Waystar Reports Third Quarter 2025 Results

Q3 revenue growth of 12% year-over-year

Q3 net income of $30.6 million and non-GAAP net income of $67.8 million

Q3 net income margin of 11%; adjusted EBITDA margin of 42%

Raising revenue and adjusted EBITDA guidance for 2025

Waystar Holding Corp. (Nasdaq: WAY), a provider of leading healthcare payment software, today reported results for the third quarter ended September 30, 2025.

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“Waystar delivered another quarter of double-digit revenue growth and strong margins, outpacing our guidance on both measures,” said Matt Hawkins, Chief Executive Officer of Waystar. “Our integration of Iodine Software is well underway, enhancing Waystar's AI-powered platform and unlocking new opportunities to drive profitable growth. Continuing demand and focused execution reinforce our confidence in raising our full-year guidance.”

Third Quarter 2025 Financial Highlights

— Revenue of $268.7 million, up 12% year-over-year

— Net income of $30.6 million, GAAP net income per diluted share of $0.17, and net income margin of 11%

— Non-GAAP net income of $67.8 million and non-GAAP net income per diluted share of $0.37

— Adjusted EBITDA of $112.7 million and adjusted EBITDA margin of 42%

— Cash flow from operations of $82 million andunlevered free cash flow of $96 million

Key Metrics and Revenue Disaggregation

— 1,306 clients contributed over $100,000 inLTM revenue, up 11% year-over-year

— Net revenue retention rate (NRR) of 113%

— Subscription revenue of $134.5 million, up 14% year-over-year

— Volume-based revenue of $132.3 million, up 10% year-over-year

Financial Outlook

As of October 29, 2025, Waystar provides the following guidance for its full fiscal year 2025.1

— Total revenue is expected to be between $1.085 billion and $1.093 billion

— Adjusted EBITDA is expected to be between $451 million and $455 million

— Non-GAAP net income is expected to be between $271 million and $274 million

— Diluted non-GAAP net income per share is expected to be between $1.46 and $1.47

Webcast Information

Waystar's financial results will be discussed on a conference call scheduled at 4:30 p.m. Eastern Daylight Time today, October 29, 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 October 29, 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, U.S. Securities and Exchange Commission (“SEC”) filings, and public conference calls and webcasts.

Non-GAAP Financial Measures

To supplement the consolidated financial statements prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures as defined below. We present non-GAAP financial measures as supplemental measures of financial performance that are not required by, or presented in accordance with, GAAP. We believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management believes these non-GAAP financial measures are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. Management uses adjusted EBITDA and adjusted EBITDA margin to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, to establish discretionary annual incentive compensation, and to compare our performance against that of other peer companies using similar measures. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone provide.

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 Offerings, 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 21%, which is based on our statutory federal tax rate and provides consistency across interim reporting periods by eliminating the effects of non-recurring and period specific items. Due to the differences in the tax treatment of items excluded from non-GAAP net income, our estimate tax rate on non-GAAP net income may differ from our GAAP tax rate. Non-GAAP net income per share is shown on both a basic and diluted basis and is defined as non-GAAP net income divided by the basic or diluted weighted-average shares, respectively.

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 98% of reported revenue. We use Net Revenue Retention Rate to evaluate our ongoing operations and for internal planning and forecasting purposes. Acquired businesses are included in the last-twelve-month Net Revenue Retention Rate in the ninth quarter after acquisition, which is the earliest point that comparable post-acquisition invoices are available for both the current and prior twelve-month period.

Customer Count with >$100,000 of Revenue

We regularly monitor and review our count of clients who generate more than $100,000 of revenue.

Our count of clients who generate more than $100,000 of revenue is based on an accumulation of the amounts invoiced to clients over the preceding twelve months. The invoices for acquired clients are included starting in the first full calendar quarter after the date of acquisition.

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 (including the acquisition of Iodine Software); 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; our status as an “emerging growth company” and whether the reduced disclosure requirements applicable to “emerging growth companies” will make our common stock less attractive to investors; 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 17 of 20 institutions on the U.S. News Best Hospitals list. Waystar's enterprise-grade platform annually processes over 6 billion healthcare payment transactions, including over $1.8 trillion in annual gross claims and spanning approximately 50% of U.S. patients. Waystar strives to transform healthcare payments so providers can focus on what matters most: their patients and communities. Discover the way forward at waystar.com.

