Weave Communications Inc (WEAV) 2025 Q4 法說會逐字稿

Greetings and welcome to Weave's fourth quarter and full year 2025 financial results and conference call. (Operator Instructions) I would now like to turn the conference over to your host [Mariah Chilton], Investor relations. Thank you. You may begin.

各位好，歡迎參加 Weave 公司 2025 年第四季及全年財務業績電話會議。（操作員指示）現在我將把會議交給你們的主持人，投資者關係部的瑪麗亞·奇爾頓。謝謝。你可以開始了。

Thank you, Kevin. Good afternoon, everyone, and welcome to Weave's fourth quarter and full year 2025 financial results conference call. With me on today's call are Brett White, CEO; and Jason Christensen, CFO.

謝謝你，凱文。各位下午好，歡迎參加 Weave 公司 2025 年第四季及全年財務業績電話會議。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 filing.

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，並包含截至今日所做出的某些假設。此外，還需承擔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。

We disclaim 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, which excludes one-time acquisition-related costs, amortization of acquired intangible assets, and stock-based compensation.

我們不承擔更新或修改任何前瞻性陳述的義務。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。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，其中不包括一次性收購相關成本、收購的無形資產攤銷和股票選擇權費用。

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

與可比較 GAAP 指標的調節表可在今天的收益報告中找到，該報告可在我們的投資者關係網站上找到，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 8-K 表格的附件找到，收益演示文稿也可在我們的投資者關係網站上找到。

Before I turn the call over to Brett, we want to let you know that we'll be participating in the Raymond James Institutional Investors Conference on March second at the JW Marriott in Orlando, Florida. And with that, I will 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 3 月 2 日在佛羅裡達州奧蘭多 JW 萬豪酒店舉行的 Raymond James 機構投資者會議。接下來，我將把電話交給布雷特。

Thank you, Mariah, and thank you to everyone joining us today. We've delivered another strong quarter in Q4 with 17% year over year revenue growth, gross margin expanding to a company record of 73.3%, and operating income increasing to $2.3 million our highest level both in dollars and as a percentage of revenue.

謝謝你，瑪麗亞，也謝謝今天到場的每一位。我們在第四季又取得了強勁的業績，營收年增 17%，毛利率擴大到公司創紀錄的 73.3%，營業收入增至 230 萬美元，無論按美元計算還是按收入百分比計算，都達到了公司歷史最高水平。

This marks the 16 consecutive quarter of meeting or exceeding the high end of our revenue guidance range. For the full year, we generated 17% revenue growth and 24% growth in free cash flow. These results demonstrate the strength of our model consistent to light top-line growth, expanding margins, and disciplined cash generation while continuing to advance the platform for our customers.

這標誌著我們連續第 16 個季度達到或超過營收預期範圍的上限。全年來看，我們的收入成長了 17%，自由現金流成長了 24%。這些結果證明了我們模式的優勢，在維持輕度營收成長、利潤率擴大和現金流穩健成長的同時，不斷推進平台建設，為我們的客戶創造價值。

We're proving we can scale profitably and deliver new capabilities that deepen Weave's value to the practice. At our core we serve the professionals who care for patients. Our customers provide care at every stage of life from the first pediatric visits to restorative procedures, chronic care management, and everything in between. They are trusted professionals delivering essential services in their communities.

我們正在證明，我們可以實現盈利性規模化，並提供新的功能，從而加深 Weave 對實踐的價值。我們的核心業務是服務照顧病人的專業人士。我們的客戶提供涵蓋人生各個階段的護理，從兒科初診到復健治療、慢性病管理，以及介於兩者之間的所有護理。他們是值得信賴的專業人士，在各自社區提供重要服務。

Healthcare is fundamentally human. AI will not replace providers. It will amplify them. What it can do and what we are building toward is removing the administrative friction that pulls people away from patients.

醫療保健的本質是人文關懷。人工智慧不會取代服務提供者。它會放大這些影響。它能夠做到的，也是我們正在努力的方向，是消除那些將人們從病人身邊拉開的行政摩擦。

Our vision is simple, elevate patient experiences through a unified platform that improves business operations so healthcare professionals can focus on patient care. This vision is not a slogan. It guides how we build, invest, and operate. The healthcare industry is one of the largest and most complex in the world, making it ripe for AI adoption, and SMB practices have historically been slow to embrace digital transformation.

我們的願景很簡單，透過統一的平台提升患者體驗，改善業務運營，使醫療專業人員能夠專注於患者護理。這並非一句口號。它指導著我們的建設、投資和運作方式。醫療保健產業是世界上規模最大、最複雜的產業之一，非常適合採用人工智慧，而中小企業在接受數位轉型方面歷來進展緩慢。

Healthcare professionals navigate increasing administrative burdens like staffing shortages, rising patient demand, and reimbursement complexity. They require technology solutions to manage growth, communication, schedules, billing, insurance, and payments so they can focus on the patient in front of them while staying competitive in the local markets.

醫療保健專業人員面臨日益繁重的行政負擔，例如人員短缺、患者需求不斷增長以及報銷流程複雜等問題。他們需要技術解決方案來管理成長、溝通、日程安排、計費、保險和支付，以便他們能夠專注於眼前的患者，同時在當地市場保持競爭力。

Missed patient calls, scheduling challenges, and shifting insurance dynamics waste time, reduce patient satisfaction, increase burnout, and strain practice revenue and profitability. These operational inefficiencies create a clear and durable opportunity for automation and value creation. That's where we've comes in weave is the unified AI powered patient communications and engagement platform purpose built for small and medium sized healthcare practices.

錯過患者來電、日程安排困難以及不斷變化的保險政策都會浪費時間、降低患者滿意度、增加職業倦怠，並給診所的收入和盈利能力帶來壓力。這些營運效率低下的問題為自動化和價值創造提供了清晰而持久的機會。這就是我們推出 weave 的原因，weave 是一個統一的 AI 驅動型患者溝通和互動平台，專為中小型醫療機構打造。

We bring together AI agent and practice staff conversations across voice and text into unified workflows. Weave is the orchestration layer that helps practices continuously improve patient relationships, proactively assigns tasks for staff follow-up, and delivers insights so practice owners can measure, analyze and optimize.

我們將 AI 代理商和實踐人員的語音和文字對話整合到統一的工作流程中。Weave 是一個協調層，它可以幫助診所持續改善醫病關係，主動分配任務供員工跟進，並提供見解，以便診所所有者可以衡量、分析和優化。

Weave is a mission critical practice system of work, built at the center of patient interactions 24/7. All conversations flow through We, creating operational data to drive process continuity inside our platform. This continuity extends across communication channels. A patient conversation can begin on the phone, continue over text with an AI agent, and escalate back to a staff member when needed.

Weave 是一個以全天候 (24/7) 與病患互動為核心的關鍵任務實踐系統。所有對話都透過 We 進行，從而創建營運數據，以推動我們平台內部流程的連續性。這種連續性體現在各個溝通管道中。患者對話可以從電話開始，然後透過人工智慧代理進行簡訊溝通，必要時再轉回給工作人員。

Our platform treats this as a single persistent interaction, preserving context end to end so patient requests are addressed sufficiently. This is coordinated teamwork between the Weave AI platform and the practice staff we support. Weave is powered by authorized secure integrations with practice management systems, making our platform reliable enough to manage scheduling, insurance verification, billing and payments. This goes well beyond responding to basic inquiries.

我們的平台將此視為持久的交互，從頭到尾保留上下文，以便充分滿足患者的請求。這是 Weave AI 平台與我們支援的實踐人員之間的協調團隊合作。Weave 透過與診所管理系統的授權安全整合提供支持，使我們的平台足夠可靠，可以管理日程安排、保險驗證、計費和付款。這遠遠超出了回答基本詢問的範疇。

As customers continue to recognize the value of our agentic workflows, we've evolves from a product that practices use to an always on team mate they rely on. We reduce administrative burden, improve conversion and collections, and free staff to focus on high value patient care. Most importantly, we strengthen the patient-practice relationship which ultimately drives more revenue and profitability for our customers.

