Weave Communications Inc (WEAV) 2023 Q3 法說會逐字稿

Greetings, and welcome to Weave Communications Third Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Weave Communications 2023 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Mark McReynolds, Head of Investor Relations. Thank you. You may begin.

現在我想將會議交給東道主投資者關係主管馬克·麥克雷諾茲 (Mark McReynolds)。謝謝。你可以開始了。

Thank you, Ram. Good afternoon, and thank you for joining us for Weave's Third Quarter 2023 Earnings Conference Call.

謝謝你，拉姆。下午好，感謝您參加 Weave 2023 年第三季財報電話會議。

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 Alan will discuss our financial results in more detail. After the prepared remarks, we'll take questions.

今天加入電話會議的還有執行長布雷特懷特 (Brett White)；和財務長艾倫·泰勒。 Brett 將首先概述 Weave 的業績，Alan 將更詳細地討論我們的財務業績。準備好發言後，我們將回答問題。

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 actual results to differ materially from the forward-looking statements. 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 these results to differ materially from the forward-looking statements. We'll also discuss financial measures that do not conform with generally accepted accounting principles.

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期望。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陳述有重大差異。請參閱收益報告和Weave 向美國證券交易委員會提交的文件中的警示性語言，包括我們最新的10-K 和10-Q 表格，以了解有關可能導致這些結果與前瞻性結果存在重大差異的因素的更多資訊。尋找陳述。我們也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 non-GAAP and GAAP financial measures is included in our earnings press release, which can be found on our Investor Relations website at investors.getweave.com.

為了清楚起見，除非另有說明，我們今天討論的所有數字都將基於非公認會計原則（Non-GAAP）。資訊的計算方式可能與其他公司提供的類似非 GAAP 數據不同。這些非 GAAP 和 GAAP 財務指標之間的調整包含在我們的收益新聞稿中，您可以在我們的投資者關係網站 Investors.getweave.com 上找到該新聞稿。

And with that, I'll turn the call over to Brett.

然後，我會將電話轉給布雷特。

Thank you, Mark, and thank you to everyone for joining us on the call today.

謝謝馬克，也謝謝大家今天加入我們的電話會議。

Before diving into our Q3 performance, I'd like to provide a brief overview of Weave for those of you who are new to our story. Weave provide small and medium-sized healthcare businesses with a vertically tailored customer experience and payment software platforms, helping practitioners to modernize and personalize every interaction with their patients.

在深入了解第三季的表現之前，我想為那些不熟悉我們故事的人提供一個有關 Weave 的簡要概述。 Weave 為中小型醫療保健企業提供垂直客製化的客戶體驗和支付軟體平台，幫助從業者實現與患者的每一次互動現代化和個人化。

Our customers typically do not have dedicated technology staff, so they need software solutions that are easy to implement and manage. Weave unified a patchwork of point solutions into a single platform that helps attract, engage and retain patients.

我們的客戶通常沒有專門的技術人員，因此他們需要易於實施和管理的軟體解決方案。將拼湊而成的單點解決方案統一到一個平台中，有助於吸引、參與和留住患者。

SMBs make up the vast majority of businesses in the U.S., and we have spent almost 15 years building a platform specific to the needs of SMB healthcare practitioners. These businesses are well-capitalized, well-managed and have demonstrated their resilience, even through economic challenges of recent years.

中小型企業占美國企業的絕大多數，我們花了近 15 年的時間建立了一個專門針對中小型企業醫療保健從業者需求的平台。這些企業資本充足、管理完善，即使面對近年來的經濟挑戰，也展現了韌性。

Moving on to our Q3 2023 results. Weave had an excellent quarter, and I'm very pleased with the team's execution, delivering another quarter of both year-over-year and sequential quarterly improvements in revenue growth rate, gross and operating margin, adjusted EBITDA and free cash flow.

接下來是我們 2023 年第三季的業績。 Weave 度過了一個出色的季度，我對團隊的執行力感到非常滿意，在收入增長率、毛利率和營業利潤率、調整後的EBITDA 和自由現金流方面實現了同比和環比季度的又一個季度改善。

Revenue for Q3 was $43.5 million, representing 20.2% year-over-year growth. We exceeded the top end of our revenue guidance for the seventh quarter in a row, and we vested our third quarter in a row of accelerating year-over-year revenue growth. This growth was driven by continued strong demand for our platform and our expanding customer base.

第三季營收為 4,350 萬美元，年增 20.2%。我們連續第七個季度超過了收入指引的上限，並且我們認為第三季的收入將連續加速同比增長。這一成長是由對我們平台的持續強勁需求和不斷擴大的客戶群所推動的。

During Q3, we saw increased demand from both digital channels and in-person events, and we continue to add capacity to our sales team. In addition to our core vertical of dental, optometry and veterinary, we saw increased demands from additional specialty medical providers and continue to expand our platform to support them.

