Waystar Holding Corp. (WAY) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Waystar second quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您耐心等候。歡迎參加 Waystar 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker today, Edward Parker, Head of Investor Relations. Please go ahead.

現在我想將會議交給今天的發言人——投資人關係主管 Edward Parker。請開始。

Thank you, operator. Good afternoon, everyone, and thank you for joining Waystar's Second Quarter 2026 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，接線員。各位下午好，感謝各位參加 Waystar 2026 年第二季財報電話會議。今天與我一同出席的有 Waystar 執行長 Matt Hawkins，以及 Waystar 財務長 Steve Oreskovich。今天下午，我們發布新聞稿公布財務結果，並同步發布簡報資料。您可於 investors.waystar.com 取得這些資料。

Before we begin, I would 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.

在開始之前，我想提醒各位，本次電話會議包含前瞻性陳述，亦即對未來事件或表現的預測或信念。此類陳述的例子包括對未來財務結果、成長與利潤率的預期。這些陳述涉及多項風險與不確定性，可能導致實際結果與陳述內容出現重大差異。

For a full discussion of the risks and other factors that may impact these forward-looking statements, please refer to this afternoon'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 made on this call are only as of today and will not be updated unless required by law.

關於可能影響這些前瞻性陳述之風險及其他因素的完整討論，請參閱今天下午的新聞稿以及我們向美國證券交易委員會（SEC）提交的報告；上述資料皆可於本公司網站的投資人關係頁面取得。本次電話會議中所作的任何前瞻性陳述僅截至今日，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.

我們也將討論若干非 GAAP 財務衡量指標。這些指標旨在提供對我們營運表現的額外洞見，不應單獨使用，亦不應作為依 GAAP 編製之財務資訊的替代。我們已在簡報投影片附錄及財報新聞稿中，提供本次談話所提及之非 GAAP 財務衡量指標與最直接可比之 GAAP 指標的調節表，並附上相關說明。

With that, I'd like to turn the call over to Matt. Thank you, Edward, and good afternoon, everyone.

接下來，我想把電話會議交給 Matt。謝謝你，Edward，各位下午好。

Thank you for joining our Q2 2026 earnings call. We delivered another solid quarter as we executed our strategy, supported our clients and advanced the Waystar platform toward a more autonomous revenue cycle. During the quarter, we delivered revenue of $320 million, representing 18% year-over-year growth and adjusted EBITDA of $137 million, resulting in an adjusted EBITDA margin of 43%, which exceeded consensus expectations for the quarter.

感謝各位參加我們 2026 年第二季（Q2）財報電話會議。在執行策略、支持客戶並推動 Waystar 平台朝向更自主化的營收循環之際，我們再度交出穩健的一季表現。本季營收為 3.20 億美元，年增 18%；調整後 EBITDA 為 1.37 億美元，調整後 EBITDA 利潤率為 43%，高於市場對本季的一致預期。

We also delivered another strong quarter of bookings, supported by ongoing momentum with larger provider organizations, expansion across our client base and sustained demand for Waystar's AI-powered solutions. While the operating environment continues to evolve, the breadth of our platform, the diversity of our client base and the mission-critical nature of our solutions support healthy demand across the business.

我們也在預訂（bookings）方面再度交出強勁的一季，主要受惠於與大型醫療服務提供者組織合作動能持續、既有客戶群的擴張，以及市場對 Waystar AI 驅動解決方案的需求維持強勁。儘管營運環境仍在演變，我們平台的廣度、客戶基礎的多元性，以及解決方案在關鍵任務層面的重要性，仍支撐整體業務維持健康需求。

At Waystar, our focus is to help providers lower the cost to collect, accelerate reimbursement and improve payment accuracy across the revenue cycle. In Q2, we saw healthy demand across the business, ongoing client expansion and broader adoption of Waystar solutions.

在 Waystar，我們的重點是協助醫療服務提供者降低收款成本、加速給付回收（reimbursement），並提升整個營收循環中的付款準確性。在第二季，我們看到整體業務需求健康、客戶持續擴張，以及 Waystar 解決方案更廣泛的採用。

Large platform deployments drove strong bookings during the quarter, including a double-digit number of $1 million-plus ACV bookings, reinforcing the trend we have discussed over the past several quarters and our view that providers increasingly value a connected platform approach. Larger client relationships also continue to grow. Clients generating more than $100,000 of trailing 12-month revenue grew to 1,453, up 15% year-over-year.

本季由大型平台部署帶動強勁的預訂表現，其中包括兩位數筆年約合約價值（ACV）超過 100 萬美元的預訂案，進一步印證我們在過去數季所討論的趨勢，以及我們對醫療服務提供者日益重視「互聯平台」方法的看法。大型客戶關係也持續成長。過去 12 個月（TTM）營收超過 10 萬美元的客戶數增至 1,453 家，年增 15%。

Within this cohort, clients have expanded their use of Waystar solutions over the past several years, demonstrating the compounding value clients realize as they adopt additional Waystar capabilities over time. Net revenue retention was 108%, within our historical range, demonstrating continued expansion within our existing client base.

在這一客群中，客戶在過去數年持續擴大使用 Waystar 解決方案，顯示隨著時間推進、採用更多 Waystar 能力，客戶所獲得的價值具有複利效應。淨營收留存率為 108%，落在我們的歷史區間內，顯示既有客戶群仍持續擴張。

At the same time, new clients are increasingly selecting multiple Waystar solutions as part of their initial purchase decision. Platform consolidation continues to accelerate as providers move away from fragmented point solutions in favor of a single connected software platform. Class Research's inaugural revenue cycle management suites report reflects that shift.

同時，新客戶在初次採購決策中，也愈來愈常選擇多項 Waystar 解決方案。隨著醫療服務提供者從分散的單點解決方案轉向單一互聯軟體平台，平台整併持續加速。Class Research 首次發布的營收循環管理套件報告也反映了這項轉變。

Among providers using multiple solutions from a single vendor, the study found that Waystar clients reported some of the strongest improvements in collections performance and cost to collect, providing independent validation of the operational and financial benefits providers can achieve when more of the revenue cycle is managed on a single platform. One of our $1 million-plus ACV bookings is a nonprofit health system serving Central New Jersey and Southeastern Pennsylvania.

