Weave Communications Inc (WEAV) 2025 Q3 法說會逐字稿

Greetings and welcome to Weave's third quarter 2025 financial results and conference call. At this time, all participants are on a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. If you would like to ask a question, please raise your hand. If you have dialled in today's call, please press 9 to raise your hand and 6 to unmute. I would now like to turn the conference over to your host, Mr. Mark McReynolds, head of investor relations. Thank you. You may begin.

各位好，歡迎參加 Weave 2025 年第三季財務業績發表會及電話會議。目前，所有參與者均處於唯讀模式。正式演講結束後將進行問答環節。再次提醒，本次會議正在錄影。如果您有任何疑問，請舉手。如果您撥入了今天的電話會議，請按 9 舉手，按 6 取消靜音。現在我謹將會議交給主持人，投資人關係主管馬克‧麥克雷諾茲先生。謝謝。你可以開始了。

Thank you. Good afternoon and welcome to Weave's 3rd quarter 2025 earnings call. With me on today's call are Brett White, CEO, and Jason Christensen, CFO.

謝謝。下午好，歡迎參加 Weave 2025 年第三季財報電話會議。今天和我一起參加電話會議的有執行長 Brett White 和財務長 Jason Christensen。

During the course of this conference call, we will make forward-looking statements regarding the anticipated performance of our business. These forward-looking statements are based on management's current views and expectations, entail certain assumptions made as of today's date and are subject to various risks and uncertainties described in our SEC filings. We've disclaimed 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.

在本次電話會議期間，我們將就我們業務的預期表現發表前瞻性聲明。這些前瞻性陳述是基於管理階層目前的觀點和預期，包含截至今日所作的某些假設，並受到我們在提交給美國證券交易委員會的文件中所描述的各種風險和不確定性的影響。我們不承擔更新或修改任何前瞻性聲明的義務。此外，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我們財務表現的非GAAP指標。

Unless otherwise noted, all numbers we talk about today will be on a non-GAAP basis, which excludes one-time acquisition related compensation. 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 8K furnished with the SEC before this call, as well as the earnings presentation on our investor relations website.

除非另有說明，我們今天討論的所有數字都將以非GAAP為基礎，即不包括一次性收購相關補償。有關與可比較 GAAP 指標的調整表，請參閱我們今天的收益報告，該報告可在我們的網站上查閱，也可作為本次電話會議之前提交給美國證券交易委員會的 8K 表格的附件查閱，此外，您還可以在我們的投資者關係網站上找到收益演示文稿。

Before I turn the call over to Brett, we want to let you know that we'll be participating in the [steele] 2025 Mid Midwest one on one conference on November 6th at the Waldorf Astoria in Chicago and also at the Raymond James TMT and Consumer conference on December 8th at the Lotang New York Palace Hotel in New York City and with that, I'll now turn the call over to Brett.

在將電話交給 Brett 之前，我們想告訴大家，我們將參加 11 月 6 日在芝加哥華爾道夫酒店舉行的 [steele] 2025 年中西部一對一會議，以及 12 月 8 日在紐約市洛唐紐約皇宮酒店舉行的 Raymond James TMT 和消費者會議。接下來，我將把電話交給 Brett。

Thank you, Mark, and thank you to everyone joining us today. We are very pleased to report that the Weave team delivered another strong quarter marked by accelerating revenue growth, non-GAAP profitability, and free cash flow, as well as significant advancements across our product roadmap.

謝謝你，馬克，也謝謝今天所有到場的各位。我們非常高興地報告，Weave 團隊又迎來了一個強勁的季度，其特點是收入增長加速、非 GAAP 盈利能力和自由現金流均有所增長，並且我們的產品路線圖也取得了重大進展。

Weave is a vertical SAS platform that delivers AI-powered patient engagement and payment solutions purpose built for the unique needs of small and medium sized healthcare practices. Our platform powers communication, scheduling, and payment workflows that free teams from repetitive manual work, giving them time to focus on meaningful patient relationships and higher value activities.

Weave 是一個垂直 SAS 平台，提供由人工智慧驅動的患者互動和支付解決方案，專為滿足中小醫療機構的獨特需求而打造。我們的平台支援溝通、日程安排和支付工作流程，使團隊擺脫重複的手動工作，從而有時間專注於與患者建立有意義的關係和進行更有價值的活動。

We combine operational insights into one seamless experience to help practices grow and improve the efficiency of their teams. The result is a fuller schedule, stronger revenue capture, happier patients, and teams empowered to focus on people rather than paperwork. We've solutions work around the clock to convert missed calls into booked appointments, helping to ensure practices never miss an opportunity. Our AI is trained on over a decade of real-world patient interactions, including billions of phone calls, voice messages, and text messages.

我們將營運洞察整合到一個無縫體驗中，以幫助企業發展並提高團隊效率。結果是：日程安排更滿，收入更高，患者更滿意，團隊更有精力專注於人而不是文書工作。我們有全天候運作的解決方案，可以將未接來電轉化為預約，幫助確保診所不會錯過任何機會。我們的人工智慧是基於十多年來的真實世界患者互動數據進行訓練，其中包括數十億次電話、語音留言和簡訊。

This gives us a deep understanding of how practices and patients actually communicate. We've integrates directly into a practice's system of record through authorized APIs, which allows us to deliver automated workflows that feel like an extension of the practice.

這讓我們深入了解了醫療機構和病患之間實際的溝通方式。我們透過授權的 API 直接整合到診所的記錄系統中，這使我們能夠提供自動化工作流程，感覺就像是診所的延伸。

This quarter we generated $61.3 million in revenue, accelerating our year over year growth rate to 17.1%. This also marks our 15th consecutive quarter of exceeding the top end of our revenue guidance. Gross margin reached a record high of 73% this quarter, more than 15% points higher than our gross margin at our IPO four years ago. We again exceeded the high end of our operating income guidance. This strong performance translated into another solid cash flow quarter with $5 million of free cash flow.

本季我們創造了 6,130 萬美元的收入，年成長率加快至 17.1%。這也標誌著我們連續第15季超過了營收預期上限。本季毛利率達到創紀錄的 73%，比四年前 IPO 時的毛利率高出 15 個百分點以上。我們再次超額完成了營業收入預期。這一強勁的業績轉化為另一個穩健的現金流季度，自由現金流達到 500 萬美元。

This continued improvement reflects our discipline execution and underscores the efficiency and scalability of our business. The SMB healthcare market is evolving rapidly, with technology playing a greater role in how practices attract, engage, and retain patients. We believe the future of software and SMB healthcare will deliver intelligent automation that works hand in hand with office staff to improve patient experiences.

這項持續改進體現了我們嚴謹的執行力，並突顯了我們業務的效率和可擴展性。中小企業醫療保健市場正在快速發展，科技在醫療機構如何吸引、維繫和留住患者方面發揮越來越重要的作用。我們相信，軟體和中小企業醫療保健的未來將帶來智慧自動化，與診所工作人員攜手合作，改善病患體驗。

As we execute on this vision, we are laying the foundation for our next chapter of growth. Patient care will remain deeply personal while routine operations quietly run in the background. We believe that the most successful practices will adopt technology purpose built for modern patient interactions with automated workflows, actionable insights, and intelligent agents that anticipate and act.

