Weave Communications Inc (WEAV) 2023 Q4 法說會逐字稿

Greetings, and welcome to the Weave fourth quarter and fiscal year 2023 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Weave 第四季和 2023 財年財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Mark McReynold, Head of Investor Relations. Thank you, Mr. McReynolds, you may begin.

現在我很高興向您介紹主持人，投資者關係主管馬克·麥克雷諾德 (Mark McReynold)。謝謝你，麥克雷諾茲先生，你可以開始了。

Thank you, Camilla, good afternoon. And thank you for joining us for our fourth quarter and full year 2023 earnings conference call. Joining the call today are Brett White, CEO, and Alan Taylor, CFO, Brett will open the call with an overview of Wiley's performance, and Alan will discuss our financial results in more detail. After the prepared remarks, we'll take questions.

謝謝你，卡米拉，下午好。感謝您參加我們的 2023 年第四季和全年財報電話會議。今天參加電話會議的有執行長 Brett White 和財務長 Alan Taylor，Brett 將概述 Wiley 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. All forward-looking statements involve involve risks and uncertainties that could cause actual results to differ materially from the forward-looking state.

今天的討論包含前瞻性陳述，代表我們對未來的信念或期望。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。

Please refer to the cautionary language in the earnings release and these filings with the Securities and Exchange Commission, including our most recent Form 10-K and Form 10-Q for additional information concerning factors that could cause actual results to differ materially from the forward statements.

請參閱收益報告中的警示性語言以及向美國證券交易委員會提交的這些文件，包括我們最新的表格10-K 和表格10-Q，以了解有關可能導致實際結果與前瞻性陳述存在重大差異的因素的更多資訊。

We'll also discuss financial measures that do not conform with generally accepted accounting principles 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 Brent.

為了清楚起見，我們還將討論不符合公認會計原則的財務指標，除非另有說明，否則我們今天討論的所有數字都將基於非公認會計原則。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 GAAP 和非 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。然後我會將電話轉給布倫特。

Thank you, Mark, and welcome, everyone, joining us this afternoon. I'd like to kick off the call by welcoming David McNeil to our leadership team as Chief Revenue Officer. David brings over 25 years of experience in scaling SaaS businesses, leading sales, customer success, revenue operations and payments team. He spent six years at HubSpot was instrumental in leading sales teams as the company grew from $90 million to nearly $1 billion in annual recurring revenue.

謝謝馬克，歡迎大家今天下午加入我們。首先，我想歡迎 David McNeil 加入我們的領導團隊，擔任首席營收長。David 在擴展 SaaS 業務、領導銷售、客戶成功、收入營運和支付團隊方面擁有超過 25 年的經驗。他在 HubSpot 工作了六年，在領導銷售團隊方面發揮了重要作用，幫助公司年經常性收入從 9,000 萬美元增長到近 10 億美元。

He also served as Chief Commercial Officer, Deborah, a leading automation platform for independently owned health care practices and in leadership positions at Salesforce and Bank of America. We're excited to leverage David's expertise as we continue to execute on the multiyear opportunities that we have in front of us.

他還曾擔任 Deborah（一家領先的獨立醫療保健實踐自動化平台）首席商務官，並在 Salesforce 和美國銀行擔任領導職務。我們很高興能夠利用 David 的專業知識，繼續抓住擺在我們面前的多年機會。

Now I'd like to provide a quick overview of we've for the benefit of those who are new to our story. We provide vertically tailored software solution to small and medium-sized health care practices, offering a seamlessly integrated customer experience and payments platform. We empower practitioners to focus their time on patient care. While we streamline communications engagement and payments.

現在，我想快速概述我們的情況，以便那些剛接觸我們的故事的人受益。我們為中小型醫療保健機構提供垂直客製化的軟體解決方案，提供無縫整合的客戶體驗和支付平台。我們幫助從業者將時間集中在患者護理上。我們簡化溝通參與和付款。

Smbs make up the vast majority of businesses in the US and we have spent the past 15 years building a platform specific to the unique requirements of the SMB healthcare practitioners, dentists, optometrists to veterinarians typically does not employ their own team of IT professionals. So they need software solutions like we've that are easy to set up and use we've unifies the disparate patchwork of point solutions that many of these practitioners presently use simplifying the process of attracting, engaging and retaining patients.

中小型企業占美國企業的絕大多數，我們在過去15 年裡專門針對中小型企業醫療保健從業者、牙醫、驗光師和獸醫的獨特需求構建了一個平台，該平台通常不僱用自己的IT 專業人員團隊。因此，他們需要像我們這樣易於設定和使用的軟體解決方案，我們統一了許多從業者目前使用的不同拼湊的單點解決方案，簡化了吸引、參與和留住患者的過程。

Now I'm excited to share some of the highlights from Q4. We've 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 acquisitions.

現在我很高興與大家分享第四季度的一些亮點。我們又交付了一個強勁的季度，為出色的一年畫上了圓滿的句號，我們看到收入、增長率、毛利率和營業利潤率、調整後的EBITDA、自由現金流和客戶獲取方面的季度持續改善。

Revenue for Q4 was $45.7 million, representing 21.2% year-over-year growth. This is the fourth consecutive quarter of an accelerating year-over-year growth rate. We also exceeded the top end of our revenue guidance for the eighth quarter in a row. Our continued acceleration in revenue growth was driven by the addition of new customers at higher average sales prices, increased payments, attach rates and higher net expansion within existing customers.

第四季營收為 4,570 萬美元，較去年同期成長 21.2%。這是連續第四季度年增速加快。我們也連續第八個季度超出了收入指引的上限。我們的收入持續加速成長是由於以更高的平均銷售價格增加新客戶、增加付款、附加率以及現有客戶的淨擴張增加。

Notably, we added over 450 more net new customer locations in 2023 than in the previous year. In Q4, we continued to improve the operational efficiency of our business. Gross margin reached 69.7%, 300 basis points higher than Q4 of last year, marking the eighth consecutive quarter of gross margin improvement. And our adjusted EBITDA margin improved by over 700 basis points to a negative 1.7% of revenue compared to a negative 8.8% of revenue a year ago.

值得注意的是，我們在 2023 年淨新增客戶地點比前一年多了 450 多個。第四季度，我們持續提高業務營運效率。毛利率達69.7%，比去年第四季高出300個基點，毛利率連續第八個季度改善。調整後的 EBITDA 利潤率提高了 700 個基點，佔收入的比例為負 1.7%，而一年前為負收入的 8.8%。

Finally, we generated $2.9 million in free cash flow during the quarter, a $6.9 million improvement over the same quarter last year. These outcomes underscore that while our vertically tailored Software and Payments platform continues to gain traction, the wave team remains laser focused on operational excellence.

最後，我們在本季產生了 290 萬美元的自由現金流，比去年同期增加了 690 萬美元。這些結果強調，雖然我們的垂直客製化軟體和支付平台繼續獲得關注，但 Wave 團隊仍然專注於卓越營運。

Before we dive into 2024, I wanted to take a look back and share some of the key accomplishments in 2023 in our earnings call last February, I shared our strategic focus areas for 2023, which were built upon a total of over 180 unique projects across the entire business I'd like to give you a brief recap on how we delivered against them.

在我們進入2024 年之前，我想回顧一下並分享2023 年的一些關鍵成就，在去年2 月的財報電話會議上，我分享了我們2023 年的戰略重點領域，這些領域建立在180 多個獨特項目的基礎上整個業務我想向您簡要回顧一下我們如何應對他們。

Accelerating revenue growth was our first focus area in 2023 at the beginning of last year. We discussed the flywheel effect of growth within our business model, the team and part of significant energy to accelerate the rotation of that flywheel. And we saw that effort pay off as our year-over-year revenue growth rates grew each quarter, 18.9% in Q1, 19.3%, Q2, 20.2%, Q3 and 21.2%, Q4.

