Waystar Holding Corp (WAY) 2024 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the way our third quarter, 2024 earnings conference call. At this time, all participants are in a listen-only mode. After this figure's presentation, there will be a question answer session to ask a question during the session. (Operator instructions) Please be advised that today's conference is being recorded. I would like to hand the conference over to your first speaker today, Sandy Draper, head of Investor Relations.

您好，感謝您的支持。歡迎參加我們 2024 年第三季財報電話會議。此時，所有參與者都處於只聽模式。該圖展示完畢後，將有一個問答環節，供在會議期間提出問題。（操作員指示）請注意，今天的會議正在錄音。我想將會議交給今天的第一位發言者、投資者關係主管桑迪·德雷珀 (Sandy Draper)。

Thank you, operator and good afternoon, everyone. It is my pleasure to welcome you to Waystar Holding Corporation's third quarter, 2024 Earnings call. Today's call is being webcast and a replay along with the transcript will be available on our website along with other related materials.

謝謝接線員，大家下午好。我很高興歡迎您參加 Waystar Holding Corporation 2024 年第三季財報電話會議。今天的電話會議將進行網路直播，重播和文字記錄將與其他相關資料一起在我們的網站上提供。

Following the conclusion of this call, Matt Hawkins Waystar, Chief Executive Officer and Steve Oreskovich Waystar Chief Financial Officer are joining me today after their remarks, we will open the call to your questions earlier today, we issued a press release announcing our financial results and a presentation slide deck to accompany our prepared remarks. The materials are available on the investor relations section of our website at investors.Waystar.com

電話會議結束後，Waystar 執行長 Matt Hawkins 和 Waystar 財務長 Steve Oreskovich 在發表講話後將與我一起參加今天的會議，我們將在今天早些時候開始回答您的問題，我們發布了一份新聞稿，宣布了我們的財務業績和一份演示幻燈片，以配合我們準備好的發言。這些資料可在我們網站 investors.Waystar.com 的投資者關係部分找到

Before we get started, I will remind you that this call contains forward-looking statements which include all statements that are not historical facts. Examples of these statements include expectations of future financial results, growth and margins.

在我們開始之前，我要提醒您，本次電話會議包含前瞻性陳述，其中包括所有非歷史事實的陳述。這些陳述的例子包括對未來財務結果、成長和利潤的預期。

These statements do not guarantee future performance and involve a number of risks and uncertainties and undue reliance should not be placed on these forward-looking statements. Actual results may differ materially from those expressed in these statements for a full discussion of the risks and other factors that may impact these forward-looking statements in our business.

這些聲明並不保證未來的表現，並涉及許多風險和不確定性，不應過度依賴這些前瞻性聲明。實際結果可能與這些聲明中所表達的結果有重大差異，需要充分討論可能影響我們業務中這些前瞻性聲明的風險和其他因素。

Generally, please refer to this evening's press release and our prospectus filed with the SEC on June 7th, 2024, and in other reports, we file with the SEC, all of which are available on the investor relations website page of our website.

一般情況下，請參閱今晚的新聞稿和我們於 2024 年 6 月 7 日向美國證券交易委員會提交的招股說明書，以及我們向美國證券交易委員會提交的其他報告，所有這些報告均可在我們網站的投資者關係網站頁面上查閱。

Any forward-looking statements provided during this call are made only as of the date of this call and we undertake no obligation to update or revise such statements except as required by law during today's call. We will also discuss certain non-GAAP financial measures which we believe may be useful in evaluating our financial performance.

本次電話會議中提供的任何前瞻性陳述均僅在本次電話會議之日做出，除非今天的電話會議中法律要求，否則我們不承擔更新或修改此類陳述的義務。我們還將討論某些我們認為可能有助於評估我們的財務表現的非 GAAP 財務指標。

We have provided reconciliations of adjusted EBITDA and non-GAAP net income and earnings per share and certain other non-GAAP financial measures included in our remarks to the most directly comparable GAAP measures together with the explanations of these measures in the appendix of the presentation slide deck and our earnings release. These non-GAAP measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP.

我們已提供調整後的 EBITDA、非 GAAP 淨收入和每股收益以及我們的評論中包含的某些其他非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳表，並在演示幻燈片附錄和我們的收益報告中提供了對這些指標的解釋。這些非公認會計準則指標不應單獨考慮，也不應將其作為我們按照公認會計準則編制的財務結果的替代。

Lastly, we are pleased to note our participation in the Evercore ISI Health Connect Conference in Miami and the Barclays Technology Conference in San Francisco, both in December where we look forward to engaging with many of you with that. I'll turn over to Matt.

最後，我們很高興地宣布，我們將參加 12 月在邁阿密舉行的 Evercore ISI Health Connect 會議和在舊金山舉行的巴克萊技術會議，我們期待與大家交流。我將把麥克風交給馬特。

Thank you, Sandy and good afternoon, everyone. Thank you for joining our Q3 2024 earnings call today. I'll cover four key topics that highlight our progress and future direction. First, we'll discuss Waystar compounding and sustainable revenue growth.

謝謝你，桑迪，大家下午好。感謝您今天參加我們 2024 年第三季財報電話會議。我將討論四個關鍵主題，重點介紹我們的進展和未來方向。首先，我們將討論 Waystar 複合和永續收入成長。

Second, I'll share our improvements, driving operational profitability and efficiency across the business. Third, I'll highlight the latest innovations in our software platform that deliver value to our clients. And fourth, we'll review recent successes in our client and team member experiences.

其次，我將分享我們的改進，推動整個業務的營運獲利能力和效率。第三，我將重點介紹我們的軟體平台中為客戶帶來價值的最新創新。第四，我們將回顧客戶和團隊成員近期的成功。

Then I'll turn the call over to our CFO Steve who will provide a detailed view of our financial materials and annual guidance for 2024 first, sustainable revenue growth in Q3 Waystar delivered another quarter of strong top line growth.

然後，我將把電話轉給我們的首席財務官史蒂夫，他將詳細介紹我們的財務材料和 2024 年年度指導，首先，第三季度的可持續收入增長 Waystar 實現了又一個季度強勁的收入增長。

Our revenue reached 240 million representing a 22% year over year increase and an acceleration from the 20% growth in Q2 2024 we drove this growth through solid client retention, effective cross selling new client acquisitions and modest price increases that demonstrate our software's value.

我們的營收達到 2.4 億，年增 22%，並且比 2024 年第二季的 20% 的增幅有所加速，我們透過穩固的客戶保留、有效的交叉銷售新客戶獲取和適度的價格上漲來推動這一增長，這證明了我們軟體的價值。

Our sustainable growth strategy prioritizes building enduring client relationships by delivering a tangible return on investment and lowering the total cost of ownership. We drive client retention and ongoing product expansion.

我們的永續成長策略優先透過提供有形的投資回報和降低整體擁有成本來建立持久的客戶關係。我們推動客戶保留和持續的產品擴展。

This approach is a fundamental part of our proven strategy as evidenced by two key metrics that track our performance and reinforce our durable growth model. First, net revenue retention came in at 109% in Q3. This result is consistent with our historical range of 108% to 110% over the last 13 quarters. Second, the number of clients generating more than 100,000 in trailing 12-month revenue grew to $1,173 an increase of 14% year over year.

這種方法是我們行之有效的策略的一個基本組成部分，追蹤我們的績效並強化我們持久成長模式的兩個關鍵指標就是明證。首先，第三季淨收入保留率為109%。這一結果與過去 13 個季度的 108% 至 110% 的歷史範圍一致。其次，過去 12 個月收入超過 10 萬美元的客戶數量成長至 1,173 美元，較去年同期成長 14%。

Our Q3 growth reflects our success in attracting clients seeking a reliable clearing house after the February Cyber event that impacted a competitor as we shared in our previous earnings call, we welcome more than 30,000 new providers to waste are rapidly implementing them to ensure they quickly resumed cash flow.

我們的第三季成長反映了我們在吸引尋求可靠清算所的客戶方面的成功。

Many of these providers have signed standard waste, our business agreements with 2 to 3 year terms and are already expanding their use of the waste. Our platform beyond clearing house capabilities, our sustainable growth strategy prioritizes cyber security Waystar demonstrates its commitment to system resiliency by investing in advanced cyber security measures that protect our clients' information through proactive monitoring and rapid restoration, ensuring operational continuity Waystar software is essential to providers, business operations and cash flow generation.

許多此類供應商已簽署了標準廢棄物和為期 2 至 3 年的業務協議，並且正在擴大廢棄物的使用範圍。我們的平台超越了清算所功能，我們的永續成長策略優先考慮網路安全。

Waystar advocates for system resiliency through nonexclusive connections that deploy modern technical protocols to enable providers to exchange information securely and efficiently with payers. We believe that exclusive relationships between some payers and clearing houses may contribute to a lack of system resiliency.

Waystar 主張透過非排他性連接實現系統彈性，這種連接部署了現代技術協議，使提供者能夠與付款人安全、有效地交換資訊。我們認為，一些付款人和清算機構之間的排他性關係可能會導致系統缺乏彈性。

So far in 2024 Waystar has established dozens of new direct connections to payers, enhancing our extensive network of payer connections. Many of these were previously exclusive with a competitor's clearinghouse.

到目前為止，到 2024 年，Waystar 已經與付款人建立了數十個新的直接聯繫，增強了我們廣泛的付款人連接網絡。其中許多以前都是競爭對手的清算所獨家提供的。

These direct connections are nonexclusive and increase the speed of payment and improve network resiliency. Our focus is to create an efficient exchange of information allowing providers to prioritize patient care, moving to profitability and efficiency.

這些直接連接是非排他性的，可以提高支付速度並增強網路彈性。我們的重點是建立高效的資訊交換，使服務提供者能夠優先考慮患者護理，從而實現盈利和效率。

This quarter continues the trend of strong EBITDA performance adjusted EBITDA reached $97 million reflecting a 19% year over year increase and a 40% adjusted EBITDA margin including a full quarter of public company expenses. This performance highlights the value of our software platform and our commitment to vigilant cost management. While we continue to make strategic long term investments, that position waste are for future growth.

