that momentum into 2023. I want to briefly touch on our plans for each of these focus areas.

這一詳細計劃於 1 月份在全公司範圍內推出，並建立在我們在第四季度末經歷的綠芽的基礎上，將這種勢頭延續到 2023 年。我想簡要談談我們在每個重點領域的計劃。

As I mentioned last quarter, our revenue model is like a big flywheel that you need to continually impart energy upon to accelerate rotation. Our challenging first half resulted in our year-over-year revenue growth decelerating in 2022. As I noted in my earlier remarks, the second half of 2022, we saw important improvements in key areas of our business, and as a result, we expect revenues to continue to grow sequentially every quarter in 2023.

正如我在上個季度提到的，我們的收入模式就像一個大飛輪，你需要不斷地為其提供能量以加速旋轉。我們充滿挑戰的上半年導致我們的收入同比增長在 2022 年放緩。正如我在之前的發言中指出的那樣，2022 年下半年，我們在業務的關鍵領域看到了重要的改進，因此，我們預計收入將在 2023 年每個季度繼續連續增長。

In regards to our scalable foundation for profitable growth, we are intentionally configuring the business for efficient growth in 2023 and beyond with a constant eye on the macro environment. We have built our plans for 2023 to accelerate our path to profitability, and we expect to exit the year with positive free cash flow.

關於我們可擴展的盈利增長基礎，我們有意配置業務以實現 2023 年及以後的高效增長，同時持續關注宏觀環境。我們已經制定了 2023 年的計劃，以加速我們的盈利之路，我們預計今年將以正的自由現金流結束。

While we recognize that accelerating our path to profitability may negatively impact revenue growth in 2023, given the uncertainty around macro environment, we believe it is a prudent action to take at this time. and we continue to actively monitor the environment throughout the year.

雖然我們認識到加速實現盈利可能會對 2023 年的收入增長產生負面影響，但鑑於宏觀環境的不確定性，我們認為此時採取的行動是謹慎的。我們全年繼續積極監測環境。

Our third focus area is delivering an experience that turns customers into champions. Customer churn has remained stable throughout the year as reflected in our consistent gross retention rate. For the small number of customers that do leave our platform, one of the reasons is that they want to move to a lower-cost solution offered by other vendors.

我們的第三個重點領域是提供將客戶變成擁護者的體驗。正如我們始終如一的總保留率所反映的那樣，全年客戶流失率保持穩定。對於確實離開我們平台的少數客戶，原因之一是他們希望轉向其他供應商提供的低成本解決方案。

We had close to 100 customers return to Weave this year after leaving for a competitor, and nearly 1/4 returned within the same month of leaving. These returning customers are consistently validating our belief from the very beginning that what they really need is a high-quality solution that delivers real, immediate and measurable business value that makes their office more productive and their patients happy, not a cheap solution.

今年，我們有近 100 名客戶在離開競爭對手後返回 Weave，其中近 1/4 在離開後的同一個月內返回。這些回頭客從一開始就不斷地驗證我們的信念，即他們真正需要的是一種高質量的解決方案，而不是一種廉價的解決方案，該解決方案能夠提供真實、即時和可衡量的商業價值，使他們的辦公室更有效率，讓他們的病人開心。

We continue to receive recognition and validation from our customers that our platform delivers best-in-class communication and engagement results. In Q4, Weave was recognized with key industry awards from each of our 3 core verticals. In 2022, we doubled down on customer experience, so we saw significant improvements in our customer NPS score throughout the year.

我們繼續得到客戶的認可和驗證，我們的平台提供了一流的溝通和參與結果。在第四季度，Weave 獲得了我們 3 個核心垂直領域的關鍵行業獎項。 2022 年，我們在客戶體驗方面加倍努力，因此我們全年的客戶 NPS 得分都有顯著提高。

We accomplished this through creating an excellent customer experience, delivering feature improvements requested by our customers and increased intention to new integrations. We added new integrations to practice management systems within our core verticals during the quarter, and we are focused on continuing to execute our integration playbook in 2023 as we deepen our penetration into our core markets.

我們通過創造卓越的客戶體驗、提供客戶要求的功能改進以及增加對新集成的意願來實現這一目標。本季度，我們在核心垂直領域內為實踐管理系統增加了新的集成，隨著我們加深對核心市場的滲透，我們將專注於在 2023 年繼續執行我們的集成劇本。

Our product and engineering teams delivered several important platform improvements in Q4, including the launch of phone reporting analytics for our multi-location customers and a more integrated online scheduling feature to give offices flexibility in scheduling different appointment types and providers.

我們的產品和工程團隊在第 4 季度進行了幾項重要的平台改進，包括為我們的多地點客戶推出電話報告分析，以及更集成的在線計劃功能，讓辦公室可以靈活地安排不同的預約類型和供應商。

Our fourth focus area is one critical to our success: fostering an effective and engaged team that lives our values. An effective and engaged team translates positively into customer satisfaction and customer retention. I'm happy to share that Weave continues to be recognized for our outstanding company culture and our diversity, equity and inclusion efforts. In Q4, we were named a Top Workplace by Salt Lake Tribune.

我們的第四個重點領域對我們的成功至關重要：培養一支踐行我們價值觀的高效且敬業的團隊。一個有效且敬業的團隊可以積極地轉化為客戶滿意度和客戶保留率。我很高興與大家分享，Weave 繼續因其出色的公司文化以及我們在多元化、公平和包容方面所做的努力而受到認可。在第 4 季度，我們被鹽湖城論壇報評為最佳工作場所。

We're the only Utah-based company honored nationally for our DE&I practices. Receiving local recognition is important for us as we aim to attract and retain the best talent. I'm proud of what we've accomplished in Q4. 2022 was a challenging but pivotal year for our business. We made a lot of important progress towards configuring our business for growth and success and have taken significant steps to improve our efficiency.

