Greetings, and welcome to Weave Communications' Second Quarter 2025 Financial Results and Conference Call. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Mark McReynolds, Head of Investor Relations. Thank you. You may begin.

Thank you, Rob. Good afternoon, and welcome to Weave's Second Quarter 2025 Earnings Call. With me on today's call are Brett White, CEO; and Jason Christiansen, CFO. 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 assumptions made as of today's date and are subject to various risks and uncertainties described in our SEC filings. Weave disclaims any obligation to update or revise any forward-looking statements. Further, on today's call, we will 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 exclude onetime acquisition-related costs, amortization of acquired intangible assets and stock-based 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 8-K furnished with the SEC before this call, as well as the earnings presentation on our Investor Relations website at investors.getweave.com. And with that, I will turn the call over to Brett.

Thank you, Mark, and thank you to everyone joining us today. Weave delivers an AI-powered patient interaction platform tailored to the needs of small and medium-sized health care practices. Our solution unifies communications, scheduling, payments, practice insights and more to one seamless platform. We help our customers grow their businesses, keep schedules full, accelerate collections and deliver exceptional patient care. As SMB health care practices look to modernize, we've improved operational efficiency by automating workflows, freeing up office teams to build stronger relationships with their patients and clients. I'd like to highlight a few key financial results from a very strong Q2. We delivered revenue of $58.5 million, representing 15.6% year-over-year growth and marking our 14th consecutive quarter of exceeding the top end of our revenue guidance. We had another record sales quarter and an acceleration in sequential revenue added, even excluding the impact of TrueLark. Payments revenue continues its rapid growth. Gross margin rose to 72.3%, an improvement from Q1. And we also exceeded the top end of our guidance range for operating income. We delivered strong cash flow performance in the quarter, generating $4.5 million in free cash flow. This continued improvement reflects our disciplined execution and underscores the efficiency and scalability of our business. As we speak with customers across the verticals we serve, we consistently hear a common set of priorities. First, profitable growth. 96% of SMB health care practices report a growing patient base. They are challenged to keep up with the demand for services while maintaining margins, especially in a market with labor constraints, inflationary pressure, and shifting payer-provider dynamics. Operational efficiency is no longer a back-office concern. It's a growth lever. Standardizing recall and appointment reminder workflows reduces administrative burden and streamlines patient communications to keep schedules full. For example, in its first year in business, a single practitioner optometry office generated $70,000 in additional booked appointments using Weave's recall reminders. Next, patients increasingly expect consistent digital-first interactions, and the majority of practices say technology is critical to developing great experiences. From personalized phone greetings to 24/7 online scheduling, practices that embrace technology are better positioned to stand out in competitive local markets. For instance, 60 locations in a large dental service organization used Weave's missed call text feature to generate $1.5 million in revenue in a single quarter, scheduling over 7,200 appointments from missed calls. Another key priority for SMB health care practices is accelerating revenue cycles to strengthen financial health by reducing receivables days outstanding, increasing collections and automating billing. As an example, a single location dental practice collected $100,000 in outstanding balances in under a year using Weave's text to pay. Finally, McKinsey Research reports that AI has the potential to automate up to 45% of administrative tasks in health care. That's not just cost reduction. It's capacity creation. 80% of practices that reported fast growth say new office technology was a contributing factor and over 60% reported that current technologies make hiring easier. These strategic imperatives are shaping the future of health care delivery and every technology investment must directly support these priorities. That's where Weave comes in. In May, we acquired TrueLark, an AI-powered workflow automation platform that enables 24/7 online scheduling, missed call response, and marketing lead conversion. This acquisition marks a major step in bringing intelligent automation to the workflows that matter most to small and medium-sized health care practices. TrueLark helps practices boost revenue, keep schedules full and reduce front office burden. For one customer, TrueLark handles over 15,000 conversations monthly across 60 locations. We're rapidly integrating TrueLark and Weave across go-to-market and product teams to bring this automation to our customers and prospects. Joint selling to mid-market dental groups is already underway. And we're progressing towards offering TrueLark as an add-on within unified Weave inbox. By unifying these AI capabilities into a single experience, Weave is positioning itself as the go-to platform for simplifying operations and increasing impact across key health care verticals. We are transforming everyday operations, making it possible for practices to deliver better care and service without additional strain on their teams. This foundation of intelligent automated workflow sets the stage for our next chapter of growth. Building on this momentum, we're seeing clear signals of strength across our strategic growth vectors that we laid out for you in our February earnings call. Just one year ago, we announced that Specialty Medical was our third largest and fastest-growing vertical. Today, it is our second largest by customer count. With under 1% share of the total specialty market, the opportunity ahead remains enormous. Q2 marked a record quarter for our medical vertical, driven by strong growth in medical aesthetics, primary care and physical therapy. Organic demand and average revenue per location continued to improve as we launched more authorized integrations with electronic medical record systems. Our authorized integrations with Veradigm, Practice Fusion and Prompt are off to a very strong start just five months post-launch. We also recently launched authorized integrations with Ortho2 Edge, a leading orthodontic practice management system and IDEXX Neo, a widely adopted cloud-based platform for veterinary clinics. These integrations address key patient engagement challenges for practices in both verticals and expand our reach to thousands of new locations. On the mid-market front, momentum is building with a growing and increasingly diverse pipeline. We have seen strong traction in veterinary and specialty, including two multisite physical therapy management service organizations signed in Q2, representing over 70 clinic locations combined. Everything we do at Weave is centered around helping health care practices grow and thrive, and our customers continue to take notice. In G2's summer 2025 report, we've ranked first in 34 categories and remained the top-rated platform in the grid for patient relationship management. G2 rankings are driven by real customer reviews and reflect the trust practices placed in Weave to power meaningful patient connections, streamline operations and grow their businesses. Before I turn the call over to Jason, I'm excited to announce that Abhi Sharma is being promoted to Chief Technology Officer. Abhi was originally hired as our SVP of Technology and in his short time at Weave has exceeded expectations, demonstrating strategic vision and operational excellence. He is the clear choice to lead our technology organization. This promotion reflects our planned succession strategy and ensures strong forward-looking leadership as we accelerate innovation, scale our platform and deliver greater value to our customers. Finally, I want to thank our customers, partners, team and shareholders for your continued trust and support. We are very encouraged by strong momentum across the business, especially the significant growth in medical and the AI-powered solutions we're bringing to market, where there is vast opportunity ahead. I'll now turn the call over to Jason for the financial update.