研究發現，在使用同一供應商多項解決方案的醫療服務提供者中，Waystar 客戶在收款表現與收款成本方面回報了最顯著的改善之一，為醫療服務提供者在單一平台上管理更多營收循環所能達成的營運與財務效益，提供了獨立驗證。我們其中一筆 ACV 超過 100 萬美元的預訂案，來自一家服務新澤西州中部與賓夕法尼亞州東南部的非營利醫療體系。

The win reflects the value of Waystar's platform with the provider selecting Waystar to replace three separate vendors across claims management, patient financial care, clinical documentation integrity and revenue capture. We also continue to see existing clients expand their relationships with Westar. This quarter, one of the largest nonprofit health systems in the country began implementing an expanded partnership across eligibility verification and insurance coverage detection.

此項勝出反映 Waystar 平台的價值；該醫療服務提供者選擇 Waystar 以取代在理賠管理、病患財務服務、臨床文件完整性與收入捕捉等領域的三家不同供應商。我們也持續看到既有客戶擴大與 Westar 的合作關係。本季，美國規模最大的非營利醫療體系之一開始導入擴大合作，涵蓋資格驗證與保險涵蓋偵測。

Already a seven-figure Waystar client, the added solutions are expected to generate more than $1 million in incremental annual revenue, reinforcing the advantage of a single connected platform over a patchwork of point solutions.

該客戶原本即為 Waystar 的百萬美元等級客戶（七位數），新增的解決方案預期將帶來超過 100 萬美元的年度增量營收，進一步強化「單一互聯平台」相較於拼湊式單點解決方案的優勢。

Another established client and multibillion-dollar academic health system with more than 3,000 beds and 9,000 physicians also recently went live with additional Waystar Altitude AI capabilities designed to prevent denials as part of its strategy to centralize revenue cycle operations. The go-live increases the client's annual investment in Waystar by an incremental seven figures while helping lower its cost to collect, reduce manual follow-up and operate more efficiently at enterprise scale.

另一家既有客戶——一家年營收達數十億美元的學術醫療體系，擁有超過 3,000 張病床與 9,000 名醫師——近期也已上線更多 Waystar Altitude AI 功能，該功能旨在協助預防拒付（denials），並作為其集中化營收循環營運策略的一部分。此次上線使該客戶對 Waystar 的年度投入增加額外的七位數金額，同時協助其降低收款成本、減少人工追蹤作業，並以企業級規模更有效率地運作。

During the quarter, we also saw encouraging adoption of iodine solutions within the existing Waystar client base. More than $6 million of bookings came from existing Waystar clients purchasing Iodine capabilities, an early proof point of our expanding cross-sell opportunity as clients bring together financial and clinical data to improve outcomes.

本季，我們也看到 Iodine 解決方案在既有 Waystar 客戶群中的採用情況令人鼓舞。超過 600 萬美元的預訂來自既有 Waystar 客戶購買 Iodine 能力，這是我們交叉銷售機會擴大的早期佐證，因為客戶正整合財務與臨床資料以改善成果。

As coverage dynamics evolve and self-pay populations grow, providers need stronger capabilities to identify available coverage and protect reimbursement. In a newly published success story, ProMedica, a hospital and physician network serving 4.7 million patients annually, leveraged Waystar's patient insurance coverage solution to uncover nearly $10 million in previously unidentified billing opportunities that may have otherwise been missed.

隨著保險涵蓋動態演變以及自付（self-pay）族群成長，醫療服務提供者需要更強的能力來辨識可用的保險涵蓋並保障給付回收。在最新發布的一則成功案例中，ProMedica——一個每年服務 470 萬名病患的醫院與醫師網絡——運用 Waystar 的病患保險涵蓋解決方案，發掘近 1,000 萬美元先前未被辨識、否則可能被錯過的帳單機會。

This quarter, we published an in-depth analysis of data from hundreds of hospitals using Waystar's clinical integrity and revenue capture capabilities. The analysis showed clients experienced outsized returns, including 3 times greater financial impact from integrated clinical documentation workflows, generating $2.17 million in incremental reimbursement for 10,000 discharges and a 90% year-over-year increase in rebuild dollars caught by our revenue leakage protection capabilities. Collectively, these examples demonstrate the value of the Waystar platform.

本季，我們發布了一份深入分析，內容基於數百家使用 Waystar 臨床完整性與收入捕捉能力之醫院的資料。分析顯示客戶獲得顯著超額回報，包括：整合式臨床文件工作流程帶來 3 倍更高的財務影響；每 10,000 次出院可產生 217 萬美元的增量給付回收；以及我們的營收流失防護能力所捕捉到的重建金額（rebuild dollars）年增 90%。綜合而言，這些例子展現了 Waystar 平台的價值。

As clients adopt more capabilities, they reduce complexity, improve performance and drive stronger financial outcomes. The momentum we're seeing across the business reflects more than strong execution, it reflects the position Waystar occupies within the healthcare payment ecosystem and the advantages that position creates for our clients.

隨著客戶採用更多功能，他們得以降低複雜度、提升效能，並帶動更強勁的財務成果。我們在整體業務中看到的動能，不僅反映出強勁的執行力，也反映出 Waystar 在醫療保健支付生態系中所處的位置，以及該位置為客戶帶來的優勢。

Waystar sits at the center of the healthcare payment ecosystem, connecting providers and payers through critical workflows that span the payment life cycle from authorization and claim submission through adjudication, payment and reimbursement. Providers see their workflows, payers see their workflows. Waystar connects and acts autonomously across both.