我們是猶他州唯一一家因 DE&I 實踐而獲得全國榮譽的公司。獲得當地的認可對我們來說很重要，因為我們的目標是吸引和留住最優秀的人才。我為我們在第四季度取得的成就感到自豪。 2022 年對我們的業務來說是充滿挑戰但又至關重要的一年。我們在配置業務以實現增長和成功方面取得了許多重要進展，並採取了重要步驟來提高我們的效率。

I believe that we are set up well to build momentum in 2023 as we continue investing for future growth while remaining focused on delivering strong operational performance. With that, I'll turn the call over to Alan to review our financial results and outlook. Alan?

我相信，隨著我們繼續投資於未來增長，同時繼續專注於提供強勁的運營業績，我們已經做好準備在 2023 年建立勢頭。有了這個，我會把電話轉給艾倫來審查我們的財務業績和前景。艾倫？

Thanks, Brett, and good afternoon, everyone. I'd like to start with a brief recap of the full year results. In 2022, total revenue grew 23% to $142.1 million; subscription and payments revenue grew 25% to $136.6 million with improved unit economics; and operating margin improved over 900 basis points. I'd like to take a moment to thank all of our team members at Weave, our customers and partners for their contributions throughout the year.

謝謝，布雷特，大家下午好。首先，我想簡要回顧一下全年業績。 2022 年，總收入增長 23% 至 1.421 億美元；隨著單位經濟效益的提高，訂閱和支付收入增長了 25%，達到 1.366 億美元；營業利潤率提高了 900 多個基點。我想花點時間感謝 Weave 的所有團隊成員、我們的客戶和合作夥伴全年的貢獻。

We delivered fourth quarter revenue of $37.7 million, reflecting 18% growth year-over-year. This represents 3% or $1.2 million over the midpoint of the range we provided last quarter. Subscription and payments revenue grew 19% to $36.2 million. The year-over-year increase was primarily driven by new customer additions over the last 12 months.

我們第四季度的收入為 3770 萬美元，同比增長 18%。這比我們上個季度提供的範圍的中點高出 3% 或 120 萬美元。訂閱和支付收入增長 19% 至 3620 萬美元。同比增長主要受過去 12 個月新客戶增加的推動。

As we discussed last quarter, we ended the relationship with our third-party digital forms provider in August of 2022. We now offer our customers a more fully integrated digital forms product built by Weave.

正如我們上個季度討論的那樣，我們於 2022 年 8 月結束了與第三方數字表格提供商的關係。我們現在為客戶提供由 Weave 構建的更全面集成的數字表格產品。

We have seen positive adoption by our customers, and recurring revenue for our digital forms offering increased over 85% year-over-year. The transition negatively impacted net revenue retention and revenue growth in Q4, as it will take some time for our in-house digital forms product to fully replace the partner product revenue.

我們已經看到客戶的積極採用，我們的數字表格產品的經常性收入同比增長超過 85%。這一轉變對第四季度的淨收入保留和收入增長產生了負面影響，因為我們的內部數字表格產品需要一段時間才能完全取代合作夥伴的產品收入。

Our net revenue retention rate was 99% in Q4, however, excluding the impact of the third-party forms provider, NRR remained over 100%. Our gross revenue retention rate remained consistent at 94%, where it has been for the last 5 quarters. This demonstrates that our customers remain stable and avid users of the Weave platform even in the midst of the macro uncertainty.

我們在第四季度的淨收入保留率為 99%，但是，排除第三方表單提供商的影響，NRR 仍然超過 100%。我們的總收入保留率保持在 94%，過去 5 個季度一直如此。這表明即使在宏觀不確定性中，我們的客戶仍然是 Weave 平台的穩定和狂熱用戶。

Moving on to our operating results. As a reminder, I'll be referring to non-GAAP results unless stated otherwise. Our Q4 results showed consistent improvement across the board. Gross margin was 67%. This represents a 16% improvement year-over-year.

繼續我們的經營業績。提醒一下，除非另有說明，否則我指的是非 GAAP 結果。我們的第四季度結果顯示全面持續改善。毛利率為 67%。這表示同比增長 16%。

We have taken steps to rationalize our discretionary spend and streamline our operations. Operating expense was $29.4 million, approximately a $490,000 increase from last year compared to a $5.8 million increase in revenue for the same period. We made a considered focus on operating discipline in the second half of 2022. We expect to refine this approach to support scalable growth going forward.

我們已採取措施合理化我們的可支配支出並簡化我們的運營。營業費用為 2,940 萬美元，比去年增加約 490,000 美元，而同期收入增加 580 萬美元。我們在 2022 年下半年深思熟慮地關注運營紀律。我們希望改進這種方法以支持未來的可擴展增長。

Our operating loss was $4.2 million, an improvement of roughly $6.4 million or 60% compared to last year, representing a $2.8 million beat over the midpoint of the range we provided last quarter. The corresponding operating loss margin of 11% is a significant improvement from the operating loss margin of 33% last year.

我們的營業虧損為 420 萬美元，與去年相比減少了約 640 萬美元或 60%，比我們上季度提供的範圍的中點高出 280 萬美元。相應的 11% 的經營虧損率比去年 33% 的經營虧損率有了顯著改善。

Our net loss was $3.7 million or $0.06 per share in the fourth quarter based on 65.6 million weighted average shares outstanding. This is compared to a net loss of $11 million or $0.26 per share last year.

