Yep. All right, good afternoon, everyone. My name is Alexander Sklar. I'm one of the application software analysts here at Raymond James. Very pleased to have Weave back with us again this year. We've got the Chief Executive Officer, Brett White, who's gonna run through a quick presentation at the outset, and we also have Chief Financial Officer, Jason Christiansen. We're gonna start with the presentation with some slides. We'll do a little bit of a fireside, and there's time at the end I'll open it to the audience for any questions. Brett? Sounds great. Thank you. Thank you all for joining us. I really appreciate you taking the time to spend some time with us. As Alex mentioned, I'm Brett White. I'm the CEO. I joined the Weave board almost six years ago, and then I came and joined the management team just over four years ago. Been with the company a long time. I've been in SaaS, vertical SaaS and payments for now more than a decade, and then software for, like, 30 years. I'm a software guy through and through. We'll get started here. Just a quick intro. Who is Weave? What do we do? Weave is the leading vertical software and payments platform that delivers AI-powered patient engagement for small and medium-sized healthcare practices. What does that mean? We focus on individual practices because of their unique workflows. Those individual practices could be one, or they could be a group of 500. At their core, the businesses all operate the same. We don't do hospitals. We don't do government clinics. These are all, you know, for-profit, small and medium-sized practices. We started in dental. Just over half of our customer base are dental offices. We also do optometry, vet, and then our, most recently, our largest segment, second largest segment, our fastest-growing segment is what we call specialty medical, which is. Specialty medical is actually 29 different subverticals. We focus on med spa, plastics, physical therapy, and general practice. We provide telephony, phone, text, other engagement solutions to enable businesses to keep their schedules full, improve their business operations, drive additional revenue, get paid faster, improve patient engagement. The company started with telephony and really grew from there, and I'll kinda share with you some of the products. If you think about where we sit in the value chain, the front desk at one of these medical practices, they generally will have two screens open at any point in time. They'll have practice management software. If you're a dentist, you know, 70% of that comes from Henry Schein One, Dentrix, or Patterson, one of their products, Eaglesoft. Then you would have Weave open to manage, you know, basically everything between the front desk and the patient. Think of practice management software is in the back office of the clinical product, and we would manage all patient engagement between the front desk and the patient. We've got, as I mentioned, we bring together phones, so all the telephony. It's a proprietary voice system. Practice-to-patient texting, missed call texting, missed text texting. We manage payments, so Text-to-Pa y, invoicing for unpaid balances. We manage reviews, whole host of other kind of solutions. Right now, we're in the process of rolling out an AI Receptionist, and I'll tell you a little bit more about that. We're in about 39,000 businesses, and we're based in Utah, just south of Salt Lake in a little town called Lehi. We just finished our year, $239 million in revenue, 17% growth, and produced almost $13 million in free cash flow. That's our business. A really important thing to think about here is our customer base. Our customers are very. You know, we're considered SMB. Our customers are very high quality. These businesses are generally well-capitalized, well-run. They're almost recurring revenue businesses. They rarely go out of business, retention rate is high. They're also, because they're well-run, well-managed, their economics are good, they are willing to pay for solutions that deliver value. There are some. I've been in an SMB segment where, you know, some of the customers just want cheap software. They don't want cheap software. They want software that works. They want software that drives revenue. They want software that saves cost. They have the ability to pay if it delivers value, and their churn rate is very low. That's always a great segment to be in. Think about our customers. What are the things that they're trying to do, and how do we help them with them? First thing they're trying to do is drive revenue. They're trying to attract new patients. About 90% of these practices are trying to get new patients, and about 30%-40% of inbound calls are missed. Generally, if you're calling in and making a call into a practice or you're a new patient, you're responding to some sort of outreach or some sort of problem, you wanna make sure that you're converting those calls, every call possible into a practice, into a revenue opportunity. We can help them do that, and I'll explain with some of the tools that we provide that make that happen. Patient engagement is incredibly important. These practices have modernized. I think all of you in here have had an experience with a business or a practice where you can text anytime you want. You can call on a Saturday night and make an appointment. You can pay anytime, any way you want. Patients expect to be engaged with in the way that they choose, the way they favor, and the old days of paper invoicing, and you have to call during their office hours and leave a voicemail and wait for a call back, those are really damaging the patient relationships, and patients will actually leave. My wife actually told me, my dentist is not a Weave customer. She can't pay him. She said, "Can you please get a different dentist? 