Waystar Holding Corp (WAY) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Waystar third-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Waystar 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Sue Dooley, Vice President of Investor Relations. Please go ahead.

現在我謹將會議交給今天的第一位發言人，投資者關係副總裁蘇·杜利女士。請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining Waystar third-quarter 2025 Earnings Call. Joining me today are Matt Hawkins, Waystar's Chief Executive Officer; and Steve Oreskovich, Waystar's Chief Financial Officer. This afternoon, we issued a press release announcing our financial results and published an accompanying presentation deck. You can find these materials at investors.waystar.com.

謝謝接線生。各位下午好，感謝各位參加 Waystar 2025 年第三季財報電話會議。今天和我一起接受採訪的是 Waystar 的執行長 Matt Hawkins 和 Waystar 的財務長 Steve Oreskovich。今天下午，我們發布了一份新聞稿，公佈了我們的財務業績，並附上了簡報。您可以在 investors.waystar.com 上找到這些資料。

Before we begin, I'd like to remind you that this call contains forward-looking statements, which are predictions or beliefs about future events or performance. 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. For a full discussion of the risks and other factors that may impact these forward-looking statements, please refer to this afternoon's press release and the reports we file with the SEC, all of which are available on the IR page of our website. Any forward-looking statements made on this call are only as of today and will not be updated unless required by law.

在開始之前，我想提醒各位，本次電話會議包含前瞻性陳述，即對未來事件或業績的預測或看法。這些陳述的例子包括對未來財務表現、成長和利潤率的預期。這些聲明涉及諸多風險和不確定性，可能導致實際結果與這些聲明中表達的結果有重大差異。有關可能影響這些前瞻性聲明的風險和其他因素的完整討論，請參閱今天下午的新聞稿和我們向美國證券交易委員會提交的報告，所有這些文件都可以在我們網站的投資者關係頁面上找到。本次電話會議中所做的任何前瞻性陳述僅代表截至今日的觀點，除非法律要求，否則不會更新。

We will also discuss certain non-GAAP financial measures. These measures are intended to provide additional insight into our performance and should not be considered in isolation or as a substitute for financial information prepared in accordance with GAAP. We have provided reconciliations of the non-GAAP financial measures included in our remarks to the most directly comparable GAAP measures, together with explanations of these measures in the appendix of the presentation slide deck and our earnings release.

我們也將討論一些非GAAP財務指標。這些措施旨在提供關於我們業績的更多見解，不應單獨考慮，也不應取代按照公認會計原則編制的財務資訊。我們已在簡報的附錄和獲利報告中提供了我們在備註中包含的非GAAP財務指標與最直接可比較的GAAP指標的調節表，並對這些指標進行了解釋。

With that, I would like to turn the call over to Matt.

接下來，我想把電話交給馬特。

Thank you, Sue, and good afternoon, everyone. In Q3, Waystar continued its strong momentum, achieving solid revenue growth and profitability. This performance was anchored by healthy client retention and expansion, reflecting our leading position in modernizing the health care payment process. Our cloud-based AI-powered software creates compelling value that drives meaningful ROI, strengthens client financial outcomes and improves transparency in the cost of patient care. Let's review a few key highlights.

謝謝你，蘇，大家下午好。第三季度，Waystar 繼續保持強勁的成長勢頭，實現了穩健的營收成長和獲利能力。這項業績得益於健康的客戶留存率和客戶數量成長，反映了我們在醫療保健支付流程現代化方面的領先地位。我們基於雲端的 AI 驅動軟體創造了引人注目的價值，從而帶來有意義的投資回報率，增強客戶的財務業績，並提高患者護理成本的透明度。讓我們回顧幾個關鍵要點。

Reflecting strong execution, Waystar delivered another quarter of double-digit revenue growth and strong margins, outpacing our guidance on both measures. Revenue grew to $269 million, representing 12% year-over-year growth with an adjusted EBITDA margin of 42%. On October 1, Waystar completed the acquisition of Iodine Software, expanding our reach to more providers uniting clinical, administrative and financial data, increasing the total addressable market and unlocking new opportunities to drive profitable growth. We announced innovations across our AI-powered platform and engaged hundreds of health care's top technology and industry leaders at Waystar True North, our annual client conference, to foster connection, celebrate success and ensure our product road map continues to meet providers' needs today and in the future. At Waystar, the mission is clear, to simplify health care payments.

由於強勁的執行力，Waystar 再次實現了兩位數的營收成長和強勁的利潤率，兩項指標均超過了我們的預期。營收成長至 2.69 億美元，年增 12%，調整後 EBITDA 利潤率為 42%。10 月 1 日，Waystar 完成了對 Iodine Software 的收購，擴大了我們的業務範圍，涵蓋了更多供應商，整合了臨床、行政和財務數據，增加了潛在市場規模，並釋放了推動盈利增長的新機遇。我們在一年一度的客戶大會 Waystar True North 上宣布了人工智慧平台的多項創新，並與數百位醫療保健領域的頂尖技術和行業領袖進行了交流，以促進聯繫、慶祝成功，並確保我們的產品路線圖能夠繼續滿足醫療服務提供者當前和未來的需求。Waystar 的使命很明確，那就是簡化醫療保健支付。

The health care financial system is complex, fragmented and administratively heavy and Waystar is modernizing it through a cloud-based platform that streamlines the entire process. Our technology helps providers get paid faster, more accurately and with less administrative burden so they can focus on what matters most, delivering quality patient care. Purpose-built for health care, our platform integrates with more than 500 electronic health records and practice management systems. This extensive integration enables us to serve over 1 million providers nationwide of all types and sizes. And we believe Waystar's impact is unmatched.

醫療保健財務系統複雜、分散且行政負擔重，而 Waystar 正在透過基於雲端的平台進行現代化改造，從而簡化整個流程。我們的技術可以幫助醫療機構更快、更準確地獲得報酬，並減輕行政負擔，從而讓他們能夠專注於最重要的事情——提供高品質的病患照護。我們的平台專為醫療保健產業打造，可與 500 多個電子健康記錄和診所管理系統整合。這種廣泛的整合使我們能夠為全國超過 100 萬家各種類型和規模的供應商提供服務。我們相信 Waystar 的影響力是無與倫比的。

Waystar leads the market in advanced automation and intelligence, leveraging AI-powered workflows, unrivaled data assets and meaningful innovation. Our powerful software fuels industry-leading client satisfaction and is transforming the financial and administrative engine of health care. As the industry seeks greater efficiency, transparency and value, we believe Waystar is positioned to capture a vast and durable growth opportunity for years to come. Turning to the completion of the Iodine Software acquisition. Waystar has taken a major step forward in our mission.

Waystar 在先進的自動化和智慧領域處於市場領先地位，利用人工智慧驅動的工作流程、無與倫比的數據資產和有意義的創新。我們強大的軟體助力客戶獲得業界領先的滿意度，並正在改變醫療保健產業的財務和管理系統。隨著業界尋求更高的效率、透明度和價值，我們相信 Waystar 已做好準備，在未來幾年內抓住巨大而持久的成長機會。接下來談談 Iodine Software 收購案的完成情況。Waystar 在我們的使命中邁出了重要一步。

The addition of Iodine expands our total addressable market by more than 15%, accelerates innovation and strengthens our ability to drive durable, profitable growth. We've also welcomed nearly 150 health systems, representing more than 1,000 hospitals to our client base. Iodine brings proven AI-powered mid-cycle capabilities, including clinical documentation integrity, utilization management and prebill anomaly detection. With Iodine now part of Waystar, we're uniting clinical, financial, administrative and payer data in a single intelligent platform. By infusing these capabilities and data into our software, we're extending and compounding the value Waystar provides before, during and after care.

碘的加入使我們的潛在市場規模擴大了 15% 以上，加速了創新，並增強了我們推動持久獲利成長的能力。我們也迎來了近 150 家醫療系統，代表著 1000 多家醫院，成為我們的客戶群的一員。Iodine 帶來了成熟的 AI 驅動的中期功能，包括臨床文件完整性、使用率管理和帳單前異常檢測。隨著 Iodine 成為 Waystar 的一部分，我們將臨床、財務、行政和支付方資料整合到一個智慧平台中。透過將這些功能和數據融入我們的軟體，我們正在擴展和增強 Waystar 在護理前、護理中和護理後提供的價值。

Our platform and access to this tremendous data spans every stage of the revenue cycle, powering AI insights, automation and accuracy that enable complete compliant and defensible claims, accelerating reimbursement and strengthening provider financial performance. We estimate that Iodine accelerates portions of our product road map by nearly 2 years as we deliver the next generation of clinically informed AI-powered capabilities. We are pleased to have Iodine Founder, William Chan, now serving as Waystar's Chief AI and Product Officer. In this role, William is shaping the future of the Waystar platform and advancing our innovation agenda. He is joined by several senior leaders and domain experts from Iodine who bring deep clinical and technical expertise to accelerate our progress.

我們的平台和對這些龐大數據的訪問涵蓋了收入周期的每個階段，為人工智能洞察、自動化和準確性提供支持，從而實現完全合規和可辯護的索賠，加快報銷速度並增強提供商的財務業績。我們估計，碘技術將使我們部分產品路線圖的進度加快近 2 年，從而交付下一代臨床資訊驅動的 AI 功能。我們很高興 Iodine 創辦人 William Chan 現任 Waystar 首席人工智慧和產品長。在這個職位上，William 正在塑造 Waystar 平台的未來，並推動我們的創新議程。他還與來自 Iodine 的幾位高級領導和領域專家一起，帶來了深厚的臨床和技術專長，以加快我們的進展。

To give you a sense of what's ahead, we envision a future where AI continuously scans data, identifying anomalies across patients, providers and payers, automating tasks, validating documentation accuracy and predicting and delivering financial outcomes. This is the path toward true autonomous AI in health care revenue management. And ultimately, we believe these innovations will power the future of the health care system. Waystar recently hosted its sold-out client conference, Waystar True North, convening more than 500 revenue cycle leaders, one of the largest gatherings of decision-makers in the industry. At the conference, we highlighted client results that generated meaningful ROI and strong performance.

