Weave Communications Announces Second Quarter 2022 Financial Results

  • Second quarter total revenue of $34.9 million, up 24% year-over-year
  • Subscription and Payments revenue growth of 28% year-over-year
  • Weave launches several additions to its all-in-one communications platform
  • Weave announces Brett White as Interim CEO

LEHI, Utah--(BUSINESS WIRE)-- 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 second quarter ended June 30, 2022.

“I’m very happy to report the Weave team posted another impressive quarter of performance. We made substantial progress in our new product delivery and Go-to-Market optimizations,” said CEO Roy Banks. “And while I'm saddened to announce that I am stepping down for health and family reasons, I am extremely proud of what the company has been able to accomplish during my time as CEO. I'm confident that Brett and the rest of Weave’s leadership team will guide the company to further successes.”

Second Quarter 2022 Financial Highlights

  • Total revenue was $34.9 million, representing a 24% year-over-year increase compared to $28.1 million in the second quarter of 2021.
  • GAAP loss from operations was $14.6 million, compared to a GAAP loss from operations of $14.1 million in the second quarter of 2021.
  • Non-GAAP loss from operations was $10.1 million, compared to a non-GAAP loss from operations of $8.9 million in the second quarter of 2021.
  • GAAP net loss attributable to common stockholders was $14.8 million, or $0.23 per share compared to a GAAP net loss attributable to common stockholders of $15.0 million, or $1.12 per share in the second quarter of 2021.
  • Non-GAAP net loss attributable to common stockholders was $10.3 million, or $0.16 per share compared to a non-GAAP net loss attributable to common stockholders of $9.2 million, or $0.68 per share in the second quarter of 2021.
  • Dollar-Based Net Retention Rate (NRR) was 102% as of June 30, 2022.
  • Dollar-Based Gross Retention Rate (GRR) was 94% as of June 30, 2022.

Business Highlights

  • Weave Launches its All-in-One Platform feature — Insurance Verification
  • Weave Adds Buy Now, Pay Later Offering to Streamline Payments in Small Healthcare Practices
  • Erin Goodsell Joins Weave as Chief Legal Officer
  • Weave Named to List of 50 Most Inspiring Workplaces in North America
  • Weave Adds George Scanlon to Board of Directors
  • Weave Named Leader in Five Categories in G2 Summer Report
  • Weave, Fuse Dental Practice Management Software Launch New Integration for Dental Practices

Brett White Named Interim CEO

Brett White, President and Chief Operating Officer, has been appointed Interim CEO, effective August 15, 2022, as the board of directors conducts an evaluation of candidates for the CEO role. Roy Banks will remain in an advisory role and will also remain a member of the board of directors through September 2, 2022.

“Roy showed a tremendous passion for the business and had an immediate positive impact on Weave and its stakeholders during his tenure as CEO. He established a strong leadership team, improved our market position, and successfully served our customer base with unique solutions that enabled the growth and health of their business,” said Stuart Harvey, Chairperson of the board of directors.

Financial Third Quarter and Full Year 2022 Outlook

The company expects the following financial results for the three months ending September 30, 2022 and year ending December 31, 2022:

 

Third Quarter

Full Year

Total revenue (in millions)

$35.0 - $36.0

$141.0 - $143.0

Non-GAAP loss from operations (in millions)

$(9.5) - $(8.5)

$(38.0) - $(36.0)

Weighted average share count (in millions)

65.6

65.4

The guidance provided above constitutes forward-looking statements and actual results may differ materially. Refer to the “Forward-Looking Statements” safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Non-GAAP loss from operations excludes estimates for, among other things, stock-based compensation expense. A reconciliation of this non-GAAP financial guidance measure to a corresponding GAAP financial guidance measure is not available on a forward-looking basis because we do not provide guidance on GAAP net loss from operations and are not able to present the various reconciling cash and non-cash items between GAAP loss from operations and non-GAAP loss from operations without unreasonable effort. In particular, stock-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, August 3, 2022, beginning at 5 p.m. EST.

Individuals interested in listening to the conference call may do so by dialing (646) 828-8193 or toll free at (888) 394-8218. Please reference the following conference ID: 6573115. The live webcast and a webcast replay of the conference call may be accessed from the investor relations page of Weave’s website at investors.getweave.com.