隨著客戶不斷認識到我們代理工作流程的價值，我們已經從實踐中使用的產品發展成為他們始終依賴的團隊成員。我們減輕了行政負擔，提高了轉換率和收款率，並讓員工專注於高價值的病患照護。最重要的是，我們加強了醫病關係，最終將為我們的客戶帶來更多的收入和獲利能力。

With communication history, automation and real-time performance insights all in weave, practices run smarter, grow faster, and build lasting operational resilience. Customer reliance on Weave makes our platform indispensable, strengthening customer attention, expanding share of wallet, increasing customer lifetime value as we continuously add value through AI powered solutions and additional products that our customers demand.

透過將通訊歷史記錄、自動化和即時效能洞察融合在一起，實踐可以更聰明地運行，更快地發展，並建立持久的營運彈性。客戶對 Weave 的依賴使我們的平台不可或缺，增強了客戶關注度，擴大了客戶錢包份額，提高了客戶終身價值，因為我們不斷透過人工智慧解決方案和客戶需要的其他產品來增加價值。

We believe that AI will augment software companies that leverage and deliver its value. This is especially true in vertical, highly regulated markets like healthcare where moats and years of expertise matter. Weave has spent almost two decades building for the unique needs of SMB healthcare practices. Healthcare workflows are highly customized. Scheduling, billing, insurance verification, and patient communication vary by specialty and by location.

我們相信，能夠利用人工智慧並發揮其價值的軟體公司將會成長壯大。在醫療保健等垂直行業和高度監管的市場中，這一點尤其如此，因為在這些行業中，競爭優勢和多年的專業經驗至關重要。Weave 近二十年來致力於滿足中小企業醫療機構的獨特需求。醫療保健工作流程高度客製化。排班、收費、保險核實和病患溝通方式因專科和地點而異。

Delivering reliable AI powered workflows in these environments requires authorized integrations with systems of record, regulatory compliance, scalability, and predictable execution. Most importantly, it requires trust with providers and patients. With almost 40,000 customer locations and billions of patient interactions flowing through our platform annually, we have the data mode at scale that cannot be replicated by horizontal generative AI providers.

在這些環境中提供可靠的 AI 驅動工作流程需要與記錄系統進行授權整合、符合監管規定、具備可擴展性和可預測的執行。最重要的是，這需要醫護人員和病人之間的信任。我們的平台每年處理近 4 萬個客戶地點和數十億次患者互動，我們擁有橫向生成式人工智慧提供者無法複製的大規模資料模式。

Our extensive industry-specific data allows us to deliver high accuracy without exposing PHI. This domain expertise and trusted data foundation are durable competitive advantages. Our customers are healthcare providers, not technologists. Doctor owners are focused on delivering care and running their businesses. They do not have the time, resources, or desire to build and maintain custom applications, particularly in an industry that has historically lagged in digitization and monetization.

我們擁有廣泛的行業特定數據，使我們能夠在不洩露PHI的情況下提供高精度。這種領域專業知識和可靠的數據基礎是持久的競爭優勢。我們的客戶是醫療服務提供者，而不是技術人員。診所所有者專注於提供醫療服務和經營診所。他們沒有時間、資源或意願去建立和維護客製化應用程序，尤其是在一個數位化和貨幣化方面歷來落後的行業中。

And that is a huge opportunity for weave. Practices operate within strict privacy, security, and regulatory frameworks. They look to trusted software partners to navigate that complexity. We've integrates with the practice management system, utilizes the trusted practice phone number, owns the phone hardware and telephony stack, and is deeply embedded in daily operations.

這對紡織業來說是一個巨大的機會。各項業務均在嚴格的隱私、安全和監管框架內運作。他們尋求值得信賴的軟體合作夥伴來應對這種複雜性。我們已與診所管理系統整合，使用值得信賴的診所電話號碼，擁有電話硬體和電話系統，並深度融入日常營運。

We have yet to encounter a customer or prospect planning to replace that infrastructure with a homegrown solution. Instead, practices are seeking greater automation inside the systems that they already rely on. The acquisition of True Art added an AI receptionist to our offering, embedding genic functionality directly into our platform.

我們還沒有遇到任何客戶或潛在客戶計劃用自研解決方案來取代現有的基礎設施。相反，各醫療機構正在尋求在他們已經依賴的系統內部實現更高的自動化程度。收購 True Art 為我們的產品和服務增加了人工智慧接待員，將基因功能直接嵌入到我們的平台中。

Our capabilities go beyond reactive automation to deliver proactive execution, scheduling appointments, verifying insurance eligibility, collecting payments, identifying coaching opportunities, analyzing outcomes, and escalating to staff for full conversational context is provided, is preserved.

我們的能力不僅限於被動自動化，還能主動執行，安排預約、驗證保險資格、收取款項、識別輔導機會、分析結果，並在需要時上報給工作人員，以便提供和保留完整的對話上下文。

This further establishes weave's role as a system of work inside the practice. Additionally, we recognize that AI has the potential to disrupt some software rev revenue models such as seat-based licensing. However, we license per location and based on consumption, not per seat.

這進一步確立了編織在實踐中作為一種工作系統的角色。此外，我們也意識到人工智慧有可能顛覆一些軟體收入模式，例如基於席位的授權模式。但是，我們按地點和消費量而不是按座位數進行許可。

In fact, headcount reductions in a practice lead to even higher usage and dependency on the weave platform. As we add agentic solutions to handle additional workflows, we capture share of wallet from the practice's labor budget historically allocated to administrative staff or call centers. This simultaneously reduces practice costs and improves ROI.

事實上，診所減少員工人數反而會導致對編織平台的使用和依賴程度更高。隨著我們添加代理解決方案來處理額外的工作流程，我們從診所以往分配給行政人員或呼叫中心的勞動力預算中奪取了一部分資金。這樣既能降低營運成本，又能提高投資報酬率。

Adding isolated AI tools does not reduce the cost or complexity of running a healthcare practice. As AI becomes table stakes, the premium shifts to platforms that can act, not just in form Weave is uniquely positioned to be that platform.

增加獨立的 AI 工具並不會降低醫療機構的營運成本或複雜性。隨著人工智慧成為基本要求，高端產品不再僅僅具備形式，而是能夠採取行動的平台。 Weave 的獨特優勢使其能夠成為這樣的平台。

Turning to our plans for 2026. TrueARC is the foundational building block of our AI receptionist capabilities. True LARC accelerated our roadmap by adding an established tech-based AI agent that handles common FAQs, manages inbound leads, and automates scheduling and rebooking.

接下來談談我們2026年的計畫。TrueARC 是我們人工智慧接待員功能的基礎建構模組。True LARC 透過添加一個成熟的基於技術的 AI 代理來加快我們的路線圖，該代理商可以處理常見問題、管理入站線索並自動安排和重新預訂。

The acquisition materially expanded our tamam by extending weave deeper into the front office automation and address directly addressing the single largest component of the practice's cost structure, staffing.

此次收購大大擴展了我們的業務範圍，將業務拓展到前台自動化領域，並直接解決了診所成本結構中最大的組成部分——人員配備問題。

This is both the biggest expense and one of the most operationally complex challenges practice owners face.

這既是診所經營者面臨的最大開支，也是營運上最複雜的挑戰之一。

One of our largest customers is now booking over 1,200 appointments per month using our AI receptionist, work that would otherwise require full-time front desk staff or just be missed. As that customer put it, quote, When you're thinking of software cost to cut, it is one of the last things you will ever consider because it is one of the few things that actually is bringing in revenue to the business, end quote.

我們最大的客戶之一現在每月使用我們的人工智慧接待員預約超過 1200 次，而這些工作原本需要全職前台人員才能完成，或者乾脆就被忽略了。正如那位客戶所說，“當你考慮削減軟體成本時，軟體往往是你最後才會考慮的事情之一，因為它是少數真正能為企業帶來收入的事情之一。”

In Q4 we launched a unified inbox that consolidates true Lark agentic conversations and weaves staff interactions into a single contextual view, removing the need to toggle between systems. We continued building voice capabilities, enabling the same AI agent to operate across text and phone.