Waystar 位於醫療保健支付生態系的核心，透過涵蓋支付生命週期的關鍵工作流程，將醫療服務提供者與付款方連結起來，從授權與理賠申報，到審核裁定、付款與給付。醫療服務提供者看到的是他們的工作流程，付款方看到的是他們的工作流程。Waystar 連結兩者，並能在雙方之間自主運作。

Operating at that intersection gives us insight into the interactions, dependencies and friction points between providers and payers. That perspective enables us to improve performance across the revenue cycle and deliver better payment outcomes. Every transaction provides intelligence about how payments move through the system. As payer requirements change, Waystar helps identify friction, adapt quickly and continuously improve performance across the network. The result is stronger operational and financial performance for clients, including faster payment decisions, accelerated time to payment, fewer errors and less rework across the revenue cycle.

在該交會點運作，使我們能洞察醫療服務提供者與付款方之間的互動、相依關係與摩擦點。這樣的視角使我們能提升整體收入週期的表現，並帶來更佳的支付結果。每一筆交易都提供了關於付款如何在系統中流動的情報。隨著付款方要求改變，Waystar 協助辨識摩擦、快速調整，並持續提升整個網路的表現。其結果是客戶更強的營運與財務表現，包括更快的付款決策、更短的收款時間、更少的錯誤，以及收入週期中更少的重工。

Waystar processes more than 7.5 billion transactions annually. The scale of that network creates a unique combination of connectivity, data, workflow intelligence and payment intelligence that strengthens the value of the platform, supports innovation across the business and increasingly enables the application of AI across the revenue cycle. These advantages are reinforced by the four structural foundations you've heard me discuss previously, mission-critical infrastructure, proprietary data and extensively deployed network and deep domain expertise.

Waystar 每年處理超過 75 億筆交易。該網路的規模形成了連結性、數據、工作流程智慧與支付智慧的獨特組合，強化平台價值、支持全公司創新，並日益促進 AI 在收入週期中的應用。這些優勢也受到我先前提到的四項結構性基礎所強化：關鍵任務基礎設施、專有數據與廣泛部署的網路，以及深厚的領域專業。

We believe these advantages contribute to the strong win rates we achieve and support our ability to compete successfully against point solutions, broader software platforms, end-to-end service providers and newer market entrants. Taken together, these strengths create a durable advantage that is difficult to replicate and increasingly valuable as providers look to reduce administrative burden, improve efficiency and drive better financial outcomes.

我們相信，這些優勢有助於我們取得強勁的得標率，並支持我們在與單點解決方案、更廣泛的軟體平台、端到端服務供應商以及較新的市場進入者競爭時，持續成功。綜合而言，這些優勢形成難以複製且具持久性的競爭力；隨著醫療服務提供者希望降低行政負擔、提升效率並推動更佳財務成果，其價值也日益提升。

As we've discussed over the last several quarters, we continue advancing our vision of creating the industry's first autonomous revenue cycle. Our goal is not simply to deploy AI, it is to orchestrate the right AI at the right moment across the revenue cycle to reduce administrative burden, improve performance and deliver better outcomes for providers.

如同我們在過去幾個季度所討論的，我們持續推進打造業界首個自主收入週期的願景。我們的目標不僅是部署 AI，而是在收入週期中於適當時點協調運用適當的 AI，以降低行政負擔、提升表現並為醫療服務提供者帶來更佳成果。

Our AI deployment is not experimental. It is embedded and monetized, and it delivers meaningful outcomes inside the mission-critical workflows our clients rely on every day. External recognition during the quarter provided additional validation of these efforts with Waystar named to the Time 100 Most influential Companies list and earning the Time Impact in AI award.

我們的 AI 部署並非實驗性質。它已嵌入並實現變現，且在客戶每日仰賴的關鍵任務工作流程中帶來具意義的成果。本季度外部的肯定也進一步驗證了這些努力：Waystar 入選《Time》百大最具影響力公司名單，並獲得《Time》AI 影響力獎。

More than a dozen clients have committed to our next-generation anomaly detection solution during the first half of the year. This solution represents an important step forward because it combines Iodine's clinical documentation capabilities with Waystar's revenue capture engine. We are encouraged by the interest it is generating from large hospitals and health systems. Early adopters are seeing approximately $3 million in incremental revenue recovered per 10,000 admissions through automated revenue leakage detection. We are also seeing promising results from our newest Waystar Altitude AI-powered solution focused on care takebacks.

今年上半年已有十多家客戶承諾採用我們的新一代異常偵測解決方案。此解決方案是重要的進展，因為它將 Iodine 的臨床文件能力與 Waystar 的收入捕捉引擎結合。我們對大型醫院與醫療體系所展現的興趣感到鼓舞。早期採用者透過自動化收入流失偵測，每 10,000 次住院約可追回 300 萬美元的增量收入。我們也在最新的 Waystar Altitude AI 驅動解決方案（聚焦於照護追討款項）上看到令人振奮的成果。

US Renal Care, a dialysis provider with more than 500 centers across 32 states, achieved an 88% autonomous match rate between recoupments and original claims, reducing the time spent managing recoupments by approximately 80%.

US Renal Care 是一家透析服務提供者，在 32 個州擁有超過 500 個中心；其在追討款項與原始理賠之間達成 88% 的自主配對率，將管理追討款項所花費的時間降低約 80%。

As we look ahead, we are focused on the same priorities that have guided us over the last several quarters, simplifying healthcare payments, driving innovation and delivering meaningful value for our clients, our team members and our shareholders. The fundamentals of the business are strong, client partnerships are healthy and our long-term opportunity is significant. We look forward to sharing more about our strategy, client adoption trends and long-term vision at the Investor Day in August.

展望未來，我們將聚焦於過去幾個季度一直引導我們的相同優先事項：簡化醫療保健支付、推動創新，並為客戶、團隊成員與股東創造具意義的價值。業務基本面強勁、客戶合作關係健康，我們的長期機會也相當可觀。我們期待在 8 月的投資人日分享更多關於我們的策略、客戶採用趨勢與長期願景。

Before I turn the call over to Steve, I want to take a moment to recognize him and thank him for everything he has done for Waystar. As we announced earlier today, Steve will be transitioning from the Chief Financial Officer role after eight years with the company.