本季延續了強勁的 EBITDA 表現趨勢，調整後的 EBITDA 達到 9,700 萬美元，年增 19%，包括整個季度的上市公司費用在內的調整後 EBITDA 利潤率為 40%。這項績效凸顯了我們的軟體平台的價值以及我們對嚴格成本管理的承諾。雖然我們持續進行策略性長期投資，但這些部位的浪費都是為了未來的成長。

Our Q3 performance also highlights our business model's strong cash flow conversion. We experienced a step up year over year and quarter over quarter in unlevered free cash flow which increased to $89 million in Q3. The improvement underscores our operational efficiency and focus on cash collections due to the growth in EBITDA and additional debt pay down.

我們的第三季業績也凸顯了我們商業模式強勁的現金流轉換。我們的無槓桿自由現金流較去年同期都有所增加，第三季增至 8,900 萬美元。由於 EBITDA 的成長和額外的債務償還，這項改善凸顯了我們的營運效率和對現金回收的關注。

We successfully lowered our net leverage ratio to three times compared to the 3.7 times at the end of Q2 2024 Waystar cash flow profile continues to provide us the flexibility to evaluate internal investments, explore M&A opportunities and reduce debt. We remain committed to leveraging our strong position to drive sustainable growth and maximize value for our investors.

我們成功地將淨槓桿率從 2024 年第二季末的 3.7 倍降低至三倍，Waystar 現金流狀況繼續為我們提供評估內部投資、探索併購機會和減少債務的靈活性。我們將繼續致力於利用我們的強勢地位來推動永續成長並為我們的投資者實現價值最大化。

Next, I'll speak to platform innovation. The inefficiencies in health care are unsustainable. 63% of revenue cycle leaders indicate that their teams are understaffed, highlighting a pressing need for mission critical solutions that promote automation and the reduction of manual work.

接下來我講平台創新。醫療保健領域的低效率是不可持續的。 63% 的收入週期領導者表示他們的團隊人手不足，迫切需要促進自動化和減少手動工作的關鍵任務解決方案。

Recent market research conducted by modern health care in collaboration with Waystar underscores the industry's strong appetite for artificial intelligence, revealing substantial returns on investments for early adopters and forecasting a significant surge in generative AI solutions over the next 12 to 18 months, Waystar holds a leading position in this transformative landscape with our purpose built software adeptly addressing complex industry challenges through intelligent automation and delivering demonstrable ROI.

現代醫療保健最近與 Waystar 合作進行的市場研究強調了該行業對人工智能的強烈需求，揭示了早期採用者的投資回報豐厚，並預測未來 12 到 18 個月內生成式人工智能解決方案將大幅增加，Waystar 憑藉我們專門構建的軟體在這一變革領域中處於領先地位，通過智能自動化解決方案將巧妙地應對複雜的行業回報。

We are uniquely positioned to leverage the power of generative AI through our expansive data network which facilitates over 5 billion transactions spanning approximately 50% of patients in the United States with nearly a decade of successful A I deployment and ongoing investments in innovation.

我們擁有獨特的優勢，可以透過我們廣泛的數據網路利用生成人工智慧的力量，該網路促進了超過 50 億筆交易，覆蓋了美國約 50% 的患者，並擁有近十年的成功人工智慧部署和持續的創新投資。

We are actively working on more than a dozen generative AI use cases in Waystar Innovation Lab at our client conference in September. We demonstrated generative AI software applications and authorization, automation, denial prevention and appeal management which are highly anticipated advancements that we expect to begin launching in 2025.

在 9 月的客戶會議上，我們正​​在 Waystar 創新實驗室積極研究十多個生成式 AI 用例。我們展示了生成式人工智慧軟體應用程式和授權、自動化、拒絕預防和上訴管理，這些都是備受期待的進步，我們預計將於 2025 年開始推出。

Each use case is thematically designed to help providers achieve additional operational efficiencies, promote more intelligent and accurate interactions with payers and patients and achieve faster time to payment.

每個用例都按主題設計，以幫助提供者實現額外的營運效率，促進與付款人和患者的更聰明和準確的互動，並實現更快的付款時間。

Our commitment to innovation is not just a promise but a reality. We launch hundreds of new features and enhancements each quarter. Throughout our cloud based software platform.

我們對創新的承諾不僅是一種承諾，而且是一種現實。我們每季都會推出數百種新功能和增強功能。在我們的基於雲端的軟體平台上。

In Q3, we introduced automated workflows to identify missing insurance coverage across the patient financial journey. Launched self-service tools that enable providers to manage claims and expedite payer payments and expanded patient payment options including the use of apple pay,

在第三季度，我們引入了自動化工作流程來識別患者整個財務旅程中缺少的保險覆蓋。推出自助服務工具，使供應商能夠管理索賠、加快付款人付款，並擴大患者付款選項，包括使用 Apple Pay，

These innovations and power providers to receive payments faster, more accurately and more efficiently than ever. Positively impacting their operations. Our number one ranking in client satisfaction across all care settings is a testament to our commitment to innovative excellence and positions us as a trusted partner for providers.

這些創新和動力使供應商能夠比以往更快、更準確、更有效率地收到付款。對他們的營運產生正面影響。我們在所有護理環境中的客戶滿意度排名第一，證明了我們對創新卓越的承諾，並使我們成為供應商值得信賴的合作夥伴。

Lastly, I will speak to client and team successes at Waystar. We prioritize delighting our clients and fostering enduring relationships built on trust. A recent survey revealed that 97% of all respondents believe that Waystar best days lie ahead, reflecting their confidence in our software innovations, like generative AI and our commitment to a secure modern platform in September, we hosted our annual client conference was our true North which attracted a 50% increase in attendance compared to the previous year.

最後，我將談談 Waystar 客戶和團隊的成功。我們優先考慮讓客戶滿意並建立在信任基礎上的持久關係。最近的一項調查顯示，97% 的受訪者認為 Waystar 的美好日子就在前方，這反映了他們對我們的軟體創新（如生成式人工智慧）的信心以及我們對安全的現代平台的承諾。

This event provided an invaluable opportunity for our client community to connect with industry leaders and peers exchange best practices and deepen their understanding of our software platform at the conference. Our Waystar Innovation Lab displayed our latest AI and generative AI capabilities alongside advancements in cyber security clients experienced hands-on demonstrations of our software.

這次活動為我們的客戶社群提供了一個寶貴的機會，讓他們能夠與行業領袖和同行聯繫，交流最佳實踐，並在會議上加深對我們軟體平台的了解。我們的 Waystar 創新實驗室展示了我們最新的 AI 和生成 AI 功能以及網路安全方面的進步，客戶體驗了我們軟體的實際演示。

Further highlighting our dedication to innovation and client engagement. We also convened our was our advisory board uniting a nationwide network of health care executives from leading health care organizations renowned for their achievements and expertise.

進一步凸顯我們對創新和客戶參與的奉獻精神。我們還召集了我們的顧問委員會，聯合了來自以他們的成就和專業知識而聞名的領先醫療保健組織的全國醫療保健高管網絡。

These members shared valuable insights on market challenges and provided guidance on Waystar initiatives and generative AI product innovations that advance our mission of simplifying health care payments. This quarter, Waystar continued to earn recognition as a leader in innovation and a top workplace.

這些成員分享了有關市場挑戰的寶貴見解，並就 Waystar 計畫和生成式 AI 產品創新提供了指導，從而推進了我們簡化醫療保健支付的使命。本季度，Waystar 繼續獲得創新領導者和頂級工作場所的認可。

We received several Stevie Awards at the 2024 International Business Awards. Achieving honors in four categories within the software and health care sectors including the Gold Stevie Award for Company of the year in health care and the Gold Stevie Award for best payments solution.

我們在 2024 年國際商業獎中獲得了多項史蒂夫獎。榮獲軟體和醫療保健領域的四項榮譽，包括醫療保健年度公司金史蒂夫獎和最佳支付解決方案金史蒂夫獎。

Additionally, we celebrated our reputation as an employer of choice, receiving best place to work awards from the Atlanta Business Chronicle and Louisville Business. First for the second consecutive year, Fortune Certified was star as a great place to work.

此外，我們也享有「最佳雇主」的美譽，榮獲《亞特蘭大商業紀事報》和《路易斯維爾商業報》頒發的最佳工作場所獎。《財星》雜誌連續第二年將「最佳工作場所」選為明星企業。

And this fall, we proudly earned a spot on Fortune's 2024 list of best workplaces in health care. Together these accomplishments reinforce our commitment to delivering exceptional value and position us for continued growth in the future.

今年秋天，我們很榮幸榮登《財星》雜誌 2024 年醫療保健領域最佳工作場所名單。這些成就共同加強了我們提供卓越價值的承諾，並為我們未來的持續成長奠定了基礎。

In conclusion, we are pleased to report our achievements in Q3 and maintain a positive outlook for the future. As we strategically target a substantial addressable market, we recognize the immense opportunities that lie ahead our cloud based software platform which features advanced technology like generative AI

總之，我們很高興地報告我們在第三季的成就，並對未來保持樂觀的展望。當我們策略性地瞄準一個龐大的潛在市場時，我們認識到，我們的基於雲端的軟體平台擁有巨大的機會，該平台具有生成式人工智慧等先進技術

combined with our unwavering commitment to exceptional client service uniquely positions us to achieve sustained durable growth that outpaces the market both now and in the coming years, these advancements not only increase our competitive distinction but also reinforce our capacity to meet the evolving needs of our clients.

結合我們對卓越客戶服務的堅定承諾，我們處於獨特的地位，能夠實現持續持久的成長，無論是現在還是未來幾年，我們都將領先於市場。

Our results affirm our expectation of normalized low double digit growth as we continue to cultivate a stable enduring growth. Compounder. With that, Steven will now provide a detailed overview of our financial performance.

隨著我們繼續保持穩定持久的成長，我們的業績證實了我們對正常化低兩位數成長的預期。配混器。接下來，史蒂文將詳細概述我們的財務表現。

As Matt indicated, we had another strong quarter with all financial metrics showing impressive growth resulting in an increase to our full year guidance revenue increased 22% year over year in the third quarter to $240 million.