為了讓您了解未來的發展方向，我們設想，人工智慧將持續掃描數據，識別患者、醫療服務提供者和支付方的異常情況，自動執行任務，驗證文件的準確性，並預測和實現財務結果。這是邁向醫療保健收入管理領域真正自主人工智慧的道路。最終，我們相信這些創新將為醫療保健系統的未來發展提供動力。Waystar 最近舉辦了座無虛席的客戶大會 Waystar True North，匯集了 500 多位營收週期領導者，是業界規模最大的決策者聚會之一。在會議上，我們重點介紹了客戶所取得的成果，這些成果產生了可觀的投資報酬率和強勁的績效。

A few examples of client impact include reduced prior authorization submission time by 70% within weeks of implementation at a large regional health system, achieved a 4x ROI for a major nonprofit health system through lower denials and higher revenue capture and increased point-of-service cash collections while redeploying the equivalent of 10 full-time employees to higher-valued work and a large Midwestern health system. These outcomes reinforce the scalability and financial impact of the Waystar platform and our ability to deliver sustainable, profitable growth. Also at Waystar True North, we convened the Waystar Advisory Board, senior executive decision-makers and early adopters of Waystar software from leading provider organizations who provide invaluable insights that fuel our innovation and help shape our strategy. Our discussions reflected the realities provider face today, rising utilization accelerating denial rates and ongoing workforce shortages that continue to pressure margins. Many are turning to AI, seeking technology to drive greater efficiency, reduce administrative waste and deliver the financial transparency that builds trust across all stakeholders.

客戶影響的一些例子包括：在一家大型區域醫療系統中，實施幾週後，預先授權提交時間減少了 70%；透過減少拒付和提高收入，為一家大型非營利醫療系統實現了 4 倍的投資回報率；透過增加服務點現金收款，同時將相當於 10 名全職員工的資源重新部署到更有價值的工作中；以及一家大型中西部醫療系統。這些成果進一步證明了 Waystar 平台的可擴展性和財務影響力，以及我們實現可持續獲利成長的能力。此外，在 Waystar True North 大會上，我們召集了 Waystar 顧問委員會、高級管理決策者以及來自領先供應商機構的 Waystar 軟體早期採用者，他們提供了寶貴的見解，推動了我們的創新並幫助塑造了我們的策略。我們的討論反映了醫療服務提供者目前面臨的現實：醫療服務利用率上升導致拒賠率加快，持續的勞動力短缺不斷擠壓利潤空間。許多人正在轉向人工智慧，尋求利用技術來提高效率、減少行政浪費並實現財務透明度，從而在所有利益相關者之間建立信任。

Despite this progress, key barriers remain, most notably data fragmentation. Much of the health care data is siloed or locked in unstructured formats, such as clinical charts and notes, PDFs, lab reports and images, limiting the effectiveness of AI. An MIT study found that nearly 95% of AI initiatives rely on incomplete or inconsistent data. The results, without high-quality data, AI doesn't create efficiency, it creates more work. The second challenge is integration.

儘管取得了這些進展，但仍存在一些關鍵障礙，最顯著的是資料碎片化問題。大量的醫療保健數據被孤立或鎖定在非結構化格式中，例如臨床圖表和筆記、PDF、實驗室報告和圖像，這限制了人工智慧的有效性。麻省理工學院的一項研究發現，近 95% 的人工智慧專案依賴不完整或不一致的數據。結果表明，如果沒有高品質的數據，人工智慧不會提高效率，反而會增加工作量。第二個挑戰是整合。

Providers need technology that operates seamlessly within their current systems and workflows. Without interoperability, the value of AI remains unrealized. And finally, cybersecurity remains critical as AI becomes more deeply embedded in clinical and financial processes. Secure, compliant data management at every point of contact is essential. These challenges underscore the need for a unified, intelligent and trusted platform and this is where Waystar is uniquely positioned to lead.

服務提供者需要能夠與其現有系統和工作流程無縫銜接的技術。如果沒有互通性，人工智慧的價值就無法實現。最後，隨著人工智慧越來越深入地融入臨床和財務流程，網路安全仍然至關重要。在每個接觸點進行安全合規的資料管理至關重要。這些挑戰凸顯了對統一、智慧和值得信賴的平台的需求，而這正是 Waystar 具有獨特優勢的領導地位。

An independent market study ranked Waystar the number one trusted vendor among top competitors, recognizing a sustained commitment to data protection, client experience and innovation. Insights from the Waystar Advisory Board and independent studies reinforce our differentiated position and confirm the growing demand for a unified, intelligent and trusted platform. We continue to build client confidence and deepen relationships that drive expansion, accelerate adoption and power the next generation of innovation across the platform. At the heart of Waystar's differentiation is innovation. Our platform advances continuously with hundreds of new capabilities launched each quarter to improve automation, accuracy and ease of use.

一項獨立的市場研究將 Waystar 評為頂級競爭對手中最值得信賴的供應商，表彰其在資料保護、客戶體驗和創新方面的持續投入。Waystar 顧問委員會和獨立研究的見解鞏固了我們獨特的市場地位，並證實了對統一、智慧和值得信賴的平台日益增長的需求。我們不斷增強客戶信心，深化合作關係，從而推動業務拓展，加速產品普及，並為平台的下一代創新提供動力。Waystar 的差異化優勢核心在於創新。我們的平台不斷發展，每季都會推出數百項新功能，以提高自動化程度、準確性和易用性。

Twice each year, new product capabilities are unveiled through the innovation showcase, highlighting how the platform is advancing to meet providers' needs. Launched at Waystar True North, our fall innovation showcase introduced new AI-powered capabilities that address some of the most pressing challenges in health care, including denial prevention and recovery and patient financial care, driving better outcomes for providers and the patients they serve. The important advancements we announced include denial prevention. Waystar AltitudeAI targets the 60% of denials that are preventable, reducing time related to critical prevention work by 95% for a midsized health system and building on our industry-leading 98.5% plus first pass clean claim rate across our client base, accelerating reimbursement and improving cash flow. In denial recovery, Waystar is addressing the $20 billion annual denial problem.

每年兩次，透過創新展示會推出新產品功能，重點介紹平台如何持續進步以滿足供應商的需求。在 Waystar True North 大會上，我們推出了秋季創新展示會，展示了由人工智慧驅動的全新功能，這些功能旨在解決醫療保健領域一些最緊迫的挑戰，包括拒付預防和追回以及患者財務護理，從而為醫療服務提供者及其服務的患者帶來更好的結果。我們宣布的重要進展包括防止拒付。Waystar AltitudeAI 針對 60% 可預防的拒付，將中型醫療系統的關鍵預防工作時間減少 95%，並鞏固了我們行業領先的 98.5% 以上的首次理賠通過率，從而加快報銷速度並改善現金流。在拒付追償方面，Waystar 正在解決每年高達 200 億美元的拒付問題。

Waystar AltitudeAI enables providers to create hundreds of appeal packages simultaneously, more than 90% faster than before, driving double-digit increases in overturn rates for early adopters and improving reimbursement speed and accuracy and patient financial engagement. To address the $17 billion uncompensated care gap related to patient collections, Waystar's cost estimation capability is seamlessly integrated within our patient digital experience to increase pre-service patient payments, accelerate cash flow and reduce uncompensated care. Client feedback on these innovations has been very positive, validating our road map and reinforcing the growing demand for AI-powered automation. This innovation continues to build client confidence and deepen long-term relationships that drive adoption, expansion and sustained growth across the Waystar platform. Trust remains central to our success.

Waystar AltitudeAI 使醫療機構能夠同時創建數百個申訴包，速度比以前快 90% 以上，從而為早期採用者帶來兩位數的翻案率增長，並提高報銷速度和準確性以及患者的財務參與度。為了解決與患者收款相關的 170 億美元未補償醫療缺口，Waystar 的成本估算功能已無縫整合到我們的患者數位體驗中，以增加服務前患者付款，加快現金流並減少未補償醫療。客戶對這些創新的回饋非常積極，驗證了我們的路線圖，並強化了對人工智慧驅動的自動化日益增長的需求。這項創新不斷增強客戶信心，深化長期合作關係，從而推動 Waystar 平台的普及、擴展和持續成長。信任是我們成功的關鍵。

Following Waystar True North, attendees reported a 93% confidence level in Waystar as a trusted partner. That confidence is reflected in our performance with strong Net Promoter Scores and a net revenue retention rate of 113%. The number of clients generating more than $100,000 in trailing 12-month revenue grew to 1,306 in Q3, an increase of 11% year-over-year. And the market is taking note of our progress. We were proud to receive 2 prestigious awards during the third quarter, powerful validation for Waystar.

在參加 Waystar True North 活動後，與會者表示對 Waystar 作為值得信賴的合作夥伴的信心水平達到了 93%。這種信心體現在我們的業績上，淨推薦值 (NPS) 很高，淨收入留存率達到 113%。過去 12 個月營收超過 10 萬美元的客戶數量在第三季成長至 1,306 家，較去年同期成長 11%。市場也注意到了我們所取得的進展。我們很榮幸在第三季度獲得了兩個享有盛譽的獎項，這對 Waystar 來說是強有力的肯定。

Fast Company named Waystar one of the Best Workplaces for Innovators in North America and the 2025 Stevie Awards named Waystar Healthcare Company of the Year and honored us as the top-ranked payments solution. In closing, sustainable transformation in health care requires a strong foundation. We believe Waystar's industry-leading AI-powered platform is that foundation, the essential differentiated choice for providers seeking to simplify health care payments and achieve better outcomes. Waystar's momentum is strong and accelerating as we advance our mission and capture a large expanding market opportunity. We are operating with discipline and delivering results, building a rule of 50-plus software business with the ability to compound revenue and profitable growth.

《快公司》雜誌將 Waystar 評為北美最佳創新者工作場所之一，2025 年史蒂夫獎將 Waystar 評為年度醫療保健公司，並授予我們頂級支付解決方案的榮譽。總之，醫療保健領域的永續轉型需要堅實的基礎。我們相信 Waystar 業界領先的 AI 驅動平台是這樣的基礎，是尋求簡化醫療保健支付和取得更好結果的醫療服務提供者必不可少的差異化選擇。隨著我們推進使命並抓住不斷擴大的市場機遇，Waystar 的發展勢頭強勁且持續加速。我們以嚴謹的作風運營，並取得了顯著的成果，打造了一個擁有 50 多名員工的軟體企業，具備實現收入複合增長和盈利增長的能力。

With that, I'll turn it over to Steve to walk through the financial details from the quarter.