在我把電話會議交給 Steve 之前，我想花點時間肯定他，並感謝他為 Waystar 所做的一切。如同我們今天稍早宣布的，Steve 將在加入公司八年後，從財務長職務轉任。

Steve has been a tremendous leader, trusted adviser and great friend. He has played a critical role in helping build Waystar into the company we are today, helping us scale the business, build a world-class finance organization, navigate our IPO and establish the strong financial foundation that supports our continued growth today.

Steve 一直是卓越的領導者、值得信賴的顧問，也是很好的朋友。他在協助將 Waystar 打造成今日的公司方面扮演關鍵角色，協助我們擴大業務規模、建立世界級的財務組織、推動並完成 IPO，並建立支持我們持續成長的堅實財務基礎。

More importantly, Steve has been an invaluable partner to me and our leadership team. His judgment, integrity and steady leadership have had a lasting impact on this company, and we are all better because of his contributions. While Steve will be transitioning from the CFO role, he will remain with Waystar as an adviser over the coming months to help ensure a smooth transition.

更重要的是，Steve 一直是我與我們領導團隊不可或缺的夥伴。他的判斷力、正直品格與穩健領導，對公司產生了長遠影響；因為他的貢獻，我們都變得更好。雖然 Steve 將從財務長職務轉任，但他在接下來幾個月仍將以顧問身分留在 Waystar，協助確保順利交接。

We are pleased to welcome Alpana Wegner, who joined Waystar this week as our next CFO. Alpana brings extensive public company finance and software industry leadership experience, having served as CFO at several public software companies and held a variety of senior finance and operating leadership roles throughout her career. I look forward to introducing her to you in the coming weeks.

我們很高興歡迎 Alpana Wegner，她於本週加入 Waystar，擔任我們的新任財務長。Alpana 擁有豐富的上市公司財務與軟體產業領導經驗，曾在多家上市軟體公司擔任財務長，並在其職涯中擔任多項資深財務與營運領導職務。我期待在未來幾週向各位介紹她。

Steve, thank you again. You've been a great partner and a great friend. On behalf of all of us at Waystar, thank you for your leadership, your friendship and everything you've done for this company. We wish you and your family the very best.

Steve，再次謝謝你。你一直是很棒的夥伴，也是很棒的朋友。我代表 Waystar 全體同仁，感謝你的領導、你的友誼，以及你為這家公司所做的一切。我們祝福你與家人一切順心。

With that, I'll turn it over to you.

接下來，我把時間交給你。

Thanks, Matt, and thank you for the kind words. Serving as CFO of War over the past eight years has been one of the greatest privileges of my professional career. I've had the opportunity to work alongside an exceptional team, support incredible clients and be part of a remarkable journey. I'm incredibly proud of what we've built together and even more confident in where the company is headed. I want to thank our team members, clients, shareholders and the many friends I've made along the way for their trust, support and partnership.

謝謝你，Matt，也謝謝你的溢美之詞。在過去八年擔任 War 的財務長，是我職涯中最大的榮幸之一。我有機會與一支傑出的團隊並肩合作、支持令人驚豔的客戶，並成為一段非凡旅程的一部分。我對我們共同打造的成果感到無比自豪，並對公司未來的發展方向更具信心。我要感謝我們的團隊成員、客戶、股東，以及一路走來結識的許多朋友，感謝你們的信任、支持與合作。

I'm grateful for the opportunity to have been part of this team and this company. And with that, let me turn to the quarter. Revenue increased 18% year-over-year in the second quarter to $320 million and organic revenue grew 7% year-over-year. Excluding previously discussed items affecting comparability, normalized organic growth was approximately 10% in the quarter. Performance in the quarter reflects expansion across the client base, healthy adoption of high-value solutions and continued strong execution.

我很感激能成為這個團隊與這家公司的一員。接下來，讓我談談本季度表現。第二季營收年增 18% 至 3.20 億美元，有機營收年增 7%。排除先前已討論、影響可比性的項目後，本季度標準化有機成長約為 10%。本季度表現反映出客戶基礎的擴張、高價值解決方案的健康採用，以及持續強勁的執行力。

Total booking value and expected margin composition again exceeded internal expectations. Bookings also include a double-digit count of $1 million-plus annual contract value engagements with activity continuing to skew towards larger platform deployments and new solutions such as the prebill demand Matt discussed. Clients generating more than $100,000 of revenue in the last 12 months increased by 20 in the second quarter to 1,453 at quarter end, an increase of 15% year-over-year. Our net revenue retention rate also viewed on a last 12-month basis was 108% at the end of Q2. within our historical range of 108% to 110%.

總預訂價值與預期毛利結構再次超出內部預期。預訂亦包含兩位數筆年合約價值超過 100 萬美元的合作案，且活動持續偏向更大型的平台部署，以及 Matt 所提到的預先帳單需求等新解決方案。過去 12 個月創造超過 10 萬美元營收的客戶數在第二季增加 20 家，季末達到 1,453 家，年增 15%。我們的淨營收留存率（以過去 12 個月為基礎）在第二季末為 108%，落在我們歷史區間 108% 至 110% 之內。

Subscription revenue of $176 million for the second quarter increased 34% year-over-year, 2% sequentially and was 55% of total revenue. On an organic basis, subscription revenue grew 12% year-over-year, continuing to grow at a double-digit rate and reinforcing the health of the core Waystar business. Volume-based revenue of $142 million for the second quarter increased 3% year-over-year and 2% sequentially. Please recall the items impacting second quarter year-over-year comparability are volume-based. We are pleased that both subscription and volume-based revenue performance aligned with expectations indicated on our prior earnings call.

