LEHI, Utah, and LOUISVILLE, Ky., Dec. 4, 2024 /PRNewswire/ -- Waystar Holding Corp. (Nasdaq: WAY), a provider of leading healthcare payment software, announced today that Forbes recognized Waystar as one of the Most Trusted Companies in America, alongside many of the world's leading software companies.Forbes' first-ever ranking of the Most Trusted Companies in America evaluated over 2,000 large U.S.-based public companies across four key categories: customer trust, employee trust, investor trust, and media ...

Company Announcements - Waystar Holding Corp. will have its CEO Matt Hawkins speak at two upcoming investor conferences: Evercore ISI HealthCONx Conference on December 4, 2024, and Barclays 22nd Annual Global Technology Conference on December 12, 2024 [1][2] Company Overview - Waystar provides healthcare payment software designed to simplify payment processes, allowing healthcare providers to focus on patient care and financial performance [3] - The company serves approximately 30,000 clients, representing over 1 million distinct providers, including 18 of the 22 institutions on the U.S. News Best Hospitals list [3] - Waystar's platform processes over 5 billion healthcare payment transactions annually, managing over $1.2 trillion in gross claims and covering approximately 50% of U.S. patients [3]

Core Insights - Nordstrom has launched a refreshed mobile app aimed at enhancing the holiday shopping experience, providing features like gift finding, style assistance, and fast shipping options [1][3][8] Group 1: Enhanced Digital Experience - The new app features a vibrant design and aims to inspire users with personalized shopping experiences, making it easier to shop both online and in-store [3][5] - Interactive features include trend reports and the Style Swipes tool, which offers product recommendations based on user preferences [4][5] - Improved search capabilities allow customers to find specific items quickly by describing what they are looking for in their own words [6] Group 2: Loyalty and Rewards - The Nordy Club allows members to earn points towards Nordstrom Notes with every purchase, providing real-time tracking of rewards and benefits [7] - Members can access exclusive perks, including beauty events and early access to sales [7] Group 3: Holiday Shopping Services - Customers can utilize same-day and next-day order pickup options, along with free two-day shipping available in over 25 major markets [8] - Nordstrom offers complimentary gift and style assistance from knowledgeable stylists, available both online and in-store [9] Group 4: Holiday Experiences and Events - Nordstrom is hosting various festive experiences, including virtual events and in-store activities, to engage customers during the holiday season [14][15] - The flagship store in NYC will feature a large immersive installation, "The Blizz on 57th Street," along with special holiday packages for memorable experiences [15][16] Group 5: Product Offerings - The company has introduced over 300 new brands for the holiday season, expanding choices for customers [11] - Gift selections are available across various price points, including curated lists for different budgets [12][19] Group 6: Nordstrom Rack Initiatives - Nordstrom Rack is enhancing its shopping experience with features like buy online, pick-up in-store, and exclusive app notifications for Nordy Club members [18][22][23] - The Rack offers significant discounts on popular brands, making it a budget-friendly option for holiday shopping [19][20]

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share WAY The Nasdaq Stock Market LLC Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☐ Emerging growth company ☒ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended Sept ...

