Waystar Reports First Quarter 2025 Results
Waystar reported strong Q1 2025 financial results with 14% year-over-year revenue growth reaching $256.4 million. The healthcare payment software provider achieved notable metrics including:
- Net income of $29.3 million with 11% margin
- Non-GAAP net income of $58.7 million
- Adjusted EBITDA of $107.7 million with 42% margin
- Cash flow from operations of $64 million
The company showed robust client growth with 1,244 customers contributing over $100,000 in LTM revenue, up 15% year-over-year. Net revenue retention rate reached 114%. Subscription revenue grew 18% to $125 million, while volume-based revenue increased 11% to $129.9 million.
Following these results, Waystar raised its 2025 guidance, projecting total revenue between $1.006-1.022 billion and adjusted EBITDA between $406-414 million. The company also launched Waystar AltitudeAI to enhance client workflows and financial performance.
Waystar ha riportato solidi risultati finanziari nel primo trimestre 2025 con una crescita dei ricavi del 14% rispetto all'anno precedente, raggiungendo 256,4 milioni di dollari. Il fornitore di software per i pagamenti sanitari ha raggiunto importanti indicatori tra cui:
- Utile netto di 29,3 milioni di dollari con un margine dell'11%
- Utile netto Non-GAAP di 58,7 milioni di dollari
- EBITDA rettificato di 107,7 milioni di dollari con un margine del 42%
- Flusso di cassa operativo di 64 milioni di dollari
L'azienda ha mostrato una solida crescita della clientela con 1.244 clienti che hanno contribuito con oltre 100.000 dollari di ricavi negli ultimi dodici mesi, in aumento del 15% su base annua. Il tasso di retention del fatturato netto ha raggiunto il 114%. I ricavi da abbonamento sono cresciuti del 18% a 125 milioni di dollari, mentre i ricavi basati sul volume sono aumentati dell'11% a 129,9 milioni di dollari.
A seguito di questi risultati, Waystar ha rivisto al rialzo le previsioni per il 2025, prevedendo ricavi totali tra 1,006 e 1,022 miliardi di dollari e un EBITDA rettificato tra 406 e 414 milioni di dollari. L'azienda ha inoltre lanciato Waystar AltitudeAI per migliorare i flussi di lavoro dei clienti e le performance finanziarie.
Waystar reportó sólidos resultados financieros en el primer trimestre de 2025 con un crecimiento interanual de ingresos del 14%, alcanzando los 256,4 millones de dólares. El proveedor de software para pagos en el sector salud logró métricas destacadas, entre ellas:
- Ingreso neto de 29,3 millones de dólares con un margen del 11%
- Ingreso neto Non-GAAP de 58,7 millones de dólares
- EBITDA ajustado de 107,7 millones de dólares con un margen del 42%
- Flujo de caja operativo de 64 millones de dólares
La compañía mostró un fuerte crecimiento en su base de clientes con 1,244 clientes que aportaron más de 100,000 dólares en ingresos en los últimos doce meses, un aumento del 15% interanual. La tasa de retención neta de ingresos alcanzó el 114%. Los ingresos por suscripciones crecieron un 18% hasta los 125 millones de dólares, mientras que los ingresos basados en volumen aumentaron un 11% hasta 129,9 millones de dólares.
Tras estos resultados, Waystar elevó sus previsiones para 2025, proyectando ingresos totales entre 1,006 y 1,022 mil millones de dólares y un EBITDA ajustado entre 406 y 414 millones de dólares. La compañía también lanzó Waystar AltitudeAI para mejorar los flujos de trabajo de los clientes y el desempeño financiero.
Waystar는 2025년 1분기 강력한 재무 실적을 보고했으며, 전년 대비 매출이 14% 증가하여 2억 5,640만 달러를 기록했습니다. 이 헬스케어 결제 소프트웨어 제공업체는 다음과 같은 주요 지표를 달성했습니다:
- 순이익 2,930만 달러, 11% 마진
- 비GAAP 순이익 5,870만 달러
- 조정 EBITDA 1억 770만 달러, 42% 마진
- 영업활동 현금흐름 6,400만 달러
회사는 지난 12개월 동안 10만 달러 이상 매출을 올린 고객이 1,244명으로 전년 대비 15% 증가하며 견고한 고객 성장을 보였습니다. 순매출 유지율은 114%에 달했습니다. 구독 매출은 18% 증가하여 1억 2,500만 달러를 기록했고, 거래량 기반 매출은 11% 증가하여 1억 2,990만 달러에 이르렀습니다.
