Financial Results 1Q'25 Earnings Presentation April 30, 2025 © 2025 Waystar. All rights reserved. FORWARD - LOOKING STATEMENTS This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that reflect our current views with respect to, among other things, statements regarding Waystar's expectations relating to future operating results and financial position, including full year 2025, and future periods; anticipated future investments; our ...

Core Insights - Waystar has been recognized as the Best Overall Healthcare Payments Solutions Provider by MedTech Breakthrough for the fourth consecutive year, highlighting its leadership in the healthcare payments sector [1][3] - The company has launched Waystar AltitudeAI™, a suite of AI-powered capabilities, and introduced generative AI solutions, significantly improving operational efficiency by reducing denial appeal times by 70% and streamlining denial-prevention workflows from three days to three minutes [2] Company Achievements - Waystar serves approximately 30,000 clients, representing over 1 million distinct providers, including 16 of the top 20 institutions on the U.S. News Best Hospitals list [5] - The company processes over 6 billion healthcare payment transactions annually, amounting to over $1.8 trillion in gross claims, covering approximately 50% of U.S. patients [5] - Waystar has received multiple accolades, including ranking as the 1 healthcare payments solution in eight out of 18 AI categories by Black Book Market Research™ and recognition by Best in KLAS® across two revenue cycle categories [3] Industry Context - The MedTech Breakthrough Awards program recognizes top companies and technologies in the digital health and medical technology markets, emphasizing innovation and excellence across various categories [4]

Financial Data and Key Metrics Changes - Waystar reported Q1 2025 revenue of $256 million, reflecting a 14% year-over-year increase and an adjusted EBITDA of $108 million, which is a 16% increase year-over-year [8][26][29] - The adjusted EBITDA margin was 42%, aligning with the long-term target of approximately 40% [29][30] - The net leverage ratio at the end of Q1 was 2.5 times, indicating a decrease of approximately a quarter turn in the quarter [20][30] Business Line Data and Key Metrics Changes - Subscription revenue increased by 18% year-over-year and 3% sequentially, while volume-based revenue grew by 11% year-over-year, adjusted for a prior contract termination benefit [27][28] - The number of clients generating over $100,000 in trailing twelve-month revenue increased by 15% year-over-year to 1,244 [12][26] Market Data and Key Metrics Changes - Waystar serves over a million US-based providers across various care settings, indicating a broad market presence [9] - The company reported a 114% net revenue retention rate, which is above the typical range of 108% to 110% experienced over the past three years [26] Company Strategy and Development Direction - Waystar is focused on sustainable revenue growth, operational profitability, and innovation through its cloud-based software platform [8][11] - The company is pursuing a strategic software product roadmap that emphasizes scale, automation, and substantial ROI, including the launch of Altitude AI [14][70] - Waystar aims to leverage generative AI to enhance operational efficiency and reduce costs for clients, positioning itself as a leader in healthcare payments [16][89] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong performance despite macroeconomic volatility, citing the recession-resistant nature of its business model [9][30] - The company raised its full-year revenue guidance to a range of $1,060 million to $1,022 million, reflecting confidence in continued strong patient payment utilization [31][32] Other Important Information - Waystar's software platform is designed to help providers optimize cash flow and reduce administrative costs, which is critical in challenging economic conditions [9][10] - The company has maintained high cybersecurity standards and regularly audits its platform against industry-leading frameworks [19] Q&A Session Summary Question: Breakdown of Q1 outperformance and guidance components - Management indicated that strong patient payment utilization contributed to Q1 performance and guidance, with 98% of revenue coming from contracted solutions [35][36] Question: Drivers of net revenue retention rate - Management highlighted robust bookings from revenue cycle solutions and strong client advocacy as key factors driving the 114% net revenue retention rate [44][46] Question: Trends in utilization and seasonality - Management noted that utilization has trended above historical averages, benefiting the business model, with no changes in expectations for seasonality [50][53] Question: Impact of cybersecurity on sales cycles - Management confirmed that cybersecurity remains a critical factor in client decision-making, with strong demand for solutions that enhance cash flow [56][58] Question: RFP activity and tariff impact - Management observed strong demand for AI and automation solutions, with clients prioritizing efficiency amid economic challenges [68][70] Question: AI's impact on business model - Management believes that the trend of bringing outsourced RCM back in-house due to AI capabilities will benefit the business model and expand market opportunities [88][90] Question: M&A strategy post-leverage target achievement - Management expressed a disciplined approach to M&A, focusing on companies that align with Waystar's technology and client base [102][104]