[Waystar Q3 2024 Earnings Release](index=1&type=section&id=Waystar%20Reports%20Third%20Quarter%202024%20Results) Waystar announced its third quarter 2024 financial results, highlighting key performance indicators and future outlook [Q3 2024 Performance Overview](index=1&type=section&id=Third%20Quarter%202024%20Financial%20Highlights) Waystar reported strong Q3 2024 results with 22% revenue growth to **$240.1 million**, achieving **$5.4 million** net income and a **40%** Adjusted EBITDA margin Q3 2024 Financial Highlights | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | Revenue | $240.1 million | +22% | | Net Income | $5.4 million | N/A (vs. loss) | | GAAP Net Income per Share | $0.03 | N/A (vs. loss) | | Non-GAAP Net Income | $25.3 million | N/A | | Non-GAAP Net Income per Diluted Share | $0.14 | N/A | | Adjusted EBITDA | $96.7 million | +19.4% | | Adjusted EBITDA Margin | 40% | - | | Cash Flow from Operations | $79 million | N/A | Key Metrics and Revenue Disaggregation (Q3 2024) | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | Clients with >$100k LTM Revenue | 1,173 | +14% | | Net Revenue Retention Rate (NRR) | 109% | - | | Subscription Revenue | $118.0 million | +16% | | Volume-based Revenue | $120.7 million | +28% | - CEO Matt Hawkins highlighted that the **22% year-over-year revenue growth** represents an acceleration from the **20% growth** in the previous quarter, driven by providers' need to get paid faster and more efficiently[2](index=2&type=chunk) [Financial Outlook](index=2&type=section&id=Financial%20Outlook) Waystar provided its guidance for the full fiscal year 2024, projecting total revenue between **$926 million** and **$934 million** and Adjusted EBITDA between **$374 million** and **$378 million** Full Fiscal Year 2024 Guidance | Metric | Expected Range | | :--- | :--- | | Total Revenue | $926 million - $934 million | | Adjusted EBITDA | $374 million - $378 million | | Non-GAAP Net Income | $47 million - $50 million | | Diluted Non-GAAP Net Income per Share | $0.30 - $0.32 | [Financial Statements](index=6&type=section&id=Financial%20Statements) The consolidated financial statements detail Waystar's financial position and performance, showing a shift to profitability, stronger liquidity, and improved cash flow from operations [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q3 2024, Waystar reported revenue of **$240.1 million**, a **22%** increase, achieving a net income of **$5.4 million** from a prior-year loss, largely due to reduced interest expense Q3 Statement of Operations Highlights (in thousands) | Account | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change (YoY) | | :--- | :--- | :--- | :--- | | Revenue | $240,112 | $197,263 | +21.7% | | Income from Operations | $27,146 | $32,215 | -15.7% | | Interest Expense | $(17,752) | $(50,755) | -65.0% | | Net Income/(Loss) | $5,413 | $(15,486) | N/A | | Diluted EPS | $0.03 | $(0.13) | N/A | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2024, Waystar's total assets stood at **$4.54 billion**, with cash increasing to **$127.1 million** and long-term debt significantly reduced to **$1.19 billion** Balance Sheet Highlights (in thousands) | Account | Sep 30, 2024 (in thousands) | Dec 31, 2023 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $127,125 | $35,580 | | Total Assets | $4,540,547 | $4,582,974 | | Long-term debt, net | $1,189,630 | $2,134,920 | | Total Liabilities | $1,487,800 | $2,533,042 | | Total Stockholders' Equity | $3,052,747 | $2,049,932 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2024, net cash provided by operating activities significantly increased to **$105.0 million**, supported by an equity offering and debt payments Cash Flow Summary - Nine Months Ended Sep 30 (in thousands) | Cash Flow Source | 2024 (in thousands) | 2023 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $104,998 | $40,004 | | Net cash used in investing activities | $(21,044) | $(45,753) | | Net cash provided by (used in) financing activities | $14,965 | $(14,032) | [Non-GAAP Financial Measures and Reconciliations](index=2&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) Waystar uses non-GAAP measures like Adjusted EBITDA and Unlevered Free Cash Flow to clarify core operating performance, providing detailed reconciliations and showing reduced net leverage - The company presents non-GAAP financial measures to assist investors in comparing operating performance across periods by excluding items not indicative of core