接下來，我將把發言權交給史蒂夫，讓他來詳細介紹本季的財務狀況。

Thanks, Matt. Please note that my comments regarding third quarter and year-to-date results reflect Waystar's performance only, while full year guidance and implied Q4 guidance include a full quarter of contribution from Iodine. Revenue increased 12% year-over-year in the third quarter to $269 million, driven by healthy client retention and expansion, highlighting our durable, predictable model of low double-digit revenue growth annually on a normalized basis. We also expanded our client base, generating more than $100,000 of LTM revenue by 38 clients in the third quarter to 1,306 at quarter end, an increase of 11% year-over-year. Our net retention rate, or NRR, was 113% for the last 12 months compared to 15% year-over-year revenue growth over the same period.

謝謝你，馬特。請注意，我對第三季和年初至今業績的評論僅反映了 Waystar 的表現，而全年業績指引和第四季度業績指引則包含了 Iodine 一個季度的貢獻。第三季營收年增 12% 至 2.69 億美元，這得益於健康的客戶留存率和業務擴張，凸顯了我們可持續、可預測的低兩位數年營收成長模式（按正常水準計算）。我們也擴大了客戶群，第三季新增 38 位客戶，累計創造了超過 10 萬美元的 LTM 收入，到季末客戶總數達到 1,306 位，較去年同期成長 11%。過去 12 個月，我們的淨留存率 (NRR) 為 113%，而同期營收年增 15%。

As we've discussed over the past several quarters, NRR benefited from the rapid time to revenue from clients impacted by a competitor's cyber event in early 2024 and elevated patient utilization of the health care system since early 2024. Subscription revenue of $134 million increased 14% year-over-year and 3% sequentially. Going forward, we expect Iodine to further enrich our subscription revenue mix. Volume-based revenue of $132 million increased 10% year-over-year and decreased 4% sequentially, in line with our seasonality expectations associated with revenue from patient payment solutions. Also, we saw overall patient utilization in the third quarter begin to revert back to historical growth rates.

正如我們在過去幾季中所討論的那樣，NRR 受益於 2024 年初競爭對手的網路事件對客戶造成的快速收入，以及自 2024 年初以來醫療保健系統患者利用率的提高。訂閱收入達 1.34 億美元，年增 14%，季增 3%。展望未來，我們預計 Iodine 將進一步豐富我們的訂閱收入結構。按銷量計算的收入為 1.32 億美元，年增 10%，環比下降 4%，這與我們對患者支付解決方案收入的季節性預期相符。此外，我們看到第三季整體患者使用率開始恢復到歷史成長率。

Adjusted EBITDA of $113 million for the third quarter increased 17% year-over-year. Our adjusted EBITDA margin was 42%, above our long-term target of approximately 40%. The adjusted EBITDA outperformance was driven by a revenue shift to higher-margin solutions, along with ongoing operational cost initiatives, outpacing reinvestments in areas such as innovation, cybersecurity and client experience. Please note that none of the $15 million of expected cost synergies from the Iodine acquisition are reflected in our third quarter results. We have already notified and acted on approximately 70% of annualized cost synergies.

第三季調整後 EBITDA 為 1.13 億美元，年增 17%。我們調整後的 EBITDA 利潤率為 42%，高於我們約 40% 的長期目標。調整後的 EBITDA 業績超預期，主要得益於收入轉向利潤率更高的解決方案，以及持續的營運成本控制舉措，超過了在創新、網路安全和客戶體驗等領域的再投資。請注意，碘收購帶來的 1,500 萬美元預期成本綜效並未反映在我們的第三季業績中。我們已經通知並落實了約 70% 的年度成本綜效。

We expect these action synergies to be realized and beginning to positively impact results over the next few quarters. We are confident in our ability to achieve the full cost synergies within the previously communicated period of 18 to 24 months post close. We further believe our track record and M&A will demonstrate with time and integration that Iodine's clinical expertise, robust data and AI capabilities add to our long-term profitable growth profile. Turning to cash flow and the balance sheet. We ended the quarter with $421 million in cash and equivalents and $1.2 billion in gross debt.

我們預計這些行動的綜效將在未來幾季內得以實現，並開始對業績產生正面影響。我們有信心在先前宣布的交割後 18 至 24 個月內實現全部成本綜效。我們進一步相信，隨著時間的推移和整合，我們的過往業績和併購經驗將證明，Iodine 的臨床專業知識、強大的數據和人工智慧能力將為我們長期的獲利成長帶來益處。接下來我們來看現金流量表和資產負債表。本季末，我們持有現金及等價物 4.21 億美元，總負債為 12 億美元。

As a reminder, in conjunction with the Iodine acquisition, we issued $250 million of debt and drew on $30 million of our revolving credit facility. We also lowered the interest rate on both facilities by 25 basis points to SOFR plus 200 for the entire debt and SOFR plus 1.75 for the revolver. Unlevered free cash flow was $96 million in the third quarter of 2025 with an unlevered free cash flow to adjusted EBITDA conversion ratio of 85% for the third quarter and 86% year-to-date, which are both well ahead of our 70% long-term target. The trend of high cash flow conversion, coupled with the expansion of our trailing 12-month adjusted EBITDA, generated a 1.9x leverage ratio at September 30, which is down almost a full turn since the beginning of the year, ahead of our previously stated goal of reducing our leverage ratio by approximately 1 turn annually. If we carry this calculation forward to October 1, 2025, to account for the Iodine acquisition, the leverage ratio would be 3.4x.

再次提醒大家，在收購 Iodine 公司的同時，我們發行了 2.5 億美元的債券，並動用了 3,000 萬美元的循環信貸額度。我們同時將兩筆融資的利率均下調了 25 個基點，全部債務利率為 SOFR 加 200，循環貸款利率為 SOFR 加 1.75。2025 年第三季度，未槓桿自由現金流為 9,600 萬美元，第三季未槓桿自由現金流與調整後 EBITDA 的轉換率為 85%，年初至今為 86%，均遠超我們 70% 的長期目標。現金流轉換率高，加上過去 12 個月調整後 EBITDA 的成長，使得截至 9 月 30 日的槓桿率為 1.9 倍，比年初下降了近一倍，超過了我們之前設定的每年將槓桿率降低約 1 倍的目標。如果我們把這個計算延續到 2025 年 10 月 1 日，以考慮 Iodine 的收購，槓桿率將為 3.4 倍。

We are confident in our ability to delever approximately 1 turn annually. Regarding 2025 full year guidance, please note that the following includes a full quarter of contribution from Iodine. We are raising revenue guidance for 2025 to a range of $1.085 billion to $1.093 billion, with the midpoint of $1.089 billion, representing a 15% year-over-year growth rate. This is an increase of $53 million or 5% versus the prior guidance midpoint. The increase represents a 12% year-over-year growth rate for stand-alone Waystar and an expectation of approximately $30 million of revenue from Iodine in the fourth quarter.

我們有信心每年實現約 1 倍的去槓桿化。關於 2025 年全年業績指引，請注意，以下數據包含碘業公司一個季度的貢獻。我們將 2025 年的營收預期上調至 10.85 億美元至 10.93 億美元之間，中位數為 10.89 億美元，年成長 15%。這比先前預期的中位數增加了 5,300 萬美元，增幅為 5%。這一成長代表 Waystar 獨立業務年增 12%，預計第四季碘業務的收入將達到約 3,000 萬美元。

Our expectation for Iodine revenue for the full year 2025 is approximately $120 million, which includes alignment with Waystar accounting policies and is in line with prior expectations. Further, given our approach to rapidly uniting all aspects of Iodine and the significant progress we have made towards organizational alignment, including product development, go-to-market and cross-selling, we don't expect to separately break out Iodine going forward. We are also raising adjusted EBITDA guidance to a range of $451 million to $455 million with a midpoint of $453 million, increasing by $31 million or 7% versus the prior guidance midpoint. We now expect an adjusted EBITDA margin of approximately 42% for 2025, driven in part by the outperformance through the first 3 quarters of the year. This guidance assumes $12 million of contribution from Iodine in the fourth quarter at its historic adjusted EBITDA margin of approximately 40%.

我們預計 2025 年全年碘收入約為 1.2 億美元，其中包括與 Waystar 會計政策保持一致，並且與先前的預期一致。此外，鑑於我們迅速整合碘業務各個方面的做法，以及我們在組織協調方面取得的重大進展（包括產品開發、上市和交叉銷售），我們預計未來不會將碘業務單獨拆分出來。我們同時將調整後 EBITDA 預期範圍上調至 4.51 億美元至 4.55 億美元，中位數為 4.53 億美元，比先前的預期中位數增加了 3,100 萬美元，增幅為 7%。我們現在預計 2025 年調整後的 EBITDA 利潤率約為 42%，部分原因是今年前三個季度的業績表現優異。該預期假設碘業務在第四季貢獻 1,200 萬美元，其歷史調整後 EBITDA 利潤率約為 40%。

We look forward to providing 2026 guidance on our next earnings call.

我們期待在下次財報電話會議上提供2026年的業績指引。

This concludes our opening remarks. With that, we are ready for your questions. Operator, please open the call.

我們的開場白到此結束。那麼，我們準備好回答您的問題了。接線員，請接通電話。

(Operator Instructions) Ryan Daniels, William Blair.

（操作說明）瑞安·丹尼爾斯，威廉·布萊爾。

Congrats on the strong performance. Matt, maybe one for you. Interesting that True North took place right around the Iodine transaction close. And I'm curious if you had the opportunity to introduce clients to that and see new Iodine clients? And just overall, kind of what areas were key focus and what the overall feedback on Iodine and Waystar from the Iodine clients were?