이러한 실적을 바탕으로 Waystar는 2025년 가이던스를 상향 조정하여 총 매출을 10억 600만 달러에서 10억 2,200만 달러 사이, 조정 EBITDA는 4억 600만 달러에서 4억 1,400만 달러 사이로 전망했습니다. 또한 고객 워크플로우와 재무 성과를 향상시키기 위해 Waystar AltitudeAI를 출시했습니다.
Waystar a annoncé de solides résultats financiers pour le premier trimestre 2025 avec une croissance du chiffre d'affaires de 14 % en glissement annuel, atteignant 256,4 millions de dollars. Le fournisseur de logiciels de paiement dans le secteur de la santé a réalisé des indicateurs notables, notamment :
- Un bénéfice net de 29,3 millions de dollars avec une marge de 11 %
- Un bénéfice net Non-GAAP de 58,7 millions de dollars
- Un EBITDA ajusté de 107,7 millions de dollars avec une marge de 42 %
- Un flux de trésorerie opérationnel de 64 millions de dollars
L'entreprise a affiché une croissance solide de sa clientèle avec 1 244 clients ayant généré plus de 100 000 dollars de revenus sur les douze derniers mois, en hausse de 15 % sur un an. Le taux de rétention nette des revenus a atteint 114 %. Les revenus d'abonnement ont augmenté de 18 % pour atteindre 125 millions de dollars, tandis que les revenus basés sur le volume ont progressé de 11 % pour atteindre 129,9 millions de dollars.
Suite à ces résultats, Waystar a relevé ses prévisions pour 2025, projetant un chiffre d'affaires total compris entre 1,006 et 1,022 milliard de dollars et un EBITDA ajusté entre 406 et 414 millions de dollars. L'entreprise a également lancé Waystar AltitudeAI pour améliorer les flux de travail clients et la performance financière.
Waystar meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Umsatzwachstum von 14 % im Jahresvergleich und erreichte 256,4 Millionen US-Dollar. Der Anbieter von Software für Gesundheitszahlungen erzielte bemerkenswerte Kennzahlen, darunter:
- Nettoeinkommen von 29,3 Millionen US-Dollar bei einer Marge von 11 %
- Non-GAAP-Nettoeinkommen von 58,7 Millionen US-Dollar
- Bereinigtes EBITDA von 107,7 Millionen US-Dollar bei einer Marge von 42 %
- Betriebsmittelzufluss von 64 Millionen US-Dollar
Das Unternehmen verzeichnete ein starkes Kundenwachstum mit 1.244 Kunden, die in den letzten zwölf Monaten über 100.000 US-Dollar Umsatz beitrugen, ein Anstieg von 15 % im Jahresvergleich. Die Netto-Umsatzbindungsrate erreichte 114 %. Die Abonnementerlöse stiegen um 18 % auf 125 Millionen US-Dollar, während die volumenbasierten Erlöse um 11 % auf 129,9 Millionen US-Dollar zunahmen.
Aufgrund dieser Ergebnisse hat Waystar seine Prognose für 2025 angehoben und erwartet einen Gesamtumsatz zwischen 1,006 und 1,022 Milliarden US-Dollar sowie ein bereinigtes EBITDA zwischen 406 und 414 Millionen US-Dollar. Außerdem hat das Unternehmen Waystar AltitudeAI eingeführt, um die Arbeitsabläufe der Kunden und die finanzielle Leistung zu verbessern.