在第三季度，我們看到數位管道和現場活動的需求都在增加，我們繼續增加銷售團隊的能力。除了我們的牙科、驗光和獸醫等核心垂直領域外，我們還看到其他專業醫療提供者的需求不斷增加，並繼續擴展我們的平台來支持他們。

In Q3, we continued to make positive progress in our -- in the efficiency of our business. Our gross margin improved for the seventh consecutive quarter to 69.3%, a 470-basis-point improvement increase from last year. Additionally, we cut our operating loss margin from last quarter by more than half to 4.2% of revenue. Lastly, we produced $2.1 million in free cash flow, bringing us to $3.6 million in free cash flow generated year-to-date.

第三季度，我們在業務效率方面繼續取得積極進展。我們的毛利率連續七個季度提高至 69.3%，比去年提高了 470 個基點。此外，我們的營業虧損率比上季減少了一半以上，達到營收的 4.2%。最後，我們產生了 210 萬美元的自由現金流，使我們今年迄今產生的自由現金流達到 360 萬美元。

These results reflect that our vertically-tailored software payments platform continues to gain traction, and the Weave team is executing with intense focus on the needs of the customers in the verticals that we serve. On the product front, the team has been hard at work developing our next-generation platform, which features an enhanced user interface to improve workflows, overall usability and is optimized for multi-location customers. Customers with more than one location can perform key tasks for multiple practices for a single screen. This week, we will open up early access to this improved experience, and we are excited to receive customer feedback on this highly requested functionality.

這些結果反映出我們的垂直客製化軟體支付平台持續受到關注，而 Weave 團隊正在高度關注我們所服務的垂直領域客戶的需求。在產品方面，該團隊一直在努力開發下一代平台，該平台具有增強的用戶介面，可改善工作流程和整體可用性，並針對多地點客戶進行了最佳化。擁有多個地點的客戶可以在一個螢幕上執行多種實踐的關鍵任務。本週，我們將開放對這項改進體驗的早期訪問，我們很高興收到客戶對這項強烈要求的功能的回饋。

Additionally, this week, we signed an agreement that deepens our existing partnership with Henry Schein One, a leading provider of software for dentists with over 100,000 customers. In November, we will launch an integration with the Dentrix Ascend platform, Henry Schein One's premier cloud-based practice management software with advanced features for group practices and DSOs. This new integration will open up a more robust set of Weave features to Dentrix Ascend customers.

此外，本週，我們還簽署了一項協議，加深了與 Henry Schein One 的現有合作夥伴關係，Henry Schein One 是一家領先的牙醫軟體提供商，擁有超過 100,000 名客戶。 11 月，我們將推出與 Dentrix Ascend 平台的集成，這是 Henry Schein One 首屈一指的基於雲端的實踐管理軟體，具有適用於團體實踐和 DSO 的高級功能。這項新的整合將為 Dentrix Ascend 客戶開放一組更強大的 Weave 功能。

On the payments front, our offering enables our customers to expedite billing and collect payments with minimal effort and administrative hassle. Payments are increasingly digital, and our aim is to provide customers with multiple options to collect payments as quickly and efficiently as possible. Our customer experience software platform, powers frictionless and flexible payment options, which helps create a positive patient experience, build trust and encourage repeat business for our customers.

在付款方面，我們的產品使我們的客戶能夠以最少的努力和管理麻煩加快計費和收款。支付日益數位化，我們的目標是為客戶提供多種選擇，以盡可能快速有效地收款。我們的客戶體驗軟體平台提供順暢且靈活的支付選項，有助於創造積極的患者體驗、建立信任並鼓勵客戶重複業務。

In September, we announced a new partnership with a firm. Integrated directly into our platform, a firm allows patients to commit to treatment now and pay over time, making it easier to access and afford the care they need. This collaboration not only benefits patients, but also enhances the speed of revenue collection for our practitioners. Our customers' experience is the keystone to retention, and Weave continues to receive positive recognition and validation that our platform delivers best-in-class results.

九月，我們宣布與一家公司建立新的合作關係。直接整合到我們的平台中，公司允許患者立即承諾治療並隨著時間的推移付費，從而更容易獲得和負擔他們所需的護理。這種合作不僅使患者受益，也提高了我們從業者的收入速度。我們的客戶體驗是保留客戶的基石，Weave 繼續獲得積極的認可和驗證，我們的平台提供了一流的結果。

Since 2017, Weave has been recognized every quarter as a leader in G2. In G2's fall 2023 report, we ranked first in 34 different categories. These independent reports are grounded in authentic reviews, customer satisfaction metrics and market presence. This recognition underscores our commitment to deliver technology tailored to suit the unique needs and challenges of our customers.

自 2017 年以來，Weave 每個季度都被評為 G2 的領導者。在 G2 的 2023 年秋季報告中，我們在 34 個不同類別中排名第一。這些獨立報告以真實的評論、客戶滿意度指標和市場存在為基礎。這項認可強調了我們致力於提供量身定制的技術來滿足客戶的獨特需求和挑戰的承諾。

In Q3, we also crossed a significant milestone, growing our customer base to over 30,000 active locations. This is a testament to both customer acquisition and retention as customers adopt Weave as their preferred customer experience platform.

