Waystar Holding Corp (WAY) 2024 Q4 法說會逐字稿

Good day. Thank you for standing by. Welcome to Waystar fourth quarter 2024 earnings conference call. At this time, all participants are in the sudden only mode. After the speaker's presentation, there will be a question-and-answer session. (Operator Instructions). Please note that today's conference is being recorded. I'm now in the conference of a new speaker host, Sandy Draper, head Investor relations.

再會。感謝您的支持。歡迎參加 Waystar 2024 年第四季財報電話會議。此時所有參與者都處於突如其來的單一模式。演講者演講結束後，將有問答環節。（操作員指令）。請注意，今天的會議正在錄音。我現在正在參加新發言人主持人、投資者關係主管桑迪德雷珀 (Sandy Draper) 的會議。

Thank you, operator, and good morning, everyone. It is my pleasure to welcome you to Waystar Holding Corporation's fourth quarter, 2024 earnings call. Matthew Hawkins, Waystar's Chief Executive Officer, and Steven Oreskovich, Waystar's Chief Financial Officer, are joining me today. After the remarks, we'll open the call for your questions.

謝謝接線員，大家早安。我很高興歡迎您參加 Waystar Holding Corporation 2024 年第四季財報電話會議。今天與我一起參加會議的還有 Waystar 執行長 Matthew Hawkins 和 Waystar 財務長 Steven Oreskovich。發言結束後，我們將開始回答大家的提問。

Earlier this morning, 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.

今天早些時候，我們發布了一份新聞稿，宣布了我們的財務業績，並附上了一份簡報幻燈片來配合我們的準備好的發言。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 are predictions about future events. Examples of these statements include expectations of future financial results, growth and margins. These statements involve a number of risks and uncertainties that may cause actual results to differ materially from those expressed in these statements.

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，即對未來事件的預測。這些陳述的例子包括對未來財務結果、成長和利潤的預期。這些聲明涉及許多風險和不確定性，可能導致實際結果與這些聲明中所表達的結果有重大差異。

For a full discussion of the risks and other factors that may impact these forward-looking statements. Please refer to this morning's press release and the reports we file with the SEC, all of which are available on the investor relations page of our website. Any forward-looking statements provided during our call are made only as of the date of this call.

全面討論可能影響這些前瞻性陳述的風險和其他因素。請參閱今天上午的新聞稿和我們向美國證券交易委員會提交的報告，所有這些報告均可在我們網站的投資者關係頁面上查閱。我們在電話會議中提供的任何前瞻性陳述均僅限於本次電話會議之日的情況。

During today's call, we will also discuss certain non-GAAP financial measures. We have provided reconciliations of the 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.

在今天的電話會議中，我們還將討論某些非公認會計準則財務指標。我們已將我們的評論中包含的非 GAAP 財務指標與最直接可比較的 GAAP 指標進行了對賬，並在演示幻燈片和收益報告的附錄中提供了對這些指標的解釋。

Please note that in order to better align with our peers, we are now excluding amortization of intangibles from our non-GAAP net income and EPS metrics. A reconciliation of these metrics for 2023 and 2024 are included in the earnings slides on our website. With that, I'll turn the call over to Matt.

請注意，為了更好地與同業保持一致，我們現在將無形資產攤銷排除在非公認會計準則淨收入和每股收益指標之外。我們網站的收益投影片中包含了 2023 年和 2024 年這些指標的對帳。說完這些，我會把電話轉給馬特。

Thank you, Sandy, and good morning, everyone. Thank you for joining our Q4 2024 earnings call. 2024 was a defining year for Waystar as we achieved significant growth, demonstrated agility, and reached strategic milestones that strengthened our position in the industry. In addition to our normal work of adding clients and expanding relationships with them.

謝謝你，桑迪，大家早安。感謝您參加我們的 2024 年第四季財報電話會議。 2024 年是 Waystar 決定性的一年，因為我們實現了顯著的成長、展示了敏捷性並達到了策略里程碑，從而鞏固了我們在行業中的地位。除了我們增加客戶和擴大與他們的關係的正常工作之外。

We helped more than 30,000 providers recover from a cyber-attack on a competitor, restoring their cash flow and expanding our client community. In June, we completed our IPO, raised approximately $1 billion and strengthened our financial position to drive continued growth and innovation.

我們幫助超過 30,000 家供應商從競爭對手遭受的網路攻擊中恢復過來，恢復了他們的現金流並擴大了我們的客戶社群。6 月份，我們完成了 IPO，籌集了約 10 億美元，並增強了我們的財務狀況，以推動持續成長和創新。

In today's rapidly evolving healthcare landscape, administrative waste costs more than $350 billion annually, which creates extra work and stress for healthcare providers. The Waste our software platform is purpose built to reduce administrative waste, manual work, and errors.

在當今快速發展的醫療保健領域，行政浪費每年超過 3500 億美元，這給醫療保健提供者帶來了額外的工作和壓力。我們的軟體平台旨在減少管理浪費、手動工作和錯誤。

Our mission is to simplify healthcare payments with modern software that enhances operational efficiencies, improves payment accuracy and timeliness, and augments cash flow. We believe Waystar is positioned to drive sustainable growth and create long-term value. We have optimism about our future and are focused on delivering measurable results and maximizing returns for our clients and investors.

我們的使命是利用現代軟體簡化醫療保健支付，提高營運效率、提高支付準確性和及時性並增加現金流。我們相信 Waystar 有能力推動永續成長並創造長期價值。我們對未來充滿樂觀，並致力於提供可衡量的成果並為我們的客戶和投資者最大化回報。

Now, as I do each quarter, I'll cover 4 key topics that highlight our progress and future direction. First, I will discuss Waystar's sustainable and compounding revenue growth. Second, I will share how we are driving operational profitability and efficiency. Third, I will highlight the latest innovations driving client value. Fourth, I will review recent client and team member successes.

現在，就像每個季度所做的那樣，我將介紹 4 個關鍵主題，重點介紹我們的進展和未來方向。首先，我將討論 Waystar 的可持續和複合收入成長。其次，我將分享我們如何提高營運獲利能力和效率。第三，我將重點放在推動客戶價值的最新創新。第四，我將回顧最近客戶和團隊成員的成功。

Then I'll turn the call over to our CFO Steve, who will review our financial results for Q4 2024 and fiscal year 2024 and speak to our fiscal 2025 guidance. First, sustainable growth. In Q4, Waystar delivered another quarter of strong top line growth. Our revenue reached $244 million representing an 18% year over year increase, bringing full year revenue to $944 million or 19% year over year growth.

然後，我將把電話轉給我們的財務長史蒂夫，他將審查我們 2024 年第四季和 2024 財年的財務業績，並介紹我們 2025 財年的指引。第一，可持續成長。第四季度，Waystar 再次實現強勁的營收成長。我們的營收達到 2.44 億美元，年增 18%，全年營收達到 9.44 億美元，年增 19%。

This exceeded our long-term target of low double digit normalized growth. Steve will cover the details of this outperformance in more detail later in our call. Our sustainable growth strategy is to create enduring client relationships by delivering software that drives tangible return on investment while reducing the total cost of achieving their goals.

這超出了我們長期的低兩位數正常化成長目標。史蒂夫將在稍後的電話會議中更詳細地介紹這一優異表現的細節。我們的永續成長策略是透過提供可帶來實際投資回報同時降低實現目標的總成本的軟體來建立持久的客戶關係。

As clients realize value, they deepen their adoption of the Waystar software platform, making it essential to their business operations and cash flow management. Two key metrics highlight our momentum.First, net revenue retention came in at 110% in Q4, at the high end of our historical range of 108% to 110% over the past 10 quarters.

隨著客戶意識到價值，他們進一步採用 Waystar 軟體平台，使其成為其業務營運和現金流管理至關重要。兩個關鍵指標凸顯了我們的發展動能。

Second, the number of clients generating more than $100,000 in trailing 12-month revenue grew to [$1,203]. An increase of 15% year over year. Our Q4 growth continued to benefit from the clients we onboarded who were seeking an alternative clearinghouse after a cyberattack on a competitor.

其次，過去 12 個月收入超過 10 萬美元的客戶數量成長至[1,203 美元]。較上年同期增加15%。我們第四季的成長繼續受益於我們的客戶，他們在競爭對手遭受網路攻擊後尋求替代清算所。

We are confident most of these clients will deepen their adoption of the Waystar platform. In fact, approximately 30% are already pursuing cross sell opportunities beyond their initial implementation of claims and remit solutions.

我們相信大多數客戶都會深入採用 Waystar 平台。事實上，大約 30% 的客戶除了最初實施索賠和匯款解決方案之外，還在尋求交叉銷售機會。

In 2024 we achieved a record number of implementation activations from the backlog of projects. In 2025, we start the year with a strong pipeline of projects ready for implementation. Additionally, recent activations are ramping as expected, reinforcing our view into 2025's outlook.