基於 6560 萬股加權平均流通股，我們第四季度的淨虧損為 370 萬美元或每股 0.06 美元。相比之下，去年淨虧損為 1100 萬美元或每股 0.26 美元。

Adjusted EBITDA loss was $2.4 million, a $7.3 million improvement year-over-year. EBITDA loss margin of 6% is a significant improvement compared to the EBITDA loss margin of 30% reported a year ago. We continue to have a very strong balance sheet with $113.3 million of cash and short-term investments on hand as of the end of the quarter. We have plenty of liquidity, and as Brett mentioned, we plan to exit 2023 with positive free cash flow.

調整後的 EBITDA 虧損為 240 萬美元，同比減少 730 萬美元。與一年前報告的 30% 的 EBITDA 虧損率相比，6% 的 EBITDA 虧損率有了顯著改善。截至本季度末，我們的資產負債表仍然非常強勁，手頭有 1.133 億美元的現金和短期投資。我們有充足的流動性，正如布雷特所說，我們計劃在 2023 年以正自由現金流退出。

Looking forward to 2023, as Brett discussed earlier, Weave made a decision to accelerate our path to positive free cash flow while taking a cautious approach to our revenue guidance. We've been managing our spend, and the growth in operating expenses has trended down from 40% in 2021 to 17% in 2022. We expect less than a 5% growth in operating expenses in 2023.

展望 2023 年，正如 Brett 之前所討論的那樣，Weave 決定加快我們實現正自由現金流的道路，同時對我們的收入指導採取謹慎的態度。我們一直在管理我們的支出，運營支出的增長從 2021 年的 40% 下降到 2022 年的 17%。我們預計 2023 年運營支出的增長將不到 5%。

We believe accelerating our path to profitability while continuing to build for future growth is the optimal decision, especially as companies are operating in an environment of high interest rates and macro uncertainty. We believe our guidance appropriately incorporates the macro challenges we see in the market.

我們認為，在繼續為未來增長而建設的同時加快實現盈利是最佳決策，尤其是當公司在高利率和宏觀不確定性的環境中運營時。我們相信我們的指引適當地結合了我們在市場上看到的宏觀挑戰。

For the first quarter of 2023, we expect total revenue in the range of $37.5 million to $38.5 million, and non-GAAP operating loss in the range of $5.5 million to $4.5 million. For the full year 2023, we expect total revenue to be in the range of $156 million to $160 million. We expect our full year 2023 non-GAAP operating loss to be in the range of $21.8 million to $17.8 million. which assumes continued progress on our path towards profitability. We expect to have a weighted average share count of approximately 68 million shares for the full year.

對於 2023 年第一季度，我們預計總收入在 3750 萬美元至 3850 萬美元之間，非 GAAP 營業虧損在 550 萬美元至 450 萬美元之間。對於 2023 年全年，我們預計總收入將在 1.56 億美元至 1.6 億美元之間。我們預計 2023 年全年非 GAAP 營業虧損將在 2180 萬美元至 1780 萬美元之間。這假設我們在盈利的道路上繼續取得進展。我們預計全年的加權平均股數約為 6800 萬股。

With our leading all-in-one customer communication platform and our improved go-to-market model that's showing increased leverage, we believe we're well positioned to capture the large market opportunity ahead of us. Looking forward, we're confident in our ability to drive another year of consistent revenue growth as we drive towards positive free cash flow exiting 2023. Now Brett and I will take your questions. Operator?

憑藉我們領先的一體式客戶溝通平台和改進後的上市模式，我們相信我們已做好充分準備，抓住擺在我們面前的巨大市場機遇。展望未來，我們有信心在 2023 年實現正自由現金流的過程中推動又一年的收入持續增長。現在布雷特和我將回答您的問題。操作員？

(Operator Instructions) Our first question comes from the line of Alex Sklar with Raymond James.

（操作員說明）我們的第一個問題來自 Alex Sklar 和 Raymond James 的對話。

Brett, I want to follow up on one of your prepared remarks comments on the pickup in live events. I appreciate the color already on the second half of '22 being greater than 2021.

布雷特，我想跟進你準備好的關於現場活動接聽的評論之一。我很欣賞 22 年下半年的顏色已經超過 2021 年。

Anything you can share in terms of the number of touch points you're looking at over the course of 2023 versus -- is that getting back to pre-pandemic level? And I know you have some other maturing digital motions, but how should we think about live events in terms of kind of overall contribution to your pipeline growth?

就 2023 年期間你正在查看的接觸點數量而言，你可以分享的任何東西——是否回到了大流行前的水平？我知道你還有其他一些成熟的數字動作，但我們應該如何從對你的管道增長的整體貢獻的角度來考慮現場活動？

Sure. Thanks, Alex. So we saw live events pick up meaningfully in the second half. Q4 was strong. We were expecting live events to continue to pick up in '23, and we're planning on investing around those.

當然。謝謝，亞歷克斯。因此，我們看到現場活動在下半年有意義地回升。第四季度表現強勁。我們期待現場活動在 23 年繼續增加，我們正計劃圍繞這些進行投資。

We're also probably attending more events than we would have traditionally because we've just gotten better at bringing leads out of the events, both sales at show and then sales after the show, so following up on leads, but we're still not back to kind of pre-COVID levels yet. And I don't think we're planning on that for '23 quite yet.