第四季度，我們推出了統一收件箱，整合了 Lark 代理的真正對話，並將員工互動編織成一個單一的上下文視圖，從而無需在系統之間切換。我們持續開發語音功能，使同一個人工智慧代理能夠在文字和電話之間運作。

In the first half of 2026, we expect general availability of our omni-channel AI receptionists across all vertical markets. This enables practices to answer calls 24/7 with an AI agent that can address common questions, request or book appointments, and intelligently hand off more complex interactions to staff when needed.

我們預計在 2026 年上半年，我們的全通路 AI 接待員將在所有垂直市場全面上市。這使得診所能夠全天候使用人工智慧代理商接聽電話，該代理商可以解答常見問題、請求或預約，並在需要時智慧地將更複雜的互動轉交給工作人員。

These conversations are transcribed and posted into our unified inbox, preserving full context across both AI agent and staff interactions. We've call intelligence then automatically prioritizes important requests and creates follow-up tasks.

這些對話會被轉錄並發佈到我們的統一收件匣中，從而保留人工智慧代理和員工互動之間的完整上下文。我們呼叫智慧系統，然後自動優先處理重要請求並建立後續任務。

In the second half of 2026, we plan to extend beyond scheduling to more autonomous intake and payments, including automated payment requests after claims adjudication and the collection of co-pays and pre-treatment deposits directly within scheduling flows.

2026 年下半年，我們計劃將業務範圍從預約安排擴展到更自主的受理和支付，包括在理賠裁決後自動請求付款，以及在預約流程中直接收取共同支付費用和預付金。

This is a deliberate phased rollout with a larger opportunity to expand AI across front and back office workflows. We are excited about the opportunity ahead in 2026. Our AI roadmap expands. Our TAam deepens Weave's role in the practice and leverages our market leading position and scale.

這是有計劃的分階段推廣，旨在為將人工智慧擴展到前台和後台工作流程提供更大的機會。我們對2026年即將到來的機會感到興奮。我們的人工智慧路線圖正在擴展。我們的 TAam 深化了 Weave 在實踐中的作用，並利用了我們市場領先的地位和規模。

Before Jason dives into the financials, I wanted to recap a couple of additional highlights from our 2025 growth factors. The specialty medical vertical continues to stand out as one of our most attractive growth opportunities. This space grew to become our second largest vertical by location count in Q225.

在 Jason 深入分析財務數據之前，我想回顧一下我們 2025 年成長因素中的幾個其他亮點。專業醫療垂直領域仍然是我們最具吸引力的成長機會之一。2025 年第二季度，該領域發展成為我們按地點數量計算的第二大垂直領域。

That momentum continued, and we added more specialty location, specialty medical locations in Q4 than in any quarter in our history. Specialty medical comprises 29 specialties and we currently focused on just four primary care, physical and occupational therapy, aesthetics and med spa. Next, Weave payments grew at more than twice the rate of total revenue in 2025 with strong early adoption of new capabilities like automated automated payment reminders, bulk collections, and surcharging.

這一勢頭得以延續，我們在第四季度新增的專科醫療機構數量超過了公司歷史上任何一個季度。專科醫療涵蓋 29 個專科，而我們目前只專注於四個專科：初級保健、物理和職業治療、美容和醫療水療。接下來，Weave 支付業務在 2025 年的成長速度是總收入的兩倍多，這得益於其早期對自動付款提醒、批量收款和附加費等新功能的強勁採用。

Today we announced a partnership agreement with CareCredit, the leading patient financing solution used by over 285,000 health and wellness locations nationwide. This integration is expected to give Weave customers greater visibility into available patient credit, streamline the credit application process, and improve treatment acceptance rates by making care more accessible.

今天，我們宣布與 CareCredit 達成合作協議。 CareCredit 是領先的患者融資解決方案提供商，在全國擁有超過 285,000 家健康和保健機構。此次整合有望讓 Weave 的客戶更清楚地了解可用的患者信用額度，簡化信用申請流程，並透過使護理更容易獲得來提高治療接受率。

In conclusion, we've delivered consistent revenue growth, expanded margins, and free cash flow while continuing to invest in innovation. Just as importantly, the customer successes we see today give us confidence that this value creation is repeatable and sustainable. Weave is defining the intelligent healthcare front office.

總之，我們在持續投資創新的同時，實現了持續的收入成長、利潤率的擴大和自由現金流的增加。同樣重要的是，我們今天看到的客戶成功案例讓我們相信，這種價值創造是可以重複且可持續的。Weave正在定義智慧醫療前台。

We're building a durable, scalable business that delivers on our commitments, and we are excited about the long-term value we can create for both our customers and our shareholders. Both myself and the Weave management team entered 2026 very excited about not only the opportunity ahead of us, but also our very unique position to capitalize on the opportunities and deliver additional value to our markets.

我們正在打造一個可持續發展、可擴展的業務，履行我們的承諾，我們對能夠為客戶和股東創造的長期價值感到興奮。我和 Weave 管理團隊都對 2026 年充滿期待，不僅因為眼前的機遇，也因為我們獨特的優勢能夠抓住機遇，為市場帶來更多價值。

I want to thank our customers, partners, team members, and shareholders for your continued trust in weave. The progress we've made gives us strong confidence in the path ahead. With that, I'll turn the call over to Jason for a deeper discussion of our financial performance.

我要感謝我們的客戶、合作夥伴、團隊成員和股東們對weave的持續信任。我們所取得的進展讓我們對未來的道路充滿信心。接下來，我將把電話交給傑森，讓他更深入地討論我們的財務表現。

Thanks, Brett. Good afternoon, everyone. It was another solid quarter and a strong finish to the year for Weave, reflecting continued momentum in our growth initiatives and disciplined execution across the business.

謝謝你，布雷特。大家下午好。對於 Weave 而言，這又是一個穩健的季度，也是今年的一個強勁收官，反映出我們在成長計畫方面持續的勢頭以及業務各方面的嚴格執行。

The growth in our product suite this year, including the acquisition of TrueArk, expanded our estimated total addressable market by roughly $7 billion to an estimated $22 billion. We believe there is further TAM expansion on the horizon as we add capabilities to our AI receptionist. Across our established verticals, we see a meaningful runway for continued growth in dental, our initial market, we are in fewer than 15% of US locations, highlighting the depth of opportunity still ahead.

今年，我們的產品組合不斷成長，包括收購 TrueArk，使我們預期的潛在市場規模擴大了約 70 億美元，達到約 220 億美元。我們相信，隨著我們不斷增強人工智慧接待員的功能，TAM（目標市場規模）將會進一步擴大。在我們已建立的垂直領域中，我們看到了牙科領域持續成長的巨大潛力。牙科是我們最初的市場，我們在美國的業務覆蓋率不到 15%，這凸顯了未來仍有很大的發展機會。

For example, we has recently been selected and endorsed by the American Dental Association as its exclusive patient engagement solution, giving us co-marketing access to their 160,000 members and reinforcing our leadership position in the dental market.

例如，我們最近被美國牙科協會選中並認可為獨家患者互動解決方案，這使我們能夠與他們 160,000 名會員進行聯合行銷，並鞏固了我們在牙科市場的領導地位。

Specialty medical is our largest and newest US market opportunity, and we remain in the early stages of penetration with roughly 1% share. We see a clear path to building a significantly larger business with our growing suite of AI powered solutions, expanding market share, and increasing average revenue per location.

專業醫療是我們在美國最大、最新的市場機會，我們仍處於滲透的早期階段，市佔率約 1%。我們看到了一條清晰的道路，那就是透過不斷成長的人工智慧解決方案、擴大市場份額和提高每個地點的平均收入，打造一個規模更大的企業。

Moving to our financial results, starting with the fourth quarter, we produced $63.4 million in total revenue, which represents 17% year over year growth driven by payments and the addition of new locations. Gross margin for the quarter was 73.3%, representing a year over year improvement of 70 basis points.

接下來談談我們的財務業績，從第四季度開始，我們實現了 6,340 萬美元的總收入，年增 17%，這主要得益於支付業務的成長和新地點的增加。本季毛利率為 73.3%，比去年同期提高了 70 個基點。

We have delivered sequential gross margin expansion in 15 of the past 16 quarters, including a 30-basis point sequential improvement in Q4. Margin improvement was primarily driven by ongoing efficiencies in our cloud infrastructure and amortization of phone hardware and payment terminals as devices older than 3 years become fully amortized.