operations, such as stock-based compensation, transaction expenses, and certain fair value measurements[4](index=4&type=chunk)[5](index=5&type=chunk) [Reconciliation of Adjusted EBITDA](index=10&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA) Adjusted EBITDA for Q3 2024 increased to **$96.7 million** with a **40.3%** margin, reconciled from GAAP net income by adding back non-cash and non-operating expenses Adjusted EBITDA Reconciliation - Q3 (in thousands) | Line Item | Q3 2024 (in thousands) | Q3 2023 (in thousands) | | :--- | :--- | :--- | | Net income/(loss) | $5,413 | $(15,486) | | Interest expense | $18,459 | $52,410 | | Depreciation and amortization | $60,185 | $43,675 | | Stock-based compensation expense | $7,903 | $2,207 | | **Adjusted EBITDA** | **$96,677** | **$80,990** | [Reconciliation of Non-GAAP Net Income](index=12&type=section&id=Reconciliation%20of%20Non-GAAP%20Net%20Income) Waystar's Non-GAAP Net Income for Q3 2024 was **$25.3 million**, or **$0.14** per diluted share, adjusted from GAAP net income by excluding non-cash and non-recurring expenses Non-GAAP Net Income Reconciliation - Q3 2024 (in thousands) | Line Item | Amount (in thousands) | | :--- | :--- | | GAAP Net income | $5,413 | | Stock-based compensation expense | $7,903 | | Other (office relocation) | $16,816 | | Tax effect of adjustments | $(5,276) | | **Non-GAAP net income** | **$25,259** | [Reconciliation of Unlevered Free Cash Flow](index=12&type=section&id=Reconciliation%20of%20Unlevered%20Free%20Cash%20Flow) Unlevered Free Cash Flow for Q3 2024 significantly increased to **$89.1 million**, calculated from operating cash flow by adjusting for interest paid and capital expenditures Unlevered Free Cash Flow Reconciliation - Q3 (in thousands) | Line Item | Q3 2024 (in thousands) | Q3 2023 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $78,818 | $(10,447) | | Interest paid | $18,925 | $49,037 | | Purchase of property and equipment | $(8,616) | $(6,244) | | **Unlevered free cash flow** | **$89,127** | **$32,346** | [Reconciliation of Net Debt](index=13&type=section&id=Reconciliation%20of%20Net%20Debt) As of September 30, 2024, Waystar's net debt decreased to **$1.12 billion**, resulting in a significantly improved adjusted net leverage ratio of **3.0x** Net Debt and Leverage Ratio | Metric | Sep 30, 2024 (in thousands) | Sep 30, 2023 (in thousands) | | :--- | :--- | :--- | | Net Debt | $1,119,648 thousand | $2,208,861 thousand | | TTM Adjusted EBITDA | $369,587 thousand | $325,755 thousand | | **Adjusted Net Leverage Ratio** | **3.0x** | **6.8x** | [Other Information](index=4&type=section&id=Other%20Information) This section includes forward-looking statements and provides an overview of Waystar's role in simplifying healthcare payments for a large client base - The report contains forward-looking statements about future performance and strategy, which are subject to various risks and uncertainties detailed in the company's SEC filings[12](index=12&type=chunk)[13](index=13&type=chunk) - Waystar serves approximately **30,000 clients**, representing over **1 million providers**, and its platform annually processes over **5 billion healthcare payment transactions**[14](index=14&type=chunk)

Revenue growth of 22% year-over-yearNet income of $5.4 million and non-GAAP net income of $25.3 million Net income margin of 2%; Adjusted EBITDA margin of 40% LEHI, Utah and LOUISVILLE, Ky., Nov. 6, 2024 /PRNewswire/ -- Waystar Holding Corp. (Nasdaq: WAY), a provider of leading healthcare payment software, today reported results for the three-month period ended September 30, 2024."Waystar delivered another quarter of strong top-line growth," said Matt Hawkins, Chief Executive Officer of Waystar. "Our revenu ...

MINNEAPOLIS, Nov. 5, 2024 /PRNewswire/ -- Bio-Techne Corporation (NASDAQ: TECH) today announced the release of clinically relevant spatial biology data. The data was generated using Bio-Techne's Lunaphore branded end-to-end spatial biology offering, including its complete range of instruments (COMET) and kits that offer high-value solutions for the translational research community.COMET, a best-in-class spatial biology platform, seamlessly integrates into standard clinical research workflows. Using off-the- ...

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share WAY The Nasdaq Stock Market LLC Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☐ Emerging growth company ☒ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June ...