About Weave

Weave is a leading 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 third quarter and full year 2022 revenue and non-GAAP loss from operations and statements in the quotes of our chief executive officer relating to our market opportunity.

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 and retain talent; transitions in company leadership; 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), including the risks described under the heading “Risk Factors” in our Quarterly Report on Form 10-Q for the three months ended March 31, 2022, filed with the SEC on May 13, 2022, 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.

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 loss from operations, non-GAAP net loss or non-GAAP net loss attributable to common stockholders, 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 or non-GAAP net loss attributable to common stockholders as GAAP net loss attributable to common stockholders less stock-based compensation expense and non-cash cumulative dividends on redeemable convertible preferred stock. Non-GAAP net loss per share is calculated as non-GAAP net loss divided by the diluted weighted-average shares outstanding.

Non-GAAP gross profit

We define non-GAAP gross profit as GAAP gross profit less stock-based compensation expense.

Non-GAAP operating expenses

We define non-GAAP operating expenses, in the aggregate or its individual components (i.e., sales and marketing, research and development or general and administrative), as the applicable GAAP operating expenses less the applicable stock-based compensation expense.

Non-GAAP loss from operations

We define non-GAAP loss from operations as GAAP loss from operations less stock-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 stock-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 stock-based compensation expense. Therefore, adjusted EBITDA does not reflect the non-cash impact of stock-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)

 

 

June 30, 2022

 

December 31, 2021

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

124,328

 

 

$

135,996

 

Accounts receivable

 

 

2,981

 

 

 

3,059

 

Deferred contract acquisition costs, net

 

 

9,153

 

 

 

8,931

 

Prepaid expenses and other current assets

 

 

4,198

 

 

 

6,461

 

Total current assets

 

 

140,660

 

 

 

154,447

 

Non-current assets:

 

 

 

 

Property and equipment, net

 

 

11,427

 

 

 

24,502

 

Operating lease right-of-use assets

 

 

46,660

 

 

 

 

Finance lease right-of-use assets

 

 

11,325

 

 

 

 

Deferred contract acquisition costs, net, less current portion

 

 

7,612

 

 

 

7,873

 

Other non-current assets

 

 

1,143

 

 

 

663

 

TOTAL ASSETS

 

$

218,827

 

 

$

187,485

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

4,673

 

 

$

4,061

 

Accrued liabilities

 

 

14,142

 

 

 

12,250

 

Deferred revenue

 

 

32,287

 

 

 

29,511

 

Current portion of operating lease liabilities

 

 

5,050

 

 

 

 

Current portion of finance lease liabilities

 

 

7,728

 

 

 

8,485

 

Current portion of long-term debt

 

 

 

 

 

 

Total current liabilities

 

 

63,880

 

 

 

54,307

 

Non-current liabilities:

 

 

 

 

Deferred rent

 

 

 

 

 

4,319

 

Operating lease liabilities, less current portion

 

 

46,780

 

 

 

 

Finance lease liabilities, less current portion

 

 

6,179

 

 

 

6,558

 

Long-term debt

 

 

10,000

 

 

 

10,000

 

Total liabilities

 

 

126,839

 

 

 

75,184

 

Stockholders' equity:

 

 

 

 

Preferred stock, $0.00001 par value per share; 10,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2022 and December 31, 2021

 

 

 

 

 

 

Common stock, $0.00001 par value per share; 500,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 65,010,719 and 64,324,628 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively

 

 

 

 

 

 

Additional paid-in capital

 

 

302,557

 

 

 

294,230

 

Accumulated deficit

 

 

(210,551

)

 

 

(181,898

)

Accumulated other comprehensive (loss) income

 

 

(18

)

 

 

(31

)

Total stockholders' equity

 

 

91,988

 

 

 

112,301

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

218,827

 

 

$

187,485

 

WEAVE COMMUNICATIONS, INC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except share and per share data)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2022

 

2021

 

2022

 

2021

Revenue

 

$

34,930

 

 

$

28,061

 

 

$

68,202

 

 

$

53,729

 

Cost of revenue

 

 

13,749

 

 

 

12,023

 

 

 

27,502

 

 

 

22,825

 

Gross profit

 

 

21,181

 

 