'Cause I cannot pay your dentist. He doesn't have a pay link on his website. There's no Text-to-Pay. I have to call during his hours. They call me back. They tell me to send a text of my credit card to pay. I'm not gonna do that. Please find someone who's easy to engage with." That's an area where we really, really help out. The next one is, we help accelerate revenue cycles. The one of the crown jewels of these small businesses is converting treatment plans into accepted treatment plans. You go in, and the dentist said you need four crowns. How do they get you to say yes very quickly? You do that through active engagement tools, and I'll give you a couple points on that in a minute here. We also reduce, minimize billing friction, so getting paid quickly, to make sure that, you know, dentists are getting paid. One of the calls that the front desk hates to make the most is calling and asking you for that $20 or $24 that wasn't paid for by insurance. They may send you a paper invoice. They may send a couple follow-ups. So we can facilitate that and reduce, dramatically reduce the write-off rates for these small practices. Just overall payment collection. Because we own all the communication rails, we have the telephony stack, we have the practice phone number, we can facilitate digital payment methodologies that, say, maybe the practice management software can't or the little terminal on the desk. Imagine, you get a text to say, you know, "Can you please pay $20?" It's a five-digit short code. The probability you're gonna click OK on that is pretty low. If you get a text that says, "Dr. Jill says you owe her $20," you click Apple Pay, you're done, and it definitely increases their collection rate. We see a pretty big disparity between, in DSOs, between customers who use Weave for payments and those that don't. It could be anywhere from, you know, 60-90 days for those that don't to, you know, less, a week or less for those that do. Also we drive cost savings. One of the big challenges these businesses have is staffing. Since COVID, it's been very difficult to retain staff. They have become more and more expensive. There's a lot of turnover. Really using the tools, the texting tools, and a lot of the AI functionality to handle a lot of the mundane tasks, handle a lot of the just tasks that they hate, like calling, asking for the $20, really adds a lot of the value to the platform. We're, we're both a revenue driver and a cost saver. Here's some of the just, you know, the breadth of the products. We provide reviews, you know, phones, texting, and it's about engaging with the patient and improving their business operations. You know, missed call texting, schedule appointments, rescheduling canceled appointments, payments facilitation, really just making sure we're engaging with the patient and improving the lowering the operational costs. We also have some analytical tools, and I'll tell you about that in a minute, where we can actually analyze all the interactions. You know, we have a phone inbox where currently voice calls, text calls all come in, also starting basically now, text traffic from the AI agents, both text from the AI agent and then soon to be voice. You bring all of those streams into this omnichannel receptionist. The AI analyzes the call. It creates tasks, follow-up tasks, billing tasks. Maybe it sends off an insurance verification. Maybe it sends off a digital form. They identify revenue opportunities for the doctor. Really bringing all of these streams of voice and text into one place, analyzing it, and delivering value for the practice. Here's, you know, kind of an example of how this works. Here we've got the AI agent. The AI agent is working 24/7. They're capturing phone calls on nights. You can turn it on or off whenever you want. You can put it anywhere in the communication chain you want. We have this drag and drop tree where you can say, "I want it to come in after voicemail or before voicemail or only during lunch or only on weekends." It will capture the inbound activity, whether it be text or voice. It can book appointments, change appointments, handle payment requests. Really, the value, you know, you can drive more revenue, you can reduce operational costs, but what it really allows is the team member, the person at the front desk, to be much more engaged with the patient. Let's say you have a patient that comes out of the exam room and the doctor has proposed 4 crowns. The front desk now, since they're not having to handle phone calls, can actually engage with that patient and say, "Okay, here's some payment options. Here's how we can, you know, hook you up with CareCredit or hook you up with a in-house financing. Let me explain to you what he means when you say you can do two now and two later, or you can do four now. Let me explain about the procedure." 