去年年初，加速營收成長是我們2023年的首要重點領域。我們討論了我們的業務模式、團隊以及加速飛輪旋轉的部分重要能量的飛輪效應。我們看到這種努力得到了回報，我們的營收年增率每季都在成長，第一季為18.9%，第二季為19.3%，第三季為20.2%，第四季為21.2% 。

We accomplished this while simultaneously reducing our annual operating loss margin by two thirds. I'm extremely proud of our team and it is again a strategic focus area for 2020 for our second, 2023 focus area was building a scalable foundation for profitable growth.

我們實現了這個目標，同時將年度營業虧損率減少了三分之二。我為我們的團隊感到非常自豪，這再次成為 2020 年的策略重點領域，因為我們的第二個（2023 年）重點領域是為獲利成長奠定可擴展的基礎。

We are very pleased with the results here, focusing on efficiency in all areas of our business with gross and operating margins improving every single quarter throughout the year. Additionally, last February, we committed to exit 2023 with positive free cash flow due to the hard work of the team. We generated positive free cash flow every quarter in 2023, ending the year with a positive $6.5 million, a significant improvement over a negative $15.9 million in 2022.

我們對這裡的結果非常滿意，我們專注於我們業務所有領域的效率，全年每季的毛利率和營業利潤率都在提高。此外，去年 2 月，由於團隊的努力工作，我們承諾在 2023 年實現正向自由現金流。2023 年，我們每季都產生正的自由現金流，年終達到 650 萬美元的正自由現金流，比 2022 年的負 1,590 萬美元有了顯著改善。

Our third 2023 focus area was delivering an experience that turns our customers into champions, which involves both product and customer service. Our platform was named a leader in G2s grid for patient relationship. Management ranked first in 27 different categories and G2s, Winter '23 report and won 61 different badges, including patient scheduling software leader in 2023. Our customer NPS improved significantly throughout the year.

我們 2023 年的第三個重點領域是提供一種將客戶變成冠軍的體驗，其中涉及產品和客戶服務。我們的平台被評為 G2s 病患關係網格領導者。根據 Winter '23 報告，管理層在 27 個不同類別和 G2 中排名第一，並贏得了 61 個不同的徽章，包括 2023 年患者調度軟體領導者。我們的客戶 NPS 全年顯著改善。

We accomplished this through excellent customer service feature improvements and increased intentions, increased attention to new integrations, which unlock the full potential of our platform from our customers and prospects. We added over 20 new integrations throughout the year, unlocking approximately 75,000 locations that we can sell our integrated platform into.

我們透過出色的客戶服務功能改進和更高的意圖以及對新整合的更多關注來實現這一目標，從而釋放我們平台的客戶和潛在客戶的全部潛力。我們全年添加了 20 多個新集成，解鎖了大約 75,000 個可以銷售集成平台的地點。

We will continue to deepen and expand our integrations in 2020 for both our core markets and new adjacent markets. Our product and engineering teams delivered several significant platform improvements in 2023, including enhancements to our payments platform with a deeper partnership with Stripe, a new partnership with the firm and the addition of online bill-pay mobile tap to pay and scan to pay functionality.

2020 年，我們將繼續深化和擴大核心市場和新的鄰近市場的整合。我們的產品和工程團隊在2023 年實現了多項重大平台改進，包括透過與Stripe 建立更深入的合作夥伴關係來增強我們的支付平台，與該公司建立新的合作夥伴關係，以及增加線上帳單支付行動點擊支付和掃描支付功能。

We also launched innovative AI driven features, including review response, assistant voicemail, transcription and email assistant. Our gross retention rate remained consistent throughout the year, and we experienced higher net expansion within existing customers. This reaffirms our belief that customers prioritize premium solutions that enhance practice productivity and patient satisfaction over cheap alternatives.

我們也推出了創新的人工智慧驅動功能，包括評論回應、助理語音郵件、轉錄和電子郵件助理。我們的毛保留率全年保持穩定，並且我們在現有客戶中經歷了更高的淨擴張。這再次證實了我們的信念，即客戶優先考慮能夠提高實踐效率和患者滿意度的優質解決方案，而不是廉價的替代方案。

Our final focus area for 2023 was fostering an effective and engaged team that lives our values. We shared in previous earnings calls that in 2021 and 2022. Employee attrition was a significant headwind to our business situation. Not unique to we've we listened to our employees in mind or resources, compensation and benefits to address their concerns. Our employee attrition rate decreased by nearly 50% from 2022 to 2023.

我們 2023 年的最後一個重點領域是培養一支高效、敬業、實踐我們價值觀的團隊。我們在先前的 2021 年和 2022 年財報電話會議中分享了這一點。員工流失是我們業務狀況的一個重大阻力。我們傾聽員工的想法或資源、薪資和福利來解決他們的擔憂，這並不是我們獨有的。從 2022 年到 2023 年，我們的員工流動率下降了近 50%。

Average tenure increased employee NPS improved, and I'm pleased to announce that we were named a great place to work for the fifth consecutive year and the top workplace USA for the second consecutive year, increased employee engagement has translated into improved customer satisfaction and overall business performance.

平均任期增加，員工NPS 有所改善，我很高興地宣布，我們連續第五年被評為最佳工作場所，連續第二年被評為美國最佳工作場所，員工敬業度的提高轉化為客戶滿意度和整體滿意度的提高經營績效。

As we look forward to 2024, we have aligned our strategic plan behind three focus areas for the year, which I'm very excited about accelerating revenue growth is once again, our first focus area and the key initiatives in 2024 include increasing our penetration into dental, optometry and veterinarian verticals and continuing to expand into adjacent specialty medical verticals such as physical therapy, medical aesthetics, plastic surgery and primary care. We will build new and innovative products that service both single and multi-location segments.

展望 2024 年，我們已經在今年的三個重點領域調整了我們的策略計劃，我對加速收入成長感到非常興奮，我們的第一個重點領域和 2024 年的關鍵舉措包括提高我們的滲透率牙科、驗光和獸醫垂直領域，並繼續擴展到鄰近的專業醫學垂直領域，如物理治療、醫學美容、整形外科和初級保健。我們將打造新的創新產品，為單一和多地點細分市場提供服務。

We will also continue to enhance our Payments solution to better serve our customer base and improve their business operations and financial outcome. In the last month, we added ACH, debit and payment plans to our platform with ACH, David debit patients experience enhanced transaction security and health care providers benefit from lower transaction costs.

我們也將繼續增強我們的支付解決方案，以更好地服務我們的客戶群並改善他們的業務營運和財務成果。上個月，我們在 ACH 平台上添加了 ACH、借記卡和支付計劃，David 借記卡患者體驗到了更高的交易安全性，而醫療保健提供者則受益於更低的交易成本。

Payments plans enables health care businesses to easily set up and manage recurring payment schedules, making it convenient for the both the business and their patients increasing customer value is our second focus area for 2020 for our platform is feature rich and our customers are busy. Internal data shows that many of our customers are not using the most valuable features of our platform.

付款計劃使醫療保健企業能夠輕鬆設定和管理定期付款計劃，為企業及其患者提供便利。增加客戶價值是我們2020 年的第二個重點領域，因為我們的平台功能豐富，而且我們的客戶很忙。內部數據顯示，我們的許多客戶沒有使用我們平台最有價值的功能。

This focus area is centered around a guided customer journey that helps customer extract the full value of our platform as quickly as possible. As mentioned earlier, integration with patient management systems, strengthen our product market fit and is another key to success in this focus area. For example, in November, we released our integration with Dentrix Ascend platform.

此重點領域以引導客戶旅程為中心，幫助客戶盡快發揮我們平台的全部價值。如前所述，與患者管理系統的整合可以增強我們的產品市場契合度，是另一個在這一重點領域取得成功的關鍵。例如，11 月，我們發布了與 Dentrix Ascend 平台的整合。

Since the release, we've seen strong demand for this integration from both new and existing customers, powerful integrations and a seamless and personalized adoption journey will result in increased value for our customers, better customer retention and more advocacy for our brand.