隨著我們逐步實現這個願景，我們正在為下一個發展篇章奠定基礎。患者護理將始終保持高度個人化，而日常運作將在後台悄悄進行。我們相信，最成功的實踐將採用專為現代患者互動而設計的技術，這些技術具有自動化工作流程、可操作的見解以及能夠預測和採取行動的智慧代理。

Dental service organizations or DSOs and other group practices understand and share our vision for a connected automated front office industry momentum is clearly moving in this direction as healthcare practices look to adopt unified, intelligent solutions built with compliance, reliability, and patient experience at the forefront.

牙科服務機構 (DSO) 和其他團體診所理解並認同我們對互聯自動化前台的願景，隨著醫療機構尋求採用以合規性、可靠性和患者體驗為核心的統一智能解決方案，行業發展勢頭顯然正朝著這個方向邁進。

We was uniquely positioned to lead in this next phase of transformation. Our scale, brand, and deep expertise in SMB healthcare gives us an advantage. Our platform is differentiated by authorized integrations with leading practice management systems. In an environment where lawsuits are putting unauthorized integrations at risk, we've secure architecture and HIPAA compliant infrastructure gives practices confidence and peace of mind.

我們擁有得天獨厚的優勢，能夠引領下一階段的改變。我們在中小企業醫療保健領域的規模、品牌和深厚的專業知識使我們具有優勢。我們的平台與眾不同之處在於它與領先的實踐管理系統實現了授權整合。在訴訟使未經授權的整合面臨風險的環境下，我們安全的架構和符合 HIPAA 標準的基礎設施為診所帶來了信心和安心。

Security, regulatory compliance, and reliability are table stakes in healthcare, but we believe they are also barriers that our competitors may not understand and cannot afford to meet. One of our largest customers recently shared with me at a trade show. He said, We're so glad you acquired TrueLark because of your proven scale, security, and reliability. When I looked at some of these other companies, we have no idea what's under the hood.

安全性、合規性和可靠性是醫療保健產業的基本要求，但我們認為，這些也是我們的競爭對手可能不理解且無法承受的障礙。最近，我們的一位大客戶在一次貿易展上和我分享了一件事。他說：“我們非常高興你們收購了 TrueLark，因為你們擁有成熟的規模、安全性和可靠性。”當我考察其他一些公司時，我們完全不知道它們內部運作如何。

Weave's vertical focus gives us a unique advantage. Unlike horizontal platforms and general-purpose automation tools, we understand healthcare workflows, regulatory requirements, and the nuances of patient interaction. That level of precision is critical in an industry where even small errors or miss booked appointments can damage patient relationships and business performance.

Weave 的垂直整合策略賦予了我們獨特的優勢。與橫向平台和通用自動化工具不同，我們了解醫療保健工作流程、監管要求以及患者互動的細微差別。在醫療產業，即使是微小的錯誤或預約失誤也會損害醫病關係和業務績效，因此這種精確度至關重要。

No other vendor serving S&B Healthcare combines unified communications, deep system integrations, intelligent automation, and enterprise grade privacy and security in a single trusted platform. We believe this combination creates a durable competitive mode and positions we have to capture long-term market share as practices modernize the patient experience. Our strategy builds on the strength by focusing on deepening customer reliance on weave and expanding our share of practice spent.

沒有其他為 S&B Healthcare 提供服務的供應商能夠將統一通訊、深度系統整合、智慧自動化以及企業級隱私和安全功能整合到一個值得信賴的平台中。我們相信，這種組合能夠創造持久的競爭模式和地位，使我們能夠在醫療機構不斷推進患者體驗現代化的過程中，獲得長期的市場份額。我們的策略建立在現有優勢之上，專注於加深客戶對編織的依賴，並擴大我們在實踐中所佔的份額。

With each new feature, we are striving to enhance automation, engagement, and efficiency for our customers, driving stronger retention and expansion across our base. As intelligent automation becomes more deeply embedded within our unified platform, we believe it will unlock new recurring revenue opportunities and strengthen the long-term economics of our business.

我們力求透過每項新功能，提升客戶的自動化程度、參與度和效率，進而增強客戶留存率並擴大客戶群。隨著智慧自動化技術在我們統一平台中得到更深入的整合，我們相信它將釋放新的經常性收入機會，並增強我們業務的長期經濟效益。

This advantage is not theoretical. It's already transforming how health care practices operate across healthcare. The front desk is the hub of the patient experience. For years, practices have been constrained by staffing shortages, fragmented software, disconnected workflows, and missed calls from patients seeking to book appointments.

這種優勢並非理論上的。它已經改變了整個醫療保健行業的運作方式。前台是病人就醫體驗的核心。多年來，醫療機構一直受到人員短缺、軟體碎片化、工作流程脫節以及病患預約電話漏接等問題的限制。

Staffing remains the number one challenge for SMB healthcare practices. More than 70% report difficulty in hiring and retaining front desk staff, a problem that disrupts patient communication and daily operations. By helping practices operate reliably regardless of staffing levels, we've solved one of the biggest operational risks in health care today.

人員配備仍是中小型醫療機構面臨的首要挑戰。超過 70% 的受訪者表示，他們在招募和留住前台員工方面遇到困難，這個問題擾亂了與患者的溝通和日常運作。透過幫助醫療機構在人員配備不足的情況下也能可靠地運營，我們解決了當今醫療保健領域最大的營運風險之一。

One of our largest customers, a leading dental group comprised of hundreds of practices nationwide, was facing the same challenges across its network. Before weave, their average answer call rate hovered around 60%, meaning 2 out of every 5 patient calls went unanswered.

我們最大的客戶之一，在全國擁有數百家診所的領先牙科集團，在其整個網路中都面臨著同樣的挑戰。在引入 Weave 系統之前，他們的平均接聽率徘徊在 60% 左右，這意味著每 5 個病人來電中就有 2 個無人接聽。

A regional leader who oversees 50 of their practices decided it was time for a change. She and her team turned to weave to bring patient interactions together, phones, messaging, and scheduling all in one place. The results have been extraordinary. Today, nearly all of those practices run on weave with answer rates now exceeding 90%.

一位負責監督旗下 50 家診所的區域負責人認為，是時候做出改變了。她和她的團隊轉向使用 weave 將患者互動、電話、簡訊和日程安排整合到一個地方。結果非常出色。如今，幾乎所有這些診所都採用 Wea​​ve 系統，回覆率已超過 90%。

In addition, 17 of these practices have recently adopted our AI receptionist powered by Trulark to automate the handling of after-hour calls and scheduling. In just one quarter of those locations booked more than $3,020,000 in additional appointments, with 75% of those appointments scheduled without any staff involvement. As a result, new patient volume has increased by over 25% year over year. This is a powerful example of how we've unites communications and automation to help practices grow efficiently while delivering a superior patient experience.

此外，其中 17 家診所最近採用了我們由 Trulark 提供支援的 AI 接待員，以實現下班後電話和日程安排的自動化處理。僅四分之一的地點就額外預約了價值超過 302 萬美元的服務，其中 75% 的預約是在沒有任何工作人員參與的情況下安排的。因此，新患者數量較去年同期成長超過 25%。這是一個強有力的例子，說明了我們如何將溝通和自動化結合起來，幫助診所高效發展，同時提供卓越的患者體驗。

Results like this demonstrate how weave is delivering the next generation of intelligent communication. We are solving the real problems that every practice faces. Throughout the patient journey, our AI receptionist delivers always on engagement and ensures consistent service even when staff levels fluctuate. It acts as a true extension of the practice, answering questions, confirming appointments, and managing scheduling 24/7.