第三季度，我們還跨越了一個重要的里程碑，將我們的客戶群擴大到超過 30,000 個活躍地點。當客戶採用 Wea​​ther 作為他們的首選客戶體驗平台時，這證明了客戶的獲取和保留。

In our past several earnings calls, we've discussed the concept of Boomerang customers, offices that leave Weave for a competitive solution only to come back a short time later after being dissatisfied with the competitive offering. This trend continued in Q3, and we have had approximately 350 Boomerang customers year-to-date. This trend provides another data point and underscores the scope and value delivered by our platform.

在過去的幾次財報電話會議中，我們討論了 Boomerang 客戶的概念，這些客戶離開 Weave 尋求有競爭力的解決方案，但在對有競爭力的產品不滿意後不久又回來了。這一趨勢在第三季持續存在，今年迄今我們已經擁有約 350 名 Boomerang 客戶。這一趨勢提供了另一個數據點，並強調了我們平台提供的範圍和價值。

Finally, before I hand it over to Alan, I'd like to take a moment to share our recent personnel change. Our Chief Revenue Officer, Matt Hyde, will be leaving Weave later this month to pursue a new opportunity, and we wish him luck with his future endeavors.

最後，在交給 Alan 之前，我想花點時間分享我們最近的人事變動。我們的首席營收長 Matt Hyde 將於本月稍後離開 Weave 去尋找新的機會，我們祝福他未來一切順利。

During Matt's 2.5 year tenure at Weave, he was instrumental in transforming our sales function into a tightly run organization that will enable us to scale for many years to come. Included in this transformation has been the development of an outstanding sales management team led by our VP of Sales, Jake Kuresa. Jake will assume the role of interim CRO immediately effective, while we conduct a search both internally and externally. I have complete confidence in Jake and the entire sales organization in continuing to produce the solid and improving results that we have experienced over the last several quarters.

在 Matt 在 Weave 的 2.5 年任期中，他在將我們的銷售職能轉變為嚴格運作的組織方面發揮了重要作用，這將使我們能夠在未來的許多年裡進行擴展。這項轉變包括培養一支由我們的銷售副總裁 Jake Kuresa 領導的優秀銷售管理團隊。 Jake 將立即擔任臨時 CRO，同時我們將進行內部和外部搜尋。我對傑克和整個銷售組織充滿信心，相信他們能夠繼續取得過去幾季我們所經歷的紮實且不斷改進的成果。

In conclusion, we are very pleased with the strong results and sustained momentum in Q3. Revenue growth continues to accelerate, and our execution and efficiency continues to improve.

總之，我們對第三季的強勁業績和持續勢頭感到非常滿意。收入成長持續加速，我們的執行力和效率不斷提高。

Thank you to our customers, our team members and our shareholders for your support of Weave. We're excited about the path ahead and are intently focused on finishing an excellent year on a strong note.

感謝我們的客戶、團隊成員和股東對 Weave 的支持。我們對未來的道路感到興奮，並專注於以強勁的成績結束出色的一年。

With that, I'll turn it over to Alan to go through the financial results in more detail, and then we'll take questions. Alan?

接下來，我會將其交給艾倫，讓他更詳細地了解財務業績，然後我們將回答問題。艾倫？

Thanks, Brett, and good afternoon, everyone. As Brett mentioned, we delivered strong performance in the third quarter on both the top and bottom line. We delivered third quarter revenue of $43.5 million, reflecting 20.2% growth year-over-year. This represents a $1.3 million or a 3% beat over the midpoint of the range we provided last quarter.

謝謝布雷特，大家下午好。正如布雷特所提到的，我們在第三季的營收和利潤方面均表現強勁。我們第三季的營收為 4,350 萬美元，年增 20.2%。這比我們上季度提供的範圍中位數高出 130 萬美元，即 3%。

Our net revenue retention rate was 95% in Q3. As a reminder, the NRR calculation is based on the last 12 months of data and therefore, is burdened by the impact of the previously discussed transition from a third-party digital forms product to an in-house developed digital forms product.

第三季我們的淨收入保留率為 95%。提醒一下，NRR 計算是基於過去 12 個月的數據，因此受到前面討論的從第三方數位表格產品過渡到內部開發的數位表格產品的影響的影響。

When we look at NRR on a monthly basis, both September and Q3 were the highest of the year, primarily due to positive adoption of payments and software upsell. Gross revenue retention rate remained at 92% for Q3, among the best-in-class for SMB retention, and logo retention has been consistent for over 2 years.

當我們按月查看 NRR 時，9 月和第三季都是年內最高的，這主要是由於支付和軟體追加銷售的積極採用。第三季的總收入保留率保持在 92%，在中小企業保留率方面名列前茅，並且徽標保留率在兩年多的時間裡一直保持穩定。

Moving on to operating results. As a reminder, I'll be referring to non-GAAP results, unless otherwise stated. Our Q3 results showed significant improvement across the board. Gross margin was 69.3%. This represents a 470-basis-point increase year-over-year and a 140-basis-point increase sequentially.