在過去的 16 個季度中，我們有 15 個季度實現了毛利率環比增長，其中第四季度毛利率環比增長了 30 個基點。利潤率的提高主要得益於雲端基礎設施效率的持續提升，以及手機硬體和支付終端折舊，因為使用超過 3 年的設備已完全攤銷完畢。

We also continue to benefit from the growing contribution of higher margin payments revenue. Total operating expenses for Q4 were 70% of revenue. General and administrative expenses were $9.6 million and provided the most year over year operating leverage improvement in our business. General and administrative expenses improved to 15% of revenue from 17% in Q4 2024, a decrease of over 200 basis points. Research and development expenses were $8.9 million or 14% of revenue, which represents a decrease from 15% in Q4 2024. Sales and marketing expenses totaled $25.6 million or 40% of revenue.

我們也持續受益於高利潤支付收入不斷增長的貢獻。第四季總營運費用佔收入的70%。一般及行政費用為 960 萬美元，為我們的業務帶來了最大的年度營運槓桿改善。一般及行政費用佔收入的比例從 2024 年第四季的 17% 改善至 15%，下降了 200 多個基點。研發費用為 890 萬美元，佔營收的 14%，低於 2024 年第四季的 15%。銷售和行銷費用總計 2,560 萬美元，佔收入的 40%。

As discussed in previous earnings calls, we made a number of targeted investments in 2025. We added sales capacity in mid-market. We grew our upsell team to increase product attached rates, including payments through a new dedicated payment sales team, and we built out a channel sales team that focuses exclusively on selling through commercial partnerships.

如同先前財報電話會議所討論的，我們在 2025 年進行了一系列有針對性的投資。我們在中端市場增加了銷售能力。我們擴大了追加銷售團隊，以提高產品附加費率，包括透過新的專門支付銷售團隊進行支付；我們還建立了一個通路銷售團隊，專門負責透過商業合作夥伴關係進行銷售。

We also increased our marketing program spend. To increase brand awareness and demand in the specialty medical vertical and in promoting our AI receptionists and new products. Mid-market and specialty medical sales accelerated in 2025, and we finished the year with strong sales performance and a healthy pipeline to start 2026 behind these investments. We continue to optimize our sales and marketing efforts and anticipate some improvements in sales and marketing efficiency in the second half of 2026.

我們也增加了行銷項目的支出。提高品牌知名度和在專業醫療領域的市場需求，並推廣我們的人工智慧接待員和新產品。2025 年，中端市場和專業醫療銷售加速成長，我們以強勁的銷售業績結束了這一年，並且憑藉這些投資，我們為 2026 年的開始積累了健康的銷售管道。我們將繼續優化銷售和行銷工作，並預計在 2026 年下半年銷售和行銷效率將有所提高。

Operating income for the quarter was $2.3 million an improvement of over $500,000 compared to Q4 2024. This represents an operating margin of 3.6%, a 30 basis points improvement over the prior year and a 90 basis points improvement sequentially.

本季營業收入為 230 萬美元，比 2024 年第四季增加了 50 多萬美元。這意味著營業利益率為 3.6%，比上年提高了 30 個基點，比上一年度提高了 90 個基點。

Turning to the balance sheet and cash flow, we continue to see strong liquidity and free cash flow. We ended the quarter with $81.7 million in cash and short-term investments, an increase of $1.4 million sequentially.

從資產負債表和現金流量來看，我們持續看到強勁的流動性和自由現金流。本季末，我們持有現金和短期投資 8,170 萬美元，比上一季增加了 140 萬美元。

Cash provided by operating activities in Q4 was $6.2 million and free cash flow was $4.4 million. Free cash flow for the full year was $12.9 million which represents 24% year over year growth. Our net revenue retention rate in Q4 was 93%. Our gross revenue retention rate was 89% and remains very strong for companies serving SMB customers.

第四季經營活動產生的現金流量為 620 萬美元，自由現金流為 440 萬美元。全年自由現金流為 1,290 萬美元，較去年同期成長 24%。第四季我們的淨收入留存率為 93%。我們的毛收入留存率達到 89%，對於服務中小企業客戶的公司而言，這一比例仍然非常高。

As a reminder, our reported retention rates are a weighted average of the previous 12 months' retention rates. As such, it can take several quarters for the progress we are currently making to show through our reported retention metrics. I will provide additional one-time metrics in this year and recap, which we believe may be helpful in understanding 2025 retention rate trends.

再次提醒，我們公佈的客戶留存率是過去 12 個月客戶留存率的加權平均值。因此，我們目前的進展可能需要幾個季度才能透過我們報告的留存率指標來體現。今年我將提供一些額外的一次性指標並進行總結，我們認為這些指標可能有助於了解 2025 年的客戶留存率趨勢。

First, when looking at gross retention, we implemented a number of initiatives in 2025 that improved the customer experience, including more tailored onboarding, new products and refined product packaging, which along with greater integration coverage and depth across all verticals, helps ensure customers receive the value they expect.

首先，在檢視整體留存率時，我們在 2025 年實施了一系列舉措，以改善客戶體驗，包括更個人化的新用戶引導、新產品和改進的產品包裝，這些舉措，以及在所有垂直領域更廣泛的整合覆蓋範圍和深度，有助於確保客戶獲得他們期望的價值。

These efforts yielded a steady reduction in churn in the second half of 2025 and Q4 churn returned to our 2023 and 2024 churn levels. We expect gross revenue retention rates to trend back to historical ranges of 91% to 93% over time.

這些努力使得 2025 年下半年的客戶流失率穩定下降，第四季的客戶流失率恢復到 2023 年和 2024 年的水準。我們預計隨著時間的推移，總收入留存率將回升至 91% 至 93% 的歷史水準。

Previously, we highlighted how integrations with practice management systems affect churn.

先前，我們重點介紹了與診所管理系統整合如何影響客戶流失率。

Customers who purchase weave products that are not yet integrated with practice management systems or that have basic read-only integrations typically have higher churn initial churn rates.

購買尚未與診所管理系統整合或僅具有基本唯讀整合的編織產品的客戶，其初始流失率通常較高。

New verticals like specialty medical typically start with higher churn rates, which improve over time as we increase the number and depth of practice management integrations.

像專科醫療這樣的新興垂直領域，通常一開始會有較高的客戶流失率，但隨著我們增加實踐管理整合的數量和深度，這種情況會逐漸改善。

Additionally, we have seen ongoing trend of single locations being acquired by larger groups. While we may lose single locations to multi-location groups through acquisition, our investments in mid-market and AI combined with high customer satisfaction rates position us to potentially win those businesses back as part of a larger deal.

此外，我們也觀察到單一地點被大型集團收購的趨勢。雖然我們可能會因為被多地點集團收購而失去單一門市，但我們在中端市場和人工智慧領域的投資，加上較高的客戶滿意度，使我們能夠在更大的交易中贏回這些業務。

Transitioning to net revenue retention rates, we discussed previously that our net revenue retention rate in the first half of 2025 was bolstered by the effects of a price increase in 2024. Which accounted for approximately 250 basis points of uplift. We lapped the effect of that price increase in the first half, and our net revenue retention rate has subsequently decreased accordingly.

過渡到淨收入留存率，我們之前討論過，2025 年上半年的淨收入留存率受到 2024 年價格上漲的影響。這大約帶來了 250 個基點的提升。上半年我們已經基本消化了物價上漲的影響，因此我們的淨收入留存率也相應下降。

It's also important to note that our reported retention metrics are measured on a location basis, not on a customer or logo basis. Approximately 2/3 of our current customer base is single location practices. The addition of another location within a multi-location customer does not improve our net revenue retention rate.

還需要注意的是，我們報告的留存率指標是基於地理位置衡量的，而不是基於客戶或徽標衡量的。我們目前約有三分之二的客戶是單店診所。對於擁有多個營業地點的顧客而言，增加一個營業地點並不會提高我們的淨收入留存率。

Looking solely at multi-location groups on a logo basis, our net revenue retention rate is 102%, while our net revenue retention rate is 93% for single location practices. Multi-locations have a higher net revenue retention rate on a logo basis because of location additions.