這樣的結果表明，weave正在引領下一代智慧通訊的發展。我們正在解決每個診所都面臨的實際問題。在患者就診過程中，我們的人工智慧接待員始終保持線上互動，即使在人員數量波動的情況下也能確保服務的一致性。它真正成為了診所的延伸，全天候 24 小時回答問題、確認預約和管理日程安排。

Over the next few quarters, we intend to expand its capabilities meaningfully. Later this quarter, we plan to introduce voice capabilities, enabling the AI receptionist to handle incoming patient calls directly and intelligently route complex inquiries to staff. It will complete tasks via voice or text, including scheduling, confirmations, backfilling cancellations, all within the same unified conversation thread our customers rely on every day. We continue to deepen the integration between true lark and weave.

在接下來的幾個季度裡，我們計劃大幅提升其能力。本季度晚些時候，我們計劃引入語音功能，使人工智慧接待員能夠直接處理患者來電，並將複雜的諮詢智慧地轉接給工作人員。它將透過語音或文字完成任務，包括日程安排、確認、填補取消的空缺，所有這些都在我們的客戶每天都依賴的同一個統一對話線程中完成。我們繼續深化真雲雀與編織之間的融合。

As we laid out in our last call, we began the go to market integration by introducing our AI receptionist product to the mid-market accounts, and this month we extended sales efforts to our existing single location customers where we are already seeing strong interest. In November, we plan to launch sales to new single location customers incorporating our AI receptionist directly into our standard sales motion.

正如我們在上次電話會議中所闡述的那樣，我們首先向中端市場客戶推出了我們的 AI 接待員產品，開始了市場整合工作。本月，我們將銷售工作擴展到了我們現有的單店客戶，我們已經看到他們對此表現出了濃厚的興趣。11 月，我們計劃向新的單店客戶推出銷售服務，將我們的 AI 接待員直接融入我們的標準銷售流程中。

In addition to our AI reception, we are building a range of AI solutions that reinforce Weave's position at the forefront of intelligent automation in SMB healthcare. Over the last year we've seen strong adoption of call intelligence, an AI powered analytics engine that transforms every phone interaction into actionable insights. Call intelligence analyses call recordings, to detects customer sentiment, and identifies both patient needs and additional revenue opportunities.

除了我們的人工智慧接待系統之外，我們還在建立一系列人工智慧解決方案，以鞏固 Weave 在中小企業醫療保健智慧自動化領域的前沿地位。在過去一年中，我們看到通話智慧得到了廣泛應用，這是一種由人工智慧驅動的分析引擎，可以將每個電話互動轉化為可操作的洞察。通話智慧分析通話錄音，以偵測客戶情緒，並識別患者需求和額外的收入機會。

One recent customer example illustrates its impact. Call intelligence flagged a missed call from a patient who reached out about a dental emergency, and staff followed up the same day. The patient received the treatment and decided to move forward with an $80,000 cosmetic treatment. As the practice manager explained, opportunities are everywhere, and tools like this help you catch them before they slip through the cracks.

最近的一個客戶案例說明了它的影響。呼叫智慧系統偵測到一位病患因牙科緊急情況而撥打的未接來電，工作人員當天就進行了跟進。患者接受了治療，並決定繼續進行價值 8 萬美元的美容治療。正如診所經理解釋的那樣，機會無處不在，像這樣的工具可以幫助你在機會溜走之前抓住它們。

In coming quarters, we're expanding call intelligence capabilities to provide visibility across every conversation whether automated or handled by staff. It will proactively surface action items to guide next steps for the AI receptionist or the front desk.

在接下來的幾個季度裡，我們將擴展通話智慧功能，以便全面了解每一次對話，無論對話是自動進行的還是由員工處理的。它會主動提出行動事項，指導人工智慧接待員或前台的下一步。

By unifying all human and intelligence driven interactions into a single conversation thread, we've uniquely enables practices to capitalize on opportunities for revenue growth, improve patient experience, and continuously coach teams for better performance.

透過將所有人類和智慧驅動的互動統一到一個對話線程中，我們獨特地使醫療機構能夠抓住收入成長的機會，改善患者體驗，並不斷指導團隊取得更好的績效。

Finally, our AI powered in-app assistant serves as a true co-pilot for busy front office teams helping practices work smarter, faster, and more efficiently. In the coming quarters, it will simplify setup and assist with customized workflows to help practices get the most out of Weave's advanced features. The opportunity ahead of us is significant. The combination of strong demand, a proven platform, and AI innovation positions weave to drive sustainable growth and long-term shareholder value.

最後，我們由人工智慧驅動的應用程式內助理可以作為繁忙的前台團隊的真正副駕駛，幫助診所更聰明、更快速、更有效率地工作。在接下來的幾個季度裡，它將簡化設定並協助進行自訂工作流程，以幫助診所充分利用 Wea​​l 的高級功能。我們面前的機會非常重大。強勁的需求、成熟的平台和人工智慧創新相結合，將推動永續成長和長期股東價值。

Weave is leading this transformation, unlocking the full potential of intentional intelligent automation to power the next generation of connected, efficient, patient-focused practices. In addition to the developments in AI, we continue to make positive strides in the other growth factors we outlined earlier this year.

Weave 正在引領這場變革，釋放智慧自動化的全部潛力，為下一代互聯、高效、以患者為中心的醫療實踐提供動力。除了人工智慧領域的進展外，我們在今年稍早概述的其他成長因素方面也繼續取得積極進展。

Specialty medical continues to emerge as a key growth driver for weed. This vertical delivered record results again this year with the highest number of medical location additions in company history. As a reminder, the specialty medical vertical is more than triple the size of the dental optometry and veterinary combined, underscoring the significant long-term opportunity it represents for weave.

專業醫療領域持續成為大麻產業的關鍵成長驅動力。今年，該業務部門再次創下業績新高，新增醫療機構數量達到公司歷史最高水準。需要提醒的是，專業醫療垂直領域的規模是牙科、驗光和獸醫領域總和的三倍多，這凸顯了它對編織業所代表的重大長期機會。

Midmarket also continues to be a powerful growth engine for weave with expanding traction across multiple healthcare segments. Our mid-market pipeline continues to diversify with meaningful contributions coming from outside the core dental base.

中階市場也持續成為織物產業強勁的成長引擎，在多個醫療保健領域不斷擴大市場份額。我們的中階市場產品線持續多元化，來自核心牙科領域以外的重要貢獻不斷出現。

For example, we've recently signed a contract with a 600+ location specialty medical group. The initial phase includes roughly 50 locations which have already begun onboarding. This account has the potential to be one of our largest customers. This group came to weave through an EMR partnership and is a great example of the opportunities that we can unlock when we partner closely with practice management systems.

例如，我們最近與一家擁有 600 多家分店的專科醫療集團簽訂了合約。初期階段包括大約 50 個地點，這些地點已經開始進駐。這個帳戶有可能成為我們最大的客戶之一。這個團隊透過 EMR 合作關係走到了一起，這很好地說明了當我們與診所管理系統緊密合作時，我們可以釋放出怎樣的機會。

Over the past several quarters we've launched multiple new integrations. In the 1st year after launch, sales of the integrated solutions have grown 2 times to 5 times year over year, demonstrating strong demand and the immediate impact of integrated offerings.