正如馬特所指出的，我們度過了又一個強勁的季度，所有財務指標都顯示出令人印象深刻的增長，導致我們的全年預期收入在第三季度同比增長 22%，達到 2.4 億美元。

This growth was primarily driven by the strength of our software business model and ability to deliver compounding low double digit growth. This includes continuing to execute our proven plan to drive cross sell and up sell with existing clients.

這一成長主要得益於我們軟體業務模式的強勁實力以及實現低兩位數複合成長的能力。這包括繼續執行我們已證實的計劃，推動向現有客戶的交叉銷售和追加銷售。

We successfully expanded the number of clients, producing more than $100,000 LTM revenue to $1,173 as of the end of Q3, adding 56 clients in the quarter and increased our net revenue retention rate to 109%. Additionally, we continue to recognize faster revenue than normal from the clients. We rapidly implemented last quarter who are impacted by the competitor clearing house cyber event.

我們成功擴大了客戶數量，截至第三季末，LTM 收入超過 10 萬美元，達到 1,173 美元，本季增加了 56 位客戶，並將淨收入保留率提高到 109%。此外，我們繼續從客戶那裡獲得比平常更快的收入。我們在上個季度迅速實施了受到競爭對手清算所網路事件影響的措施。

These rapid implementations along with sustained higher levels of transactions from existing clients generated $12 million of revenue above our normal business model in Q3, which is an increase from the $9 million that positively impacted Q2 results.

這些快速的實施以及來自現有客戶的持續較高水平的交易在第三季度為我們創造了超出正常業務模式的 1200 萬美元收入，比對第二季度業績產生積極影響的 900 萬美元有所增加。

Seeing these results for the second quarter in a row validates our prior expectation of a notable and endurable increase to our revenue baseline. Finally, the two small acquisitions in the second half of 2023 continue to modestly benefit the third quarter year over year growth rate.

連續第二季看到這些結果驗證了我們先前對營收基準顯著且持久成長的預期。最後，2023 年下半年的兩次小型收購案繼續對第三季的年成長率產生小幅利好。

Well, 22% year over year growth for Q3 and 20% growth in the first nine months of 2024 are strong. We continue to see normalized low double digit revenue growth during these periods. When accounting for the factors. I just noted GAAP net income for the third quarter of 2024 was $5 million compared to a net loss of $16 million in the prior year.

嗯，第三季年增 22%，2024 年前 9 個月成長 20%，表現強勁。在這些時期內，我們繼續看到正常化的低兩位數收入成長。當考慮這些因素時。我剛剛注意到，2024 年第三季的 GAAP 淨收入為 500 萬美元，而去年同期的淨虧損為 1,600 萬美元。

Q3 2024 includes 16 million of expenses associated with the planned relocation of one of our offices. The vast majority of which is a non-cash charge adjusted EBITDA of $97 million for the third quarter increased 19% year over year.

2024 年第三季包括與我們計劃搬遷其中一間辦事處相關的 1,600 萬美元費用。其中絕大部分是非現金費用，第三季調整後的EBITDA為9,700萬美元，較去年同期成長19%。

The adjusted ebita margin of 40% reflects continued investment in the business items. Matt touched on to ensure we meet client expectations and ongoing technology advancements. We continue to steadily improve our capital structure in the quarter including using net proceeds from the green shoe exercise along with $8 million of cash to pay down $111 million of debt.

調整後的息稅折舊攤提前利潤率為 40%，反映了對業務項目的持續投資。馬特談到確保我們滿足客戶的期望和持續的技術進步。本季度，我們繼續穩步改善資本結構，包括使用綠鞋選擇權的淨收益以及 800 萬美元現金償還 1.11 億美元的債務。

Since the beginning of the year, we reduced our debt by over $1 billion ending the quarter with $1.1 billion of net debt on a trailing 12-month basis. Our net debt to adjusted EBITDA leverage ratio is three times which is down three quarters of a turn in the quarter and already meets the long-term target.

自今年年初以來，我們減少了超過 10 億美元的債務，截至本季末，過去 12 個月的淨債務為 11 億美元。我們的淨負債與調整後 EBITDA 槓桿比率為三倍，本季下降了四分之三，並且已經達到了長期目標。

We previously articulated, unlevered free cash flow is $89 million in the third quarter of 2024 operating results and working capital management along with a single quarterly tax payment in Q3 drove the $40 million sequential quarter over quarter improvement.

我們之前曾表示，2024 年第三季的無槓桿自由現金流為 8,900 萬美元，營運績效和營運資本管理以及第三季的單筆季度納稅推動了環比增長 4,000 萬美元。

The EBIDA to unlevered free cash flow conversion was 92% in the quarter. Well above our 70% long term target bringing the year-to-date conversion to 65% unlevered free cash flow for the third quarter includes a tax burden of $12 million as we continue to be a full taxpayer.

本季，EBIDA 至無槓桿自由現金流的轉換率為 92%。遠高於我們 70% 的長期目標，使年初至今的第三季無槓桿自由現金流轉換為 65%，其中包括 1,200 萬美元的稅負，因為我們仍然是全額納稅人。

Our capital allocation priorities remain the same. We expect to continue to deliver the balance sheet targeting approximately one turn a year. We continue to invest in the business to drive sustainable top line growth and we will also look at opportunities for inorganic growth based on our disciplined acquisition criteria.

我們的資本配置重點維持不變。我們期望繼續實現每年約一次的資產負債表週轉目標。我們將繼續對業務進行投資，以推動可持續的營收成長，同時也將根據嚴謹的收購標準尋找無機成長的機會。

Looking forward, we are raising our revenue guidance for fiscal 2024 to a range of $926 to $934 million at the midpoint. This represents 18% full year growth over 2023 and 12% growth for the fourth quarter. This updated revenue range incorporates the continued performance of the business and the durable uplift benefit of the rapid onboarding of clients.

展望未來，我們將 2024 財年的營收預期上調至中間值 9.26 億美元至 9.34 億美元。這意味著 2023 年全年成長 18%，第四季成長 12%。更新後的收入範圍考慮了業務的持續表現以及客戶快速入職帶來的持久提升效益。

As we have described, it also considers the seasonal impact of patient payments processed on our software platform, which are typically higher in the first half of the year compared to the second half.

正如我們所描述的，它還考慮了在我們的軟體平台上處理的患者付款的季節性影響，通常上半年的付款高於下半年。

Finally, while we are seeing a nice pickup in sales activities and interactions with existing and prospective clients, buying behaviors and implementation timelines reflect a more normal cadence which we expect to continue going forward.

最後，雖然我們看到銷售活動和與現有和潛在客戶的互動大幅增加，但購買行為和實施時間表反映出更正常的節奏，我們預計這種節奏將持續下去。

We are also raising our adjusted EBITDA guidance to a range of $374 to $378 million, representing 12.5% year over year growth at the midpoint along with an adjusted margin of 40% for 2024. Our expectations for adjusted EBITA incorporate public company expenses, continued investments in software development, cyber security initiatives and go to market excellence.

我們也將調整後的 EBITDA 預期上調至 3.74 億美元至 3.78 億美元之間，中間值年增 12.5%，2024 年調整後利潤率為 40%。我們對調整後的 EBITA 的預期包括上市公司費用、對軟體開發的持續投資、網路安全計畫和市場卓越性。

Well, it will not be our normal pattern to give future year guidance on our third quarter call given this year's unique circumstances of revenue growth well above our low double digit target, we will provide our preliminary thoughts on 2025 revenue.

嗯，考慮到今年營收成長遠高於我們的低兩位數目標的特殊情況，在第三季電話會議上提供未來一年的指導不是我們的正常模式，我們將對 2025 年的收入提供初步想法。

We expect 2025 revenue to approach $1 billion compared to the midpoint of our 24 revenue guidance. This represents growth in the high single digits on an as reported basis.

我們預計 2025 年的收入將接近 10 億美元，而我們的 24 年收入預期的中位數為 10 億美元。根據報告，這意味著成長率達到了高個位數。

And after adjusting for the unique circumstances in 2024 low double digit growth on a normalized basis, this initial 2025 outlook is subject to the completion of our 2025 planning process and may change. We plan to give full guidance on our fourth quarter, 2024 earnings call. We are now ready to answer your questions.

在對 2024 年低兩位數成長的特殊情況進行正常化調整後，這項 2025 年初步展望將取決於我們 2025 年規劃流程的完成情況，可能會發生變化。我們計劃在 2024 年第四季財報電話會議上提供全面指引。我們現在準備好回答您的問題。

Thank you.(Operator instructions).

謝謝。

Adam Hotchkiss, Goldman Sachs.

高盛的亞當‧霍奇基斯（Adam Hotchkiss）。

Great. Thanks. So much for taking the questions, Matt to start. I know we've talked a lot about the sustainable wave of larger customers making clearing house decisions. Post the change cyber attack.

偉大的。謝謝。馬特，我們先回答這麼多問題。我知道我們已經討論了很多關於大客戶做出清算所決策的可持續浪潮。發布變更網路攻擊。

It seems like you saw some incremental benefit this quarter, as you mentioned. Could you maybe talk about your updated view on how sustainable the elevated demand picture is here, particularly on the new logo side and after the September conference and then Steve, you know, how did you contemplate some of that in your 2025 initial? Thanks so much.

正如您所說，本季度您似乎看到了一些增量收益。您能否談談您對這裡需求上升的前景如何可持續的最新看法，特別是在新標誌方面以及 9 月會議之後，然後史蒂夫，您知道，您在 2025 年的初始計劃中是如何考慮其中的一些內容的？非常感謝。

You bet. Yeah, thanks Adam. It's good to hear from you. We 2024 has been a unique and a very important year for WASS star. We see our business model working successfully. Our teams are high functioning, high performing. We've seen our pipeline grow throughout the course of the year.

當然。是的，謝謝亞當。很高興收到你的來信。2024 年對於 WASS 之星來說是一個獨特且非常重要的一年。我們看到我們的商業模式運作成功。我們的團隊運作高效率、表現優異。我們看到我們的管道在一年內不斷增長。

And we're very pleased with the progress that we continue to make in the hospital and health system market as well as in the ambulatory side of the market. We did experience the phenomen on in addressing the cyber event that occurred in rapidly onboarding clients to waste our as we highlighted in our prepared remarks. We that that was a phenomenal time for us.