我們也可能會參加比傳統上更多的活動，因為我們在從活動中帶來線索方面做得更好，包括展會上的銷售和展會後的銷售，所以跟進線索，但我們仍然還沒有回到 COVID 之前的水平。而且我認為我們還沒有為 23 年做這方面的計劃。

Okay. Great. I appreciate that color. And then, Alan, I guess one for you. As we think about kind of what you're embedding in the growth outlook as far as location growth versus NRR improvements, I get you're lapping some of the forms headwind. But any help on kind of how we should think about that split for 2023?

好的。偉大的。我很欣賞那種顏色。然後，Alan，我猜是給你的。當我們考慮您在位置增長與 NRR 改進方面嵌入的增長前景時，我知道您正在應對某些形式的逆風。但是對於我們應該如何考慮 2023 年的分裂有什麼幫助嗎？

So Alex, you saw about a 14% growth in location count in 2022, although we're not guiding to location growth there. I do think that we're going to see some consistent quarterly growth. As Brett mentioned, we see sequential growth quarter-over-quarter. We exited the year with the highest growth that we saw in all of last year, and we anticipate that continuing. So right now, those signs and the trend lines are good on that score.

所以亞歷克斯，你看到 2022 年的位置數量增長了大約 14%，儘管我們並沒有指導那裡的位置增長。我確實認為我們會看到一些持續的季度增長。正如布雷特所提到的，我們看到環比增長。我們以去年全年最高的增長結束了這一年，我們預計這種情況會持續下去。所以現在，這些跡象和趨勢線在這方面都很好。

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

我們的下一個問題來自 Stifel 的 Parker Lane 系列。

This is Matthew Kikkert on for Parker. I want to start on net dollar retention that dropped below 100% in the quarter. Do you have any long-term targets around NDR? And what are some paths that you think you could take to increase that over time?

這是派克的 Matthew Kikkert。我想從本季度低於 100% 的淨美元保留率開始。您對 NDR 有什麼長期目標嗎？隨著時間的推移，你認為你可以採取哪些途徑來增加它？

So thanks, Matthew. The NRR, as you mentioned, excluding the impact of the digital forms provider, we're still above 100%. The calculation for that is a trailing 12 months, so it takes a while to turn that thing around. But we do have plans in place, both on our road map and on our payments solution, that will begin to address that as we go throughout the year, but it's not going to turn around immediately just given some of the drag from the previous quarters and the digital forms provider.

所以謝謝，馬修。正如您提到的，NRR 排除了數字表格提供商的影響，我們仍然高於 100%。對此的計算是尾隨的 12 個月，因此需要一段時間才能扭轉局面。但我們確實有計劃，無論是在我們的路線圖上還是在我們的支付解決方案上，這將在我們全年開始解決這個問題，但它不會立即扭轉，只是考慮到前幾個季度的一些拖累和數字表格提供商。

But the -- we've introduced new products. We've got our own digital forms product. We've got our payment solution where we're emphasizing both growth in customers, growth in our processing volume and expansion in our net yield. All of those things are areas of focus that we believe will continue to help us bring that net revenue retention level back up.

但是——我們推出了新產品。我們有自己的數字表格產品。我們有我們的支付解決方案，我們強調客戶的增長、處理量的增長和淨收益的擴大。所有這些都是我們認為將繼續幫助我們恢復淨收入保留水平的重點領域。

I would just add one other thing on the net revenue retention, and that is we, as a SaaS business, we charge our customers on a location basis. We also tend to land pretty heavy in these customers, meaning that they buy our kind of high-end solution. And so from that standpoint, we are a little bit different than a subscription model where there's new subscribers being added as businesses grow back following the pandemic or the recession, but we still look forward to improving that net revenue retention by the means that I just discussed on product and on payments.

我只想在淨收入保留方面添加另一件事，那就是我們作為 SaaS 業務，我們按位置向客戶收費。我們也傾向於吸引這些客戶，這意味著他們會購買我們的高端解決方案。因此，從這個角度來看，我們與訂閱模式略有不同，在訂閱模式中，隨著企業在大流行或經濟衰退後恢復增長而增加新訂閱者，但我們仍然期待通過我只是討論產品和付款。

Got it. And then I wanted to dive a little bit deeper into the payment solution that you mentioned on that answer. What's the traction been like for that product? And how are adoption rates varying by vertical? And are you making any new investments there in 2023?

知道了。然後我想更深入地了解您在該答案中提到的支付解決方案。該產品的吸引力如何？採用率如何因垂直而異？您是否會在 2023 年在那裡進行任何新投資？

So the adoption rate is good. We continue to prove out new means of going to market there. We are seeing processing volumes increase. We're also seeing -- on a per location basis, we've also been working hard to improve our net yield, and I think that we've made -- we'll continue to make good strides on just improving the integration of the payments business with the overall communication tools that we provide that provides a competitive edge, honestly, for us to put those into the mix whenever our customers are interacting with their patients or their customers.

所以採用率還是不錯的。我們繼續證明在那裡上市的新方法。我們看到處理量在增加。我們還看到 - 在每個位置的基礎上，我們也一直在努力提高我們的淨收益率，我認為我們已經取得了 - 我們將繼續在改善整合方面取得長足進步支付業務與我們提供的整體通信工具提供了競爭優勢，老實說，只要我們的客戶與他們的患者或他們的客戶互動，我們就可以將這些納入其中。

And the next question comes from the line of Matt Stotler with William Blair.

下一個問題來自 Matt Stotler 和 William Blair 的對話。

Maybe just the first one on the go-to-market, specifically the direct channel. Obviously, 2022 is a year of transition. We'd love to just kind of get an update on how you're thinking about what's left in terms of go-to-market initiatives for that kind of direct motion, and then how that's playing into your outlook for 2023.