自發布以來，我們看到新客戶和現有客戶對這種整合的強烈需求，強大的整合以及無縫和個性化的採用之旅將為我們的客戶帶來更高的價值，更好的客戶保留率和對我們品牌的更多宣傳。

Our third focus area for 2024 is investing in our future, which represent a continued focus on developing. We've talent and operational excellence in our business execution. Fundamentally, this means we are investing in our people and empowering them to elevate our customer experience and deliver results that are best in class.

我們 2024 年的第三個重點領域是投資我們的未來，這代表著對發展的持續關注。我們在業務執行方面擁有人才和卓越的營運能力。從根本上說，這意味著我們正在對員工進行投資，並賦予他們能力提升我們的客戶體驗並提供一流的結果。

To conclude, I'm incredibly proud of all of our team accomplished in Q4, capping off an excellent year. We accelerated revenue growth. We built a scalable foundation to improve profitability. We delivered an experience that continues to solve real problems for our customers. We have an incredible team that is engaged and firing on all cylinders. A big thank you to our customers, our team members and our shareholders for your support of we were excited for 2024 and intently focused on building on the momentum we gained in 2023.

最後，我為我們所有團隊在第四季度取得的成就感到無比自豪，為這一出色的一年畫上了圓滿的句號。我們加快了營收成長。我們建立了可擴展的基礎來提高獲利能力。我們提供了持續為客戶解決實際問題的體驗。我們擁有一支令人難以置信的團隊，他們全心投入、全力以赴。非常感謝我們的客戶、團隊成員和股東的支持，我們對 2024 年感到興奮，並專注於鞏固我們在 2023 年獲得的勢頭。

With that, I'll turn the call over to Alan to provide more detail on our financial results and review our outlook for 2024. Alan?

接下來，我將把電話轉給艾倫，提供有關我們財務業績的更多詳細信息，並回顧我們對 2024 年的展望。艾倫？

Thanks, Brett, and good afternoon, everyone. We had an excellent quarter, delivering Q4 revenue of $45.7 million, reflecting 21.2% growth year over year. This represents $1.7 million or 4% beat over the midpoint of the range we provided in November. Our net revenue retention rate remained at 95% in Q4. As a reminder, the NRR calculation is a trailing 12-month calculation on a monthly and quarterly basis.

謝謝布雷特，大家下午好。我們度過了一個出色的季度，第四季營收達到 4,570 萬美元，年增 21.2%。這意味著 170 萬美元，比我們 11 月提供的範圍中位數高出 4%。第四季我們的淨收入保留率維持在 95%。提醒一下，NRR 計算是按月和按季度計算過去 12 個月的數據。

We are already seeing and are improving and we expect to see our reported metric improve in 2024, primarily due to positive adoption of payments and software upsell. Our gross revenue retention rate remained at 92% for Q4, among the best in class for SMB retention and logo retention has been consistent for over two years.

我們已經看到並正在改善，我們預計我們報告的指標將在 2024 年有所改善，這主要是由於支付和軟體追加銷售的積極採用。第四季度，我們的總收入保留率保持在 92%，在中小企業保留率和徽標保留率方面名列前茅，兩年多來一直保持穩定。

And moving on to operating results. As a reminder, I will be referring to non-GAAP results, unless stated otherwise, our Q4 results showed significant improvement across the board. Gross margin was 69.7%. This represents a 300 basis point increase year over year. Our engineering and operating teams are focused on providing an exceptional customer experience and doing so while remaining efficient and expanding our margins.

接下來是經營業績。提醒一下，我將指的是非 GAAP 業績，除非另有說明，否則我們第四季度的業績全面顯示出顯著改善。毛利率為69.7%。這意味著同比增長 300 個基點。我們的工程和營運團隊致力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。

In Q4, operating expenses were $33.6 million, a $4.2 million increase from last year compared to an $8 million increase in revenue for the same period. Our operating loss was $1.7 million, an improvement of $2.5 million or 59% compared to last year and $800,000 better than the midpoint of the guidance we gave in November. The corresponding operating loss margin of 3.8% is a significant improvement from the operating loss margin of 11.2% last year.

第四季度，營運費用為 3,360 萬美元，比去年增加 420 萬美元，而同期收入增加 800 萬美元。我們的營業虧損為 170 萬美元，比去年減少了 250 萬美元，即 59%，比我們 11 月給出的指導中位數減少了 80 萬美元。相應的經營虧損率為3.8%，較去年11.2%的經營虧損率有顯著改善。

Our net loss was $800,000 or $0.01 per share in the fourth quarter based on 69.7 million weighted average shares outstanding. This is compared to a net loss of $3.7 million or $0.06 per share last year. This represents a $2.9 million improvement due to revenue acceleration and operating efficiencies. Adjusted EBITDA loss was $800,000, a $2.5 million improvement year over year. Adjusted EBITDA loss margin of 1.7% is a significant improvement compared to the 8.8% loss margin reported a year ago.

根據 6,970 萬股加權平均計算，第四季度我們的淨虧損為 800,000 美元，即每股 0.01 美元。相比之下，去年淨虧損為 370 萬美元，即每股 0.06 美元。由於收入加速和營運效率的提高，這意味著 290 萬美元的改進。調整後 EBITDA 損失為 80 萬美元，年減 250 萬美元。調整後 EBITDA 虧損率為 1.7%，與一年前報告的 8.8% 虧損率相比有了顯著改善。

Turning to the balance sheet and cash flow, we ended the year with $108.8 million in cash and short-term investments. In Q4, we paid down $10 million on our line of credit, which remains open, but with no at no outstanding balance, net cash was essentially unchanged quarter over quarter we generated $3.7 million in cash from operations, a $6.6 million improvement year over year.

談到資產負債表和現金流，我們年底的現金和短期投資為 1.088 億美元。第四季度，我們支付了1000 萬美元的信用額度，該信用額度仍處於開放狀態，但由於沒有未清餘額，淨現金環比基本保持不變，我們從運營中產生了370 萬美元的現金，同比增加了660 萬美元。

Free cash flow was $2.9 million and free cash flow margin was 6.4%. This compares to free cash flow of negative $3.8 million and a free cash flow margin of negative 10% in the fourth quarter of 2022. We are pleased with our progress. Our initial goal was to achieve positive free cash flow by Q4 of 2023, and we overachieved and produced positive free cash flow each quarter.

自由現金流為 290 萬美元，自由現金流利潤率為 6.4%。相較之下，2022 年第四季的自由現金流為負 380 萬美元，自由現金流利潤率為負 10%。我們對我們的進展感到滿意。我們最初的目標是到 2023 年第四季實現正的自由現金流，我們超額完成並每季都產生了正的自由現金流。

And for the full year 2023, we expect free cash flow to be positive again for the full year 2024. But as we are paying out our annual 2023 employee bonuses in Q1. We expect that free cash flow will be negative in Q1 of 2024.

對於 2023 年全年，我們預計 2024 年全年自由現金流將再次為正值。但我們將在第一季支付 2023 年年度員工獎金。我們預計 2024 年第一季自由現金流將為負值。

Before reviewing our guidance I'll provide a brief recap of the full year results. In 2023, total revenue grew by 19.9% to $170.5 million, and our gross margin improved to 68.7%, up from 63% last year. And our operating margin improved to negative 6.8%, a significant improvement over the negative 21.8-percentage-point in 2022, we made substantial progress on free cash flow, ending the year having generated $6.5 million, up from negative $15.9 million last year. We're pleased with this progress, and we would like to thank all of our team members that we've our customers and partners for their contributions through the year.