2024 年，我們從積壓項目中實現了創紀錄的實施啟動數量。2025 年伊始，我們就已經有大量專案準備實施。此外，最近的活化量正如預期的那樣不斷增加，強化了我們對 2025 年前景的看法。

Next, profitability and efficiency. This quarter continues the trend of strong adjusted EBITDA performance. Adjusted EBITDA reached $100 million up 16% year over year. For fiscal year 2024, we delivered on our target of 40% adjusted EBITDA margins with full year margins of 40.6%.

其次，盈利能力和效率。本季延續了調整後 EBITDA 表現強勁的趨勢。調整後EBITDA達到1億美元，較去年成長16%。2024 財年，我們達成了 40% 調整後 EBITDA 利潤率的目標，全年利潤率為 40.6%。

This performance highlights the value of our software platform and our commitment to creating operating leverage as we scale while we continue to make important long-term investments that position Waystar for future growth.

這項業績凸顯了我們軟體平台的價值以及我們在擴大規模的同時創造經營槓桿的承諾，同時我們將繼續進行重要的長期投資，為 Waystar 的未來成長做好準備。

Our Q4 performance also highlights our business model's ability to generate strong cash flow. Unlevered free cash flow in the quarter was $80 million bringing fiscal 2024's total to $265 million. The 69% conversion of adjusted EBITDA to unlevered free cash in 2024 underscores our operational efficiency and ability to generate cash.

我們第四季的業績也凸顯了我們的商業模式產生強勁現金流的能力。本季無槓桿自由現金流為 8,000 萬美元，使 2024 財年的總額達到 2.65 億美元。2024 年調整後 EBITDA 轉化為無槓桿自由現金的比率為 69%，彰顯了我們的營運效率和創造現金的能力。

We are pleased to report that growth in adjusted EBITDA and a higher cash balance reduced our net leverage ratio to 2.8 times compared to the 3 times at the end of Q3 '24. Waystar's cash flow profile provides opportunities to reinvest in the business, pursue M&A, and reduce debt. We remain committed to leveraging our strong position to drive sustainable growth and maximize value for our investors.

我們很高興地報告，調整後的 EBITDA 成長和更高的現金餘額使我們的淨槓桿率從 24 年第三季末的 3 倍降低至 2.8 倍。Waystar 的現金流狀況為業務再投資、進行併購和減少債務提供了機會。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。

Now, platform innovation. At Waystar Innovation fuels our growth, empowering clients to get paid faster, more accurately and more efficiently. Our modern cloud-based platform streamlines the end-to-end healthcare payments workflow from pre-service patients' identification and access to post-service collections.

現在，平台創新。在 Waystar，創新推動著我們的成長，讓客戶更快、更準確、更有效率地獲得付款。我們現代化的基於雲端的平台簡化了端到端醫療保健支付工作流程，從服務前患者的識別和存取到服務後收款。

With hundreds of new enhancements delivered each quarter to drive efficiency, accuracy, and sustainable return on investment. Waystar processes more than 6 billion insurance transactions and over $1.8 trillion in gross claims annually, generating powerful network effects that fuel our AI powered software. By leveraging this data.

每個季度都會推出數百項新改進，以提高效率、準確性和可持續的投資回報。Waystar 每年處理超過 60 億筆保險交易和超過 1.8 兆美元的總索賠，產生強大的網路效應，為我們的 AI 軟體提供動力。透過利用這些數據。

Our AI capabilities continuously learn, which enables providers to automate error prone workflows and reduce manual intervention. As a result, providers can allocate more time and resources to patient care. AI has been a core component of our end-to-end software platform for over a decade and is pervasive across our solutions.

我們的人工智慧能力不斷學習，使提供者能夠自動化容易出錯的工作流程並減少人工幹預。因此，服務提供者可以分配更多的時間和資源來照顧病人。十多年來，人工智慧一直是我們端到端軟體平台的核心元件，並且滲透到我們的解決方案中。

Last year we formed a collaboration with Google Cloud and identified more than a dozen high impact generative AI capabilities to advance our mission. On January 9, we launched Waystar Altitude AI, continuing to deliver on our vision of AI powered innovation for providers.

去年，我們與 Google Cloud 建立了合作，並確定了十多種具有高影響力的生成式 AI 功能來推進我們的使命。1 月 9 日，我們推出了 Waystar Altitude AI，繼續實現為供應商提供人工智慧驅動創新的願景。

Its first of its kind generative AI capability, Altitude Create, is now embedded in our denial and appeal management solution, giving existing clients early access to the new capability. Altitude Create accelerates denial recovery by autonomously drafting appeal letters across multiple denial types, improving efficiency and reimbursement speed.

其首創的生成式 AI 功能 Altitude Create 現已嵌入我們的拒絕和上訴管理解決方案中，現有客戶可以提前體驗這項新功能。Altitude Create 透過自主起草多種拒絕類型的申訴信來加速拒絕恢復，提高效率和報銷速度。

In its first month, early access clients are already seeing meaningful results. Clients use Waystar to complete appeal packages 3 times faster, saving an average of 16 minutes per appeal package. Additionally, denial overturn rates are significantly improving when Altitude Create generates the appeal.

在第一個月，早期訪問客戶已經看到了有意義的成果。客戶使用 Waystar 可以將完成申訴材料的速度提高 3 倍，平均每個申訴材料可節省 16 分鐘。此外，當 Altitude Create 提出上訴時，駁回推翻率會顯著提高。

Beyond these early access client's impact, we believe the launch will drive incremental ROI for current clients and fuel interest for prospective clients in our denial and appeal management solution, reinforcing strong demand for AI powered automation in the market.

除了這些早期訪問客戶的影響之外，我們相信此次發布將為現有客戶帶來增量投資回報率，並激發潛在客戶對我們的拒絕和上訴管理解決方案的興趣，從而增強市場對人工智慧自動化的強勁需求。

In addition to the denial and appeal management solution, we delivered innovation within our denial prevention-oriented solutions, including eligibility verification and prior authorization to further streamline patient financial clearance.

除了拒絕和上訴管理解決方案之外，我們還在以拒絕預防為導向的解決方案中實現了創新，包括資格驗證和事先授權，以進一步簡化患者財務清算。

In our eligibility verification solution, we introduced the ability to automatically trigger additional eligibility checks when secondary or unknown coverage is detected to enable faster, more accurate insurance verification. In prior authorizations, we increased the level of software automation to boost the rate of auto approvals, which significantly benefits provider reimbursement and timely patient care.

在我們的資格驗證解決方案中，我們引入了在檢測到二次或未知保險時自動觸發額外資格檢查的功能，以實現更快、更準確的保險驗證。在先前的授權中，我們提高了軟體自動化水平，以提高自動批准率，這極大地有利於提供者的報銷和及時的患者護理。

Early adopter clients of the prior authorization automation are already experiencing reduced submission times of 70% from 7 minutes to 2 minutes. Recent industry events have reinforced the need for cybersecurity as well. Waystar is vigilant in our cybersecurity efforts as we work to proactively monitor, measure, and mitigate against risk.

早期採用事先授權自動化技術的客戶已經體驗到提交時間縮短了 70%，從 7 分鐘縮短到 2 分鐘。最近的產業事件也強化了網路安全的必要性。Waystar 在網路安全方面保持警惕，我們致力於主動監控、衡量和降低風險。

Our focus on innovation and cybersecurity is reflected in an independent market study that ranked Waystar as the number one trusted vendor among our top competitors, recognizing our commitment to data protection, client experience, and innovation.

我們對創新和網路安全的關注反映在一項獨立的市場研究中，該研究將 Waystar 評為我們主要競爭對手中第一大值得信賴的供應商，認可了我們對資料保護、客戶體驗和創新的承諾。

Finally, client and team successes. Clients invest their time with us because they trust Waystar as a long-term partner in achieving their goals. Demonstrating our commitment to excellence, we delivered exceptional client support during a year of rapid expansion, sustaining industry best satisfaction scores and strong win rates against direct competitors.

最後，客戶和團隊取得成功。客戶願意花時間與我們在一起，因為他們相信 Waystar 是他們實現目標的長期合作夥伴。為了體現我們對卓越的承諾，我們在快速擴張的一年裡提供了卓越的客戶支持，保持了行業最佳的滿意度分數和對直接競爭對手的強勁勝率。

A recent third-party survey confirms that client service is the top reason healthcare providers consider switching revenue cycle management vendors. Waystar is strengthening its position as the industry's most trusted leader.

最近的第三方調查證實，客戶服務是醫療保健提供者考慮更換收入週期管理供應商的首要原因。Waystar 正在鞏固其作為業界最值得信賴的領導者的地位。

The latest best in class results reflect our focus on supporting clients at the highest level, earning the number one ranking in claims management and querying House and patient access solutions. Additionally, in a comprehensive survey of 600 clients and prospects, Waystar was ranked highest for having its best days ahead, reflecting strong confidence in our future.

最新的一流成果反映了我們專注於以最高水準支援客戶，在索賠管理、查詢中心和病患存取解決方案方面名列第一。此外，在對 600 名客戶和潛在客戶進行的全面調查中，Waystar 在前景光明的情況下排名最高，反映出我們對未來的強烈信心。

Additionally, Forbes recognized Waystar as one of America's most trusted companies in honor backed by hundreds of thousands of data points. These recognitions give us confidence that Waystar can be a strong choice for providers as they evaluate potential vendors who they can trust to meet their needs. These achievements are truly a direct result of our exceptional team.