[Executive Summary](index=1&type=section&id=Executive%20Summary) [Q2 2024 Performance Highlights](index=1&type=section&id=Q2%202024%20Performance%20Highlights) Waystar reported **20% revenue growth** to **$234.5 million** in Q2 2024, achieving a **40% Adjusted EBITDA margin** and positive client metrics - Waystar's CEO highlighted **strong Q2 performance** driven by client utilization of their cloud-based software, noting **significant future opportunities** in healthcare payment software demand[2](index=2&type=chunk) | Metric | Q2 2024 Value | YoY Change | | :--------------------------- | :----------------- | :--------- | | Revenue | $234.5 million | +20% | | Net Loss (GAAP) | $(27.7) million | N/A | | GAAP Net Income per share | $(0.21) | N/A | | Net Loss Margin | (11.8)% | N/A | | Non-GAAP Net Income | $5.0 million | N/A | | Non-GAAP Net Income per share| $0.04 | N/A | | Adjusted EBITDA | $93.9 million | N/A | | Adjusted EBITDA Margin | 40% | N/A | | Cash flow from operations | $15.5 million | N/A | | Unlevered Free Cash Flow | $50.3 million | N/A | | Metric | Q2 2024 Value | YoY Change | | :----------------------------------------- | :------------ | :--------- | | Clients > $100K LTM Revenue | 1,117 | +9% | | Net Revenue Retention Rate (NRR) | 108% | N/A | [Financial Outlook](index=2&type=section&id=Financial%20Outlook) [Full Fiscal Year 2024 Guidance](index=2&type=section&id=Full%20Fiscal%20Year%202024%20Guidance) Waystar projects full fiscal year 2024 revenue between **$902 million and $918 million**, with Adjusted EBITDA of **$360 million to $368 million** | Metric | FY 2024 Guidance Range | | :----------------------------------- | :--------------------- | | Total Revenue | $902 million - $918 million | | Adjusted EBITDA | $360 million - $368 million | | Non-GAAP Net Income | $36 million - $42 million | | Diluted Non-GAAP Net Income per share| $0.23 - $0.27 | - Reconciliation of forward-looking non-GAAP measures to GAAP is not feasible due to **unreasonable effort** and **variability and low visibility** of certain costs[5](index=5&type=chunk) [Non-GAAP Financial Measures and Key Performance Metrics](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Key%20Performance%20Metrics) [Purpose and Limitations of Non-GAAP Measures](index=3&type=section&id=Purpose%20and%20Limitations%20of%20Non-GAAP%20Measures) Non-GAAP measures aid investors in performance comparison and management strategy, but are not GAAP recognized and have analytical limitations - Non-GAAP measures assist investors in **comparing operating performance** by **excluding items not indicative of core operations**[6](index=6&type=chunk) - Management utilizes Adjusted EBITDA for **evaluating business strategies, budgeting, incentive compensation, and peer performance comparison**[6](index=6&type=chunk) - Non-GAAP measures are **not GAAP recognized** and should not be considered alternatives to GAAP, possessing **limitations as analytical tools**[7](index=7&type=chunk) [Definitions of Non-GAAP Financial Measures](index=4&type=section&id=Definitions%20of%20Non-GAAP%20Financial%20Measures) This section defines key non-GAAP measures: **Adjusted EBITDA**, **Non-GAAP Net Income**, **Unlevered Free Cash Flow**, **Net Debt**, and **Adjusted Net Leverage Ratio** - **Adjusted EBITDA** is net loss adjusted for interest, taxes, D&A, **stock-based compensation, acquisition/integration, impairments, debt agreement, and IPO costs**[8](index=8&type=chunk) - **Non-GAAP Net Income** excludes **stock-based compensation, acquisition/integration, impairments, IPO, and debt agreement costs**, applying a **21% estimated non-GAAP tax rate**[9](index=9&type=chunk)[10](index=10&type=chunk) - **Unlevered Free Cash Flow** is cash from operations plus cash interest less capital expenses; **Net Debt** and **Adjusted Net Leverage Ratio** are also defined[10](index=10&type=chunk) [Definitions of Key Performance Metrics](index=4&type=section&id=Definitions%20of%20Key%20Performance%20Metrics) Waystar