祝賀你們取得如此優異的成績。馬特，或許這件適合你。有趣的是，True North 的發佈時間恰好與 Iodine 交易完成時間相近。我很好奇您是否有機會向客戶介紹這項技術，並結識新的碘療法客戶？總的來說，重點關注的領域有哪些？ Iodine 的客戶對 Iodine 和 Waystar 的整體回饋如何？

Thanks, Ryan. It was a perfectly timed client conference for us. Waystar True North was fabulous. As we indicated, it was sold out and we were able to highlight -- we hosted an innovation lab where we allowed clients to get hands on with our technology advancements and see AI at work. We also had the opportunity to showcase how Iodine, which, again, is this middle revenue cycle, tremendous software set of solutions, how Iodine can really connect Waystar's front-end and back-end solutions effectively together.

謝謝你，瑞恩。對我們來說，這是一個時機恰到好處的客戶會議。Waystar True North 太棒了。正如我們所指出的，門票已售罄，我們得以重點展示——我們舉辦了一個創新實驗室，讓客戶親身體驗我們的技術進步，並了解人工智慧的實際應用。我們還有機會展示 Iodine（再次強調，Iodine 是一套非常強大的軟體解決方案，適用於中間收入週期）如何有效地將 Waystar 的前端和後端解決方案連接起來。

And the client sentiment was 100% positive. We heard feedback from our Advisory Board meeting that we hosted just on the front end of the Waystar True North Client Conference. And I noted a couple of particular quotes. One said, we're so thrilled about this announcement. This will be awesome for us and for health care.

客戶評價100%為正面。我們在 Waystar True North 客戶大會開幕前夕舉辦的顧問委員會會議上收到了回饋意見。我還記下了幾句特別的引言。其中一人說：“我們對這個消息感到非常興奮。”這對我們和醫療保健產業來說都將是一件非常棒的事情。

And another one said, I'm actually an Iodine user, too. So I'm very excited about this acquisition, and it feels like a perfect fit for you. And so as we think about the opportunity now to combine these 2 special companies, we feel like it's a perfect strategic fit and it's helping us toward our ultimate goal of creating that perfect undeniable insurance claim. Thank you for the question.

還有人說：“我其實也是碘使用者。”所以我對這次收購感到非常興奮，而且感覺這點非常適合你們。因此，當我們考慮將這兩家特別的公司合併時，我們覺得這是一個完美的策略契合，並且有助於我們實現創建完美無瑕的保險索賠的最終目標。謝謝你的提問。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

I'll echo my congrats on a strong quarter. Matt, maybe a high-level one for you, especially as you think about the platform with Iodine in the fold, how do you think about the cadence of the legacy or replacement of legacy processes in RCM? I know some of these sales cycles for hospital health systems can be long. But I'm curious in kind of an AI-enabled and Agentic world, will we start to see customers maybe move faster to tackle this opportunity?

我同樣要祝賀你們取得了強勁的季度業績。Matt，也許你可以問你一個比較高層次的問題，特別是考慮到 Iodine 平台已經融入其中，你如何看待 RCM 中傳統流程的更新或替換節奏？我知道醫院醫療系統的某些銷售週期可能很長。但我很好奇，在人工智慧和智慧體賦能的世界裡，我們是否會看到客戶更快抓住這個機會？

Thanks, Brian. Let me start with maybe just a bit of 1 more background or 2 comment on Iodine and then how we're leaning into being able to sell the full Waystar platform. So just as a quick reminder, Iodine sits in the mid-revenue cycle. It is really a powerful software that does clinical documentation, integrity, utilization management and prebill anomaly detection. And these capabilities bring structure to unstructured clinical information.

謝謝你，布萊恩。讓我先簡單介紹一下碘的背景，再做一兩點評論，然後說說我們如何才能更好地銷售整個 Waystar 平台。簡單提醒一下，碘處於收入週期的中期。它是一款功能強大的軟體，可進行臨床文件記錄、完整性管理、使用率管理和帳單前異常檢測。這些功能使非結構化的臨床資訊變得結構化。

They detect missing codes or incorrect codes before a bill is complete. And they keep a human in the loop, so to speak, as they deploy over 160 different leading AI models within Iodine Software that allow the human to validate what the AI has identified as an accurate code. So what that's doing is that's leading to a 70% reduction in the likelihood of a set of codes needing to be rereviewed before a claim is submitted. So that fits perfectly into Waystar's next-generation cloud platform, and we really feel like this will allow us to continue to demonstrate market leadership and establish us as the next-generation revenue cycle solution of choice. We've cross-trained our sales teams.

它們會在帳單產生前檢測出缺失或錯誤的代碼。他們始終讓人類參與其中，因為他們在 Iodine Software 中部署了 160 多個不同的領先 AI 模型，使人類能夠驗證 AI 識別出的準確程式碼。因此，這樣做可以將一組程式碼在提交索賠之前需要重新審查的可能性降低 70%。因此，這與 Waystar 的下一代雲端平台完美契合，我們真心認為這將使我們能夠繼續展現市場領導地位，並將我們確立為下一代首選的收入週期解決方案。我們對銷售團隊進行了交叉訓練。

We noted at the announcement that there was this tremendous cross-sell and upsell opportunity with -- when you do the overlap or the Venn diagram of the portion of clients that are both Iodine and Waystar's -- gosh, there's only somewhere between 35% and 40% of clients that are using both. So not only we cross-trained our sales teams, we've introduced Iodine now to Waystar clients, and we're beginning to tell that story and promote some of the incredible capabilities that we'll be able to do together. And conversely, we've been able to introduce Waystar to Iodine clients. So there's certainly cross-sell opportunities where we'll replace legacy and incumbent software that may have been in place for years. There's also the opportunity for us to increasingly promote the whole platform.

我們在公告中指出，存在著巨大的交叉銷售和向上銷售機會——當你繪製 Iodine 和 Waystar 兩家公司客戶重疊部分的維恩圖時——天哪，只有大約 35% 到 40% 的客戶同時使用這兩家公司。因此，我們不僅對銷售團隊進行了交叉培訓，現在還向 Waystar 的客戶介紹了 Iodine，並且開始講述這個故事，宣傳我們將能夠共同實現的一些令人難以置信的功能。反過來，我們也成功地將 Waystar 介紹給了 Iodine 的客戶。因此，肯定存在交叉銷售機會，我們可以替換可能已經使用了多年的傳統軟體和現有軟體。我們還有機會進一步推廣整個平台。

And when you think about the clinical data access that Iodine brings to Waystar's software solutions. Iodine process is more than 160 million patient encounters annually and about 34% of all patient discharges in the United States annually. So there's a tremendous amount of clinical information that we're already figuring out how to integrate and unite and place into the large language models that we're using to automate prior authorizations, for example, or to strengthen our claims processing capability or to further automate the appeal management process where some clinical information is super helpful. Overall, we're headed toward more platform sales opportunities, and we're very excited by it. So thank you for asking the question, Brian.

想想碘為 Waystar 的軟體解決方案帶來的臨床數據存取權限。碘治療每年影響超過 1.6 億名患者，約占美國每年所有患者出院人數的 34%。因此，我們正在研究如何整合、統一和將大量的臨床資訊放入我們正在使用的大型語言模型中，例如，用於自動化事先授權，或增強我們的索賠處理能力，或進一步自動化申訴管理流程，而一些臨床資訊在這些流程中非常有用。總的來說，我們正朝著更多的平台銷售機會邁進，我們對此感到非常興奮。謝謝你提問，布萊恩。

Adam Hotchkiss, Goldman Sachs.

Adam Hotchkiss，高盛集團。

I think, Steve, you mentioned that patient utilization has started to move back to historical levels. Could you maybe just expand a little bit on that? And I know that the volume-based business declined 4% sequentially. I think it's a little bit more than we've seen in the last couple of years. So could you maybe just expand on what the right way for us to think about seasonality in a more normalized environment going forward looks like?

史蒂夫，我想你提到過，患者使用率已經開始恢復到歷史水準。能否再詳細解釋一下？我知道，以銷量為基礎的業務環比下降了 4%。我認為這比過去幾年我們看到的要多一些。那麼，您能否進一步闡述一下，在更正常化的環境下，我們該如何正確地看待季節性問題？

Yes. Certainly, Adam. So I can share a few thoughts here. So maybe a couple of level-setting thoughts and then I can specifically address your questions. Recall that our solutions help providers become more efficient and effective, so they have the ability to capture utilization upside of the health care system as we've seen in the past several quarters.

是的。當然，亞當。所以我想在這裡分享一些想法。所以，或許我可以先拋磚引玉，談談我的看法，然後再具體回答你的問題。請記住，我們的解決方案可以幫助醫療服務提供者提高效率和效益，使他們能夠像我們在過去幾個季度看到的那樣，充分利用醫療保健系統的利用率。

Also, our mix of revenue is generally 50% from subscription based and 50% volume-based with the volume base coming from both provider solutions, those solutions that help providers interact with and obtain payments from commercial payments and governmental entities as well as you mentioned, Adam, patient payments, those that help them interact with and collect from patients. So my prepared comment is based on what we're seeing, particularly within patient payments, which, as you noted, has a natural first half, second half seasonality aspect to it based on the timing of patients with high deductible plans. And notably, what I was looking at qualifying is we started to see the timing of patients reaching deductibles occur earlier in the third quarter than we had last year. It's an early indication though versus a long term or a trended expectation. So we've kind of taken that into context in how our approach is to guidance, which we believe is prudent.

此外，我們的收入組成通常是 50% 來自訂閱，50% 來自交易量，交易量主要來自供應商解決方案（幫助供應商與商業支付機構和政府機構互動並獲得付款）以及您提到的 Adam 的患者支付解決方案（幫助供應商與患者互動並向患者收款）。因此，我準備的評論是基於我們所看到的情況，特別是患者支付方面的情況，正如您所指出的，這自然存在上半年和下半年的季節性因素，這是由於高免賠額計劃的患者就診時間所致。值得注意的是，我觀察到的現像是，病患達到自付額的時間比去年同期提早到了第三季。但這只是早期跡象，並非長期趨勢或預期。因此，當我們在製定指導方針時，我們已經考慮到了這一點，我們認為這是審慎的做法。

So as we set guidance, particularly for the remainder of 2025 and implied fourth quarter, we've taken that into account. What I mean there, Adam, is if our volume-based outcomes and the patient utilization continue on sort of that same trended rate we've seen for the first 3 quarters of the year, we would expect to come in at the high side of guidance. If we see that those patients that are reaching those deductibles within those high deductible plans continue as we started to see them here in the third quarter and that sequential change versus the third quarter and second quarter, we could be at closer to the midpoint of guidance versus potentially even on the lower end of guidance. So hopefully, that's helpful context.