在回顧我們的指導之前，我將簡要回顧全年業績。2023 年，總營收成長 19.9%，達到 1.705 億美元，毛利率從去年的 63% 提高到 68.7%。我們的營業利潤率改善至負6.8%，比2022 年負21.8 個百分點有了顯著改善，我們在自由現金流方面取得了實質性進展，年底產生了650 萬美元，高於去年的負1,590 萬美元。我們對這項進展感到高興，我們要感謝所有團隊成員，感謝我們的客戶和合作夥伴在這一年中所做的貢獻。

Turning now to our outlook for the first quarter and full year 2024. For the first quarter of 2024, we expect total revenue in the range of $45.2 million, the $46.2 million and non-GAAP operating loss in the range of $2.5 million to $1.5 million. I'd like to provide a little more color regarding our Q1 revenue guide leading into last year and throughout 2023, we implemented a more disciplined approach to collecting onboarding revenues for new customers.

現在轉向我們對 2024 年第一季和全年的展望。對於 2024 年第一季度，我們預計總收入將在 4,520 萬美元、4,620 萬美元之間，非 GAAP 營運虧損將在 250 萬美元至 150 萬美元之間。我想就去年和整個 2023 年的第一季度收入指南提供更多信息，我們實施了更嚴格的方法來收集新客戶的入職收入。

These are the implementation fees we collect from customers as we bring them onto our platform. We increased these nonrecurring onboarding revenues by 150% last year, and Q1 of last year, we also signed a multiyear agreement to extend and deepen our partnership with Stripe for payment processing. That agreement increased our take rate on payments volume and increased our Payments revenue, both the improvement in nonrecurring onboarding revenue and the improvement in our take rate for payments remain in place this year.

這些是我們將客戶引入我們的平台時向其收取的實施費用。去年我們的非經常性入職收入增加了 150%，去年第一季度，我們還簽署了一份多年期協議，以擴展和深化我們與 Stripe 的支付處理合作夥伴關係。該協議提高了我們的支付量接受率並增加了我們的支付收入，今年非經常性入職收入的改善和支付接受率的改善仍然存在。

But we do not expect to see the same growth rate in these components of our revenue as last year, and we will lap the impact of both improvements in Q1 of 2024. As such, we expect to see a modest decrease in our year-over-year growth rate in Q1 versus our Q4 year-over-year growth due to lapping the initial impact that each of these initiatives had last year.

但我們預計這些收入組成部分的成長率不會與去年相同，我們將在 2024 年第一季吸收這兩項改進的影響。因此，由於這些舉措去年產生的初步影響，我們預計第一季的年成長率將比第四季的年成長率略有下降。

Our growth rate in payments is still significantly higher than our total revenue growth rate. And we continue to see strong demand for our subscription products, which had improving growth rates throughout 2023. For the full year 2024, we expect total revenue to be in the range of $194 million to $198 million we expect the range for our full year 2024 non-GAAP operating loss to be from $6 million to $2 million. We expect to have a weighted average share count of approximately 71.7 million shares for the full year.

我們的支付成長率仍然明顯高於我們的總收入成長率。我們繼續看到對我們的訂閱產品的強勁需求，該產品在 2023 年的成長率不斷提高。對於 2024 年全年，我們預計總收入將在 1.94 億美元至 1.98 億美元之間，我們預計 2024 年全年非 GAAP 營運虧損將在 600 萬美元至 200 萬美元之間。我們預計全年加權平均股數約為 7,170 萬股。

To summarize, we've delivered strong results every quarter in 2023. Our performance demonstrates strong demand for our platform. We remain excited about the opportunity ahead, and we will continue to drive our business to maximize long-term value.

總而言之，我們在 2023 年每季都取得了強勁的業績。我們的表現顯示了對我們平台的強烈需求。我們對未來的機會仍然感到興奮，並將繼續推動我們的業務實現長期價值最大化。

And with that, we'll take your questions.

接下來，我們將回答您的問題。

Thank you. We will now be conducting a question and answers. (Operator Instructions)

謝謝。我們現在將進行問答。（操作員說明）

Alex Sklar, Raymond James.

亞歷克斯·斯克拉，雷蒙德·詹姆斯。

Great. Thank you, Brett. A lot investment into the integrations and multi office functionality that you kind of alluded to in your prepared remarks. And specifically as it regards to the 75,000 locations you added with the integrated platform in the past year. I'm curious if you can just provide some color on tangible results from adding those on those locations. Are you seeing an increasing mix of customers coming on that, have that functionality and with the integrated functionality built-in? Thanks.

偉大的。謝謝你，布雷特。您在準備好的評論中提到了對整合和多辦公室功能的大量投資。特別是去年您透過整合平台新增的 75,000 個地點。我很好奇您是否可以透過在這些位置添加這些內容來提供一些有形結果的顏色。您是否看到越來越多的客戶開始使用該功能並內建整合功能？謝謝。

Sure. So we obviously track return on investment and all of our integration activities on the dev side and throughout the business. And what we've seen is specialty medical, which is where we are pretty deeply penetrated from an integration perspective, in dental optometry that are probably our latest. The most significant integration there was the Dentrix Ascend platform.

當然。因此，我們顯然會追蹤投資回報以及開發方面和整個業務中的所有整合活動。我們所看到的是專業醫療，從整合的角度來看，我們在牙科驗光方面已經相當深入，這可能是我們最新的。最重要的整合是 Dentrix Ascend 平台。

I mentioned in my prepared remarks, we've picked up and pretty strong demand, both existing customers and new customers since we've released that integration. So that's one proof point. But we've been focusing a lot on specialty medical outside of dental optometry that and that's actually our fastest growing segment right now. And it actually just I'm just past veterinarian as our number three verticals. So we're definitely seeing tangible results in our additional integration work that we're doing both in dental and vet and especially Medical.

我在準備好的演講中提到，自從我們發布該整合以來，我們已經獲得了相當強勁的需求，無論是現有客戶還是新客戶。這就是一個證據。但我們一直非常關注牙科驗光之外的專業醫療，這實際上是我們目前成長最快的領域。事實上，我剛剛成為我們的第三垂直行業的獸醫。因此，我們在牙科和獸醫，特別是醫療領域所做的額外整合工作肯定會看到實際的成果。

And that's great context. Maybe I'll kind of follow up on that. Your answer to that last point on a specialty medical kind of passes into that number three verticals, what's the right way to think about the linearity of location growth that occurred in 2023 as you formally stood up specialty medical did you see your location count on a gross basis kind of increase as the year progressed? And then with that, as we think about the 2024 outlook, what was the right way to think about what you're embedding into the outlook from a location standpoint?

這是很好的背景。也許我會跟進一下。您對專科醫療最後一點的回答涉及第三個垂直領域，當您正式成立專科醫療時，思考 2023 年發生的位置增長線性的正確方法是什麼，您是否看到您的位置依賴於隨著時間的推移，基差總額會增加嗎？然後，當我們思考 2024 年的前景時，從位置的角度考慮將哪些內容嵌入到前景中的正確方法是什麼？

Sure. So on linearity, I think on location count. So I mentioned in my prepared remarks, that customer acquisition improved each and every quarter. So each quarter was a little bit better than the other one. And that came from our mix of what I'll call our four verticals now dental, optometry, vet and specialty medical with specialty medical being the higher growth. One, I'm thinking that dental is still the major contributor.

當然。因此，關於線性，我認為取決於位置計數。因此，我在準備好的發言中提到，每季的客戶獲取都有所改善。所以每個季度都比另一個季度好一些。這來自於我們的四個垂直行業的組合，現在是牙科、驗光、獸醫和專業醫療，其中專業醫療的成長速度更快。第一，我認為牙科仍然是主要貢獻者。

Yes, I got a nod from Alan there and then how we're thinking about unit growth in 2024. And I think we just continue to plan to add both on an increasing basis and gross and net new customers throughout the year. And I think you can probably just maybe back into it from the revenue guide.

是的，我得到了艾倫的點頭，以及我們如何考慮 2024 年的單位成長。我認為我們只是繼續計劃全年增加新客戶總數和淨客戶數量。我認為你可能可以從收入指南中回顧這一點。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

Thank you.

謝謝。

Brent Bracelin, Piper Sandler.