在過去的幾個季度裡，我們推出了多項新的整合方案。推出後的第一年，整合解決方案的銷售額比去年同期成長了 2 到 5 倍，這表明市場需求強勁，整合產品也產生了即時的效果。

These integrations are expanding our reach and reinforcing Weave's position as the most connected platform in small and medium sized healthcare. Payments continues to be one of our strongest growth drivers, with Q3 revenue growing at more than double the rate of total revenue.

這些整合正在擴大我們的覆蓋範圍，並鞏固 Weave 作為中小型醫療機構中最具連接性的平台的地位。支付業務仍然是我們最強勁的成長動力之一，第三季支付業務收入成長率是總收入成長率的兩倍以上。

We continue delivering on our payments platform roadmap, focusing on the most requested customer features. At the top of this list were surcharging and bulk collection features, both of which were recently launched. Surcharging helps our customers manage rising costs by enabling them to pass credit card fees onto the payer if they choose.

我們將繼續推進支付平台路線圖，重點關注客戶最需要的功能。這份清單上的首要功能是附加費和大量收款功能，這兩項功能都是最近推出的。附加費可以幫助我們的客戶應對不斷上漲的成本，使他們能夠選擇將信用卡手續費轉嫁給付款人。

Bulk payments allow practices to initiate multiple payment requests simultaneously. This capability saves significant time for office staff and strengthens our value proposition for multi-location and enterprise customers. To conclude, I want to thank our customers, partners, team, and shareholders for your continued trust and belief in we.

批量付款功能可讓診所同時發起多個付款請求。這項功能為辦公室員工節省了大量時間，並增強了我們對多地點和企業客戶的價值主張。最後，我要感謝我們的客戶、合作夥伴、團隊和股東們一直以來對我們的信任和支持。

Looking ahead, we are incredibly excited about the future we are building with our AI platform, which we expect to transform how practices communicate, automate workflows, and deliver care. With the foundation we've built and the innovation ahead, I'm very optimistic about the future for Weave. I'll now turn the call over to Jason for a deeper discussion of our financial results. Jason.

展望未來，我們對利用人工智慧平台建構的未來感到無比興奮，我們期望它能改變醫療機構的溝通方式、自動化工作流程以及提供醫療服務的方式。憑藉我們已經打下的基礎和未來的創新，我對 Weave 的未來非常樂觀。現在我將把電話交給傑森，讓他更深入地討論我們的財務表現。傑森。

Thanks, Brett, and good afternoon, everyone. It was another solid quarter for Weave reflecting continued momentum in our key growth initiatives and disciplined execution across the business. We delivered revenue of $61.3 million exceeding the midpoint. Hence an acceleration of our revenue growth rate to 17.1% year over year.

謝謝布雷特，大家下午好。Weave 又迎來了一個穩健的季度，這反映出我們在關鍵成長計畫方面持續保持勢頭，以及業務各部門的嚴格執行。我們實現了 6,130 萬美元的收入，超過了預期中位數。因此，我們的營收成長率加快至年成長 17.1%。

Excluding true lark and the effect of last year's price increase, Q3 revenue grew more quarter over quarter than any quarter in the past 4 years. Specialty medical, where we are still less than 1% penetrated, grew more in Q3 than in any previous quarter as it continues to ramp. Payment’s revenue again grew more than double our total growth rate.

剔除真正的雲雀效應和去年價格上漲的影響，第三季營收環比成長幅度超過了過去 4 年的任何一個季度。專科醫療領域，我們目前的滲透率不到 1%，但第三季度的成長超過了以往任何一個季度，並且還在持續成長。支付業務的收入再次實現了超過我們整體成長率兩倍以上的成長。

Gross revenue retention held steady at 90% in Q3. Net revenue retention was 94%. We have discussed the resiliency of the end markets we serve, and that remains true today. Demand remains strong, and we continue to be successful in customer acquisition.

第三季毛收入留存率穩定在 90%。淨收入留存率為 94%。我們已經討論過我們所服務的終端市場的韌性，而這一點在今天仍然成立。市場需求依然強勁，我們在客戶獲取方面也持續取得成功。

I would like to highlight a few aspects of our retention metrics. First, our net revenue retention in the second half of 2024 and the first half of 2025 was bolstered by the effects of a price increase in Q2 of 2024, which accounted for approximately 250 basis points of uplift.

我想重點介紹一下我們用戶留存指標的幾個面向。首先，由於 2024 年第二季漲價，我們的 2024 年下半年和 2025 年上半年的淨收入留存率得到了提升，漲價幅度約為 250 個基點。

We have lapped the effect of that price increase and our net revenue retention rate has decreased commensurately back to within 1% point of Q3 of 2023 prior to the price increase. Second, when we enter new verticals, it is typical for us to see higher churn and lower average sales prices initially.

我們已經克服了價格上漲的影響，淨收入留存率也相應下降，回落到 2023 年第三季價格上漲前的水平，降幅不到 1%。其次，當我們進入新的垂直領域時，通常會看到較高的客戶流失率和較低的平均銷售價格，這種情況在初期是常見的。

In the early phases of a new vertical, we are selling newer integrations and often non-integrated solutions which have a slightly higher churn profile. That is true for specialty medical, our fastest growing vertical, where strong new customer adoption creates pressure on overall retention metrics similar to what we experienced in the early stages of more established verticals.

在新垂直領域的早期階段，我們銷售的是較新的整合方案，以及通常非整合解決方案，這些方案的客戶流失率略高。對於我們成長最快的垂直領域——專科醫療來說，情況確實如此，新客戶的快速成長給整體客戶留存率帶來了壓力，這與我們早期在更成熟的垂直領域所經歷的情況類似。

Over time we expect churn to normalize an average sales price to increase. As we achieve greater product market fit and industry presence through more mature integrations and greater integration coverage. Lastly, it's also important to note that our reported retention metrics are measured on a location basis, not a customer or logo basis on a weighted 12 month average.

隨著時間的推移，我們預期客戶流失將逐漸正常化，平均銷售價格將會上漲。隨著我們透過更成熟的整合和更廣泛的整合覆蓋範圍，實現更高的產品市場契合度和行業影響力。最後，還要注意的是，我們報告的留存率指標是按地理位置衡量的，而不是按客戶或徽標衡量的，採用的是 12 個月的加權平均值。

For example, adding another location to a multi-location customer does not improve our retention metrics as each location is viewed separately. If we were to report net revenue retention on a logo basis, it would be higher than our net revenue retention on a location basis. Let me now turn to our operating results for the quarter.

例如，對於擁有多個地點的客戶，增加另一個地點並不會提高我們的客戶留存率，因為每個地點都是單獨查看的。如果我們以品牌名稱來報告淨收入留存率，那麼它將高於按地點來報告的淨收入留存率。現在讓我來看看本季的經營業績。

Gross profit grew to $44.8 million an increase of nearly $7 million year over year. That represents a gross margin of 73%, up 50 basis points year over year and 70 basis points sequentially. The improvements were largely driven by leveraging cloud data centre costs and hardware amortization.

毛利成長至 4,480 萬美元，比上年同期成長近 700 萬美元。這意味著毛利率為 73%，較去年同期成長 50 個基點，較上季成長 70 個基點。這些改進主要得益於利用雲端資料中心成本和硬體攤提。

Sales and marketing expenses were $24.3 million or 40% of revenue. We increased Q3 demand generation expenses to capitalize on strong momentum in specialty medical, recently announced integration partnerships, and mid-market. This included demand generation for the solutions recently acquired in the TrueLark acquisition.

