Weave Communications Inc (WEAV) 2024 Q3 法說會逐字稿

Good day, Ladies and gentlemen and welcome to Weave third quarter, 2024 financial results conference call.

女士們、先生們，大家好，歡迎參加 Weave 2024 年第三季財務業績電話會議。

(Operator Instructions)

（操作員指令）

It is my pleasure to turn the floor over to your host, Mark Mcreynolds, head of Investor relations, sir. The floor is yours.

我很高興將發言權交給主持人、投資人關係主管馬克‧麥克雷諾茲先生。現在請您發言。

Thank you cat. Good afternoon and welcome to Weave's third quarter, 2024 earnings call with me on today's call are Brett White, CEO and Alan Taylor CFO. During the course of this conference call, we will make forward-looking statements regarding the anticipated performance of our business.

謝謝你，貓。下午好，歡迎參加 Weave 2024 年第三季財報電話會議，今天的電話會議由執行長 Brett White 和財務長 Alan Taylor 主持。在本次電話會議期間，我們將就我們業務的預期表現做出前瞻性陳述。

These forward-looking statements are based on management's current views and expectations until certain assumptions made as of today's date and are subject to various risks and uncertainties described in our sec filings.

這些前瞻性陳述是基於管理層目前的觀點和預期，直到今天做出的某些假設，並受到我們提交給證券交易委員會的文件中所述的各種風險和不確定性的影響。

We've disclaims any obligation to update or revise any forward-looking statements. Further on today's call, we will also discuss certain non-GAAP metrics that we believe aid in the understanding of our financial results. Unless otherwise noted, all numbers we talk about today will be on a non-GAAP basis.

我們不承擔更新或修改任何前瞻性陳述的義務。在今天的電話會議上，我們還將討論一些我們認為有助於理解財務結果的非 GAAP 指標。除非另有說明，我們今天討論的所有數字均基於非 GAAP 基礎。

A reconciliation to comparable GAAP metrics can be found in today's earnings release, which is available on our website and as an exhibit to the form 8-K furnished with the SEC before this call.

與可比較 GAAP 指標的對帳表可在今天的收益報告中查看，該報告可在我們的網站上找到，也可作為本次電話會議前提交給美國證券交易委員會 (SEC) 的 8-K 表格的附件。

As well as the earnings presentation on our investor relations on our investor relations website at investors.getweave.com.

以及我們投資者關係網站 investors.getweave.com 上有關投資者關係的收益介紹。

With that I will now turn the call over to Brett.

現在我將把電話轉給布雷特。

Thank you, Mark and thanks to everyone for joining the call today.

謝謝馬克，也謝謝大家今天參加電話會議。

I'd like to start with a few financial highlights from Q3.

我想先介紹一下第三季的一些財務亮點。

We delivered another quarter of solid top line performance and significant improvements in gross and operating margins and free cash flow.

我們又一個季度取得了穩健的營收業績，毛利率、營業利潤率和自由現金流均顯著改善。

We also achieved another major performance milestone reporting positive Non-GAAP operating income for the first time in the company's history. Revenue for Q3 was USD52.4 million representing over 20% year over year growth and USD1.2 million above the midpoint of the guidance range we provided in July, gross margin reached 72.5%.

我們也實現了另一個重要的業績里程碑：公司歷史上首次實現非公認會計準則營業收入為正。第三季的營收為 5,240 萬美元，年成長超過 20%，比我們 7 月提供的指導範圍中點高出 120 萬美元，毛利率達到 72.5%。

An improvement from last quarter and over 300 basis points greater than Q3 of last year marking our 11th consecutive quarter of gross margin improvement.

與上一季相比有所改善，比去年第三季高出 300 多個基點，標誌著我們連續 11 個季度實現毛利率改善。

Weave's mission is to enhance health care experiences for both patients and the practices that serve them. We deliver an all in one customer experience and payment software platform specifically designed for small and medium sized health care practices. Our solution enables health care providers to focus on patient care while we help optimize office operations, streamline billing and payment processing and drive practice growth for improved patient communication and engagement.

Weave 的使命是增強患者及其服務機構的醫療保健體驗。我們提供專為中小型醫療機構設計的一體化客戶體驗和支付軟體平台。我們的解決方案使醫療保健提供者能夠專注於患者護理，同時我們幫助優化辦公室運營，簡化計費和付款處理並推動實踐增長，以改善患者溝通和參與度。

Our current focus is on dental optometry, veterinary and specialty medical verticals, which we estimate is an addressable market exceeding USD7 billion in the US alone.

我們目前的重點是牙科驗光、獸醫和專科醫療垂直領域，我們估計僅在美國，這些領域的潛在市場就超過 70 億美元。

Specialty medical, which includes family practice, med spa, plastic surgery and physical therapy was our fastest growing category again in Q3. Our origins are in helping practitioners grow their businesses by effectively attracting engaging and retaining patients. The integration of fintech solutions like payment processing, buy now pay over time and payment plans is a natural progression to help practitioners accelerate collections and increase acceptance rates of additional services.

專科醫療，包括家庭診所、醫療水療、整形外科和物理治療，再次成為我們第三季成長最快的類別。我們的宗旨是透過有效地吸引和留住患者來幫助從業者發展業務。支付處理、先買後付和分期付款計劃等金融科技解決方案的整合是一個自然的進步，有助於幫助從業者加快收款速度並提高附加服務的接受率。

With we billing and payment requests are seamlessly integrated into communication workflows using the practice's trusted phone number and domain.

透過使用實踐的可信任電話號碼和域名，我們將計費和付款請求無縫整合到通訊工作流程中。

This approach streamlines, payment timelines reduces accounts receivable and write-off and further supports practice growth and profitability. Health care providers often without dedicated to IT, Business intelligence, finance or marketing teams rely on intuitive software like we've to succeed.

這種方法簡化了付款時間表，減少了應收帳款和註銷，並進一步支持了業務成長和盈利能力。醫療保健提供者通常沒有專門的 IT、商業智慧、財務或行銷團隊，而是依靠像我們這樣的直覺式軟體來取得成功。

Our platform integrates seamlessly with practice management systems, enabling greater personalization, more automation and improved data accuracy.

我們的平台與實踐管理系統無縫集成，實現更高的個人化、更高的自動化和更高的數據準確性。

Last week, we announced the availability of the new weave platform which is the most significant product launch in our company's history.

上週，我們宣布推出新的編織平台，這是我們公司史上最重要的產品發表會。

This is a combination of a multiyear effort that holds great strategic importance for weave and our customers. Now available across all customer locations. The new weave platform strengthens our market position with a robust scalable and cutting edge technology infrastructure that enables us to accelerate innovation.

