Weave Communications Q1 2023 Earnings Call Transcript

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Provided by Quartr
May 3, 2023

There are 12 speakers on the call.

Operator

Greetings, and welcome to the Weave Communications Q1 2023 Earnings Conference Call. At this time, all participants are in listen only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mark McReynolds, Head of Investor Relations.

Operator

Over to you, sir.

Speaker 1

Thank you, Danae. Good afternoon, and thanks for joining us for our Q1 2023 earnings conference call. Joining the call today are Brett White, CEO And Alan Taylor, CFO. Brett will open the call with an overview of Weed's performance, and Alan will discuss our financial results in more detail. After the prepared remarks, we'll take questions.

Speaker 1

Today's discussion contains forward looking statements that represent our beliefs or expectations about future events. All forward looking statements involve risks and uncertainties that could cause the actual results to differ materially from the forward looking statements. Please refer to the cautionary language in the earnings release and in Weave's filings with the Securities and Exchange Commission, including our most recent Form 10 ks and 10 Q For additional information concerning factors that could cause actual results to differ materially from the forward looking statements, We'll also discuss financial measures that do not conform with generally accepted accounting principles. For the sake of clarity, unless otherwise noted, all numbers we talk about They will be on a non GAAP basis. Information may be calculated differently than similar non GAAP data presented by other companies.

Speaker 1

A reconciliation between these GAAP and non GAAP financial measures is included in our earnings press release, which can be found on our Investor Relations website at investors. Gitweeb.com. And with that, I'll turn the call over to Brett. Thank you, Mark.

Speaker 2

Good afternoon and thank you all for joining us today. I'll start my remarks by sharing the highlights from the quarter and then follow with a I'm very pleased to share that we kicked off the year with strong results. Our total revenue for Q1 was $39,600,000 representing 19% year over year growth and above the high end of our guidance for the quarter. Q1 was an important milestone for us as this was the Q1 In which the year over year revenue growth rate increased sequentially since 2019. This growth was driven by strong demand for our platform and our growing customer base.

Speaker 2

In Q1, we also continued to make significant progress Our gross margin for the quarter was 67.6%, up 8 50 basis points From 59.1 percent in Q1 2022 and up 90 basis points from last quarter. Additionally, we reduced our operating loss to 10% of revenue from a loss of 30% of revenue 1 year ago. Our Q1 adjusted EBITDA loss was 5% of revenue compared to 27% of revenue last year. Our operating loss for the quarter was $4,000,000 a 60% improvement over last year and $1,000,000 Above the midpoint of the guidance that we gave in February. In last quarter's earnings call, we shared that we built our plan for 2023 To accelerate our revenue growth and our path to profitability, with the goal of being free cash flow positive by the end of 2023.

Speaker 2

We are pleased to report that through revenue overachievement and continued operational improvements, for the first time in the company's history, We delivered positive free cash flow in the amount of $587,000 in Q1. I'm proud of the Weave team's intense focus on serving our customers and delivering these excellent results. As these results clearly demonstrate, We are making progress in delivering on this large opportunity and our business model enables us to deliver a combination of Strong revenue growth and improving profitability. I'd like to provide additional color on our top line growth for Q1. In our last earnings call, we shared with you that we experienced improved sales momentum in the 3rd 4th quarters of last year.

Speaker 2

We are pleased to report that that momentum continued into Q1 with both the number of new customers sold and the average sales Price for new customers increasing over Q4 of last year. Both our digital marketing and our event channel results improved sequentially in Q1 as well. Historically, in person industry events have been one of our most important sources of new business growth. In Q1, we doubled the amount of in person event sales compared to the Q1 of 2022, despite attending slightly fewer events. We are investing more in larger events, sending broader teams, not only salespeople to engage with prospective customers, but also customer success teams to engage with current customers.

Speaker 2

This has resulted in an increase in the number of leads generated and closed from this important channel. We are encouraged by the increased demand that we are seeing coming out of these events and expect to continue our investments in this channel. To handle the increased demand, we continue to grow our go to market capacity. We increased the number of sales reps By 15% year over year and 80% of our sales reps are now fully ramped, which represents 41% increase in ramped sales reps year over year. Our over performance also enabled us to accelerate several additional go to market initiatives in the quarter.