此外，《富比士》以數十萬個數據點為依據，將 Waystar 評為美國最值得信賴的公司之一。這些認可使我們相信，在供應商評估可以信賴的潛在供應商以滿足其需求時，Waystar 可以成為供應商的有力選擇。這些成就確實是我們傑出團隊的直接成果。

In 2024, Waste our team members went the extra mile to support new and existing clients amid unpredictable industry events. In December, Fortune recognized our team members and the performance culture we cultivate by naming Waystar one of the best workplaces in healthcare, reflecting our commitment to fostering an environment where top talent thrives.

2024 年，在不可預測的產業事件中，我們的團隊成員竭盡全力為新舊客戶提供支援。12 月，《財富》雜誌將 Waystar 評為醫療保健領域最佳工作場所之一，以表彰我們的團隊成員和我們培養的績效文化，反映了我們致力於營造一個讓頂尖人才蓬勃發展的環境的承諾。

We are incredibly proud of our team's unwavering commitment and the fulfillment that they find in driving Waystar's mission forward. In conclusion, Waystar enters 2025 with momentum, purpose, and a clear vision for the future.

我們為我們團隊的堅定承諾和他們在推動 Waystar 的使命前進過程中所獲得的成就感感到無比自豪。總之，Waystar 帶著動力、目標和清晰的未來願景進入 2025 年。

We have experience delivering stable, enduring, and compounding growth and affirm our long term outlook of normalized low double digit revenue growth and disciplined, adjusted even margin performance. We will continue to disrupt the status quo, transform the revenue cycle, and shape the future of healthcare payments.

我們擁有實現穩定、持久和複合成長的經驗，並確認了我們長期的正常化低兩位數收入成長和嚴謹、調整後的均勻利潤率表現的前景。我們將繼續打破現狀，改變收入週期，塑造醫療保健支付的未來。

We believe the best days for Wayar and those we serve are indeed ahead and are excited about the work we do. With that, I will hand the call over to Steve, who will discuss the financial details.

我們相信，Wayar 和我們服務對象的美好日子就在前方，我們對自己所做的工作感到興奮。說完這些，我將把電話交給史蒂夫，他將討論財務細節。

Thanks, Matt. Revenue increased 18% year over year in the fourth quarter to $244 million. This growth was primarily driven by 3 factors. First, the strength of our software business model and ability to deliver compounding normalized low double-digit growth. This includes continuing to execute our proven plan to drive cross sell and upsell with existing clients.

謝謝，馬特。第四季營收年增18%至2.44億美元。這一增長主要由三個因素推動。首先，我們的軟體業務模式實力雄厚，能夠實現複合正常化低兩位數成長。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 [$1,203] as of the end of Q4, an increase of 30 clients in the quarter for a 15% year over year growth rate. Second, the trend of higher volumes continued in Q4. This helped deliver a 110% net revenue retention rate, which is on the high side of the 108% to 110% we've experienced over the past three years.

截至第四季末，我們成功將創造超過 10 萬美元 LTM 收入的客戶數量擴大至 [1​​,203 美元]，本季增加了 30 位客戶，年成長率為 15%。其次，第四季銷售量持續保持上升趨勢。這有助於實現 110% 的淨收入保留率，這比我們過去三年經歷的 108% 到 110% 更高。

Finally, we continue to recognize revenue faster than normal from the clients we rapidly implemented in the first half of 2024 who were impacted by the competitor clearinghouse cyber event. These rapid implementations, along with sustaining higher levels of transactions from existing clients, generated $12 million of revenue above our normal business model in Q4 compared to $12 million.

最後，我們繼續從 2024 年上半年受到競爭對手清算所網路事件影響的客戶以比正常情況下更快的速度確認收入。這些快速的實施，加上維持來自現有客戶的較高交易水平，使我們第四季度的收入比正常業務模式高出 1200 萬美元，而正常業務模式為 1200 萬美元。

In Q3, $9 million in Q2, and $1 million in Q1, which equates to $34 million for the full year and 4% of year over year growth. Under normal implementation timelines, we would have recognized a significant portion of this revenue growth in 2025. Based on the results of the past 3 quarters, we are increasingly confident this revenue is durable and sustainable.

第三季度，第二季為 900 萬美元，第一季為 100 萬美元，相當於全年 3,400 萬美元，年增 4%。按照正常實施時間表，我們將在 2025 年實現這項收入成長的很大一部分。根據過去三個季度的業績，我們越來越相信這筆收入是持久且可持續的。

The last item, along with a 3% year over year impact to the 2024 growth rate from the timing of two acquisitions in 2023, account for the difference between our target of normalized low double digit revenue growth and our 2024 as reported year over year growth rate of 19%.

最後一項，加上 2023 年兩次收購對 2024 年增長率造成的 3% 的同比影響，造成了我們正常化低兩位數收入增長目標與報告的 2024 年 19% 的同比增長率之間的差異。

GAAP net income for the fourth quarter of 2024 was $19 million compared to a net loss of $14 million in the prior year. For the full year 2024, GAAP net loss was $19 million compared to a loss of $51 million in 2023. Adjusted EBITDA of $100 million for the fourth quarter increased 16% year over year.

2024 年第四季的 GAAP 淨收入為 1,900 萬美元，而去年同期的淨虧損為 1,400 萬美元。2024 年全年，GAAP 淨虧損為 1,900 萬美元，而 2023 年的虧損為 5,100 萬美元。第四季調整後 EBITDA 為 1 億美元，較去年同期成長 16%。

The adjusted EBITDA margin of 41% reflects continued investment in the business and slightly higher revenue mix from provider solutions, which continues to account for approximately 70% of the revenue for the full year 2024.

調整後的 EBITDA 利潤率為 41%，反映了對業務的持續投資以及來自提供者解決方案的收入結構略有增加，這部分收入仍將佔 2024 年全年收入的約 70%。

On a full year basis, adjusted EBITDA was $383 million reflecting a 40.6% margin. This is in line with our long-term target of approximately 40%. On December 30, we repriced the full $1.2 billion of first lien debt, lowering our rate by 50 basis points to sour plus 225, which we expect will save us $6 million of interest expense annually.

全年調整後的 EBITDA 為 3.83 億美元，利潤率為 40.6%。這與我們約 40% 的長期目標一致。12 月 30 日，我們對全部 12 億美元的第一留置權債務進行了重新定價，將利率下調 50 個基點至 SOR 加 225，我們預計此舉每年將為我們節省 600 萬美元的利息支出。

We also increased our unused revolver capacity to $400 million and lowered its rate to sour $175. On a trailing 12-month basis, our net debt to adjusted even leverage ratio is 2.8 times, which decreased by approximately a quarter of a turn in Q4.

我們也將未使用的循環信貸容量增加到 4 億美元，並將其利率降低到 1.75 億美元。在過去 12 個月中，我們的淨債務與調整後槓桿率的比率為 2.8 倍，在第四季度下降了約四分之一。

Primarily from the $55 million increase in our cash balance in the quarter to $182 million at year end. Unlevered free cash flow was $80 million in the fourth quarter of 2024. For the year, unlevered free cash flow was $265 million up over $40 million compared to 2023.

主要是因為本季我們的現金餘額增加了 5,500 萬美元，到年底已達到 1.82 億美元。2024 年第四季無槓桿自由現金流為 8,000 萬美元。全年無槓桿自由現金流為 2.65 億美元，較 2023 年增加 4,000 萬美元。

The strong cash flows in the second half of the year brought the 2024 EBITDA to unlevered free cash flow conversion to 69%. Which aligns with our 70% long term target. Our capital allocation priorities remain the same and may start to sound very familiar. We expect to continue to deliver the balance sheet targeting approximately one turn a year.

下半年強勁的現金流使2024年EBITDA轉換成無槓桿自由現金流的比率達到69%。這與我們 70% 的長期目標一致。我們的資本配置重點保持不變，而且聽起來可能非常熟悉。我們期望繼續實現每年約一次的資產負債表週轉目標。

We continue to invest in the business to drive sustainable top line growth and we will continue to look at opportunities for in organic growth based on our disciplined acquisition criteria. Turning to 2025 guidance, we expect revenue of $1 billion to [$116 million] (sic - see SEC filings "$1.0 billion and $1.016 billion") which is above the approaching $1 billion preliminary target we provided on the Q3 call.

我們將繼續對業務進行投資，以推動可持續的營收成長，並將繼續根據嚴謹的收購標準尋找有機成長的機會。談到 2025 年的指引，我們預計收入為 10 億美元至 [1.16 億美元]（原文如此 - 參見 SEC 文件“10 億美元和 10.16 億美元”），高於我們在第三季度電話會議上提出的接近 10 億美元的初步目標。

At the midpoint, this represents 7% full year growth over 2024 and 10% on a normalized basis. In 2024, we had. Very strong growth. Outperforming our long term low double-digit target for the reasons previously discussed. Historically, our solutions take months and for larger clients over a year from contract signing to full revenue realization.