1We 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 Nine months ended September 30, September 30, 2025 2024 2025 2024Revenue 268,651 240,112 795,740 699,447Operating expensesCost of revenue (exclusive of depreciation and amortization expenses) 85,136 80,545 255,525 236,188Sales and marketing 45,158 38,450 128,805 117,945General and administrative 32,422 22,704 84,914 88,794Research and development 12,403 11,082 36,103 37,303Depreciation and amortization 33,300 60,185 100,106 148,635Total operating expenses 208,419 212,966 605,453 628,865Income from operations 60,232 27,146 190,287 70,582Other expenseInterest expense (16,613) (17,752) (52,195) (122,759)Related party interest expense (902) (707) (2,475) (3,425)Income/(loss) before income taxes 42,717 8,687 135,617 (55,602)Income tax expense/(benefit) 12,069 3,274 43,516 (17,398)Net income/(loss) 30,648 5,413 92,101 (38,204)Net income/(loss) per share:Basic 0.18 0.03 0.53 (0.27)Diluted 0.17 0.03 0.51 (0.27)Weighted-average shares outstanding:Basic 174,352,079 171,578,311 173,388,077 142,367,458Diluted 181,240,033 176,181,511 181,165,738 142,367,458

Waystar Holding Corp.Unaudited Condensed Consolidated Balance Sheets(in thousands, except for share and per share data) September 30, 2025 December 31, 2024AssetsCurrent assetsCash and cash equivalents $ 421,056 $ 182,133Restricted cash 24,301 22,449Accounts receivable, net of allowance of $5,895 at September30, 2025 145,675 145,235and $5,885 at December31, 2024Income tax receivable – 2,838Prepaid expenses 20,557 14,414Other current assets 1,993 3,972Total current assets 613,582 371,041Property, plant and equipment, net 48,172 46,731Operating lease right-of-use assets, net 11,026 10,820Intangible assets, net 954,967 1,039,049Goodwill 3,019,999 3,019,999Deferred costs 90,131 82,815Other long-term assets 8,479 6,549Total assets $ 4,746,356 $ 4,577,004Liabilities and stockholders' equityCurrent liabilitiesAccounts payable $ 51,401 $ 47,365Accrued compensation 28,300 31,589Aggregated funds payable 23,848 22,059Other accrued expenses 26,757 15,930Deferred revenue 9,018 10,527Current portion of long-term debt 11,099 11,311Related party current portion of long-term debt 569 357Current portion of operating lease liabilities 5,687 5,591Current portion of finance lease liabilities 973 904Total current liabilities 157,652 145,633Long-term liabilitiesDeferred tax liability 123,034 100,523Long-term debt, net, less current portion 1,158,411 1,185,411Related party long-term debt, net, less current portion 55,783 35,211Operating lease liabilities, net of current portion 11,855 13,133Finance lease liabilities, net of current portion 10,549 11,290Deferred revenue – long-term 5,385 5,739Other long-term liabilities 1,091 278Total liabilities 1,523,760 1,497,218Commitments and contingencies (Note 19)Stockholders' equityPreferred stock $0.01 par value – 100,000,000 and 100,000,000 shares – -authorized as of September 30, 2025 and December 31, 2024, respectively;zero shares issued or outstanding as of September 30, 2025 and December 31,2024, respectivelyCommon stock $0.01 par value – 2,500,000,000 and 2,500,000,000 shares 1,747 1,722authorized at September 30, 2025 and December 31, 2024, respectively;174,667,840 and 172,108,240 shares issued and outstanding at September 30,2025 and December 31, 2024, respectivelyAdditional paid-in capital 3,350,190 3,298,083Accumulated other comprehensive income (loss) (542) 881Accumulated deficit (128,799) (220,900)Total stockholders' equity 3,222,596 3,079,786Total liabilities and stockholders' equity $ 4,746,356 $ 4,577,004