我們對醫院和醫療系統市場以及門診市場不斷取得的進展感到非常高興。我們在處理網路事件時確實經歷了這種現象，即在快速引入客戶的過程中浪費了我們的時間，正如我們在準備好的評論中所強調的那樣。我們認為那對我們來說是一段非凡的時光。

We were able to showcase how rapidly we can deploy the waste our software platform. We were able to delight clients. And as we said, many of those signed standard waste our agreements 2 to 3 years in length, they're already beginning to look at other software modules and begin to use software modules.

我們能夠展示我們能夠如何快速地部署我們的軟體平台。我們能夠讓客戶滿意。正如我們所說，許多簽署了為期 2 至 3 年的標準浪費協議的人已經開始關注其他軟體模組並開始使用軟體模組。

In, in many cases, we, we see that trend continuing. And one of the things that we believe that is on hospital decision makers minds is we see that they expect utilization to continue to pick up and they're busy. They are going through a very rigorous process to evaluate the, their long-term clearing house partner.

在很多情況下，我們看到這種趨勢仍在繼續。我們認為，醫院決策者考慮的事情之一是，他們預計利用率將繼續上升，而且他們很忙。他們正在透過非常嚴格的流程來評估他們的長期清算合作夥伴。

And we're getting invited, just given our brand reputation and the trust that we've built and the reference ability that we've built with clients to many prospects and, and other new client opportunity discussions. We've seen one other comment I'd add is that we've seen an uptick in the number of RFPs and in the complexity of those RFPs, we've seen more and more questions asked about cyber security,

我們之所以受到邀請，只是考慮到我們的品牌聲譽和我們已經建立的信任以及我們與許多潛在客戶建立的參考能力以及其他新客戶機會討論。我想補充的是，我們看到 RFP 的數量有所增加，而且這些 RFP 的複雜性也有所增加，我們看到越來越多的問題涉及網路安全，

for example, and there tend to be more decision makers at the table. So we, look at overall, we'd say anticipated demand is robust. People are focused on smart it spends. We think that way start can play a major role with hospitals and health systems as well as the ambulatory clients that we serve, and we look forward to the future.

例如，會議桌上往往會有更多的決策者。因此，從整體來看，我們認為預期需求是強勁的。人們注重的是明智消費。我們認為，這種方式可以在醫院和衛生系統以及我們服務的門診客戶中發揮重要作用，我們對未來充滿期待。

Yeah, Adam, this is Steven with regards to your question on 2025. You know, I I appreciate the the, the desire for information but ask for your patience for us to finish our planning process to provide any specifics there and we plan to speak to him in the next quarter's call. But what I can, what I can provide you is directionally back to the prepared comments that, you know,

是的，亞當，我是史蒂文，關於你關於 2025 年的問題。你知道，我很感激您對信息的渴望，但請您耐心等待我們完成我們的規劃流程並提供任何具體信息，我們計劃在下個季度的電話會議上與他交談。但我可以提供的是指向準備好的評論，你知道，

we have seen buying behaviors and implementation time range, reflect a more normal cadence. And, and I, as I said, in the prepared comments, we, we would expect that to continue going forward without putting a timeline, a specific timeline to that.

我們已經看到購買行為和實施時間範圍反映出更正常的節奏。而且，正如我在準備好的評論中所說的那樣，我們希望這件事能夠繼續進行，而無需設定時間表，具體的時間表。

Okay. Really helpful and then just quick follow up on patient payments. Where did Q3 shake out versus your expectations of a normalization and some of the patient payment activity, it it felt like things came in, you know, a little bit better than expected on the volume-based side but any more color on the financials that would be, Useful.

好的。真的很有幫助，然後只是快速跟進患者的付款。與您對正常化和部分患者支付活動的預期相比，第三季度的情況如何？ 感覺事情進展得比預期的要好一些，從數量方面來看，但如果能提供更多財務方面的細節，那將是有用的。

Yeah. A couple of things as you know, as you're well aware, you know, we, we tend to see seasonality and you know, between the first half and second half is as patients that are or pardon me.

是的。如您所知，有幾件事我們傾向於認為存在季節性，在上半年和下半年之間，患者的數量或請原諒我。

All of us that are in high deductible plans tend to hit our deductibles, reach those in the latter half of the year that being said we have seen increased volume and usage of health care services across all of our solutions during 2024 and in particular in the in the third quarter above slightly above our expectations.

我們所有採用高免賠額計劃的人都傾向於達到免賠額，並在下半年達到免賠額，也就是說，我們在 2024 年看到所有解決方案的醫療保健服務的數量和使用量都有所增加，特別是第三季度，略高於我們的預期。

Really helpful. Thank you both.

真的很有幫助。謝謝你們兩位。

Thanks, Adam.

謝謝，亞當。

Stephanie Davis, Barclays

巴克萊銀行的 Stephanie Davis

Hey guys, thanks so much for taking my question and congrats on another fantastic quarter. So you mentioned delighting the client with those accelerated on brewing earlier this year. But what learning did you have for this and looking forward?

嘿夥計們，非常感謝您回答我的問題，並祝賀您又度過了一個精彩的季度。所以您提到了今年早些時候加速釀造的成果讓客戶感到高興。但是您對此有何認識並有何期待？

Are you thinking, you know, never again, that speed to market was unsustainable or is there something from that accelerated experience, you could leverage to improve your forward onboarding efficiency and differentiate yourself?

您是否想過，這種上市速度再也不會是不可持續的了，或者您可以利用這種加速的體驗來提高您的前期入職效率並讓自己脫穎而出？

Thanks, Stephanie. Yes, we, had a lot of learnings come out of this, this period of time. That, that I think really stand out to us. We were grateful to be in a position to move so quickly to help these providers who had been impacted, be able to resume normal business operations as we were able to, in some cases in as little as three days, deploy way stars cloud based software and get that into use.

謝謝，斯蒂芬妮。是的，我們在這段時間學到了很多。我認為這對我們來說確實很突出。我們很感激能夠如此迅速地幫助這些受到影響的供應商恢復正常業務運營，在某些情況下，我們能夠在短短三天內部署基於雲端的軟體並投入使用。

You can imagine we're an organization that's focused on continuous process improvement. And so with the thousands of providers that we were able to help during that time, our solution adoption team and our product teams have all been focused on the incremental learnings.

你可以想像我們是一個專注於持續流程改善的組織。因此，在此期間我們能夠幫助數千家供應商，我們的解決方案採用團隊和產品團隊都專注於漸進式學習。

How to automate enrollments, for example, how to strengthen our project management to ensure we do certain things in within that project management work that delight clients. And so we feel like the momentum that we created during that time, being able to showcase the speed and adaptability of our organization that momentum carries us forward.

例如，如何實現註冊的自動化，如何加強我們的專案管理，以確保我們在專案管理工作中做一些讓客戶滿意的事情。因此，我們感覺我們在那段時間創造的勢頭能夠展示我們組織的速度和適應性，這種勢頭推動著我們前進。

And we're, become even smarter and more focused as an organization, I believe because of it. We also see that client reference ability and the fact that we've been able to demonstrate proven partnership where now we see clients are actually referring their friends so to speak.

我相信，正因為如此，我們作為一個組織將變得更加聰明，更加專注。我們也看到了客戶推薦能力，以及我們已經能夠證明經過驗證的合作關係的事實，現在我們看到客戶實際上正在推薦他們的朋友。

And we're getting a bit of the benefit associated with that as we examine our sales pipeline, and we see that increase and we're grateful for that. So, reference ability learnings that help us internally. And as we go forward, we talk, we highlighted a couple of generative AI solutions.

當我們檢查我們的銷售管道時，我們獲得了一些相關的好處，我們看到銷售管道正在增加，我們對此心存感激。因此，參考能力學習對我們內在有幫助。隨著我們不斷前進，我們討論並強調了一些生成式人工智慧解決方案。

Some of those are designed to help us rapidly deploy software too and be able to effectively help clients as they evaluate their payer contracts and rules and be able to rapidly get those in place in the way our software platform and begin to deploy those. So thank you for the question.

其中一些旨在幫助我們快速部署軟體，並能夠有效地幫助客戶評估他們的付款人合約和規則，並能夠在我們的軟體平台上快速實現這些合約和規則並開始部署它們。感謝您的提問。

I guess related to that word-of-mouth kind of momentum you're getting. Should we think of this core inflection and large client growth as reflective of, you know, the existing clients buying more and getting there, their funds in order to buy more as well? Or is there anything else to call out in the uptick.

我想這與你所獲得的口耳相傳的勢頭有關。我們是否應該將這種核心轉折點和大客戶成長視為現有客戶購買更多產品以及籌集資金以購買更多產品的反映？或是在上漲過程中還有其他需要注意的嗎？

Yes, Stephanie, this is Steve. I think there's a mix in there of a couple of things. One is you touched upon the expansion of solutions within the existing client base transparently. There's also some of those clients that we rapidly onboarded and the revenue, the time to revenue was faster than we normally see.

是的，史蒂芬妮，這是史蒂夫。我認為其中有幾件事是混合在一起的。一是您透明地談到了在現有客戶群中擴展解決方案。我們也快速吸收了一些客戶，他們的收入和獲利時間比通常情況下要快。

And that's helped achieve or expand. I should say the number of clients over $100,000 of LTM revenue quarter. I it's a healthy mix of, of both. There's not one that significantly outweighed the other. When you look at the total expansion of the number of clients in the quarter.

這有助於實現或擴大。我應該說 LTM 季度收入超過 100,000 美元的客戶數量。我認為這是兩者的健康組合。沒有哪一個能明顯勝過另一個。當你查看本季客戶數量的整體擴張時。

Better here. Thank you, Much.

這裡更好。非常感謝。

You're welcome

不客氣

Anne Samuel, JP Morgan

安妮·塞繆爾（Anne Samuel），摩根大通

Alright, one moment for our next question.

好的，請稍等片刻，回答下一個問題。

Sean Dodge from RBC Capital Markets.