中間值表示，2024 年全年成長率為 7%，標準化成長率為 10%。2024年，我們做到了。成長非常強勁。由於前面討論過的原因，我們的長期低兩位數目標已經超越。從歷史上看，我們的解決方案從簽訂合約到完全實現收入需要數月時間，對於較大的客戶則需要一年以上的時間。

In 2024 we onboarded those impacted clients in days, resulting in near full realization of the contract in the first month.Normalizing for the timing benefit recognized in 2024 that would have occurred in 2025, we expect 10% revenue growth based on the midpoint of our 2025 guidance compared to 7% on an as reported basis.

2024 年，我們在幾天內就接納了這些受影響的客戶，從而在第一個月就幾乎完全實現了合約。

We also expect annual volume growth for 2025 to be consistent with the 1% to 2% our client base has historically experienced, recognizing annual growth rates were higher in 2024.

我們也預計 2025 年的年銷售成長將與我們客戶群歷史上經歷的 1% 至 2% 保持一致，並認識到 2024 年的年增長率更高。

While we do not provide quarterly guidance, please note the following two items. We expect the faster time to revenue previously noted, to continue generating a higher year over year quarterly growth rate for the first half of 2025, most notably in Q1.

雖然我們不提供季度指導，但請注意以下兩點。我們預計，先前提到的更快的收入實現時間將在 2025 年上半年繼續產生更高的同比季度成長率，尤其是在第一季。

As such, we would expect the as reported quarterly growth rates for the first and second quarter of 2025 to be above the overall 7% full year rate at guidance midpoint. This also means we expect the percentage of total revenue for the year generated in the first half of 2025 to be slightly higher than the approximately 49% we experienced in 2024.

因此，我們預計 2025 年第一季和第二季的季度成長率將高於指導中位數的全年 7% 的整體成長率。這也意味著我們預計 2025 年上半年產生的全年總收入百分比將略高於 2024 年的約 49%。

As we have mentioned on prior calls, there exists seasonality within the 30% of revenue associated with patient payments processed on our software platform. Specifically, revenue dollars tend to be higher in the first half of the year compared to the second half. As patients with high deductible plans see those deductibles reset annually and typically achieve those deductibles in the latter portion of the year.

正如我們在之前的電話會議中提到的那樣，在我們的軟體平台上處理的患者支付相關的 30% 的收入存在季節性。具體而言，上半年的收入往往高於下半年。對於擁有高免賠額計劃的患者來說，這些免賠額每年都會重置，並且通常會在每年下半年達到這些免賠額。

We expect a similar shaping of patient payments revenue in 2025 is 2024. So, we would not expect this to meaningfully impact quarterly, year over year growth rates. We have set adjusted EBITDA guidance to a range of $399 million to $407 million equating to an adjusted EBITDA margin of 40%. Our expectations for adjusted EBITDA continue to include investments in software development, including generative AI.

我們預計，2025 年和 2024 年患者支付收入的情況將類似。因此，我們預計這不會對季度和同比成長率產生重大影響。我們已將調整後的 EBITDA 指引設定為 3.99 億美元至 4.07 億美元之間，相當於調整後的 EBITDA 利潤率為 40%。我們對調整後的 EBITDA 的預期繼續包括對軟體開發（包括生成式人工智慧）的投資。

Cybersecurity initiatives and go to market excellence. Additionally, we expect cost of revenue as a percentage of revenue to remain consistent with 2024. Finally, we adjusted our non-GAAP net income and non-GAAP EPS calculations to add back intangible amortization in an effort to better align with the majority of our peers.

網路安全措施和市場卓越性。此外，我們預期收入成本佔收入的百分比將與 2024 年保持一致。最後，我們調整了非公認會計準則淨收入和非公認會計準則每股收益計算，以添加無形資產攤銷，以便更好地與大多數同業保持一致。

For 2025 we expect non-GAAP net income to be in the range of $237 million to $243 million. Equating to non-GAAP EPS of $1.29 to $1.32. At the midpoints, these ranges represent 41% and 19% growth over 2024 respectively, with non-GAAP EPS having a full year of dilution from our June 2024 [IPO]. We are ready to answer your questions.

我們預計 2025 年非 GAAP 淨收入將在 2.37 億美元至 2.43 億美元之間。相當於非 GAAP 每股收益為 1.29 美元至 1.32 美元。從中間值來看，這些範圍分別代表著 2024 年 41% 和 19% 的成長，而非 GAAP EPS 從 2024 年 6 月 [IPO] 開始整整一年的稀釋。我們已準備好回答您的問題。

(Operator Instructions)

（操作員指令）

Anne Samuel, JP Morgan.

摩根大通的安妮‧塞繆爾 (Anne Samuel)。

Hi, thanks so much for the question and congrats on a great quarter. In the fourth quarter heading into the fourth quarter, you had said that you were expecting, the volume-based revenue to see a seasonal drop off just due to deductibles rolling off, but your performance is still, really strong despite that.

你好，非常感謝您的提問，並祝賀您本季度取得了出色的成績。在進入第四季度時，您曾說過，預計基於數量的收入將因免賠額的減少而出現季節性下降，但儘管如此，您的業績仍然非常強勁。

So I was hoping maybe you could just talk about the dynamics of what's happening around utilization and your volume-based revenue and how do we reconcile that with maybe the more normalized rate that you're expecting in 2025.

所以我希望您能談談利用率和基於數量的收入的動態，以及我們如何將其與您預期的 2025 年更正常化的比率相協調。

Yeah, thanks Anne. This is Steve. We actually did see if you look at sequentially quarter over quarter, Q4 versus Q3, a decline in the volume-based revenue specific to the patient payments business which we had expected. That said, the decline was less than we had initially expected based on the timing of when we would expect patients to hit their deductibles. So, well, we don't have perfect Information.

是的，謝謝安妮。這是史蒂夫。實際上，如果按季度環比來看，第四季度與第三季度相比，我們確實看到，患者支付業務的基於數量的收入出現了下降，這是我們預期的。儘管如此，根據我們預期患者達到免賠額的時間，下降幅度低於我們最初的預期。所以，我們並沒有完美的訊息。

Our belief at this point in time is we're seeing a larger swath of patients utilizing the system and therefore not having hit those that were utilizing it, either not having hit the deductibles or as many patients hitting the deductibles.

我們目前的看法是，我們看到越來越多的患者使用該系統，因此沒有達到那些正在使用該系統的患者，要么沒有達到免賠額，要么有很多患者達到了免賠額。

So, when we think about it from a timing perspective and a utilization, I think that's why we saw a better performance there in the fourth quarter than we otherwise would have expected and transparently have otherwise seen in the prior 2 to 3 years.

因此，當我們從時間角度和利用率來考慮時，我認為這就是為什麼我們在第四季度的表現比我們預期的要好，而且顯然比前 2 到 3 年的表現要好。

The second part of your question, I think pertained to what we expect from a volume basis in 2025, versus 2024. and we recognize, 2024 was a strong year. We do expect continued growth. Over the 2024 baseline in '25, but we expect that back at what we've traditionally seen, which is then within that 1% to 2% annual growth over the prior year versus the higher growth rates we saw in 2024 from a utilization perspective.

我認為，您問題的第二部分涉及我們對 2025 年與 2024 年相比的交易量預期。我們確實預計成長將繼續。超過 2025 年的 2024 年基線，但我們預計它會回到我們傳統上看到的水平，即比上一年增長 1% 到 2%，而從利用率的角度來看，2024 年的增長率更高。

Elizabeth Anderson, Evercore.

伊麗莎白·安德森，Evercore。

Hi guys, thanks so much for the question. Can you help us, give us an update, one on the direct connectivity that you're seeing with payers, and then two, can you just, maybe help us quantify some of the M&A contribution and sort of how you think about the sort of contribution maybe from Health pay and all of AI assume that was pretty small, but I just want to make sure I'm teeing it up vis a vis the graph that you had in the presentation.

大家好，非常感謝您的提問。您能否幫助我們，為我們提供最新信息，一是您看到的與付款人的直接聯繫，二是您能否幫助我們量化一些併購貢獻，以及您如何看待來自健康支付和所有人工智能的貢獻，假設這些貢獻非常小，但我只是想確保我將其與您在演示中的圖表進行比較。

Thank you, Elizabeth. This is Matt. Let me take the first question about our work and effort to expand our network even further than it already is with direct connections to an incremental number of payers, particularly those that were previously exclusive with another clearinghouse. And what I'd say is that work continues.

謝謝你，伊麗莎白。這是馬特。讓我來回答第一個問題，有關我們的工作和努力，即進一步擴大我們的網絡，直接連接越來越多的付款人，特別是那些以前與其他清算所獨家連接的付款人。我想說的是，這項工作仍在繼續。

We're very focused on using modern technical protocols to ensure that Waystar's software platform and The network is directly connected to these payers. We think that helps make health care better for certainly providers, also to payers, and ultimately patients.