Thanks, Brett, and good afternoon, everyone. I'll begin with a quick update on our acquisition of TrueLark. As a reminder, the transaction closed on May 16, comprising $25 million in cash and $10 million in equity. As part of this transaction, we filed a Form S-3 shelf registration with the SEC to register the resale of the equity issued under the terms of this deal. This is standard practice, and we have no current plans to offer or sell additional securities under this registration. As Brett mentioned, we are already executing on our integration strategy with initial efforts focused on expanding product integration and aligning go-to-market programs. TrueLark's momentum in multi-location health care is highly complementary to Weave's distribution model and we remain confident that this will be an accretive asset in 2026. Turning to our results. We delivered revenue of $58.5 million, exceeding the midpoint of our guidance by $700,000. This represents 15.6% year-over-year growth. As a reminder, Q2 represents our toughest year-over-year revenue comparison of 2025 as we lapped the effect of a price adjustment from the prior year. Payments again were a key contributor in the quarter. These results include just over one month of TrueLark revenue and expenses. Gross revenue retention in Q2 was a healthy 90%, which remains in the top tier for SMB SaaS companies. For the past two years, net revenue retention has consistently been between 95% and 98%. Q2 net revenue retention was 96%, consistent with our historical range. Let me now turn to our operating results for the quarter. Through disciplined execution and ongoing efficiency initiatives, we delivered solid financial performance across our key operating metrics. Gross profit grew to $42.3 million in Q2, an increase of nearly $6 million year-over-year. That represents a gross margin of 72.3%, up 40 basis points year-over-year and up 20 basis points quarter-over-quarter. We expect our gross margin to continue to improve modestly through the remainder of 2025. Sales and marketing expenses were $23.2 million or 40% of revenue. As stated in our February call, we are making targeted investments to drive our mid-market partnerships and specialty medical growth initiatives. Given the positive momentum across these areas, we accelerated the hiring of sales account executives originally planned for the second half of the year into Q2 to capitalize on these opportunities. Research and development expenses were $8.9 million or 15% of revenue. We are focused on integrating TrueLark and bringing AI-powered workflow solutions to the markets we serve. As discussed in previous calls, we are making targeted investments associated with these initiatives. General and administrative expenses were $10.1 million or 17% of revenue, an improvement from 19% in Q2 2024. As we continue to scale the business, we anticipate that we will continue to gain operating leverage in general and administrative expenses. Operating income for Q2 was $70,000, an improvement of $1 million compared to Q2 2024. Operating income also exceeded the midpoint of guidance by $600,000. Next, I'd like to highlight our balance sheet and cash flow performance. We ended the quarter with $77.8 million in cash and short-term investments. During the quarter, we deployed $23 million in cash to fund the acquisition of TrueLark. From a cash flow perspective, Q2 was a great quarter. We generated $5.4 million in cash from operating activities and delivered $4.5 million of free cash flow. Year-to-date, free cash flow was $3.4 million, a $2.7 million improvement over the same period last year. Looking ahead, our outlook for the third quarter of 2025 reflects steady progress. We expect revenue to be in the range of $60.1 million to $61.1 million. We expect non-GAAP operating income to be in the range of breakeven to $1 million. For the full year, we expect revenue to be in the range of $236.8 million to $239.8 million, representing an expectation for accelerated growth in the second half of the year, the midpoint of the range. We expect non-GAAP operating income to be in the range of $1.2 million to $3.2 million for the year. Profitability is set to improve in the second half, driven by revenue growth and continued focus on operating efficiency. Our expected weighted average share count for the full year remains approximately 76.5 million shares. Q2 reflects meaningful progress and continued execution against our strategic priorities. We delivered solid financial performance, improved gross margin and strong free cash flow. We remain committed to balancing growth with profitability as we invest in the new vectors of growth we have discussed and strengthen our leadership position in front office automation. Thank you for your continued support. And with that, we'll now turn the call over to the operator for Q&A.