銷售和行銷費用為 2,430 萬美元，佔收入的 40%。我們增加了第三季需求創造支出，以充分利用專科醫療、近期宣布的整合合作夥伴關係以及中端市場的強勁勢頭。這包括為最近在 TrueLark 收購中獲得的解決方案創造需求。

Research and development expenses were $9 million or 15% of revenue. Our focus includes integrating TrueLark into the weave platform and accelerating the development of our product roadmap and AI strategy. General and admitted trait of expenses were $9.9 million or 16% of revenue, which provided the most year over year operating leverage in our business as these expenses improved from 17.5% in Q3 of 2024.

研發費用為 900 萬美元，佔營收的 15%。我們的重點包括將 TrueLark 整合到 weave 平台中，並加快產品路線圖和人工智慧策略的發展。一般和公認支出為 990 萬美元，佔收入的 16%，這為我們的業務提供了最大的同比營運槓桿，因為這些支出從 2024 年第三季的 17.5% 有所改善。

Operating income for Q3 was $11.7 million an improvement of $300,000 compared to Q3 of 2024 and exceeds the high end of the guidance range we provided in July by $700,000. This represents an operating margin of 2.7%. Turning to our balance sheet and cash flow, weave's liquidity remained strong. We ended the quarter with $80.3 million in cash and short-term investments, an increase of more than $2 million sequentially.

第三季營業收入為 1,170 萬美元，比 2024 年第三季增加了 30 萬美元，比我們在 7 月提供的指導範圍上限高出 70 萬美元。這意味著營業利益率為 2.7%。從資產負債表和現金流來看，weave 的流動性依然強勁。本季末，我們持有現金和短期投資 8,030 萬美元，比上一季增加了 200 多萬美元。

The third quarter was another period of strong cash generation with $6.1 million of cash provided by operating activities and $5 million of free cash flow. Year-to-date, free cash flow totals $8.5 million representing a $4.3 million dollar improvement compared to the same period last year.

第三季現金流依然強勁，經營活動產生的現金為 610 萬美元，自由現金流為 500 萬美元。今年迄今為止，自由現金流總計 850 萬美元，比去年同期增加了 430 萬美元。

Looking ahead, we are raising the midpoint of our full year revenue guidance and updating the range to $238 million to $239 million. We are also raising our full year non-GAAP operating income guidance to be in the range of $3.3 million to $4.3 million. This outlook reflects meaningful year over year improvement and profitability for the fourth quarter of 2025; we expect total revenue in the range of $62.4 million to $63.4 million and non-GAAP operating income in the range of $1.5 million to $2.5 million. Our expected weighted average share count for the full year is approximately 76.3 million shares.

展望未來，我們將全年營收預期中位數上調，並將預期範圍更新為 2.38 億美元至 2.39 億美元。我們同時將全年非GAAP營業收入預期上調至330萬美元至430萬美元之間。這項展望反映了2025年第四季業績和獲利能力的顯著同比增長；我們預計總收入將在6,240萬美元至6,340萬美元之間，非GAAP營業收入將在150萬美元至250萬美元之間。我們預計全年加權平均股份數量約為 7,630 萬股。

In closing, our business continues to perform well, and momentum across the company remains healthy. Q3 was a strong quarter marked by accelerating revenue growth, record gross margin, and solid free cash flow. As we look ahead, we're confident in our ability to balance growth and profitability as we execute on our strategy. Thank you for your continued support and with that, we'll now turn the call over to the operator for Q&A.

總之，我們的業務持續表現良好，公司整體發展動能依然強勁。第三季業績強勁，營收成長加速，毛利率創歷史新高，自由現金流穩健。展望未來，我們有信心在執行策略的過程中，達到成長與獲利能力的平衡。感謝您一直以來的支持，接下來我們將把電話轉交給接線生進行問答環節。

(Operator instructions).

（操作說明）

Alexander Sklar from Raymond James.

來自 Raymond James 的 Alexander Sklar。

Great, thank you, Brett, maybe first for you on payments and then some of the additive functionality that true larks bring, particularly around payments. Can you just talk about what you're seeing from that solution broadly? How are you doing in terms of new lands and specialty medical with landing with payments out of the gate, and when do you think you're going to be in a position where you can integrate some of that true large functionality on the revenue cycle management opportunity and automating some of the collections processes?

太好了，謝謝你，Brett，也許你首先應該專注於支付方面，然後再關註一些真正聰明的人帶來的附加功能，尤其是在支付方面。您能否大致談談您從該解決方案中觀察到的情況？在新土地和專科醫療領域，你們進展如何？能否立即實現收款？你們預計何時能夠將一些真正的大型功能整合到收入週期管理中，並實現部分收款流程的自動化？

Thank you.

謝謝。

Hey Alex, sure, so first we'll talk about payments. So, we had very strong volume growth this quarter, so you know we continue to improve there as we mentioned we had revenue growth and aggregate was greater than more than double the total growth rate. So, continue to add customers, continue to add volume, average volume per customer continues to be strong. As far as when do we think we can add true art capabilities, that's absolutely on the roadmap. Our roadmap is really to release the standalone product, which is not yet integrated with payments but it's on the roadmap. We're going to be upselling, we just started upselling it.

嗨，Alex，當然可以，那我們先來談談付款方式。因此，本季我們的銷售成長非常強勁，正如我們之前提到的，我們的營收成長持續改善，總成長率是總成長率的兩倍多。因此，繼續增加客戶，繼續增加銷量，每位客戶的平均銷售量繼續保持強勁勢頭。至於我們何時才能添加真正的藝術創作功能，這絕對在我們的計劃之中。我們的路線圖實際上是發布獨立產品，該產品目前尚未與支付功能集成，但已列入路線圖。我們將進行追加銷售，我們剛開始進行追加銷售。

To our existing customers, we're going to introduce the sales to our new single locations this month and then we're going to be building an integrated solution that we're calling internally calling fusion where we integrate the TrueLark technology into the weave inbox, so you have one combined inbox and then shortly after that. We will follow with you know what we are calling you know intelligent actions, which one of those will be working payments and RCM type activities into the automated workflows, so follow-ups on past due payments, active. Outbound invoicing, intelligent insurance verification, and insurance eligibility. So over time, probably the next couple quarters be building that functionality into a lot of the intelligent actions that the system is going to deliver to our customers.

對於我們現有的客戶，我們將在本月推出新的單一地點銷售服務，然後我們將建立一個內部稱為 Fusion 的整合解決方案，將 TrueLark 技術整合到 Weave 收件匣中，這樣您就擁有了一個合併的收件匣，然後不久之後。接下來，我們將採取我們稱為智慧行動的措施，其中一項措施是將付款和 RCM 類型的活動納入自動化工作流程，例如跟進逾期付款等。對外開票、智慧保險驗證和保險資格。因此，隨著時間的推移，可能在接下來的幾個季度裡，我們會將這種功能融入到系統將要向客戶提供的許多智慧操作中。

Okay, great color there, and I don't know if this one's for you, Brad or Jason, but really strong commentary on specialty medical again this quarter you had a nice group win. Can you just kind of update us on how some of these group integration or implementations have gone? We're about 12 months past; I think the ACA one where does that one stand? How's the overall pipeline for middle market kind of larger practice opportunities stand within the overall growth algorithm. Thanks.