來自 RBC Capital Markets 的 Sean Dodge。

Yeah. Thank you. Good afternoon and, and congratulations on another great quarter. On the on the 24-revenue guidance, I'm just trying to better understand the volume-based cadence for the fourth quarter, your subscription revenue should be pretty stable.

是的。謝謝。下午好，恭喜您又一個出色的季度。關於 24 收入指引，我只是想更了解第四季基於數量的節奏，您的訂閱收入應該相當穩定。

I'd imagine probably up a little bit sequentially in Q4. But then if I look at what that implies for volume based being a pretty significant step down like on the order of $7 million sequentially to even get to the top end of your guidance for the full year. So I, know there's, I appreciate their seasonality,

我認為第四季度可能會環比略有上升。但如果我看一下這對交易量意味著什麼，就會發現這是一個相當大的下降，例如連續下降 700 萬美元左右，甚至達到全年指導的最高水平。所以我欣賞它們的季節性，

Steve as you mentioned in volume based. But, but directionally, do you think there was that much volume that was pulled forward into Q3? I guess, just looking for any more help you can provide kind of squaring all this and how to think about modeling volume based in the Q4.

史蒂夫，正如您所提到的基於數量。但是，從方向上看，您是否認為在第三季度有那麼多的交易量被拉動了？我想，我只是在尋求更多幫助，您能提供什麼幫助來平衡所有這些，以及如何思考基於 Q4 的建模量。

Yeah, certainly Sean. So you are correct as it pertains to the seasonality and the revenue from patient payments processed on the software platform we've seen for three quarters. Now, the volumes and the amount of activity being above our expectations.

是的，當然了，肖恩。因此，您說的對，因為它與季節性以及我們已經看到的三個季度以來在軟體平台上處理的患者付款的收入有關。現在，交易量和活動量超出了我們的預期。

So as we're looking at specifically to the fourth quarter, what we're thinking and, and what we modeled in from a full year guidance and I should say what it implies for the fourth quarter is it is a volume for the full year getting back to what we would have expected.

因此，當我們具體關注第四季度時，我們的想法以及我們從全年指引中得出的模型以及我應該說它對第四季度的含義是全年的銷售將回到我們預期的水平。

Now that that full year volume and associated dollars are an increase when you look at it from a year over year, same store for lack of a better term basis. But we, we are trying to take a prudent approach in in our view for the rest of the year understanding that you know, the first three quarters so far have continued running above our expectations.

現在，如果從同比來看，全年銷量和相關金額都有所增加，但由於缺乏更好的期限基礎，同一家店的情況也是如此。但我們認為，對於今年剩餘時間的表現，我們將努力採取審慎的態度，因為您知道，到目前為止，前三個季度的表現一直超出我們的預期。

Okay. That's helpful. And then Matt your comments earlier on AI and efficiency, you mentioned plans to launch some of those things that you're piloting now beginning it sounds like next year if we think about the savings or the efficiency boost, you can potentially drive from those. Is there any kind of color you can share just to help us understand how meaningful those could be?

好的。這很有幫助。然後馬特，您之前對人工智慧和效率發表了評論，您提到計劃推出一些您現在正在試行的東西，聽起來如果我們考慮節約或提高效率，您就有可能從中獲益。您能分享哪種顏色來幫助我們理解它們的意義嗎？

Yeah, so we will hold on commenting anything specific at this point in time, what I would say, Sean and we thank you for the question. And the coverage is that we believe that there's real opportunity in launching the generative A I use cases that we've now had a chance to show many of our clients, we have some clients that are participating in co-development work with us.

是的，所以我們暫時不會對任何具體內容發表評論，我想說的是，肖恩，我們感謝您提出這個問題。報告指出，我們相信推出生成式 AI 用例存在真正的機會，現在我們有機會向許多客戶展示，有些客戶正在與我們一起參與共同開發工作。

We know that that we're getting traction and interest in this and that's informing how we're thinking about the incremental benefit. For example, you know, new software modules and potential revenue associated with them as well as some of the efficiencies that as we test these at this point in time.

我們知道我們對此的關注和興趣正在增長，這也影響著我們如何看待增量收益。例如，您知道，新的軟體模組和與之相關的潛在收入以及我們此時測試的一些效率。

What are the, what are we able to help our clients achieve? What are we able to achieve ourselves internally? And that will inform how we think about getting more tactical and detailed around pricing with new modules and or operating efficiencies to your, to your specific question.

我們能夠幫助客戶實現什麼目標？我們自身能夠實現什麼目標？這將告訴我們如何考慮採用更具策略性和更詳細的新模組定價和/或營運效率來回答您的具體問題。

I will call out comment, just one other thought if it's okay, Sean. There was a recent study done where the vast majority of decision makers are not currently deploying really AI at scale or generative A I at all. And yet 90% of the, the decision makers that participated in this survey suggest that they really want to begin to use AI and generative AI in the near future.

我會提出評論，如果可以的話，還有另一個想法，肖恩。最近的一項研究表明，絕大多數決策者目前並沒有大規模部署真正的人工智慧或生成式人工智慧。然而，90% 參與本次調查的決策者表示，他們確實希望在不久的將來開始使用人工智慧和生成式人工智慧。

And, and of that 90% 93% suggested that they'd like to work with the scaled partner who they trust. And so we do feel like that all of this learning and active work that we're doing that Waystar is very well position to capitalize on the momentum and interest here.

其中，90% 的人表示他們願意與他們信任的規模合作夥伴合作。因此，我們確實覺得，我們所做的所有這些學習和積極工作使 Waystar 能夠很好地利用這裡的勢頭和興趣。

And we're at the same time being very cautious and making sure that the solutions that we launch will have tangible return on investment that would be consistent with how we offer our other software modules within the software. Platform.

同時，我們也非常謹慎，確保我們推出的解決方案將帶來切實的投資回報，這與我們在軟體中提供其他軟體模組的方式一致。平台。

Okay. That's great color. Thanks. Thanks again and congrats again.

好的。顏色真棒。謝謝。再次感謝並再次恭喜。

Thanks so much, Sean.

非常感謝，肖恩。

Richard Close, Canaccord Genuity.

Canaccord Genuity 的 Richard Close。

Yeah, thanks. Congratulations. Steve, you referenced the $12 million related to new clients from rapid onboarding. I I think you also said something about existing, contributing to that. That sounds somewhat new to me. And so I was hoping you could explain that a little bit more.

是的，謝謝。恭喜。史蒂夫，您提到了透過快速入職獲得新客戶所帶來的 1,200 萬美元。我認為您還談到了有關現有情況以及對此做出貢獻的事情。這對我來說聽起來有點新。所以我希望你能進一步解釋一下。

That would be great. And then do you think the $12 million is sort of the peak and we ratchet down from here? You know, considering the pipeline commentary that you just provided as well.

那太棒了。那麼您是否認為 1200 萬美元是峰值，然後我們會從這裡逐漸減少？您知道，考慮到您剛剛提供的管道評論。

Yeah, thank you, Richard. So I, I guess a couple of things to, to your first question. Yes, the$ 12 million includes both the the new clients we onboarded that were impacted by the competitor cyber event, as well as our existing clients that may have been, had another portion of their business,

是的，謝謝你，理查。所以我想針對你的第一個問題說幾點。是的，1,200 萬美元既包括受競爭對手網路事件影響的新客戶，也包括可能已經影響了我們現有客戶的另一部分業務，

whether recently acquired or otherwise, that may have also been impacted in switching and using our software platform to process those transactions through their, through their sister or for lack of a better term, other, other organization within the larger, within the larger company. So it's a mix of both of those and I apologize if I didn't clarify that.

無論是最近收購的還是其他方式，這些都可能受到影響，透過他們的姊妹組織或更大公司內的其他組織來轉換和使用我們的軟體平台來處理這些交易。所以這是兩者的混合，如果我沒有澄清這一點，我深感抱歉。

That same $9 million from last quarter is a mix of both of those two items as well. With respect to sort of the, the, the curve or the aperture of the, the gains above our normal you know, implementation and time to revenue. I, often tell people my crystal ball may be a little craft when it comes to exactly predicting some of these pieces, but we would expect a continued pull through in a, in a set, a new setting of the baseline,

上個季度的 900 萬美元也是這兩項的混合。關於某種曲線或孔徑，超出我們正常水準的收益，實施和收入時間。我經常告訴人們，我的水晶球在準確預測這些棋子時可能有點技巧，但我們希望在一組新的基線設置中繼續保持領先，

you know, based on what we've seen these last couple of quarters for, with respect to our overall revenue. So does the number look slightly larger or smaller in the next quarter? Don't, don't have that specific to provide, but we would expect there's still a continuation and a pull through.

您知道，根據我們過去幾季的整體收入情況。那麼下個季度的數字看起來會稍微大一些還是小一點呢？沒有，沒有那麼具體可以提供，但我們預計還會有延續和突破。

If you look at a normal timeline of implementation, which would typically in, in a smaller organization be, you know, a month or month. And as you get to a larger, more complex organization with multiple solutions in it could be anywhere up to 12 to 18 months.

如果你看一下正常的實施時間表，通常會在較小的組織中需要一個月或幾個月。而當您的組織規模更大、更複雜並且擁有多種解決方案時，這個時間可能會長達 12 到 18 個月。

Okay. And then as a follow up, Matt, I was curious, the conference numbers up, 50% attendance is pretty significant. Are there any I guess metrics historically that you can provide in terms of, you know, attendees expanding their relationships with you or, or anything along those lines?

好的。然後作為後續問題，馬特，我很好奇，會議人數增加，50％的出席率是相當重要的。我想，您是否可以提供一些歷史上的指標，例如與會者是否擴大了與您的關係，或類似的東西？

Thanks, Richard. And what I'd say is that it's our 2nd year of hosting an in-person conference. We call it waste our true North. It was fantastic. We don't disclose specific numbers here, but we, love the uptick in participation for us.

謝謝，理查。我想說的是，這是我們舉辦面對面會議的第二年。我們稱之為廢棄物我們的真北。太棒了。我們在這裡不會透露具體的數字，但我們很高興看到參與人數不斷上升。

We're really focused on creating a community of peer-to-peer learning, of hands-on training and, and examining our products and looking and, and getting feedback from these clients and these, these participants.