Speaker 2

Turning to payments. Our payments offering enables our customers to collect their fees faster and with less effort and administrative burden. Our solution streamlines the billings workflow and we continue to see increased adoption across our customer base. You're encouraged by the trends that we are seeing in the payments data. For example, payments volume per location in Q1 Was up over 10% year over year, which speaks to the health of the industries and individual customers that we serve.

Speaker 2

We announced in March that we signed a multi year agreement to extend and deepen our partnership with Stripe as our payments processing partner. As part of this agreement, our customers will have access to more Stripe platform and we plan to leverage additional features later this year We endeavor to expand our payments offering for our customers. On the new product front, we launched bulk texting on our platform in Q1, Which is one of the most requested features by our customers. Bulk texting gives our customers the ability to send a single text message to thousands of their patients at once And helps improve efficiency and boost revenue for practices by engaging more patients with personalized and targeted text messages With much less administrative burden on the practice staff. Text messages have more than a 99% open rate, With 90% of messages being read within the first three minutes of being received.

Speaker 2

An appointment vacancy can cost a practice up to $200 per occurrence If left unfilled and bulk texting allows our customers to quickly engage patients that are due for an appointment, increase bookings for the practice and keep their schedules Earlier this week, we also announced response assistant, which is a major enhancement to Weave reviews. Reviews are very important for healthcare practices as more than half of patients look at online reviews before scheduling an appointment. Response Assistant is our 1st AI driven feature and it allows our customers to use AI to draft a thoughtful and personalized response Our focus on innovative automation has been a core strength since our founding, and we intend to continue leveraging AI to make patient communication and engagement easier and more effective for our customers. We've continued to receive Positive recognition and validation from our customers that our platform delivers best in class communications and engagement results. In Q1, we were named a leader in 5 different categories in G2's 2023 Spring Report.

Speaker 2

Recognition in the list is based on customer reviews and highlights the best software products for small healthcare businesses. In addition to being named a leader in multiple categories, our platform was also recognized for its return on investment, Being named best results in patient engagement software among small businesses. We will continue to listen to our customers to ensure that we are providing an Excellent experience in delivering requested feature improvements. In last quarter's earnings call, we introduced the concept of a boomerang customer, One who leaves Weave for a competitive solution only to come back a short time later. In Q1, we saw this customer category accelerate And we counted 45 new Boomerang customers in Q1 alone compared to approximately 100 in all of 2022.

Speaker 2

We believe this trend provides another data point and further validates the breadth and value delivered by the Weave solution. Lastly, I'm excited to announce that we have added a key member to our executive leadership team. We announced earlier this week Marcus Bertelsen has joined Weave as our first ever Chief Strategy and Services Officer, leading our strategy, onboarding, Customer support and customer success teams. Marcus has nearly 2 decades of revenue growth and strategy experience. Before joining Weave, he served as the Senior Vice President of Revenue and Strategy at Thumbtack, a home services management platform For the small and medium business, where he successfully led and scaled global revenue strategy and customer facing teams serving their over 100,000 SMB customers.

Speaker 2

Prior to Thumbtack, Marcus was with McKinsey and Company, He collaborated with numerous Fortune 100 clients and specialized in growth strategy, innovation and company transformations. We are excited to leverage Marcus' experience to seize upon the vast opportunity that we have in front of us. In conclusion, we are very pleased to be off to a great start for 2023. Our customers are the North Star in every decision that we make, and I'd like to thank them for their continued trust in Weave enabling us to grow together. I'd also like to thank the entire Weave team for their tireless dedication in bringing innovative industry leading products and services to our customers every day, enabling them to serve their patients and clients and achieve their professional dreams.

Speaker 2

With that, I'll turn the call over to Alan

Speaker 3

We delivered 1st quarter revenue of $39,600,000 reflecting 19% growth year over year. This represents 4% or $1,600,000 over the midpoint of the range we provided last quarter. Our net revenue retention rate was 97% in Q1. The primary cause of the decline from Q4 is the ongoing impact From our former third party forms provider, we launched our internally developed product and have seen positive adoption by customers, but the transition will continue to negatively impact net revenue retention through the Q3 of 2023. Excluding the impact of the 3rd party forms provider, net revenue retention was 100%.

Speaker 3

Gross revenue retention rate was 93% in Q1, 1, a slight decrease from last quarter and within the range we've seen for the last 7 quarters. Moving on to operating results. As a reminder, I'll be referring to non GAAP results unless stated otherwise. Our Q1 results showed consistent improvement across the board. Gross margin was 67.6 percent.