我們非常注重使用現代技術協議來確保 Waystar 的軟體平台和網路直接與這些付款人連結。我們認為這有助於為醫療服務提供者、付款人以及最終患者提供更好的醫療服務。

So, this work is ongoing. We're pleased with the progress that we continue to make and have a dedicated team focused on building out this expansive network. And then I'll turn it to Steve for the second part of your question.

所以，這項工作正在進行中。我們對不斷取得的進展感到高興，並擁有一支專門的團隊致力於建立這個廣泛的網路。然後我將把問題的第二部分交給史蒂夫。

Yeah, Elizabeth, I assume you're speaking to slide 13 if I'm remembering correctly, the investor deck presentation we put out there and what we are the intent of this new slide is to illustrate the growth rates, the actual growth rates we're reporting versus the normalized growth rate.

是的，伊莉莎白，如果我沒記錯的話，我想你指的是第 13 張投影片，也就是我們發布的投資者簡報，而這張新投影片的目的是為了說明成長率，即我們報告的實際成長率與標準化成長率。

That we expect of low double digit revenue growth annually and as you can see in fiscal 2024, what we've called out as a growth rate versus 23%, about 3% of that year over year growth was attributed to having a full year of revenue from those two acquisitions in 2024 versus partial year in 2023.

我們預計每年的收入將保持低兩位數成長，正如您在 2024 財年所看到的，我們所說的成長率與 23% 相比，同比成長的約 3% 歸因於 2024 年這兩次收購的全年收入，而不是 2023 年的部分收入。

I think if we speak down, taking it may be a step further into How those two acquisitions impacted our adjusted EBITDA margin, I will say that we're still in the process of finalizing those integrations and believe that we will have continued opportunity to expand the overall margins from those businesses we as we've talked about in the past.

我認為，如果我們降低價格，可能會​​更進一步了解這兩次收購如何影響我們的調整後 EBITDA 利潤率，我會說我們仍處於完成這些整合的過程中，並相信我們將繼續有機會擴大我們過去談到的這些業務的整體利潤率。

Our intent from an acquisition is to take all of the software we've acquired and those clients and move them onto our single Waystar platform that generally takes a little bit longer in the cycle, and we would expect to continue the vast majority of or sorry, complete the vast majority of that work here in 2025.

我們收購的目的是將我們收​​購的所有軟體和客戶轉移到我們的單一 Waystar 平台上，這通常需要更長的周期，我們預計將在 2025 年繼續完成絕大多數工作，或者說抱歉，完成絕大多數工作。

So, we believe it has some of those initiatives that we generally talk about of where we look to improve our overall cost profile in order to allow us to invest in it in other areas of the business. We believe that that's an opportunity in '25 to help us improve the overall cost profile while allowing us to invest in other areas of the business.

因此，我們相信它具有我們通常談論的一些舉措，我們希望改善我們的整體成本狀況，以便我們能夠在業務的其他領域進行投資。我們相信，這是25年的一個機會，可以幫助我們改善整體成本狀況，同時讓我們能夠投資於業務的其他領域。

Richard Close, Canaccord Genuity.

Canaccord Genuity 的 Richard Close。

Yes, congratulations and thanks for the question. Matt. Obviously a lot of unknowns on what policy and funding changes are going to come out of DC. I just want, Medicaid specifically maybe the ACA, but how are you thinking about how Waystar is position, any potential headwinds for your clients? Maybe tailwinds, but just getting your perspectives on that would be helpful and impact to purchasing decisions, impact the volumes and such.

是的，恭喜你，也謝謝你的提問。馬特。顯然，華盛頓將推出哪些政策和資金變化仍有許多未知數。我只是想要，醫療補助，特別是 ACA，但您如何看待 Waystar 的立場，對您的客戶是否有任何潛在的阻力？也許是順風，但僅僅了解您對此的看法就會有所幫助，並會影響購買決策、影響數量等等。

Okay, well thank you, Richard. It's good to hear from you. I'd say a couple of foundational things. First, we believe Waystar. Our software, our purpose really does transcend any political environment or administration.

好的，非常感謝，理查德。很高興收到你的來信。我想講一些基本的事情。首先，我們相信 Waystar。我們的軟體、我們的目標確實超越了任何政治環境或政府。

We work with over a million providers across every care setting, as and we connect them to all of the commercial payers as well as the different government payers, Medicare and Medicaid as you referenced. We monitor things very closely in Washington DC and what we would say is that That we don't foresee anything on the horizon that would negatively impact our business model rather.

我們與各個護理領域的數百萬供應商合作，並將他們與所有商業付款人以及不同的政府付款人（如您提到的醫療保險和醫療補助）聯繫起來。我們在華盛頓特區密切關注事態發展，我們可以說的是，我們預計未來不會發生任何會對我們的商業模式產生負面影響的事件。

We actually think favorably we can be positioned to be helpful. We know that there's a tremendous focus on eliminating wasteful spending and using technology solutions to drive improvement. And that's core to Waystar's mission. That's central to the return on investment that we're able to deliver to the providers we work with.

我們實際上認為我們可以處於能夠提供幫助的位置。我們知道，人們非常重視消除浪費性支出並利用技術解決方案來推動改善。這正是 Waystar 使命的核心。這對我們能夠為合作供應商帶來的投資回報至關重要。

As you also know, our software platform is based on modern technology, and we're able to deliver hundreds and hundreds of feature improvements. Each quarter and so you know that allows us to be able to navigate and be agile and move quickly to meet the needs of providers in any environment.

如您所知，我們的軟體平台基於現代技術，我們能夠提供數以百計的功能改進。每個季度，您知道，這使我們能夠導航、靈活並快速行動，以滿足任何環境中提供者的需求。

But what I affirm is that we do see, generally speaking, since 1960 healthcare expenditures have increased on a compound annual growth rate of about 9% a year. We think that providers in this environment, I think, carrying over from '24 providers will be very focused on how they do more and see more patients as patient visits uptick.

但我可以肯定的是，總體而言，自 1960 年以來，醫療保健支出的複合年增長率約為 9%。我們認為，在這種環境下，我認為從『24』提供者傳承下來的提供者將非常專注於隨著患者就診量的增加，他們如何做更多的事情並接待更多的患者。

As Steve highlighted with the same resources or less, and so they're going to expect operating efficiency. They want to be able to get more from their solutions, so they're focused on smart IT spend. They're focused on how we can possibly use AI and cybersecurity to address utilization and address efficiency gain, and I think that's where the Was the value of what we deliver to providers really does kick in nicely.

正如史蒂夫所強調的那樣，他們使用相同或更少的資源，因此將期待營運效率。他們希望能夠從他們的解決方案中獲得更多，因此他們專注於明智的 IT 支出。他們專注於如何使用人工智慧和網路安全來解決利用率和提高效率的問題，我認為這就是我們向供應商提供的產品的價值真正發揮作用的地方。

We know that as we look into this market, that 75% of providers cite an actual increase in their expected IT spend based on smart focused solutions and an expectation for a return on investment. And so we don't see, we see that as an opportunity for Waystar as we look ahead.

我們知道，當我們研究這個市場時，75% 的供應商表示，基於智慧解決方案和對投資回報的預期，他們的預期 IT 支出實際上有所增加。因此，我們認為，展望未來，這對 Waystar 來說不是一個機會。

Jared has been with William Blair and Company. JPY is now open.

賈里德 (Jared) 曾在威廉布萊爾公司 (William Blair and Company) 工作。JPY現已開放。

Hey, good morning. This is Jared on for Ryan Daniels. Thanks for taking our questions and congrats on all the momentum. I was just curious, and Matt, I think you alluded to some of this a second ago just in terms of some of the priorities for hospitals.

嘿，早安。這是 Jared 為 Ryan Daniels 主持的節目。感謝您回答我們的問題，並祝賀您取得的所有進展。我只是很好奇，馬特，我想你剛才提到了醫院的一些優先事項。

But maybe just to put a fine point on the demand environment. I'm curious if you're seeing any particular products or solution areas in your platform resonate more meaningfully than others today. Or is the consumption of, newer products and modules broader based across the platform and then in terms of, beginning 2025.

但也許只是為了強調需求環境。我很好奇，您是否發現您平台中的某些特定產品或解決方案領域比其他產品或解決方案領域產生了更有意義的共鳴。或者是，新產品和模組的消費更廣泛地基於整個平台，然後從 2025 年開始。

hear anything incremental that you're seeing in the market in terms of hospital priorities, how they're ranking their investment needs, I assume rev cycle is still top of mind for a lot of people, but any shifting priorities across different, kind of more specific solution areas would be interested to hear any color you have there.

聽聽您在市場上看到的任何關於醫院優先事項的增量，他們如何排名他們的投資需求，我認為收入周期仍然是很多人最關心的問題，但是任何跨不同、更具體的解決方案領域的優先事項的變化，我都很想听聽您在這方面的具體情況。

Thanks, Jared, and please give Brian our best as well. We do see strong demand as we begin 2025, as we've highlighted, we do expect volumes by patient visits to increase and more and more utilization of the system. We note that. Hospitals expect utilization and patient visits to increase. We see ambulatory volume sustaining and modestly increasing as well.