這是我們多年努力的成果，對 Weave 和我們的客戶具有重要的策略意義。現已可於所有客戶所在地使用。新的編織平台透過強大、可擴展且先進的技術基礎設施增強了我們的市場地位，使我們能夠加速創新。

We've has been at the forefront of administrative AI solutions for health care practices and an AI powered weave assistant is integrated throughout the new platform.

我們一直處於醫療實踐管理 AI 解決方案的前沿，整個新平台都整合了 AI 驅動的編織助理。

Our unique advantage is that we have more than a decade of patient interactions available to train large language models.

我們的獨特優勢是，我們擁有十多年的耐心互動經驗，可用於訓練大型語言模型。

This unique training data set includes billions of records like phone calls, voicemails, and SMS messages.

這個獨特的訓練資料集包括數十億筆記錄，如電話、語音郵件和簡訊。

Our AI powered features provide immediate customer value.

我們的人工智慧功能可立即為客戶帶來價值。

Mckinsey reports that AI tools could automate nearly 45% of administrative tasks in the health care sector, potentially saving USD150 billion annually.

麥肯錫報告稱，人工智慧工具可以實現醫療保健領域近 45% 的行政任務自動化，每年可能節省 1,500 億美元。

Weave assistant helps craft personalized responses to reviews, write professional branded emails and automate tasks like message tagging and voice mail transcriptions.

Weave 助理可協助製作個人化的評論回覆、撰寫專業的品牌電子郵件以及自動執行訊息標記和語音郵件轉錄等任務。

Our new call intelligence product leverages a custom AI model to extract actionable insights from call data. To keep their businesses running smoothly, our customers must manage communications and payment workflows simultaneously.

我們的新呼叫智慧產品利用客製化 AI 模型從呼叫資料中提取可操作的見解。為了保持業務順利運行，我們的客戶必須同時管理通訊和支付工作流程。

The new weave platform improves practice operations by consolidating tasks into a more unified system.

新的編織平台透過將任務整合到更統一的系統中來改善實踐操作。

It features a modern user interface that prioritizes versatility and ease of use, streamlining daily tasks with fewer steps and clicks.

它具有現代化的用戶介面，優先考慮多功能性和易用性，透過更少的步驟和點擊簡化日常任務。

Pop out texting and team chat allows users to text patients chat with staff, accept a phone call and view the calendar all at the same time.

彈出簡訊和團隊聊天允許用戶同時向患者發送簡訊、與工作人員聊天、接聽電話和查看日曆。

Users can toggle between locations to access one or all locations and configure forms messages and other settings, once for a single location or multiple locations with ease.

使用者可以在位置之間切換以存取一個或所有位置，並輕鬆配置表單訊息和其他設定（一次針對單一位置或多個位置）。

The new platform features an enhanced user interface which can now expand to full screen for a comprehensive view or shrink to fit seamlessly alongside the practices system of record, a fully customizable dashboard places the most essential elements front and center providing a helpful overview of the day.

新平台具有增強的用戶介面，現在可以擴展到全螢幕以獲得全面的視圖，也可以縮小以與實踐記錄系統無縫契合，完全可自訂的儀表板將最重要的元素放在最前面和中間，提供當天的有用概覽。

The new platform is available via mobile app, desktop app or any browser security and software updates are installed automatically ensuring the platform stays up to date without any extra effort on the part of our customers.

新平台可透過行動應用程式、桌面應用程式或任何瀏覽器安全使用，軟體更新會自動安裝，確保平台保持最新狀態，而無需客戶付出任何額外努力。

I invite you to watch a two minute video on our website to see firsthand. The exciting leap forward our new platform represents for our customers take a look at getweave.com/new.

我邀請您觀看我們網站上的一段兩分鐘的視頻，以親眼見證。我們的新平台為客戶帶來了令人興奮的飛躍，請造訪 getweave.com/new。

Last week, we also launched an enhanced email marketing tool on the new Weave platform. Enabling the easy creation of professional on brand emails with a drag and drop composer, pre built templates and free stock images.

上週，我們也在新的 Weave 平台上推出了增強型電子郵件行銷工具。使用拖放編輯器、預建模板和免費庫存圖片，可以輕鬆建立專業的品牌電子郵件。

Emails can be sent from the trusted business domain to ensure professionalism and help avoid spam filters. Our AI powered weave assistant helps craft content while advanced filters target the right audience.

可以從可信任的商業網域發送電子郵件，以確保專業並有助於避免垃圾郵件過濾器。我們的人工智慧編織助手可協助製作內容，而進階過濾器則可以瞄準正確的受眾。

The new platform also introduces a new specialized user interface for veterinary practices. These UI enhancements built in collaboration with veterinary professionals, streamline daily operations and improve the experience for clinic staff and clients. By making pets the primary profile across the weave platform. The update enabled more personalized service and allow Front desk staff to quickly access essential pet details.

新平台也為獸醫實踐引入了新的專用使用者介面。這些與獸醫專業人員合作開發的 UI 增強功能簡化了日常操作並改善了診所工作人員和客戶的體驗。透過使寵物成為整個編織平台上的主要配置。此次更新實現了更個人化的服務，並允許前台工作人員快速獲取寵物的基本詳細資訊。

In addition to enhancements to our user experience and AI powered features, the new weave platform opens up a valuable opportunities for seamless integration of payments functionality into communication workflows via the trusted practice phone number. By embedding billing and payment features throughout the entire patient journey, from appointment scheduling to post visit, text to pay notifications, we simplify and enable customers to accelerate the billing and collection process.

除了增強我們的使用者體驗和人工智慧功能之外，新的 Weave 平台還透過值得信賴的實踐電話號碼將支付功能無縫整合到通訊工作流程中，從而開闢了寶貴的機會。透過在整個患者旅程中嵌入計費和付款功能，從預約安排到就診後、從簡訊到付款通知，我們簡化了客戶並使客戶能夠加快計費和收款流程。

With weave payments, our customers can easily allow their patients to pay using their preferred methods. Practices can send payment requests via text to pay, accept payments through credit cards or ach direct debit and offer online and in person payment options like online bill pay, scan to pay and mobile tap to pay practices can also keep payment methods on file and provide flexible options such as buy now pay over time and payment plans.