- Q1 revenue grew 14% YoY to $256.4M
- Strong net income of $29.3M with 11% margin
- Adjusted EBITDA margin of 42% with $107.7M
- Net revenue retention rate of 114%
- Subscription revenue up 18% YoY to $125M
- 15% growth in clients contributing >$100k revenue
- Raised full-year 2025 revenue and EBITDA guidance
- Strong cash flow from operations at $64M
- Volume-based revenue growth slower at 11% compared to subscription revenue
- High dependence on large clients (1,244 clients contribute majority revenue)
Insights
Waystar delivers exceptional Q1 with 14% revenue growth, 42% EBITDA margins, and raised 2025 guidance signaling strong momentum.
Waystar Holding Corp. delivered impressive Q1 2025 results with revenue reaching
The company's revenue composition demonstrates healthy diversification, with subscription revenue growing faster at
Customer metrics reveal strong expansion capabilities, with 1,244 clients contributing over
Cash generation remained solid with
Management's confidence is evident in their decision to raise full-year 2025 guidance, now expecting revenue between
This marks Waystar's fourth consecutive quarter of double-digit revenue growth since becoming a public company, showing consistent execution and operational momentum.
Q1 revenue growth of
Q1 net income of
Q1 net income margin of
Raising revenue and adjusted EBITDA guidance for 2025
"Waystar sustained strong momentum in the first quarter of 2025, delivering net income margins exceeding
First Quarter 2025 Financial Highlights
- Revenue of
$256.4 million 14% year-over-year - Net income of
$29.3 million $0.16 11% - Non-GAAP net income of
$58.7 million $0.32 - Adjusted EBITDA of
$107.7 million 42% - Cash flow from operations of
$64 million $79 million
Key Metrics and Revenue Disaggregation
- 1,244 clients contributed over
$100,000 15% year-over-year - Net revenue retention rate (NRR) of
114% over LTM ending March 31, 2025 - Subscription revenue of
$125.0 million 18% year-over-year - Volume-based revenue of
$129.9 million 11% year-over-year
Financial Outlook
As of April 30, 2025, Waystar provides the following guidance for its full fiscal year 2025.1
- Total revenue is expected to be between
$1.00 6 billion$1.02 2 billion - Adjusted EBITDA is expected to be between
$406 million $414 million - Non-GAAP net income is expected to be between
$241 million $247 million - Diluted non-GAAP net income per share is expected to be between
$1.31 $1.34
Webcast Information
Waystar's financial results will be discussed on a conference call scheduled at 4:30 p.m. Eastern Daylight Time today, April 30, 2025. A live audio conference call will be available on Waystar's website at https://investors.waystar.com/news-events/events. The webcast will be archived on the site for those unable to listen in real time. This earnings release and the related Current Report on Form 8-K filed April 30, 2025, can be accessed on the Investor Relations page of the company's website. We routinely post important information on our website, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in the Investor Relations section of our website. Accordingly, investors should monitor this portion of our website, in addition to following our press releases,
Non-GAAP Financial Measures
To supplement the consolidated financial statements prepared and presented in accordance with
Adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP net income per share and unlevered free cash flow are not recognized terms under GAAP and should not be considered as an alternative to net income (loss) or net income (loss) margin as measures of financial performance or cash provided by operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. Additionally, these measures are not intended to be a measure of free cash flow available for management's discretionary use, as they do not consider certain cash requirements such as interest payments, tax payments, and debt service requirements. The presentations of these measures have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company. A reconciliation is provided below for our non-GAAP financial measures to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business.
The following non-GAAP financial measures and key performance metrics are defined below:
Adjusted EBITDA and adjusted EBITDA Margin
We define adjusted EBITDA as net income / (loss) before interest expense, net, income tax expense / (benefit), depreciation and amortization, and as further adjusted for stock-based compensation expense, acquisition and integration costs, asset and lease impairments, costs related to amended debt agreements and IPO and secondary offering costs. Adjusted EBITDA margin represents adjusted EBITDA as a percentage of revenue.