謝謝您，Jared，請也代我們向 Brian 致以最美好的祝愿。正如我們所強調的，在 2025 年伊始，我們確實看到了強勁的需求，我們確實預計患者就診量將會增加，並且系統的利用率也會越來越高。我們注意到了這一點。醫院預計利用率和患者就診量將會增加。我們看到門診量維持穩定並略有增加。

As we stay close to provider decision makers and are active in the market, we again note that decision makers are expected to do more with the same resources or less, with an emphasis on efficiency and operating margin.

當我們與供應商決策者保持密切聯繫並積極參與市場時，我們再次注意到，決策者有望利用相同或更少的資源做更多的事情，並專注於效率和營業利潤率。

And I'd also highlight that, an important part of the recent national conversation seems to be about the negative impact of denied claims and burden that it creates in these organizations. We know that there are about $450 million claims denied in any given year, and these organizations are spending $20 billion to Follow up and appeal these denied claims and so that that burdens and creates inefficiency in the system.

我還要強調的是，最近全國討論的一個重要部分似乎是關於索賠被拒絕以及由此給這些組織造成的負擔所帶來的負面影響。我們知道，每年大約有 4.5 億美元的索賠被拒絕，而這些組織要花費 200 億美元來跟進和上訴這些被拒絕的索賠，這增加了系統的負擔並導致效率低下。

Your question about well what Waystar software modules on the Waystar software platform are most relevant. What we highlighted in our earnings call transcript was those types of things that prevent denied claims from even occurring.

您的問題是關於 Waystar 軟體平台上的哪些 Waystar 軟體模組最相關。我們在收益電話會議記錄中強調的是那些可以防止索賠被拒絕的事情。

So We're leveraging AI across our platform as you've heard us indicate and highlight and increasingly automate to create more efficiency and reduce the likelihood that a claim gets denied in the first place. So our eligibility automation suite is very powerful.

因此，正如您所聽到的，我們在整個平台上利用人工智慧，並不斷提高自動化程度，以提高效率並降低索賠被拒絕的可能性。所以我們的資格自動化套件非常強大。

Our ability to detect insurance coverage for a patient when they may not even know if they have access to coverage is It's good. It's good work, and it's meaningful to patients individually who come to a hospital and may not even know they have access to care. We help providers find that access, but that also in turn reduces the likelihood that a claim gets denied.

當病人甚至不知道自己是否可以獲得保險時，我們能夠檢測出他們的保險覆蓋範圍，這是很好的。這是一項很好的工作，對於那些來到醫院但可能不知道自己可以接受治療的患者來說，這很有意義。我們幫助提供者找到該存取權限，但這反過來也降低了索賠被拒絕的可能性。

Our work around prior authorization automation is also of interest and certainly as we launched in at the start of the year. Leveraging generative AI in the use of appealing denied claims, we have, we see certainly interest in that area of our software as well. I'd say holistically. The ability to bring efficiency to provider organizations is what they want.

我們在事先授權自動化方面的工作也很有趣，當然這是我們在今年年初推出的。利用生成式人工智慧對被拒索賠提出上訴，我們也看到了人們對我們軟體這一領域的興趣。我想說的是整體而言。他們想要的是為提供者組織帶來效率的能力。

They want increasingly a platform approach, and we start the year with our with our approach to our go to market efforts in the face of what we see as the demand environment looking like. We start the year with a more robust pipeline in 2025 than we did in 2024, so we're encouraged and have a sense of momentum that we carry forward from 2024 into '25.

他們越來越想要一種平台方法，面對我們所看到的需求環境，我們在今年年初就採取了我們的行銷方法。我們以 2025 年比 2024 年更強大的產品線開啟新的一年，因此我們感到很受鼓舞，並且有一種從 2024 年延續到 2025 年的勢頭。

Adam Hotchkiss, Goldman Sachs.

高盛的亞當‧霍奇基斯（Adam Hotchkiss）。

Great, thanks so much for taking the question, Matt. I just wanted to dig a little deeper on the 30% of change related customers pursuing cross sell opportunities beyond remittance and claims. Could you just elaborate a little bit more on which pieces of the platform customers are most interested in and then maybe for Steve how you're embedding that into the guidance of it all here. Thanks so Much.

太好了，非常感謝您回答這個問題，馬特。我只是想深入了解 30% 的與變更相關的客戶，他們在匯款和索賠之外尋求交叉銷售機會。您能否更詳細地說明一下客戶對平台的哪些部分最感興趣，然後也許向史蒂夫介紹一下您是如何將其嵌入到所有這些的指導中的。非常感謝。

Thanks Adam. As we noted in previous calls, it just would kind of summarize here, we've had over 30,000 providers join the Waystar software platform due to this cyberattack on a competitor of ours, and we indicated that most would begin to establish as we normally do, an enduring relationship with clients.

謝謝亞當。正如我們在之前的電話會議中提到的那樣，這裡只是總結一下，由於我們競爭對手遭受的網路攻擊，已有超過 30,000 家供應商加入了 Waystar 軟體平台，我們表示，大多數供應商將像往常一樣開始與客戶建立持久的關係。

They've signed a typical Waystar agreement. And as we highlighted here this morning, about 30% of those are already engaged in exploring additional software modules on the Waystar software platform. As you'll recall, we have dedicated go to market teams who are fantastic and productive and are having these types of conversations with those.

他們簽署了一份典型的 Waystar 協議。正如我們今天早上所強調的那樣，其中約 30% 已經參與探索 Waystar 軟體平台上的其他軟體模組。您可能還記得，我們​​擁有專門的行銷團隊，他們非常出色且高效，並且正在與他們進行此類對話。

That were impacted those providers that join us that were impacted by this cyberattack. We don't disclose this. Specific modules that they are focused on using but we will say that it's consistent with what we see across our broader base of clients from a cross sell upsell perspective they are focused on.

與我們一起受到此網路攻擊影響的供應商也受到了影響。我們不會透露此事。他們專注於使用的特定模組，但我們會說，從他們關注的交叉銷售追加銷售角度來看，這與我們在更廣泛的客戶群中看到的情況一致。

Incrementally using our software believing that there's this compounding benefit as more and more of our software modules are used and the themes are consistent automation, efficiency, anything that will help prevent a denial or rapidly help them follow up and appeal when a claim does get denied.

逐步使用我們的軟體，相信隨著越來越多的軟體模組被使用，將會帶來複合效益，其主題是一致的自動化、效率，以及任何有助於防止拒絕或在索賠被拒絕時迅速幫助他們跟進和上訴的東西。

They're also focused on holistically looking at the clearinghouse part of the business and seeing what intelligence can be derived from. Understanding the claims reimbursement process and superimposing that on patient payments and what can we do to bring more intelligence there, so we have a number of these providers that are also evaluating our patient payment solutions.

他們也專注於全面審視業務的清算所部分並了解可以從中獲得哪些情報。了解索賠報銷流程並將其疊加在患者付款上，以及我們可以做些什麼來帶來更多的智能，因此我們有許多提供者也在評估我們的患者付款解決方案。

And we're encouraged again by the momentum that we carry into 2025 with that alternative to Steve for the second part of your question, Adam. And would you repeat that question actually?

亞當，對於你問題的第二部分，我們有了史蒂夫的替代者，我們對進入 2025 年的勢頭再次感到鼓舞。您實際上會重複這個問題嗎？

Yeah, the question was about how we factored in the cross sell upsell into our guidance for 2025.

是的，問題是我們如何將交叉銷售追加銷售納入我們的 2025 年指引範圍。

Yeah, so, yeah, Adam, as you're aware, we and we talked about in the prepared comments, we have a net revenue retention rate for the fourth quarter of 110% over the past several years. It's been between 108% and 110% and one of those components to that is cross sell. And as we look at the opportunities, we look at it from a broad perspective, not specific just to these clients that we're bringing on there.

是的，亞當，正如你所知，我們在準備好的評論中談到，過去幾年第四季的淨收入保留率為 110％。這個比例一直在 108% 到 110% 之間，其中一個組成部分就是交叉銷售。當我們審視這些機會時，我們會從廣闊的視角來看待它，而不是只針對我們引入的這些客戶。

So, we have considered them, within the overall aspect of the op opportunity. And revenue that we would expect to derive from cross sells into the existing client base in 2025. I will provide one additional metric that I think I mentioned in a prior setting.

所以，我們從整體的營運機會角度考慮了這些因素。我們預計 2025 年將從對現有客戶群的交叉銷售中獲得收入。我將提供一個我認為我在之前提到的額外指標。

That is, as we start any year we historically have about 98% of that year's revenue already under contract with existing clients and existing solutions at the beginning of the year. It doesn't mean that they're they're all fully implemented and up to revenue realization. Some of that could exist in backlog, but we feel really good about the visibility of the opportunity for the.

也就是說，從歷史上看，在任何一年開始時，我們就已經與現有客戶和現有解決方案簽訂了該年約 98% 的收入合約。這並不意味著它們都已完全實施並實現了收入。其中一些可能存在積壓，但我們對此機會的可見性感到非常滿意。

Revenue and the guidance that we're providing based on that recognizing that 2024 was a little different with the numerous clients that we brought on as a result of the competitor cyberattack and I can just give a as a as a data point there looking at 2024, what was historically had been a 98% figure that I just provided, that number from 2024 was about 95%.