僅從多地點集團的標誌來看，我們的淨收入留存率為 102%，而單地點診所的淨收入留存率為 93%。多地點經營的品牌由於新增地點，其淨收入留存率較高。

My final point is that our ability to expand net revenue retention has been limited because customers often adopt most of our products upfront. Customers often consolidate multiple point solutions when they purchase Weave's unified platform.

最後一點是，我們擴大淨收入留存率的能力受到限制，因為客戶通常會在初期就採用我們的大部分產品。客戶在購買 Weave 的統一平台時，通常會整合多個獨立解決方案。

This establishes higher initial revenue capture, though this historically limited our near term upsell opportunities. We have seen this dynamic reflected in average revenue per location growth, which grew 10% over the past two years even as net revenue retention declined over the same period.

這可以帶來更高的初始收入，但這在歷史上限制了我們近期的追加銷售機會。我們已經看到這種動態反映在每個地點的平均收入成長上，過去兩年平均收入成長了 10%，而同期淨收入留存率卻有所下降。

However, the addition of true Lark and faster product development cycles are now meaningfully expanding the upsell opportunity within our install base. Our insurance eligibility and Tru Lark products drove acceleration of upsells in Q4, and our penetration into the install base for both products is still less than 2%. We ended 2025 with 39,625 active customer locations, an increase of 4,628 locations year over year.

然而，真正的 Lark 的加入以及更快的產品開發週期，現在正在顯著擴大我們現有客戶群的追加銷售機會。我們的保險資格和 Tru Lark 產品推動了第四季度的追加銷售加速，但這兩個產品在安裝基數中的滲透率仍然不到 2%。截至 2025 年底，我們擁有 39,625 個活躍客戶地點，比前一年增加了 4,628 個地點。

Before turning to our outlook, I'll briefly recap for your performance. For 2025, total revenue grew 17% to $239 million. Gross margin for the year expanded to 72.7%, up 80 basis points from 71.9% in the prior year. We delivered full year operating income of $4.1 million representing an operating margin of 1.7% compared to 0.4% last year.

在展望未來之前，我先簡單回顧一下你們的表現。2025年總營收成長17%，達2.39億美元。本年度毛利率擴大至 72.7%，比前一年的 71.9% 提高了 80 個基點。我們全年營業收入為 410 萬美元，營業利益率為 1.7%，而去年為 0.4%。

This marks another year of progress and profitability and I would like to highlight that this year's improvement came while also making targeted investments in growth initiatives which reflects our ability to balance growth while making investments into our business.

這標誌著又一年取得了進步和盈利，我想強調的是，今年的進步是在對增長計劃進行有針對性的投資的同時實現的，這反映了我們能夠在保持增長的同時對業務進行投資的能力。

We are pleased with our progress this year and would like to thank our team members at Weave, our customers and partners, for their contributions throughout the year. Looking ahead, we remain encouraged by the strengthening foundation of the business and the opportunities in front of us.

我們對今年的進展感到滿意，並感謝 Weave 的團隊成員、我們的客戶和合作夥伴在過去一年中的貢獻。展望未來，我們對公司日益穩固的基礎和擺在我們面前的機會感到鼓舞。

For the first quarter of 2026, we expect total revenue to be in the range of $64.2 million to $64.8 million. We expect to improve first quarter operating income year over year. And for it to be in the range of $1 million to $2 million.

我們預計 2026 年第一季總營收將在 6,420 萬美元至 6,480 萬美元之間。我們預計第一季營業收入將比去年同期增加。預計金額在 100 萬至 200 萬美元之間。

As a reminder, there are seasonal factors that result in a sequential increase in expenses in Q1, including the reset of payroll tax limits, benefit renewals taking effect, and the timing of the annual audit fees, which are weighted more heavily in Q1.

需要提醒的是，由於季節性因素，第一季的支出會逐週增加，包括工資稅限額的重置、福利續約的生效以及年度審計費用的收取時間，這些因素在第一季度的佔比更高。

We remain committed to delivering improving margins while maintaining our bias toward growth. We are beginning to benefit from the investments made in 2025, such as those made in sales and marketing, and we will be flowing an increased percentage of incremental revenue into operating income in 2026.

我們將繼續致力於提高利潤率，同時保持成長動能。我們開始從 2025 年的投資中受益，例如在銷售和行銷方面的投資，我們將在 2026 年將更多比例的新增收入轉化為營業收入。

For the full year 2026, we expect to grow total revenue to be in the range of $273 million to $276 million. With the new products Brett discussed, which will be released throughout the year, we expect the impact of these products to positively impact revenue growth in the latter half of the year.

預計到 2026 年全年，總收入將成長至 2.73 億美元至 2.76 億美元之間。Brett 提到的新產品將在今年陸續發布，我們預計這些產品將在下半年對營收成長產生正面影響。

We also expect to improve non-GAAP operating income year over year to be in the range of $8 million to $12 million. We expect our weighted average share count for Q1 to be approximately [78.7 million shares and approximately 79.9 million shares] for the full year.

我們也預期非GAAP營業收入將逐年提高，達到800萬美元至1,200萬美元。我們預計第一季的加權平均股數約為[7,870萬股]，全年約為[7,990萬股]。

In closing, I share Brett's excitement about our 2026 roadmap and our position in the market. We delivered a strong 2025 marked by solid revenue growth, continued margin expansion, and improving profitability and cash generation.

最後，我和 Brett 一樣，對我們的 2026 年發展路線圖和市場地位感到興奮。我們實現了強勁的 2025 年業績，其特點是營收穩定成長、利潤率持續擴大、獲利能力和現金流不斷提高。

We remain confident in our strategy and our ability to execute as we continue to balance growth and profitability improvements. With that, I'll turn the call over to the operator for Q&A.

我們對我們的策略和執行能力充滿信心，我們將繼續平衡成長和獲利能力的提升。接下來，我將把電話轉交給接線生進行問答環節。

(Operator Instructions)

（操作說明）

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Hi, this is Matthew Kickert for Parker. Thank you for taking my questions. To start, can you talk a little bit more about the Care Credit integration that you announced this morning? Just curious if that's your focus is to drive incremental payments attached rate, more average payments volumes across existing customers or something else.

大家好，我是帕克公司的馬修‧基克特。謝謝您回答我的問題。首先，能否再詳細談談您今天早上宣布的 Care Credit 整合事宜？我只是好奇，你們的重點是提高附加支付率、增加現有客戶的平均支付額，還是其他方面。

Yeah, great to catch up with you, Matthew. The Care Credit partnership, what that really does is open up another avenue for us to capture volumes that otherwise would flow through Care Credit themselves. They are the largest provider of patient financing solutions in the market and this gives us access through the partnership to some of the volumes that otherwise would flow through them. So, there's work now to be done on the integration and bringing that directly to market. So, today we just announced that we completed the partnership and we'll have more color to provide in the future.

是啊，很高興能和你敘敘舊，馬修。透過與 Care Credit 建立合作關係，實際上為我們開闢了另一條途徑，讓我們能夠獲取原本會透過 Care Credit 本身流向的業務量。他們是市場上最大的患者融資解決方案提供商，透過此次合作，我們可以獲得一些原本會流向他們的業務量。所以，現在需要做的就是整合工作，並將其直接推向市場。所以，今天我們剛剛宣布完成了合作，未來我們將提供更多色彩。

And I would add, this is kind of just the next step in our payment strategy. So, kind of starting with basic payment processing, then moving into more, additional financial tools, additional financial vehicles, that allow our customers to often their patience. So, it makes our, takes our payment solution. To basically a financial solution and the practices have more tools to offer their patients whether it be financing through CareCredit, financing through themselves, using the weave tools to schedule payments, so it just makes the payment product more attractive, stickier in addition to attaching more volume.

