- Fourth quarter total revenue of $31.8 million, up 34%
year-over-year
- Full year total revenue of $115.9 million, up 45%
year-over-year
- Announced Go-To-Market actions to expand and optimize the sales
strategy
Weave Communications, Inc. (NYSE: WEAV), a leading all-in-one
customer communications and engagement software platform for small
and medium-sized businesses, today announced its financial results
for the fourth quarter and full year ended December 31, 2021.
“Throughout 2021, we continued to serve our core vertical
markets – dental, optometry and veterinary – which showed
impressive growth and resilience as reflected in our 45% increase
in annual revenue and strong revenue retention metrics. We also had
numerous successes across our business including expanding our
leadership team and growing our Weave Payments business,” said CEO
Roy Banks. “As we entered 2022, we signed the largest,
multi-location customer in our company history, and we have
implemented a new Go-To-Market strategy designed to expand and
optimize our sales and marketing programs to achieve long-term
growth in an evolving marketplace.”
Fourth Quarter 2021 Financial Highlights:
- Total revenue was $31.8 million, representing a 34%
year-over-year increase compared to $23.8 million in the fourth
quarter of 2020.
- GAAP loss from operations was $13.6 million, compared to an
GAAP loss from operations of $9.1 million in the fourth quarter of
2020.
- Non-GAAP loss from operations was $10.6 million, compared to a
non-GAAP loss from operations of $7.6 million in the fourth quarter
of 2020.
- GAAP net loss attributable to common stockholders was $14.3
million, or $0.34 per share compared to a GAAP net loss
attributable to common stockholders of $9.9 million, or $0.84 per
share in the fourth quarter of 2020.
- Non-GAAP net loss attributable to common stockholders was $11.0
million, or $0.26 per share compared to a non-GAAP net loss
attributable to common stockholders of $7.9 million, or $0.67 per
share in the fourth quarter of 2020.
- Dollar-Based Net Retention Rate (NRR) was 103% as of December
31, 2021, reflecting ongoing customer acceptance and utilization of
our platform.
- Dollar-Based Gross Retention Rate (GRR) was 94% as of December
31, 2021, reflecting product-market fit and our ability to retain
our customers. This is the fifth consecutive quarter that we have
seen improvement to GRR.
Full Year 2021 Financial Highlights:
- Total revenue was $115.9 million, representing a 45%
year-over-year increase compared to $79.9 million in 2020.
- GAAP loss from operations was $50.4 million, compared to an
GAAP loss from operations of $39.6 million in 2020.
- Non-GAAP loss from operations was $36.3 million, compared to a
non-GAAP loss from operations of $28.0 million in 2020.
- GAAP net loss attributable to common stockholders was $53.7
million, or $2.60 per share compared to a GAAP net loss
attributable to common stockholders of $42.5 million, or $3.75 per
share in 2020.
- Non-GAAP net loss attributable to common stockholders was $37.6
million, or $1.82 per share compared to a non-GAAP net loss
attributable to common stockholders of $28.8 million, or $2.54 per
share in 2020.
Business Highlights
- Added 5,292 net new customer locations in 2021 and had 23,831
customer locations as of December 31, 2021.
- Weave signed its largest multi-location customer in company
history, Dental Care Alliance, a dental service organization (DSO),
prioritized investment in its 370+ allied offices across the U.S.
by implementing Weave’s customer communications platform.
- Appointed Chris Baird as the company’s first Chief Marketing
Officer to accelerate marketing strategies and drive demand
generation.
- Received the Dental Townie Choice Award for the second
consecutive year. This award celebrates new products that make up
the dentistry industry’s growing technology landscape and further
recognizes Weave as a trustworthy and reputable company for
dentists to work with.
- Weave and Vetter, the leading animal healthcare software
technology company, launched an integration to serve communications
solutions to American veterinarians.
- Surpassed milestone of processing over $1 Billion in payments
volume through the Weave Payments solution since its launch in
early 2020.
- Earned the 2022 Top Workplaces USA award issued by Energage, a
provider of employee feedback and performance improvement
solutions. Award winners are chosen based solely on employee
feedback gathered through an employee engagement survey, issued by
Energage.