第二季訂閱收入為1.76億美元，年增34%、季增2%，占總收入的55%。以有機口徑計算，訂閱收入年增12%，持續維持雙位數成長，並強化了Waystar核心業務的健康狀況。第二季按量計費收入為1.42億美元，年增3%、季增2%。請記得，影響第二季與去年同期可比性的項目屬於按量計費收入。我們很高興訂閱與按量計費收入的表現均符合我們在上一季財報電話會議中所指出的預期。

Adjusted EBITDA of $137 million for the second quarter increased 21.5% year-over-year. The adjusted EBITDA margin of 43% was consistent with the prior quarter and is indicative of the scalable nature of our platform model, disciplined cost management and the favorable margin profile of the solutions driving growth across the business.

第二季調整後EBITDA為1.37億美元，年增21.5%。調整後EBITDA利潤率為43%，與上一季一致，反映出我們平台模式的可擴展性、嚴謹的成本管理，以及推動全公司成長之解決方案所具備的有利利潤結構。

Our capital position remains strong with healthy cash flows as we ended the quarter with $192 million in cash, equivalents and short-term investments and $1.5 billion in gross debt. In May, our Board of Directors authorized a stock repurchase plan for up to $200 million. And during the second quarter, we repurchased $13 million worth of Waystar stock at an average price of $19.24 per share.

我們的資本狀況依然穩健，現金流健康；本季末我們持有1.92億美元的現金、約當現金及短期投資，總負債為15億美元。5月，我們董事會核准一項最高2億美元的庫藏股回購計畫。並且在第二季，我們以每股平均19.24美元的價格回購了1,300萬美元的Waystar股票。

Unlevered free cash flow was $64 million in the second quarter, and we converted 47% of adjusted EBITDA to unlevered free cash flow. Cash flow and the conversion ratio reflect the typical timing of estimated federal tax payments in the quarter. Additionally, capital expenditures, including capitalized software development, increased year-over-year as we continue investing in AI platform capabilities that we believe will support future growth, drive greater automation and advance our vision for the autonomous revenue cycle over time.

第二季無槓桿自由現金流為6,400萬美元，我們將調整後EBITDA的47%轉換為無槓桿自由現金流。現金流與轉換率反映了本季聯邦預估稅款支付的典型時點影響。此外，資本支出（包含資本化軟體開發）較去年同期增加，因我們持續投資AI平台能力；我們相信這將支持未來成長、推動更高程度的自動化，並隨時間推進我們對自主化營收循環的願景。

As of June 30, net leverage was 2.5 times compared to 2.7 times at the end of last quarter, which aligns with our historical ability to and cadence of delevering and is well below our goal of running the business at or below a 3 times leverage ratio. Based on our performance through the first half of 2026 and current expectations for the rest of the year, we are raising the low end of our revenue guidance range by $2 million, resulting in a revised guidance range of $1.276 billion to $1.294 billion and a midpoint of $1.285 billion, representing 17% year-over-year growth. We are also raising our adjusted EBITDA guidance to a range of $535 million to $545 million, with a midpoint of $540 million, an increase of $5 million versus prior guidance midpoint.

截至6月30日，淨槓桿倍數為2.5倍，較上一季季末的2.7倍下降；這符合我們過往去槓桿的能力與節奏，且明顯低於我們將業務槓桿比維持在3倍或以下的目標。基於我們在2026年上半年截至目前的表現，以及對今年剩餘期間的現行預期，我們將營收指引區間下緣上調200萬美元，修正後指引區間為12.76億至12.94億美元，中點為12.85億美元，代表年增17%。我們也將調整後EBITDA指引上調至5.35億至5.45億美元，中點為5.40億美元，較先前指引中點增加500萬美元。

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

以上為我們的開場說明。接下來，我們準備回答各位的提問。接線員，請開放提問。

(Operator Instructions) Ryan Daniels, William Blair.

(接線員指示) Ryan Daniels，William Blair。

Yes, Matt, a quick question for you, and congratulations to Steve on the announcement. Best wishes to you. I was hoping you could go into a little bit of detail about what you're hearing in the end market with kind of all the noise that's going on in healthcare with the ACA exchange lives rolling off into uninsured with Medicaid lives going down with OBVA likely to continue to push that down.

是的，Matt，我有個簡短問題要請教你，也恭喜Steve的宣布。也祝你一切順利。我希望你能更詳細談談你在終端市場聽到的情況；目前醫療保健領域雜音很多，例如ACA交易所的投保人數流失轉為未投保、Medicaid投保人數下降，且OBVA可能會持續推動其下降。

I guess the question is, what are you seeing in regards to transaction volume or patient pay because of that? And then what are you hearing from your customers about demand for different solutions to help them combat some of those changes in the market?

我想問的是，這些變化對交易量或病患自付（patient pay）方面，你們觀察到什麼影響？另外，你們從客戶那邊聽到對不同解決方案的需求有何變化，以協助他們因應市場上的這些改變？

Thank you, Ryan. I appreciate your thoughtful question and your well wishes for Steve. We are seeing the demand environment return to -- from a transaction utilization perspective, return to the long-term average of kind of that 1% to 2%. We know that the long-term secular trend is that 1% to 2%. In recent years, it's been higher based on probably a little bit of COVID catch-up maybe higher 3% or 4%.

謝謝你，Ryan。感謝你深思熟慮的提問，也謝謝你對Steve的祝福。從交易使用量的角度來看，我們看到需求環境回到長期平均水準，大約是1%到2%。我們知道長期的結構性趨勢就是1%到2%。近幾年可能因為一些COVID補償效應而較高，可能達到3%或4%。

There are some trends that you rightly highlighted, whether it's a little bit of regulatory uncertainty around certain uninsured populations or things like that, the decrease in Medicaid lives covered that does create uninsurance. That really does create demand for Way start solutions. When you think about what providers are most focused on, it is lowering the cost to collect, optimizing payment yield, whether from an insurance reimbursement or from a patient and reducing time to collect.