我還要補充一點，這只是我們支付策略的下一步。所以，我們先從基本的支付處理開始，然後逐步擴展到更多額外的金融工具和金融管道，讓我們的客戶能夠更好地應對他們的耐心。所以，它構成了我們的支付解決方案。從本質上講，這是一種金融解決方案，診所可以為患者提供更多工具，無論是透過 CareCredit 進行融資、自行融資，還是使用 Wea​​ve 工具安排付款，這都使支付產品更具吸引力、更牢固，並增加了業務量。

Okay, and then secondly, for 2026, what are your expectations for growth rates across the different sub verticals?

好的，其次，對於 2026 年，您對各個細分領域的成長率有何預期？

Yeah, we're starting the year in a great position. We haven't broken out the growth rates for each one of the different, the verticals that we serve, but we continue to anticipate strong growth across the growth vectors that we've talked about around specialty medical. We just talked about how Q4 was our strongest.

是的，我們今年的開局非常有利。我們還沒有公佈我們所服務的各個垂直領域的成長率，但我們仍然預計，在我們討論過的專科醫療成長領域，各個成長方向都將保持強勁成長。我們剛才還在討論第四季是我們表現最好的一個季度。

Strongest quarter, from a, from an addition perspective there. Mid-market grew nicely in 2025. We expect that to continue, and so, not, can't speak to the underlying components, but we do anticipate to continue to see, momentum and growth through those, through the same channels.

從附加價值的角度來看，這是表現最強勁的季度。2025年，中端市場成長良好。我們預計這種情況會繼續下去，因此，我們無法評論其根本原因，但我們確實預計會繼續透過相同的管道看到勢頭和成長。

Yeah, and I would add, we expect, especially medical probably will be the strongest grower just because of the opportunities set here and all the work that we've done on adding integrations throughout this year, continue to add them throughout the year. Some of the marketing dollars that you saw that we spent in Q4 is really around developing our brand presence in that sector. So we expect that to grow, continue to be the fastest grower. I expect all of our verticals to grow nicely. The omnichannel.

是的，我還要補充一點，我們預計，特別是醫療領域，可能會成為成長最強勁的領域，這主要是因為這裡存在著很多機會，而且我們今年一直在努力增加整合，並將繼續在今年增加整合。您在第四季度看到我們投入的部分行銷資金，實際上都用於提升我們在該領域的品牌影響力。因此我們預計它將繼續增長，並保持最快的增長速度。我預計我們所有業務板塊都會取得良好的成長。全通路。

AI receptionists that we're rolling out is really valuable to kind of all verticals and integrated and not. I mean, the tool is quite useful even without a PMS integration. So I think, I expect solid growth in all verticals, but I think especially medical probably lead the pack.

我們正在推出的AI接待員對幾乎所有垂直行業都非常有價值，無論是否為整合型企業。我的意思是，即使沒有 PMS 集成，這個工具也相當有用。所以我認為，所有垂直領域都將穩健成長，但我認為醫療領域尤其可能會領先。

Terrific. Thank you.

了不起。謝謝。

And your next question comes from the line of Alex Glar with Raymond James. Your line is open. Please go ahead. Your line is open. Please go ahead.

你的下一個問題來自 Raymond James 的 Alex Glar。您的線路已開通。請繼續。您的線路已開通。請繼續。

Hannah Rudoff, Piper Sandler.

漢娜·魯道夫，派珀·桑德勒。

Guys, thanks for taking my questions today. It was encouraging to hear that stat about the one customer, I believe you said who scheduled 1,200 appointments using your AI receptionist. I guess longer-term as you think about it and you launch more AI capabilities and you complete the rollout of this unified inbox, how do you think about pricing to capture the value that you're delivering?

各位，感謝你們今天回答我的問題。聽到您提到的那位使用您的人工智慧接待員預約了 1200 次的客戶的數據，我感到非常鼓舞。我想從長遠來看，當你推出更多人工智慧功能並完成統一收件匣的部署後，你會如何考慮定價才能反映你所提供的價值？

Yeah, so we will definitely be able to monetize it. I think still being worked out is it priced as an additional module module or is it priced as, included in a bundle. So for example, you may have standalone Tru Lark now and if you want to go to the Fusion inbox where that brings everything from True Lark and we all together in one place, which is the ultimate destination. Is that a premium product that we price for?

是的，所以我們肯定能夠從中獲利。我認為目前仍在商討中，它的定價方式是作為額外的模組，還是作為捆綁包的一部分。例如，您現在可能擁有獨立的 Tru Lark，如果您想前往 Fusion 收件匣，它將 True Lark 和我們所有的所有內容集中在一個地方，這是最終目的地。這是我們的高端產品嗎？

The really important concept though is that we are now going ability to attach to the labor budget because we can just prove how we save labor and how we Drive revenue. So we're very confident that we can monetize the additional AI omni-channel receptionist functionality and I think we'll work it out over time. I think a really important point is we don't license by seat, we license by location and then consumption and we're confident that these tools will produce a lot of value for the practices and we'll be able to monetize them accordingly.

但真正重要的概念是，我們現在能夠將勞動預算與勞動預算掛鉤，因為我們可以證明我們如何節省勞動力以及如何提高收入。因此，我們非常有信心將額外的 AI 全通路接待員功能貨幣化，我認為隨著時間的推移，我們會解決這個問題。我認為非常重要的一點是，我們不按席位授權，而是按地點和使用量授權，我們相信這些工具將為診所帶來很多價值，我們也能夠相應地實現盈利。

Totally makes sense. And then Jason, I really appreciate the additional color you gave this quarter around NRR and and the multi-location NRR you shared. I guess you've talked about churn being higher and average sales prices being lower initially and some of your newer verticals is, you have newer integrations and some of the solutions are non-integrated. I guess, have you seen these metrics stabilize for some of your oldest specialty medical cohorts, or does that take longer than a few years to kind of stabilize an average with historical metrics?

完全說得通。Jason，我非常感謝你在本季對 NRR 和多地點 NRR 的補充說明。我想您已經提到過，初期客戶流失率較高，平均銷售價格較低，而且您的一些新興垂直領域也存在問題，例如，您有新的整合方案，但有些解決方案尚未整合。我想問的是，您是否觀察到您一些最老的專科醫療群體中的這些指標趨於穩定？或者說，要讓歷史指標的平均值穩定下來，是否需要幾年以上的時間？

Yeah, thank you for the question. We saw the same phenomenon. I highlighted how we saw churn decrease through the second half of the year and Q4 return to return to 2023, [2024] rates, we saw nice improvement in specialty medical as well in Q4 and so we have already started to see some of the improvements there. We have delivered a number of integrations on that front. We've expanded our coverage on that front, so as those have started to mature, we're encouraged about making that declaration about where churn will trend back towards because we're already starting to see some of the proof points there that we've been talking about.

是的，謝謝你的提問。我們也觀察到了同樣的現象。我重點介紹了我們如何在今年下半年和第四季度看到客戶流失率下降，並恢復到 2023 年和 2024 年的水平，我們在第四季度也看到了專科醫療方面的良好改善，因此我們已經開始看到這方面的一些改善。我們在這方面已經完成了一系列整合工作。我們已經擴大了這方面的覆蓋範圍，隨著這些方面開始成熟，我們很受鼓舞地宣布客戶流失率將回落到什麼方向，因為我們已經開始看到我們一直在談論的一些證據點。

Yeah, and I would add, Hannah, you mentioned, does it get better over years, and it's actually happens more quickly than that. We're seeing it improve over quarters, and it's just as you get your, Improve your integrations, depth, breadth, turn rates come down, and not only do turn rates come down, but CC comes down over time as you develop a brand, you have more word of mouth, you're more familiar in the trade shows, so, it's a, it's a virtuous benefit that comes over, trends over time and then if you say, well, how do you know that?

是的，漢娜，我想補充一點，你提到過，這種情況會隨著時間的推移而好轉，但實際上發生得比這更快。我們看到情況每季都在改善，就像你不斷改進整合、深度和廣度一樣，週轉率會下降，不僅週轉率會下降，隨著品牌的發展，口碑傳播更廣，在展會上更受歡迎，CC也會隨著時間的推移而下降。所以，這是一個良性循環帶來的好處，隨著時間的推移，趨勢會不斷改變。如果你問，你怎麼知道這一點？

It's just, from our history, looking through all of our verticals that we enter and that's one of the reasons we do it as a step function as opposed to just, doing a shotgun blast with a lot of verticals because the idea is, you go into initial vertical, ASP is lower, CA is higher, churn is higher, you work through that, ASP comes up, CAC comes down, churn comes down, and then you kind of go into a new vertical and you kind of just stage it that way. And I Been in vertical sass and payments for over a decade and this is the pattern I've seen throughout that entire period.