透過 Weave 支付，我們的客戶可以輕鬆地讓他們的患者使用他們喜歡的方式付款。機構可以透過文字發送付款請求，透過信用卡或 ACH 直接扣款接受付款，並提供線上和實體付款選項，例如線上支付帳單、掃描支付和行動點擊支付，機構還可以保留付款方式並提供靈活的選項，例如先買後付和付款計劃。

This empowers practices to increase procedure, acceptance rates, optimize billing operations, improve collections on past due accounts and reduce write ups.

這使得實踐能夠提高程序、接受率、優化計費操作、改善逾期帳戶的收款並減少沖銷。

In Q3, we've also announced payment reminders. This new feature allows our customers to collect more outstanding balances with less effort by turning each weave payment invoice or text to pay request into an automated collection campaign.

在第三季度，我們也宣布了付款提醒。透過將每張編織付款發票或簡訊付款請求轉變為自動收款活動，此新功能使我們的客戶能夠以更少的努力收取更多的未償餘額。

As we announced last quarter, the new weave platform powers weave enterprise, our solution designed specifically for multi location practices.

正如我們在上個季度宣布的那樣，新的 Weave 平台為 Weave 企業提供支持，這是我們專為多地點實踐設計的解決方案。

Approximately one-third of our active locations are part of multi location group and weave enterprise offers advanced capabilities like a unified inbox for appointments and forms, centralized management tools, region specific reporting and robust payment and collection features.

我們的約三分之一活躍地點屬於多地點集團，而 Weave Enterprise 提供高級功能，例如用於預約和表格的統一收件匣、集中管理工具、特定區域報告以及強大的支付和收款功能。

We're very excited to share an early success story for the new weave platform and our enterprise product.

我們非常高興能夠分享新編織平台和我們的企業產品的早期成功故事。

Earlier today, we announced that affordable care America's largest dental support organization for tooth replacement services has selected Weave as the platform of record for patient engagement and payments across its supported dental practices.

今天早些時候，我們宣布，美國最大的牙齒替換服務平價牙科支持組織已選擇 Weave 作為其支持的牙科診所患者參與和付款的記錄平台。

Affordable care chose weave for our ability to integrate seamlessly with their databases, streamline and automate patient engagement and provide new digital digital payment options that fit naturally into patient communication workflows.

Affordable Care 選擇 Weave 是因為我們能夠與他們的資料庫無縫整合、簡化和自動化患者參與，並提供可自然融入患者溝通工作流程的新型數位支付選項。

Since implementing weave affordable care pilot locations have achieved measurable improvements in operational efficiency through online scheduling and digital forms by also seeing boosts in patient acquisition and treatment acceptance rates. These practices report increased cash flow and revenue capture per location driven by flexible payment options that that optimize revenue cycle management and enhance overall patient experience.

自實施 Weave 平價醫療試點以來，各試點地區透過線上預約和數位表格，在營運效率方面取得了顯著的提高，同時患者獲取率和治療接受率也得到了提升。這些做法報告稱，靈活的支付方式推動了每個地點的現金流和收入增加，從而優化了收入週期管理並增強了整體患者體驗。

To further drive growth in the multilocation space we have recently added a seasoned leader with 20 years of industry experience to head our multilocation sales team. His experience, strategic vision and strong market relationships will play a crucial role in Weave's presence particularly among dental service organizations or DSOS.

為了進一步推動多地點領域的成長，我們最近增加了一位擁有 20 年行業經驗的資深領導者來領導我們的多地點銷售團隊。他的經驗、策略眼光和強大的市場關係將對 Weave 在牙科服務組織或 DSOS 中的存在發揮關鍵作用。

On the partnership front, we continue to make progress our authorized and supported integrations with leading practice management systems, empowers practices to automate and personalize their communications and play a critical role in driving growth across our target markets.

在合作方面，我們繼續在與領先實踐管理系統的授權和支援整合方面取得進展，使實踐能夠自動化和個性化他們的溝通，並在推動目標市場的成長方面發揮關鍵作用。

This year, we have expanded our addressable market through new integrations with clinical works, Athena Health, Nextgen vet and other practice management systems.

今年，我們透過與臨床工作、Athena Health、Nextgen vet 和其他實踐管理系統的新整合擴大了我們的目標市場。

We've also deepened existing integrations with Dentrix ascend Eagles soft infuse to include reading and writing, patient information, appointment details, confirmations and ledger entries to streamline payments collections, helping practices further enhance efficiency and accelerate growth.

我們也深化了與 Dentrix climb Eagles soft infuse 的現有集成，包括讀寫、患者資訊、預約詳情、確認和分類帳分錄，以簡化付款收集流程，幫助實踐進一步提高效率並加速增長。

Even more compelling, we have advanced our strategic approach by forming deeper commercial partnerships.

更引人注目的是，我們透過建立更深層的商業夥伴關係來推進了我們的策略方針。

In June, we announced a strategic agreement with Patterson Dental offering one of the most comprehensive integrations in the market and enabling co marketing and co selling initiatives.

6 月份，我們宣布與 Patterson Dental 達成策略協議，提供市場上最全面的整合之一，並支持共同行銷和共同銷售計劃。

Since then, close collaboration between Weave and Patterson leadership has enhanced value for our shared customers resulting in improved conversion rates at every stage of the sales cycle and bookings growth.

自那時起，Weave 和 Patterson 領導層之間的密切合作為我們共同的客戶提升了價值，從而提高了銷售週期每個階段的轉換率和預訂量成長。

Finally, we've continues to earn recognition for our dedication to delivering exceptional customer experiences and the outstanding performance of our platform and team, in G2's 2024 report, we ranked first in 21 categories and was once again named the leader in the Grid for patient relationship management and was listed among the TOP50 software products for small businesses.

最後，我們繼續因致力於提供卓越的客戶體驗以及我們平台和團隊的出色表現而獲得認可，在G2的2024年報告中，我們在21個類別中排名第一，並再次被評為患者關係管理網格的領導者，並被列入小型企業TOP50軟體產品之中。

Additionally, we was named an Inc Power Partner, recognizing our impact and helping businesses start run and grow.

此外，我們被評為 Inc Power Partner，這認可了我們的影響力並幫助企業開始營運和發展。

We are committed to fostering an exceptional workplace and Weave is now a great place to work certified in the US for 6 consecutive year and for the first time in India. In closing, I'm incredibly proud of the, of the Weave team's achievement in Q3, as we continue our momentum from the first half of the year. We drove strong top line growth, made solid progress and profitability and brought to market some truly innovative new products.