好的，這色彩真棒！我不知道這是給你們的，布拉德還是傑森，但你們對專科醫療的評論非常有力，本季你們又取得了不錯的團隊勝利。能否簡單介紹一下這些團隊整合或實施工作的進展？現在已經過去大約12個月了；我想了解ACA法案的進展。在整體成長演算法中，中型市場規模較大的業務機會的整體發展前景如何？謝謝。

A great question. So, you know we can, we continue to make great progress in the midmarket. A Cells are cells are very strong. On ACI specifically, we continue to make progress, we continue to see adoption and roll out. We have seen great growth in that business. If you'll remember, they also selected weave because of the payment workflows and solutions that we're able to integrate with the overall weave offering and you know that's been a nice contributor and a benefit to us and one of the things that they're really excited about and looking forward to is this integrated inbox that Brett shared.

問得好。所以，你知道我們能夠做到，我們繼續在中端市場取得巨大進步。細胞是非常堅固的。具體到 ACI 方面，我們持續取得進展，不斷看到其被採用和推廣。我們看到該業務取得了巨大的成長。如果你還記得的話，他們選擇 Weave 也是因為我們能夠將支付工作流程和解決方案與 Weave 的整體產品集成，你知道這對我們來說是一個很好的貢獻者和優勢，他們非常興奮和期待的事情之一就是 Brett 分享的這個集成收件匣。

He's had, he could speak to this better, but he's had several conversations with a number of these large group practices and as they understand what we're developing as we acquired True lark and what we're now building together, they really get excited about what that can mean for their business. The ROI can deliver the centralized reporting and analytics, and so, we continue to remain quite optimistic about the opportunity ahead of us in the mid-market front where it still feels like we're very early in that life cycle.

他對此可以有更深入的了解，他已經與許多大型醫療集團進行了多次交流，隨著他們了解我們在收購 True Lark 後​​正在開發的內容以及我們現在正在共同構建的內容，他們對這能給他們的業務帶來的影響感到非常興奮。ROI 可以提供集中式報告和分析，因此，我們對中階市場的未來機會仍然保持相當樂觀的態度，儘管我們感覺自己仍處於該生命週期的早期階段。

Yeah, I'll add a little bit there. We just recently had dinner with our management team and the rollout is on track, so that's great news, and then we shared with them kind of our plans for the automated front desk and they were very interested in the value that can bring to their practices. So, the relationship is very strong and I'm very optimistic about our future there.

是的，我會補充一點。我們最近與管理團隊共進晚餐，推廣工作進展順利，這是個好消息。之後，我們向他們介紹了自動化前台的計劃，他們對這項計劃能為他們的診所帶來的價值非常感興趣。所以，我們之間的關係非常牢固，我對我們在那裡的未來非常樂觀。

Great.Thank you both.

太好了，謝謝你們兩個。

Hannah Rudoff from Piper Jaffray.

來自 Piper Jaffray 的 Hannah Rudoff。

Hi guys, thanks for taking my questions. Nice to see that subscription growth reaccelerates this quarter. Just wanted to follow-up on Alex's first question around payments. It's nice to hear about that strong growth in payments, but it seems like the base is still relatively small there. I guess what is it going to take for payment adoption to really accelerate and how much will it benefit from this true like integration you're talking about? How much will it benefit from the surcharging in bulk payments functionality added in? Is there other functionality you need to build in to really get to a step function change in payment adoption?

大家好，感謝你們回答我的問題。很高興看到本季訂閱用戶成長再次加速。我想就 Alex 提出的第一個關於付款的問題做個後續說明。很高興聽到支付業務強勁成長的消息，但似乎該領域的基數仍然相對較小。我想問的是，要真正加速支付方式的普及，需要做些什麼？而你所說的真正的整合又能為支付方式帶來多大的益處？大量支付附加費功能的加入，將為公司帶來多大的好處？為了真正實現支付方式普及率的階躍式成長，是否還需要建構其他功能？

Sure, thanks Hannah. So, you know I think we've been saying all along the real unlock for our payments business is the workflows, really nailing the workflows and then also nailing the integration with practice management software. I listed two of the top features that customers were looking for, especially multi-location customers.

好的，謝謝你，漢娜。所以，你知道，我認為我們一直以來都在說，真正解鎖我們支付業務的關鍵在於工作流程，真正做好工作流程，然後再做好與診所管理軟體的整合。我列出了客戶（尤其是擁有多個辦公地點的客戶）最重視的兩項功能。

In my prepared remarks that they really wanted and we've delivered on those, we've actually on surcharging we've actually seen. In the short period that's been live, very positive results there. So again, it's nailing the workflows and then nailing the integrations. We've just ticked off two of the major items on the list and then the integrations we continue to make really good progress there. Our strategy of only going through authorized front door integrations, only using authorized APIs is paying off.

在我事先準備好的發言中，他們真正想要的，我們也做到了，關於附加費，我們實際上已經看到了。在短短的上線時間內，已經取得了非常正面的成果。所以，關鍵在於先把工作流程做好，然後再把整合做好。我們已經完成了清單上的兩個主要事項，接下來的整合工作我們也繼續取得了非常好的進展。我們只透過授權的入口集成，只使用授權的 API 的策略正在取得成效。

So I think we just keep delivering the features and functionalities that we need. And then I think the automation technologies that are coming from TrueLark but also being developed organically with the two combined teams, should also be a pretty significant unlock and we'll see how that rolls out over the next few quarters.

所以我覺得我們只需要繼續提供我們需要的功能和特性。我認為，TrueLark 正在推出的自動化技術，以及兩個團隊共同開發的自動化技術，也應該會帶來相當大的突破，我們將在接下來的幾個季度中看看這些技術會如何發展。

Good to hear. And then how do you think about balancing the rollout of new integrations on the specialty medical side and different subverticals you're expanding into versus growing the ASPs and customers in existing specialty medical subverticals that you're in?

很高興聽到這個消息。那麼，您如何考慮在專科醫療領域和您正在拓展的不同細分領域中，平衡新整合方案的推出與現有專科醫療細分領域中平均售價和客戶數量的增長呢？

Well, it's interesting, so we take a very programmatic approach to rolling out new integrations, we kind of start with where the largest presence are, when it comes to practice management software, work with them, develop those integrations and Unlocking those integrations actually drives quite a bit of ASP growth, so a non-integrated weave is generally, let me say it differently, integrated weave is more valuable to our customers, so it has a higher ASP and it has a higher retention rate. And so, one kind of begets the other. We get the integrations done, we roll them out, and then we can either upsell existing customers who are on a non-integrated version or we can go to market with the integrated version which.

嗯，這很有意思。我們在推出新的整合時採取了一種非常系統化的方法，我們通常會從市場份額最大的領域入手，例如實踐管理軟體領域，與他們合作，開發這些整合。解鎖這些整合實際上可以顯著提高平均售價 (ASP)。所以，一般來說，未整合的 Weave 系統，換句話說，整合的 Weave 系統對我們的客戶更有價值，因此它的平均售價更高，客戶留存率也更高。因此，一種形式孕育了另一種形式。我們完成集成，進行推廣，然後我們可以向使用非集成版本的現有客戶追加銷售，或者我們可以將集成版本推向市場。

You seem to have lost connection with the main speaker line. Please hold.

您似乎與主揚聲器線路失去了連接。請稍等。

Yeah. Okay, are we back? You are back loud and clear. Awesome.

是的。好了，我們回來了嗎？你的聲音清晰響亮地回來了。驚人的。

Are there any additional questions?

還有其他問題嗎？

Matthew Kikkert from Stifel.