Non-GAAP Net Income / (loss) and Non-GAAP Net Income / (loss) Per Share
We define non-GAAP net income as GAAP net income / (loss) excluding the impact of stock-based compensation, acquisition and integration costs, asset and lease impairments, costs related to our IPO, and the Secondary Offering, and costs related to amended debt agreements and amortization of intangibles. The tax effects of the adjustments are calculated using a management estimated annual effective non-GAAP tax rate of
Unlevered Free Cash Flow
We define unlevered free cash flow as cash from operations plus cash interest paid less capital expenses.
Net Debt
We define net debt as the sum of the current portion of long-term debt, long-term debt, and accounts receivable securitization less cash and equivalents and investment securities.
Adjusted Net Leverage Ratio
We define adjusted net leverage ratio as net debt divided by adjusted EBITDA over the preceding twelve months.
Key Performance Metrics
Net Revenue Retention Rate
Our Net Revenue Retention Rate compares twelve months of client invoices for our solutions at two period end dates. To calculate our Net Revenue Retention Rate, we first accumulate the total amount invoiced during the twelve months ending with the prior period-end or Prior Period Invoices. We then calculate the total amount invoiced to those same clients for the twelve months ending with the current period-end, or Current Period Invoices. Current Period Invoices are inclusive of upsell, downsell, pricing changes, clients that cancel or chose not to renew, and discontinued solutions with continuing clients. The Net Revenue Retention Rate is then calculated by dividing the Current Period Invoices by the Prior Period Invoices. Our total invoices included in the analysis are greater than
Customer Count with >
We regularly monitor and review our count of clients who generate more than
Our count of clients who generate more than
Forward-Looking Statements
This press release 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; the performance of our new product offerings; our industry and market opportunities, business strategy, goals, and expectations concerning our market position, future operations, margins and profitability, capital expenditures, liquidity, and capital resources and other financial and operating information. Forward-looking statements include all statements that are not historical facts. These statements may include words such as "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "seek," "foreseeable," "outlook," the negative version of these words or similar terms and phrases to identify forward-looking statements in this press release, including the discussion of outlook for full fiscal year 2025.
The forward-looking statements contained in this press release are based on management's current expectations and are not guarantees of future performance. The forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, and projections will result or be achieved. The following factors are among those that may cause actual results to differ materially from the forward-looking statements: our operation in a highly competitive industry; our ability to retain our existing clients and attract new clients; our ability to successfully execute on our business strategies in order to grow; our ability to accurately assess the risks related to acquisitions and successfully integrate acquired businesses; our ability to establish and maintain strategic relationships; the growth and success of our clients and overall healthcare transaction volumes; consolidation in the healthcare industry; our selling cycle of variable length to secure new client agreements; our implementation cycle that is dependent on our clients' timing and resources; our dependence on our senior management team and certain key employees, and our ability to attract and retain highly skilled employees; the accuracy of the estimates and assumptions we use to determine the size of our total addressable market; our ability to develop and market new solutions, or enhance our existing solutions, to respond to technological changes, or evolving industry standards; the interoperability, connectivity, and integration of our solutions with our clients' and their vendors' networks and infrastructures; the performance and reliability of internet, mobile, and other infrastructure; the consequences if we cannot obtain, process, use, disclose, or distribute the highly regulated data we require to provide our solutions; our reliance on certain third-party vendors and providers; any errors or malfunctions in our products and solutions; failure by our clients to obtain proper permissions or provide us with accurate and appropriate information; the potential for embezzlement, identity theft, or other similar illegal behavior by our employees or vendors, and a failure of our employees or vendors to observe quality standards or adhere to environmental, social, and governance standards; our compliance with the applicable rules of the National Automated Clearing House Association and the applicable requirements of card networks; increases in card network fees and other changes to fee arrangements; the effect of payer and provider conduct which we cannot control; privacy concerns and security breaches or incidents relating to our platform; the complex and evolving laws and regulations regarding privacy, data protection, and cybersecurity; our ability to adequately protect and enforce our intellectual property rights; our ability to use or license data and integrate third-party technologies; our use of "open source" software; legal proceedings initiated by third parties alleging that we are infringing or otherwise violating their intellectual property rights; claims that our employees, consultants, or independent contractors have wrongfully used or disclosed confidential information of third parties; the heavily regulated industry in which we conduct business; the uncertain and evolving healthcare regulatory and political framework; healthcare laws and data privacy and security laws and regulations governing our processing of personal information; reduced revenues in response to changes to the healthcare regulatory landscape; legal, regulatory, and other proceedings that could result in adverse outcomes; consumer protection laws and regulations; contractual obligations requiring compliance with certain provisions of the Bank Secrecy Act and anti-money laundering laws and regulations; existing laws that regulate our ability to engage in certain marketing activities; our full compliance with website accessibility standards; any changes in our tax rates, the adoption of new tax legislation, or exposure to additional tax liabilities; limitations on our ability to use our net operating losses to offset future taxable income; losses due to asset impairment charges; restrictive covenants in the agreements governing our credit facilities; interest rate fluctuations; unavailability of additional capital on acceptable terms or at all; the impact of general macroeconomic conditions; actions of certain of our significant investors, who may have different interests than the interests of other holders of our securities; and each of the other factors discussed under the heading of "Risk Factors" in the Company's 10K filed with the Securities and Exchange Commission (the "SEC") on February 18, 2025, and in other reports filed with the SEC, all of which are available on the Investor Relations page of our website at investors.waystar.com.