因此，我們在製定業績指引時，特別是針對 2025 年剩餘時間和隱含的第四季度業績指引，已經考慮到了這一點。亞當，我的意思是，如果我們的基於數量的業績和患者利用率繼續保持今年前三個季度我們看到的相同趨勢，我們預計業績將達到預期的上限。如果我們看到，那些在高免賠額計劃中達到免賠額的患者繼續像我們在第三季度開始看到的那樣，並且與第三季度和第二季度相比，這種連續變化，那麼我們可能會更接近指導值的中點，甚至有可能達到指導值的下限。希望這些資訊對您有所幫助。

Allen Lutz, Bank of America.

艾倫·盧茨，美國銀行。

At one of your innovation showcases several weeks ago, you talked about shipping patients from mail payments to mobile. Can you talk a little bit about discussions with your customers around making that change and how long that would take? And then how should we think about the relative gross margin delta between those 2 products?

在幾週前的一次創新展示會上，您談到了將患者的支付方式從郵寄支付轉變為行動支付。您能否談談與客戶就做出這項改變進行的討論，以及這需要多長時間？那麼，我們該如何看待這兩種產品之間的相對毛利率差異呢？

So thank you, Allen. And thank you for tuning into our innovation showcase, by the way. It's available to anybody on our website. We do it once in the spring and once in the fall. And in the fall, we did it in conjunction with the Waystar True North Client Conference.

所以，謝謝你，艾倫。順便感謝大家來收看我們的創新展示會。任何人均可透過我們的網站取得。我們每年春天做一次，秋天做一次。秋季，我們與 Waystar True North 客戶大會聯合舉辦了這場活動。

It felt like we were at a rock concert. It was really well received. And with respect to the digitization of the patient statement and the integration of the patient payment with a well-informed digital statement, it certainly has a different margin profile. We think it has a different impact. One of our -- one of the things that we foresee overall across the health care marketplace and what we're pursuing is a tremendous opportunity to move from analog to digital in several areas.

感覺就像在參加搖滾音樂會一樣。反響非常好。至於患者帳單的數位化以及將患者支付與資訊豐富的數位帳單相結合，其利潤率肯定有所不同。我們認為它的影響有所不同。我們預見的整個醫療保健市場，以及我們正在追求的，是多個領域從類比向數位過渡的巨大機會。

And we believe that Waystar could be a market leader in that. One of the pain points that has persisted on the analog side of things is a tremendous amount of paper that continues to be used in health care, some in faxes, in back offices, some inpatient statements where it's a fact that there's a portion of the population that still wants their patient statement in paper form so that they can review it. Waystar is working to make that as intuitive and as easy as possible and to integrate the patient payment capabilities to create transparency, ease of understanding and facilitate accurate and timely payments to providers. We're doing all that now and making it available in a digital format. And providers are beginning to opt in to that strategy.

我們相信 Waystar 有可能成為該領域的市場領導者。模擬技術方面一直存在的一個痛點是醫療保健領域仍然大量使用紙張，包括傳真、後台辦公、住院帳單等等。事實上，仍有一部分人希望獲得紙本的病患帳單以便查閱。Waystar 致力於讓這一切盡可能直觀便捷，並整合患者支付功能，以提高透明度、簡化理解，並促進向醫療服務提供者支付準確及時的款項。我們現在正在做所有這些工作，並以數位格式提供這些內容。供應商也開始選擇採用這種策略。

They're beginning to embrace it. They're asking patients that they would like to opt in. And we're thinking through the time line. We don't see it dramatically shifting in 1 quarter or 2 quarters. This is a long tail of transformation and opportunity as we help providers connect with patients, but we know that Waystar to be a market leader there and that the experience for the patient can be meaningful because it will -- we're introducing patient statements that oftentimes do -- is like educating for the patient is anything, which is really great way to think about that.

他們開始接受它了。他們詢問患者是否願意選擇加入。我們正在考慮時間安排。我們認為這種情況不會在一兩個季度內發生劇烈變化。這是一個充滿變革和機會的漫長過程，我們將幫助醫療服務提供者與患者建立聯繫，但我們知道 Waystar 將成為該領域的市場領導者，並且患者的體驗可以很有意義，因為它——我們正在引入患者聲明，這通常會起到作用——就像對患者進行任何形式的教育一樣，這確實是一個很好的思考方式。

But it's also meaningful for the provider. When you look at Waystar's patient financial care suite of solutions, one of the things that we measure is patient NPS scores, not just provider NPS scores, but patient NPS scores. And what we find is that when a patient understands their financial responsibility at the point of care that the Net Promoter Score goes up because they appreciate the transparency, they can make appropriate plans for how they'll make payment. In fact, Waystar's software helps the provider arrange for payment plans within this integrated software solution, within our patient financial care suite. So we know that digitization is on the way and we're a facilitator and a driver of that to help both providers and patients.

但這對提供者來說也意義重大。當你查看 Waystar 的病患財務照護解決方案套件時，我們衡量的指標之一是病患的 NPS 分數，而不僅僅是提供者的 NPS 分數，而是病患的 NPS 分數。我們發現，當患者在就醫時了解自己的財務責任時，淨推薦值就會上升，因為他們欣賞這種透明度，可以製定合適的付款計劃。事實上，Waystar 的軟體可以幫助醫療服務提供者在這個整合的軟體解決方案中，在我們病患財務照護套件內安排付款計畫。所以我們知道數位化時代即將到來，而我們正是這一進程的推動者和促進者，以幫助醫療服務提供者和患者。

Vikram Kesavabhotla, Baird.

Vikram Kesavabhotla，Baird。

I wanted to ask about the Iodine acquisition as well. And I think in your prepared remarks, you said that this could accelerate parts of your product road map by nearly 2 years. And I'm just wondering if you can elaborate on that comment a little more. What are some of the best examples of how this is adding to your innovation process? And how should we think about the time line to seeing some of those combined capabilities start to emerge in the product portfolio?

我還想問一下碘的收購情況。我認為您在事先準備好的演講稿中提到，這可能會使您產品路線圖的部分內容提前近兩年完成。我想請您再詳細解釋一下這個評論。有哪些最佳例子可以說明這如何促進您的創新過程？那麼，我們該如何看待這些綜合功能在產品組合中開始出現的時間表呢？

Terrific. Thank you, Vikram. Let me give you some tangible examples of why we're so excited and why we think it will accelerate the road map by nearly 2 years as we've indicated. Let's take a couple of product examples. So one is a Waystar product called prior authorizations.

了不起。謝謝你，維克拉姆。讓我舉一些具體的例子來說明我們為什麼如此興奮，以及為什麼我們認為這將如我們所指出的那樣，將路線圖的進度加快近 2 年。我們來看幾個產品例子。其中一款是 Waystar 的產品，名為「事先授權」。

As you know, and as we've stated and showcased in our innovation lab and in our innovation showcase, we're automating 90% of the prior authorization experience for provider organizations. But sometimes, that prior authorization when a provider is committing an authorization to perform a service for a patient, they submit that authorization request to a payer. Sometimes the payer come back -- comes back and asks for clinical information. They'll ask for, is this medically necessary. And that is a medical necessity-based prior authorization.

如您所知，也正如我們在創新實驗室和創新展示中所述和展示的那樣，我們正在為醫療機構實現 90% 的預先授權流程自動化。但有時，當醫療服務提供者承諾為患者提供服務時，他們會向付款方提交事先授權請求。有時付款方會再次提出要求，索取臨床資訊。他們會問，這在醫學上是否有必要。這是基於醫療必要性的事先授權。

So if Waystar were to go and gather that clinical information itself, we would go out to all of our hospitals that we work with, build appropriate APIs ourselves and then gather that clinical information. Getting access to Iodine's incredibly powerful clinical data set, uniting it with Waystar not only creates one of the most comprehensive administrative and clinical data sets, to our knowledge, in the United States of America, but we'll be able to use that clinical data set to do things like medical necessity-based prior authorizations where clinical information is required by the payer before they're fully authorized in treatment or a service provider to perform for a patient. One other example, when a claim gets denied, and we know that denials are on the minds of all provider decision-makers. When a claim does get denied and providers are working to contest or appeal that denied claim, 450 million claims we get denied annually. So this is a real problem.

因此，如果 Waystar 要自行收集這些臨床信息，我們會前往所有與我們合作的醫院，自行建立合適的 API，然後收集這些臨床資訊。獲得 Iodine 極其強大的臨床數據集，並將其與 Waystar 相結合，不僅創建了據我們所知美國最全面的行政和臨床數據集之一，而且我們還可以利用該臨床數據集來執行諸如基於醫療必要性的預先授權之類的操作，在支付方完全授權治療或服務提供者為患者提供服務之前，需要臨床資訊。另一個例子是，當索賠被拒絕時，我們知道所有醫療服務提供者的決策者都會考慮索賠被拒絕的問題。當理賠被拒絕，而醫療服務提供者正在努力對被拒絕的理賠提出異議或上訴時，我們每年都會收到 4.5 億份被拒絕的理賠申請。所以這確實是個問題。

When they go through the process of appealing the denied claim, oftentimes, it's helpful to supplement the appeal letter with clinical information that can be used to help a test for the reasons for why that denied claim should be overturned and successfully adjudicated and payment remitted to the provider. So those are solutions that Waystar has in place. Those are generative AI solutions, prior authorization and appeal management letters where we're generating learners very rapidly. We're keeping a human in the loop, and now as we infuse clinical information into that appeal letter where we believe that, that will drive successful overturn rates and supplement and accelerate an already great product with clinical information. Those are 2 examples.