布倫特·布萊斯林，派珀·桑德勒。

Thank you. Good afternoon. Senator Corker here of solid execution. Brett, I wanted to double-click into the new hire. Obviously, David brings a lot of scaling expertise. What do you have him focused on? And what are his priorities as you think about the opportunity in 2024 Yes.

謝謝。午安.科克參議員執行力紮實。布雷特，我想雙擊進入新進員工。顯然，大衛帶來了許多擴展方面的專業知識。你讓他關注什麼？當你考慮 2024 年的機會時，他的優先事項是什麼？是的。

Yeah, thanks, Brent. It's a great question. So when I was interviewing CRO candidates pretty much every single one of them asked me what's broken, what do I need to fix and the answer is nothing and the sales function is executing really well. It's very well managed. So that gives us the opportunity to leverage David talents and really helping us get our business from where we are now $170 million to $500 million. He's seen growth and scale HubSpot from $90 million to $1 billion.

是的，謝謝，布倫特。這是一個很好的問題。因此，當我面試 CRO 候選人時，幾乎每個人都問我哪裡出了問題，需要修復什麼，答案是否定的，而且銷售職能執行得非常好。它管理得很好。因此，這讓我們有機會利用 David 的人才，真正幫助我們將業務從現在的 1.7 億美元提升到 5 億美元。他見證了 HubSpot 的成長，並將規模從 9,000 萬美元擴大到 10 億美元。

He's had senior roles in IT sales force. And so his role really is focusing on scale and some of the scale opportunities we have right now are we're on a multiyear journey with multi-local with the multi-location business segment, we have a payments business that I think we can do a better job at. And we frankly haven't had a dedicated leader in payments.

他曾在 IT 銷售團隊中擔任高階職位。因此，他的角色確實專注於規模，我們現在擁有的一些規模機會是我們正在進行多本地和多地點業務部門的多年旅程，我們擁有我認為我們可以做的支付業務更好的工作。坦白說，我們在支付方面還沒有專門的領導者。

So that's one of the top priorities and then also being the revenue partner on strategic partnerships. We're just starting to scratch the surface on growing the partner side of our business. I think through maybe mid last year, we were definitely from an inside sales organization.

因此，這是首要任務之一，也是策略夥伴關係的收入夥伴。我們剛開始觸及發展合作夥伴業務的表面。我想也許到去年年中，我們肯定來自內部銷售組織。

And I think partnerships are going to be important part of our future over the next several years. So I'm David partnering with our Chief Strategy Officer and our Strategic Partners Group. And that's hopefully where they'll he'll spend his time. But really just being I've been there done that person helping us scale.

我認為合作關係將成為我們未來幾年的重要組成部分。我是大衛，與我們的首席策略長和策略夥伴團隊合作。希望他能在那裡度過他的時光。但實際上，我一直在那裡幫助我們擴大規模。

Absolutely helpful color there. And then one quick follow up on specialty medical, a little surprised that actually is growing fast enough to overtake veterinarian. What's driving the momentum there? Is it just a much larger TAM and it's now just starting to overtake that? Is it some partnerships that have sparked some interest? Just curious what's driving the outsized success here in specialty medical here this quarter?

那裡的顏色絕對有用。然後是對專業醫療的快速跟進，有點驚訝的是，它的增長速度實際上已經超過了獸醫。是什麼推動了那裡的勢頭？它只是一個更大的 TAM 並且現在才剛開始超越它嗎？是一些合作關係引起了一些興趣嗎？只是好奇是什麼推動了本季專業醫療領域的巨大成功？

Thanks. Sure. I'd say a few things. So TAM for sure and our inbound has always been pretty meaningful for specialty medical and that inbound demand has been growing. So when we layer on integrations into specialty medical, we can actually now offer the full functionality that we have into some of these adjacent verticals.

謝謝。當然。我想說幾句話。因此，TAM 是肯定的，我們的入境對於專業醫療來說一直非常有意義，而且入境需求一直在增加。因此，當我們分層整合到專業醫療中時，我們現在實際上可以提供我們在其中一些相鄰垂直領域中擁有的完整功能。

Where we've been seeing inbound demand, but haven't really been able to satisfy that demand with a fully integrated product. So and so it's a combination of TAM, growing number of integrations and product market fit around that, and then just the increasing inbound demand that we're seeing from that segment.

我們已經看到了入站需求，但還沒有真正能夠透過完全整合的產品來滿足該需求。這是 TAM、越來越多的整合和與之相關的產品市場的結合，以及我們從該細分市場看到的不斷增長的入站需求。

Helpful color. Thank you.

有用的顏色。謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

Mike Funk, Bank of America.

麥克‧芬克，美國銀行。

Hi. This is Matt on for Mike Funk. Appreciate the question. So sounds like you're going to be facing some tougher comps on the payment side starting in 1Q, but can you help us understand the shape of expected revenue growth in '24? And then can you break down a little further, the components driving the fiscal '24 guidance between locations, ASP growth, retention expansion, et cetera, and where you see the highest potential for upside. Thanks.

你好。這是麥克·芬克的馬特。感謝這個問題。聽起來從第一季開始，您將在支付方面面臨一些更艱難的競爭，但您能幫助我們了解 24 年預期收入成長的情況嗎？然後你可以進一步細分一下，推動 24 財年指導的因素包括地點、平均售價成長、保留擴張等等，以及你認為上漲潛力最大的地方。謝謝。

Thanks, Matt. First of all, with respect to the shape of the revenue growth, I think you're going to see some consistency with what you've seen in 2023 in terms of that revenue growth, there's the partner team and their efforts on the on both the integrations front as well as other and avenues of that partnerships that we're looking into is probably the biggest source of upside for the year.

謝謝，馬特。首先，就收入成長的形式而言，我認為您將看到與 2023 年收入成長保持一致的情況，包括合作夥伴團隊及其在這兩方面的努力我們正在研究的整合前沿以及其他合作夥伴關係可能是今年最大的上漲來源。

And so we're looking at that. And looking at that, I think that the you mentioned payments, but they're the bigger actually piece of the a difficult compare in Q1 has to do with the onboarding revenues that we recognize. If you look at the information and disaggregated revenues, you'll see that that was 150% growth year over year.

所以我們正在研究這個。考慮到這一點，我認為您提到的付款，但它們實際上是第一季困難比較中更大的一部分，與我們認識到的入職收入有關。如果您查看資訊和分類收入，您會發現年增 150%。

In those onboarding revenues, we're now at a healthy spot. And while we'll see growth consistent with kind of the growth in onboarded customers. It's just not it is going to be at the same rate as the rest of them. So and again, Shape fairly consistent upside is going to be around partnerships and the comps are just normal course of business where we'll continue to see those benefits. They just won't be as bad as big in Q1 as they were last year.

在這些入職收入方面，我們現在處於健康的狀態。雖然我們會看到成長與入職客戶的成長一致。只是它的速度不會與其他人相同。一次又一次，Shape 相當一致的優勢將圍繞著合作夥伴關係而展開，而比較只是正常的業務過程，我們將繼續看到這些好處。他們在第一季的表現不會像去年那麼糟。

Super helpful. Thank you, guys.

超有幫助。感謝你們。

Thanks, Matt.

謝謝，馬特。

Parker Lane, Stifel.

帕克巷，斯蒂菲爾。

Guys, thanks for taking the question and congrats on the quarter and the continued acceleration here of lots of new payments capabilities being launched in the second half of last year. I'm curious if you could give us an idea of the impact that you expect that to have on adoption and attach rates of payments and just the overall expectation around payments growth when you look out the next few years?

夥計們，感謝您提出問題，並祝賀本季度以及去年下半年推出的許多新支付功能的持續加速。我很好奇您能否告訴我們您期望這對採用和附加付款率的影響，以及您展望未來幾年時對付款增長的總體預期？

Yes, sure. So I'll start with an answer. So I think I continue to believe that we have a really significant opportunity in payments, and it's really the key to that is getting weaves payments, functionality integrated into the workflow of the office. And the way we do that is we add more of these terrific features functionality just make it a much more compelling offering and then the and then training the people, the offices on the functionality and helping them make the move.