你提到的一些趨勢確實存在，例如針對某些未投保族群的監管不確定性等，或是Medicaid涵蓋人數下降而造成未投保增加。這確實會帶動對Waystar解決方案的需求。當你思考醫療服務提供者最關注的是什麼，他們在意的是降低收款成本、最佳化付款回收率（不論是保險給付或病患付款），以及縮短收款時間。

We know that they want to use a platform approach versus a point solution because there's this point solution fatigue where many of them are using well over a dozen point solutions in a patchwork way to try to figure out how they can optimize their collections and address their patient population. And we think that, that is -- that setup is squarely within the line of what the value proposition is for Waystar solutions.

我們知道他們希望採用平台式方法，而不是單點解決方案，因為存在「單點解決方案疲乏」：許多機構以拼貼方式使用十多種以上的單點工具，試圖找出如何最佳化收款並因應其病患族群。我們認為，這樣的現況正好落在Waystar解決方案價值主張所能提供的範圍之內。

We know that our solutions are mission-critical that they could be very helpful to providers in addressing the utilization environment, helping them do more with less, helping them have optionality to address the self-pay population or the uninsured population with many of the software modules and capabilities that we have on Waystar's platform and certainly to continue to optimize and detect coverage where a patient may be eligible for coverage, our solutions use AI to detect that coverage.

我們知道我們的解決方案屬於關鍵任務（mission-critical），能在使用量環境下為醫療服務提供者帶來很大幫助，協助他們以更少資源完成更多工作；也能讓他們透過Waystar平台上的多種軟體模組與能力，具備因應自付族群或未投保族群的彈性選項；並且持續最佳化與偵測保障覆蓋情況——當病患可能符合投保資格時，我們的解決方案會運用AI來偵測該保障。

And so we think those factors all contribute to a strong demand environment that we see at Waystar and have contributed to strong bookings momentum and a robust pipeline as we address the second half of the year.

因此，我們認為這些因素共同促成我們在Waystar所看到的強勁需求環境，並推動了強勁的簽約動能與充沛的商機管線，讓我們能迎接下半年的業務推進。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Maybe if I can delve a little bit on Ryan's question, thinking about the end market. As you go into RFPs and really nice to see some of these business wins, but especially now as you go in with iodine, what is the pitch that you're making? And are you seeing any different responses either against module components or potentially embedded EHR players as you drive towards your NRR levels and other new wins that you saw in the quarter?

如果我可以沿著Ryan的問題再深入一點，從終端市場的角度來看。當你們參與RFP（招標/提案徵求）時，很高興看到一些漂亮的業務勝出；但特別是現在你們帶著Iodine一起進場時，你們的主打訴求是什麼？另外，當你們推動達成NRR水準以及本季看到的其他新案時，你們是否看到客戶對模組化元件的回應有所不同，或是相對於內嵌式EHR業者的競爭反應有所不同？

Thank you, Michael. We are seeing client interest in combining clinical and financial intelligence. And that's exactly the opportunity that we saw when we acquired Iodine. We know that in doing so, what we're doing is effectively reaching further upstream into the clinical workflows and beginning there, working to prevent denials from occurring in the first place, which really helps providers, working to detect anomalies where as they begin to form a claim, we want that claim to be highly accurate. So we're deploying AI to help them.

謝謝你，Michael。我們看到客戶對於結合臨床與財務智慧的興趣。這正是我們收購Iodine時所看到的機會。我們知道，透過這樣的結合，我們實際上是把觸角延伸到更上游的臨床工作流程，從源頭開始，努力在拒付（denials）發生之前就加以預防，這對醫療服務提供者非常有幫助；同時也協助偵測異常——當他們開始形成理賠申請（claim）時，我們希望該申請高度準確。因此我們部署AI來協助他們。

We've seen some really nice wins, as we called out in our prepared remarks in the quarter, more than $6 million of some of the pre-bill anomaly detection capabilities that really come about because now Iodine and Waystar are one company. And we see strong pipeline and momentum in that regard.

我們在本季看到一些非常不錯的勝出案例，正如我們在事先準備的講稿中提到的，僅在某些預先開立帳單（pre-bill）異常偵測能力方面就超過600萬美元；這些能力之所以能實現，正是因為Iodine與Waystar現在已成為同一家公司。而且我們在這方面看到強勁的商機管線與動能。

And again, all of it is oriented toward what our vision was at the outset of acquiring Iodine, which was to use Iodine as the AI engine to help form new solutions that are AI-based that can thematically prevent denials from occurring and create that perfect undeniable claim that will lead to accurate and timely payment. So we do like the setup, and we feel good about the strategy, believe it's intact.

再者，所有這些都圍繞著我們在收購 Iodine 之初所設定的願景：將 Iodine 作為 AI 引擎，用來協助打造以 AI 為基礎的新解決方案，能在主題上預防拒付（denials）發生，並建立那個完美、無可否認的理賠申請（claim），從而帶來準確且及時的付款。因此我們確實喜歡目前的布局，也對這項策略感到很有信心，並相信它仍然完整無虞。

Steven Valiquette, Mizuho Securities.

Steven Valiquette，瑞穗證券（Mizuho Securities）。

Just kind of a high-level question. Just kind of curious about just overall RCM platform approach. Obviously, now you have iodine with CDI software. A lot of vendors sell medical coding software and CDI together. Just curious about your appetite for other vertical solutions within RCM to kind of round things out? And does medical coding software make sense tied into CDI?