Our first question comes from Alex Sklar with Raymond James.

Brett, first one for you. Just great to hear the specialty medical success again this quarter, second largest vertical for you. Any commonality in terms of where you're seeing the most success within specialty medical? And I'm curious, how do those lands look in terms of coming on with one of your larger integrated bundles relative to your kind of average dental optometry vet land?

Sure. I'll take the first question and then let Jason provide more details on the second. When we enter a new vertical like specialty medical, we typically concentrate on a few practice areas to ensure smooth integration and achieve the right product-market fit. Once we establish ourselves in those areas, we begin to expand into additional practices. Currently, we are focused on medical aesthetics, including plastic and physical therapy, which are significant areas for us. General practice has also performed well. When entering a new vertical, the initial average selling price tends to be lower because the brand is not yet established and integrations are incomplete. This can lead to higher churn initially. However, as we develop in that segment over the next 12 to 36 months, we usually see an increase in average selling price, a decrease in customer acquisition cost due to greater brand recognition, and a reduction in churn as we refine the product-market fit. That's the general process, and I think our current results align with this trend.

Yes. When you look at dental and the higher-level packages, this is where the integrations become really key. Really important to understand is typically within the medical side, where we're at from an integration coverage perspective, we continue to make great progress. But you do see customers who come in on a nonintegrated solution or come a little bit further down the stack because we haven't had as much time in market to deepen those integrations as well. And the deepening of the integrations is what also allows those customers to move up the stack into the Elite and Ultimate bundle. So you will see that dynamic relative to dental and optometry. And so there's a couple of points of improvement there. One is in just new location acquisition. But then two, over time, as we get those integrations and deliver on the product-market fit side, the opportunity to then move them up the stack of packages.

Yes. I'll just add that we still sell a significant amount of nonintegrated core products to specialty medical. When we develop integrations, it creates an upgrade opportunity and also generates new demand. So there are two factors at work that influence specialty medical customers to move up the average selling price chain.

Okay. Great color. Maybe, Jason, one follow-up for you. Just in terms of thinking through one of the big drivers of NRR payments, how has the growth trended there for that solution relative to kind of overall subscription? And what have you seen from kind of the sales team just in terms of being a priority this year for driving higher attach and then higher usage as the years progress?