來自 Stifel 的 Matthew Kikkert。

Hi, thank you for taking my question. Especially medical continues to out base the overall growth. You break down the driver in that success, so there's a lot of the success coming from deeper penetration than existing subverticals like medals or the expansion into new subverticals then maybe more importantly, how can you replicate that success across other verticals? Thank you.

您好，感謝您回答我的問題。尤其是醫療產業的成長速度仍超過整體成長速度。你分析了成功的驅動因素，發現很多成功來自於比現有細分市場（如獎牌市場）更深入的滲透，或者擴展到新的細分市場，然後也許更重要的是，你如何在其他垂直領域複製這種成功？謝謝。

Yeah, thank you for the question, Matthew.

是的，謝謝你的提問，馬修。

We continue to remain focused on the primary verticals that we've been talking about around med spa, plastics and aesthetics, physical occupational therapy, and so there's a significant opportunity there just within the four specialties that we're targeting. The size of the opportunity is roughly the size of dental optometry and VET combined, and we're still less than 1% penetrated. So our approach to opening up the verticals, we look at one, the integration opportunity and our ability to go get those integration unlocks with the with the EMRs in the healthcare space.

我們將繼續專注於我們一直在談論的主​​要垂直領域，例如醫療美容、整形和美學、物理治療和職業治療，因此，僅在我們所瞄準的這四個專業領域就存在著巨大的機會。市場機會的規模大致相當於牙科、驗光和職業教育與培訓的總和，而我們目前的滲透率不到 1%。因此，我們開拓垂直領域的方法是，首先關注整合機會，以及我們與醫療保健領域的電子病歷系統整合的能力。

And then to the economics and the demand from the customer base and so there's a lot of opportunity where we're at, we remain focused there integrations lead our expansion. And so, while we're growing there, it's we have a business development group who continues to evaluate other opportunities, and that's something that we'll continue to assess is where we expand. It is something that we can replicate, but for now, right now we're just we're targeted on capturing the opportunity ahead of us there.

然後是經濟因素和客戶群的需求，所以我們現在有很多機會，我們將繼續專注於整合，引領我們的擴張。因此，在我們不斷成長的同時，我們還有一個業務發展團隊，他們會繼續評估其他機會，這也是我們將繼續評估的擴張方向。這是我們可以複製的，但就目前而言，我們只專注於抓住眼前的機會。

Okay, and then secondly, I'm curious as you embed payments more deeply, give a deep dive into how you're differentiating weed payments from both legacy payment processors and then modern vertical satisfiers who are also bundling their own payments. Then are you able to share roughly what percentage of the customer base is now using weed for payments?

好的，其次，我很好奇，隨著你更深入地嵌入支付功能，能否深入探討一下你是如何將大麻​​支付與傳統支付處理商以及同樣提供捆綁支付的現代垂直支付服務商區分開來的。那麼，您能否大致透露一下，目前有多少比例的客戶使用大麻進行付款？

Yeah, we haven't broken out payments separately. It makes up about, it makes up less than 10% of our revenue because we don't break it out. It continues to continue to increase as a percent or a mix of our overall revenue. The real differentiators for us are when you think about the industries that we serve. Increasingly the point of collection where payment happens is outside of the walls of the practice and so offices are stuck trying to collect either on the front end or the back end when the patient is not right in front of them.

是的，我們沒有單獨列出付款明細。它約占我們收入的10%不到，因為我們沒有單獨列出這部分收入。它在我們總收入中所佔的比例或總收入的佔比持續成長。對我們來說，真正的差別在於我們所服務的產業。收款點（付款地點）越來越不在診所內，因此診所不得不嘗試在病人不在場的情況下，在前台或後台收款。

And so you could say payment happens at the point of interaction. We've owned all of those interactions. We manage the trusted business phone numbers when you think about the text to pay capabilities and the ability to deliver online bill pay links through email or through or through text. We sit right at that intersection of the day to day operations and workflows that the front desk staff who is trying to collect those dollars.

所以可以說，付款發生在互動發生的那一刻。我們已經掌握了所有這些互動的資訊。我們管理值得信賴的商業電話號碼，因為您可以利用簡訊支付功能，並透過電子郵件或簡訊發送線上帳單支付連結。我們正好位於前台工作人員日常營運和工作流程的交匯點，他們負責收取這些款項。

Is already managing and so the different the points of differentiation for weave is the ability to integrate and bring the payment or collection process into the existing interactions and communications that the front desk is already having with the patients, and that's just going to improve over time. As we execute on the vision, Brett laid out with bringing those collection workflows in through the AI receptionist as well.

Weave 已經實現了這一點，其差異化優勢在於能夠將支付或收款流程整合到前台與患者之間現有的互動和溝通中，而且隨著時間的推移，這種情況只會越來越好。在執行此願景的過程中，Brett 也提出了透過 AI 接待員引入這些收款工作流程。

Perfect, thank you. Yes.

太好了，謝謝。是的。

Hannah Rudoff from Piper Jaffray

來自 Piper Jaffray 的 Hannah Rudoff

Hey guys, I think, I just, you dropped a little during the answer. You were talking about the programmatic approach you're taking and in integrated versus non-integrated solutions and integrated drive and higher ASPs. I was just wondering if there's anything else you wanted to add to that.

嘿，夥計們，我覺得，我只是，你們在回答問題的時候稍微低了一點頭。您剛才談到了您正在採取的程序化方法，以及整合解決方案與非整合解決方案，以及整合驅動和更高的平均售價。我只是想問你還有什麼要補充的嗎？

I think that's, those are the key points that you know integrations drive higher ASPs, higher retention, and we focus our integration activities, think of large to small, so go for the largest players in the space first and then just kind of have a rolling thunder of integrations from there and then also an important. An important concept is we get a fair bit of upsells when we introduce an integration so we'll put up, we'll go to a.

我認為，這些是關鍵點，你知道，整合可以提高平均售價和用戶留存率，我們專注於整合活動，從大到小考慮，首先爭取該領域最大的參與者，然後從那裡開始進行一系列的整合，此外還有一點很重要。一個重要的概念是，當我們引入整合功能時，我們會獲得相當多的追加銷售額，所以我們會推出，我們會去…

A trade show and we will say, put up signs integrate we are now integrating with XYZ EMR practice management software and we will get a lot of interest from existing customers saying yes, I want to upgrade to the integrated version and it's you know just a better performing product for them and it's just kind of a win-win.

在貿易展上，我們會豎起標牌，宣布我們正在與 XYZ EMR 實踐管理軟體集成，我們會收到很多現有客戶的諮詢，他們會說，是的，我想升級到集成版本，你知道，這對他們來說是一個性能更好的產品，這是一種雙贏的局面。

Got it. And it sounded like that 600+ location deal on specialty medical was due to an EMR integration, is that correct?

知道了。聽起來，那筆涉及 600 多個地點的專科醫療交易是由於 EMR 整合造成的，是這樣嗎？

That's correct, and this one is interesting because it was actually the deal was struck in concert with the EMR.

沒錯，而且這筆交易很有意思，因為它實際上是與 EMR 共同達成的。

Got it. Super helpful, good to hear. Thank you.

知道了。非常有用，很高興聽到這個消息。謝謝。

Kylie Towbin from Citigroup.

來自花旗集團的凱莉·托賓。

Hi, thanks. You've got Kylie on for Tyler Radke. It was good to see the beat and raise on profitability, especially the step down in G&A spend as a percent of revenue. Where are you expecting to find leverage from here? Is that sustainable, moving beyond Q4 and was this through synergies or curious, any details on profitability?