轉向經營業績。提醒一下，除非另有說明，我將指的是非 GAAP 業績。我們第三季的業績顯示全面顯著改善。毛利率為69.3%。這意味著同比增長 470 個基點，環比增長 140 個基點。

As we approach the second anniversary of our IPO, we wanted to highlight the progress that we have made since our first earnings call. Gross margins have improved by over 1,000 basis points. The improvement is due to higher average revenue per location and leveraging our cost structure.

在我們首次公開募股兩週年之際，我們想強調自第一次財報電話會議以來我們所取得的進展。毛利率提高了 1,000 多個基點。這種改善是由於每個地點的平均收入增加以及利用我們的成本結構。

Here are some examples of the leverage. We reduced hardware costs by over 300 basis points as a percentage of revenue in the past 2 years, connectivity and cloud infrastructure costs by over 200 basis points and cost of service by over 450 basis points.

以下是槓桿的一些範例。過去 2 年，我們將硬體成本佔收入的百分比降低了 300 多個基點，連接和雲端基礎設施成本降低了 200 多個基點，服務成本降低了 450 多個基點。

We have engineering and operating teams who are focused on providing an exceptional customer experience and doing so while remaining efficient and expanding our margins. These teams have accomplished this despite the macro inflationary pressures that we have seen across the economy. And we're very pleased with the progress the team has made over the last 2 years.

我們的工程和營運團隊專注於提供卓越的客戶體驗，同時保持高效率並擴大我們的利潤。儘管我們在整個經濟中看到了宏觀通膨壓力，但這些團隊還是實現了這個目標。我們對團隊在過去兩年中所取得的進步感到非常滿意。

In Q3, operating expenses were $32 million, a $2.1 million increase from last year compared to a $7.3 million increase in revenue for the same period. Our operating loss was $1.8 million, an improvement of $4.7 million or 72% compared to last year, and $1.7 million better than the high end of the guidance that we gave in August.

第三季度，營運費用為 3,200 萬美元，比去年增加 210 萬美元，而同期收入增加 730 萬美元。我們的營業虧損為 180 萬美元，比去年減少了 470 萬美元，即 72%，比我們 8 月給出的指導上限高出 170 萬美元。

The corresponding operating loss margin of 4.2% is a significant improvement from the operating loss margin of 18% last year and also a 530-basis-point improvement sequentially. Looking back 2 years, that is over 2,800 basis points of improvement in operating loss margin.

相應的營運虧損率為 4.2%，較去年 18% 的營運虧損率顯著改善，也較上一季改善了 530 個基點。回顧兩年，營運虧損率改善了 2,800 個基點。

We have seen leverage in each area of the business as sales and marketing has decreased to 38% of revenue from 51% in Q3 of 2021, R&D has decreased to 16% from 19% and G&A has decreased to 19% from 22%, all while accelerating our revenue growth each quarter of this year. Our net loss was $1 million or $0.01 per share in the third quarter based on 68.2 million weighted average shares outstanding. This is compared to a net loss of $6.5 million or $0.10 per share last year. This represents a $5.5 million improvement due to revenue acceleration and operating efficiencies.

我們看到各個業務領域的槓桿率都在下降，銷售和行銷佔營收的比重從2021 年第三季的51% 下降到38%，研發從19% 下降到16%，一般管理費用從22% 下降到19%，所有同時加快我們今年每季的營收成長。根據 6,820 萬股加權平均計算，第三季我們的淨虧損為 100 萬美元，即每股 0.01 美元。相比之下，去年的淨虧損為 650 萬美元或每股 0.10 美元。由於收入加速和營運效率的提高，這意味著節省了 550 萬美元。

Adjusted EBITDA loss was $900,000, a $4.7 million improvement year-over-year. Adjusted EBITDA loss margin of 2.1% is a significant improvement compared to the 15.5% loss margin reported a year ago and a 520-basis-point improvement sequentially.

調整後 EBITDA 損失為 90 萬美元，年減 470 萬美元。調整後 EBITDA 虧損率為 2.1%，與一年前報告的 15.5% 虧損率相比有了顯著改善，比上一季提高了 520 個基點。

Turning to the balance sheet and cash flow. We ended the quarter with $118.4 million in cash and short-term investments. We ended last quarter with $110.9 million. This increase in cash is primarily related to cash received as a result of stock options being exercised during the quarter.

轉向資產負債表和現金流量。截至本季末，我們的現金和短期投資為 1.184 億美元。上季結束時，我們的營收為 1.109 億美元。現金增加主要與本季行使股票選擇權所收到的現金有關。

Operating cash flow in the third quarter was $3.3 million, a $7.4 million improvement year-over-year. Free cash flow was $2.1 million and free cash flow margin was 4.8%. This compares to free cash flow of negative $4.6 million and a free cash flow margin of negative 12.8% in the third quarter of 2022.

第三季營運現金流為 330 萬美元，年增 740 萬美元。自由現金流為 210 萬美元，自由現金流利潤率為 4.8%。相較之下，2022 年第三季的自由現金流為負 460 萬美元，自由現金流利潤率為負 12.8%。

We're pleased with the progress. Our initial goal was to achieve positive free cash flow by Q4 of this year, and we have been positive in free cash flow each quarter year-to-date and plan to have positive free cash flow for the full year of 2023.