 

16,038

 

 

 

40,700

 

 

 

30,904

 

Operating expenses:

 

 

 

 

 

 

 

 

Sales and marketing

 

 

16,747

 

 

 

14,718

 

 

 

32,967

 

 

 

26,454

 

Research and development

 

 

7,428

 

 

 

7,871

 

 

 

14,632

 

 

 

13,707

 

General and administrative

 

 

11,597

 

 

 

7,583

 

 

 

21,201

 

 

 

13,586

 

Total operating expenses

 

 

35,772

 

 

 

30,172

 

 

 

68,800

 

 

 

53,747

 

Loss from operations

 

 

(14,591

)

 

 

(14,134

)

 

 

(28,100

)

 

 

(22,843

)

Other income (expense):

 

 

 

 

 

 

 

 

Interest expense

 

 

(332

)

 

 

(293

)

 

 

(625

)

 

 

(573

)

Other income (expense)

 

 

127

 

 

 

8

 

 

 

123

 

 

 

14

 

Loss before income taxes

 

 

(14,796

)

 

 

(14,419

)

 

 

(28,602

)

 

 

(23,402

)

Provision for income taxes

 

 

(19

)

 

 

 

 

 

(51

)

 

 

 

Net loss

 

$

(14,815

)

 

$

(14,419

)

 

$

(28,653

)

 

$

(23,402

)

Less: cumulative dividends on redeemable convertible preferred stock

 

 

 

 

 

(557

)

 

 

 

 

 

(1,106

)

Net loss attributable to common stockholders

 

$

(14,815

)

 

$

(14,976

)

 

$

(28,653

)

 

$

(24,508

)

Net loss per share attributable to common stockholders - basic and diluted

 

$

(0.23

)

 

$

(1.12

)

 

$

(0.44

)

 

$

(1.93

)

Weighted-average common shares outstanding - basic and diluted

 

 

64,963,045

 

 

 

13,373,712

 

 

 

64,774,428

 

 

 

12,708,522

 

WEAVE COMMUNICATIONS, INC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2022

 

2021

 

2022

 

2021

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net loss

 

$

(14,815

)

 

$

(14,419

)

 

$

(28,653

)

 

$

(23,402

)

Adjustments to reconcile net loss to net cash used in operating activities

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

3,393

 

 

 

2,951

 

 

 

6,768

 

 

 

5,586

 

Amortization of operating right-of-use assets

 

 

914

 

 

 

 

 

 

1,822

 

 

 

 

Provision for losses on accounts receivable

 

 

149

 

 

 

49

 

 

 

299

 

 

 

72

 

Amortization of contract acquisition costs

 

 

2,693

 

 

 

2,273

 

 

 

5,333

 

 

 

4,388

 

Stock-based compensation

 

 

4,480

 

 

 

5,269

 

 

 

7,905

 

 

 

7,093

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(233

)

 

 

(387

)

 

 

(221

)

 

 

(2,507

)

Contract acquisition costs

 

 

(2,885

)

 

 

(3,472

)

 

 

(5,294

)

 

 

(6,119

)

Prepaid expenses and other assets

 

 

758

 

 

 

37

 

 

 

1,708

 

 

 

259

 

Accounts payable

 

 

444

 

 

 

605

 

 

 

592

 

 

 

408

 

Accrued liabilities

 

 

1,952

 

 

 

1,541

 

 

 

2,021

 

 

 

1,151

 

Operating lease liabilities

 

 

(639

)

 

 

 

 

 

(971

)

 

 

 

Deferred revenue

 

 

2,058

 

 

 

2,600

 

 

 

2,789

 

 

 

4,059

 

Deferred rent

 

 

 

 

 

1,182

 

 

 

 

 

 

1,969

 

Net cash used in operating activities

 

 

(1,731

)

 

 

(1,771

)

 

 

(5,902

)

 

 

(7,043

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(380

)

 

 

(1,656

)

 

 

(921

)

 

 

(3,438

)

Capitalized internal-use software costs

 

 

(311

)

 

 

(567

)

 

 

(678

)

 

 

(1,106

)

Net cash used in investing activities

 

 

(691

)

 

 

(2,223

)

 

 

(1,599

)

 

 

(4,544

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Principal payments on finance leases