我們致力於營造卓越的工作環境，Weave 現已連續六年在美國獲得「最佳工作場所」認證，並且首次在印度獲得該認證。最後，我對 Weave 團隊在第三季的成就感到無比自豪，我們延續了上半年的良好勢頭。我們實現了強勁的營收成長，取得了穩定的進步和獲利，並向市場推出了一些真正具有創新性的新產品。

This success reflects our commitment to putting our customers first and constantly delivering solutions that meet their needs.

這項成功體現了我們堅持客戶至上、不斷提供滿足客戶需求的解決方案的承諾。

I want to sincerely thank our customers, partners, team members and shareholders for their ongoing support of week. With that, I'll hand the call over to Alan to dive deeper into the financial results and share our outlet.

我要真誠感謝我們的客戶、合作夥伴、團隊成員和股東對我們一週的持續支持。說完這些，我將把電話交給艾倫，讓他更深入地探討財務結果並分享我們的出路。

Thanks Brett and good afternoon everyone. I'm excited to share some additional insights on our financial performance this quarter. In Q3, we continued to execute well and we're pleased with our results. As Brett mentioned, we are excited about hitting USD1.4 million in positive Non-GAAP operating income.

謝謝布雷特，大家下午好。我很高興與大家分享一些有關我們本季財務表現的額外見解。在第三季度，我們繼續表現良好，我們對結果感到滿意。正如布雷特所提到的，我們很高興實現 140 萬美元的非公認會計準則營業收入。

This operating income result represents a USD2.1 million beat over the midpoint of the guidance range we provided last quarter. We delivered this significant milestone of Non-GAAP operating income for the first time in the company's history while achieving third quarter revenue of USD52.4 million and maintaining a revenue growth rate of over 20% revenue growth.

這項營業收入結果比我們上個季度提供的指導範圍中點高出 210 萬美元。我們在公司歷史上首次實現了非公認會計準則營業收入這一重要里程碑，同時實現了第三季營收5,240萬美元，並維持了20%以上的營收成長率。

This quarter was largely fueled by new customer acquisitions with continued momentum from our specialty medical vertical, which is growing at more than twice the rate of our overall of our overall revenue growth. With notable success among meds pas and general practitioners.

本季的主要動力是新客戶的獲得，以及我們專業醫療垂直業務的持續發展勢頭，其成長速度是我們整體營收成長速度的兩倍多。在醫學專業人士和全科醫生中取得了顯著的成功。

Our net revenue retention rate improved to 98% in Q3. Up from 97% last quarter.

我們的淨收入保留率在第三季提高到 98%。高於上一季的 97%。

Our up sell products have continued to perform well. We've continued to increase the number of payments customers and we've also benefited from price adjustments which are periodically made across customer cohorts and products. As we continuously deliver additional value and functionality like the new platform, our gross revenue retention rate remains strong at 92%. Placing us among the top performers for SMB retention. We've gross revenue retention rate is consistently ranged between 91% and 94% each quarter over the past four years, transitioning to a deeper look at our operating results, as a reminder, I'll be referring to Non-GAAP results unless stated otherwise. In Q3, we achieved solid improvements across the board. Our gross margin reached 72.5% greater than a 300 basis point increase year over year. Cost of revenue rose by only 8% year over year, while revenue grew by over 20%. Our total operating expenses as a percent of revenue improved to 70% this quarter down from 74% in Q3 of 2023 reflecting our continued focus on optimization, sales and marketing expenses came in at USD19.4 million or 37% of revenue. A slight decrease from 38% in the same period last year. Research and development expenses for the quarter totaled USD8 million representing 15% of revenue down from 16% of revenue a year ago. Additionally, general and administrative expenses were USD9.2 million or 17% of revenue compared to USD8.3 million or 19% of revenue in the prior year period. These improvements highlight our focus on efficiency and productivity as we scale our operations. As previously mentioned, operating income for Q3 was USD1.4 million. An improvement of USD3.2 million compared to last year and USD1.6 million higher than the top end of the guidance that we gave in July. The corresponding operating income margin of 2.7% is a significant improvement from the operating loss margin of 4.2%. Last year.

我們的追加銷售產品持續表現良好。我們不斷增加付款客戶的數量，同時也受益於針對客戶群和產品定期進行的價格調整。隨著我們不斷提供新平台等附加價值和功能，我們的總收入保留率仍然保持在 92% 的強勁水平。讓我們成為中小企業留任方面表現最優異的企業之一。在過去四年中，我們每季的總收入保留率一直保持在 91％ 至 94％ 之間，深入了解我們的經營業績，提醒一下，除非另有說明，我將參考非 GAAP 結果。第三季度，我們全面取得了穩定的進步。我們的毛利率達到了72.5%，比去年同期增加了300個基點。收入成本較去年同期僅上漲8%，但收入卻成長了20%以上。本季度，我們的總營運費用佔收入的百分比從 2023 年第三季度的 74% 下降至 70%，這反映了我們繼續專注於優化，銷售和行銷費用為 1,940 萬美元，佔收入的 37%。較去年同期的38%略有下降。本季研發費用總計 800 萬美元，佔營收的 15%，低於去年同期的 16%。此外，一般及行政開支為 920 萬美元，佔營收的 17%，去年同期為 830 萬美元，佔營收的 19%。這些改進凸顯了我們在擴大營運規模時對效率和生產力的關注。如前所述，第三季的營業收入為 140 萬美元。與去年相比增加了 320 萬美元，比我們 7 月給出的最高預期高出 160 萬美元。相應的營業利益率為2.7%，較之營業虧損率4.2%有顯著改善。去年。

Our net income was USD2.1 million or USD0.03 per share in the third quarter based on 72 million weighted average shares outstanding. This is compared to a net loss of USD1 million or USD0.01 per share last year. This represents a USD3.1 million improvement due to revenue growth and operating efficiencies.

根據 7,200 萬股加權平均流通股計算，我們第三季的淨收入為 210 萬美元，即每股 0.03 美元。相比之下，去年的淨虧損為 100 萬美元，即每股 0.01 美元。由於收入成長和營運效率的提高，這一數字成長了 310 萬美元。

Operating adjusted EBITDA was positive USD2.2 million, a USD3.2 million improvement year over year. Adjusted EBITDA margin of positive 4% was a significant improvement compared to the negative 2% margin reported a year ago. Shifting the focus to the balance sheet and cash flow, we ended the third quarter with USD98.2 million in cash and short term investments. Cash flow generated from operations was USD4.5 million in the third quarter and USD7.5 million year-to-date. Free cash flow was USD3.5 million in the third quarter. Representing year over year growth of 70% and USD4.2 million Year-to-date.