WaystarUnaudited Condensed Consolidated Statements of Cash Flows(in thousands) Nine months ended September 30, 2025 2024Cash flows from operating activitiesNet income/(loss) $ 92,101 $ (38,204)Adjustments to reconcile net income/(loss) to net cash provided by operatingactivitiesDepreciation and amortization 100,106 148,635Stock-based compensation 29,871 47,400Provision for bad debt expense 2,605 1,642Loss on extinguishment of debt 711 20,277Deferred income taxes 22,959 (57,984)Amortization of debt discount and issuance costs 2,021 3,301Other – (99)Changes in:Accounts receivable (3,045) (13,445)Income tax refundable 2,838 2,227Prepaid expenses and other current assets (4,980) (1,714)Deferred costs (7,116) (14,389)Other long-term assets (2,362) (515)Accounts payable and accrued expenses 10,580 9,366Deferred revenue (1,863) (1,256)Operating lease right-of-use assets and lease liabilities (1,387) (244)Net cash provided by operating activities 243,039 104,998Cash flows from investing activitiesPurchase of property and equipment and capitalization of internally developed (17,069) (21,044)software costsPurchase of investment securities (206,444) -Proceeds from sale of investment securities 206,444 -Net cash used in investing activities (17,069) (21,044)Cash flows from financing activitiesChange in aggregated funds liability 1,789 7,433Proceeds from equity offering, net of underwriting discounts – 1,017,074Payments of third-party IPO issuance costs – (3,372)Repurchase of shares – (844)Proceeds from issuance of common stock from employee equity plans 22,439 1,488Proceeds from issuances of debt, net of creditor fees – 545,209Payments on debt (8,751) (1,550,002)Third-party fees paid in connection with issuance of new debt – (1,410)Finance lease liabilities paid (672) (611)Net cash provided by financing activities 14,805 14,965Increase in cash and cash equivalents during the period 240,775 98,919Cash and cash equivalents and restricted cash-beginning of period 204,582 45,428Cash and cash equivalents and restricted cash-end of period $ 445,357 $ 144,347Supplemental disclosures of cash flow informationInterest paid $ 59,303 $ 101,189Cash taxes paid (refunds received), net 9,439 38,558Non-cash investing and financing activitiesFixed asset purchases in accounts payable 539 586Unpaid third-party IPO issuance costs – 50Reconciliation of Balance Sheet Cash Accounts to Cash Flow StatementBalance sheetCash and cash equivalents 421,056 127,125Restricted cash 24,301 17,222Total 445,357 144,347

WaystarReconciliation of Adjusted EBITDA(in thousands)(unaudited) Three months ended Nine months ended September 30, September 30,($ in thousands) 2025 2024 2025 2024Net income/(loss) $ 30,648 $ 5,413 $ 92,101 $ (38,204)Interest expense 17,515 18,459 54,670 126,184Income tax expense/(benefit) 12,069 3,274 43,516 (17,398)Depreciation and amortization 33,300 60,185 100,106 148,635Stock-based compensation expense 11,597 7,903 29,871 47,400Acquisition and integration costs 5,313 188 6,197 696Costs related to amended debt agreements 649 106 649 12,876IPO related and Secondary Offering expenses 1,372 109 4,571 2,114Other (a) 240 1,040 1,320 1,040Adjusted EBITDA $ 112,703 $ 96,677 $ 333,001 $ 283,343Revenue $ 268,651 $ 240,112 $ 795,740 $ 699,447Net income/(loss) margin 11.4% 2.3% 11.6% (5.5)%Adjusted EBITDA margin 42.0% 40.3% 41.8% 40.5%

(a) Adjustments relate to additional lease costs due to the relocation of our Louisville office totaling $0.2 million and $0.7 million, respectively, and executive severance totaling $0.0 million and $0.6 million, respectively, for the three and nine months ended September 30, 2025. For the three and nine months ended September 30, 2024, adjustments relate to additional lease costs due to the relocation of our Louisville office.