當他們進行申訴被拒賠案件的流程時，通常情況下，在申訴信中補充臨床資訊會很有幫助，這些資訊可以幫助檢驗為什麼被拒賠的案件應該被推翻、成功裁決並向醫療服務提供者支付款項。以上是 Waystar 已採取的解決方案。這些是生成式人工智慧解決方案，包括事先授權和申訴管理信函，我們正在非常快速地產生學習者。我們始終讓真人參與其中，現在，我們將臨床資訊融入申訴信中，我們相信這將提高申訴成功的率，並用臨床資訊補充和加速一個已經很棒的產品。以上是兩個例子。

But we're very excited about the acceleration of -- and bolstering of Waystar software with this clinical information. And conversely, I would say, as we learn more about the Iodine suite of software capabilities, there are -- as you know, Waystar processes 6 billion insurance transactions annually. And we have a tremendous amount of administrative data that we can use to then also support and strengthen Iodine software solutions in clinical documentation improvement. We're processing billions of claims. We understand code combinations and we understand what gets successfully adjudicated and reimbursed.

但我們非常高興看到 Waystar 軟體能夠利用這些臨床資訊加速發展和加強。反過來說，隨著我們對 Iodine 軟體套件的功能了解得越多，就會發現——正如您所知，Waystar 每年處理 60 億筆保險交易。我們擁有大量的管理數據，可以用來支援和加強 Iodine 軟體解決方案在臨床文件改進方面的應用。我們正在處理數十億份索賠申請。我們了解代碼組合，也了解哪些項目能夠成功獲得裁決和報銷。

We can use that to train Iodine's AI models. Likewise, with prebill anomaly detection, we'll use administrative data there to further supplement Iodine's already strong and tremendously capable solution. So hopefully, those examples are helpful, Vikram.

我們可以利用它來訓練 Iodine 的人工智慧模型。同樣，在帳單前異常檢測方面，我們將利用管理資料來進一步補充 Iodine 已經非常強大且功能強大的解決方案。希望這些例子對你有幫助，維克拉姆。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

Congrats on the quarter. Obviously, you've given us a tremendous amount of detail about how Iodine fits into the portfolio and sort of your view for the fourth quarter. I was wondering as we have used hospitals who are seeing some margin pressure on the horizon or currently, have you guys noticed a -- and you have a broad suite of solutions to address all sorts of things. But have you noticed any shift in terms of the types of modules people are -- hospitals are interested in? Are they going for sort of more things versus other things?

恭喜你本季取得佳績。顯然，您已經向我們詳細介紹了碘在投資組合中的地位以及您對第四季度的看法。我想知道，我們曾與一些醫院合作，這些醫院目前或即將面臨利潤壓力，你們是否注意到——而且你們擁有一套廣泛的解決方案來解決各種問題。但您是否注意到人們（醫院）感興趣的模組類型發生了任何變化？他們是不是更傾向於選擇更多種類的東西，而不是其他東西？

Just any additional color you can provide on that front would be helpful in just kind of understanding the broader landscape.

如果您能提供這方面的任何額外信息，將有助於我們更好地了解整體情況。

Thank you, Elizabeth. Speaking of the hospital demand environment, let me start with a high-level idea or two and then speak to solutions that we see being very attractive to decision-makers. We know that decision-makers want efficiency. They want entity. They want to work with entities or partners that can help them get paid faster, accurately and efficiently in our side of the world, so to speak.

謝謝你，伊麗莎白。談到醫院需求環境，我先提出一兩個高階的觀點，然後再談談我們認為對決策者來說非常有吸引力的解決方案。我們知道決策者追求的是效率。他們想要的是實體。他們希望與能夠幫助他們更快、更準確、更有效率地在我們這邊獲得報酬的機構或合作夥伴合作。

They want cybersecure solutions. There's also, as I mentioned just a moment ago, a greater focus on denial rates and what is actually driving them. And these are all areas that completely align with Waystar's value proposition. Our solutions are mission-critical. They help drive efficient cash flows, and we get prioritized amongst decision-makers.

他們需要網路安全解決方案。正如我剛才提到的，人們也更加關注拒賠率以及導致拒賠的真正原因。這些領域都與 Waystar 的價值主張完全契合。我們的解決方案至關重要。它們有助於推動高效的現金流，使我們在決策者中得到優先考慮。

So in this demand environment, we've been saying this now for a few quarters, but we tend to get prioritized because we are mission-critical. And we see strong demand for our -- increasing demand for our platform, but it's interesting provider decision-makers are now starting to understand the relationship, the compounding benefit of using more than 1 or 2 of Waystar software modules. For example, if they're using Waystar's claims management suite, which already has a tremendously high first pass claim acceptance rate that is greater than 98.5% across our entire network. But denial prevention and denial reduction is on their mind, then we're able to have a conversation with them about eligibility and eligibility automation and insurance coverage detection, which we know statistically reduces the likelihood that a claim gets denied. We are then often talking to provider decision-makers about prior authorization automation, another sticky point.

所以在這種需求環境下，我們已經連續幾季這麼說了，但我們往往會被優先考慮，因為我們是關鍵任務方。我們看到市場對我們平台的需求強勁——而且需求還在不斷增長，但有趣的是，供應商決策者現在開始了解這種關係，以及使用超過 1 或 2 個 Waystar 軟體模組所帶來的複合效益。例如，如果他們使用的是 Waystar 的理賠管理套件，該套件的首次理賠通過率已經非常高，在我們整個網路中超過 98.5%。但如果他們關注的是防止拒賠和減少拒賠，那麼我們就可以與他們討論資格、資格自動化和保險覆蓋範圍檢測，我們知道這些在統計學上可以降低索賠被拒賠的可能性。然後我們經常與供應商決策者討論預先授權自動化，這是另一個棘手的問題。

When a provider doesn't get authorized to perform a health service, that's a reason why claims get denied. So we have seen demand across our platform. But we see a note that there is interest in reducing denials. And we see -- we're able to articulate as we go through the discovery process with these clients and prospects and decision-makers. We were able to understand their current activity rates or metrics and then compare that with what we could do prospectively when they begin to use more of our solutions.

如果醫療服務提供者沒有獲得提供醫療服務的授權，這就是為什麼理賠被拒的原因之一。因此，我們看到了整個平台的需求。但我們看到，各方都對減少拒賠率表現出興趣。我們看到——在與這些客戶、潛在客戶和決策者進行探索的過程中，我們能夠清楚地表達自己的想法。我們能夠了解他們目前的活動率或指標，然後將其與我們未來可以做的事情進行比較，屆時他們將開始更多地使用我們的解決方案。

And so eligibility, automation, coverage detection, prior authorization are seemingly hot areas of product. On the other side of that, denial and appeal management software where Waystar solutions shine because of the autonomous generative AI work that we're doing there is also something of interest to providers.

因此，資格認定、自動化、承保範圍檢測、事先授權似乎都是產品的熱門領域。另一方面，拒付和申訴管理軟體也是供應商感興趣的領域，而 Waystar 的解決方案憑藉其自主生成式 AI 技術在該領域表現出色。

Daniel Grosslight, Citi.

Daniel Grosslight，花旗銀行。

Congrats on the quarter and closing Iodine. I was at a conference recently and the most striking thing to me was just the number of vendors that have popped up with AI-powered RCM capabilities. Given what seems to be increasing competitive intensity, can you talk a little bit about how your go-to-market strategy has changed or will change and how bringing William on as your Chief AI and Product Officer may impact this?

恭喜碘公司本季業績圓滿完成。我最近參加了一個會議，最讓我印象深刻的是湧現了大量具有人工智慧驅動的RCM功能的供應商。鑑於競爭日益激烈，您能否談談您的市場進入策略已經或將要發生哪些變化，以及聘請 William 擔任首席人工智慧和產品長可能會對此產生哪些影響？

Sure. Yes. Thank you, Daniel, for that question. So let me speak to our approach and then the competition and growth opportunities as we see them. We have a strong pipeline of opportunities with a very healthy mix of new and cross-sell opportunities.

當然。是的。謝謝你，丹尼爾，提出這個問題。那麼，讓我先談談我們的方法，然後再談談我們眼中的競爭和成長機會。我們擁有大量潛在商機，其中既有新銷售機會，也有交叉銷售機會，兩者組合非常平衡。

It's interesting to note that we've seen new products that we've launched, so think about some of the AltitudeAI solutions that we've launched now beginning to make a meaningful contribution to our pipeline and our year-to-date results. This is very important. And our go-to-market team, I think it's a fabulous team. This is a fabulous group of leaders. They care a tremendous amount about not just proving results, but actually transforming health care, and it's a privilege for me to work alongside such a fantastic group of go-to-market people and team members.

值得注意的是，我們已經推出了一些新產品，例如 AltitudeAI 的一些解決方案，這些產品現在開始對我們的產品線和今年迄今為止的業績做出有意義的貢獻。這非常重要。我認為我們的市場推廣團隊非常出色。這是一群非常優秀的領導者。他們非常重視的不僅是證明成果，而是真正改變醫療保健，能夠與這樣一群優秀的市場推廣人員和團隊成員一起工作，我感到非常榮幸。

With respect to our approach, it's -- we feel like we have a market-leading approach. We're not going to tell the world our secret sauce on this call. But we do some things to train and make our team members productive and enrich a discovery process that enables us to understand what's going on at our client sites that then enable us to have an ROI-based discussion and really promote and drive our solutions. What I'd say with respect to competition, we are at the street level. We see what's going on.

就我們的方法而言，我們感覺我們擁有市場領先的方法。我們不會在這次電話會議上向全世界透露我們的秘訣。但是，我們會做一些事情來培訓和提高團隊成員的生產力，並豐富探索過程，使我們能夠了解客戶現場正在發生的事情，從而使我們能夠進行基於投資回報率的討論，並真正推廣和推動我們的解決方案。就競爭而言，我認為我們還處於街頭水平。我們明白發生了什麼事。

And we think that imitation may be the nicest form of admiration or flattery, and we appreciate that. There does seem to be plenty of noise in the market with splashy announcements being made. But we're focused on executing our business plan. And what we see is continued momentum and success in our platform approach. Again, we're driving real ROI conversations.

我們認為模仿可能是最美好的讚賞或奉承形式，我們對此表示感謝。市場上似乎充斥著各種喧囂，各種引人注目的公告層出不窮。但我們目前專注於執行我們的商業計劃。我們看到的是，我們的平台模式持續發展勢頭強勁，並且取得了成功。我們再次強調，我們正在推動關於實際投資報酬率的討論。

We're moving from AI hype to drive to kind of ROI reality. We believe that we're the best platform in the market. We're a platform. We're not a point solution. We're a platform from end to end.