從我們的歷史來看，回顧我們進入的所有垂直領域，這也是我們採取階梯式增長而不是一股腦地大量進軍多個垂直領域的原因之一。因為我們的理念是，當你進入第一個垂直領域時，平均售價較低，客戶獲取成本較高，客戶流失率也較高；當你逐步克服這些困難後，平均售價會上升，客戶獲取成本會下降，客戶流失率也會下降；然後你就可以進入一個新的垂直領域，並以這種方式逐步推進。我在垂直領域和支付領域工作了十多年，這是我在這整個時期看到的模式。

Great, really encouraging to hear. Thank you, guys.

太好了，聽到這個消息真是令人鼓舞。謝謝大家。

And we will come back to Alex Klar for your next question from Raymond James. Your line is open. Please go ahead. (Operator Instructions)

接下來，我們將連線 Alex Klar，回答您來自 Raymond James 的下一個問題。您的線路已開通。請繼續。（操作說明）

Mark Chappell, Loop Capital.

Mark Chappell，Loop Capital。

Hi, good afternoon. Can you hear me, okay?

您好，下午好。你聽得到我說話嗎？

Yes, we can.

是的，我們可以。

Okay, great, super. So, thanks for taking my question. Brett, starting with you, I was wondering if you could just kind of walk through your investment priorities and also hiring priorities for the coming year.

好的，太好了，棒極了。謝謝你回答我的問題。Brett，首先請你談談你來年的投資重點和招募重點。

Sure. So, I think they're the same, our investment priorities and our hiring priorities, so that's good. I think number one on our hiring and investment priorities are product and engineering. We, we've got a really unique advantage with, since we own the telephony stack, we have the practice phone number, we have the data. We are really uniquely positioned to take, the AI receptionist technology from a text experience.

當然。所以，我認為我們的投資重​​點和招募重點是一樣的，這很好。我認為我們在招募和投資方面的首要任務是產品和工程。我們擁有一個非常獨特的優勢，因為我們擁有電話系統，我們有實際的電話號碼，我們有數據。我們擁有獨特的優勢，可以將人工智慧接待員技術從文字體驗帶入現實。

To, kind of a native inside of weave and then make it a full voice experience and so we are really leaning hard into that and investing against hiring engineers and product people to make sure that we can execute effectively on that one.

就像在編織中融入原生元素一樣，然後將其變成完整的語音體驗，所以我們正在大力推進這一點，並投資招募工程師和產品人員，以確保我們能夠有效地執行這一點。

I think, invest, other investment priorities are, On the GTM side, go to market side, and we're, we've actually made a couple of changes to our model at the end of this year and into next year, we're actually, we used to go to, we're, we used to have a full-service AE model and now we're kind of moving more to an SDR AE model. It's more efficient, and it seems to be working, so early proof points are good there. And I think those are the big investments we're making certainly in the first half of the year.

我認為，投資方面，其他投資重點是，在市場推廣方面，我們實際上在今年年底和明年對我們的模式進行了一些改變，我們過去採用的是全方位服務的客戶經理模式，而現在我們正在轉向銷售代表客戶經理模式。它效率更高，而且似乎效果不錯，所以早期的驗證點是很好的。我認為這些是我們今年上半年最重要的投資。

Okay, great. Thank you. And then as a follow-up, some of your competitors are also highlighting AI in their products. I was wondering if you could just talk a little bit about how we've, is there differentiating or plans to differentiate its AI automation capabilities from those of your competitors.

好的，太好了。謝謝。然後，作為後續舉措，你們的一些競爭對手也在各自的產品中強調人工智慧。我想請您談談，我們是如何，或者是否有計劃使我們的 AI 自動化能力與競爭對手的能力區分開來的。

Sure. So, we see lots of companies who are, some have some products, some just put AI on their website. I think our unique, well, I know our unique differentiators are, kind of what I started with is we own the telephony stack. We've got the trusted relationships and we own the very specific Complex industry, industry-specific workflows. We're a trusted partner of these businesses and they really, I meet with customers and they'll show me all the products they have, and they say what Which of these can we've do please?

當然。所以我們看到很多公司都在做人工智慧，有些公司有相關產品，有些公司只是把人工智慧放在他們的網站上。我認為我們獨特的，或者說我知道我們獨特的差異化優勢，正如我最初提出的那樣，是我們擁有電話系統堆疊。我們擁有值得信賴的合作關係，並且掌握了非常具體的複雜產業和特定產業的工作流程。我們是這些企業值得信賴的合作夥伴，他們真的會，我與客戶見面，他們會向我展示他們所有的產品，然後他們會問：“我們可以訂購哪些產品呢？”

They really want to consolidate functionality. So, the idea of saying, for example, having an AI chatbot up in one window and weave up in another window and a PM up in another window, it just doesn't work great. And so we have the opportunity to bring all of those workflows together and because we have the full experience we can retain. Context through the whole discussion.

他們確實想整合各項功能。所以，比如說，在一個視窗中開啟 AI 聊天機器人，在另一個視窗中開啟 Weave，在另一個視窗中開啟 PM，這種做法效果並不好。因此，我們有機會將所有這些工作流程整合在一起，而且因為我們擁有完整的經驗，所以我們能夠保留這些經驗。貫穿整個討論的背景。

So, you may start with a text, or you may start with a call and then the call transitions to text and then the text maybe gets escalated to a specific person in the staff who can handle only specifically handle that question. All of that. Interaction, whether it's voice or text gets retained in one place and it also gets analyzed by our we call intelligence. So then you can create action items, you can create tasks, you can actually perform work, whether it be issuing an invoice, filing an, checking on insurance verification, booking an appointment, rescheduling an appointment.

所以，您可以先發短信，或者先打電話，然後電話轉為短信，然後把短信轉給專門負責處理該問題的員工。所有這些。無論是語音還是文字交互，都會被保存在一個地方，並由我們稱之為智慧的系統進行分析。這樣你就可以建立行動項目、建立任務、實際執行工作，無論是開立發票、歸檔、檢查保險驗證、預約、重新安排預約。

So having, the deep integrations, the deep workflows, the subject matter expertise, the relationships, and the ability to kind of have seamless handoff is a real differentiator. These Highly specific workflows are hard and you have to learn them over time. If you get an appointment wrong, so for example, someone wants a crown done and you book, a 30-minute appointment for a cleaning, that really hurts the practice's day. And so having that knowledge, that experience, we've got billions of these interactions, and we know kind of over time what type of calls result in what type of outcomes, and we can optimize practice operations using that knowledge and that deep expertise.

因此，擁有深度整合、深度工作流程、專業知識、人脈關係以及無縫交接的能力，才是真正的差異化優勢。這些高度具體的流程非常複雜，需要時間慢慢學習。如果預約搞錯了，例如有人想做牙冠，你卻預約了 30 分鐘的洗牙，那真的會嚴重影響診所的生意。因此，憑藉這些知識和經驗，我們累積了數十億次的互動，隨著時間的推移，我們知道哪些類型的通話會導致哪些類型的結果，我們可以利用這些知識和深厚的專業知識來優化實踐操作。

Alex Sklar, Raymond James.

Alex Sklar，Raymond James。

Yeah, go ahead. You can hear me now. Okay, all right, thanks. Like third, it's like third time's a charm. This is actually John on for Alex. Brett, maybe we'll start with payments here. It's great to hear about the continued strength in payments. It's been a nice growth driver for you. I'm curious though, any comments you can share on growth differences you're seeing by end market and then maybe how we should think about, payments growth and payments attached rate in 2026 and over the medium term and then I have a quick follow-up.