也許只是第一個進入市場，特別是直接渠道。顯然，2022年是轉折的一年。我們很樂意了解您如何考慮在針對這種直接行動的上市計劃方面剩下的內容，以及這如何影響您對 2023 年的展望。

Sure. Thanks for the question. So yes, really '22 was all about reconfiguring our go-to-market motion, and we've learned a lot. We've got a model in place now that is working. And moving forward throughout 2023, there's going to be a fair bit of optimization. So we've grown our ramped reps pretty significantly during the year.

當然。謝謝你的問題。所以，是的，'22 真的是關於重新配置我們的上市行動，我們學到了很多東西。我們現在已經有了一個有效的模型。並且在整個 2023 年向前推進，將會有相當多的優化。因此，我們在這一年中大幅增加了我們的銷售代表。

We've now got a model where actually some of our reps that left are asking to come back. We've had 2 recent President's Club Award winners actually come back because they've heard that good things are happening here, so we're getting good momentum on the sales rep side.

我們現在有了一個模型，其中一些離開的代表實際上要求回來。我們最近有 2 位總統俱樂部獎獲得者實際上回來了，因為他們聽說這裡正在發生好事，所以我們在銷售代表方面取得了良好的勢頭。

Sales and marketing, the organizations are really working well together. There's been a lot of improvement there. We have pretty -- I think a lot of small opportunities that add up to a pretty significant number just around optimizing our processes our data, our data flows, lead scoring, a lot of the blocking and tackling that makes a big difference over time when multiple initiatives are compounded together, are happening.

銷售和市場營銷，這些組織真的合作得很好。那裡已經有了很大的改進。我們有很多 - 我認為很多小機會加起來非常重要，只是圍繞優化我們的流程，我們的數據，我們的數據流，潛在客戶評分，隨著時間的推移會產生很大差異的許多阻止和處理多項舉措混合在一起，正在發生。

So I think those are the big changes. Optimizing how we manage through events, we're learning a lot about new events and how they operate; and having that really tight collaboration between sales and marketing is showing a pretty significant improvement but also opportunity for the future.

所以我認為這些是重大變化。優化我們通過事件管理的方式，我們正在學習很多關於新事件及其運作方式的知識；銷售和營銷之間真正緊密的合作顯示出相當顯著的改進，但也為未來帶來了機會。

So it's a lot of -- I think the heavy lifting, the major changes are done, and they're working. And so now it's just -- it's all hands on deck on optimizing and making sure that our CAC dollars are being spent efficiently. And as we were driving CAC down, that frees up dollars to add reps if it can be done efficiently, add more lead gen. So a lot of real just optimization for '23.

所以它有很多 - 我認為繁重的工作，主要的變化已經完成，並且它們正在發揮作用。所以現在它只是 - 所有人都在努力優化並確保我們的 CAC 資金得到有效利用。當我們降低 CAC 時，如果可以有效地完成，就可以騰出錢來增加銷售代表，增加更多的潛在客戶。所以很多真正的 23 優化。

That's some very helpful color. I appreciate that. And then just as a follow-up, you obviously -- you've talked quite a bit over the past couple of quarters about bringing the digital forms product in-house. You have a number of other third-party solutions that you offer and integrate with.

這是一些非常有用的顏色。我很感激。然後作為後續行動，你顯然 - 在過去的幾個季度中，你已經談論了很多關於將數字表格產品引入內部的問題。您可以提供並集成許多其他第三方解決方案。

How do you think about potentially bringing some of those additional solutions in-house, or as you kind of balance a feature and product expansion from here, kind of assessing where it makes sense to partner versus what's more valuable as kind of an integral part of the platform?

您如何考慮在內部引入一些額外的解決方案，或者當您從這裡開始平衡功能和產品擴展時，評估在哪些方面對合作夥伴有意義，哪些作為整體的一部分更有價值該平台？

Yes. So that's a great question. We evaluate that all the time. Some of the things that come in mind that we've got, a buy now, pay later solution, we have an insurance verification solution. Right now, the partners that we've got in those areas are working quite well, but we always will be evaluating and trying to not be hostage to any 1 partner if we find that there's better ways to service our customers.

是的。所以這是一個很好的問題。我們一直在評估這一點。我們想到的一些事情，現在購買，以後付款的解決方案，我們有一個保險驗證解決方案。目前，我們在這些領域的合作夥伴工作得很好，但如果我們發現有更好的方式來服務我們的客戶，我們將始終進行評估並努力不被任何一個合作夥伴所挾持。

Our goal here is to make sure that they've got the tools on our platform, if it has to do with patient communication and engagement, that they can use our platform to get that done. And so we evaluate those, and we'll look for opportunities to bring those things in-house. We'll look for appropriate plug-in acquisitions. We'll look for anything that may make our platform more robust to make sure that the customers are served.

我們的目標是確保他們在我們的平台上擁有工具，如果它與患者溝通和參與有關，他們可以使用我們的平台來完成這項工作。所以我們評估這些，我們將尋找機會將這些東西帶入內部。我們將尋找合適的插件收購。我們將尋找任何可能使我們的平台更強大的東西，以確保為客戶提供服務。

Just one thing I would add to that is we believe strongly in being partner-friendly. We don't feel that we need to build everything ourselves. So like Alan mentioned, we have partners now that are working really, really well. And then also, we may, over time, decide to acquire some technology or a product through M&A.

我要補充的一件事是，我們堅信要對合作夥伴友好。我們不覺得我們需要自己構建一切。所以就像艾倫提到的那樣，我們現在有合作夥伴，他們工作得非常非常好。然後，隨著時間的推移，我們可能會決定通過併購獲得一些技術或產品。

So we want to be very partner-friendly. And if the partner solution is the best way, it's the win-win for us, the partner and the customer, then we're absolutely open to that.