Speaker 3

This represents an 850 basis point increase year over year. Operating expense was $30,800,000 approximately $1,000,000 increase from last year compared to a 6 point $3,000,000 increase in revenue for the same period. We have continued our progress in streamlining our operations while continuing to produce steady growth. Our operating loss was $4,000,000 an improvement of $6,100,000 or 60% compared to last year, representing $1,000,000 over the midpoint of the guidance range we provided last quarter. The corresponding operating loss margin of 10% is a significant Improvement from the operating loss margin of 30% last year.

Speaker 3

Our net loss was 3,300,000 Or $0.05 per share in the Q1 based on 66,000,000 weighted average shares outstanding. This is compared to a net loss of $10,400,000 or $0.16 per share last year. This represents a $7,100,000 improvement due to revenue overachievement and operating efficiencies, Coupled with a $1,000,000 increase in interest income related to our treasury activities. We also recently entered into a sublease agreement for 1 floor of our headquarters In Lehi, Utah, this will provide approximately $800,000 annually in other income. Additional detail will be provided in the subsequent events section of our Q1 10 Q.

Speaker 3

Adjusted EBITDA loss was $2,000,000 a $7,200,000 improvement year over year. Adjusted EBITDA loss margin of 5% is a significant compared to the 27% loss margin reported a year ago. We continue to have a very Strong balance sheet with $112,600,000 of cash and short term investments on hand as of the end of the quarter. As you recall, last quarter we had $113,300,000 which means we only used $700,000 in Q1. I also wanted to provide a quick update on our line of credit with Silicon Valley Bank.

Speaker 3

As previously disclosed, we maintain a $50,000,000 Revolving line of credit with SVB and had borrowed $10,000,000 against it. The line was set to mature in August of this year. However, we recently extended this line of credit with SVB, now a division of First Citizens Bank to August 2025 with the same terms moving this borrowing from current to long term on our balance sheet. We have no pending plans to utilize any additional funds at this point, but we are pleased to extend this line of credit providing flexibility For potential future strategic initiatives. As Brett mentioned in his remarks, we had our first positive free cash flow quarter in Q1.

Speaker 3

Free cash flow was positive $587,000 a $5,700,000 improvement over Q1 last year. We expect free cash flow to fluctuate from period to period, and we do not expect our free cash flow to be positive next quarter due to seasonal payroll factors. However, we do reiterate our commitment to achieving free cash flow exiting the year. Turning now to our guidance. For the Q2 of 2023, we expect total revenue in the range of $39,500,000 to $40,500,000 And non GAAP operating loss in the range of $5,000,000 to $4,000,000 For the full year 2020 We expect total revenue to be in the range of $160,500,000 to $163,500,000 We expect our full year 2023 non GAAP operating loss to be in the range of $18,500,000 to 15,500,000 which assumes continued progress on our path towards profitability.

Speaker 3

We expect to have a weighted average share count of approximately 67 3,000,000 shares for the full year. And to close, we are pleased with our Q1 performance and expect to continue our disciplined approach Now, Brett and I will take your questions.

Operator

Thank you, sir. Ladies and gentlemen, we will now be conducting a question and answer A confirmation tone will indicate your line is in the question The first question that we have is from Alex It's a pleasure from Raymond James. Please go ahead.

Speaker 4

Great. Thank you. Brett, I want to start off Just an update on the multi location opportunity. Can you just give us an update where the product stands today in In terms of the ability to address the multi location and I know you've been making some significant go to market investments there as well. Have you started seeing that in the numbers at all driving the success this quarter?

Speaker 4

Thanks.

Speaker 2

Sure. So as The product suite as it currently stands can absolutely support multi location offices. We have a Significant number of multi location offices on the platform using it successfully. I think our next step is kind of a major push Into the multi location domain and going after larger DSOs. And there's a few things that we still want to do to the product Just to make it a little bit easier to use from a centralized kind of command and control perspective and then some Functionality around phone routing and things like that.

Speaker 2

So look for that to come in the second half, but Q1 Was pretty consistent with prior quarters on number of multi accounts landed.

Speaker 4

Okay. Great color. And then can you elaborate a little bit more, I don't know Alan or Brett who wants to take this one up, you referenced higher ASPs in the prepared remarks. I think you've always kind of had a larger land model versus kind of land and expand. But did anything change this quarter in terms of just overall pricing or lack of Discounting your initial attach rates from the add on products, I'm curious more behind that comment.

Speaker 4

Thanks.

