Core Insights - Waystar Holding Corp. reported a fiscal year 2024 revenue of $944 million, representing a 19% year-over-year increase, with Q4 revenue growth of 18% year-over-year [1][5] - The company achieved a Q4 net income of $19.1 million, with a non-GAAP net income of $52.1 million, and a fiscal year 2024 net loss of $19.1 million, showing a 62.7% improvement year-over-year [1][5] - Adjusted EBITDA for fiscal year 2024 was $383 million, up 15% year-over-year, with a Q4 adjusted EBITDA margin of 41% [1][5] Financial Performance - Q4 revenue was $244.1 million, with a net income margin of 8% and adjusted EBITDA of $100.2 million [5][23] - The company reported cash flow from operations of $65 million and unlevered free cash flow of $80 million for Q4 [5][29] - The net revenue retention rate (NRR) was 110%, with subscription revenue of $121.6 million and volume-based revenue of $121.2 million, both up 18% and 19% year-over-year respectively [5][21] Future Outlook - Waystar anticipates total revenue for fiscal year 2025 to be between $1.0 billion and $1.016 billion, with adjusted EBITDA expected to be between $399 million and $407 million [5][21] - The company aims to leverage its cloud-based software platform to achieve solid revenue growth and compelling adjusted EBITDA margins in the future [2][5] Client Base and Market Position - 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 [21] - 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 [21]
Waystar Reports Fourth Quarter and Fiscal Year 2024 Results