是的，當然。那麼我將從一個答案開始。因此，我認為我仍然相信我們在支付方面擁有非常重要的機會，而關鍵是將支付功能整合到辦公室的工作流程中。我們這樣做的方式是，我們添加更多這些出色的功能，使其成為更具吸引力的產品，然後對人員、辦公室進行有關功能的培訓，並幫助他們採取行動。

And it's really they don't really care which platform they process on. They just wanted to work really well. So as we develop more of this functionality and then integrate it better into their office workflow is where we'll see continued adoption. So we're currently less than 10% of revenue is payments because if we were more, you would see it in our financials, but it's growing as a percentage revenue, it's growing faster than subscription revenue even though subscription revenue has accelerated and we expect to continue to do that.

事實上，他們並不真正關心他們在哪個平台上進行處理。他們只是想好好工作。因此，隨著我們開發更多此功能，然後將其更好地整合到他們的辦公室工作流程中，我們將看到持續的採用。因此，目前我們的收入中只有不到10% 是付款，因為如果我們更多，你會在我們的財務數據中看到它，但它以收入百分比的形式增長，它的增長速度比訂閱收入更快，儘管訂閱收入已經加速，我們預計繼續這樣做。

The other thing we're working on, as I mentioned, one of the activities that David McNeil is going to overtake at some payments is going to report directly to him in one of his top priorities is recruiting a dedicated general manager of payments for us who just walks the floor every day, figuring out how do we get more integrated into the workflow, get greater adoption, greater usage. And I think that those are kind of a couple of key pieces necessary for our success. And I really think we can grow payments both in total, but also as a percentage of our revenue pretty meaningfully over the next several years.

正如我所提到的，我們正在做的另一件事是，大衛·麥克尼爾將在某些付款方面接管的活動之一將直接向他匯報，他的首要任務之一是為我們招聘一名專門的付款總經理他們每天都在地板上走來走去，弄清楚我們如何更好地融入工作流程，獲得更多的採用和使用。我認為這些是我們成功所需的幾個關鍵部分。我真的認為我們可以在未來幾年內大幅增加付款總額，而且在收入中所佔的比例也相當有意義。

Got it. Very helpful. And then you also called out a pretty material improvement in employee attrition rates from 22 to 23. Wonder if you can go into a little bit more detail on what measures you undertook to actually achieve that outcome and how that's translating into productivity gains across different areas of business?

知道了。很有幫助。然後您也指出，員工流動率從 22 人減少到 23 人，有了相當大的改善。想知道您是否可以更詳細地說明您採取了哪些措施來實際實現這一成果，以及這些措施如何轉化為不同業務領域的生產力提升？

Sure. So I'll give my opinion. And Alan, you can give your opinion because you've been here a lot longer than I have, a few years ago and when I joined it was I think we lacked real clarity on what it is. We are trying to accomplish as a business, what were our priorities, what we were going to work on what we not going to work on and then also really pushing down ownership of business operations.s

當然。那我就發表一下我的意見。艾倫，你可以發表你的意見，因為你在這裡的時間比我長得多，幾年前，當我加入它時，我認為我們對它是什麼缺乏真正的清晰度。作為一家企業，我們正在努力實現目標，我們的優先事項是什麼，我們將要做什麼，我們不會做什麼，然後也真正降低了業務運營的所有權。

So over starting last year, we brought the whole company together and I kick off, we were very explicit in what our top priorities are we announced our four focus areas for last year. And then we built projects across those focus areas that every single employee who is part of that project work knew what they're working on why they were working on it and what the expected outcome was and how it how it impacted the Company.

因此，從去年開始，我們將整個公司聚集在一起，首先，我們非常明確我們的首要任務是什麼，我們宣布了去年的四個重點領域。然後，我們在這些重點領域建立了項目，讓參與該專案工作的每一位員工都知道他們正在做什麼、為什麼要這樣做、預期結果是什麼以及它如何影響公司。

And then we also started increasing accountability and ownership by a number of different tools. One of them we call vital signs. It's every Tuesday morning. The leadership of the company gets together and spends 30 to 45 minutes going through all of the results of the business for the previous week. And it really created synergistic understanding and behaviors where all the functions were working together to kind of generate the desired outcomes. And it was measured every single week. So people could see success. Our functions were having challenges. Teammates jumped into help them. And it's really it's actually, frankly, been magical, but what so I'll pass it off to Alan.

然後我們也開始透過許多不同的工具來增強責任感和所有權。其中之一我們稱之為生命徵象。時間是每週二早上。公司領導層聚在一起，用 30 到 45 分鐘的時間回顧上週所有的業務成果。它確實創造了協同理解和行為，所有職能部門共同努力產生預期的結果。並且每週都會進行測量。這樣人們才能看到成功。我們的職能面臨挑戰。隊友們紛紛跳上去幫助他們。坦白說，這真的很神奇，但我會把它轉給艾倫。

Yes, all of those things that Brett mentioned are absolutely key to what we've been doing since its inception. The founders of We've said a people are the real heart of why we can grow and make this a great business when Brett came in, he's my mantra as he introduced himself, was became to people and be tough on the business and that that serves us very well.

是的，布雷特提到的所有這些事情絕對是我們自成立以來所做的事情的關鍵。我們說過，員工是我們成長的真正核心，當布雷特進來時，他是我的口頭禪，他自我介紹時說，他對人們很友善，對業務也很嚴厲，為我們服務得很好。

We want to be aggressive, but we love being around people and we love working together. We want the collaborative environment. And so we've done that. And then obviously, just the macro-economic environment, we have been growing in 2023, adding personnel as we've gone through the year. And that's been somewhat unique and not only nationwide, but here along the Wasatch Front, where we're located and that that always is a benefit with respect to the employee environment that you can create. So those are the that's what I would add to that question.

我們想要積極進取，但我們喜歡與人相處，喜歡一起工作。我們想要協作環境。所以我們已經做到了。顯然，就宏觀經濟環境而言，我們在 2023 年一直在成長，在這一年中增加了人員。這在某種程度上是獨一無二的，不僅在全國範圍內，而且在我們所在的瓦薩奇前沿沿線，這對於您可以創造的員工環境來說始終是一個好處。這些就是我要添加到該問題中的內容。

Understood. Thank you. Congrats again.

明白了。謝謝。再次恭喜。

Jacob Staffel, Goldman Sachs.

雅各·斯塔費爾，高盛。

Hey, guys, thanks for. Thanks for the question and good to see another strong quarter. A lot of good questions ahead of me. So just want to wrap up maybe a couple more admin things here, but and 4Q, 1Q, 2Q and 3Q Jan noted on Boomerang customers. And unless I missed it on the call and I think it was noted. So first question would just be around, you know, how many Boomerang customers that you'll see this quarter or any color you can give around that would be would be great.

嘿，夥計們，謝謝。感謝您的提問，很高興看到另一個強勁的季度。有很多好問題擺在我面前。因此，我只想在這裡總結一些管理方面的內容，但 4 季、1 季、2 季和 3 季 Jan 在 Boomerang 客戶中指出。除非我在電話中錯過了它並且我認為它已被注意到。所以第一個問題就是，你知道，本季你會看到多少 Boomerang 客戶，或者你可以提供任何顏色，那就太好了。

Sure. I'll take a crack at that. So the reason we introduced the concept of Boomerang customer was really in response to a competitive question. We've got a competitive question. We said, well, look, let's actually dive in there and understand what's happening.