'Cause, you know, generally the doctor doesn't have that much time to actually explain all that. Now we've increased the engagement level of the front desk with the patient, and what happens is same-day acceptance rates go up, which is great for the doctor. They, you know, earn more revenue, and then the practice staff is relieved from a lot of the mundane tasks that they're just not, you know, that aren't that fun and don't deliver a lot of value. Talk a little bit about the TAM. We're targeting, I mentioned we're targeting dental. We started in dental optometry and vet. That's this $3 billion box there, and this is just U.S. only, about $3 billion dental opto vet in the U.S. We have since expanded into four new verticals, in specialty medical, so that's physical therapy, med spa, plastic surgery, and primary care. That's our fastest-growing segment, and it's actually bigger. That additional segment is bigger than the dental opto and vet segment. The other opportunity is to go into all of medical in the U.S., which would take us to about $10 billion of opportunity, and then that's just U.S. only, and you could easily double that going internationally. We have lots of room to run here. We're currently on a location basis in aggregate about 10% penetrated in the U.S. In specialty medical, we're less than 1% penetrated, and in dental, we're probably around 15% penetrated. The TAM is huge, high-quality businesses, lots of room to run there. you know, as we think about the value created, I mentioned that we started really on the phones business, and since we built in more functionality, reminders, reviews, digital forms, analytics, insurance verification, payments. We're now offering new AI features. We've been actually offering AI features for over a year, but we now offer actually additional AI Receptionist functionality and then additional RCM, which is revenue cycle management. All of this means that our ASP has grown over time, but more importantly, our opportunity to upsell. We've released a number of products in the first half of 2025, which have really accelerated our upsell activities in the second half of 2025. During the earnings call, I mentioned how we're gonna release some AI products, the AI Receptionist, the AI Omnichannel Receptionist, which will be released in the Q2, which will give us more products to upsell and sell at point of sale in the second half of 2026. Quick financial overview. As I mentioned, the company grew 17% year-over-year for the year. We also grew 17% in the Q4. We've been a solid, consistent grower. We're probably most proud of our gross margin performance. We started, we went public at a 57% non-GAAP gross margin. We've grown gross margins sequentially 15 of the last 16 quarters in a row. We're now at 73.3%. I think, Alex, you might have been the one who said, companies at their IPO talk about how they're gonna grow gross margins but don't actually do it. I'm pleased to see that we're actually to do it. We expect this to continue to scale. I think going into 2026, we're gonna moderate our growth expectations because we're just not quite sure how some of these AI costs are gonna flow through. We've still got plenty of room to run on the gross margin. Free cash flow. When we went public, we were burning $10 million a quarter. We've been done nice improvement, every single year. We grew revenue this year 17%. Free cash flow, we grew it 24%, and we generated over $13 million, and we expect that to continue to grow. That's it. That's my quick overview. Should we hit Q&A? Yeah. All right. Great. You hit on a lot of stuff with the product and the financials. Obviously, a huge piece of the narrative in the market now is around AI, and you hit on where you're going from a product perspective with AI. I kinda wanna go back to some of the moats you think you have. Sure. in the business from an AI perspective. Where do you see the business is kind of most defensible from future AI entrants? You hit on the phone aspect. I think you've talked about having decade-plus year of data. Right. How important is that in terms of a potential moat, from AI? Yeah. For us, AI is a, I think an absolute tailwind because it allows us to deliver more value to our customers. Just think about making a lot of these workflows easier, freeing up the front desk to do more value-added tasks, following up on collections, doing automated insurance verification. Those are all definite opportunities for us to deliver more value to the customer, and I think we have a really nice moat 'cause we own the telephony stack, we own the practice phone number, and it's incredibly important to get all the flows onto the practice phone number. You know, we're a vertical we're a vertical software company that... Well, software and payments company in a highly regulated space. We have to be PCI compliant. We have to be HIPAA compliant. You know, there's no dentist that I know of who's gonna write their own software. What they want is a trusted partner to deliver the functionality for them. When I visit a customer, they'll show me two screens, practice management and Weave, and they'll say, "Here's all the things I buy. Can you please put this in the Weave app, please?" They really want a trusted partner to deliver value. They're not gonna write their own. I think the probability of someone coming in and doing, you know, duplicating our decades of industry domain, duplicating our decades of data, you know, the workflows are incredibly complex. You think these are simple businesses, they're actually not. You just can't get it wrong. For example, an appointment may be a 30-minute appointment for a cleaning or a 1-hour appointment for a crown, but the crown can only be done by one dentist only on Tuesday or Thursday mornings. You can't get that wrong. You know, having this experience, this industry, this domain knowledge, having the defensibility of the phones, and being the trusted partner, I think, just these tools just really play to our advantage and allow us to deliver more value to our customers. Got it. Jason, maybe for you. You seeded a lot of areas for growth if you go back