我想問一個比較高層次的問題。我有點好奇你們整體的 RCM 平台策略。顯然現在你們有 Iodine 以及 CDI 軟體。很多供應商會把醫療編碼（medical coding）軟體和 CDI 一起銷售。我想了解你們對於在 RCM 內部加入其他垂直解決方案、把版圖補齊的意願如何？另外，醫療編碼軟體與 CDI 綁在一起是否合理？

Hanks, Steven. We're absolutely focused on building toward the robust autonomous revenue cycle solution. And again, the acquisition and the strategic logic of why iodine is very much a part of that vision because we're uniting the front end of our platform with the middle part, that perfect puzzle piece that you've heard me describe in quarters past with the back-end clearinghouse capabilities, which, as you all know, the clearinghouse is the heart and soul of the revenue cycle because that's where all the things that you do building up to payment, that's where the action --

Hanks，Steven。我們絕對專注於打造強健的自主化營收循環（autonomous revenue cycle）解決方案。再次強調，收購 Iodine 的策略邏輯之所以非常符合這個願景，是因為我們正在把平台的前端與中段結合起來——也就是你們過去幾季聽我形容的那塊「完美拼圖」——再加上後端的清算所（clearinghouse）能力。各位都知道，清算所是營收循環的核心與靈魂，因為所有為了收款所做的事情，真正發生作用的地方就在那裡--

The rubber hits the road, so to speak, and where the action occurs. And so really, our platform is a system of action, and it's driving real benefit. within the mid-cycle, you highlight some important things that we believe that we have the right to do or the right to partner with others in the space.

可以說是「見真章」的地方，也是行動發生之處。因此，我們的平台本質上是一個行動系統（system of action），並且正在帶來實質效益。在中段循環方面，你點出了一些重要事項；我們相信在這些領域，我們有權自己去做，或有權與該領域的其他夥伴合作。

So on the one end of the clinical documentation improvement capability where, again, Iodine is deploying over 150 AI models and delivering more and more all the time. There is the ambient listening category. We know those players and there's opportunity for us to partner there. On the other end, you highlighted coding. And in particular, there's the autonomous coding category or the auto coding category.

在臨床文件改善（clinical documentation improvement, CDI）能力這一端，如同我所說，Iodine 正在部署超過 150 個 AI 模型，而且持續交付更多。另外還有環境式聆聽（ambient listening）這個類別。我們了解那些玩家，也有機會在那裡進行合作。在另一端，你提到了編碼（coding）。特別是自主編碼（autonomous coding）或自動編碼（auto coding）這個類別。

With all the work that we're doing, we believe that we have the right to explore that area and expand our addressable market opportunity. We certainly are studying that space carefully, and I won't say more than that at this point in time. But again, when you look long term at what we're building toward, envision this autonomously acting revenue cycle platform where a lot of work is shifting from automated work to orchestrated work by agents acting on behalf of revenue cycle experts to create that perfect round-the-clock behaving solution that benefits providers and creates a highly informed patient who can engage in their financial responsibility where we seek payments as well.

基於我們正在推進的所有工作，我們相信自己有資格探索該領域，並擴大我們的可服務市場機會。我們確實正在仔細研究那個市場空間，但目前我不會再多說。不過，從長期來看，當你看我們正在打造的方向——想像一個能自主運作的營收循環平台，許多工作將從「自動化」轉向由代理（agents）代表營收循環專家進行「編排式」工作，打造一個全天候運作的完美解決方案，既讓醫療提供者受益，也能讓病患在充分知情下參與其財務責任，同時我們也在其中尋求付款。

That's where we're headed. And I hope my answer helps address some of the ways we're thinking about added opportunity in the middle part of the revenue cycle.

這就是我們前進的方向。希望我的回答能幫助說明我們如何思考在營收循環中段增加機會的幾種方式。

Scott Schoenhaus, KeyBanc.

Scott Schoenhaus，KeyBanc。

So you noted the strength in the large provider clients and you talked about bookings. I'm just wondering on the RFP process specifically and the pipeline there. Are you seeing more large provider clients this year versus last year in your RFP process? And what are they coming specifically for? Is iodine like the lead catalyst for that? I'm just trying to get a better sense of the RFP process given all the concern around large hospital systems contemplating whether in-house or other third-party AI platforms here.

你提到大型醫療提供者客戶的強勁表現，也談到了簽約（bookings）。我想更具體問一下 RFP 流程以及那邊的管線情況。今年你們在 RFP 流程中看到的大型醫療提供者客戶是否比去年更多？他們具體是為了什麼而來？Iodine 是否是主要的催化因素？我想更好理解 RFP 流程，因為市場上對大型醫院系統在考慮自建或採用其他第三方 AI 平台有不少疑慮。

Yes. Thank you, Scott. We are seeing an uptick in RFPs, and we're participating in more RFPs, and that is leading to the types of strong bookings results that we see. And because these are larger wins, recent wins and as we look ahead in our robust pipeline, there are RFP activities going on within our bookings pipeline, these -- some of these are taking slightly longer to implement. And it's not just one solution.

是的。謝謝你，Scott。我們確實看到 RFP 數量上升，也參與了更多 RFP，而這正帶來我們所看到的強勁簽約成果。由於這些是更大型的案子——不論是近期贏得的案子，或是展望我們強健的管線——在我們的簽約管線中，確實有 RFP 活動正在進行；其中一些案子在導入上會花稍微更長的時間。而且這不只是單一解決方案。

It's multiple solutions, front, middle or back and often all. And so that's thrilling for us to be able to participate in those things. We're creating delighted clients as we take them live. And when I step back, Scott, this is what we were alluding to all the way back in 2024 when we were working to rapidly address not only the Phase 1, as you may have heard me talk about it, clients that needed rescuing when a competitor of ours was cyberattack and their network was taken down. But we alluded to a Phase 2, what we thought was going to be a longer tail of Phase 2.

而是多個解決方案，涵蓋前段、中段或後段，且往往是全部都要。因此我們能參與其中，對我們來說非常振奮。我們在客戶上線時，正在創造讓客戶非常滿意的體驗。Scott，當我退一步看，這正是我們早在 2024 年就提到的：當時我們努力快速因應的不只是第一階段（Phase 1）——你可能聽我談過——也就是在競爭對手遭遇網路攻擊、其網路被打垮後，那些需要被「救援」的客戶。但我們也提到第二階段（Phase 2），我們認為那會是一個更長尾的 Phase 2。

We didn't know how to time box it at the time. We didn't know how big it was going to be, but we had a sense that this was going to be a longer Phase 2. We're living in that now. And we have seen an uptick. Some of that uptick has already resulted in bookings, but we don't see that diminishing.