defines **Net Revenue Retention Rate (NRR)** and **Customer Count with >$100,000 Revenue**, including their calculation and acquisition integration rules - **Net Revenue Retention Rate (NRR)** compares client invoiced amounts over two twelve-month periods, accounting for **upsell, downsell, pricing, and churn**, with acquired businesses included after the **ninth quarter**[11](index=11&type=chunk) - **Customer Count with >$100,000 Revenue** is based on **accumulated invoices over the preceding twelve months**, including acquired clients from the **first full calendar quarter post-acquisition**[12](index=12&type=chunk) [Forward-Looking Statements and Risk Factors](index=5&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) [Nature of Forward-Looking Statements](index=5&type=section&id=Nature%20of%20Forward-Looking%20Statements) The press release contains forward-looking statements about Waystar's future performance and strategy, based on current expectations and not guarantees - The press release includes **forward-looking statements** on Waystar's **future operating results, financial position, and strategy**, identified by terms like **"anticipate"** and **"expect"**[13](index=13&type=chunk) [Risks and Uncertainties](index=5&type=section&id=Risks%20and%20Uncertainties) Forward-looking statements are subject to various risks including **competition, client retention, acquisition risks, data privacy, and regulatory compliance** - Forward-looking statements face **various risks**, including **competition, client retention, acquisition risks, data privacy, regulatory compliance, and macroeconomic conditions**[14](index=14&type=chunk) - The company undertakes **no obligation to publicly update or review any forward-looking statement**, except as legally required[15](index=15&type=chunk) [About Waystar](index=6&type=section&id=About%20Waystar) [Company Overview and Mission](index=6&type=section&id=Company%20Overview%20and%20Mission) Waystar provides mission-critical software to simplify healthcare payments, serving **30,000 clients** and processing **over $1.2 trillion in gross claims** annually - Waystar's mission is to **simplify healthcare payments**, enabling providers to **focus on patient care and financial optimization**[16](index=16&type=chunk) - The company serves approximately **30,000 clients**, representing **over 1 million providers**, including **18 of the top 22 U.S. hospitals**[16](index=16&type=chunk) - Waystar's platform processes **over 5 billion healthcare payment transactions annually**, totaling **over $1.2 trillion in gross claims**, covering **approximately 50% of U.S. patients**[16](index=16&type=chunk) [Condensed Consolidated Financial Statements](index=7&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2024 revenue grew **20% to $234.5 million**, but net loss widened to **$(27.7) million** due to higher operating expenses | Metric | 2024 (in thousands) | 2023 (in thousands) | YoY Change | | :------------------------------------------------------------------ | :------------------ | :------------------ | :--------- | | Revenue | $234,543 | $195,969 | +19.7% | | Cost of revenue (exclusive of depreciation and amortization expenses)| $80,451 | $60,500 | +33.0% | | Sales and marketing | $45,715 | $31,413 | +45.5% | | General and administrative | $39,955 | $14,478 | +176.0% | | Research and development | $15,901 | $8,249 | +92.8% | | Depreciation and amortization | $44,276 | $44,140 | +0.3% | | Total operating expenses | $226,298 | $158,780 | +42.5% | | Income from operations | $8,245 | $37,189 | -77.8% | | Interest expense | $(49,195) | $(49,145) | +0.1% | | Related party interest expense | $(1,346) | $(2,001) | -32.7% | | Loss before income taxes | $(42,296) | $(13,957) | +203.0% | | Income tax benefit | $(14,611) | $(3,147) | +364.3% | | Net loss | $(27,685) | $(10,810) | +156.1% | | Net Income per share (Basic & Diluted) | $(0.21) | $(0.09) | +133.3% | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets slightly decreased to **$4.57 billion**, while total liabilities reduced to **$1.62 billion**, increasing stockholders' equity | Metric | June 30, 2024 (in thousands) | December 31, 2023 (in thousands) | Change (Absolute, in thousands) | | :----------------------------------------- | :--------------------------- | :------------------------------- | :------------------------------ | | Cash and cash equivalents | $68,375 | $35,580 | +$32,795 | | Accounts receivable, net | $147,966 | $126,089 | +$21,877 | | Total current assets | $270,752 | $222,050 | +$48,702 | | Intangible assets, net | $1,108,776 | $1,186,936 | -$(78,160) | | Goodwill | $3,030,013 | $3,030,013 | $0 | | Total assets | $4,566,881 | $4,582,974 | -$(16,093) | | Total current liabilities | $125,866 | $123,489 | +$2,377 | | Deferred tax liability | $130,594 | $174,480 | -$(43,886) | | Long-term debt, net, less current portion | $1,301,208 | $2,134,920 | -$(833,712) | | Related party long-term debt, net | $32,882 | $64,758 | -$(31,876) | | Total liabilities | $1,620,783 | $2,533,042 | -$(912,259) | | Total stockholders' equity | $2,946,098 | $2,049,932 | +$896,166 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations decreased to **$26.2 million** for H1 2024, while financing activities provided **$21.3 million** due to equity and debt issuances | Metric | 2024 (in thousands) | 2023 (in thousands) | Change (Absolute, in thousands) | | :------------------------------------------------------------------ | :------------------ | :------------------ | :------------------------------ | | Net loss | $(43,617) | $(21,433) | -$(22,184) | | Depreciation and amortization | $88,450 | $88,106 | +$344 | | Share-based compensation | $39,497 | $4,298 | +$35,199 | | Loss on extinguishment of debt | $19,016 | $0 | +$19,016 | | Deferred income taxes | $(42,377) | $(26,111) | -$(16,266) | | Net cash provided by operating activities | $26,180 | $50,451 | -$(24,271) | | Net cash used in investing activities | $(12,428) | $(9,482) | -$(2,946) | | Proceeds from equity offering, net | $914,288 | $0 | +$914,288 | | Proceeds from issuances of debt, net | $535,209 | $0 | +$535,209 | | Payments on debt | $(1,425,874) | $(8,991) | -$(1,416,883) | | Net cash provided by (used in) financing activities | $21,278 | $(8,656) | +$29,934 | | Increase in cash and cash equivalents during the period | $35,030 | $32,313 | +$2,717 | | Cash and cash equivalents and restricted cash – end of period | $80,458 | $104,949 | -$(24,491) | [Non-GAAP Reconciliations](index=10&type=section&id=Non-GAAP%20Reconciliations) [Reconciliation of Adjusted EBITDA](index=10&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA) Q2 2024 Adjusted EBITDA increased to **$93.9 million** with a **40.0% margin**, reflecting adjustments for stock-based compensation and IPO costs | Metric | 2024 (in thousands) | 2023 (in thousands) | | :----------------------------------- | :------------------ | :------------------ | | Net Loss | $(27,685) | $(10,810) | | Interest expense | $50,541 | $51,146 | | Income tax benefit | $(14,611) | $(3,147) | | Depreciation and amortization | $44,276 | $44,140 | | Stock-based compensation expense | $36,969 | $2,148 | | Acquisition and integration costs | $206 | $278 | | Costs related to amended debt agreements| $2,368 | $0 | | IPO related costs | $1,841 | $3 | | **Adjusted EBITDA** | **$93,905** | **$83,758** | | Revenue | $234,543 | $195,969 | | Net loss margin | (11.8)% | (5.5)% | | **Adjusted EBITDA margin** | **40.0%** | **42.7%** | [Reconciliation of Non-GAAP Operating Expenses](index=11&type=section&id=Reconciliation%20of%20Non-GAAP%20Operating%20Expenses) Non-GAAP operating expenses for Q2 2024 reflect adjustments for **stock-based compensation, acquisition/integration, and IPO-related costs** | Operating Expense Category | GAAP (2024, in thousands) | Stock-based Comp. (in thousands) | Acquisition/Integration (in thousands) | IPO Costs (in thousands) | Debt Agreements (in thousands) | Non-GAAP (2024, in thousands) | | :----------------------------------- | :------------------------ | :------------------------------- | :------------------------------------- | :----------------------- | :----------------------------- | :---------------------------- | | Cost of revenue | $80,451 | $(1,739) | $0 | $(5) | $0 | $78,707 | | Sales and marketing | $45,715 | $(8,892) | $0 | $(235) | $0 | $36,588 | | General and administrative | $39,955 | $(20,672) | $(103) | $(1,592) | $(2,368) | $15,220 | | Research and development | $15,901 | $(5,666) | $(103) | $(9) | $0 | $10,123 | | Income tax benefit | $(14,611) | N/A | N/A | N/A | N/A | $(5,920) | [Reconciliation of Non-GAAP Net Income](index=12&type=section&id=Reconciliation%20of%20Non-GAAP%20Net%20Income) Q2 2024 non-GAAP net income reached **$5.0 million**, a significant improvement after adjusting for **stock-based compensation and IPO costs** | Metric | 2024 (in thousands) | 2023 (in thousands) | | :----------------------------------- | :------------------ | :------------------ | | Net Loss | $(27,685) | $(10,810) | | Stock-based compensation expense | $36,969 | $2,148 | | Acquisition and integration costs | $206 | $278 | | Costs related to amended debt agreements| $2,368 | $0 | | IPO related costs | $1,841 | $3 | | Tax effect of adjustments | $(8,691) | $(510) | | **Non-GAAP net income/(loss)** | **$5,008** | **$(8,891)** | | Non-GAAP net income/(loss) per share, basic| $0.04 | $(0.07) | | Non-GAAP net income/(loss) per share, diluted| $0.04 | $(0.07) | [Reconciliation of Unlevered Free Cash Flow](index=12&type=section&id=Reconciliation%20of%20Unlevered%20Free%20Cash%20Flow) Q2 2024 Unlevered Free Cash Flow decreased to **$50.3 million**, derived from operating cash flow adjusted for interest and capital expenditures | Metric | 2024 (in thousands) | 2023 (in thousands) | | :------------------------------------------------------------------ | :------------------ | :------------------ | | Net cash provided by operating activities | $15,450 | $33,593 | | Interest paid | $41,751 | $47,910 | | Purchase of property and equipment and capitalization of internally developed software costs| $(6,868) | $(4,712) | | **Unlevered free cash flow** | **$50,333** | **$76,791** | [Reconciliation of Net Debt and Adjusted Net Leverage Ratio](index=13&type=section&id=Reconciliation%20of%20Net%20Debt%20and%20Adjusted%20Net%20Leverage%20Ratio) As of June 30, 2024, Net Debt significantly decreased to **$1.29 billion**, resulting in an improved Adjusted Net Leverage Ratio of **3.7x** | Metric | June 30, 2024 (in thousands) | June 30, 2023 (in thousands) | Change (Absolute, in thousands) | | :------------------------------------------------------------------ | :--------------------------- | :--------------------------- | :------------------------------ | | First lien term loan facility outstanding debt, current | $12,909 | $17,983 | -$(5,074) | | First lien term loan facility outstanding debt, net of current portion| $1,277,991 | $2,189,824 | -$(911,833) | | Receivables facility outstanding debt | $70,000 | $50,000 | +$20,000 | | Cash and cash equivalents | $(68,375) | $(95,738) | +$27,363 | | **Net debt** | **$1,292,525** | **$2,162,069** | -$(869,544) | | Metric | June 30, 2024 | June 30, 2023 | | :----------------------------------- | :------------ | :------------ | | Trailing twelve months Adjusted EBITDA| $353,900 | $318,380 | | Adjusted net leverage ratio | 3.7x | 6.8x |

TABLE OF CONTENTS As filed with the U.S. Securities and Exchange Commission on May 28, 2024. Registration No. 333-275004 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 7 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Waystar Holding Corp. (Exact name of registrant as specified in its charter) (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) Matthew R. A. Heiman Chief Legal & Admin ...