所以我們希望對合作夥伴非常友好。如果合作夥伴解決方案是最好的方式，這對我們、合作夥伴和客戶來說是雙贏的，那麼我們絕對願意接受。

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

下一個問題來自 Loop Capital Markets 的 Mark Schappel。

Brett, starting with you, with respect to the macro environment, have you seen much in the way of any change in terms of sales cycles or buying behavior or customer retention since the last earnings call?

布雷特，從你開始，關於宏觀環境，自上次財報電話會議以來，你是否看到銷售週期或購買行為或客戶保留方面的任何變化？

Since the last earnings call, no. We talked a little bit about it, I think, at the beginning of the year, where we saw some of the decisions where previously an office manager could just make the decision. Now maybe the dentist or the vet or the owner may want to weigh in and be part of that decision. So that's been pretty consistent theme throughout the year, but certainly no additional, I would say, sales cycle headwinds in the last 90 days.

自上次財報電話會議以來，沒有。我想，我們在今年年初談了一點，在那裡我們看到了一些以前只能由辦公室經理做出決定的決定。現在也許牙醫或獸醫或主人可能想要權衡並參與該決定。所以這是全年非常一致的主題，但我想說的是，在過去 90 天內肯定沒有其他銷售週期逆風。

Great. And then just building on the earlier question around go-to-market. I was wondering if you could just expand a little bit on your sales strategy around payments. Is the company sales strategy around payments different from the strategy for the rest of the platform?

偉大的。然後只是建立在早期關於上市的問題上。我想知道您是否可以稍微擴展一下您圍繞付款的銷售策略。公司圍繞支付的銷售策略與平台其他部分的策略是否不同？

Yes, it's a different motion. So currently, we have -- for selling the solution, we have an inbound sales team that obviously handles all the inbound interest. We have an outbound team, and then we have a middle market team, and then we have an upsell team. We will -- on a new sale to a new customer, we will introduce them to the payments concept.

是的，這是一個不同的動作。所以目前，我們有 - 為了銷售解決方案，我們有一個入境銷售團隊，顯然可以處理所有入境興趣。我們有一個出站團隊，然後我們有一個中間市場團隊，然後我們有一個追加銷售團隊。我們將 - 在向新客戶進行新銷售時，我們將向他們介紹支付概念。

And then we are doing some work on the product to actually enable the going live with the payment solution even if it's card not present only, so for example, enabling text-to-pay straight out of the gate. And then if a customer is not ready to go yet with the payment solution, we then hand that off to the upsell team, and then they would do a follow-up, and I've seen that work quite successfully in prior lives.

然後我們正在對產品做一些工作，以實際啟用支付解決方案，即使它不是唯一的卡，例如，直接啟用文本支付。然後，如果客戶還沒有準備好使用支付解決方案，我們就會將其交給追加銷售團隊，然後他們會進行後續跟進，我在以前的生活中已經看到這種工作非常成功。

So that's -- at a very, very high level, that's the motion. And then, of course, we have teams that look at usage and make sure that customers who are signed up for the platform but maybe aren't processing yet or are signed up for the platform and not processing the volumes that we think are possible.

這就是 - 在非常非常高的層面上，這就是動議。然後，當然，我們的團隊會查看使用情況，並確保已註冊該平台但可能尚未處理或已註冊該平台但未處理我們認為可能的數量的客戶。

We would have campaigns either in product, or marketing campaigns to reach out to them, explain to them the value to their business of the payment solution. So we're kind of constantly but not annoyingly informing them of the benefits they could get from our payment solution.

我們會在產品或營銷活動中開展活動來接觸他們，向他們解釋支付解決方案對他們業務的價值。因此，我們會不斷但並不煩人地告知他們他們可以從我們的支付解決方案中獲得的好處。

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

下一個問題來自花旗銀行的 Tyler Radke。

This is Kylie on for Tyler. Brett, you mentioned 25 returning customers within 1 month this year. What kind of conversations were had with the sales team, and what were those other platforms missing that was the main driver of their return?

這是泰勒的凱莉。布雷特，你提到今年 1 個月內有 25 位回頭客。與銷售團隊進行了什麼樣的對話，以及其他平台缺少哪些是他們返回的主要驅動力？

So Weave has been at this for a while, and we have built a very comprehensive, deep solution. Sometimes when new entrants come to a space, and I've experienced this in a prior life as well, they will make very bold claims for very low prices, and customers will say, "Well, that sounds good."

所以 Weave 在這方面已經有一段時間了，我們已經構建了一個非常全面、深入的解決方案。有時，當新進入者來到一個空間時，我在前世也經歷過這種情況，他們會以非常低的價格提出非常大膽的要求，顧客會說，“嗯，聽起來不錯。”

They'll go over it and find the -- either the solution is not what they were led to believe or they were really important pieces of functionality at Weave that they miss and they need, or the implementation doesn't go well or something great doesn't happen and they come back. And so that's great to hear because it just validates the value that the Weave solution delivers to our customers. We actually call those boomerangs here internally.

他們會仔細檢查並找到——解決方案不是他們被引導相信的，或者它們是 Weave 中真正重要的功能，但他們錯過了但他們需要，或者實施不順利或很棒沒有發生，他們回來了。所以這很高興聽到，因為它只是驗證了 Weave 解決方案為我們的客戶提供的價值。實際上，我們在內部將這些迴旋鏢稱為迴旋鏢。

Okay. Great. And just one more. Given all the excitement around OpenAI and ChatGPT, how are you thinking about the opportunity? And if you do plan to integrate the foundational models, is that something that's built into your guidance and margin outlook? Or if not, what are your main initiatives within R&D this year?