收入和我們提供的指導是基於這一點，認識到 2024 年的情況略有不同，因為我們因競爭對手的網路攻擊而帶來了眾多客戶，我可以給出一個數據點，看看 2024 年，我剛才提供的歷史數字是 98%，而 2024 年的數字約為 95%。

George Hill, Deutsche Bank.

德意志銀行的喬治·希爾。

Hey, good morning guys, and thank you for taking the question. I guess Matt and Steve, I'm going to ask the product question a slightly different way. And as we look at the 2025 guide, I mean, I recognize that you guys have a 110% NRR, so that kind of that kind of captures basically most of the growth for 2025.

嘿，大家早安，感謝你們回答這個問題。我想馬特和史蒂夫，我將以稍微不同的方式詢問產品問題。當我們查看 2025 年指南時，我的意思是，我認識到你們的 NRR 為 110%，所以這種做法基本上可以捕捉到 2025 年的大部分增長。

Steve, I was wondering if you might talk about like if we thought about it as new footprint growth versus wallet share gains versus core growth, which is just I'll call that the volume and price mix of healthcare.

史蒂夫，我想知道您是否可以談談，如果我們將其視為新足跡增長與錢包份額增長與核心增長，我將其稱為醫療保健的數量和價格組合。

Would love it if you could attribute the 2025 revenue growth in those three buckets. And then I'd love it if you could just comment for a second on what you guys are seeing in patient credit quality and are you guys seeing any erosion there like patient payable stays extending or anything like that Thank you.

如果您能將 2025 年的營收成長歸因於這三個方面，那將非常感謝。然後，如果您可以稍微評論一下您們對患者信用品質的看法，以及您是否看到任何侵蝕現象，例如患者應付住宿時間延長或類似情況，我會很高興的。

Yeah, let me just indicate, while we don't necessarily talk about specific software modules of ours, as we are, we start the year with pursuit into a very large addressable market opportunity. We have a very focused sales organization for that that covers the ambulatory opportunity as well as the health system opportunity.

是的，我只想指出，雖然我們不一定會談論我們的特定軟體模組，但我們在年初就開始尋求一個非常大的潛在市場機會。我們有一個非常專注的銷售組織，涵蓋門診機會以及醫療系統機會。

We believe that right now is a very important time just given the momentum that we're establishing for our software to be relevant and meaningful to the to the clients who we serve and Steve, I'll turn it to you for the second part of the question, yeah.

我們相信，現在是一個非常重要的時刻，因為我們正在為我們的軟體建立勢頭，以便它與我們服務的客戶息息相關且有意義，史蒂夫，我將把問題的第二部分交給你，是的。

I appreciate the question, George Hill. We don't provide specific indications on what you're asking for and breaking down a little bit more the cross-sell opportunity versus specifically some other aspects. What I can do is maybe I'll just reiterate, and I know we've talked about it in the past, sort of the bridge to. From gross revenue retention to net revenue retention and hopefully we can give a little context there that would be helpful.

我很感謝喬治·希爾提出這個問題。我們不會就您的要求提供具體指示，也不會對交叉銷售機會與其他方面進行更深入的細分。我能做的就是重申一下，我知道我們過去曾談論過這個問題，這是一種橋樑。從總收入保留到淨收入保留，希望我們可以提供一些有用的背景資訊。

We have over the past several years started with a very strong gross retention rate of approximately 97%. And then as you indicated, to bridge to net revenue retention, it's a component or a combination of price increases, volumes, and cross sell.

過去幾年來，我們的總留存率一直非常高，約為 97%。然後正如您所說，為了實現淨收入保留，它是價格上漲、銷售和交叉銷售的組成部分或組合。

For the fourth quarter we specifically commented that the 110%, which is on the high side of the 108% to 110% we've experienced for the past three years, was primarily due to continued higher volumes which at its core are derived from patient visits to healthcare providers.

對於第四季度，我們特別指出，110% 的增幅高於過去三年的 108% 至 110%，這主要是由於診療量持續增加所致，而診療量的核心在於患者對醫療服務提供者的就診量。

That said, in prior years sometimes the cross sell was the component that was driving the overall, net revenue retention rate of between 108% or 110%, and during the period where CPI was higher. Obviously, price increases were probably a leading driver out of those three components.

儘管如此，在前幾年，有時交叉銷售是推動整體淨收入保留率達到 108% 或 110% 之間的因素，並且在 CPI 較高的時期。顯然，價格上漲可能是這三個因素中的主要驅動因素。

We like the fact that we have 4 components that allow us the ability to maintain a consistently high NRR while not having to be. Overly reliant on any one of them and I guess I'll also add, we did include a new slide in in the IR deck this this quarter.

我們喜歡這樣一個事實：我們有 4 個組件，它們使我們能夠維持持續較高的 NRR，但又不必如此。過度依賴其中任何一個，我想我還要補充一點，我們確實在本季度的 IR 平台中加入了一張新的幻燈片。

I think it's slide 5 that kind of breaks down the components of revenue between subscription revenue and volume-based revenue because we have, I think we've mentioned the word volume on this call so far, a lot, so I would like to take. The moment to remind everybody that we consistently over the past 3 years derived 50% of our revenue based on subscription revenue which we like very much as well.

我認為幻燈片 5 將收入的組成部分分為訂閱收入和基於數量的收入，因為我們到目前為止已經在這次電話會議上多次提到了數量這個詞，所以我想藉此機會談談。現在要提醒大家的是，在過去 3 年裡，我們總是有 50% 的收入來自訂閱收入，我們也非常喜歡這一點。

I'd also note that we have high visibility to the volume side of our business and just affirm our outlook. You'd ask a question about patient credit and we don't, we won't comment on that at this time.

我還要指出的是，我們對業務量方面有很高的可見性，並確認了我們的前景。您可能會問有關患者信用的問題，但我們不會，目前我們不會對此發表評論。

Brian Peterson, Raymond James.

布萊恩彼得森、雷蒙詹姆斯。

Yeah, thank you. Good morning. This is Jonathan to carry on for Brian. Thanks for taking the question. So, we heard last quarter about Waystar being invited to the table and increasingly complex RFPs. So just curious, has that traction with larger and more complex systems and providers picked up in 2025?

是的，謝謝。早安.這是喬納森，他將接替布萊恩的工作。感謝您回答這個問題。因此，我們在上個季度聽說 Waystar 被邀請參加談判並且 RFP 越來越複雜。所以只是好奇，到 2025 年，更大、更複雜的系統和提供者的吸引力是否會增強？

I know you noted a stronger pipeline this year than last, so just curious if a $100,000 deal is becoming a larger portion of the pipeline than historically is a trend that you all are seeing. Thank you.

我知道您注意到今年的頻道比去年更強大，所以很好奇 10 萬美元的交易是否比歷史上更能成為頻道中更大的一部分，這是大家都看到的趨勢。謝謝。

Thank you, Jonathan. We don't necessarily unpack or go into the details within our pipeline. What we would say is that we're seeing nice momentum in hospitals and health systems which tend to be larger opportunities.

謝謝你，喬納森。我們不一定要在我們的管道內解開或深入細節。我們想說的是，我們看到醫院和衛生系統呈現出良好的發展勢頭，這往往意味著更大的機會。

We also are seeing strong momentum on the ambulatory side of our business, and I just would emphasize once again that we start the year in 2025 with a strong pipeline of opportunity again higher than it was at the start of 2024. We have a sense of momentum. We've also, we highlighted in our transcript. Recent client satisfaction scores from third party surveys and industry.

我們也看到了業務門診方面的強勁勢頭，我只想再次強調，我們在 2025 年開年時就擁有強大的機會管道，比 2024 年初更高。我們有一種動力感。我們也在成績單中進行了強調。來自第三方調查和行業的最新客戶滿意度得分。

Folks that cover revenue cycle in particular and we're really pleased and encouraged by the client advocacy that we're generating, and we utilize that in our go to market work as we engage with prospects and clients. And we built a nice library, so to speak, of case studies and relevant examples that we use to introduce to prospects and clients as they evaluate the return on investments, they can achieve utilizing the Waystar software platform.

特別是涉及收入週期的人員，我們對我們正在產生的客戶宣傳感到非常高興和鼓舞，並且在我們與潛在客戶和客戶接觸的市場工作中利用了這一點。我們建立了一個很好的案例庫和相關範例，用於向潛在客戶和客戶介紹他們可以利用 Waystar 軟體平台實現的投資回報。

We start the year focused on just executing our plan and we feel good about the brand awareness and recognition and the sense of trust that we've been able to establish in '24 and all those things carry forward with us in our sales discussions and conversations with clients.

我們在新的一年專注於執行我們的計劃，我們對我們在24年建立的品牌知名度和認知度以及信任感感到滿意，所有這些東西都在我們的銷售討論和與客戶的對話中延續下來。

Allen Lutz, Bank of America.

