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 |