Weave Communications, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Weave Communications, Inc. has filed its 2023 10-K, detailing its financial performance and business operations for the year ending December 31, 2023.</b>

AI Summary

Weave Communications, Inc. (WEAV) filed a Annual Report (10-K) with the SEC on March 13, 2024. Weave Communications, Inc. filed its 2023 Form 10-K on March 13, 2024, reporting on the fiscal year ending December 31, 2023. The company's primary business is in prepackaged software, classified under SIC code 7372. Weave Communications, Inc. is incorporated in Delaware and headquartered in Lehi, Utah. The filing covers financial data for fiscal years 2020 through 2023. Key dates include the IPO on November 15, 2021.

Why It Matters

For investors and stakeholders tracking Weave Communications, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Weave's financial health, operational performance, and strategic direction for investors and stakeholders. The detailed financial data and risk factors disclosed in this report are crucial for understanding the company's current market position and future prospects.

Risk Assessment

Risk Level: medium — Weave Communications, Inc. shows moderate risk based on this filing. The company's financial performance and future outlook are subject to various risks inherent in the software and technology sector, as detailed in the 10-K filing.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess Weave Communications' financial health and growth potential.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-13 — Filing Date (Date of submission)
• 2021-11-15 — IPO Date (Initial Public Offering date)

Key Players & Entities

• Weave Communications, Inc. (company) — Filer name
• WEAV (company) — Ticker symbol
• 2024-03-13 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• Lehi, Utah (location) — Business address city and state
• 7372 (industry_code) — Standard Industrial Classification
• 2021-11-15 (date) — IPO date

FAQ

Industry Context

Weave Communications operates in the prepackaged software industry, providing solutions primarily for small businesses.

Regulatory Implications

The filing is a standard 10-K annual report required by the Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability.
2. Evaluate the risk factors section for potential business challenges.
3. Research management commentary for strategic insights and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-13: Filing Date — Date the 10-K was officially submitted to the SEC.
• 2021-11-15: IPO Date — Date of the company's Initial Public Offering.

Year-Over-Year Comparison

This is the initial 10-K filing for the period ending December 31, 2023, following the company's IPO.

Key Financial Figures

• $0.00001 — ch registered: Common stock, par value $0.00001 per share WEAV New York Stock Exchange

Filing Documents

• weav-20231231.htm (10-K) — 1772KB
• exhibit33-weavxcharteramen.htm (EX-3.3) — 10KB
• exhibit231-weave2023pwccon.htm (EX-23.1) — 2KB
• exhibit311-202310xk.htm (EX-31.1) — 9KB
• exhibit312-202310xk.htm (EX-31.2) — 9KB
• exhibit321-202310xk.htm (EX-32.1) — 5KB
• exhibit322-202310xk.htm (EX-32.2) — 5KB
• exhibit971compensationreco.htm (EX-97.1) — 29KB
• weav-20231231_g1.jpg (GRAPHIC) — 107KB
• 0001609151-24-000021.txt (&nbsp;) — 9387KB
• weav-20231231.xsd (EX-101.SCH) — 48KB
• weav-20231231_cal.xml (EX-101.CAL) — 104KB
• weav-20231231_def.xml (EX-101.DEF) — 288KB
• weav-20231231_lab.xml (EX-101.LAB) — 779KB
• weav-20231231_pre.xml (EX-101.PRE) — 563KB
• weav-20231231_htm.xml (XML) — 1202KB

Risk Factors

Item 1A. Risk Factors 17

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 61

Cybersecurity

Item 1C. Cybersecurity 61

Properties

Item 2. Properties 61

Legal Proceedings

Item 3. Legal Proceedings 62

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 62 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 63

[ Reserved]

Item 6. [ Reserved] 64

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 64

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 80

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 82

Changes in and Disagreements With Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 113

Controls and Procedures

Item 9A. Controls and Procedures 113

Other Information

Item 9B. Other Information 114

Disclosure Regarding Foreign Jurisdiction that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections. 115 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 116

Executive Compensation

Item 11. Executive Compensation 116

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 116

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 116

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 116 Part IV 117

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 117

Form 10-K Summary

Item 16. Form 10-K Summary 120

Signatures

Signatures 120 4 Special Note Regarding Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements. All statements contained in this Annual Report on Form 10-K other than statements of historical fact, including statements regarding our future results of operations, financial position, market size and opportunity, our business strategy and plans, the factors affecting our performance and our objectives for future operations, are forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933, as amended, (the "Securities Act") and the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "could," "would," "expect," "objective," "plan," "potential," "seek," "grow," "target," "if," and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in the section titled "Risk Factors" set forth in Part I, Item 1A of this Annual Report on Form 10-K and in our other filings with the U.S. Securities and Exchange Commission (the "SEC"). Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, unc

Business

Item 1. Business Our Mission Our mission is to elevate the patient experience through a unified platform that improves business operations so healthcare professionals can focus on patient care and realize their dreams. Overview Weave is a leading all-in-one customer experience and payments software platform for small- and medium-sized ("SMB") healthcare businesses. From the first phone call to the final invoice, Weave connects the entire patient journey. Our solutions transform how local healthcare practitioners attract, communicate with and engage patients to grow their practice. Our platform enables healthcare practitioners to maximize the value of their patient interactions and minimize the time and effort spent on manual or mundane tasks by bringing multiple workflows together into a single software platform. We have democratized powerful communication and engagement capabilities previously only available to enterprises, made them intuitive and easy to use and put them in one place. Our verticalized software platform streamlines the day-to-day operations of running an SMB healthcare practice. Our platform spans all forms of communication and engagement including physical and softphones, messaging, email marketing, insurance verification, online appointment scheduling, reviews, payments, digital forms, and more. We bring practitioners and the patients they serve closer together by unifying, modernizing, and personalizing interactions. Our platform helps practitioners improve communications, attract and engage more patients, and increase patient retention. Our Customers As of December 31, 2023, we had more than 31,000 locations under subscription and more than 28,000 customers in the United States and Canada. These customers represent many healthcare industries with the majority being in dental, optometry, veterinary, and other medical specialty services. No one single customer represents more than 5% of our revenue. Our Platform Weave helps SMB healthcar

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