Financial Data and Key Metrics Changes - Waystar reported Q1 revenue of $256 million, reflecting a 14% year-over-year increase and an adjusted EBITDA of $108 million, which is a 16% increase year-over-year [7][26][19] - The adjusted EBITDA margin was 42%, aligning with the long-term target of approximately 40% [29][19] - The net leverage ratio at the end of Q1 was 2.5 times, indicating a decrease of approximately a quarter turn in the quarter [30] Business Line Data and Key Metrics Changes - Subscription revenue increased by 18% year-over-year and 3% sequentially, while volume-based revenue grew by 11% year-over-year, with an adjusted growth rate of approximately 12% [27][28] - The number of clients generating over $100,000 in trailing twelve-month revenue increased by 15% year-over-year to 1,244 clients [11] Market Data and Key Metrics Changes - Waystar serves over a million US-based providers across various care settings, indicating a broad market presence [8] - The company reported a 114% net revenue retention rate, which is above the typical range of 108% to 110% experienced over the past three years [26][11] Company Strategy and Development Direction - Waystar is focused on sustainable revenue growth, operational profitability, and innovation through its cloud-based software platform [10][19] - The company is pursuing a strategic software product roadmap that emphasizes scale, automation, and substantial ROI, including the recent launch of Altitude AI [13][66] - Waystar aims to leverage generative AI to enhance operational efficiency and reduce costs for clients, positioning itself as a leader in the healthcare payments sector [86][90] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong performance despite macroeconomic volatility, citing the recession-resistant nature of its business model [8][30] - The company anticipates no major impact from potential new healthcare policies in 2025, suggesting that reliance on software platforms like Waystar's will likely increase [9] Other Important Information - Waystar's software platform is designed to help providers optimize cash flow and reduce administrative costs, which is critical in challenging economic conditions [8][9] - The company has maintained high cybersecurity standards and regularly audits its platform against industry-leading frameworks [19] Q&A Session Summary Question: Breakdown of Q1 outperformance and guidance components - Management indicated that strong patient payment utilization contributed to Q1 performance, with 98% of revenue generally coming from contracted solutions [34][35] Question: Drivers of net revenue retention at 114% - The retention rate was influenced by robust bookings from revenue cycle solutions and strong client advocacy leading to cross-sell opportunities [40][41] Question: Trends in utilization and seasonality - Management noted that utilization has trended above historical averages, benefiting the business model, with minimal seasonality in provider solutions [45][51] Question: Impact of security and implementation time on sales cycles - The company has seen strong demand and robust RFP activity, with clients prioritizing mission-critical solutions during economic uncertainty [53][56] Question: RFP activity and tariff impact - Management reassured that Waystar has no direct exposure to tariffs and continues to see strong demand for its AI-driven solutions [59][62] Question: AI's impact on market share and client relationships - The company views the trend of bringing outsourced RCM back in-house as beneficial, allowing for expansion of addressable market opportunities [84][90] Question: M&A strategy post-leverage target achievement - Waystar is actively pursuing M&A opportunities that align with its business model, focusing on technology, people, and clients that fit its objectives [101][104]

LEHI, Utah and LOUISVILLE, Ky., April 30, 2025 /PRNewswire/ -- Waystar (Nasdaq: WAY), a provider of leading healthcare payment software, today announced that Chief Executive Officer Matt Hawkins and Chief Financial Officer Steve Oreskovich will speak at two upcoming investor conferences.Oreskovich will present at the Bank of America Securities Healthcare Conference on Wednesday, May 14, 2025, at 8:40 a.m. PT. Hawkins will present at the William Blair 45th Annual Growth Stock Conference on Tuesday, June 3, 2 ...

Table of Contents 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 March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission File Number 001-42125 Waystar Holding Corp. (Exact name of registrant as specified in its charter) Delaware 84-2 ...

Exhibit 99.1 Waystar Reports First Quarter 2025 Results Q1 revenue growth of 14% year-over-year Q1 net income of $29.3 million and non-GAAP net income of $58.7 million Q1 net income margin of 11%; adjusted EBITDA margin of 42% Raising revenue and adjusted EBITDA guidance for 2025 LEHI, Utah and LOUISVILLE, Ky., April 30, 2025 — Waystar Holding Corp. (Nasdaq: WAY), a provider of leading healthcare payment software, today reported results for the first quarter ended March 31, 2025. "Waystar sustained strong m ...

Q1 revenue growth of 14% year-over-yearQ1 net income of $29.3 million and non-GAAP net income of $58.7 million Q1 net income margin of 11%; adjusted EBITDA margin of 42% Raising revenue and adjusted EBITDA guidance for 2025LEHI, Utah and LOUISVILLE, Ky., April 30, 2025 /PRNewswire/ -- Waystar Holding Corp. (Nasdaq: WAY), a provider of leading healthcare payment software, today reported results for the first quarter ended March 31, 2025."Waystar sustained strong momentum in the first quarter of 2025, deliver ...

LEHI, Utah and LOUISVILLE, Ky., April 7, 2025 /PRNewswire/ -- Waystar Holding Corp. (Nasdaq: WAY), a provider of leading healthcare payment software, announced today that it will report financial results for the first quarter ended March 31, 2025, after market close on Wednesday, April 30, 2025. The company will discuss its financial results on a conference call at 4:30 p.m. Eastern Time that same day.A live audio webcast of the conference call will be available on Waystar's investor relations website at ht ...

Goldman Sachs analyst Adam Hotchkiss reiterated the Buy rating on Waystar Holding Corp. WAY, with a price forecast of $52.The analyst highlights that despite strong performance in 2024, the company’s stock has fallen 14% since its fourth-quarter earnings release, compared to a 6% drop in the S&P 500.The decline reflects investor concerns over a modest increase in FY25 revenue guidance, which suggests a growth slowdown year over year, adds the analyst.Also, Hotchkiss is concerned about the longevity of FY24 ...