經營調整後 EBITDA 為正 220 萬美元，較去年同期增加 320 萬美元。調整後的 EBITDA 利潤率為正 4%，與一年前報告的負 2% 的利潤率相比有顯著改善。將焦點轉移到資產負債表和現金流上，我們在第三季結束時擁有 9,820 萬美元的現金和短期投資。第三季經營活動產生的現金流為 450 萬美元，年初至今為 750 萬美元。第三季自由現金流為350萬美元。年增 70%，年初至今已達 420 萬美元。

Turning to our outlook, we are raising our guidance for the full year 2024 and we expect total revenue to be in the range of USD202.7 million to USD203.7 million. We also expect to produce positive Non-GAAP operating income for the full year 2024 for the fourth quarter of 2024. We expect total revenue in the range of USD52.6 million to USD53.6 million and Non-GAAP operating income in the range of USD0.9 million to USD1.9 million. We expect to have a weighted average share count of approximately 71.6 million shares for the full year. In summary, we've continued to execute well in Q3 and we're excited about the success we're having across all the verticals that we serve. We're optimistic about our future opportunities and are committed to strengthening our long term value through sustained business growth. And with that, I'll turn the call back over to the operator for Q&A.

談到我們的展望，我們上調了 2024 年全年業績預期，預計總收入將在 2.027 億美元至 2.037 億美元之間。我們也預計 2024 年第四季將實現 2024 年全年非 GAAP 營業收入為正。我們預計總收入在 5,260 萬美元至 5,360 萬美元之間，非 GAAP 營業收入在 90 萬美元至 190 萬美元之間。我們預計全年加權平均股數約為 7,160 萬股。總而言之，我們在第三季度繼續表現良好，我們對我們服務的所有垂直領域所取得的成功感到非常興奮。我們對未來機會充滿樂觀，並致力於透過持續的業務成長來增強我們的長期價值。說完這些，我將把電話轉回給接線生進行問答。

Thank you. The floor is now open for questions.

謝謝。現在請大家提問。

(Operator instructions)

（操作員指令）

And our first question comes from Brent Bracelin from Piper Sandler. Go ahead, Brent.

我們的第一個問題來自 Piper Sandler 的 Brent Bracelin。繼續吧，布倫特。

Thank you. Good afternoon. Great to see the profitability cross over this quarter. I had two questions if I could here. One, when could the new Patterson relationship here start to have a bigger impact on the pipeline top of funnel.

謝謝。午安.很高興看到本季的獲利能力有所提高。我有兩個問題想問一下。第一，帕特森的新關係何時才能對頻道頂部產生更大的影響。

And then two, I was hoping you could talk a little bit about specialty medical, what's driving momentum there. And maybe more specifically, could you frame how the new weave enterprise platform could expand your reach into hospitals? It looks like hospitals are now one of the areas you could go after with that new platform. So, thanks.

其次，我希望您能談談專科醫療以及其發展的動力。更具體地說，您能否描述一下新的 Weave 企業平台如何擴大您在醫院領域的影響力？看起來醫院現在是你可以利用這個新平台涉足的領域之一。所以，謝謝。

All right, thanks Brent. Let me write this down. Okay, let's start with Patterson when we expect that to start affecting kind of funnel.

好的，謝謝布倫特。讓我把它寫下來。好的，讓我們從帕特森開始，我們預計他會開始影響漏斗。

It's, it's happening now. So we saw, you know, we originally announced we built the integration we announced the partnership, we went to their sales conference trained about 700 of their reps and then we've gone to visit them and, and train their sales teams and we, I think we've done three or four of those and we're actually seeing it show up in the results.

它，它現在就發生。所以我們看到，你知道，我們最初宣佈建立了整合，​​宣布了合作夥伴關係，我們參加了他們的銷售會議，培訓了大約 700 名銷售代表，然後我們去拜訪他們，培訓他們的銷售團隊，我想我們已經做了三到四次，我們實際上看到了它在結果中的體現。

Now, we're getting higher conversion rates all through the funnel. We're getting growing bookings. So the Weave sales on the Patterson platform have definitely increased and we expect that, that expect that momentum to continue.

現在，我們整個通路的轉換率都得到了更高的提升。我們的預訂量正在不斷增加。因此，Patterson 平台上的 Weave 銷量肯定有所增長，我們預計這種勢頭將會持續下去。

Perfect. And then could you talk a bit about the specialty medical? And you know, maybe a little bit more about Weave enterprise. I do see you're targeting hospitals now on the website, love to understand that opportunity. I know historically, you haven't addressed, you know, larger hospitals and I'd love to know what enterprise opens up for you, particularly given that proof point with affordable care in their 450 locations.

完美的。那麼您能談談專科醫療嗎？你知道，也許我對 Weave 企業有更多的了解。我確實看到您現在在網站上瞄準的是醫院，很高興了解這個機會。我知道，從歷史上看，您還沒有解決過大型醫院的問題，我很想知道什麼樣的企業適合您，特別是考慮到他們在 450 個地點提供負擔得起的醫療服務這一證據點。

Sure. So specialty medical is, is really quite fragmented.

當然。因此，專科醫療確實相當分散。

So the success we're seeing there is really around building the integrations as we build the integration, there's really a pent up demand, I think to move off of a lot of their point solutions onto an integrated platform.

因此，我們所看到的成功實際上圍繞著構建集成，在我們構建集成時，確實存在被壓抑的需求，我認為要將他們的許多點解決方案轉移到集成平台上。

So that's really why we're seeing a lot of success there as we roll out the integration, as we get the payment integrations written and the sales teams trained.

因此，這就是為什麼我們在推出整合時看到很多成功的原因，因為我們編寫了支付整合程式並對銷售團隊進行了培訓。

We're seeing a lot of success.

我們看到了很多成功。

So I expect that to continue to grow, actually, specialty medical in aggregate is a larger market than dental Opto and vet. So we're very excited about what we're seeing there. And as far as hospitals, you know, we're really focused on small and medium sized practices.

因此我預計該市場將會繼續成長，實際上，專科醫療總體而言是一個比牙科光學和獸醫市場更大的市場。所以我們對所看到的一切感到非常興奮。就醫院而言，您知道，我們真正關注的是中小型醫院。

So the multi location, we we view the multi location opportunity is just an aggregation of small and medium sized locations. So as you mentioned, affordable care is 450 locations.

因此，我們認為多地點機會只是中小型地點的聚合。正如您所說，可負擔的護理服務有 450 個地點。

They, they they're, it's a very large enterprise and, and we're, we're seeing great opportunity with those.