我們對進展感到滿意。我們最初的目標是在今年第四季實現正的自由現金流，今年迄今每季的自由現金流都是正的，並計劃在 2023 年全年實現正的自由現金流。

Turning to our outlook for the fourth quarter and full year 2023. For the fourth quarter of 2023, we expect total revenue in the range of $43.5 million to $44.5 million and a non-GAAP operating loss in the range of $3 million to $2 million. For the full year 2023, we expect total revenue to be in the range of $168.3 million to $169.3 million. We expect our full year 2023 non-GAAP operating loss to be in the range of $12.8 million to $11.8 million. We expect to have a weighted average share count of approximately 67.7 million shares for the full year.

轉向我們對2023 年第四季和全年的展望。對於2023 年第四季度，我們預計總收入在4,350 萬美元至4,450 萬美元範圍內，非GAAP 營運虧損在300 萬美元至200 萬美元範圍內。 2023 年全年，我們預計總收入將在 1.683 億美元至 1.693 億美元之間。我們預計 2023 年全年非 GAAP 營運虧損將在 1,280 萬美元至 1,180 萬美元之間。我們預計全年加權平均股數約為 6,770 萬股。

Let me wrap up by saying that we remain excited about where Weave is heading. Our focus is on giving our customers the best possible experience, while delivering top line momentum and positive progress towards profitability.

最後我要說的是，我們對 Weave 的發展方向仍然感到興奮。我們的重點是為客戶提供盡可能最佳的體驗，同時提供營收動力和獲利能力的積極進展。

And with that, we'll open the call for questions.

接下來，我們將開始提問。

(Operator Instructions) Our first question comes from 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。

Brett, starting with you. On some of the newer bundle changes, I think you've got a higher tiered bundle now in market north of $700 a month. Can you just talk about what you're seeing from customers in terms of initial purchasing patterns between your three bundled peers? Are you still landing with your largest bundle in kind of -- of the three, despite it being a larger dollar total?

布雷特，從你開始。在一些較新的捆綁包更改中，我認為您現在市場上有一個更高級別的捆綁包，每月價格超過 700 美元。您能否談談您從客戶那裡看到的三個捆綁同行之間的初始購買模式？儘管總金額更大，但您是否仍然帶著這三個捆綁包中最大的捆綁包登陸？

Alex, this is Alan. I'll take that one. We are landing there. The bulk of the sales that we do -- the majority of the sales we do are on that highest bundle, which is called Weave Elite. And so we're pleased with that. That's helped us to maintain our ARPU, our average revenue per location. And we're seeing that trending up at the highest level we've had in Q3.

亞歷克斯，這是艾倫。我會接受那個。我們正在那裡著陸。我們所做的大部分銷售——我們所做的大部分銷售都來自最高的捆綁包，稱為 Weave Elite。所以我們對此感到滿意。這幫助我們維持了 ARPU，也就是每個地點的平均收入。我們看到這一趨勢呈上升趨勢，達到第三季的最高水準。

Okay. That's great to hear. And then maybe as a follow-up. Brett, in terms of overall demand gen, I know the live events have kind of been a tailwind this year. Can you just talk about kind of the success in the maturity of some of the other digital demand gen motions? Are there any KPIs you can kind of share that -- relative to kind of this time last year in terms of if that's improved?

好的。聽到這個消息我很高興。然後也許作為後續行動。布雷特，就整體需求產生而言，我知道今年的現場活動有點順風順水。您能否談談其他一些數位需求產生動議的成熟程度？您是否可以分享一下與去年同期相比是否有所改善的關鍵績效指標？

Yes. So we -- good point, Alex. We've talked a lot about events. Have those have been picking up? They've been picking up for the last several quarters. We're still not back to pre-pandemic levels. I don't know if we'll ever get back there, but they have performed well this year.

是的。所以我們——好點，亞歷克斯。我們已經談論了很多有關事件的事情。這些已經開始回升了嗎？過去幾季他們的業績一直在回升。我們還沒有回到大流行前的水平。我不知道我們是否還能回到那裡，但他們今年表現得很好。

And then on the other demand gen front. Digital demand, we've seen pretty meaningful improvements there across the board. I don't have any metrics I can share with you, but I can share with you that lead gen and the performance of those channels exceeds our revenue growth rate on a kind of a year-over-year growth basis. So I think events were picking up throughout the year, and then kind of the digital demand efforts have picked up as well, especially, I think, in the second and third quarter.

然後在另一個需求生成方面。數位需求，我們已經看到了全面的非常有意義的改進。我沒有任何指標可以與您分享，但我可以與您分享，潛在客戶開發和這些管道的績效在同比增長的基礎上超過了我們的收入增長率。因此，我認為全年的事件都在增加，然後數位需求的努力也有所增加，特別是在第二和第三季。

Our next question is from Mark Schappel with Loop Capital Markets.

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

Nice job on the quarter. Brett, starting with you. With respect to the 4Q revenue guide, it appears that growth is ticking down a few points. Should we just chalk this up to just standard conservatism? Or do you see some headwinds out there that may cause concern? So maybe you could just kind of roll that into a broader commentary on what you're seeing macro-wise.