Yes. Thank you for the question. So in terms of payments performance, so it continues to grow much faster than our subscription line of business as it has in the past. And we've talked about how there's been incremental focus on payments really coming into this year where we've made targeted investments on the payments line of front along with the other growth factors. And we're beginning to see good improvement and progress on that front where the attach rate of payments within our installed base continues to move up and continues to make good and steady progress. And there's two layers to that. One is getting the attach rate and then the second is then capturing all of the volume of the customers, and we're making progress on both fronts. The work is not done on either of those. We still have a massive opportunity and we're significantly underpenetrated in that opportunity, and it continues to be a focus for us.

Our next question comes from Parker Lane with Stifel.

This is Matthew Kikkert on for Parker. To start, could you just detail maybe the progress of the integration with the TrueLark team itself, how the assets are being integrated with yours, the combination of the go-to-market approach? And then also any early feedback you may have received from customers on the TrueLark product?

You bet. So we closed the acquisition in mid-May, and started our integration activities shortly thereafter. I think the two major areas of integration are on the go-to-market side and on the product side. So on the go-to-market side, TrueLark was well established within kind of large DSO, multi-location type businesses. So they have the motion that works there. They've got the sales motion, the delivering the proof of concept, the onboarding and the support. So we immediately took that capability and combined it with our multi-location sales team. So now they're joint prospecting. They are sharing pipelines. What's really interesting now, the Weave multi-location team can actually go and prospect into, say, a DSO that maybe isn't ready to switch out their entire telephony stack or they may be on a contract or something, but actually can start building that relationship. We can sell TrueLark in there and then start building that trusted relationship. So those activities kind of joint prospecting started immediately and are underway. On the rest of the business, so we're right now working to build out the capability of the platform to land and onboard successfully single locations. So the TrueLark business was really designed around multi-location. So they didn't really have the onboarding and support capability to bring on hundreds of new locations individually. So we don't want to sell the product into single locations before we're able actually to deliver that great onboarding experience. So we're building that team, building that go-to-market map. The next activity there would be to start selling TrueLark into our installed base, and we expect that to kind of kick off in Q4. And then lastly, the final piece would be to start selling it into new single location prospects and we expect that to be Q1. And one of the important pieces there is going to be building out the product experience. So we want to move to where we have a combined inbox so where you get both the TrueLark prep services and the Weave services in a combined inbox, so you can manage your experience all in one place. And so the product teams, the joint product teams are hard at work delivering that. And then that really is what we would take to market for the single locations. And then as far as feedback, during the diligence process, we talked to a lot of the TrueLark customers and they were very, very happy with the product. We continue to hear that. We have had actually a fair bit of inbound after the announcement of, hey, this looks great. How can I build this into my business and also some very interesting partnership opportunities of partners wanting to offer the product and the joint product. So that's quite exciting. And then on the single location side, we've received a fair bit of inbound as well wanting to know when they'll get access to the product. So we're kind of building a waitlist there on when the product and the onboarding and support process are ready for an amazing experience, combined TrueLark Weave experience, and when it's ready, we'll roll that out.

That's great color. And secondly, I'm wondering what impact you've seen on CAC from your push to the enterprise? And maybe more broadly, what opportunities do you see to drive leverage on that sales and marketing line in coming years?

I’ll provide my perspective, and Jason can add to it. The mid-market team has undergone a complete refresh with a very experienced leader at the helm. Their sales cycle tends to be longer as they focus on building a pipeline, which sometimes involves proofs of concept before finalizing deals and rolling out solutions over time. We recently analyzed their customer acquisition costs, which are impressive and lower compared to some of our other sales channels. We’re very happy with the progress and the pipeline they are developing. The customer acquisition costs are in a favorable position. An interesting aspect to note about the mid-market segment, particularly in dentistry, is that while the overall dental market in the U.S. is growing at a mid-single-digit rate, the multi-location segment is seeing growth in the high teens. This indicates significant potential, both from new businesses and the acquisition of single-location practices. Our product, which has been available for about a year, is well-positioned to take advantage of this growth opportunity, and the customer acquisition cost metrics reflect that. Additionally, we now have the capability to engage with Dental Support Organizations or large multi-location businesses. If they are not ready to discuss our telephony solution, we can introduce them to TrueLark. Conversely, those using TrueLark can also be approached regarding telephony. Overall, we’re very satisfied with our performance. I believe our mid-market business is definitely one of the standout achievements for the quarter.