Any forward-looking statements made by us in this press release speak only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included in this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. You should not place undue reliance on our forward-looking statements. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by any applicable securities laws.
About Waystar
Waystar's mission-critical software is purpose-built to simplify healthcare payments so providers can prioritize patient care and optimize their financial performance. Waystar serves approximately 30,000 clients, representing over 1 million distinct providers, including 16 of 20 institutions on the
1 We have not reconciled the forward-looking adjusted EBITDA, non- GAAP net income, and non-GAAP net income per share guidance included above to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain costs, the most significant of which are incentive compensation (including stock-based compensation), transaction-related expenses, and certain fair value measurements, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results. |
Waystar Holding Corp. Unaudited Condensed Consolidated Statements of Operations (in Thousands, Except for Share and Per Share Data) | ||||||
Three months ended March 31, | ||||||
2025 | 2024 | |||||
Revenue | $ | 256,435 | $ | 224,792 | ||
Operating expenses | ||||||
Cost of revenue (exclusive of depreciation and amortization expenses) | 83,345 | 75,192 | ||||
Sales and marketing | 40,123 | 33,780 | ||||
General and administrative | 23,300 | 26,135 | ||||
Research and development | 11,078 | 10,320 | ||||
Depreciation and amortization | 33,380 | 44,174 | ||||
Total operating expenses | 191,226 | 189,601 | ||||
Income from operations | 65,209 | 35,191 | ||||
Other expense | ||||||
Interest expense | (18,257) | (55,812) | ||||
Related party interest expense | (643) | (1,372) | ||||
Income/(loss) before income taxes | 46,309 | (21,993) | ||||
Income tax expense/(benefit) | 17,040 | (6,061) | ||||
Net income/(loss) | $ | 29,269 | $ | (15,932) | ||
Net income/(loss) per share: | ||||||
Basic | $ | 0.17 | $ | (0.13) | ||
Diluted | $ | 0.16 | $ | (0.13) | ||
Weighted-average shares outstanding: | ||||||
Basic | 172,188,237 | 121,675,298 | ||||
Diluted | 180,691,994 | 121,675,298 | ||||
Waystar Holding Corp. Unaudited Condensed Consolidated Balance Sheets (in Thousands, Except for Share and Per Share Data) | ||||||
March 31, 2025 | December 31, 2024 | |||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | $ | 223,995 | $ | 182,133 | ||
Restricted cash | 25,723 | 22,449 | ||||
Investment securities | 24,419 | — | ||||
Accounts receivable, net of allowance of | 147,264 | 145,235 | ||||
Income tax receivable | — | 2,838 | ||||
Prepaid expenses | 16,900 | 14,414 | ||||
Other current assets | 2,249 | 3,972 | ||||
Total current assets | 440,550 | 371,041 | ||||
Property, plant and equipment, net | 46,645 | 46,731 | ||||
Operating lease right-of-use assets, net | 9,896 | 10,820 | ||||
Intangible assets, net | 1,010,933 | 1,039,049 | ||||
Goodwill | 3,019,999 | 3,019,999 | ||||
Deferred costs | 85,088 | 82,815 | ||||
Other long-term assets | 6,067 | 6,549 | ||||
Total assets | $ | 4,619,178 | $ | 4,577,004 | ||
Liabilities and stockholders' equity | ||||||
Current liabilities | ||||||
Accounts payable | $ | 45,064 | $ | 47,365 | ||