好的，請便。你現在可以聽到我的聲音了。好的，謝謝。就像第三次一樣，事不過三，果然事不過三。這其實是約翰替亞歷克斯主持節目。布雷特，或許我們可以先從付款開始談起。很高興聽到支付業務持續強勁成長的消息。它一直是你很好的成長動力。不過我很好奇，您能否分享一下您觀察到的終端市場成長差異，以及我們應該如何看待 2026 年及中期內的支付成長和支付附加率？之後我還有一個後續問題。

Right. So I can give you some product growth, highlights and maybe Jason can talk about sectors. So, we released this year a couple of really cool new features, bulk collection, but surcharging. Surcharging, has been very, A very well received. It's a great upsell product and that is actually driving some pretty reasonable, almost significant volume growth from the new customers who adopt it.

正確的。我可以為大家介紹一下產品成長狀況和亮點，也許傑森可以談談各領域的狀況。所以，我們今年推出了一些非常酷的新功能，例如批量收款，但會收取額外費用。附加費政策非常受歡迎。這是一個很棒的追加銷售產品，而且實際上也帶動了採用該產品的新客戶的銷量實現了相當可觀、甚至可以說是顯著的增長。

And of course, surcharging is your ability to charge the patient for the credit card fee and so that gets us not only A better take rate, but more importantly, it just gets us more volume. So, that's in early stages, but we're seeing some very nice green shoots on that one and I'll let Jason talk about sectors or.

當然，附加費是指您可以向病患收取信用卡手續費，這不僅可以提高我們的收費率，更重要的是，還能增加我們的業務量。所以，這還處於早期階段，但我們看到了一些非常好的進展，接下來就讓傑森來談談各個領域吧。

Yeah, so, some of the, I think the best, one of the best ways to think about payments in the sectors and how it differentiates for us is When you think about the economics of a practice, the average dentist within a practice will do about a million dollars in gross billings a year, and, about 50% to 60% of that will go through an insurance process.

是的，我認為思考各行業支付方式以及它對我們有何不同之處的最佳方法之一是，當你考慮診所的經濟狀況時，診所中普通牙醫每年的總賬單金額約為一百萬美元，其中約 50% 到 60% 將通過保險流程支付。

So, the remaining, 40% to 50% is our opportunity to go after that. So when we think about going after the performance in different sectors, what's really important is to understand what the insurance component within each one of the sectors we go after or or that we sell to have and what just the nature of their economics are and so like in specialty medical, when you're dealing with primary care.

所以，剩下的 40% 到 50% 就是我們爭取的機會。因此，當我們考慮在不同領域追求業績時，真正重要的是要了解我們所追求或銷售的每個領域的保險組成部分是什麼，以及它們的經濟性質是什麼，例如在專科醫療領域，當你處理初級保健時。

You are dealing with significantly higher insurance coverage rates and so the payments opportunity for us in that space is not as great as it is in like aesthetics or in veterinary and so we try to align our go to market efforts with the needs of those industries and the opportunity for us to expand revenue per location through them, so. A that, that's how we think about the different specialties and it's a contributing factor.

你們面臨的保險覆蓋率要高得多，因此我們在該領域的支付機會不如在美容或獸醫領域那麼大，所以我們努力使我們的市場推廣工作與這些行業的需求以及我們透過它們增加每個地點收入的機會保持一致。沒錯，這就是我們對不同專業的思考方式，也是促成因素。

Brett talked about how we approach the different specialties and the next verticals in a step function. We look at the overall economics of those, specialties as we decide what are the next specialties or the next verticals that we open up and it's something we consider there across all the different solutions that we offer.

Brett 談到了我們如何以階梯函數的方式處理不同的專業領域和下一個垂直領域。我們在決定下一個要開設的專業領域或下一個垂直領域時，會考慮這些專業領域的整體經濟效益，這也是我們在提供的所有不同解決方案中都會考慮的因素。

That was great color there and then and then Jason maybe just to follow-up on the NRR improvements. I know it's been touched on in earlier questions, but specifically I do want to understand how additive you think some of the newer products like the True lark and your organic product expansion can be to NRR growth in 2026 and maybe over the medium term, kind of what's embedded in in the guide there. Thanks.

那裡的色彩很棒，然後傑森可能只是想跟進 NRR 的改進情況。我知道之前的問題已經提到過這一點，但我特別想了解您認為像 True Lark 這樣的新產品以及您的有機產品擴張在 2026 年以及中期內對 NRR 增長的貢獻有多大，這有點像指南中提到的內容。謝謝。

Yeah, so, the, what's embedded within the guide, a lot of the growth from the AI receptionist follows the timeline and the roadmap that Brett laid out in his remarks. So, it, it's biased more towards the second half just based on the timeline for when those products roll to general availability. I think the opportunity for growth is really strong, from a net revenue retention perspective, we're still in the early days of selling that.

是的，所以，指南中嵌入的內容，以及人工智慧接待員的許多發展都遵循了布雷特在演講中闡述的時間軸和路線圖。所以，根據這些產品全面上市的時間安排來看，它更偏向下半年。我認為從淨收入留存率的角度來看，成長機會非常強勁，但我們仍處於銷售該領域的早期階段。

The impact it will have, I guess I'm not ready to provide a lot of color on that today. There is a significant upsell opportunity, but we also know that customers have typically landed heavy whenever we bring these new capabilities which could lead to further average revenue per location expansion without necessarily leading to significant net revenue retention expansion. And so, I guess we'll, I'd like to let the dynamics play out a little bit more as we get more sales experience there, but the opportunity is quite significant and really encouraging.

至於它將產生的影響，我想我今天還不方便詳細討論。雖然存在很大的追加銷售機會，但我們也知道，每當我們推出這些新功能時，客戶通常都會投入大量資金，這可能會導致每個地點的平均收入進一步增長，但不一定會導致淨收入留存率的顯著增長。所以，我想我們應該讓各種因素在累積更多銷售經驗後再慢慢發揮作用，但這個機會確實非常重要，也令人鼓舞。

Thank you.

謝謝。

I wanted to add, can I, let me just add a little bit more color to the earlier question about, why we stand out as, having an advantage and as we move to these omni-channel AI receptionists and, there's a bunch of them out there.

我想補充一點，能否讓我再補充一下之前關於「為什麼我們脫穎而出，擁有優勢」的問題，因為我們正在向全通路人工智慧接待員轉型，而市面上已經有很多這樣的產品了。

In addition to the things I mentioned like domain expertise, a really important one is, frankly, our scale and the fact that, because we're a public company, because we have scale, we have to do it right. So, when it comes to data, maintaining the data security, maintaining and ensuring that the data is used properly.

除了我提到的領域專業知識之外，坦白說，一個非常重要的因素是我們的規模，因為我們是一家上市公司，因為我們有規模，所以我們必須把事情做好。所以，在資料方面，維護資料安全，維護並確保資料正確使用至關重要。

Compliance, we've got HIPAA, we've got PHI, we've got, PCI, we've got all these rules and that we have to comply with, and reliability and scalability and security and being able to support the full experience, front to back. These are just a lot of things that buyers are becoming more and more concerned about, especially large, groups that some of these smaller, kind of newer businesses just don't have the scale or the financial ability to comply with or frankly, it's probably not as much of a focus for them, and for us, it's just absolutely table stakes.

合規性方面，我們有 HIPAA、PHI、PCI 等各種規則，我們必須遵守這些規則，同時也要確保可靠性、可擴展性和安全性，並能夠支援從前端到後端的完整體驗。這些都是買家越來越關注的事情，尤其是大型集團，而一些規模較小、成立時間較短的企業要么沒有足夠的規模，要么沒有足夠的財力來遵守這些規定，或者坦白說，這可能不是他們關注的重點，但對我們來說，這只是絕對的基本要求。

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

目前沒有其他問題了。現在我將把電話轉回給布雷特·懷特，請他作總結發言。

Well, thank you all for joining the call. We're super excited about 2026 and thank you again to the entire weave team for posting an incredible 2025. Thank you.

謝謝各位參加電話會議。我們對 2026 年充滿期待，再次感謝整個編織團隊創造了令人難以置信的 2025 年。謝謝。

This concludes today's call. (Operator Instructions)

今天的電話會議到此結束。 （操作員說明）