您好，謝謝。凱莉代替泰勒拉德克上場。很高興看到獲利能力超出預期並有所提升，尤其是一般及行政支出佔收入的百分比有所下降。你期望從哪裡獲得優勢？這種成長動能能否持續到第四季之後？這是透過協同效應實現的嗎？或者說，能否提供一些關於獲利能力的細節？

Yeah, thanks, Kylie. We have talked about 2025 is a year where we are making some targeted focused investments, especially on the go to market side and the engineering side to enable these integrations and whatnot. The Leveraging the model, we believe the investments that we're making are things that will ultimately provide additional leverage within our model as we look at 2026, we're in the middle of our planning cycles right now. We'll provide a lot more colour on what 2026 will look like in our next call.

謝謝你，凱莉。我們曾討論過，2025 年我們將進行一些有針對性的重點投資，尤其是在市場推廣和工程方面，以實現這些整合等等。我們相信，利用這一模式，我們正在進行的投資最終將為我們的模式提供額外的槓桿作用，展望 2026 年，我們現在正處於規劃週期的中間階段。我們將在下次電話會議上詳細介紹 2026 年的展望。

But we continue to be committed to striking that balance between growth and managing incremental profitability. We have a bias towards growth, but it's something that something that we remain very focused on making sure that we can strike the right chord on both sides.

但我們將繼續致力於在成長和逐步提高獲利能力之間取得平衡。我們傾向於發展，但我們始終非常注重確保能夠與雙方都達成共識。

Got it, thank you. And then just on the AI receptionist adoption, can you talk about the competitive landscape for this product, does it replace the need for, a practice to hire a receptionist outright or more alleviating the lower value tasks? Thanks so much.

明白了，謝謝。那麼，關於人工智慧接待員的普及應用，您能否談談該產品的競爭格局？它是完全取代僱用接待員的需求，還是更減輕了低價值任務的負擔？非常感謝。

Yeah, it's definitely the latter, you know what practice owners want to do is get their front desk staff much more engaged in patient care, increasing their acceptance rates on proposed treatment plans, basically engaging in much higher value activities. Leave a lot of the kind of paperwork administrative follow-up tasks to automation and we're seeing a lot of interest there a lot of traction it works great and over the next couple of quarters we're going to be delivering an increasing level of functionality to really. Up level the roles and then provide a much higher level of patient service and then just capture more revenue for the practice.

是的，肯定是後者，你知道診所老闆們想要做的就是讓前台工作人員更多地參與到病人護理中來，提高他們對擬定治療方案的接受率，基本上是讓他們參與到更有價值的活動中來。將許多文書工作和行政後續任務交給自動化，我們看到這方面有很多興趣，也取得了很大的進展，效果非常好。在接下來的幾個季度裡，我們將提供越來越高的功能水平，以真正實現這一點。提升員工角色級別，從而提供更高水準的病患服務，進而為診所創造更多收入。

Thank you for your question. The next question comes from the line of [Marc Chappelle].

謝謝你的提問。下一個問題來自…[馬克·查佩爾]

Hi, thank you for taking my question, and I tell you what, Brett, in terms of the success you're seeing in your payments business this year, how much of that success would you attribute to, I guess you could say the new go to market focus that you put on that solution over the past year or so versus say the new product capabilities that have been added to the product over say the last 18 months?

您好，感謝您回答我的問題。布雷特，我想問一下，就您今年在支付業務方面取得的成功而言，您認為其中有多少要歸功於過去一年左右您對該解決方案採取的新市場推廣策略，又有多少要歸功於過去18個月左右添加到產品中的新產品功能？

I think they all go hand in hand. The number one driver is really creating a standalone business unit that encompasses all aspects of the payments business. So understanding at a very detailed level how a practice actually operates, designing the products, figuring out what are the key workflows, building those.

我認為它們都是相輔相成的。首要驅動力是創建一個涵蓋支付業務所有方面的獨立業務部門。因此，要非常詳細地了解一個機構的實際運作方式，設計產品，找出關鍵的工作流程，並建立這些工作流程。

Standing up the appropriate go to market engine, whether it be sales reps, marketing, comp plans, having the right kind of on boarding, having the right kind of customer support, so it's, it all works together synergistically. And so it's, obviously that having the product is paramount and you know knocking a number of these, top requested items off the list, is a great progress and then also, advancing our partnerships with practice management software platforms is also great progress.

建立合適的市場推廣機制，無論是銷售代表、行銷、薪酬方案、合適的入職培訓、合適的客戶支持，所有這些都能協同運作。因此，很顯然，擁有產品是最重要的，而且，從清單中剔除一些最受關注的項目是一個巨大的進步，此外，推進我們與實踐管理軟體平台的合作也是一個巨大的進步。

Great, thanks. And then as a follow-up, this year you've seen accelerated investments, particularly in go to market, integrating True lark and just, the deeper integration with the practice management systems. I realize it's still a little bit early, but I was wondering if you just maybe comment on how you see next year shaping up, whether it's going to be as big of an investment year.

太好了，謝謝。作為後續舉措，今年我們看到了加速投資，尤其是在市場推廣、整合 True Lark 以及與實踐管理系統進行更深入的整合方面。我知道現在說這些還為時過早，但我很想知道您能否談談您對明年發展前景的看法，以及明年是否會是投資大年。

Yeah, hey, thanks, Mark. As I said with Kyle, we're right in the middle of our planning for 2026, as we look at 200, look at the next year and how we're going to frame that. A lot of it comes down to the opportunities that are ahead of us, and you know. A couple of things. As we look at the go to market investments, these are generally small targeted investments in a handful of sales reps in like the mid-market side.

是啊，嘿，謝謝你，馬克。正如我和凱爾所說，我們正處於 2026 年規劃的中期，當我們展望 200 年，展望明年以及我們將如何規劃未來時，我們正處於規劃的關鍵時期。很多事情都取決於我們面前的機遇，你知道的。有幾件事。當我們審視市場推廣投資時，這些通常是針對中端市場少數銷售代表的小額定向投資。

And the thing I'd highlight is, Even with those we've really been able to leverage some of the scale within like our G&A line to help facilitate that so that here in 2025 we're delivering more profitability than we did in 2024 while also growing nicely and so you know that's a balance that we're going to continue to strike. We're going to look at where our opportunities lie. We still have a bias for growth, but very conscientious about profitability and our ability to deliver incremental profitability and so more to come on that in our next call, but hopefully that helps you understand how we're thinking about it.

我想強調的是，即使面臨這些挑戰，我們也能夠充分利用我們一般及行政費用方面的規模優勢來促進發展，因此，在 2025 年，我們的盈利能力比 2024 年更高，同時實現了良好的增長。所以，你知道，我們將繼續努力實現這種平衡。我們將考察一下我們的機會在哪裡。我們仍然傾向於成長，但非常重視獲利能力以及我們實現增量獲利的能力，因此我們將在下次電話會議上對此進行更多討論，但希望這能幫助您了解我們是如何考慮這個問題的。

Thank you.

謝謝。

Thank you. There are no further questions at this time. I will now turn the call back to CEO Brett White for closing remarks.

謝謝。目前沒有其他問題了。現在我將把電話轉回給執行長布雷特·懷特，請他作總結發言。

Thank you all for joining the call and thank you again. This concludes today's call. Thank you for attending. You may now disconnect.

感謝各位參加電話會議，再次感謝。今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。