本季工作做得很好。布雷特，從你開始。就第四季營收指南而言，成長似乎正在下降幾個點。我們是否應該將其歸因於標準的保守主義？或者您看到一些可能引起擔憂的不利因素？因此，也許您可以將其納入對您所看到的宏觀情況的更廣泛的評論中。

Sure. So our guide for this Q4 is using the same methodology we've used for the last 7 quarters, which is to put up a guide that we have a high level of conviction in. So there's nothing seasonal or ominous about our outlook for Q4. So that would be the first answer.

當然。因此，我們對第四季度的指南使用了與過去 7 個季度相同的方法，即提出一個我們高度確信的指南。因此，我們對第四季度的前景沒有任何季節性或不祥的跡象。所以這將是第一個答案。

And the second answer is we saw, again, strong performance in Q3. Our digital demand sales were up pretty meaningfully year-over-year. As I mentioned in my previous answer, ASPs were up. We announced our customer passing the 30,000 customer threshold. So customer acquisition was up. So pretty good results. Pretty good results on the demand side in Q3. And then going into Q4, knock on wood, we hope that trend continues. We're not trying to imply anything with our Q4 guide at all. That's the same methodology we just always use.

第二個答案是我們再次看到第三季的強勁表現。我們的數位需求銷售額較去年同期大幅成長。正如我在之前的回答中提到的，平均售價上漲了。我們宣布我們的客戶已突破 30,000 名客戶的門檻。因此，客戶獲取量增加了。所以結果相當不錯。第三季需求端的成績相當不錯。然後進入第四季度，我們希望這種趨勢能夠持續下去。我們根本不想在第四季指南中暗示任何內容。這與我們一直使用的方法相同。

Great. That's helpful. And then, Alan, bringing you into the mix here. Given that the company has now lapped the digital forms transition, when should we expect NRR to stabilize or maybe even turn back up? I realized it's a trailing 12-month metric.

偉大的。這很有幫助。然後，艾倫，帶你加入這裡。鑑於該公司現已完成數位轉型，我們應該何時期望 NRR 穩定甚至回升？我意識到這是一個過去 12 個月的指標。

Yes. So Mark, the trailing 12-month metric will mean that, into Q4, we'll see some of the same thing just because of that. But as we mentioned in Q3 and in the recent months, with that trend has already begun just to go back up. So it will be sometime next year where we'll really start seeing that in that 12-month trailing metric.

是的。因此，馬克，追蹤 12 個月的指標意味著，進入第四季度，我們將看到一些相同的情況。但正如我們在第三季和最近幾個月提到的，這種趨勢已經開始回升。因此，明年某個時候我們將真正開始在 12 個月的追蹤指標中看到這一點。

Our next question is from Parker Lane with Stifel.

我們的下一個問題來自 Parker Lane 和 Stifel。

Congrats on the strong results here. Brett, multi-location is an area you've talked about as an intriguing growth driver of this business. And I know you've discussed some innovation you're bringing there. But curious if you can talk a little bit about go-to-market there and how that differs from the single location or traditional approach that you've had?

在這裡恭喜您取得了優異的成績。 Brett，您談到多地點是該業務有趣的成長驅動力的一個領域。我知道你已經討論過你在那裡帶來的一些創新。但好奇您是否可以談談那裡的市場推廣以及這與您所採用的單一地點或傳統方法有何不同？

Sure. So we have a different team, a totally support sales team that focuses exclusively on multi-location. Not surprisingly, multi-location is a longer sales cycle. And so really, the trick there is to make sure that you've got the product to support that market. And then once the product gets there, then going out and -- either developing or further nurturing the pipeline.

當然。因此，我們有一個不同的團隊，一個完全支援銷售團隊，專門專注於多地點。毫不奇怪，多地點銷售週期較長。事實上，關鍵在於確保您擁有支持該市場的產品。然後，一旦產品到達那裡，然後就出去——開發或進一步培育管道。

I think we've got, as I mentioned, our new kind of next-gen user experience. We're rolling that out to select customers this month, and we'll be getting feedback there. So kind of the first half of the year, I've been talking about how we've been working on multi-location product, and we expect the second half to start dropping some releases that were meaningful.

正如我所提到的，我認為我們已經擁有了新型態的下一代使用者體驗。我們將於本月向部分客戶推出該服務，我們將在那裡獲得回饋。今年上半年，我一直在談論我們如何開發多地點產品，我們預計下半年將開始發布一些有意義的版本。

And so that's starting to happen. And we're very excited about that. So as these products roll out, we get traction, we get good feedback from the customers. We make any tweaks we need to, then we can really lean into demand gen and the go-to-market activities on the multi side.

這一切正在開始發生。我們對此感到非常興奮。因此，隨著這些產品的推出，我們得到了關注，我們從客戶那裡得到了很好的回饋。我們進行任何必要的調整，然後我們可以真正依靠需求產生和多邊的上市活動。

And also, I mentioned that we had just signed an agreement to integrate quite deeply with the Dentrix Ascend platform. That's their cloud version of their practice management software, and it's particularly focused on multi-location. So that's very exciting for us as well.