美國銀行的艾倫·盧茨。

Good morning. Thanks for taking the question. One for Mattew, Steve. The change benefit was flat quarter over quarter. Is there any way to bifurcate between ambulatory and health systems as it relates to the change benefit that you've seen over the past 3 quarters?

早安.感謝您回答這個問題。一份給馬修，史蒂夫。變更收益與上一季持平。就您在過去 3 個季度看到的變化效益而言，是否有辦法區分門診系統和醫療系統？

I would think just taking a step back here, the first type of customer would be on the ambulatory side. They'd be much more willing to move very quickly, and you've talked in the past about a 12 month to 18 month sale cycle for health systems.

我想，退一步來說，第一類顧客應該是在門診。他們更願意迅速採取行動，您過去曾談到過醫療系統的 12 個月到 18 個月的銷售週期。

And so it seems like maybe that opportunity is coming more into you know as a near term opportunity for you or maybe it wasn't before. Is that the right way to think about the benefit that you've seen to date and maybe the benefit opportunity as we look into 2025? Thanks.

因此看起來，也許這個機會對您來說更像是一個近期的機會，或者之前可能不是。這是正確思考您迄今為止所看到的利益以及展望 2025 年的利益機會的方式嗎？謝謝。

Yeah, thanks for the question, Allen. This is Steve. So I think broadly your characterization is the right way to think about it. We did see from that initial the initial client base that was moving a nice mix of both health system and hospital clients as well as ambulatory if we are trying to gauge the majority, I would say that the majority, as you stated was on the ambulatory side.

是的，謝謝你的提問，艾倫。這是史蒂夫。因此我認為從大體上來說，你的描述是正確的思考方式。我們確實從最初的客戶群中看到了這一點，該客戶群既包括醫療系統客戶，也包括醫院客戶，還有門診客戶，如果我們試圖衡量大多數，我會說，正如你所說的，大多數是在門診方面。

I think the other point to talk through is, and as you referenced in prior calls we had talked about. Some of the health system and hospital activity we're starting to see from clients that are potential clients, prospective clients that were either that were able to, sorry, for lack of a better term, weather the storm of the initial hit to their cash flows, that's part of that phase two that we've talked about in the past that we do continue to see as an opportunity in front of us.

我認為要討論的另一點是，正如您在之前的通話中提到的，我們已經討論過。我們開始從潛在客戶那裡看到一些醫療系統和醫院活動，這些潛在客戶要么能夠，抱歉，沒有更好的說法，經受住最初對現金流的打擊，這是我們過去談到的第二階段的一部分，我們確實繼續將其視為擺在我們面前的機遇。

Saket Kalia, Barclays.

Saket Kalia，巴克萊銀行。

Okay great hey guys, thanks for taking my question here nice finish of the year. Matthew, maybe for you just to go back to the pipeline theme a little bit, given the consistent land and expand motion here, how do you kind of think about the pipeline of cross sell into some of those competitive wins that you had in 2024.

好的，太好了，大家好，謝謝你們回答我的問題，祝今年有個美好的結束。馬修，也許您可以稍微回到管道主題上，鑑於這裡一致的土地和擴張動向，您如何看待交叉銷售管道對您在 2024 年取得的一些競爭勝利的影響。

See if maybe relatedly for you, I know you talked about the components of NRR, but maybe directionally, how should we think about NRR in 2025?

看看是否與您相關，我知道您談到了 NRR 的組成部分，但也許從方向上講，我們應該如何看待 2025 年的 NRR？

Yes, so thank you, Saket. Good morning. We, as we do have a land and expand approach where we land with a client. And then we over time expand that relationship. We create enduring long relationships with these clients and so that's something that's a natural part of our business motion and has been for many years.

是的，謝謝你，Saket。早安.我們確實採取了與客戶一起登陸並擴展的方法。然後我們隨著時間的推移擴大這種關係。我們與這些客戶建立了持久的長期關係，這是我們業務發展的自然組成部分，並且多年來一直如此。

The phenomenon that you're speaking to that is unique where we feel good about the again the work that we're doing now with these providers that joined us because they were disrupted by this cyberattack. We, a very natural thing for us to do is to follow up with them. And so as we highlighted on our earnings call earlier in the transcript, approximately 30% are engaged in exploring additional software.

您談到的現像很獨特，我們對現在與這些供應商合作的工作感到非常高興，因為他們在這次網路攻擊中受到了乾擾。我們很自然會做的事情就是跟進他們。正如我們早些時候在財報電話會議上所強調的那樣，大約 30% 的人正在探索其他軟體。

We believe that number will continue to grow and will add software and more usage of our software platform to those providers. As we've seen occur elsewhere across our platform, we know that there's a benefit as providers use more and more of our software.

我們相信這個數字將繼續增長，並將為這些提供者增加軟體並更多地使用我們的軟體平台。正如我們在我們平台的其他地方看到的那樣，我們知道隨著提供者越來越多地使用我們的軟體，將會帶來好處。

We know that there's insight and automation that occurs as more than one of our software modules gets used. For example, if you're using our patient access suite, which again is market leading and also using our clearinghouse you're getting more and more incremental benefit and ROI and so we're having those conversations very actively with our total client base.

我們知道，隨著我們的多個軟體模組被使用，就會產生洞察力和自動化。例如，如果您使用我們市場領先的患者訪問套件並且使用我們的清算所，您將獲得越來越多的增量收益和投資回報率，因此我們正在與我們的整個客戶群非常積極地進行這些對話。

but within the specific client base that you highlighted, the more than 30,000 providers that have been impacted and feel good about the work that we're doing as we start the year.

但在您強調的特定客戶群中，超過 30,000 家供應商受到了影響，並且對我們在年初所做的工作感到滿意。

Yeah, and talking to your second question, this is Steve, just directionally how do we think about it. I appreciate you didn't ask for a specific number since you know we don't give guidance on that metric, but we did, I think, in the prepared comments I can certainly, kind of triangulate a couple of items together that would help you out there and that.

是的，談到你的第二個問題，我是史蒂夫，請問從方向上看我們是如何看待這個問題的。我很感激你沒有要求一個具體的數字，因為你知道我們沒有對這個指標給出指導，但我認為，在準備好的評論中，我當然可以將幾個項目綜合在一起，這對你有幫助。

The net revenue retention rate of 110% for the fourth quarter, we did indicate that it was helped by and driven by the higher continued volumes that we saw over all of 2024 and that. In our guidance for 2025, we see, the year over year volume growth rate, in the, in what we've historically seen that 1% to 2% versus a higher rate here in 2024. So hopefully that's helpful to you.

第四季的淨收入保留率為 110%，我們確實表明，這得益於 2024 年全年持續成長的交易量。在我們對 2025 年的預測中，我們看到，年比銷售成長率，從歷史上看，是 1% 到 2%，而 2024 年的成長率會更高。希望這對你有幫助。

Thank you and I see there are no further questions in the queue at this time, I will not send the call back over to Matthew Hawkins for any closing remarks.

謝謝，我看到此時隊列中沒有其他問題，我不會將電話轉回給馬修霍金斯進行任何結束語。

Thank you, Olivia. We're doing these earnings call from our Utah office this morning, so we're watching the sun come up over the snow-capped mountains, and we think that that's symbolic of how we feel about '25. It always brings light brings joy and opportunity and the sense of conviction of what we're doing. So that's a nice visual as I look out our office window here.

謝謝你，奧莉維亞。我們今天早上在猶他州的辦公室召開財報電話會議，我們看著太陽從白雪皚皚的山峰上升起，我們認為這象徵著我們對 25 年的感受。它總是帶來光明、歡樂、機會和對我們所做之事的信念。當我從辦公室的窗戶向外看時，這是一個美麗的景象。

I want to take just a moment to in this setting to thank our incredible Wayar team members and our hero and remarkable provider clients who we feel so grateful to serve. We're excited about the opportunities ahead of us as you've heard us mention in 2025. We're confident in our ability to execute and deliver strong performance in 2025.

在此，我想花一點時間感謝我們出色的 Wayar 團隊成員以及我們的英雄和卓越的提供者客戶，我們非常感激能為他們服務。正如您所聽到的，我們對 2025 年面臨的機會感到非常興奮。我們對自己在 2025 年的執行能力和取得強勁業績的能力充滿信心。

We reaffirm our target low double digit revenue growth and 40% target around adjusted EBITDA margins and we're just focused on executing. Our game plan this year to build and develop great software and to delight our clients, to build a strong team of people focused on achieving our mission to simplify healthcare payments and feel encouraged by the work that we do.

我們重申我們的目標：低兩位數的營收成長和 40% 左右的調整後 EBITDA 利潤率，我們只專注於執行。我們今年的計劃是建立和開發優秀的軟體並讓客戶滿意，建立一支強大的團隊，專注於實現簡化醫療保健支付的使命，並對我們所做的工作感到鼓舞。

So, thank you all for joining us today. We hope that you have a great day and we'll look forward to being in touch with you.

所以，感謝大家今天的參加。我們希望您度過愉快的一天並期待與您聯繫。

This is con is today's conference call. Thank you for your participation, and you may now disconnect.

這就是今天的電話會議。感謝您的參與，您現在可以斷開連接。