我們真正專注於創建一個點對點學習、實踐培訓和檢查我們的產品以及查看和獲取來自這些客戶和參與者的反饋的社群。

We have had a longer history of hosting virtual sessions where they, we call them virtual waste. Our true North and we'll often times have thousands of people that will join us and participate in those learnings. And so, we're still fairly early days, but we love the momentum that we're creating.

我們舉辦虛擬會議已有較長的歷史，我們稱之為虛擬浪費。我們真正的北方，常常會有成千上萬的人加入我們，參與這些學習。所以，我們還處於早期階段，但我們喜歡我們正在創造的勢頭。

We love to look out and you can probably appreciate this from my perspective just to see hundreds and hundreds of people talking to each other and getting the benefit of that peer-to-peer learning. We kind of feel like we're in this community focused on transforming this part of health care and bringing operating efficiency, bringing automation as a theme and sharing best practices for how to make things better.

我們喜歡向外觀察，從我的角度來看，您可能會欣賞這一點，只是看到成百上千的人互相交談並從這種點對點學習中受益。我們感覺到我們在這個社區中專注於改變醫療保健的這一部分並提高營運效率，以自動化為主題並分享如何使事情變得更好的最佳實踐。

So, we're pleased to be able to help bring that together.

因此，我們很高興能夠幫助實現這一點。

Great. Congratulations.

偉大的。恭喜。

Thanks Richard.

謝謝理查德。

Elizabeth Anderson, Evercore.

伊麗莎白·安德森（Elizabeth Anderson），Evercore。

Hi guys. This is Samir Patel on for Elizabeth Anderson. Congrats on the quarter. I just was wondering, hey, I was wondering if you could talk to us a little about, about the Upsell traction you're seeing on these newly onboarded customers related to the disruption. Are you starting to have conversations about adding other modules and additional products like patient pay or is that still a bit too early?

嗨，大家好。這是薩米爾·帕特爾 (Samir Patel) 為伊麗莎白·安德森 (Elizabeth Anderson) 主持的節目。恭喜本季取得佳績。我只是想知道，嘿，我想知道您是否可以跟我們談談您在這些新入職客戶身上看到的與中斷相關的追加銷售牽引力。您是否開始討論添加其他模組和附加產品（例如患者付費）還是還為時過早？

Well, thank you, Samir. I'll speak to that. I, we are absolutely our, our growth team is a very disciplined focused, high performing team, we go to market and our focus is to have a portion of our team only focused on new client acquisition.

好吧，謝謝你，薩米爾。我會談這個。我，我們絕對是我們的，我們的成長團隊是一個非常自律、專注、高效的團隊，我們進入市場，我們的重點是讓我們團隊的一部分只專注於新客戶的獲取。

And then another dedicated team focused on cross selling and upselling to the your specific question, we organize our teams that way, by market. So there's an ambulatory focused team and there's a hospital health system focus team, that's much the same.

然後另一個專門的團隊專注於交叉銷售和追加銷售，以解決您的特定問題，我們按市場組織我們的團隊。因此，有一個專注於門診的團隊，也有一個專注於醫院健康系統的團隊，它們大致相同。

And what I'd say is we are as soon as we onboard a new client to your specific question when they came to us from change. And we on boarded them, we immediately began talking to them about other software modules that they could begin to use, including the patient payment module, but also many others, eligibility automation, insurance coverage detection and prior authorization claims management, remit deposit manager.

我想說的是，當新客戶來找我們時，我們會立即回答您的具體問題。當我們加入他們之後，我們立即開始與他們討論他們可以開始使用的其他軟體模組，包括患者支付模組，以及許多其他模組，資格自動化、保險覆蓋檢測和事先授權索賠管理、匯款存款管理器。

There are several software modules that the team begins to talk to, to these clients about. And that's, kind of our core play. We, that's why we think there's so much embedded growth on our platform because we get these, these clients, we're so grateful to work with them.

團隊開始與這些客戶討論幾個軟體模組。這就是我們的核心玩法。這就是為什麼我們認為我們的平台有如此大的嵌入式成長，因為我們得到了這些客戶，我們非常感謝能與他們合作。

And then we're just very consistently reaching out showcasing additional solutions. We have Roy calculators that will kind of show, show and harness the power of each incremental software module that we have the chance to introduce to these new clients and any client.

然後我們就會非常持續地向外界展示更多的解決方案。我們有 Roy 計算器，可以展示、顯示和利用我們有機會向這些新客戶和任何客戶介紹的每個增量軟體模組的功能。

And, and then we're, kind of layering on and also client testimonials and showing others that are very similar to the type of client profiles that we're working with how others are able to succeed. And so that that's helping us drive existing client engagement and cross sell up, sell opportunities. And that's why we believe in the embedded growth on our platform.

然後，我們會分層疊加客戶評價，並向與我們正在合作的客戶類型非常相似的人展示其他人是如何取得成功的。這有助於我們推動現有客戶參與和交叉銷售，增加銷售機會。這就是我們相信我們的平台能夠實現嵌入式成長的原因。

Got it. That makes sense. And then maybe just if you can put some color on the, the $12 million contribution from, you know, the rapid onboarding of the switch of existing customers. Is any of that from Up seller? Is that strictly like clearing house related revenues at this point?

知道了。這很有道理。然後也許您可以對現有客戶快速轉換所帶來的 1200 萬美元貢獻做一些說明。這些都是來自 Up 賣家的嗎？這是否嚴格類似目前的清算所相關收入？

Yeah, the vast majority of that is clearing house.

是的，其中絕大部分是清算所。

Got it. Super helpful. Congrats again.

知道了。超有幫助。再次恭喜。

Thank you so much.

太感謝了。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Hi, thank you. This is Jonathan McCarry on for Brian here. So we saw an impressive acceleration in this quarter. I just wanted to ask how durable do you think that expansion cadence could be going forward? I know you mentioned pricing, but how would you stack rank the products and then the levers of expansion more broadly that drove that metric up this quarter?

你好，謝謝。我是喬納森·麥卡瑞 (Jonathan McCarry)，代表布萊恩 (Brian) 報道。因此，我們看到本季出現了令人印象深刻的加速。我只是想問一下，您認為這種擴張節奏未來能持續多久？我知道您提到了定價，但您如何對產品進行排名，然後更廣泛地對擴張槓桿進行排名，從而推動本季度該指標上升？

Thanks, Jonathan, for joining. Please give Brian our best as well. But I think, you know, our, our net revenue retention is very consistent as we noted in our prepared remarks. I think 13 quarters of, of consistent net revenue retention between 108%and 110%.

謝謝喬納森的加入。也請向 Brian 致以我們最美好的祝愿。但我認為，正如我們在準備好的評論中所指出的那樣，我們的淨收入保留率非常穩定。我認為 13 個季度的淨收入保留率持續保持在 108% 至 110% 之間。

So we did notice a little bit of an uptick this last quarter which we're pleased with. It all starts for us with gross revenue retention of around 97%. So we start there and, our growth algorithm as you, as you unpack, it is, is always a function of a modest price increase.

因此，我們確實注意到上個季度出現了一些上漲，我們對此感到高興。對我們來說，這一切始於約 97% 的總收入保留率。因此，我們從那裡開始，我們的成長演算法正如您所解開的，它始終是適度價格上漲的函數。

Given the value that we're delivering to clients and then the cross sell up, sell work that we typically do. And so that's a little bit of overview for how we think about it, Steve. Is there anything you'd comment on specifically in the quarter that, that we noticed or observed?

考慮到我們向客戶提供的價值，然後進行交叉銷售，銷售我們通常所做的工作。這就是我們對此的看法的一點概述，史蒂夫。您對本季我們注意到或觀察到的任何事情有什麼特別想評論的嗎？

Yeah, I'd say Jonathan, it is an LPM based metric. So it's, it's not specific to any activity in a single quarter. I, if you think about the prior comment I made about the volume based piece running higher than our expectations for the past few quarters.

是的，我想說喬納森，這是一個基於 LPM 的指標。所以，它並不是針對單一季度的任何活動。如果您想想我之前對過去幾季基於交易量的業績高於我們的預期所發表的評論。

Now, that is another component along with the two that Matt had mentioned when you're bridging the GAAP between gross and the net revenue retention rate. So I think that that is also helpful to what we've seen in the third quarter number.

現在，當您在 GAAP 中連接毛收入和淨收入保留率時，這是 Matt 提到的兩個組成部分之外的另一個組成部分。所以我認為這對我們在第三季看到的數據也有幫助。

Okay. Very helpful. And then I think you guys have done a great job laying out Waystar versus the legacy and we appreciate, you know, you're hearing, you know, seeing more complex RFPs. I'm, actually hoping to get an update on how you think you're performing versus more modern players. Also looking to gain share from legacy. So is there anything that you can share there on win rates or what you're hearing from clients on Waystar versus the more, the more modern solutions? Thanks.

好的。非常有幫助。然後我認為你們在 Waystar 與傳統產品的對比上做得很好，我們很高興看到你們聽到、看到更複雜的 RFP。我實際上希望了解您認為自己與更現代的玩家相比的表現如何。也希望從遺留問題中獲得份額。那麼，您能否分享有關成功率的信息，或者您從 Waystar 客戶那裡聽到的與更現代的解決方案相比的信息？謝謝。

Yeah. Thank you. We, we're, we're one of the more modern solutions and we like how we're positioned. We won't comment on any specific competitor or what we see. What we will say is that we are pursuing a large addressable market opportunity that's very fragmented. It's a fact that we are replacing homegrown legacy solutions in many cases and even manual services.

是的。謝謝。我們，我們，我們是更現代的解決方案之一，我們喜歡我們的定位。我們不會對任何特定的競爭對手或我們所看到的情況發表評論。我們要說的是，我們正在追求一個非常分散的巨大潛在市場機會。事實上，在許多情況下，我們正在取代自主開發的傳統解決方案，甚至是手動服務。

Internally, we track a lot of things including win rates and decision factors that go into how these clients and prospects are, are making decisions and we believe that we're trending well there. What I'd say is thematically, I think there are some scale advantages that a player like Waystar can bring to the table.