另外，我還提到我們剛剛簽署了一項與 Dentrix Ascend 平台深度整合的協定。這是他們的實踐管理軟體的雲端版本，它特別關注多地點。這對我們來說也非常令人興奮。

So I think we're kind of steady course and speed on building the product and then developing the pipeline for our multi-location business. And I think we're in a good place there.

因此，我認為我們在建立產品以及為我們的多地點業務開發管道方面正在穩步推進。我認為我們處於一個很好的位置。

Got it. And one for you, Alan. You've accelerated 3 straight quarters now. At the same time, you're not far away from breakeven in terms of absolute dollars. I know you're not guiding to '24, but how should we think about that pace of margin expansion, the achievement of breakeven on a sustainable basis? Is that something that we should expect next year?

知道了。還有一份給你，艾倫。您現在已連續三個季度加速。同時，就絕對美元而言，您距離損益兩平並不遙遠。我知道你不是在指導 24 世紀，但我們該如何考慮利潤率擴張的速度，以及在可持續的基礎上實現盈虧平衡？這是我們明年該期待的事嗎？

We will continue to see margin expansion. We've said in the past, Parker, that will -- longer term, Weave is a 75% gross margin company. The trajectory that we're on, you can count on that continuing, although the rate may slow a little bit just because we're balancing our strong desire to grow with our absolute commitment as well to move towards profitability. And so we'll continue to balance that with a preference for growth, and that's the way that we're looking at 2024.

我們將繼續看到利潤率擴張。 Parker，我們過去說過，從長遠來看，Weave 是一家毛利率為 75% 的公司。我們所走的軌跡，你可以指望它會持續下去，儘管速度可能會稍微放緩，因為我們正在平衡我們強烈的成長願望和我們的絕對承諾以及實現盈利的承諾。因此，我們將繼續在這一點與成長偏好之間取得平衡，這就是我們展望 2024 年的方式。

Our next question is from Michael Funk with Bank of America.

我們的下一個問題來自美國銀行的 Michael Funk。

So I appreciate the comment you made on increased demand from in-person and digital events. I also know you put a lot of effort into the sales force revamp. So any additional color on sales force productivity? How the newer salespeople have ramped up and how that's contributing to gross additions?

因此，我感謝您對面對面和數位活動需求增加的評論。我也知道您在銷售團隊的改造上投入了大量的精力。那麼對於銷售人員的生產力還有什麼額外的影響嗎？新銷售人員的進步如何？這對總成長有何貢獻？

Sure. So this is Brett. We have made really significant progress. And this is, I think -- kudos to the sales leadership team and the model that they put in place. The time to -- for sale, the time to ramp for sales reps today, I think, is about half or maybe a little bit less than half than it was, say, a year ago, which is what gave us the confidence to start adding sales capacity starting at the end of last quarter and then throughout this quarter.

當然。這就是布雷特。我們已經取得了非常重大的進展。我認為，這是對銷售領導團隊和他們建立的模型的讚揚。我認為，今天的銷售時間、銷售代表的晉升時間大約是一年前的一半或略少於一半，這讓我們有信心開始從上個季度末開始增加銷售能力，然後在整個季度增加。

So in individual efficiency, the sales organization is getting more efficient. But when you add new reps that are not yet ramped, the aggregate efficiency kind of stays flattish. But -- they're really executing well. And pretty much all of the sales metrics individually, based on ramp reps, has improved pretty much every quarter. Alan, would you add anything there?

因此，在個人效率方面，銷售組織正在變得更有效率。但是，當您新增尚未提升的新代表時，整體效率會保持穩定。但是——他們確實執行得很好。幾乎所有基於斜坡代表的單獨銷售指標幾乎每季都有所改善。艾倫，你能補充點什麼嗎？

No. Other than the model that has been put in place by the sales team is working. The machine is predictable now, and so the inputs are very easy to make when they're warranted.

不會。除了銷售團隊制定的模型正在發揮作用之外。現在機器是可預測的，因此在保證的情況下輸入非常容易。

Great. And then one more, if I could. The November integration with the Dentrix cloud version, you mentioned opens a new opportunity for you, new market. Can you quantify that new market? I mean how many locations that might be? How large you think that is?

偉大的。如果可以的話，然後再來一張。您提到的 11 月與 Dentrix 雲端版本的集合成為您開啟了一個新的機會、新的市場。您能量化這個新市場嗎？我的意思是可能有多少位置？你認為那有多大？

Well, so their entire location-based is around 100,000. And they, like most practice management software vendors, started with on-prem solutions and then adopted a cloud version. And I think eventually, over time, new customers will be onboarded on the cloud version, and then legacy customers would be upgraded to the cloud conversion.

