Weave Communications, Inc.

Greetings and welcome to Weave's fourth quarter and full year 2025 financial results and conference call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. If you would like to ask a question, please raise your hand. If you have dialed in to today's call, please press star 9 to raise your hand and star 6 to unmute. I would now like to turn the conference over to your host, Moriah Shilton, Investor Relations. Thank you. You may begin.

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. 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. Weave disclaims 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. 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 8K furnished with the SEC before this call, as well as the earnings presentation on our investor relations website. 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 2nd at the JW Marriott in Orlando, Florida. And with that, I will now turn the call over to Brett.

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. This marks the 16th 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 Tomlite top line growth, expanding margins, and disciplined cash generation, while continuing to advance the platform for our customers. 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. 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. 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. 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. 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 Weave comes in. Weave is the unified AI-powered patient communications and engagement platform purpose-built for small and medium-sized healthcare practices. 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. Weave is a mission-critical practice system of work, built at the center of patient interactions 24-7. All conversations flow through Weave, creating operational data to drive process continuity inside our platform. This continuity extends across communication channels. The patient conversation can begin on the phone, continue over text with an AI agent, and escalate back to a staff member when needed. 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. As customers continue to recognize the value of our agentic workflows, Weave evolves from a product that practices use to an always-on teammate 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. 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 retention, expanding share of wallet, increasing customer lifetime value as we continuously add value through AI-powered solutions and additional products that our customers demand. 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. Delivering reliable AI-powered workflows in these environments requires authorizing 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. 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. And that is the huge opportunity for Weave. Practices operate within strict privacy, security, and regulatory frameworks. They look to trusted software partners to navigate that complexity. Weave 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. 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 Trulark added an AI receptionist to our offering, embedding agentic functionality directly into our platform. 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 preserved. 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 revenue models, such as seat-based licensing. However, we license per location and based on consumption, not per seat. 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. 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 inform. Weave is uniquely positioned to be that platform. Turning to our plans for 2026, Trulark is the foundational building block of our AI receptionist capabilities. Trulark accelerated our roadmap by adding an established text-based AI agent that handles common FAQs, manages inbound leads, and automates scheduling and rebooking. The acquisition materially expanded our TAM by extending Weave deeper into the front office automation and directly addressing the single largest component of the practice's cost structure, staffing. This is both the biggest expense and one of the most operationally complex challenges practice owners face. 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. In Q4, we launched a unified inbox that consolidates TrueLARC agentic conversations and weave 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. In the first half of 2026, we expect general availability of our omnichannel AI receptionist 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. These conversations are transcribed and posted into our unified inbox, preserving full context across both AI agent and staff interactions. Weave Call Intelligence then automatically prioritizes important requests and creates follow-up tasks. 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 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 TAM deep and sweeps role in the practice and leverages our market leading position in scale. Before Jason dives into the financials, I wanted to recap a couple 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 Q2 of 2025. That momentum continued and we added more 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 payment reminders, bulk collections, and surcharging. 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. In conclusion, Weave 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. 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. 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.