kind of 15 months ago. I think the one that's been maybe the most notable uptick from my seat at least is the mid-market motion. Maybe talk about what you're seeing from that team that you put together. How incremental has that been to the growth algorithm broadly? Back in 2024, we launched our enterprise solution, which was really built for the mid-market. That brought together consolidated admin and reporting capabilities. Weave was originally built for single locations, and so this was a really important first step. Beyond that, getting the team in place, we've had really, really great success in growing that team. There's a couple of dynamics within that. It is a longer sales cycle. This is an enterprise, more of an enterprise sales cycle, and when you sell a large multi-location group like a dental service organization, the onboarding and the conversion of those sales into revenue typically ramps over several quarters. We made the investments here in 2025 from a go-to-market perspective, as well as some additional product capabilities. It's set up to continue to be a driver of growth as we look forward, and the AI Receptionist capabilities that Brett talked about are things that are gonna further contribute to that. I mean, they've, when you think about their businesses, they've been trying to figure out solutions. Some of them have spun up call centers in the past. They are trying to drive a consistent front desk experience. They have the same staffing challenges. The AI Receptionist is really valuable to that segment. I think it's gonna, as I said, it's gonna be an important driver going forward. Got it. Maybe one more on the growth side. The payments opportunity, you talked about it in the quarter call. It's been growing twice as fast as overall revenue base. You hit on the value, one of the big value props in terms of the shortened cycle, in terms of receivables management. What have you seen from kind of willingness to adopt your payment solution? How much more have you put into the product to maybe help drive better adoption over the next couple of years? What have been some of the kind of gating factors? 'Cause obviously, this isn't, this is a space people have a method to take payments. It's not totally greenfield, but some are still doing check, as you mentioned. What do you see as kind of the outlook for that sector? I'll start. Yeah, sure. You can fill in here, Brett. I'll say the outlook is very good. We have a significant opportunity that we're under-penetrated in still at this point. Our payments product really started as a Text-to-Pay capability that we offered just over our communication rails to help offices collect out of practice out of practice receivables. In the payment space, you typically win off of one of two fronts. It's cost or it's off of workflow in vertical SaaS and payments. We're not interested in winning on cost. For us, it's a value sell. Realigning the market to the value proposition of improving collections is a really important thing. I mean, the ADA has put out reports that signal the average dental practice writes off about 9% of receivables. That's often because they don't have modern payment workflows or solutions like Text-to-Pay, online bill pay, embedded QR codes for scan to pay in their invoicing. Those are the capabilities that we've been developing into the product. We've also added things like surcharging, which allows practices to pass these fees on to their end patients, really just to maintain their existing profitability profiles as inflation's hit them. You know, that's been accepted really quite nicely. We've rolled out automated payment reminders. Once they invoice patients, front desk isn't responsible for following up. Our technology can just continue to chase those loose dollars and reduce those write-off rates. There's bulk collections that help them send this out in mass rather than on a one-by-one basis. There's still more work to do there. The AI Receptionist is one of the next fronts for this as you start to think about like patient intake, as you're doing the insurance verification, having the receptionist take the copay up front once they verify and know exactly what that copay looks like. On the back end, after claims have been adjudicated, being able to collect the remaining balances. We see a lot of room to run, and we still think there's more value that we can deliver to the practices to help them improve their financial position with our modern payment capabilities. Just maybe a kind of question on your, on your philosophy. $240 million of scale today, you've demonstrated not the last since the IPO, you kind of alluded to this, but I think it's 30-ish points of margin leverage since when you went public. How do you think about right now in this environment where there is a greater focus to deliver on the profitability front versus what you laid out is still a massively underserved opportunity that, you know, relative a lot of other public software companies, you are earlier stage? Right. How do you think about the opportunity right now for you to just keep growing versus kind of grow through a more profitable lens? Yeah. I think, let's talk about the opportunity first. I think the opportunity continues to expand. The, the opportunity created by our AI Receptionist product is really exciting. Think about you have a practice and you have an inbox. Your text AI chat is in the inbox, your voice AI back and forth is in the inbox. Your human voice is all recorded, voicemails, live calls, is in the inbox, and then your text, your staff text, it's all in one