嗯，所以他們的整個位置大約是 100,000。與大多數實踐管理軟體供應商一樣，他們從本地解決方案開始，然後採用雲端版本。我認為最終，隨著時間的推移，新客戶將開始使用雲端版本，然後舊客戶將升級到雲端轉換。

So I think the important part is the opportunity for that platform long term versus how many customers they have today. And so that's what we're really excited about. Our product is incredibly valuable and sticky when it's integrated with the practice management software. So being able to provide this integrated solution to the Dentrix Ascend platform is exciting, frankly, for both of us.

因此，我認為重要的是該平台的長期機會與他們今天擁有的客戶數量。這就是我們真正感到興奮的事情。當我們的產品與實踐管理軟體整合時，它具有難以置信的價值和黏性。因此，坦白說，能夠為 Dentrix Ascend 平台提供這種整合解決方案對我們雙方來說都是令人興奮的。

I would just add. Sorry, Michael. I would just add that the -- some of the near-term prospects associated with that Dentrix Ascend integration are the multi-office ones. And so that is an element that we're excited about.

我只想補充一下。對不起，麥可。我想補充一點，與 Dentrix Ascend 整合相關的一些近期前景是多辦公室整合。所以這是我們感到興奮的一個因素。

(Operator Instructions) Our next question comes from Brent Bracelin with Piper Sandler.

（操作員說明）我們的下一個問題來自 Brent Bracelin 和 Piper Sandler。

This is Hannah Rudoff on for Brent today. Nice to see the continued momentum in the business. Just one for you, Brett. I guess how often are you signing payments in the initial deals? And then how are you incentivizing that adoption of the payment products earlier in the motion rather than later?

我是漢娜·魯道夫，今天為布倫特發言。很高興看到業務的持續成長勢頭。布雷特，只為你準備一份。我猜您在初始交易中簽署付款的頻率是多少？那麼，您如何激勵在議案的早期而不是後期採用支付產品？

So Hannah, I'll take that one. At the point of sale, I think we're still between about 20% and 25% at the point of sale signing up payments customers. And we're doing a better job now and really working to penetrate into our existing customer base by giving them more and more on-ramps using digital means to take customer payments.

漢娜，我就選那個。在銷售點，我認為我們仍有大約 20% 到 25% 的銷售點註冊付款客戶。我們現在做得更好，並真正努力滲透到我們現有的客戶群中，為他們提供越來越多的使用數位手段接受客戶付款的入口。

All right, helpful. And then a few...

好的，有幫助。然後還有幾個...

There was -- sorry, go ahead. I was going to say that was the second part of the question?

抱歉，請繼續。我想說這是問題的第二部分？

I was just asking about incentivizing that adoption sooner rather than later, but it sounds like you're trying to build it into the existing motion more than the initial land motion?

我只是問關於激勵這種採用宜早不宜遲，但聽起來你正試圖將其納入現有的動議而不是最初的土地動議？

Yes, there's -- we're approaching it from both vectors. One is that new customer land. And we've experimented where in the actual new customer journey is the most effective way or most effective place to make -- to close a payments deal.

是的，我們正在從兩個方向來接近它。一是新客戶領域。我們已經試驗了在實際的新客戶旅程中最有效的方式或最有效的地方—完成支付交易。

And I think we've got that one figured out. And then the next really activity would be turbocharging the upsell activity. And so that's definitely very much in the works as well. Part of our adding capacity to the sales force in the third quarter was adding -- ensuring that we had adequate and appropriate resources for the upsell motion because I think we've got a lot of opportunity to upsell the software as well as payments.

我想我們已經解決了這個問題。然後下一個真正的活動將是加強追加銷售活動。所以這也肯定是在進行中。我們在第三季增加銷售隊伍能力的一部分是確保我們有足夠和適當的資源來進行追加銷售，因為我認為我們有很多機會來追加銷售軟體和付款。

Okay. That makes a lot of sense and good to hear. And then just my follow-up is that, a few weeks ago, I saw you released an integration with Booker by Mindbody. And I was wondering if this signals a more concerted effort to expand into the beauty and wellness vertical?

好的。這很有意義，也很值得聽。我的後續行動是，幾週前，我看到您發布了 Mindbody 與 Booker 的整合。我想知道這是否標誌著我們將更加努力地擴展到美容和健康垂直領域？

It's actually Med spa. So Booker is -- know a little bit about the business. Booker is very strong in med spa. So we've talked about our next batch of specialty medical verticals. It's med spa, it's plastic, it's general practitioner and it's physical therapy. So we actually did two integrations we press released on the med spa space.

這實際上是 Med Spa。布克對這個行業略知一二。布克在醫療水療方面非常強。我們已經討論了下一批專業醫療垂直領域。這是醫療水療、整形、全科醫生和物理治療。因此，我們實際上在醫療水療領域進行了兩次整合。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Brett White for closing comments.

我們的問答環節已經結束。我現在想將電話轉回布雷特懷特以徵求結束意見。

Yes. Thank you. Thank you all for joining us today and an additional special thank you to the Weave team for just delivering another terrific quarter. And we look forward to our next call in February. So thank you.

是的。謝謝。感謝大家今天加入我們，並特別感謝 Weave 團隊再次交付了出色的季度業績。我們期待二月份的下一次電話會議。所以謝謝。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。