Speaker 2

Sure. I'll start and I'll give my perspective. I think The biggest drivers are, 1, we've moved to a bundle, Bundled solution, where we offer now 3 bundles that can be sold and purchased by our prospect. So that has definitely helped the ASP. And then also, as our sales teams get more ramped, get more experienced, They're better qualified, better capable of meeting the customers' needs and helping them make the right choice.

Speaker 2

So I think the combination of higher quality marketing, more targeted marketing, Higher performing sales teams and then just a bundle strategy, all those things together are moving us moving ASP up a bit.

Speaker 3

Okay, great. Thank you very much. I would just add to that, The product confidence just on the sales team side given the boomerangs that we're seeing, they're able to just hold the line on pricing just because of the Quality of the experience our product offers versus competitor.

Speaker 4

That's great color. Thank you both.

Operator

Thank you. The next question we have is from Matt Stottler from William Blair. Please go ahead.

Speaker 5

Hey, guys. This is Alex Basti on for Matt. Thanks for taking our questions. Just a couple of quick ones for me. So maybe if we could start with the go to market transition.

Speaker 5

Thanks for some of the color on that. Maybe if you could just touch on When you expect that to be fully ramped and any implications that might be that we might see for future period growth?

Speaker 2

Sure. So on a weighted basis, I would not expect us to really Ever be more than kind of 80% or maybe 90% ramped because now we're actually adding new reps Just due to the demand we're seeing. And so we will always have a cohort of reps that are in the ramping phase. So I think On percentage ramp, we'll probably get to 80%, 90% and then just continue to grow from there. We're adding new Account executives new sales reps now in Q1 and expect to continue to add them as long as demand Continues to grow as we're seeing it.

Speaker 2

So we're pretty excited about that. And we just measure it very, very Carefully, we look at results daily and weekly and we make our hiring decisions based on that. So hopefully, if kind of Growth and demand continues. We will always be adding go to market capacity.

Speaker 5

Got it. Awesome. Well, thank you for that. And then just one more for me. Maybe as a broader Question, can you talk about any of your updated observations you have on the current macroeconomic environment?

Speaker 5

And Any updated observations regarding demand, spend behavior, usage patterns, etcetera?

Speaker 2

Yes. So I the data that we're seeing, we shared one data point in our prepared remarks That average volume per location is up 10% year over year. So That is terrific to see. So that says that our existing customer base, their business is growing. So That's terrific to see.

Speaker 2

As far as, the demand environment, sales cycles, really no change They've been pretty consistent the last couple of quarters. The product is doing very well, Especially competitively, we've got a lot of, I think, favorable Progress, especially due to the improvements we've seen in our services offerings. We've seen a lot of Improvements in our onboarding functions and our support functions and those show up as kind of positive Sales tools for our teams to use. So no major changes in the macro or the buying environment, I think.

Speaker 5

Got it. Understood. Thank you for that and I will pass it on.

Operator

Thank you. The next question we have is from Mike Funk from Bank of America. Please go ahead.

Speaker 6

Yes. Thank you very much and thank you for the questions tonight. First question, just thinking about free cash flow. First, great job Hitting that positive metric in 1Q ahead of target, obviously, always looking for more. Any thoughts on incremental efficiencies that you can drive out of the business?

Speaker 6

I understand you've already done a lot. And then how we should think about the free cash flow Russian moving forward from here. And then I have one more follow-up.

Speaker 3

So we continue to Hit both our COGS lines as well as operating expenses. And we now have much more Robust models to support staffing levels on the COGS side for support for onboarding. We are The efficiencies and the economies of scale that we get on our the data center costs and the Telecom costs associated with supporting our customers, we continue to drive costs out there. So we're not done by any stretch. I do think that the pace may slow down a little bit, given the 8 50 basis points we've seen over basically the last year, But we will continue to drive those out.

Speaker 3

And then on the operating expense side, we've got I think that we're Trending towards kind of best in class benchmarks on several of those areas. And as Brett had mentioned, we're going to continue to invest in the go to market side as we can, while still delivering moving quickly towards profitability. So there's additional room to drive the cost add and to deliver full cash flow and profitability.

Speaker 6

Thank you for that. And then our prepared remarks, you mentioned positive momentum carried over in the first Quarter, I think in terms of both customer additions and pricing. On the customer additions, are there any geographic regions Or customer verticals to call out that are driving that strength or is it relatively broad based?