Financial First Quarter and Full Year 2022 Outlook
The company expects the following financial results for the
three months ending March 31, 2022 and year ending December 31,
2022:
First Quarter
Full Year
Total revenue (in millions)
$31.0 - $32.0
$136.0 - $140.0
Non-GAAP loss from operations (in
millions)
$(12.0) - $(11.0)
$(40.0) - $(36.0)
Weighted average share count (in
millions)
64.7
66.0
Non-GAAP loss from operations, non-GAAP net loss, and adjusted
EBITDA excludes estimates for, among other things, equity-based
compensation expense. A reconciliation of these non-GAAP financial
guidance measures to corresponding GAAP financial guidance measures
is not available on a forward-looking basis because we do not
provide guidance on GAAP net loss and are not able to present the
various reconciling cash and non-cash items between GAAP net loss
and non-GAAP net loss without unreasonable effort. In particular,
equity-based compensation expense is impacted by our future hiring
and retention needs, as well as the future fair market value of our
common stock, all of which is difficult to predict and is subject
to constant change. The actual amount of these expenses during 2022
will have a significant impact on our future GAAP financial
results.
Webcast
The company will host a conference call for analysts and
investors on Wednesday, March 2, 2022, beginning at 5 p.m. EST.
Individuals interested in listening to the conference call may
do so by dialing (646) 828-8193 or (888) 394-8218 for toll free.
Please reference the following conference ID: 5122214. The live
webcast and a webcast replay of the conference call can be accessed
from the investor relations page of Weave’s website at
investors.getweave.com.
Weave is the all-in-one customer communications and engagement
platform for small business. From the first phone call to the final
invoice and every touchpoint in between, Weave connects the entire
customer journey. Weave's software solutions transform how local
businesses attract, communicate with and engage customers to grow
their business. The first Utah company to join Y Combinator, Weave
has set the bar for Utah startup achievement & work culture. In
the past year, Weave has been included in the Forbes Cloud 100,
Inc. 5000 fastest-growing companies in America, and Glassdoor Best
Places to Work. To learn more, visit
www.getweave.com/newsroom/.
Forward Looking Statements
This press release and the accompanying conference call contain
forward-looking statements including, among others, current
estimates of first quarter and full year 2022 revenue and non-GAAP
loss from operations and statements in the quotes of our executive
officers relating to our implementation of a new Go-To-Market
strategy and its impact on growth.
These forward-looking statements involve risks and
uncertainties. If any of these risks or uncertainties materialize,
or if any of our assumptions prove incorrect, our actual results
could differ materially from the results expressed or implied by
these forward-looking statements. These risks and uncertainties
include risks associated with: our ability to attract new
customers, retain existing customers, and increase our customers’
use of our platform; our ability to manage our growth; the impact
of the global COVID-19 pandemic on our company; our ability to
maintain and enhance our brand and increase market awareness of our
company, platform and products; customer adoption of our platform
and products; expansion into new vertical markets; customer
acquisition costs and sales and marketing strategies; competition;
our ability to enhance our platform and products; interruptions in
service; general business and economic conditions; and the risks
described in the filings we make from time to time with the
Securities and Exchange Commission (SEC) from time to time,
including the risks described under the heading “Risk Factors” in
our Quarterly Report on Form 10-Q for the three months ended
September 30, 2021, filed with the SEC on December 9, 2021, which
should be read in conjunction with our financial results and
forward-looking statements and is available on the SEC Filings
section of the Investor Relations page of our website at
investors.getweave.com/.
All forward-looking statements in this press release are based
on information available to us as of the date hereof, and we do not
assume any obligation to update the forward-looking statements
provided to reflect events that occur or circumstances that exist
after the date on which they were made.
Channels for Disclosure of Information
Weave Communications uses the investor relations page on our
website, blog posts on our website, press releases, public
conference calls, webcasts, our twitter feed (@getweave), our
Facebook page, and our LinkedIn page as the means of complying with
our disclosure obligations under Regulation FD. We encourage
investors, the media, and others to follow the channels listed
above, in addition to following Weave Communications’ press
releases, SEC filings, and public conference calls and webcasts,
and to review the information disclosed through such channels.