當然。我會嘗試一下。所以我們引入 Boomerang 客戶概念的原因實際上是為了回答一個競爭問題。我們有一個競爭性問題。我們說，好吧，讓我們實際深入了解發生了什麼。

So we introduced the comment the concept, and we talked about it I think you're right for four quarters in a row, and this quarter was basically the similar results that we've seen all year, maybe a little bit more, but we really kind of said, well, let's just stop talking about it because we've proven our point that the trend is the same and it's really not a key metric that we focus on internally in the business. It was it was good to watch. We do keep an eye on it, but we just it's not a key metric. So we're just not going to report it anymore mostly because it is just a continuing pretty consistent trend.

因此，我們引入了評論這一概念，我們對此進行了討論，我認為您連續四個季度都是正確的，本季度的結果基本上與我們全年看到的結果相似，也許更多一點，但我們確實是這樣說，好吧，讓我們停止談論它，因為我們已經證明了我們的觀點，即趨勢是相同的，而且它實際上不是我們業務內部關注的關鍵指標。這是很好看的。我們確實關注它，但我們只是它不是一個關鍵指標。所以我們不會再報告它，主要是因為它只是一個持續的、相當一致的趨勢。

Got you. Okay. That makes perfect sense. And then the other question I had was around the assumptions that were baked in into guidance. If I look at on the progression of growth in 2023, initial guidance was for 11% and you ended up growing at 2023 at 20%. So can you just talk about the guidance assumptions that you're making for initial guidance and where there might be upside or continued pressure that we should be aware of as we progress throughout fiscal '24?

明白你了。好的。這是完全有道理的。我的另一個問題是關於納入指導的假設。如果我看一下 2023 年的成長進度，最初的指引是 11%，而 2023 年的成長最終為 20%。那麼，您能否談談您為初步指導所做的指導假設，以及隨著我們在整個 24 財年的進展，我們應該意識到哪些方面可能存在上行或持續的壓力？

Sure. So let me start by just talking velocity and the business is doing well. As you saw in Q4, the business continued to do well, as demand continues to grow, we continue to execute well. So that's I'd say that probably the most important point to take away the sales team is performing very well. And we saw good customer volume growth.

當然。因此，讓我先談談速度和業務表現良好。正如您在第四季度看到的那樣，業務繼續表現良好，隨著需求持續成長，我們繼續執行得很好。所以我想說，銷售團隊最重要的一點可能是表現非常好。我們看到了良好的客戶量成長。

If you look at like year over year, almost average volume per customer that grew in '23. So the customers' businesses are doing well. But we are very focused on providing guidance that we have high confidence that we can deliver on and our philosophy. It has not changed. It worked for us in '22. It worked for us in '23. We kind of beat it eight quarters in a row. So we're sticking with that guidance philosophy in '24. And I can let Alan fill in any details.

如果你逐年觀察，你會發現 23 年每位客戶的平均交易量幾乎都在增加。所以客戶的生意做得很好。但我們非常專注於提供指導，我們對我們能夠實現的指導和我們的理念充滿信心。它沒有改變。它在 22 年對我們有用。它在 23 年對我們有用。我們連續八個季度擊敗了它。因此，我們在 24 世紀堅持這項指導理念。我可以讓艾倫填寫任何細節。

Jacob. I think Brett nailed it no change in the philosophy and we are going to continue to just have high conviction about what we present to the street and continue on the march forward.

雅各.我認為布雷特在理念上沒有改變，我們將繼續對我們向街頭展示的東西抱有高度信念，並繼續前進。

Perfect. Thank you so much, guys. I really appreciate it.

完美的。十分感謝大家。對此，我真的非常感激。

Tyler Radke, Citi.

泰勒·拉德克，花旗銀行。

Yes, thanks for taking the questions. So on the specialty medical vertical, can you just talk about some of the integrations that you're working on kind of other products, specific capabilities that you think could be an unlock for that vertical? And then I guess is there any further and yes, I think you have motions around things like plastic surgery, medical spas and physical therapy? Or is there any kind of other further segmentation that you're planning within specialty medical thinking?

是的，感謝您提出問題。那麼，在專業醫療垂直領域，您能否談談您正在開發的其​​他產品的一些集成，以及您認為可以解鎖該垂直領域的特定功能？然後我想還有更多的事情嗎？是的，我認為你們有關於整形手術、醫療水療和物理治療等方面的動議？或者您在專業醫學思維中是否計劃進行任何其他進一步的細分？

Sure. So I'll start the I think there's maybe 20 sub verticals in specialty medical. Yeah and so I called out four of them of physical therapy, medical aesthetics, and that's our general practice. And those are the ones that I'd say we're primarily focused on building product market fit around those as far as the work that was done.

當然。我認為專業醫療可能有 20 個子垂直領域。是的，所以我列出了其中的四個物理治療、醫學美容，這是我們的一般做法。我想說的是，就已完成的工作而言，我們主要專注於圍繞這些內容建立適合市場的產品。

Oh and also plastic sorry, the work that's done is really on two fronts. Well, really three fronts, building the integrations, so integrating to their practice management or EMR software and integrating them to week. That's number one. Number two deepening existing integrations. So and there are different levels of integration that you can write and the more integrated you get, the more valuable the product is so deepening existing integrations and the three.

哦，還有塑膠抱歉，所做的工作實際上是在兩個方面。嗯，實際上是三個方面，建立集成，整合到他們的實踐管理或 EMR 軟體並將它們整合到每週。這是第一名。第二，深化現有整合。因此，您可以編寫不同級別的集成，並且集成程度越高，產品就越有價值，因此可以深化現有的集成和三者的集成。

The third piece is really developing very crisp go-to-market and brand recognition. You know, a lot of these newer or specialty medical, some verticals that are new to us. We don't have great brand recognition. And so building that brand recognition in a very focused way and it is important to us and I think driving a lot of success. So that's why we kind of take the 20 plus break it down to three or four that we're really going to focus on now and then just go through and knock them off.

第三部分確實是發展非常清晰的上市和品牌認知。你知道，很多較新的或專業的醫療領域，以及一些對我們來說是新的垂直領域。我們沒有很高的品牌認知。因此，以非常集中的方式建立品牌認知度，這對我們來說很重要，我認為這會取得很大的成功。所以這就是為什麼我們把 20 多個分解成我們現在真正要關注的三到四個，然後淘汰它們。

So I'll just add one a couple of things to that. Number one, we are developing these relationships with these integration partners and the racks management EHRs. Beyond that APM providers going in the front door. We're developing those relationships. We got we want to have deep and we're not doing the backdoor stuff like some of the competitors do.

因此，我將添加一些內容。第一，我們正在與這些整合合作夥伴和機架管理 EHR 發展這些關係。除此之外，APM 提供者也進入了前門。我們正在發展這些關係。我們想要深入，但我們不會像一些競爭對手那樣做後門的事情。

The second thing I would add is just with the leadership of the group. It's heading that up under our Chief Strategy Officer. We now have a much more disciplined approach to the way that we're going after this. We've got a road map. We've got objectives. We've got no the targets. We can't speak publicly about all of those, but that as we continue to delve in there. I see great, great things ahead with respect to the opportunities to both deepen and create those new interactions and integrations that will open up TAM for us.

我要補充的第二件事是團隊的領導。它由我們的首席策略長領導。我們現在採取了更嚴格的方法來實現這一目標。我們有路線圖。我們有目標。我們沒有目標。我們無法公開談論所有這些，但隨著我們繼續深入研究。我看到未來會有很多偉大的事情發生，有機會深化和創造新的互動和整合，為我們打開 TAM 大門。

And just let me add one more comment here. Just the difference between in the front door of an integration and a backdoor integration is pretty important front. Door integration is where we have an agreement with the software provider, the recommended software provider and our integration is supported. They approve of it. We would only do things that were supposed to do and are allowed to do and then they actually support us and that integration, they support their customers. A backdoor is kind of an unauthorized integration where a vendor would go in and attempt to connect to the software without agreement with the company. It's sometimes referred as a hostile integration and our focus is on Frontier.