Yes. Maybe one thing I'll add to that is when you think about the scalability of that model, going back to the question of NRR. Our NRR historically is a measurement that is based on locations, not on logos. What that means for a multi-location group is as you expand your footprint and acquire additional locations or as they grow their locations through that consolidation Brett talked about, our current NRR metric doesn't take credit for that and improve the NRR metric. We're not ready to report an official metric on this. But as we've looked at the multi-location customers within our customer base, what we're seeing is that their NRR is over 100% when you look at it through that lens, which goes to your question of what is the operating leverage and the scale that that motion provides. That's just another proof point of the benefit that we get through that motion.

Our next question comes from Brent Bracelin with Piper Sandler.

This is Hannah Rudoff on for Brent today. Just first one, I think you already discussed it, but I just want to confirm. You were talking about TrueLark having certain DSOs as customers and being able to cross-sell them over time. I guess, have you been able to start on that motion already or is that still in process?

Yes. The two teams are definitely working together. They're combining their pipelines and they are engaging together.

Got it. And then, Jason, you talked about accelerating some investments into Q2 from the second half. And I'm just wondering how much investment you feel you have left that needs to be elevated over the second half or if you've accelerated all of that investment?

It's a great question. When we look at the investment, most of these have been relatively small from a scale perspective, involving a few sales reps here and there. A lot of this, when considering the balance between growth and profitability, is actually within our control. Currently, we have advanced some of our hiring. We need to increase our capacity there. If we continue to experience growth that justifies a few additional investments, we will keep evaluating that. The pace of those investments is within our control based on our performance.

Got it. And then lastly, did you see any specific dynamics in your payments business around seasonality and certain verticals maybe having more activity in the summer months?

Nothing in particular as it relates to Q2. Nothing to highlight here on that front. We continue to grow nicely in payments, continued to grow well faster than our subscription line of business. We continue to make progress on that front on both the go-to-market and the adoption side.

Our next question comes from Kash Rangan with Goldman Sachs.

You got Henry on for Kash. First, it was great to hear the strength again in specialty medical. I think you mentioned you had about 1% share of that market. Where do you see the largest opportunities going forward just across the specialty medical market?

Well, one of my things around here sometimes is opportunity everywhere. And I definitely think that's the case here. We're doing quite well in physical therapy, what we call plastics or aesthetics, in general practice, family practice. We're just kind of scraping the surface. There are like 21 sub-verticals in specialty medical and the trick is to be methodical. So if we could get 1% to 5% in the not-too-distant future, that would feel pretty amazing.

One thing I would add to that is the gateway for a lot of this is through integrations. Brett talked about how we're growing through even the core nonintegrated solution because many of these businesses have needs for the exact type of solutions that we bring through an integrated interaction platform that brings in the payments elements. And so a lot of that opportunity also comes as an unlock as we deliver on additional integrations. And then as we deliver those as we deepen those integrations to bring on additional capabilities or adjacent technologies beyond just the basic communications and payments side of the equation.

Great. That all makes complete sense. On AI, I just want to get a pulse check on where your customers are in terms of AI integration, in terms of the sales conversations? How often does AI come up? And like how has momentum been with AI-powered assistant? I think you're about a year into the launch of that.

Yes. Thank you for the question. So on the AI front, I'll say it's fairly mixed. We're absolutely seeing an increase in the amount of questions that we're getting asked. There are early adopters who are very far down the road. We see some of those within our TrueLark customer base. There are other customers who we'll say they're on a much slower adoption cycle. And our primary focus is really on getting them to use even just some of the basic AI assistance that we've had in the product for a couple of years like our review response assistant, which is a little wizard that can read an online review, understand the context and provide a contextualized response back directly for the office to that rather than just some generic, 'Oh, thank you for your message or for your review.' All the customers vary from an adoption curve of trying to use those basic features all the way up to the more advanced full automation workflow solutions. And so our focus is really meeting the customers where they're at and then helping them on their automation journey, which they'll all be going through over the coming years.