place. You've got a product we call Call Intelligence, which analyzes all of it. It goes through and says, "Here's a revenue opportunity. Here's a task, you know, send a digital form, send a request for payment. Having this one place where all the communications that are happening in the practice go through is being analyzed is incredibly exciting and the value that that can bring to a practice is really significant. When I talked about they want good software, not cheap software. If you can, you know, add this functionality and you can prove its ROI. One of the best ways that we prove ROI on these products is we say, "Just take the AI Receptionist and just turn it on nights, weekends, and lunch." They get bookings and appointments that they never even knew they could have had, and it pays for itself almost immediately, and they're like, "Wow, if I can run this during weekends and nights and get the value, I'm gonna turn it on all the time and allow my front desk staff to actually engage with my patients on a personal basis because I know this thing's gonna make me money in the background." The opportunity from these new technologies, I think, really increases our opportunity, and I think we're very uniquely positioned relative to point solutions 'cause these businesses don't wanna implement a bunch of point solutions. They don't wanna have 6 screens open. They wanna have two vendors that they're working on. I think our opportunity is great. Now, to your question, how do we leverage that opportunity? We are biased towards growth, but recognize that, you know, we've got to show improving operational leverage. What we focus on internally is unit economics, right? Do the unit economics of customer relationships work, and do they improve over time? We've shown that in our gross margin. We've talked about how you enter a new vertical, you know, the CAC is higher, the ASP is lower, and then retention is lower, and then over time, those all get better, right? CAC goes down, ASP goes up, retention goes up. We've proven that time and time again. We're very focused on unit economics, very focused on improving the operational effectiveness of the business and, you know, in these times, balancing revenue growth with improving profitability, which is why, you know, we raised our profit guide for 2026. We're being very cognizant of that. Could we grow faster? Heck, yeah. I think in these times, this is the prudent approach, or the approach we've chosen. Got it. In just in terms of the AI Receptionist and the technology that, especially given you're about to more fully roll it out, later in the Q2, how are you thinking about pricing and packaging? Maybe as part of that, just the value prop, what's it like if a physician just replaces one missed appointment in a given month? Like, how much savings is that relative to kind of the cost of your product? How should investors think about that? Yeah. Yeah. You know, it's funny, we've got these great corner cases. An appointment is several hundred dollars, and the product right now standalone, the product sells the text-only product, not voice, for about $250-$300 a month. One appointment pays for it, two, you're in the money, and we actually have a customer who told us that because of this, the technology they deployed, they actually uncovered a $70,000? $70,000. A $70,000 cosmetic procedure. The AI captured it in off hours, you know, they're able to turn it and close it. The unit economics are terrific, and anytime you turn it on in off hours, it proves itself. Yeah, we're very confident in the value it delivers. All right. Well, we're just about of time here, so I'll give you each kind of a chance for this last question. As you look at the next 12 months, what are you most excited about that as you've had investor conversations today after the quarter, you just still think is underappreciated by the broader market? You know, our business is in really good shape. I mean, it's if you take the stock price and put it aside, you look at those charts, you're like, "Wow," you know, consistent growth, consistent margin improvement, consistent customer growth, consistent big wins. I mean, the business is doing great. I don't look at stock price. I focus on the growth. Then I think our opportunity is getting bigger and our unique right to win is improving. I'm super excited, optimistic about the future. Next couple of years is gonna be great. Yeah, I would echo that. The thing that I would also expand is, you know, Brett showed a TAM slide. As we continue to deliver more and more capabilities within this AI Receptionist, it's our opportunity to continue to expand that number by delivering more and more value to the front desk. We have a very resilient customer base and our scale is something that's really hard to match going in and selling to these small SMB practices. I'm very, very excited about the opportunity there, as well as just some of the improvements that we're making internally, how we go to market. You know, we made a couple of simple changes to improve efficiency there. We talked about that in the call where we expect to see improvements in the back half of the year as we've introduced changes like SDRs into our sales motion and verticalizing. We have enough demand now in our business between medical and dental, opto, and vet, that we can segment our sales organization to be able to focus on those opportunities differently. There are different stages and cycles. I think there's a lot of good to come. Awesome. Well, thanks, Brett. Thanks, Jason. Yeah. Thanks everyone for joining us. Yes. Thank you.