Accrued compensation | 15,857 | 31,589 | ||||
Aggregated funds payable | 25,253 | 22,059 | ||||
Other accrued expenses | 25,646 | 15,930 | ||||
Deferred revenue | 11,348 | 10,527 | ||||
Current portion of long-term debt | 11,228 | 11,311 | ||||
Related party current portion of long-term debt | 440 | 357 | ||||
Current portion of operating lease liabilities | 5,538 | 5,591 | ||||
Current portion of finance lease liabilities | 926 | 904 | ||||
Total current liabilities | 141,300 | 145,633 | ||||
Long-term liabilities | ||||||
Deferred tax liability | 104,927 | 100,523 | ||||
Long-term debt, net, less current portion | 1,174,879 | 1,185,411 | ||||
Related party long-term debt, net, less current portion | 43,356 | 35,211 | ||||
Operating lease liabilities, net of current portion | 11,785 | 13,133 | ||||
Finance lease liabilities, net of current portion | 11,049 | 11,290 | ||||
Deferred revenue–LT | 5,692 | 5,739 | ||||
Other long-term liabilities | 278 | 278 | ||||
Total liabilities | 1,493,266 | 1,497,218 | ||||
Commitments and contingencies (Note 20) | ||||||
Stockholders' equity | ||||||
Preferred stock | — | — | ||||
Common stock | 1,730 | 1,722 | ||||
Additional paid-in capital | 3,315,497 | 3,298,083 | ||||
Accumulated other comprehensive income | 316 | 881 | ||||
Accumulated deficit | (191,631) | (220,900) | ||||
Total stockholders' equity | 3,125,912 | 3,079,786 | ||||
Total liabilities and stockholders' equity | $ | 4,619,178 | $ | 4,577,004 | ||
Waystar Holding Corp. Unaudited Condensed Consolidated Statements of Cash Flows (in Thousands) | ||||||
Three months ended March 31, | ||||||
2025 | 2024 | |||||
Cash flows from operating activities | ||||||
Net income/(loss) | $ | 29,269 | $ | (15,932) | ||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities | ||||||
Depreciation and amortization | 33,380 | 44,174 | ||||
Stock-based compensation | 6,744 | 2,528 | ||||
Provision for bad debt expense | 1,255 | 556 | ||||
Loss on extinguishment of debt | — | 8,869 | ||||
Deferred income taxes | 4,569 | (19,591) | ||||
Amortization of debt discount and issuance costs | 667 | 1,680 | ||||
Changes in: | ||||||
Accounts receivable | (3,284) | (10,274) | ||||
Income tax refundable | 2,838 | 6,811 | ||||
Prepaid expenses and other current assets | (1,460) | (3,538) | ||||
Deferred costs | (2,222) | (4,230) | ||||
Other long-term assets | 324 | (325) | ||||
Accounts payable and accrued expenses | (8,130) | (1,280) | ||||
Deferred revenue | 775 | 1,711 | ||||
Operating lease right-of-use assets and lease liabilities | (476) | (429) | ||||
Net cash provided by operating activities | 64,249 | 10,730 | ||||
Cash flows from investing activities | ||||||
Purchase of property and equipment and capitalization of internally developed software costs | (5,426) | (5,560) | ||||
Purchase of investment securities | (24,431) | — | ||||
Net cash used in investing activities | (29,857) | (5,560) | ||||
Cash flows from financing activities | ||||||
Change in aggregated funds liability | 3,194 | 3,538 | ||||
Repurchase of shares | — | (225) | ||||
Proceeds from exercise of common stock options | 10,686 | 71 | ||||
Proceeds from issuances of debt, net of creditor fees | — | 535,209 | ||||
Payments on debt | (2,917) | (516,774) | ||||
Third-party fees paid in connection with issuance of new debt | — | (1,410) | ||||