Speaker 2

I would say it's relatively consistent. So our big geos so we're vast majority, primarily all of our business In the U. S, our big geos are not surprising California, New York, Texas, Florida. So that's continued that volume trajectory continues. And then By vertical, it kind of continues to be pretty weighted, pretty consistent with what we've seen Over the last several quarters, so Danswil being number 1, optometry, veterinarian and specialty medical.

Speaker 6

Great. Thank you for the questions.

Speaker 2

Sure. And let me give a little bit more color to Alan's response. The operating model that we have developed internally on finding efficiency is kind of the deal we've struck with the team is let's go find Waste and inefficient spend and every dollar that we find, we will take some of that and put it back into Spend that we know works, that we can really calculate weekly, monthly, we know that spend works. So we've got a pretty passionate team here, pretty focused on running waste and inefficiency out of the business because they just know we'll immediately flip Some of that back to growth investments.

Speaker 6

And that's part of the question as well. As you're seeing better demand trends, The kind of desire to focus on reinvesting back into the growth engine of the business as that improves. So I think you answered that question. Thank you.

Speaker 2

You bet. Thank you.

Operator

Thank you. The next question we have is from Tyler Raffa from Citigroup. Please go

Speaker 7

ahead. Hi, this is Kylie Tobin on for Tyler Radke. Nice quarter and you had a really nice beat and raise On the quarter, guidance raised more than you beat. Is this driven by your new product releases and Potential upsell within your pro SKU or something else? And just on that note, have you disclosed what percent of your client base is on that pro SKU?

Speaker 7

Thanks.

Speaker 3

So it does represent that and just the continued confidence that as we We've just continued that acceleration of execution across the board. It was only a year ago when we did the Sales replatforming, we now have got that dialed in and as even though we're fully ramped, we will Still see some additional efficiencies as we continue forward. That's a pattern that we've seen in the past with some of our more seasoned reps. And so we'll see both the product enhancements that will be coming forward and the just performance of the sales team. So, and remind me the second part of your question.

Speaker 7

Yes, sure. It was just if you've disclosed what percent of your client base is on that pro SKU?

Speaker 3

Yes, just we haven't described the percentage. Suffice it to say that we land very heavy on the Weave Elite Bundle is what we're calling it now or in the past is Weave Plus with premium features. And the vast majority of our customers usually land on that package.

Speaker 7

Okay, great. Thank you. And just one more is your newly launched response as dissonant solution, is that leveraging generative AI LLMs, and is this something that would just be available in that pro SKU? And just on that note, we'd love to hear more about the opportunities you Feel like you have within the pricing and packaging as you continue to add these new features? Thanks.

Speaker 3

Yes. I'll start and then Brett Yes, the answer is yes, it is using the LOM generative AI. I think the This introduction of response assistant on the reviews is just the beginning. There are so many things that can be done with respect to chat, Appointment and appointment scheduling and responses, the AI is all the rage as you know, And this really represents something that can take a significant burden out of people, making them able to edit Instead of create and personalized information. So that gives them much more efficient A way of really personalizing and engaging directly with each customer.

Speaker 6

Thank

Operator

you. The next question we have is from Brett Brinslin from Piper Sandler. Please go

Speaker 8

ahead. Hi, everyone. This is Mauro stepping on for Brent. Thanks for taking our questions. So just 2 from us.

Speaker 8

So as you think about the investments you've made on the go to market front, how should we think about how that will affect your net retention metrics as we kind of go throughout the year? And I'm just trying to figure out if 100 percent ex that third party dynamic is kind of a starting point for the year, or is there just not enough visibility on that front yet? And then my second question, just wondering if there's any qualitative commentary you can provide on how customer conversations or in person events trended in April.

Speaker 3

So why don't I take the NRR one and then maybe Brett can talk to the customer events and I'll join in. On the NRR, I think that we will see some further degradation there until we clear the full cycle of because it's really in Q3 is when that Customer forms issue will finally we will have lapped it. So we'll see it, but I don't think It'll probably go from the 97 to maybe 96. But then we should be able to start taking that back up as a Trailing 12 month average, it takes a while to turn that around and particularly given the forms issue that we've been talking about now for 3 quarters. So that's where we see that going, but we do have plans in place to get that turnaround.

Speaker 2

Yes. And I'm hesitant to kind of report on April. I don't really want to set that precedent, but we're pretty happy with How the year is shaping up?

Speaker 8

Okay. Thank you very much.