WaystarReconciliation of Non-GAAP Operating Expenses(in thousands)(unaudited) Three months ended Nine months ended September 30, September 30, 2025 2024 2025 2024Cost of revenue (exclusive of depreciation and amortization expenses) 85,136 80,545 255,525 236,188Less Stock-based compensation expense (418) (300) (1,064) (2,161)Less Acquisition and integration costs (3) – (3) (31)Less IPO and Secondary Offering expenses – (4) – (9)Cost of revenue (exclusive of depreciation and amortization expenses), adjusted 84,715 80,241 254,458 233,987Sales and marketing 45,158 38,450 128,805 117,945Less Stock-based compensation expense (2,392) (1,587) (6,198) (10,958)Less Acquisition and integration costs (79) – (79)Less IPO and Secondary Offering expenses – 94 – (141)Sales and marketing, adjusted 42,687 36,957 122,528 106,846General and administrative 32,422 22,704 84,914 88,794Less Stock-based compensation expense (7,218) (4,832) (18,418) (27,043)Less Acquisition and integration costs (5,119) (86) (5,778) (272)Less Costs related to amended debt agreements (649) (106) (649) (12,876)Less IPO and Secondary Offering expenses (1,372) (200) (4,571) (1,956)Less Other (a) (240) (1,040) (1,320) (1,040)General and administrative, adjusted 17,824 16,440 54,178 45,607Research and development 12,403 11,082 36,103 37,303Less Stock-based compensation expense (1,569) (1,184) (4,191) (7,238)Less Acquisition and integration costs (112) (102) (337) (393)Less IPO and Secondary Offering expenses – 1 – (8)Research and development, adjusted 10,722 9,797 31,575 29,664Depreciation and amortization 33,300 60,185 100,106 148,635Less Other (a) – (15,776) – (15,776)Less Intangible amortization (27,851) (39,080) (84,081) (117,240)Depreciation and amortization, adjusted 5,449 5,329 16,025 15,619Income tax expense/(benefit) 12,069 3,274 43,516 (17,398)Plus Tax effect of adjustments 9,875 13,482 26,605 41,400Income tax expense/(benefit), adjusted 21,944 16,756 70,121 24,002

WaystarReconciliation of Non-GAAP Net Income(in thousands, except share and per share amounts)(unaudited) Three months ended Nine months ended September 30, September 30,($ in thousands) 2025 2024 2025 2024Net income/(loss) $ 30,648 $ 5,413 $ 92,101 $ (38,204)Stock based compensation 11,597 7,903 29,871 47,400Acquisition and integration costs 5,313 188 6,197 696Costs related to amended debt agreements 649 106 649 12,876IPO and Secondary Offering expenses 1,372 109 4,571 2,114Other (a) 240 16,816 1,320 16,816Intangible amortization 27,851 39,080 84,081 117,240Tax effect of adjustments (9,875) (13,482) (26,605) (41,400)Non-GAAP net income/(loss) $ 67,795 $ 56,133 $ 192,185 $ 117,538Non-GAAP net income/(loss) per share:Basic $ 0.39 $ 0.33 $ 1.11 $ 0.83Diluted $ 0.37 $ 0.32 $ 1.06 $ 0.80Weighted-average shares outstanding:Basic 174,352,079 171,578,311 173,388,077 142,367,458Diluted 181,240,033 176,181,511 181,165,738 146,843,861

WaystarReconciliation of Unlevered Free Cash Flow(in thousands)(unaudited) Three months ended Nine months ended September 30, September 30, 2025 2024 2025 2024Net cash provided by operating activities 82,030 78,818 243,039 104,998Interest paid 19,558 18,925 59,303 101,189Purchase of PP&E and capitalization of internally developed software costs (5,876) (8,616) (17,069) (21,044)Unlevered free cash flow 95,712 89,127 285,273 185,143

WaystarReconciliation of Net Debt(in thousands)(unaudited) September 30, 2025 2024First lien term loan facility outstanding debt, current 11,668 12,909First lien term loan facility outstanding debt, net of current portion 1,143,127 1,153,864Receivables facility outstanding debt 80,000 80,000Cash and cash equivalents (421,056) (127,125)Net debt 813,739 1,119,648Trailing Twelve Months Adjusted EBITDA 433,154 369,587Adjusted Gross leverage ratio 2.9x 3.4xAdjusted Net leverage ratio 1.9x 3.0x

WaystarReconciliation of Trailing Twelve Months (TTM) Adjusted EBITDA(in thousands)(unaudited) Three Months Ended TTM September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2025Net income/(loss) 30,648 32,184 29,269 19,079 111,180Interest expense 17,515 18,255 18,900 20,086 74,756Income tax expense/(benefit) 12,069 14,407 17,040 13,978 57,494Depreciation and amortization 33,300 33,426 33,380 37,996 138,102Stock-based compensation expense 11,597 11,530 6,744 7,037 36,908Acquisition and integration costs 5,313 655 229 163 6,360Costs related to amended debt agreements 649 – – 1,262 1,911IPO and Secondary Offering expenses 1,372 1,769 1,430 26 4,597Other (a) 240 326 754 526 1,846Adjusted EBITDA 112,703 112,552 107,746 100,153 433,154

(a) Adjustments relate to additional lease costs due to the relocation of our Louisville office and executive severance.

Media Contact Kristin Lee kristin.lee@waystar.com

Investor Contact Sue Dooley susan.dooley@waystar.com

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