Finance lease liabilities paid | (219) | (199) | ||||
Net cash provided by financing activities | 10,744 | 20,210 | ||||
Increase in cash and cash equivalents during the period | 45,136 | 25,380 | ||||
Cash and cash equivalents and restricted cash–beginning of period | 204,582 | 45,428 | ||||
Cash and cash equivalents and restricted cash–end of period | $ | 249,718 | $ | 70,808 | ||
Supplemental disclosures of cash flow information | ||||||
Interest paid | $ | 19,960 | $ | 40,513 | ||
Cash taxes paid (refunds received), net | 532 | (54) | ||||
Non-cash investing and financing activities | ||||||
Fixed asset purchases in accounts payable | 56 | 518 | ||||
Reconciliation of Balance Sheet Cash Accounts to Cash Flow Statement | ||||||
Balance sheet | ||||||
Cash and cash equivalents | 223,995 | 57,337 | ||||
Restricted cash | 25,723 | 13,471 | ||||
Total | 249,718 | 70,808 | ||||
Waystar Holding Corp. Reconciliation of Adjusted EBITDA (in Thousands) (Unaudited) | |||
Three months ended March 31, | |||
2025 | 2024 | ||
Net income/(loss) | 29,269 | (15,932) | |
Interest expense | 18,900 | 57,184 | |
Income tax expense/(benefit) | 17,040 | (6,061) | |
Depreciation and amortization | 33,380 | 44,174 | |
Stock-based compensation expense | 6,744 | 2,528 | |
Acquisition and integration costs | 229 | 302 | |
Costs related to amended debt agreements | — | 10,402 | |
IPO and Secondary Offering expenses | 1,430 | 164 | |
Other (a) | 754 | — | |
Adjusted EBITDA | 107,746 | 92,761 | |
Revenue | 256,435 | 224,792 | |
Net income/(loss) margin | 11.4 % | (7.1 %) | |
Adjusted EBITDA margin | 42.0 % | 41.3 % | |
(a) Adjustments relate to additional lease costs due to the relocation of our |
Waystar Holding Corp. Reconciliation of Non-GAAP Operating Expenses (in Thousands) (Unaudited) | |||
Three months ended March 31, | |||
2025 | 2024 | ||
Cost of revenue (exclusive of depreciation and amortization expenses) | 83,345 | 75,192 | |
Less: Stock-based compensation expense | (231) | (122) | |
Less: Acquisition and integration costs | — | (31) | |
Cost of revenue (exclusive of depreciation and amortization expenses), adjusted | 83,114 | 75,039 | |
Sales and marketing | 40,123 | 33,780 | |
Less: Stock-based compensation expense | (1,392) | (478) | |
Sales and marketing, adjusted | 38,731 | 33,302 | |
General and administrative | 23,300 | 26,135 | |
Less: Stock-based compensation expense | (4,106) | (1,540) | |
Less: Acquisition and integration costs | (107) | (83) | |
Less: Costs related to amended debt agreements | — | (10,402) | |
Less: IPO and Secondary Offering expenses | (1,430) | (164) | |
Less: Other (a) | (754) | — | |
General and administrative, adjusted | 16,903 | 13,946 | |
Research and development | 11,078 | 10,320 | |
Less: Stock-based compensation expense | (1,015) | (388) | |
Less: Acquisition and integration costs | (122) | (188) | |
Research and development, adjusted | 9,941 | 9,744 | |
Depreciation and amortization | 33,380 | 44,174 | |
Less: Intangible amortization | (28,115) | (39,080) | |
Depreciation and amortization, adjusted | 5,265 | 5,094 | |
Income tax expense/(benefit) | 17,040 | (6,061) | |
Plus: Tax effect of adjustments | 7,827 | 11,020 | |
Income tax expense, adjusted | 24,867 | 4,959 | |
(a) Adjustments relate to additional lease costs due to the relocation of our |