Operator

The next question we have is from Kash Rangan from Goldman Sachs. Please go ahead.

Speaker 9

Hey, guys. This is Jacob on for Kash. I appreciate taking the question. I apologize if this was addressed already. I just hopped from another call.

Speaker 9

But I know the original goal was, I believe, and correct me if I'm wrong, was free cash flow breakeven by 4Q, and that was brought up by, Well, 3 quarters into 1Q, it looks like. So can you just touch on the dynamics that really allowed you to Post breakeven free cash flow this quarter and how you expect that to trend going throughout the year?

Speaker 3

Yes. So, Jacob, the execution of the team, the over performance on the top line, those are the things that really drove us into the Free cash flow positive position. We mentioned in the prepared remarks that we won't we don't anticipate seeing that again in Q2. There are seasonal payroll factors that enter in associated with the way we manage our employees that We'll make it so that we won't achieve that necessarily in Q2, but we do intend fully on exiting the year In Q4, it's cash flow positive as well. So, we're excited about that.

Speaker 3

It's the first time in company history, obviously, and that it helps us Turn that corner and move rapidly towards both free cash flow positive as well as GAAP profitability.

Speaker 9

Awesome. Okay. No, I appreciate that color. Thank you so much, guys.

Operator

Thank you. The next question we have is from Parker Lane from Stifel.

Speaker 10

Hi. This is Matt Pickert on for Parker. Thanks a lot for taking my questions and congrats on the quarter. You mentioned digital forms. I'm And is there any incremental interest in this solution over the previous partnership in their solution for any new customers that You are new to a digital forms product.

Speaker 3

Yes. Thanks, Matthew. First of all, we are Pleased with the ramp of the digital forms. We're also pleased with the trajectory we're on with respect to retention of the digital forms. I think that the solution that we are offering and the deeper integration that we offer versus our prior third party alternative It's going to make us a more compelling solution as we move forward, because we've got the write back capability into many of the practice management solutions that we are tied to.

Speaker 3

And so that makes it so that when you go into your dentist or your doctor and you fill out the paperwork Online in that digital form, there's an automatic write back capability into the practice management solution. So there's no transcription errors, there's no Wasted time in reentering data and all of those things are features that these customers are really enjoying

Speaker 10

And then secondly, after your announcement of continued relationship with Stripe for payment processing, do you envision Payments becoming a larger part of the Weid Growth story once again or is it more of an added feature for the clients? Can you talk a bit about your payments

Speaker 2

Sure. So I'll start. So yes, we expect payments to be A bigger part of the Weave story, payments currently is growing significantly faster than subscription revenue. And we're quite, I'd say, underpenetrated in our customer base with our payment solution. So Getting greater breadth and greater depth into the Stripe platform with the Weave Stripe integrations Office our customers more functionality, which is terrific.

Speaker 2

And then also we're just getting more focused internally on our payments business and driving our payments functionality into a larger percentage of our customer base. So We definitely look forward to our payments business continuing to grow rapidly and grow as a percentage of revenue as well.

Speaker 10

Terrific. Thank you very much.

Operator

Thank you. The last question we have is from Mark Schappel from Loop Capital Markets. Please go ahead.

Speaker 11

Hi. This is Tim Grooms on for Mark Chappell. Thank you for taking the question. I wanted to ask with respect To like improving the gross margin and streamlining your infrastructure has like been A priority, particularly in optimizing the Google Cloud. Can you talk about or give us an update on Where that initiative stands?

Speaker 3

Yes. That initiative is it will always be ongoing. There's been several very nice improvements both in terms of the efficiency with which we use the Google Cloud, The efficiency in our telecom operations with our bandwidth providers And in our data centers overall, the engineering team is focused on this. As Brett mentioned, The energy around the whole team really looking for opportunities to drive out the waste is really what we're So everyone is really looking at this. On the support side and On boarding side, we've got teams that are engaged, that are creative, that are really putting in the work To make sure that we're able to leverage our, the cost basis we're already at and provide the services To our customers all while driving higher CSAT scores over the last 6 to 8 months.

Speaker 3

And so all of those things are coming together and we'll Continue to be a focus in driving the most efficient process we can for both Attracting customers, getting them on board and then servicing them.

Speaker 11

Okay, great. Thank you.

Operator

Thank you. Ladies and gentlemen, That concludes the question and answer session. Thank you for joining us today. You may now disconnect your

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Earnings Conference Call
Weave Communications Q1 2023
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