 

 

(2,284

)

 

 

(1,923

)

 

 

(4,460

)

 

 

(3,740

)

Proceeds from stock option exercises

 

 

134

 

 

 

1,877

 

 

 

693

 

 

 

2,125

 

Paid offering costs

 

 

 

 

 

 

 

 

(400

)

 

 

 

Net cash used in financing activities

 

 

(2,150

)

 

 

(46

)

 

 

(4,167

)

 

 

(1,615

)

 

 

 

 

 

 

 

 

 

NET DECREASE IN CASH AND CASH EQUIVALENTS

 

 

(4,572

)

 

 

(4,040

)

 

 

(11,668

)

 

 

(13,202

)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

 

 

128,900

 

 

 

46,536

 

 

 

135,996

 

 

 

55,698

 

CASH AND CASH EQUIVALENTS, END OF PERIOD

 

$

124,328

 

 

$

42,496

 

 

$

124,328

 

 

$

42,496

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

Cash paid during the period for interest

 

$

332

 

 

$

293

 

 

$

625

 

 

$

573

 

Cash paid during the period for income taxes

 

 

19

 

 

 

 

 

 

51

 

 

 

 

SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Equipment purchases financed with accounts payable

 

 

 

 

 

36

 

 

 

20

 

 

 

231

 

Finance lease liabilities arising from obtaining finance lease right-of-use assets

 

 

1,297

 

 

 

2,940

 

 

 

3,324

 

 

 

5,152

 

Accrued unpaid offering costs

 

 

271

 

 

 

 

 

271

 

 

 

 

WEAVE COMMUNICATIONS, INC

DISAGGREGATED REVENUE AND COST OF REVENUE

(unaudited, in thousands)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2022

 

2021

 

2022

 

2021

Subscription and payment processing:

 

 

 

 

 

 

 

 

Revenue

 

$

33,538

 

 

$

26,233

 

 

$

65,488

 

 

$

50,132

 

Cost of revenue

 

 

(9,009

)

 

 

(7,113

)

 

 

(17,830

)

 

 

(13,529

)

Gross profit

 

$

24,529

 

 

$

19,120

 

 

$

47,658

 

 

$

36,603

 

Gross margin

 

 

73

%

 

 

73

%

 

 

73

%

 

 

73

%

 

 

 

 

 

 

 

 

 

Onboarding:

 

 

 

 

 

 

 

 

Revenue

 

$

319

 

 

$

1,034

 

 

$

581

 

 

$

2,072

 

Cost of revenue

 

 

(2,502

)

 

 

(2,673

)

 

 

(5,088

)

 

 

(4,993

)

Gross profit

 

$

(2,183

)

 

$

(1,639

)

 

$

(4,507

)

 

$

(2,921

)

Gross margin

 

 

(684

) %

 

 

(159

) %

 

 

(776

) %

 

 

(141

) %

 

 

 

 

 

 

 

 

 

Hardware:

 

 

 

 

 

 

 

 

Revenue

 

$

1,073

 

 

$

794

 

 

$

2,133

 

 

$

1,525

 

Cost of revenue (depreciation of phone hardware over a 3-year useful life)

 

 

(2,238

)

 

 

(2,237

)

 

 

(4,584

)

 

 

(4,303

)

Gross profit

 

$

(1,165

)

 

$

(1,443

)

 

$

(2,451

)

 

$

(2,778

)

Gross margin

 

 

(109

) %

 

 

(182

) %

 

 

(115

) %

 

 

(182

) %

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 June 30,

 

Six Months Ended June 30,

 

 

2022

 

2021

 

2022

 

2021

Gross profit

 

$

21,181

 

 

$

16,038

 

 

$

40,700

 

 

$

30,904

 

Stock-based compensation add back

 

 

176

 

 

 

210

 

 

 

324

 

 

 

279

 

Non-GAAP gross profit

 

$

21,357

 

 

$

16,248

 

 

$

41,024

 

 

$

31,183

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP operating expenses

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2022

 

2021

 

2022

 

2021

Sales and marketing

 

$

16,747

 

 

$

14,718

 

 

$

32,967

 

 

$

26,454

 

Stock-based compensation excluded

 

 

(790

)

 

 

(679

)

 

 