Waystar Holding Corp. Reconciliation of Non-GAAP Net Income (in Thousands, Except Share and Per Share Amounts) (Unaudited) | |||
Three months ended March 31, | |||
2025 | 2024 | ||
Net income/(loss) | 29,269 | (15,932) | |
Stock based compensation expense | 6,744 | 2,528 | |
Acquisition and integration costs | 229 | 302 | |
Costs related to amended debt agreements | — | 10,402 | |
IPO and Secondary Offering expenses | 1,430 | 164 | |
Other (a) | 754 | — | |
Intangible amortization | 28,115 | 39,080 | |
Tax effect of adjustments | (7,827) | (11,020) | |
Non-GAAP net income | 58,714 | 25,524 | |
Non-GAAP net income per share, basic | 0.34 | 0.21 | |
Non-GAAP net income per share, diluted | 0.32 | 0.20 | |
Weighted average shares used in computing basic Non-GAAP net income per share | 172,188,237 | 121,675,298 | |
Weighted average shares used in computing diluted Non-GAAP net income per share | 180,691,994 | 127,095,087 | |
(a) Adjustments relate to additional lease costs due to the relocation of our
|
Waystar Holding Corp. Reconciliation of Unlevered Free Cash Flow (in Thousands) (Unaudited) | |||
Three months ended March 31, | |||
2025 | 2024 | ||
Net cash provided by operating activities | 64,249 | 10,730 | |
Interest paid | 19,960 | 40,513 | |
Purchase of property and equipment and capitalization of internally developed software costs | (5,426) | (5,560) | |
Unlevered free cash flow | 78,783 | 45,683 | |
Waystar Holding Corp. Reconciliation of Net Debt (in Thousands) (Unaudited) | |||
March 31, | |||
2025 | 2024 | ||
First lien term loan facility outstanding debt, current | 11,668 | 22,000 | |
First lien term loan facility outstanding debt, net of current portion | 1,148,960 | 2,178,000 | |
Receivables facility outstanding debt | 80,000 | 70,000 | |
Cash and cash equivalents | (223,995) | (57,337) | |
Investment securities | (24,419) | — | |
Net debt | 992,214 | 2,212,663 | |
Trailing Twelve Months Adjusted EBITDA | 398,481 | 343,753 | |
Adjusted Gross leverage ratio | 3.1x | 6.6x | |
Adjusted Net leverage ratio | 2.5x | 6.4x | |
Waystar Holding Corp. Reconciliation of Trailing Twelve Months (TTM) Adjusted EBITDA (in Thousands) (Unaudited) | |||||||||
Three Months Ended | TTM | ||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | |||||
2025 | 2024 | 2024 | 2024 | 2025 | |||||
Net income/(loss) | 29,269 | 19,079 | 5,413 | (27,685) | 26,076 | ||||
Interest expense | 18,900 | 20,086 | 18,459 | 50,541 | 107,986 | ||||
Income tax expense/(benefit) | 17,040 | 13,978 | 3,274 | (14,611) | 19,681 | ||||
Depreciation and amortization | 33,380 | 37,996 | 60,185 | 44,276 | 175,837 | ||||
Stock-based compensation expense | 6,744 | 7,037 | 7,903 | 36,969 | 58,653 | ||||
Acquisition and integration costs | 229 | 163 | 188 | 206 | 786 | ||||
Costs related to amended debt agreements | — | 1,262 | 106 | 2,368 | 3,736 | ||||
IPO and Secondary Offering expenses | 1,430 | 26 | 109 | 1,841 | 3,406 | ||||
Other (a) | 754 | 526 | 1,040 | — | 2,320 | ||||
Adjusted EBITDA | 107,746 | 100,153 | 96,677 | 93,905 | 398,481 | ||||
(a) Adjustments relate to additional lease costs due to the relocation of our |
Media Contact
Kristin Lee
kristin.lee@waystar.com
Investor Contact
Sandy Draper
investors@waystar.com
502-238-9511
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SOURCE Waystar
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