Supplemental Financial Information
Dollar-Based Net Revenue Retention (NRR)
For retention rate calculations, we use adjusted monthly revenue
(AMR), which is calculated for each location as the sum of (i) the
subscription component of revenue for each month and (ii) the
average of the trailing-three-month recurring payments revenue. To
calculate our NRR, we first identify the cohort of locations (the
Base Locations) that were active in a particular month (the Base
Month). We then divide AMR for the Base Locations in the same month
of the subsequent year (the Comparison Month), by AMR in the Base
Month to derive a monthly NRR. We derive our annual NRR as of any
date by taking a weighted average of the monthly net retention
rates over the trailing twelve months prior to such date.
Dollar-Based Gross Revenue Retention (GRR)
To calculate our GRR, we first identify the cohort of locations
(the Base Locations) that were under subscription in a particular
month (the Base Month). We then calculate the effect of reductions
in revenue from customer location terminations by measuring the
amount of AMR in the Base Month for Base Locations still under
subscription twelve months subsequent to the Base Month (Remaining
AMR). We then divide Remaining AMR for the Base Locations by AMR in
the Base Month for the Base Locations to derive a monthly gross
retention rate. We calculate GRR as of any date by taking a
weighted average of the monthly gross retention rates over the
trailing twelve months prior to such date. GRR reflects the effect
of customer locations that terminate their subscriptions, but does
not reflect changes in revenue due to revenue expansion, revenue
contraction, or addition of new customer locations.
Number of Locations
We measure locations as the total number of customer locations
under subscription active on the Weave platform as of the end of
each month. A single organization or customer with multiple
divisions, segments, offices or subsidiaries is counted as multiple
locations if they have entered into subscriptions for each
location.
Note that the customer location information will only be
provided with annual and Q4 results and will not be provided in
future interim financial statements or earnings releases.
Non-GAAP Financial Measures
In this press release, Weave Communications has provided
financial information that has not been prepared in accordance with
generally accepted accounting principles in the United States
(GAAP). We disclose the following historical non-GAAP financial
measures in this press release: non-GAAP operating income (loss),
non-GAAP net loss, and non-GAAP net loss per share, Adjusted
EBITDA, and free cash flow. We use these non-GAAP financial
measures internally in analyzing our financial results and
evaluating our ongoing operational performance. We believe that
these non-GAAP financial measures provide an additional tool for
investors to use in understanding and evaluating ongoing operating
results and trends in the same manner as our management and board
of directors. Our use of these non-GAAP financial measures has
limitations as an analytical tool, and you should not consider them
in isolation or as a substitute for analysis of our financial
results as reported under GAAP. Because of these and other
limitations, you should consider these non-GAAP financial measures
along with other GAAP-based financial performance measures,
including various cash flow metrics, operating income (loss), net
loss, and our GAAP financial results. We have provided a
reconciliation of these non-GAAP financial measures to their most
directly comparable GAAP measures in the tables included in this
press release, and investors are encouraged to review the
reconciliation.
Non-GAAP net loss and non-GAAP net loss
per share
We define non-GAAP net loss as GAAP net loss attributable to
common stockholders less equity-based compensation expense.
Non-GAAP net loss per share is calculated as non-GAAP net loss
divided by the diluted weighted-average shares outstanding.
Non-GAAP operating income
(loss)
We define non-GAAP operating income (loss) as GAAP operating
income (loss) less equity-based compensation expense.
Adjusted EBITDA
EBITDA is defined as earnings before interest expense, provision
for taxes, depreciation, and amortization. Our depreciation
adjustment includes depreciation on operating fixed assets and does
not include depreciation on phone hardware provided to our
customers. We further adjust EBITDA to exclude equity-based
compensation expense, a non-cash item. We believe that adjusted
EBITDA provides management and investors consistency and
comparability with our past financial performance and facilitates
period-to-period comparisons of operations. Additionally,
management uses adjusted EBITDA to measure our financial and
operational performance and prepare our budgets.
Free Cash Flow
We define free cash flow as net cash used in operating
activities, less purchases of property and equipment and
capitalized internal-use software costs. We believe that free cash
flow is a useful indicator of liquidity that provides useful
information to management and investors, even if negative, as it
provides information about the amount of cash consumed by our
combined operating and investing activities. For example, as free
cash flow has been negative, we have needed to access cash reserves
or other sources of capital for these investments.
