Weave Communications, Inc. (NYSE:WEAV) Q2 2024 Earnings Conference Call July 31, 2024 4:30 PM ET

Company Participants

Mark McReynolds - Head, Investor Relations
Brett White - Chief Executive Officer
Alan Taylor - Chief Financial Officer

Conference Call Participants

Parker Lane - Stifel
Alex Sklar - Raymond James
Brent Bracelin - Piper Sandler
Mark Schappel - Loop Capital Markets
Henry Dane - Goldman Sachs

Operator

Greetings and welcome to the Weave Second Quarter 2024 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Mark McReynolds, Head of Investor Relations. Thank you. You may begin.

Mark McReynolds

Thank you, Sachi. Good afternoon and welcome to Weave's second quarter 2024 earnings call. With me on today's call are Brett White, CEO; and Alan Taylor, 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 filings. We've disclaimed any obligation to update or revise any forward-looking statements.

Further on today's call, we will 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.

A reconciliation to comparable GAAP metrics can be found in today's earnings release, which is available on our website and as an exhibit to the Form 8-K furnished with the SEC before this call as well as the earnings presentation on our Investor Relations website at investors.getweave.com.

And with that, I will now turn the call over to Brett.

Brett White

Thank you, Mark and thank you to everyone for your participation today. I'd like to start today's call with financial highlights from Q2. I'm thrilled to share that we had an outstanding quarter, continuing our track record of improving financial performance, and setting the stage for a strong second half of the year.

We delivered another quarter of solid top line performance, significant gross and operating margin improvements, and for the first time in our company's history, positive adjusted EBITDA.

Revenue for Q2 was $50.6 million, representing 21.4% year-over-year growth compared to 19.2% growth last quarter and $1.4 million above the high end of the range that we provided in May.