好的。偉大的。還有一個。鑑於 OpenAI 和 ChatGPT 令人興奮，您如何看待這個機會？如果您確實計劃整合基礎模型，那是否已納入您的指導和利潤前景？或者，如果沒有，您今年在研發方面的主要舉措是什麼？

So I can tell you that despite the desire from perhaps our product and engineering team, we did not build revenue into our model this year for AI-enabled products. The major initiatives around our product this year is expanding our SAM. So making -- adding new integrations in our core verticals as well as adding integrations to other specialty medical.

所以我可以告訴你，儘管我們的產品和工程團隊可能希望如此，但我們今年並沒有為支持 AI 的產品建立收入模型。今年圍繞我們產品的主要舉措是擴展我們的 SAM。因此，在我們的核心垂直領域中添加新的集成，並在其他專業醫療中添加集成。

So I think med spa, plastic, physical therapy. So that would be one. So expanding the SAM through additional integrations, increasing our NRR through deeper integration. So our integrations can vary between being very light to very deep, and we find that when we deepen the integration, it improves customer retention and it actually allows us to sell more products.

所以我認為醫療水療、整形、物理療法。那將是一個。因此，通過額外的集成來擴展 SAM，通過更深入的集成來增加我們的 NRR。因此，我們的集成可以從非常輕到非常深，而且我們發現，當我們加深集成時，它會提高客戶保留率，實際上讓我們能夠銷售更多產品。

So those would be 2 on the integration side. And then also on the product road map are new products and new functionality. So continuing to deliver product that makes us a really attractive platform for multi-locations. There's certain functionality that multis would like, and so we have much of those -- many of those key elements of functionality that multis want on the road map that we'll be delivering this year. And then also additional products or features that enable us to take additional share of wallet and just be more competitive. So that would be, I think, the bulk of the road map for the year.

因此，在集成方面，這些將是 2。然後在產品路線圖上還有新產品和新功能。因此，繼續提供使我們成為真正有吸引力的多地點平台的產品。有一些 multis 想要的功能，所以我們有很多這樣的功能——其中許多是 multis 想要在我們今年將交付的路線圖上想要的功能的關鍵元素。然後還有其他產品或功能，使我們能夠獲得更多的錢包份額並更具競爭力。我認為，這將是今年路線圖的主要部分。

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

我們的下一個問題來自高盛的 Jacob Staffel。

Jacob here on behalf of Kash. I wanted to ask a quick question around what you're seeing in Q1 thus far, I apologize if it was just touched on earlier, as well as what entirely does the guidance for fiscal '23 encompass from an assumption standpoint.

雅各佈在這裡代表卡什。到目前為止，我想就您在第一季度看到的內容提出一個簡短的問題，如果之前剛剛提到它，我深表歉意，以及從假設的角度來看，23 財年的指導完全包含哪些內容。

So in Q1, I think that we've seen more of what we've seen -- saw in Q4. We were seeing some good momentum exiting Q4 that's carried on through the first couple of months here as we're near the end of February now. So we're pleased about that, obviously. And the guidance, we want to make sure that our guidance -- that we have a high conviction it falls within the range that we are going to deliver.

所以在第一季度，我認為我們已經看到了更多我們在第四季度看到的東西。我們看到第四季度出現了一些良好的勢頭，這種勢頭一直持續到這裡的前幾個月，因為我們現在已經接近 2 月底了。顯然，我們對此感到高興。而指導，我們希望確保我們的指導——我們堅信它在我們將要提供的範圍內。

And given some of the economic environment, our desire to make sure that we get to free cash flow positive by the end of the year, that's really what is influencing the guidance as we look through the balance of the year we're going to balance that carefully with the ability to grow, though.

考慮到一些經濟環境，我們希望確保到年底我們的自由現金流為正，這才是影響指導的真正原因，因為我們回顧了今年的餘額，我們將要平衡那種小心翼翼的成長能力，雖然。

All of the efforts on the go-to-market side of our business, which are now coming to fruition with more ramped salespeople, less employee attrition, all of those things are up and to the right with respect to how we're entering this year. So we've got to now just make sure that we balance that with the desire to make sure that we move towards quickly to reach profitability.

我們業務在進入市場方面所做的所有努力，現在隨著更多的銷售人員、更少的員工流失而取得成果，所有這些都與我們如何進入這個市場有關年。因此，我們現在必須確保我們在這一點與確保我們迅速實現盈利的願望之間取得平衡。

And then let me just add a little bit to that, if I could. The momentum that Alan refers to, just to be clear, is we've seen really strong lead flow. We've seen good sales. We've seen strong payments volume so far in the beginning of the year. So those are what -- the momentum that we're seeing.

如果可以的話，讓我再補充一點。需要明確的是，艾倫所指的勢頭是我們看到了非常強勁的潛在客戶流量。我們看到了很好的銷售。今年年初到目前為止，我們已經看到了強勁的支付量。所以這些就是 - 我們看到的勢頭。

And then also on the growth versus profitability, just to be clear, our goal, really, was to get our go-to-market engine, our onboarding engine, our support engine running very efficiently. And we -- that was job 1, to get the machine really working well so our sales teams could be successful, so they could be winning, our customers would be winning.