讓我在這裡再添加一條評論。前門整合和後門整合之間的差異非常重要。門整合是我們與軟體供應商達成協議，推薦的軟體供應商並且支援我們的整合。他們對此表示贊同。我們只會做應該做和被允許做的事情，然後他們實際上支持我們，並且透過集成，他們支持他們的客戶。後門是一種未經授權的集成，供應商會在未經公司同意的情況下進入並嘗試連接到軟體。它有時被稱為敵對集成，我們的重點是 Frontier。

But that's helpful. And thanks for all the comments. So just to the last question, I had a couple of follow-ups as we think about the outlook. So on the new customer front, encouraging to hear and see the pickup in new adds of locations this year. You do you think that that further accelerates next year now that you're really leading into these TAM that just frankly have a lot higher locations and then secondly, Alan, I appreciate the detail on N. NRR. And would it be fair to say that you're expecting higher and are in 2024 versus 2023?

但這很有幫助。感謝所有的評論。對於最後一個問題，當我們思考前景時，我進行了一些後續行動。因此，在新客戶方面，今年新增加的地點的聽到和看到的回升令人鼓舞。你認為明年會進一步加速嗎，因為你真的正在進入這些 TAM，坦白說，它們擁有更高的位置，其次，艾倫，我很欣賞 N 的細節。NRR。公平地說，與 2023 年相比，您對 2024 年的預期更高嗎？

Thanks. So Tyler Yes. On the second question, as we get into the second half, given what we're already seeing, we can say with confidence that we're going to see that in the second half of the year, just given that 12 month trailing metric, but ours is currently on and the new customers is that I think the new customer follows the same pattern we've seen with the exception that we do think that the partnership opportunities are going to accelerate.

謝謝。所以泰勒是的。關於第二個問題，當我們進入下半年時，鑑於我們已經看到的情況，我們可以自信地說，我們將在今年下半年看到這一情況，僅考慮到 12 個月的追蹤指標，但我們目前正在進行新客戶業務，我認為新客戶遵循我們所看到的相同模式，但我們確實認為合作機會將會加速。

Thank you.

謝謝。

Thank you.

謝謝。

Mark Schappel, Loop Capital Markets.

馬克‧沙佩爾 (Mark Schappel)，Loop 資本市場。

Hi. Thank you for taking my call and some are my questions because me and nice job on the quarter here, but starting with you on prior earnings calls, you noted that the product development group was working on building your next gen platform. And I was just wondering if you could just give us a sense of when that will be released this year. And just maybe some of the benefits financially you may expect to drive from it coming?

你好。感謝您接聽我的電話，有些是我的問題，因為我和本季的工作做得很好，但從您之前的財報電話會議開始，您注意到產品開發團隊正在致力於建立您的下一代平台。我只是想知道你能否讓我們了解今年什麼時候發布。也許您期望從中獲得一些經濟上的好處？

Sure, you bet. So really there's two desired outcomes from our next-gen platform. If you're familiar with our product current product, it's basically it's an app that sits on the desktop. It kind of looks like an iPhone. And right now, we and put all of our functionality into that app. So the first outcome that's desired by the next-generation platform is to move and the current functionality from the legacy app into a lot more dynamic apps on app where you can grab the corners and make them larger or smaller and with them around. And that's easier for the customer.

當然，你打賭。因此，我們的下一代平台確實有兩個預期的結果。如果您熟悉我們的當前產品，它基本上是一個位於桌面上的應用程式。它看起來有點像 iPhone。現在，我們將所有功能放入該應用程式中。因此，下一代平台期望的第一個結果是將當前功能從遺留應用程式轉移到應用程式上的更多動態應用程式中，您可以抓住角落並將它們放大或縮小並與它們在一起。這對客戶來說更容易。

And it's easier for us because we can move more functionality into the app. We're no longer constrained by real estate. And also the other piece of that is to move that functionality to the web. So you can either work in the app kind of like a slack or you can pull up the web version of it and getting the functionality and the same from the legacy app to the new app to the web.

這對我們來說更容易，因為我們可以將更多功能轉移到應用程式中。我們不再受房地產的限制。另一件事情就是將該功能轉移到網路上。因此，您可以像 Slack 一樣使用該應用程序，也可以拉出它的 Web 版本，並從舊應用程式到新應用程式再到 Web 獲取相同的功能。

Just as you kind of occurs over time, we're the majority of the way there. We're fully done on some functionality where the majority of the way done on some of the remaining functionality. So definitely it should happen this year, hopefully around midyear. And so that's the first outcome and then the second outcome is adding multi functionality.

就像你隨著時間的推移而發生的那樣，我們是其中的大多數。我們已經完全完成了某些功能，而其餘一些功能的大部分工作已經完成。所以今年肯定會發生，希望在年中左右。這是第一個結果，第二個結果是添加多功能。

So functionality that is makes the product much more usable and useful to multi-location offices, for example, being able to manage multiple e-mail inboxes at once doing multiple testing activities. And so basically you can take a pick list and either pick from one office are all 10 offices or three of the seven offices whatever you want to do.

因此，該功能使得該產品對於多地點辦公室來說更加實用和有用，例如，能夠在執行多項測試活動時同時管理多個電子郵件收件匣。所以基本上你可以拿一個選擇列表，然後從一個辦公室中選擇全部 10 個辦公室，或者從 7 個辦公室中選擇 3 個，無論你想做什麼。

So it's really around those two outcomes that were there working. And we currently opened it up to early access late last year. I think we've got over 1,000 customers on it using it, testing it playing with it. And so I would say we're in we're in a very good place there. The responses and the feedback that we've gotten. It's been quite good. We're not selling it quite yet, but we are showing it to and select multi-location customers. And I think this will continue to improve embed the legacy functionality into the new platform over to throughout 2024.

所以這實際上是圍繞著這兩個正在發揮作用的結果。我們目前在去年年底開放了搶先體驗。我想我們已經有超過 1,000 名客戶在使用它、測試它。所以我想說我們現在處於一個非常好的位置。我們收到的回應和回饋。已經很不錯了。我們還沒有完全出售它，但我們正在向多地點客戶展示並選擇它。我認為，到 2024 年，這將繼續改進將舊功能嵌入到新平台中。

Thank you. And then I'm building on an earlier question. I was wondering if you could just give us maybe a little bit an update on your hiring plans for the year, particularly on the go-to-market market side?

謝謝。然後我將繼續討論之前的一個問題。我想知道您是否可以向我們介紹一下您今年的招聘計劃的最新情況，特別是在進入市場方面？

Right. So we added sales capacity in 2023. We kicked it up a few notches in Q3 and Q4. So we could make sure that we've got the sales capacity. We need some kind of every quarter, but certainly throughout 2024 I expect that if everything goes the way we hope and plan it will that we'll continue to add sales capacity throughout 2024. And then I think we've got some additional hiring planned in product and engineering.

正確的。所以我們在 2023 年增加了銷售能力。我們在第三季和第四季將其提高了幾個檔次。這樣我們就可以確保我們有銷售能力。我們每季都需要某種形式的供應，但在整個 2024 年，我預計，如果一切按照我們希望和計劃的方式進行，我們將在 2024 年繼續增加銷售能力。然後我認為我們計劃在產品和工程方面進行一些額外的招聘。

Anything else you Alan? --

艾倫你還有什麼事嗎？--

Those are the key elements we will grow across the board and obviously we will gauge that growth on continued execution and making sure that the metrics support.

這些是我們將全面成長的關鍵要素，顯然我們將透過持續執行來衡量成長並確保指標支持。

Great. Thank you.

偉大的。謝謝。

Thank you. There are no further questions at this time. I would like to turn the floor back over to CEO, Brett White for closing comment.

謝謝。目前沒有其他問題。我想請執行長布雷特懷特 (Brett White) 發表結束評論。

Okay. Well, thank you again for your continued support, and thank you to the entire Weave team for delivering another terrific quarter, and we'll talk to you and our next call.

好的。好吧，再次感謝您的持續支持，並感謝整個 Weave 團隊交付了又一個出色的季度，我們將在下次電話會議中與您交談。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。