他們，他們，他們是一個非常大的企業，而且我們看到了巨大的機會。

The new Weave enterprise platform really fits well for their needs and their use case and and, and the affordable care win really proves that out.

新的 Weave 企業平台確實非常適合他們的需求和用例，而且，平價醫療的成功確實證明了這一點。

Once you bring a multi location, a modern multi location product together with really deep integrations as we have in this case, with, with the affordable care solution and payments, it's just a winning combination.

一旦您將多地點、現代化的多地點產品與真正深度的整合結合在一起（就像我們在本例中所做的那樣），再加上經濟實惠的護理解決方案和付款方式，這就是一個成功的組合。

And in fact, you probably noticed in my comments or in the press release, affordable care selected us not only for the the engagement solution that the communication engagement solution, but also all of their payments which is a terrific win.

事實上，您可能在我的評論或新聞稿中註意到，平價醫療選擇我們不僅僅是為了提供參與解決方案，即溝通參與解決方案，而且還為他們提供所有的付款，這是一個了不起的勝利。

So we're not really at this point targeting large hospitals. We've got more than enough opportunity just in the single location and the multilocation businesses.

因此，我們目前的目標並不是大型醫院。我們在單一地點和多地點業務中擁有足夠的機會。

Very clear, helpful color. Thank you.

非常清晰、有用的顏色。謝謝。

Thank you.

謝謝。

And our next question comes from Alex Sklar from Raymond James. Go ahead, Alex.

我們的下一個問題來自 Raymond James 的 Alex Sklar。繼續吧，亞歷克斯。

Great. Thank you. Brett just starting off with the first question on the outlook for NRR picked up nicely the last couple of quarters. Can you just help frame where you see some of the biggest opportunities to get that figure even higher? I know you talked about payments. Being a big bucket. What are, what are maybe some of the other lowest hanging fruit if you look at that, that metric in particular? Thanks.

偉大的。謝謝。布雷特剛開始提出關於 NRR 前景的第一個問題，過去幾季 NRR 的前景很好。您能否幫助概括一下您認為使這一數字進一步提高的最大機會在哪裡？我知道您談到了付款問題。成為一個大桶子。如果您看一下這個指標，那麼可能還有哪些其他最容易實現的目標？謝謝。

Yeah, thanks Alex. So in our payments clearly is, is one of the big ones with the increased take rate that we're seeing through partnerships like Patterson as well as just across our sales team. We continue to expand payments. It's growing faster than our business as a whole, the revenue growth as a whole. And so that will be a key component. We're also introducing some very great Upsell products we that we've talked about with call intelligence and bulk messaging and insurance verification and forms. These are kind of coming into their own to be a substantial part of the quarterly revenue that's helping us to grow our, our NRR. And so those are the things that we are going to continue to emphasize, we're going to continue to improve those so that we the downgrade rates improve as well. And those are, those are really the focus areas for increasing the NRR.

是的，謝謝亞歷克斯。因此，在我們的付款中顯然是其中一項大事，我們透過像帕特森這樣的合作夥伴關係以及我們的銷售團隊看到了收取率的提高。我們繼續擴大支付範圍。它的成長速度快於我們整體業務和整體收入的成長速度。所以這將是一個關鍵組成部分。我們還將推出一些非常棒的 Upsell 產品，其中包括呼叫智慧、大量訊息、保險驗證和表格。這些已經成為季度收入的重要組成部分，幫助我們提高 NRR。所以，這些都是我們要繼續強調的事情，我們將繼續改進這些事情，以便我們的降級率也能得到改善。這些確實是增加 NRR 的重點領域。

Alex. I would add that as we build out more of these integrations. We have greater opportunity within our install base to move from customers who are maybe running weave standalone in a nonintegrated way onto an integrated platform. And then, and when that happens, they just have access to more functionality and it's just a lot stickier and obviously it's an episode.

亞歷克斯。我想補充一點，隨著我們建立更多這樣的整合。在我們的安裝基礎中，我們有更大的機會將那些可能以非整合方式獨立運行 Weave 的客戶轉移到整合平台上。然後，當這種情況發生時，他們可以使用更多功能，而且它會變得更加黏稠，顯然這是一個插曲。

Great. Oh, that's a great color. Maybe a follow up for you, Brett just on specialty medical broadly. So, cup 4 core subvertical today, I think you talked about going to 8 I, how is your sales coverage broadly for that opportunity? And then what do you need to see? It's already growing twice as fast as kind of the overall organization you said, what do you need to see to kind of take that formal go to market hiring from, from 4 to 8 of the subverticals to to something, you know, north of 10 or 20 over the next couple of years. Thanks.

偉大的。噢，顏色真棒。布雷特，也許可以跟進一下您的情況，只是廣泛地討論專業醫療。那麼，今天的 cup 4 core subvertical，我想您談到了要達到 8 I，您對這個機會的銷售覆蓋範圍如何？那你需要看什麼？它的成長速度已經是整個組織的兩倍了，您說，您需要看到什麼才能在未來幾年內將正式進入市場的招聘從 4 到 8 個子垂直領域擴大到 10 到 20 個子垂直領域？謝謝。

Yeah. So, you know, again, we keep coming back to integrations are really, really important. And so when in order for us to enter into a new vertical, we want to be able to integrate with the practice management software that that is predominant in that subvertical.

是的。所以，您知道，我們再次強調整合非常非常重要。因此，當我們想要進入一個新的垂直領域時，我們希望能夠與該子垂直領域中占主導地位的實踐管理軟體進行整合。

We want to make sure that we have really good product market fit. And as you can kindly tell the way we've been rolling out verticals over the last couple of years, we're, we're quite thoughtful about it.

我們希望確保我們的產品真正契合市場。正如您所看到的，過去幾年我們一直在大力推廣垂直業務，我們對此進行了深思熟慮。

So we're going to be adding new verticals but not just adding them for, for adding sake, but we're going to make sure we got good product market fit, adding integrations and then delivering more and more value, you know, outside of the verticals where we currently are, it is actually very, very fragmented.

因此，我們將增加新的垂直行業，但不是為了增加而增加，而是要確保我們的產品適合市場，增加集成，然後提供越來越多的價值，你知道，在我們目前所在的垂直行業之外，它實際上非常非常分散。

So the market is there, it's, it's, it's ripe for us to bring our solution into those, those verticals. And we just want to do it in a very thoughtful and successful way. So we have kind of a win win relationship with our customers. On day one.