(1,452

)

 

 

(811

)

Non-GAAP sales and marketing

 

$

15,957

 

 

$

14,039

 

 

$

31,515

 

 

$

25,643

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

7,428

 

 

$

7,871

 

 

$

14,632

 

 

$

13,707

 

Stock-based compensation excluded

 

 

(1,078

)

 

 

(2,020

)

 

 

(1,630

)

 

 

(2,416

)

Non-GAAP research and development

 

$

6,350

 

 

$

5,851

 

 

$

23,505

 

 

$

18,526

 

 

 

 

 

 

 

 

 

 

General and administrative

 

$

11,597

 

 

$

7,583

 

 

$

21,201

 

 

$

13,586

 

Stock-based compensation excluded

 

 

(2,436

)

 

 

(2,360

)

 

 

(4,499

)

 

 

(3,587

)

Non-GAAP general and administrative

 

$

9,161

 

 

$

5,223

 

 

$

16,702

 

 

$

9,999

 

Non-GAAP loss from operations

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2022

 

2021

 

2022

 

2021

Loss from operations

 

$

(14,591

)

 

$

(14,134

)

 

$

(28,100

)

 

$

(22,843

)

Stock-based compensation add back

 

 

4,480

 

 

 

5,269

 

 

 

7,905

 

 

 

7,093

 

Non-GAAP loss from operations

 

$

(10,111

)

 

$

(8,865

)

 

$

(20,195

)

 

$

(15,750

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net loss

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2022

 

2021

 

2022

 

2021

Net loss attributable to common stockholders

 

$

(14,815

)

 

$

(14,976

)

 

$

(28,653

)

 

$

(24,508

)

Stock-based compensation add back

 

 

4,480

 

 

 

5,269

 

 

 

7,905

 

 

 

7,093

 

Non-cash cumulative dividends on redeemable convertible preferred stock

 

$

 

 

$

557

 

 

$

(64,774

)

 

$

(12,709

)

Non-GAAP net loss attributable to common stockholders

 

$

(10,335

)

 

$

(9,150

)

 

$

(85,522

)

 

$

(30,124

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss per share attributable to common stockholders - basic and diluted

 

$

(0.23

)

 

$

(1.12

)

 

$

(0.44

)

 

$

(1.93

)

Non-GAAP net loss per share attributable to common stockholders - basic and diluted

 

$

(0.16

)

 

$

(0.68

)

 

$

(1.32

)

 

$

(2.37

)

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding - basic and diluted

 

 

64,963,045

 

 

 

13,373,712

 

 

 

64,774,428

 

 

 

12,708,522

 

Adjusted EBITDA

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2022

 

2021

 

2022

 

2021

Net loss

 

$

(14,815

)

 

$

(14,419

)

 

$

(28,653

)

 

$

(23,402

)

Interest on outstanding debt

 

 

332

 

 

 

293

 

 

 

625

 

 

 

573

 

Tax expense

 

 

19

 

 

 

 

 

 

51

 

 

 

 

Depreciation

 

 

685

 

 

 

533

 

 

 

1,358

 

 

 

963

 

Amortization

 

 

280

 

 

 

159

 

 

 

566

 

 

 

274

 

Stock-based compensation

 

 

4,480

 

 

 

5,269

 

 

 

7,905

 

 

 

7,093

 

Adjusted EBITDA

 

$

(9,019

)

 

$

(8,165

)

 

$

(18,148

)

 

$

(14,499

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Free Cash Flow

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2022

 

2021

 

2022

 

2021

Net cash used in operating activities

 

$

(1,731

)

 

$

(1,771

)

 

$

(5,902

)

 

$

(7,043

)

Less: Purchase of property and equipment

 

 

(380

)

 

 

(1,656

)

 

 

(921

)

 

 

(3,438

)

Less: Capitalized internal-use software

 

 

(311

)

 

 

(567

)

 

 

(678

)

 

 

(1,106

)

Free cash flow

 

$

(2,422

)

 

$

(3,994

)

 

$

(7,501

)

 

$

(11,587

)

 

Investor Relations Contact
The Blueshirt Group
ir@getweave.com

Media Contact
Kali Geldis
Director of Communications
pr@getweave.com

Source: Weave Communications, Inc.