在內部，我們追蹤很多事情，包括成功率和決策因素，這些因素決定了這些客戶和潛在客戶如何做出決策，我們相信我們在這方面的趨勢很好。我想說的是，從主題上來說，我認為像 Waystar 這樣的參與者可以帶來一些規模優勢。

And we're realizing that and that there's a bit of momentum there in our go to market efforts. We're very focused on tangible Roy, what's on the minds of these provider decision makers and all the heroic work that they do day in and day out. They're focused on operating efficiency, increased automation.

我們意識到了這一點，而且我們進入市場的努力也獲得了一些進展。我們非常關注有形的羅伊，關注這些提供者決策者的想法以及他們日復一日所做的英勇工作。他們專注於提高營運效率和提高自動化程度。

They want a trusted partner that this isn't their first rodeo so to speak. And we can bring a lot of client testimonials and case studies to bear there. And then they want a cloud-based software approach.

他們想要一個值得信賴的合作夥伴，可以說這不是他們的第一次冒險。我們可以提供大量客戶的評價和案例研究。然後他們想要一種基於雲端的軟體方法。

And the one thing that we're seeing, Jonathan is that we're seeing more and more decision makers make the platform software approach, knowing that they're going to start somewhere in the platform and begin to expand their use of the platform versus a point decision of a point solution approach.

喬納森，我們看到的一件事是，我們看到越來越多的決策者採用平台軟體方法，知道他們將從平台的某個地方開始，並開始擴展他們對該平台的使用，而不是採用點解決方案方法的點決策。

And so while there might be some modern, you know, software that might only do one specific thing, I think we see more and more decision makers leaning toward how I work with an enterprise caliber, scaled modern software vendor, like a waste star. And so we like how we set up to compete. We, we think that our win rates are consistent with what we've reported in the last several quarters.

因此，儘管有些現代軟體可能只能做一件特定的事情，但我認為我們看到越來越多的決策者傾向於與企業級、規模化的現代軟體供應商合作，就像廢棄物之星一樣。我們喜歡我們為競爭所做的安排。我們認為我們的勝率與過去幾季報告的一致。

Great. Thank you

偉大的。謝謝

Lisa lee, Deutsche Bank.

德意志銀行的麗莎李 (Lisa Lee)。

Hi, good afternoon. Thank you for taking the question. We have been hearing a lot of chatter from both provider organizations about claim denials and payers about claim appeals.

嗨，下午好。感謝您回答這個問題。我們聽到了很多來自醫療服務提供者組織關於索賠被拒絕以及付款人關於索賠上訴的討論。

Can you talk about whether you're seeing any meaningful trends of either an increase or decrease in claim denial rates and talk about the company's role in helping providers reconcile these denials?

您能否談談您是否看到索賠拒絕率上升或下降的明顯趨勢，並談談公司在幫助提供者解決這些拒絕方面所發揮的作用？

Yes. Thank you, Lisa. You know, denied claims is one of the most unfortunate things that occur in the industry. And we understand the payer side, the payers are trying to prevent fraud, waste and abuse. And we understand that from a provider perspective, we're focused on helping to deliver cloud based software that accurately submits claims the first time.

是的。謝謝你，麗莎。你知道，索賠被拒絕是這個行業最不幸的事情之一。我們也了解付款方，付款方正在努力防止詐欺、浪費和濫用。我們明白，從提供者的角度來看，我們專注於幫助提供能夠在第一次就準確提交索賠的基於雲端的軟體。

And all of the work that we do from pre pre service to mid service is focused on how do we deliver an accurate claim to the payer that the payer can trust and and quickly adjudicate. And we, we talk internally about an efficiency measure there that's correlated to lowering denial rates.

從服務前到服務中我們所做的所有工作都集中於如何向付款人提供準確的索賠，以便付款人可以信任并快速裁決。我們內部討論了與降低拒絕率相關的效率措施。

And that efficiency measure is what we, what the industry would refer to as a first pass claim acceptance rate. When you look across wass Star's entire platform, we believe that we have market leading first past claim acceptance rate rates that correlate to lower denial rates when clients begin using the waste our software platform.

這種效率指標就是我們、業界所稱的首次理賠接受率。當您瀏覽 Wass Star 的整個平台時，我們相信我們擁有市場領先的首次索賠接受率，而當客戶開始使用我們的軟體平台時，這與較低的拒絕率有關。

Additionally, in our efforts to help providers, we offer a denial and appeal management software module that is really helping providers to reduce in the event that a claim does get denied. We have, many use cases that showcase how much waste stars clients are able to reduce their denied claim rate.

此外，為了幫助供應商，我們提供了拒絕和上訴管理軟體模組，該模組確實可以幫助供應商減少索賠被拒絕的情況。我們有許多用例展示廢棄物明星客戶能夠降低多少拒絕索賠率。

But even then, when a claim does get denied, we offer a solution that helps automate the appeal follow up and management of that. In fact, there's efforts internal to waste start today.

但即便如此，當索賠被拒絕時，我們也會提供一種解決方案，幫助自動化上訴跟進和管理。事實上，從今天起，我們就已經在內部努力減少浪費。

One of our gen A I use cases is focusing on taking that even further and even automating more of the appeal management and follow up process for the providers that we work with in an effort to help them rapidly, a follow up and get the revenue that they deserve to receive once they perform a health service. And we think that that will have particular interest and for the clients that we're working with.

我們的 A I 代用例之一是專注於更進一步，甚至為與我們合作的提供者實現更多申訴管理和跟進流程的自動化，以便幫助他們快速跟進並在他們提供醫療服務後獲得應得的收入。我們認為這將引起我們合作客戶特別的興趣。

Thank you, very helpful.

謝謝，非常有幫助。

Ryan Daniels, William Blair.

瑞安丹尼爾斯、威廉布萊爾。

Yeah, guys. Thanks for taking the questions and all the color so far. Congrats on the strong performance. Matt, maybe one for you. You discussed when highlighting the uptick in RFPs, you're also seeing more parties involved and more complexity in those deals.

是的，夥計們。感謝你們回答這些問題以及迄今為止提供的所有詳細資訊。恭喜您的出色表現。馬特，也許有一個適合你。您在強調 RFP 數量上升時討論過，您還看到參與的各方更多，交易也更加複雜。

So on the surface sounds like that could be a good thing with larger again, more platform-oriented deals, but I'm also curious if that's extending the sales cycle at all or impacting the close rate or if it's still such a kind of urgent area for investment. You don't see that happening.

因此，從表面上看，這對於規模更大、更面向平台的交易來說可能是一件好事，但我也很好奇，這是否會延長銷售週期或影響成交率，或者它仍然是一種緊迫的投資領域。你不會看到這樣的事情發生。

We're thank you, Ryan. Good to hear from you. Hope you're doing well. We, what what I'd say is that it is becoming complex and so I don't know that it's extending the theis the sales cycle. Beyond what we would normally experience, there was certainly a time earlier this year where it was so rapid and we were following up so quickly, you know, depending on the, the organization, if it's a hospital or health system, sometimes those organizations make decisions in 12-to-18-month cycles.

我們感謝你，瑞安。很高興收到你的來信。祝你一切順利。我想說的是，它變得越來越複雜，所以我不知道它是否延長了銷售週期。除了我們通常經歷的情況之外，今年早些時候確實有一段時間，情況發展得非常迅速，我們跟進得也非常快，你知道，這取決於組織，如果是醫院或醫療系統，有時這些組織會在 12 到 18 個月的周期內做出決定。

And so it's very much a discovery process. We're working to identify all the appropriate people involved in the decision. Sometimes there are committees. So we've oriented our approach to bring the right subject matter expertise to bear the right tools to discover.

所以這很大程度是一個發現的過程。我們正在努力找出參與決策的所有相關人員。有時會有委員會。因此，我們調整了方法，利用正確的主題專業知識和正確的工具進行探索。

And then we're proactively leading with cyber security. We recognize that that's table stakes in the world that we're living in modern technology, case references and studies. So we think all the things that will combine along with the ROI calculators that we're using will help us maintain consistency in that sales cycle.

然後我們積極引領網路安全。我們認識到，這是我們所生活的世界中現代科技、案例參考和研究的必要條件。因此，我們認為，所有這些因素與我們所使用的投資報酬率計算器相結合，將有助於我們保持銷售週期的一致性。

We are continuing as I mentioned earlier to see continued growth in our sales pipeline and assuming that the sales cycles resume to more of a normal fashion, and we can continue to have the types of win rates that we've experienced. Then we feel good about the momentum and the opportunity we have to compete in this market.

正如我之前提到的，我們將繼續看到銷售管道持續成長，並假設銷售週期恢復到更正常的方式，並且我們可以繼續獲得我們所經歷過的成功率。我們對自己在這個市場上競爭的勢頭和機會感到非常滿意。

Okay. Very helpful. And then maybe a broader, bigger picture question, obviously, very successful true North event with your clients. And I'm curious other than what you've kind of highlighted earlier, if there's any really key pain points that client mentioned. And you know, if there are those things that you think you can meet with the current platform or is that impacting your R&D or maybe even your M&A outlook as we go forward? Thanks again.

好的。非常有幫助。然後可能是一個更廣泛、更大的問題，顯然，與客戶一起舉辦的真正北方活動非常成功。除了您之前強調的內容之外，我很好奇客戶是否還提到了任何真正關鍵的痛點。您知道，您認為這些問題是否可以透過目前平台解決，或者這些問題會影響您的研發，甚至未來的併購前景？再次感謝。

Thanks Ryan. You know, one of the real advantages of hosting these conferences, we have an exceptional product management team and technology team and we bring them to the conference to listen and we gather feedback and we do hear pain to, to the question that you mentioned. And also to the one that Liz from Deutsche Bank mentioned earlier, denial rates are a big point of concern another.

謝謝瑞安。您知道，舉辦這些會議的真正優勢之一是，我們擁有出色的產品管理團隊和技術團隊，我們邀請他們參加會議，傾聽意見，收集回饋，我們確實聽到了您提到的問題的痛點。正如德意志銀行的 Liz 先前提到的，拒付率是另一個值得關注的重點。

And so we're actively working to address that as I mentioned another one, Ryan is just the fact that these organizations these provider organizations that they're seeing more utilization and they're still having to manage that increase with the same amount of resources or sometimes even less.