所以市場就在那裡，我們已經可以將我們的解決方案帶入那些垂直市場了。我們只是想以一種非常周到且成功的方式來做到這一點。因此，我們與客戶之間是雙贏的關係。第一天。

I would just add Alex, we are seeing inbound interest from, from customers for whom we do not have an integration. These, these, these folks are, are pretty starved for a solution like Weave to communicate with their patients. And so it it represents a great opportunity for us to know where the the biggest interest is and make sure that we've got on our road map, the integrations that will even better serve them in the future.

我只想補充一下，亞歷克斯，我們看到了那些我們尚未整合的客戶的關注。這些人都非常渴望像 Weave 這樣的解決方案來與患者溝通。所以，這對我們來說是一個很好的機會，讓我們了解最大的興趣所在，並確保我們的路線圖能夠實現，並且整合將在未來更好地為他們服務。

Great and maybe just a quick follow up on, on both those about the inbound is, are you seeing any increase in inbound interest from those fragmented practice management systems that they're looking to build the integrate, they're being more proactive saying, hey, can we build the integration to you all and speed up the process? Is that, is that at all inflected from your.

很好，也許只是一個快速的跟進，關於這兩個關於入站的問題，您是否看到來自那些希望建立集成的分散實踐管理系統的入站興趣有所增加，他們更加積極主動地說，嘿，我們可以為你們所有人建立集成並加快這個過程嗎？是的，這與你的語調完全不同嗎？

Yeah, very much so.

是的，非常如此。

And yeah, and I'll add another little anecdote there when, when we go into an event, you know, an onsite event, trade show, whatever it may be. And we, you know, put up a banner in our, in our booth that says, you know, we now integrate with XYZ. We get a lot of attention so there's definitely demand. And the other great thing is that, you know, a year and a half ago, you know, a lot of practice management software kind of viewed us as a competitor and they were not super interested in working with us. And really, it took a, took a mindset shift, mindset shift on our side to show that we're in a, we're interested in a win win relationship with the PMS vendors and, and it's almost down to 180 where now we have practice management software vendors coming to us and asking us to integrate. And it's really just you know, building the queue to write the integrations and then develop the go to market plan. So we're quite optimistic on moving into new verticals and deepening the quantity and the depth of the integrations that we have.

是的，當我們參加一個活動時，例如現場活動、貿易展或其他什麼活動，我還要再增加一個小軼事。而且，我們在展位上掛起了橫幅，上面寫著，我們現在與 XYZ 整合了。我們受到了很多關注，因此肯定有需求。另一件好事是，你知道，一年半前，很多實踐管理軟體把我們視為競爭對手，他們對與我們合作並不感興趣。事實上，我們需要進行思維轉變，表明我們有興趣與 PMS 供應商建立雙贏的關係，而且現在我們的轉變幾乎達到了 180 度，有實踐管理軟體供應商來找我們，要求我們進行整合。事實上，您只是知道，建立隊列來編寫集成，然後製定上市計劃。因此，我們對進入新的垂直領域以及深化整合的數量和深度非常樂觀。

All right. Thank you both.

好的。謝謝你們兩位。

Thank you again, ladies and gentlemen, to ask a question. It's star one. And our next question comes from Parker Lane from Stifel, go ahead Parker.

女士們、先生們，再次感謝大家提問。這是明星一號。下一個問題來自 Stifel 的 Parker Lane，請說。

Hey guys, thanks for taking the question here. Allen, you alluded to some price adjustments that you periodically do. I'd love to get some more color on where those took place and longer term you, you bring a lot of functionality to the table here. How should we think about your ability to, I guess, extract more price for some of these more premium type features that you're bringing to the table?

嘿夥計們，感謝你們在這裡回答這個問題。艾倫，您提到了您定期進行的一些價格調整。我很想更詳細地了解這些事情發生的地方，從長遠來看，您為這裡帶來了許多功能。我想，我們該如何看待你們針對你們所提供的一些更高級的功能獲取更高價格的能力呢？

Yeah, thanks Park Parker. Price adjustments are something that we do. We do every quarter. We, we manage those usually based on a cohort basis of when the customers renew, but, but they also are based on, on product changes. We're always experienced managing with bundles. So we have found that so long as we are delivering value, just like the new platform that the that our customers are are tolerant of these price increases, particularly, you know, we're just kind of exiting a fairly high inflationary period. But so yeah, we, we will continue to do that and, and manage those, those prices making sure that we are delivering the value that warrants that and in terms of extracting you know, it's, it's all about wallet share. Payments helps us with that. Getting into the workflows of these customers is key that, that includes the integrations, the better that we're able to integrate with payments and to record those payments to eliminate reconciliation efforts at the office, to just improve the lives of the office staff. That's where we win and, and they, they, they know that we represent a one of the best solutions out there. And so they're willing to pay for that so long as we continue to deliver. And that's what we intend to do.

是的，謝謝 Park Parker。價格調整是我們所做的工作。我們每季都這麼做。我們通常根據客戶續約的時間群體來管理這些，但是，它們也基於產品變化。我們在捆綁管理方面一直有著豐富的經驗。因此，我們發現，只要我們能夠提供價值，就像新平台一樣，我們的客戶就可以容忍這些價格上漲，特別是，你知道，我們正走出一個相當高的通膨時期。但是，是的，我們將繼續這樣做，並管理這些價格，確保我們提供的價值能夠證明這一點，至於提取，你知道，這一切都是關於錢包份額的。付款可以幫助我們實現這一點。了解這些客戶的工作流程是關鍵，其中包括集成，我們能夠更好地與付款進行集成並記錄這些付款，以消除辦公室的對帳工作，從而改善辦公室工作人員的生活。這就是我們勝利的地方，而且他們知道我們代表著最好的解決方案之一。只要我們繼續提供服務，他們就願意付錢。這也正是我們想做的事。

Hey Parker, one thing I would add, one thing I would add is the new Weave platform is a, a vastly superior product to the legacy app in kind of every possible way. And right now it's available to all of our customers existing and all new customers at no additional charge, even though it's a significantly more valuable product. So I think we've got opportunity there in the future. But but right now it's, it's it's just an upgrade at no additional charge.

嘿，帕克，我想補充一點，新的 Weave 平台在各個方面都比傳統應用程式優越得多。目前，它可供我們所有現有客戶和所有新客戶免費使用，儘管它是一種更有價值的產品。所以我認為我們將來還有機會。但是現在，它只是一次升級，無需支付額外費用。

And Brent just to follow up on that. Is there any time line by which customers will sort of adopt that new platform? Is there going to be a big change over moment for everyone? Is there a case by case basis from a change management standpoint, how you're handling that?