I think we're definitely noticing an increase in interest and inquiries about how AI technologies can enhance their businesses, particularly for organizations with multiple locations. These businesses are well-managed and understand that adopting AI is crucial for expanding their operational capacity. A positive indicator is that as people begin to use tools like ChatGPT more regularly, they grow more comfortable with these technologies and see their potential benefits instead of fearing job displacement. In single-location businesses, while they may not be at the forefront of innovation, they are becoming more receptive to the idea that having a tool to handle various tasks could be advantageous, rather than viewing AI as a threat to their employment.

You have previously mentioned having a customer base that is relatively resistant to macroeconomic factors, including tariffs affecting the software industry. Is this still the case? What feedback are you receiving from customers regarding tariffs or general consumer weakness? Is this a topic of discussion, or does your customer base remain insulated from these broader issues?

Thank you. Regarding tariffs, their impact really varies by industry and the extent to which imports are involved. For instance, the dental industry, which relies on smocks and similar items, will feel the effects, but not as severely. In contrast, companies like OpTo, which primarily resell products, will experience a greater impact compared to other segments. Ultimately, the effects depend on the specific industry and their business model. In terms of consumer demand challenges, we are not observing any significant issues at this point. Thankfully, our demand remains strong, and we recorded high demand once again this quarter.

I was just going to say, Brett also called out in his section that it was a record sales quarter for us. And I think that just addresses that question of from a macro perspective that we're not really seeing or experiencing it at this point.

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

This is Tim Greaves for Mark. I have one question. Can you provide an update on your engineering hiring in the first half of the year? If I remember correctly, one of your initiatives was to increase engineering capacity to build integrations with more EHR systems. I'm curious about how the hiring has been during the first half.

Yes. Thank you. We made progress on the hiring front, and I'll say the work is not done. We still have a little more capacity to add on the engineering front, especially not just on the like practice management integration side, but also when you think about the TrueLark integration side. The teams have been hard at work getting joint road maps, figuring out the road map for how we deliver that unified inbox experience that Brett discussed. And as part of that, there's some capacity and some roles that we'll continue to expand on the engineering front to really bring that to market as quick as we can.

Our last question is from Tyler Radke with Citi.

This is Kylie on for Tyler. I wanted to first ask about billings. I noticed it reaccelerated nicely this quarter and closed and surpassed the delta with revenue growth. So I'd be curious for your take on the trajectory of billings relative to revenue growth for the second half and into next year, especially as you expand into mid-market and add integrations and vertical expansions ramp. Should we expect it to outpace revenue growth from here?

Thank you, Kylie. Billings isn't a metric we've discussed in detail, but I want to remind you that we've been making targeted investments in new growth initiatives, which we referred to as green shoots as we ended last year. Those teams and investments are starting to gain momentum, and we're seeing some traction, as Brett mentioned. Unless you're talking about deferred revenue, which pertains to our annual paying customers, that did increase. The second quarter is our largest cohort of annual paying customers, which might be what you're noticing in the P&L. Looking ahead, as we think about the ongoing growth in revenue, the investments we're making are expected to yield modest contributions in 2025, reflected in our guidance for the rest of the year. We expect to see continued progress and more significant advances in 2026 from those investments.

Awesome. And then just one more for me. How are you thinking about the opportunity for price increases? Would there be opportunity this year or next year? And then just an update on how call intelligence usage and adoption is progressing as well.

Yes. I will address the price increase first. It’s something we will keep evaluating based on different groups as we have been doing. We are certainly not ruling it out. We will assess it particularly as we move into 2026. Much of this will be related to the specific groups and the value of the products we provide as we continue to invest in innovation and the new products we launch. Now, please remind me of your second question.

It was just an update on call intelligence usage and adoption.

Yes, call intelligence is making progress for us and has been a valuable contributor in 2025. We are continually discovering new workflows and ways for our customers to utilize this feature. Unlike some of our previous products, this one is relatively new and lacks a standard framework for its implementation across offices. We are consistently working on identifying new applications for it and integrating it into more areas of our product to enhance the value of the insights it provides. This helps improve efficiency and addresses missed revenue opportunities identified by the solution.

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

Well, thank you all for joining the call, and thank you again to the Weave team for all the hard work.

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