The foregoing non-GAAP financial measures have a number of
limitations. For example, the non-GAAP financial information
presented above may be determined or calculated differently by
other companies and may not be directly comparable to that of other
companies. In addition, free cash flow does not reflect our future
contractual commitments and the total increase or decrease of our
cash balance for a given period. Further, Adjusted EBITDA excludes
some costs, namely, non-cash equity-based compensation expense.
Therefore, adjusted EBITDA does not reflect the non-cash impact of
equity-based compensation expense or working capital needs, that
will continue for the foreseeable future. All of these limitations
could reduce the usefulness of these non-GAAP financial measures as
analytical tools.
WEAVE COMMUNICATIONS, INC
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in thousands
except share amounts)
Year Ended December
31,
2021
2020
ASSETS Current assets: Cash and cash equivalents
$
135,996
$
55,698
Accounts receivable
3,059
2,544
Deferred contract acquisition costs, net
8,931
7,178
Prepaid expenses
6,461
2,254
Total current assets
154,447
67,674
Non-current assets: Property and equipment, net
24,502
18,294
Deferred contract acquisition costs, net, less current portion
7,873
6,208
Other non-current assets
663
797
TOTAL ASSETS
$
187,485
$
92,973
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND
STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts
payable
$
4,061
$
3,400
Accrued liabilities
12,250
10,286
Deferred revenue
29,511
22,851
Current portion of deferred rent
—
—
Current portion of capital lease obligations
8,485
7,086
Current portion of long-term debt
—
400
Total current liabilities
54,307
44,023
Non-current liabilities: Deferred rent
4,319
1
Other long-term liabilities (Note 7)
—
—
Capital lease obligations, less current portion
6,558
7,356
Long-term debt
10,000
3,600
Total liabilities
75,184
54,980
COMMITMENTS AND CONTINGENCIES Redeemable convertible
preferred stock Redeemable convertible preferred stock, $0.00001
par value per share; zero and 43,836,109 shares authorized, issued
and outstanding as of December 31, 2021 and 2020, respectively;
liquidation preference of zero and $159,073 as of December 31, 2021
and 2020, respectively
—
151,938
Stockholders' equity (deficit): Preferred stock, $0.00001
par value per share; 10,000,000 and zero shares authorized, zero
and zero shares issued and outstanding as of December 31, 2021 and
2020, respectively
—
—
Common stock, $0.00001 par value per share; 500,000,000 and
65,084,328 shares authorized as of December 31, 2021 and 2020,
respectively; 64,324,628 and 11,882,286 issued and outstanding as
of December 31, 2021 and 2020, respectively
—
—
Additional paid-in capital
294,230
16,261
Accumulated deficit
(181,898
)
(130,208
)
Accumulated other comprehensive (loss) income
(31
)
2
Total stockholders' equity (deficit)
112,301
(113,945
)
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND
STOCKHOLDERS' EQUITY (DEFICIT)
$
187,485
$
92,973
WEAVE COMMUNICATIONS, INC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in
thousands, except share and per share data)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
Revenue
$
31,840
$
23,773
$
115,871
$
79,896
Cost of revenue
13,679
9,946
49,372
34,449
Gross profit
18,161
13,827
66,499
45,447
Operating expenses: Sales and marketing
15,769
10,559
58,244
39,258
Research and development
7,119
5,613
27,009
19,967
General and administrative
8,920
6,745
31,637
25,793
Total operating expenses
31,808
22,917
116,890
85,018
Loss from operations
(13,647
)
(9,090
)
(50,391
)
(39,571
)
Other income (expense), net: Interest expense
(308
)
(305
)
(1,184
)
(1,097