我們正在從人工智慧炒作轉向推動其實現投資回報率的現實。我們相信我們是市場上最好的平台。我們是一個平台。我們並非單一解決方案。我們是一個端到端的平台。

We have the lowest total cost of ownership and the highest ROI. And our win rates are consistently high, and they've increased modestly since we last published them in our S-1. So we feel very good about the strong pipeline of opportunity, the continued elevated participation rates in RFPs and sales activities. And we know that there's a lot of curiosity and interest in the RCM, revenue cycle management category. And we believe that our competitive advantage or edge is the fact that we're cloud native.

我們擁有最低的總擁有成本和最高的投資報酬率。我們的勝率一直很高，而且自從我們在 S-1 文件中上次公佈以來，勝率還有小幅增長。因此，我們對強勁的商機儲備、持續高漲的招標參與率和銷售活動感到非常樂觀。我們知道，大家對收入週期管理 (RCM) 這一領域非常好奇和感興趣。我們相信，我們的競爭優勢在於我們是雲端原生企業。

We have a data rich and robust rules engine that governs our network. We are AI-enabled and driving automation, and we delight clients with high client satisfaction.

我們擁有資料豐富且強大的規則引擎來管理我們的網路。我們運用人工智慧技術推動自動化，並以高客戶滿意度贏得客戶的青睞。

Saket Kalia.

薩克特·卡利亞。

Matt, maybe for you, actually, I want to pick up on that thread a little bit. It sounds like there's been a ton of innovation through AltitudeAI, and you just talked about how it's starting to contribute to Waystar. I was just curious how you kind of think about monetization. Some software companies create separately billable SKUs, right, that sort of add an AI layer on top. Some are able to sort of deliver or charge additional value.

馬特，或許我想就你而言，稍微談談這個話題。聽起來 AltitudeAI 已經進行了大量創新，而你剛才也談到了它如何開始為 Waystar 做出貢獻。我只是好奇你對獲利模式的看法。有些軟體公司會創建單獨計費的 SKU，對吧？這些 SKU 會在上面添加 AI 層。有些公司能夠提供或收取額外價值。

How do you kind of think about that monetization strategy for Waystar?

你如何看待 Waystar 的這種獲利模式？

Thank you, Saket. So for us, monetization comes in multiple forms. We're beginning to monetize it now. But it starts with retention and a long enduring relationship with clients as they use our software and they get the benefit of that, and it shows up in real returns to that. The second is we have an annual price uplift program that has been in place for several years.

謝謝你，薩凱特。所以對我們來說，獲利方式有多種。我們現在開始將其商業化了。但這一切都始於客戶留存和與客戶建立長期持久的關係，當他們使用我們的軟體並從中受益時，這種關係就會轉化為實際的回報。第二點是，我們有一個年度價格上調計劃，該計劃已經實施了好幾年。

And we price to value, and we're beginning to price to value where we see incremental benefits as we've begun to introduce autonomous or generative AI capabilities within the various software modules. So we're starting to price those to value without disclosing things further. And the third is the opportunity to introduce actual new SKUs, so to speak, or new software modules. And we've begun to do that in a couple of areas, and we're excited about that without necessarily publicly commenting on what those are. We are absolutely focused on introducing those to our clients.

我們根據價值定價，隨著我們在各種軟體模組中引入自主或生成式人工智慧功能，我們看到了逐步增加的收益，因此我們開始根據價值定價。所以我們開始在不進一步揭露資訊的情況下，根據價值來定價。第三點是推出真正的新 SKU（或說新的軟體模組）的機會。我們已開始在幾個領域開展這項工作，對此我們感到興奮，但目前不打算公開評論具體是哪些領域。我們正全力以赴地向客戶介紹這些產品。

And those are the 3 that come to mind. I might just add that Waystar, as you know, Saket, and this is more of a general comment, but Waystar has been a long-time deployer of AI on our platform. And I think it's very important in this world where AI may be the biggest opportunity in our lifetime, especially in health care, where the technology might be a little bit ahead of where the human factor is. And we see that in health care provider organizations who are very interested in beginning to consume and get the benefit of AI. For us at Waystar, we're working to set the standard in how we use AI.

我能想到的就只有這三個。我還要補充一點，正如你所知，Saket，這只是一個比較籠統的評論，但 Waystar 一直是我們平台上 AI 的長期部署者。我認為在當今世界，人工智慧可能是我們一生中最大的機會，這一點非常重要，尤其是在醫療保健領域，科技可能比人類因素略勝一籌。我們看到，醫療保健機構對開始使用人工智慧並從中受益表現出了濃厚的興趣。在 Waystar，我們致力於樹立人工智慧應用領域的標準。

We want AI to be deployed responsibly and ethically. And we want people to be able to trust us. We believe that there's an opportunity for us to use AI for moral good and to advocate for providers and patients to improve access to care and transparency and fairness and empathy and reduce waste and burden. So those are things that excite us. One of the last comments I'll make is as we monetize AI, one of the things that we hear from providers is they want to use it, but they don't know quite how it fits into their workflow.

我們希望人工智慧能夠以負責任和合乎道德的方式部署。我們希望人們能夠信任我們。我們相信，我們可以利用人工智慧造福道德，倡導醫護人員和病患改善醫療服務的可近性、透明度、公平性和同理心，並減少浪費和負擔。所以這些都是讓我們興奮的事情。最後我想說的是，隨著人工智慧的商業化，我們從服務提供者那裡聽到的一句話是，他們想使用人工智慧，但他們不太清楚人工智慧如何融入他們的工作流程。

And so what Waystar has now been doing for a long time on our platform, please recall that our platform is a workflow platform. So we're deploying AI across the platform today. It's intuitive. It's easy for end users. It delights them.

因此，Waystar 長期以來一直在我們的平台上所做的工作，請記住，我們的平台是一個工作流程平台。所以，我們今天將在整個平台上部署人工智慧。這很直觀。對終端用戶來說很容易上手。這讓他們很高興。

And what we're doing is we're conditioning end users to consume AI as they use our platform. We're bringing the right AI to the right use case, often with a human in the loop, where appropriate to validate that the results are accurate. But we're making -- the AI that we're deploying is making the end users that use Waystar software, making their lives easier. And they may not even know or fully realize that they're consuming AI because AI is automating tasks in the background or AI is prioritizing work for them. we're driving insights to them to make their day easier.

我們正在做的，就是讓終端使用者在使用我們的平台時養成使用人工智慧的習慣。我們將合適的 AI 應用於合適的用例，通常會在適當的時候引入人工幹預，以驗證結果的準確性。但是，我們正在部署的人工智慧正在讓使用 Waystar 軟體的最終用戶的生活變得更輕鬆。他們甚至可能不知道或沒有完全意識到自己正在使用人工智慧，因為人工智慧在後台自動執行任務或為他們安排工作優先順序。我們正在為他們提供洞察，讓他們的工作更輕鬆。

And so that AI hype to ROI realities are mantra, and we'll continue to monetize it, but we're very encouraged by the products that we have launched, pricing that we are achieving and their long-term enduring relationships that we're creating with our clients.

因此，人工智慧的熱度轉化為投資回報率的現實是我們的口頭禪，我們將繼續將其貨幣化，但我們對已推出的產品、所實現的定價以及我們與客戶建立的長期持久關係感到非常鼓舞。

Charles Rhyee, TD Cowen.

Charles Rhyee，TD Cowen。

Matt, I just wanted to -- obviously, in the last couple of months, you've also seen some big announcements from the big EHR vendors. I think Epic at their annual event as well as Oracle talking about Cerner. They're starting to build more AI into the EHR itself as well as talking about solutions for rev cycle management using agents. Can you talk about sort of how you see that developing, maybe talk about how the Waystar platform can work with the HR systems as well and maybe points of difference in maybe doing different things? Or maybe if you could just talk a little bit more about how these will all coexist together.

馬特，我只是想說——顯然，在過去的幾個月裡，你也看到了大型電子病歷供應商發布的一些重大公告。我認為 Epic 會在他們的年度活動上談到 Cerner，Oracle 也會談到 Cerner。他們開始在電子病歷系統本身中建構更多人工智慧，同時也探討使用代理進行收入週期管理的解決方案。您能否談談您對未來發展的看法，例如 Waystar 平台如何與人力資源系統協同工作，以及在不同方面可能存在的差異？或者，您能否再詳細談談這些事物將如何共存？

Thank you. So it's interesting because in health care -- we have well over 1,000 hospitals today, and the majority of those are on Epic, that are clients of ours. So they're using Waystar today. We have many Cerner clients today. We have many Meditech and other practice management and EHR clients today that are delighted to be using Waystar software.

謝謝。所以這很有趣，因為在醫療保健領域——我們現在有超過 1000 家醫院，其中大多數都在使用 Epic 系統，它們都是我們的客戶。所以他們現在用的是 Waystar 的服務。我們現在有很多 Cerner 客戶。目前我們有許多 Meditech 和其他診所管理及 EHR 客戶，他們都非常樂意使用 Waystar 軟體。

You said a phrase that I'd like to just highlight.

你剛才說的一句話，我想特別強調一下。

And that is these organizations are talking about RCM. Waystar is doing RCM. That's all we do. And we have a team of people completely focused on simplifying health care payments, using modern AI capabilities. We are using every modern LLM that you can envision in the market to do work.

這就是這些組織正在討論的RCM。Waystar正在進行RCM計畫。我們只做這些。我們有一個團隊，完全專注於利用現代人工智慧技術簡化醫療保健支付流程。我們正在使用市面上你能想到的所有現代法學碩士（LLM）來開展工作。

But we think that the value is actually in access to data to train these large language models. These should really be called large object models because they can do a lot more than just consume language. They're consuming lab charts, they're consuming objects that are in PDF forms and images. And Waystar is doing that today. So we think we can be a fabulous partner.