因此，我們正在積極努力解決這個問題，正如我提到的另一個問題，瑞安 (Ryan) 指出，這些組織、這些提供者組織的利用率正在不斷提高，但他們仍然必須使用相同數量的資源，有時甚至更少的資源來管理這種成長。

And so they're, they're always, they seem to be looking for how do I introduce more automation as a form of operating efficiency gain within my organizations. And so at, at the, at our user conference, we have all these little learning pods where we have interactions and we're listening to the pain points and then we're checking the box on the things that are already in development or that we already have to offer by way of software modules.

所以他們似乎總是在尋找如何在我的組織內引入更多的自動化作為提高營運效率的一種形式。因此，在我們的用戶會議上，我們有這些小型學習小組，我們可以在其中進行互動，傾聽痛點，然後勾選已經在開發中或已經透過軟體模組提供的內容。

But we're also informing some of our new product innovation with some of the things that we're hearing, and we're encouraged by that. And, and the reason that we've seen so much interest in the generative AI work that we, showed that these clients at the conference was because I think that work is designed to attack head on the pain points and reduce some of these burdens that they face for so long.

但我們也將聽到的一些消息告知我們的一些新產品創新，我們對此感到鼓舞。我們之所以看到人們對生成式人工智慧工作有如此大的興趣，並在會議上向這些客戶展示，是因為我認為這項工作旨在直接解決痛點並減輕他們長期以來面臨的一些負擔。

The last thing I'd say is that we, we use that same type of information to inform our disciplined approach to M&A. And we do have a dedicated team. We are active in the market.

我想說的最後一件事是，我們使用相同類型的信息來指導我們對併購的嚴謹方法。我們確實有一個專門的團隊。我們在市場上很活躍。

We will be very we've had a, we believe we've had a history of successful M&A and we will take a disciplined approach to evaluating certain technologies that we think could, we could add to the waste our software platform through M&A to help these providers address the pain points that they face each and every day.

我們將非常有信心，我們有過成功的併購歷史，我們將採取嚴謹的方法來評估我們認為可以的某些技術，我們可以透過併購增加我們的軟體平台的浪費，以幫助這些提供者解決他們每天面臨的痛點。

Great color. Thank you again. Thanks Ryan.

顏色很棒。再次感謝您。謝謝瑞安。

Anne Samuel, JP Morgan.

摩根大通的安妮‧塞繆爾 (Anne Samuel)。

Hi, thanks so much for the question. Maybe just on the volume-based revenue, you had kind of tempered expectations on the second quarter call. I was just curious, you know, were you not expecting utilization levels to hold? And maybe where did that upside surprise come in?

你好，非常感謝您提問。也許僅從基於數量的收入來看，您對第二季電話會議的預期有點溫和。我只是很好奇，您知道嗎，您不期望利用率水準保持不變嗎？那麼，這個意外的驚喜又從何而來呢？

You know, relative to your expectations and then looking out to 4Q and next year, if utilization were to stay kind of similar to where it is. Now, would that be upside to your high single digit target? I think earlier, you had said your customers were still expecting utilization to stay high. Thanks.

您知道，相對於您的預期，然後展望第四季度和明年，如果利用率保持與現在相似的水平。現在，這對您實現的高個位數目標是否有好處？我想您之前曾說過，您的客戶仍然期望利用率保持在高位。謝謝。

Yeah, and this is Steve. I appreciate the question, I think. Yes, we are continuing to see strong volume-based growth and interactions continued strong interactions between patients and the providers which obviously are utilizing our software to generate that volume above the minimums in the contract.

是的，這是史蒂夫。我想我很感謝這個問題。是的，我們繼續看到強勁的基於數量的增長和互動，患者和提供者之間的互動持續強勁，他們顯然正在利用我們的軟體來產生高於合約最低限度的數量。

So, we did, we did see greater or, or Q3 actuals did come in greater than our expectations to your question about carry through opportunity. If those, if that, that demand within the health care system were to continue to, to specific to your question while trying not to speak overly too much to 2025. That that could be above what our current expectations would be.

因此，我們確實看到了更大的或第三季的實際情況確實超出了我們對您關於延續機會的問題的預期。如果這些，如果說醫療保健系統內的需求繼續存在，那麼針對你的問題進行具體分析，同時盡量不要過多談論 2025 年。這可能超出我們目前的預期。

That's really helpful. Thank you. And then, you know, just, you know, you've seen some really nice revenue out performance and that's obviously translated to even a dollar beats as well. But, you know, you kind of stayed around that 40% margin threshold. So curious, you know, is there a leverage potential in the model from faster growth? And just, I guess, how do we think about your philosophy on balancing, you know, reinvestment versus leverage. Thank you.

這真的很有幫助。謝謝。然後，你知道，只是，你知道，你已經看到了一些非常好的收入表現，這顯然也轉化為甚至一美元的收益。但是，您知道，您的利潤率門檻基本上保持在 40% 左右。所以很好奇，您知道，更快的成長是否能為模型帶來槓桿潛力？我想，我們如何看待您關於平衡再投資與槓桿的概念。謝謝。

Thanks, Anne. So we are, pleased. First of all, we think 40% even on margins a nice even on margin, especially as we, as we highlighted that we took on a full quarter of being public, being public and having public company expenses.

謝謝，安妮。所以我們很高興。首先，我們認為 40% 的利潤率是一個不錯的利潤率，特別是正如我們所強調的那樣，我們承擔了整個季度的上市、上市和上市公司的費用。

That being said, we're always looking for operating efficiency. We have several active projects with dedicated team members focused on driving operating efficiencies across our business. I'd highlight two or three and then we could talk philosophically about how we orient ourselves toward innovation back in the business and what to do with the incremental cash that we generate as well.

話雖如此，我們始終在追求營運效率。我們有幾個活躍的項目，有專門的團隊成員致力於提高整個業務的營運效率。我會強調兩三個方面，然後我們可以從哲學角度來談論如何在業務中定位自己以進行創新，以及如何處理我們產生的增量現金。

We're focused on a couple 11 reducing patient payment transaction fees. So and exchange lowering interchange fees associated with processing patient payments. We have a great team focused on that. The, the other one or two that I'd highlight is continuing to optimize our, our payer network where we get the most efficient direct connections to payers and, and there are fee reductions typically associated with that.

我們重點關注的是減少患者支付交易費用。因此，可以降低與處理患者付款相關的交換費。我們有一個優秀的團隊專注於此。我要強調的另外一兩點是繼續優化我們的付款人網絡，以便我們與付款人建立最有效的直接聯繫，並且通常會降低費用。

And then the third, that's much more longer term and that I I'd highlight is the increase in digital engagement with, with patients. We've taken a holistic approach to connecting providers to patients for many years. Some of that is paper based, as we've described, we see that over a longer period of time, there's opportunity to digitize that interaction and create more efficiency in our business.

第三，這是更長期的，我想強調的是與患者的數位化互動的增加。多年來，我們一直採取整體方法將醫療服務提供者與患者聯繫起來。正如我們所描述的，其中一些是基於紙質的，我們看到，在較長的一段時間內，有機會將這種互動數位化，並提高我們業務的效率。

And as we do, we're constantly evaluating. Do we reinvest for innovation, reinvest for go to market? Do we harvest it for cash and use it to delever further to do other things? You know, disciplined M&A as we talk about, but we're pleased with kind of how we're performing thus far and, and what our commitment is to be vigilant and, and discipline in driving operational efficiency in the business.

在這樣做的同時，我們也在不斷評估。我們是否為了創新而再投資，為了進入市場而再投資？我們是否要將其轉化為現金，並利用其進一步去槓桿做其他事情？你知道，正如我們所談論的，我們有紀律的併購，但我們對迄今為止的表現感到滿意，我們的承諾是保持警惕和紀律，提高業務運營效率。

Really helpful. Thank you and agree. 40% is nothing to sneeze at.

真的很有幫助。謝謝並同意。 40% 並不是一個值得忽視的數字。

Thank you.

謝謝。

Thank you. Okay.

謝謝。好的。

Thank you. I'm not showing any further questions at this time, and I like to turn the call back over to Matt for any close remarks.

謝謝。我目前不想再問任何問題，如果有任何疑問，我想將電話轉回給馬特。

Thank you, Vincent(operator). So, just quickly as we conclude today's call, I want to take a moment in this setting to thank our incredible dedicated was our team member. We, great software companies really take great people, and we have incredible people who I'm grateful to work alongside.

謝謝你，文森（接線生）。因此，在我們結束今天的電話會議之前，我想花點時間感謝我們團隊成員的無比敬業。我們，偉大的軟體公司確實需要優秀的人才，我們擁有令人難以置信的人才，我很感激能與他們一起工作。

We have remarkable clients who are our heroes, and we constantly admire the work that they do to care for patients. And we're, it just inspires our purpose and mission to do anything we can to help them make, be, be more productive. So they can prioritize more of their time caring for patients. And we're grateful for both our new and existing investors on this public company journey.

我們擁有優秀的客戶，他們是我們的英雄，我們總是欽佩他們為照顧病人所做的工作。它激勵我們實現目標和使命，盡我們所能幫助他們提高生產力。這樣他們就可以花更多的時間照顧病人。我們非常感謝新舊投資者與我們一起努力成為一家上市公司。

This is our second public company earnings call. So we're, learning our way there. We're pleased with our performance and results. Thus far, we remain focused on executing our game plan and looking ahead, we're excited about the opportunities that lie before us.

這是我們第二次召開上市公司收益電話會議。所以，我們正在學習如何做到這一點。我們對我們的表現和結果感到滿意。到目前為止，我們仍然專注於執行我們的比賽計劃，展望未來，我們對擺在我們面前的機會感到興奮。

We're confident in our ability to execute and deliver strong performance in the quarters ahead. So, thank you all for joining us today. We hope you have a great evening.

我們對自己在未來幾季的執行能力和強勁業績的能力充滿信心。所以，感謝大家今天的參加。我們希望您度過一個愉快的夜晚。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect everyone. Have a great day.

感謝大家參加今天的會議。該計劃確實結束了。您現在可以斷開所有人的連線。祝你有美好的一天。