布倫特也對此進行了跟進。客戶採用新平台的具體時間表是什麼？每個人都會經歷重大的轉變嗎？從變更管理的角度來看，您是否根據具體情況來處理這個問題？

Yeah, so it's, it's our desire to move customers over sooner rather than later, just so they can get a lot of the benefits. I mean, one of the great benefits is they get updates to the software as they're developed and pushed out as opposed to, you know, trying to go in and update their app. So they kind of have to constantly have the best, best solution that's available to them. So it's it's to their benefit to move over quickly. But we understand that there will always be folks who are just comfortable with what they're using and, and, you know, we don't have any plans at this time to kind of force people over. We just hope that they they get the word through our marketing initiatives and, and our popups that, hey, give us a try and I think you'll like it and you know, sooner, sooner is better for everyone.

是的，我們希望能儘早讓客戶轉移，這樣他們就能獲得許多好處。我的意思是，最大的好處之一是，他們可以在軟體開發和推出時獲得更新，而不是嘗試進入並更新他們的應用程式。所以他們必須不斷尋找最適合自己的解決方案。因此，迅速轉移對他們有利。但我們明白，總是會有人只對自己使用的東西感到滿意，而且，你知道，我們目前還沒有任何計畫來強迫人們改變主意。我們只是希望他們能夠透過我們的行銷活動和彈出視窗來了解這一點，嘿，嘗試一下，我想你會喜歡的，而且越快越好，對每個人來說都更好。

Understood. Thanks again.

明白了。再次感謝。

Again, ladies and gentlemen, it's star one to ask a question. And our next question comes from Mike Funk from Bank of America. Go ahead, Mike.

女士們、先生們，再一次，我是第一個提出問題的人。下一個問題來自美國銀行的 Mike Funk。繼續吧，麥克。

Great, thanks. Hi, this is Matt on for Mike. Great to see the the profitability this quarter and continue gross margin expansion. Maybe if you could just help us frame some of the some of the drivers for potential future margin improvement as a whole and then maybe help us think about where terminal gross margins could end up in a couple of years out. Thanks.

太好了，謝謝。大家好，我是 Matt，代表 Mike。很高興看到本季的獲利能力和毛利率繼續擴大。也許您可以幫助我們概括未來利潤率整體改善的一些驅動因素，然後幫助我們思考終端毛利率幾年後可能會達到什麼水準。謝謝。

Thanks, Matt. Yeah, the gross margin has been a great story. As we mentioned, it's 11 quarters of continued expansion. The the drivers there continue to be around the payments product on the revenue side as we continue to extend that payment products into our existing customer base as well as new customers.

謝謝，馬特。是的，毛利率一直都很好。正如我們所提到的，它已經連續 11 個季度擴張。隨著我們繼續將支付產品擴展到現有客戶群和新客戶，收入方面的驅動因素仍然圍繞著支付產品。

That's a positive factor for for gross margin expansion.

這對於毛利率擴大來說是一個正面因素。

We also the the phone component of our go to market comes off amortization after three years. And so it sets us up with just kind of a structural improvement as those phones come off amortization and customers stay with us as as we go along.

我們上市的手機組件也將在三年後攤提。因此，這為我們帶來了結構性的改善，因為這些手機不再攤銷，而客戶將繼續與我們合作。

So that that's an improvement.

所以這是一個進步。

And then just everything, every other category, we've got a support organization that is focused on delivering world class service while managing costs, they're putting into place new tools and processes, including some significant ones in the last quarter that are just allowing us to do a better job of servicing the customers without having to grow that staff.

然後，在所有事情、所有其他類別中，我們都有一個支援組織，專注於在管理成本的同時提供世界一流的服務，他們正在實施新的工具和流程，包括上個季度的一些重要工具和流程，這些工具和流程使我們能夠更好地為客戶提供服務，而不必增加員工。

And when an engineering organization that is focused on our delivery through all of our, you know, all of our data centers, the bandwidth providers that, that provide to us, they're doing a great job of managing those costs and our scale helps us with some efficiencies there as well.

當一個工程組織專注於透過我們所有的資料中心、為我們提供頻寬的供應商交付時，他們在管理這些成本方面做得很好，我們的規模也幫助我們提高了效率。

Long term with respect to the gross margin, we see ourselves in, you know, 75 to 80% gross margin company.

從長期毛利率來看，我們預期該公司的毛利率為 75% 至 80%。

And and that, that's where we, we know we can get to as we continue to go on and just to improve payment success and keep a, you know, a vigilant eye on all of the costs.

我們知道，只要我們繼續努力，我們就能達到這個目標，提高支付成功率，並密切注意所有成本。

Super helpful. Thank you.

超有幫助。謝謝。

And at this time, there are no more questions. I would now like to turn it back to management for any closing remarks.

此刻，已經沒有其他問題了。現在我想將話題轉回給管理階層，請他們做最後發言。

Yeah, I I'd like to just kind of circle back on a question we got at the beginning of the call and it was a question around, you know, kind of how our our relationship with Patterson was, was turning out. And one observation I'd like to share, which is very exciting for us is that the, the adoption of Weave payments at the time of sale of the Weave platform on Patterson is, is very, very high, It's, it's higher than our core business. So that would be adoption of payments at sale of the software. And so that's a very encouraging sign as well. So with that, with that said, I'd like to thank the entire we've team. I'd like to thank everyone, all of our shareholders for your support. Thank you for joining the call. We here are really excited to continue to build on the progress that we've made to deliver improved outcomes for both our customers and our shareholders of our coming quarters. So, thank you.

是的，我想回顧一下我們在通話開始時收到的一個問題，這個問題是關於我們與帕特森的關係如何。我想分享的一個觀察結果讓我們非常興奮，那就是在 Patterson 銷售 Weave 平台時，Weave 支付的採用率非常非常高，高於我們的核心業務。所以這將採用軟體銷售時的付款方式。這也是一個非常令人鼓舞的跡象。因此，我要感謝我們整個團隊。我要感謝大家，感謝我們所有股東的支持。感謝您加入通話。我們非常高興能夠繼續在已經取得的進展的基礎上再接再厲，在未來幾季為我們的客戶和股東帶來更好的業績。所以，謝謝你。

Thank you. This does conclude today's conference. We thank you for your participation. You may disconnect your lines at this time and have a wonderful day.

謝謝。今天的會議到此結束。我們感謝您的參與。此時您可以斷開您的線路並享受美好的一天。