)
Other income (expense)
(65
)
9
(55
)
247
Loss before income taxes
(14,020
)
(9,386
)
(51,630
)
(40,421
)
Provision for income taxes
(48
)
-
(60
)
-
Net loss
$
(14,068
)
$
(9,386
)
$
(51,690
)
$
(40,421
)
Less: cumulative dividends on redeemable convertible preferred
stock
(270
)
(560
)
(1,961
)
(2,124
)
Net loss attributable to common stockholders
$
(14,338
)
$
(9,946
)
$
(53,651
)
$
(42,545
)
Net loss per share attributable to common stockholders - basic and
diluted
$
(0.34
)
$
(0.84
)
$
(2.60
)
$
(3.75
)
Weighted-average common shares outstanding - basic and diluted
42,553,188
11,775,367
20,636,583
11,355,385
WEAVE COMMUNICATIONS, INC
DISAGGREGATED REVENUE AND COST OF REVENUE (unaudited, in
thousands)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
Subscription and payment processing: Revenue
$
30,332
$
22,028
$
108,841
$
74,182
Cost of revenue
8,398
5,847
29,452
19,595
Gross profit
$
21,934
$
16,181
$
79,389
$
54,587
Gross margin
72
%
73
%
73
%
74
%
Onboarding: Revenue
$
599
$
977
$
3,687
$
3,095
Cost of revenue
2,896
2,098
10,942
7,691
Gross profit
$
(2,297
)
$
(1,121
)
$
(7,255
)
$
(4,596
)
Gross margin
(383
)%
(115
)%
(197
)%
(149
)%
Hardware:
Revenue
$
909
$
768
$
3,343
$
2,619
Cost of revenue (depreciation of phone hardware over a 3-year
useful life)
2,385
2,001
8,978
7,163
Gross profit
$
(1,476
)
$
(1,233
)
$
(5,635
)
$
(4,544
)
Gross margin
(162
)%
(161
)%
(169
)%
(174
)%
WEAVE COMMUNICATIONS, INC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in
thousands)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
CASH FLOWS FROM OPERATING ACTIVITIES Net loss
$
(14,068
)
$
(9,386
)
$
(51,690
)
$
(40,421
)
Adjustments to reconcile net loss to net cash used in operating
activities Depreciation and amortization
3,390
2,594
12,140
9,425
Provision for losses on accounts receivable
128
92
355
287
Amortization of contract acquisition costs
2,564
1,970
9,410
6,862
Gain on recovery of previously recognized contract loss
—
—
—
—
Loss on disposal of assets
—
—
—
—
Equity-based compensation
3,044
1,532
14,091
11,613
Changes in operating assets and liabilities: Accounts receivable
1,393
1,266
(870
)
(567
)
Contract acquisition costs
(2,787
)
(2,616
)
(12,828
)
(9,670
)
Prepaid expenses and other assets
(1,532
)
326
(4,073
)
(727
)
Accounts payable
(515
)
369
583
302
Accrued and other liabilities
(4,268
)
1,722
1,564
792
Deferred revenue
1,068
1,730
6,627
6,738
Deferred rent
1,178
(44
)
4,318
(152
)
Net cash used in operating activities
(10,405
)
(445
)
(20,373
)
(15,518
)
CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from
sale of assets
—
—
—
—
Purchases of property and equipment
(1,331
)
(1,622
)
(7,376
)
(2,759
)
Capitalized internal-use software costs
(461
)
(72
)
(2,433
)
(1,100
)
Net cash used in investing activities
(1,792
)
(1,694
)
(9,809
)
(3,859
)
CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from
advance on line of credit
5
6,000
—
Principal payments on capital lease obligations
(2,048
)
(1,777
)
(7,860
)
(6,001
)
Proceeds from stock option exercises
926
119
4,166
851
Payout of accrued repurchase of common shares
—
—
—
—
Proceeds from preferred shares issuance, net of professional fees
paid
—
—
—
—
Proceeds from initial public offering, net of underwriting
discounts
111,600
—
111,600
—
Paid offering costs
(2,681
)
—
(3,426
)
—
Net cash provided by (used in) financing activities
107,802
(1,658
)
110,480
(5,150
)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
95,605
(3,797
)
80,298
(24,527
)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
40,391
59,495
55,698
80,225
CASH AND CASH EQUIVALENTS, END OF PERIOD
$
135,996
$
55,698
$
135,996
$
55,698
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid
during the period for interest
$
1,184
$
285
$
1,184
$
1,078
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING
ACTIVITIES: Accrual for the fair value of common stock repurchase
$
—
$
—
$
—
—
Equipment purchases financed with accounts payable
78
130
78
130
Equipment purchases financed with capital leases
1,037
1,300
8,461
8,733
Accrued unpaid offering costs
400
—
400
—
WEAVE COMMUNICATIONS, INC
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited,
in thousands, except share and per share data)
The following tables reconcile the specific items excluded from
GAAP in the calculation of non-GAAP financial measures for the
periods indicated below:
Non-GAAP gross profit Three
Months Ended December 31, Year Ended December 31,
2021
2020
2021
2020
Gross profit
$
18,161
$
13,827
$
66,499
$
45,447
Equity-based compensation add back
108
62
526
282
Non-GAAP gross profit
$
18,269
$
13,889
$
67,025
$
45,729
Non-GAAP operating expenses Three Months
Ended December 31, Year Ended December 31,
2021
2020
2021
2020
Sales and marketing
$
15,769
$
10,559
$
58,244
$
39,258
Equity-based compensation excluded
(458
)
(74
)
(1,962
)
(545
)
Non-GAAP sales and marketing
$
15,311
$
10,485
$
56,282
$
38,713
Research and development
$
7,119
$
5,613
$
27,009
$
19,967
Equity-based compensation excluded
(554
)
(278
)
(3,545
)
(1,441
)
Non-GAAP research and development
$
6,565
$
5,335
$
23,505
$
18,526
General and administrative
$
8,920
$
6,745
$
31,637
$
25,793
Equity-based compensation excluded
(1,924
)
(1,118
)
(8,058
)
(9,345
)
Non-GAAP general and administrative
$
6,996
$
5,627
$
23,579
$
16,448
Non-GAAP loss from operations Three Months
Ended December 31, Year Ended December 31,
2021
2020
2021
2020
Loss from operations
$
(13,647
)
$
(9,090
)
$
(50,391
)
$
(39,571
)
Equity-based compensation add back
3,044
1,532
14,091
11,613
Non-GAAP loss from operations
$
(10,603
)
$
(7,558
)
$
(36,300
)
$
(27,958
)
Non-GAAP net loss Three Months Ended
December 31, Year Ended December 31,
2021
2020
2021
2020
Net loss attributable to common stockholders
$
(14,338
)
$
(9,946
)
$
(53,651
)
$
(42,545
)
Equity-based compensation add back
3,044
1,532
14,091
11,613
Non-cash cumulative dividends on redeemable convertible preferred
stock
270
560
1,961
2,124
Non-GAAP net loss attributable to common stockholders
$
(11,024
)
$
(7,854
)
$
(37,599
)
$
(28,808
)
GAAP net loss per share attributable to common
stockholders - basic and diluted
$
(0.34
)
$
(0.84
)
$
(2.60
)
$
(3.75
)
Non-GAAP net loss per share attributable to common stockholders -
basic and diluted
$
(0.26
)
$
(0.67
)
$
(1.82
)
$
(2.54
)
Weighted-average common shares outstanding - basic and
diluted
42,553,188
11,775,367
20,636,583
11,355,385
Adjusted EBITDA Three Months Ended December
31, Year Ended December 31,
2021
2020
2021
2020
Net loss
$
(14,068
)
$
(9,386
)
$
(51,690
)
$
(40,421
)
Interest on outstanding debt
308
305
1,184
1,097
Tax expense
48
—
60
—
Depreciation
686
479
2,269
1,611
Amortization
300
80
815
508
Equity-based compensation
3,044
1,532
14,091
11,613
Adjusted EBITDA
$
(9,682
)
$
(6,990
)
$
(33,271
)
$
(25,592
)
Free Cash Flow Three Months Ended December
31, Year Ended December 31,
2021
2020
2021
2020
Net cash used in operating activities
$
(10,405
)
$
(445
)
$
(20,373
)
$
(15,518
)
Less: Purchase of property and equipment
(1,331
)
(1,622
)
(7,376
)
(2,759
)
Less: Capitalized internal-use software
(461
)
(72
)
(2,433
)
(1,100
)
Free cash flow
$
(12,197
)
$
(2,139
)
$
(30,182
)
$
(19,377
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220302005449/en/
Investor Relations Contact The Blueshirt Group
ir@getweave.com
Media Contact Kali Geldis Director of Communications
pr@getweave.com
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