但我們認為，其價值實際上在於獲取資料來訓練這些大型語言模型。這些模型實際上應該被稱為大型物件模型，因為它們的功能遠不止於語言本身。他們在瀏覽實驗室圖表，他們正在瀏覽 PDF 格式和圖像形式的物件。Waystar今天就正在這樣做。所以我們認為我們可以成為一個很棒的合作夥伴。

We could be a linchpin technology for these EHR systems, where they become the large monolith and they're focused on so many different things. We've proven that our interoperability and integration to their systems actually delight their clients and we welcome the chance to partner with these systems. And while I'm on this point, this theme of interoperability and connectivity, I would just say from a regulatory perspective, the Waystar is an advocate for modern connectivity via APIs to all the payers. We promote that. We're connected to the vast majority of payers in the United States.

我們可能成為這些電子病歷系統的關鍵技術，因為這些系統逐漸發展成為龐大的整體，並專注於許多不同的方面。我們已經證明，我們的產品與他們的系統之間的互通性和整合性確實讓他們的客戶感到滿意，我們歡迎有機會與這些系統合作。說到互通性和連接性這個主題，我想從監管角度來說，Waystar 倡導透過 API 與所有支付者進行現代化連接。我們提倡這一點。我們與美國絕大多數支付者都有聯繫。

We also connect to more than 500 different instances of electronic health record, practice management and hospital information system vendors. So we think there -- we can be a great partner and we're demonstrating that as we help them and their clients grow and achieve great results as they use our software.

我們也與 500 多個不同的電子健康記錄、診所管理和醫院資訊系統供應商建立了聯繫。所以我們認為，我們可以成為他們優秀的合作夥伴，而且我們正在透過幫助他們及其客戶在使用我們的軟體時成長並取得卓越成果來證明這一點。

Jailendra Singh, Truist Securities.

賈倫德拉辛格，Truist Securities。

Congrats on a very strong quarter. I wanted to ask about EBITDA margin trends. I know you guys have talked about 40% as being the reasonable long-term target. But what are your views on the sustainability of some of these margin efficiencies and gains you've seen recently? You shared several examples around the ways you're using AI to create value for your clients.

恭喜你們本季業績非常出色。我想了解一下 EBITDA 利潤率的趨勢。我知道你們之前討論過，40% 是一個合理的長期目標。但您如何看待近期看到的這些利潤率提升和收益的可持續性？您分享了幾個利用人工智慧為客戶創造價值的例子。

But given your expertise, is it fair to assume you're using AI to drive some internal operational efficiencies? And what kind of opportunities do you see in that area?

但鑑於您的專業知識，是否可以合理地假設您正在使用人工智慧來提高內部營運效率？您認為該領域有哪些機會？

Well, thank you, Jailendra. I appreciate your question. It's a very important one for us as well. We appreciate all these questions actually. What I would say is, just to start by grounding us in fact, we talk about our business model being an enduring long-term normalized low double-digit revenue growth business.

謝謝你，賈倫德拉。感謝您的提問。這對我們來說也非常重要。我們非常感謝大家提出這些問題。我想說的是，首先為了讓我們腳踏實地，我們談論的是我們的商業模式，即持續的、長期的、正常的、兩位數的低收入增長。

You've also heard us talk about our long-term target of adjusted EBITDA margins of 40%. And those are targets for us. And we're very mindful of -- we know we could run the business at greater than 40% EBITDA margins, for example. But we feel like the right range to run it in today is while we invest in innovation, invest in cybersecurity, invest in go-to-market capabilities in this unique period of time in health care, it's the right kind of way to run the business at that 40% or so level. We're certainly pleased with the recent quarter's results and being slightly higher than that.

您也聽過我們談到長期目標，即調整後 EBITDA 利潤率達到 40%。這些就是我們的目標。我們非常清楚——例如，我們知道我們可以以超過 40% 的 EBITDA 利潤率來經營業務。但我們認為，在當前醫療保健的特殊時期，當我們投資於創新、投資於網路安全、投資市場推廣能力時，將公司營運規模控制在 40% 左右是正確的。我們對最近一個季度的業績非常滿意，而且實際業績略高於預期。

But I suspect we'll continue to find areas to invest, and we'll be very conscious about that long-term target. With respect to some of the internal initiatives around AI, let me just highlight a couple of things. One, we do have William acting as a Chief AI and Product Officer. We're very excited about that because he complements an incredibly talented team of other leaders who are very passionate about driving to our long-term targets. We also have established an internal AI team, it's we call it our Kaizen AI team.

但我相信我們會繼續尋找投資領域，我們會非常重視這個長期目標。關於公司內部一些與人工智慧相關的舉措，我只想專注於幾點。第一，我們有 William 擔任首席人工智慧和產品長。我們對此感到非常興奮，因為他與我們才華橫溢的其他領導團隊相得益彰，這些領導者都充滿熱情地致力於實現我們的長期目標。我們還成立了一個內部人工智慧團隊，我們稱之為「改善人工智慧團隊」。

And this is a team that works within Waystar cross-functionally across all the businesses, all the functional teams to identify use cases where AI could be used to create market-leading experiences, but at a higher -- or maybe create more operating leverage by deploying AI instead of people for certain tasks. One of the things that we emphasize internally is that we believe that AI is more of a productivity augmentation tool that will allow us to scale future from here as we make our team members even more and more productive in their jobs. This is an awesome group of people. And what we've done is we've given every single team member at Waystar, a Copilot license. We've taken them through certification and training on how to responsibly and ethically -- and from a business perspective, the Waystar way of how we like them to deploy Copilot.

這是一個在 Waystar 內部跨職能部門與所有業務部門、所有職能團隊合作的團隊，旨在確定人工智慧可以用於創造市場領先體驗的用例，但效率更高——或者透過部署人工智慧而不是人來完成某些任務來創造更大的營運槓桿。我們內部強調的一點是，我們相信人工智慧更像是一種生產力增強工具，它將使我們能夠從現在開始擴展未來，使我們的團隊成員在工作中變得越來越有效率。這是一群很棒的人。我們所做的就是頒發了 Copilot 許可證給 Waystar 的每位團隊成員。我們已經對他們進行了認證和培訓，教導他們如何以負責任和道德的方式——以及從商業角度來看，Waystar 的方式，讓他們能夠部署 Copilot。

We have contest internally where we celebrate individuals and teams who have created novel use cases using Copilot through some prompting or some engineering capabilities to improve or automate certain tasks that have been done manually previously to make our team members even more productive and to help them delight clients as they do to help them write source code and have it be reviewed.

我們內部會舉辦比賽，表彰那些透過一些提示或工程能力，利用 Copilot 創建新穎用例的個人和團隊，以改進或自動化以前手動完成的某些任務，從而提高我們團隊成員的生產力，並幫助他們取悅客戶，就像他們幫助他們編寫原始程式碼並進行審查一樣。

Our development teams, for example, are using GitHub and Copilot and we're starting to see some increased efficiency and as they deploy AI and they're using it to review code and do integrity testing and other types of testing in our software. We're really excited about the opportunity there. And I suspect that we'll find future opportunities to advance and drive operating leverage in the business as we find those operating leverage basis points or percentage point, so to speak. We may not convert that all to adjusted EBITDA, because we may choose at this point in our journey as a company to reinvest operating leverage that we find back into the business to drive innovation and drive go-to-market success, drive cybersecurity and drive a market-leading client experience. And so that's how we're thinking about the internal use of AI.

例如，我們的開發團隊正在使用 GitHub 和 Copilot，我們開始看到效率有所提高，因為他們部署了 AI，並用它來審查程式碼、進行完整性測試以及我們軟體中的其他類型的測試。我們對那裡的機會感到非常興奮。而且我懷疑，當我們找到那些營運槓桿基點或百分比點時，我們將來會找到機會來提升和推動業務的營運槓桿。我們可能不會將所有收益轉化為調整後的 EBITDA，因為在公司發展的這個階段，我們可能會選擇將我們發現的經營槓桿再投資於業務，以推動創新和市場推廣成功，推動網路安全，並推動市場領先的客戶體驗。這就是我們對人工智慧內部應用的思考方式。

We've got well over 100 use cases that are actively being explored and pilot tested within Waystar today on the internal side. So we're very excited about that.

目前，Waystar 內部正在積極探索和試點測試超過 100 個用例。我們對此感到非常興奮。

Thank you. This concludes the question-and-answer session. Now I will turn the call over to Matt Hawkins, CEO, for closing remarks.

謝謝。問答環節到此結束。現在我將把電話交給執行長馬特霍金斯，請他作總結發言。

Yes. So let me just close here. We thank everybody for participating today and for your thoughtful questions. I hope you'll sense that we're pleased with the performance of the business we -- it's -- there's a sense of momentum. We are raising our full year guidance on that basis.

是的。那我就在這裡結束今天的討論吧。感謝大家今天的參與與提出的寶貴問題。我希望你們能感受到我們對公司業績的滿意——公司發展勢頭良好。基於此，我們上調了全年業績預期。

We're thrilled to have closed the Iodine acquisition, and we're well underway and excited to work together as one team to really do some transformational work in health care. What I'd say is it's all due to our team. I'm so grateful to work alongside such a talented and dedicated group of people. This is a team that really cares about our mission to simplify health care payments, and it's an honor for me to work alongside them. What we're building is a market-leading platform.

我們很高興完成了對 Iodine 的收購，目前進展順利，我們很興奮能作為一個團隊共同努力，在醫療保健領域真正做出一些變革性的工作。我想說，這一切都歸功於我們的團隊。我非常榮幸能與這樣一群才華橫溢、敬業奉獻的人一起工作。這是一個真正關心我們簡化醫療保健支付使命的團隊，能與他們一起工作是我的榮幸。我們正在打造的是一個市場領先的平台。

We're beginning to get data and network effects as we process more transactions and we get richer data, drive to smarter automation. That creates higher client value and deeper stickiness and retention with our clients. So we're excited about the work that we're doing, and we look forward to continuing to execute on our business plan. Thank you very much for the time today.

隨著我們處理更多交易，獲得更豐富的數據，我們開始獲得數據和網路效應，從而推動更智慧的自動化。這能為客戶創造更高的價值，並增強客戶黏著度和留存率。因此，我們對目前正在進行的工作感到興奮，並期待繼續執行我們的商業計劃。非常感謝您今天抽出時間。

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

感謝各位參加今天的會議。節目到此結束。您現在可以斷開連線了。