Weave Communications, Inc. (NYSE:WEAV) Q3 2023 Earnings Call Transcript

Alan Taylor: No. Other than the model that has been put in place by the sales team is working, the machine is predictable now, and so the inputs are very easy to make when they are warranted.

Michael Funk: Great. And then one more, if I could. The November integration with the Dentrix cloud version, you mentioned opens a new opportunity for you, new market. Can you quantify that new market? I mean how many locations that might be? How large you think that is?

Brett White: Well, so their entire location-base is around 100,000. And they, like most practice management software vendors, started with on-prem solutions and then adopted a cloud version. And I think eventually, over time, new customers will be onboarded on the cloud version, and then legacy customers would be upgraded to the cloud conversion. So, I think the important part is the opportunity for that platform long-term versus how many customers they have today. And so that’s what we are really excited about. Our product is incredibly valuable and sticky when it’s integrated with the practice management software. So, being able to provide this integrated solution to the Dentrix Ascend platform is exciting, frankly, for both of us.

Michael Funk: Understood. Thank you.

Alan Taylor: I would just add. Sorry, Michael. I would just add that the – some of the near-term prospects associated with that Dentrix Ascend integration are the multi-office ones. And so that is an element that we are excited about.

Michael Funk: Understood. Thank you so much for the time.

Operator: [Operator Instructions] Our next question comes from Brent Bracelin with Piper Sandler. Please proceed with your question.

Hannah Rudoff: Hi guys. This is Hannah Rudoff on for Brent today. Thank you for taking my question. Nice to see the continued momentum in the business. Just one for you, Brett, I guess how often are you signing payments in the initial deals? And then how are you incentivizing that adoption of the payment products earlier in the motion rather than later?

Brett White: So Hannah, I will take that one. At the point of sale, I think we are still between about 20% and 25% at the point of sale signing up payments customers. And we are doing a better job now and really working to penetrate into our existing customer base by giving them more and more on-ramps using digital means to take customer payments.

Hannah Rudoff: Alright. Helpful. And then a few…

Brett White: And there was – sorry, go ahead. I was going to say that was the second part of the question?

Hannah Rudoff: I was just asking about incentive looking at adoption sooner rather than later, but it sounds like you are trying to build it into the existing motion more than the initial land motion?

Brett White: Yes. There is – we are approaching it from both vectors. One is that new customer land. And we have experimented where in the actual new customer journey is the most effective way or most effective place to make – to close a payments deal. And I think we have got that one figured out. And then the next really activity would be turbo-charging the up-sell activity. And so that’s definitely very much in the works as well. Part of our adding capacity to the sales force in the third quarter was adding – ensuring that we had adequate and appropriate resources for the up-sell motion because I think we have got a lot of opportunity to up-sell the software as well as payments.

Hannah Rudoff: Okay. That makes a lot of sense and good to hear. And then just my follow-up is that, a few weeks ago, I saw you released an integration with Booker by Mindbody. And I was wondering if this signals a more concerted effort to expand into the beauty and wellness vertical?