然後還有關於增長與盈利能力的關係，需要明確的是，我們的目標實際上是讓我們的上市引擎、我們的入職引擎、我們的支持引擎非常高效地運行。而我們——那是工作 1，讓機器真正運轉良好，這樣我們的銷售團隊才能成功，這樣他們才能獲勝，我們的客戶才能獲勝。

So that was job 1, to get things efficient. And that was before we put more logs on the fire, if you would, to accelerate revenue growth. So I think we're really well down the path of getting the business running efficiently, especially on CAC and cost of delivery. And now we're going to keep a close eye on that before we start throwing more logs in the fire. But make no mistake, we definitely are very focused on growing the business. We just want to do it in an efficient way.

所以這就是工作 1，讓事情變得高效。那是在我們投入更多原木之前，如果你願意的話，以加速收入增長。因此，我認為我們在讓業務高效運行方面做得很好，尤其是在 CAC 和交付成本方面。現在我們將密切關注這一點，然後再開始將更多原木投入火中。但請不要誤會，我們絕對非常專注於發展業務。我們只是想以一種有效的方式來做。

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

下一個問題來自 Piper Sandler 的 Brent Bracelin。

This is Hannah Rudoff on for Brent today. Just first one, kind of piggybacking on an earlier question. It's really interesting and nice to hear about the boomerang customers. I guess just given this dynamic, have you changed the way you position your platform in this environment at all?

這是今天布倫特的漢娜魯道夫。只是第一個，有點搭載較早的問題。聽到迴旋鏢客戶的消息真的很有趣也很高興。我想鑑於這種動態，您是否完全改變了在這種環境中定位平台的方式？

I don't think we have a lot. We certainly are -- we have battle cards for our salespeople to more effectively kind of give them guidance around what they might experience and to even have referral customers that we can turn them back to you to make sure that they are making educated decisions. But I wouldn't say it's necessarily repositioning of our platform. It's just we're better at being able to hang on to those customers. Our customer success representatives are better able to do that. and we've got better data with which to do it with.

我不認為我們有很多。我們當然是——我們為我們的銷售人員準備了戰鬥卡，以便更有效地為他們提供有關他們可能遇到的情況的指導，甚至有推薦客戶，我們可以將他們轉回給您，以確保他們做出明智的決定。但我不會說這一定是我們平台的重新定位。只是我們更善於留住這些客戶。我們的客戶成功代表能夠更好地做到這一點。而且我們有更好的數據可以用來做這件事。

Great. That's helpful. And then you've talked about the return of in-person events and attending an increasing number of these events. But I guess how are your digital marketing initiatives trending? And how are you thinking about these going into this year?

偉大的。這很有幫助。然後你談到了面對面活動的回歸以及參加越來越多的此類活動。但我想您的數字營銷計劃趨勢如何？你如何看待這些進入今年？

So the lead flow over the last 2 quarters, we've seen significant increase there where the marketing group is very pleased with the kind of run rate that we're on, where also our close rates relative to the inbound leads are good and strong, and we've been able to maintain that strength. So overall, that I think is a positive.

因此，過去兩個季度的潛在客戶流量顯著增加，營銷團隊對我們目前的運行率非常滿意，我們相對於入站潛在客戶的收盤價也很好而且很強，而且我們一直能夠保持這種實力。總的來說，我認為這是積極的。

And we're excited about those leads, not only in our core markets, by the way, but even in some of the other verticals. We continue to gain customers outside of our traditional core verticals on our nonintegrated products, and that gives us a great starting point for us if we decide to expand in the future.

順便說一下，我們對這些線索感到興奮，不僅在我們的核心市場，而且甚至在其他一些垂直市場。我們繼續在我們的非集成產品的傳統核心垂直領域之外贏得客戶，如果我們決定在未來擴展，這為我們提供了一個很好的起點。

And I'd just add that the marketing team has -- at least the leadership is new as of the beginning of 2022, and they spent the year doing a lot of experimenting and working on understanding what dollars spent where produced the highest returns. They are very focused on trying new things. If it works great, we double down. If it doesn't, we're totally happy to fail fast, and they've become quite clever on trying new things and seeing what works.

我只想補充一點，營銷團隊 - 至少在 2022 年初領導層是新的，他們花了一年時間進行了大量試驗，並努力了解在哪些地方花費的資金產生了最高回報。他們非常專注於嘗試新事物。如果效果很好，我們會加倍努力。如果沒有，我們很樂意快速失敗，而且他們在嘗試新事物和看看什麼有效方面變得非常聰明。

So I would say that the digital marketing efforts have improved pretty dramatically. It's a very results-oriented, metric-oriented team, and I'm super proud of what they've accomplished and the fact that they're just always trying new things.

所以我想說數字營銷工作已經取得了相當大的進步。這是一個非常注重結果、以指標為導向的團隊，我為他們所取得的成就以及他們一直在嘗試新事物這一事實感到非常自豪。

And there are no further questions at this time. And I would like to turn the floor back over to Alan for any closing comments.

目前沒有其他問題。我想將發言權轉回給 Alan，請他發表任何結束評論。

Yes. So everybody, thank you so much for joining us. I have been told that I misstated the guidance for my remarks. I didn't intend for that to be different from what we published in the press release.

是的。所以大家，非常感謝你加入我們。有人告訴我，我錯誤地陳述了我的言論的指導方針。我無意讓這與我們在新聞稿中發布的有所不同。

The range for the full year 2023 non-GAAP operating loss is $21.3 million to $17.3 million, not $21.8 million to $17.8 million, so I wanted to clarify that. And with that, thanks for joining us, and we're looking forward to connecting with you throughout this upcoming year.

2023 年全年非 GAAP 營業虧損的範圍是 2130 萬美元到 1730 萬美元，而不是 2180 萬美元到 1780 萬美元，所以我想澄清一下。因此，感謝您加入我們，我們期待在來年與您保持聯繫。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。