當時我們不知道要如何界定時間範圍。也不知道規模會有多大，但我們有感覺這會是一個更長的 Phase 2。我們現在正身處其中。而且我們確實看到 RFP 的增加。其中一部分的增加已經轉化為簽約，但我們不認為這個趨勢會減弱。

And we believe that Waystar is well positioned to continue to participate and to win given the strength of our win rates. I'd highlight in our prepared remarks that class report that named us a top platform solution. It's an inaugural report in this topic. We were thrilled with that. And I think that's an evidence point for how we're positioning Waystar to be successful in this exciting Phase I that you've heard us talk about.

我們相信，憑藉我們強勁的得標率，Waystar 具備良好條件持續參與並贏得更多案子。我也想強調我們在事先準備的講稿中提到的那份 Class 報告（class report），它將我們評為頂尖的平台型解決方案。那是這個主題的首份報告。我們對此非常振奮。我認為這也是一個證據點，顯示我們如何定位 Waystar，以在你們聽我們談到的這個令人興奮的第一階段（Phase I）中取得成功。

Brian Peterson, Raymond James.

Brian Peterson，Raymond James。

Congrats on the strong bookings. So I wanted to unpack the transaction component a bit. And how did that trend versus your internal expectations in the quarter? It looks like the patient volume was up a bit, but the provider was down. Is there anything that you can share that gives us more context on that?

恭喜簽約表現強勁。我想稍微拆解一下交易量（transaction）這個組成。本季的趨勢相較於你們內部預期如何？看起來病患量（patient volume）略有上升，但醫療提供者（provider）端則下降。你們能否分享一些背景，讓我們更理解這個情況？

Yes. Thanks, Brian. This is Steve. I'll take that. So I'd say for the quarter, the patient utilization aligns with both our expectations and with overall guidance for the year. And as Matt alluded to earlier, it's in line with what we've seen from a long-term historical annual uplift year-over-year, recognizing that we're looking at a tough comp when we're looking at '26 versus '25 because those that utilization was elevated in '25.

好的。謝謝你，Brian。我是 Steve。我來回答。我會說，就本季而言，病患使用量（patient utilization）符合我們的預期，也符合我們對全年所給出的指引。而且如同 Matt 先前提到的，這也與我們長期歷史上每年年增的提升幅度一致；同時也要注意，當我們比較 2026 年相對 2025 年時，基期會比較艱難，因為 2025 年的使用量曾經偏高。

To your question, and I'll probably specify a little more on the volume-based revenue. We talked about that in the past being about 45% of revenue, $142 million in the quarter. That is up 3% year-over-year. If you were to normalize the items that we talked about that on prior calls, whether they were specific to '25 or earlier in '26, that volume-based revenue on a normalized basis is more like 8% year-over-year.

針對你的問題，我可能會再更具體說明一下以交易量為基礎的營收。我們過去談到這部分約占營收的45%，本季為1.42億美元。這部分年增3%。如果把我們在先前電話會議中提到的那些項目做正常化處理（不論是特定於2025年或是2026年較早期的項目），那麼在正常化基礎下，這項以交易量為基礎的營收年增更接近8%。

So we feel really good about, again, where it is for the quarter and then where we've seen it so far year-to-date versus our expectations from a guidance perspective, recognizing that it is in line with the long-term historical trends versus what we've experienced or seen in the last couple of years.

所以我們對此感到非常有信心——再次強調，無論是本季的表現，或是年初至今相較於我們在指引角度的預期所看到的情況——同時也要認知到，這與長期歷史趨勢一致，而不是過去幾年我們所經歷或看到的狀況。

Yes. I mean I'd say, Brian, really quickly adding on to what Steve just highlighted. Speaking specifically, we called out those three large client implementations a year ago in '25 that we were able to take live on a very compressed time line. And as we noted then, they were larger and the nature of the agreements we had with them were transactional volume based. And so that's part of what leads to the year-over-year comp that optically looks the way it does. But we feel good about the volume-based aspect of our business and the growth opportunity there.

是的。我的意思是，Brian，我很快補充一下Steve剛才強調的重點。具體來說，我們在一年前、也就是2025年，特別點出那三個大型客戶的導入案，我們能在非常壓縮的時程內上線。而且如同我們當時所提到的，它們規模更大，且我們與他們的合約性質是以交易量為基礎的。因此，這也是造成同比比較在表面上看起來呈現那樣結果的一部分原因。但我們對業務中以交易量為基礎的部分以及其成長機會感到樂觀。

Brian Tanquilut, Jefferies.

Brian Tanquilut，Jefferies。

Steve, and good luck with the move. So maybe just my question, as I think about guidance and the move on the EBITDA range, you beat by $7 million in Q1, $6 million in Q2 roughly. Just curious, is there anything we should be thinking about in the back half of the year that's kind of preventing you from guiding at least by the beat that you've seen this year?

Steve，祝你搬遷順利。所以也許我的問題是，當我思考指引以及EBITDA區間的調整時，你們在第一季超出預期700萬美元，第二季大約超出600萬美元。只是好奇，下半年是否有任何我們需要考量的因素，讓你們無法至少以今年迄今看到的超預期幅度來給出指引？

Bryan, thank you. So first, we're pleased with the performance of the business. This is the ninth consecutive quarter of beating analysts' expectations and consensus on both revenue and EBITDA. We have confidence in our full year outlook. And what I'd say is that a couple of thoughts on EBITDA production in particular.

Bryan，謝謝。首先，我們對業務表現感到滿意。這是連續第九個季度在營收與EBITDA兩項都超出分析師預期與市場共識。我們對全年展望有信心。我想說的是，特別就EBITDA產出而言，有幾點想法。

We have a number of internal initiatives that you've heard us talk about in the past. Some of those are AI operating leverage type initiatives that create improvement in gross margin, which I think you see show up in our P&L, also continued expansion of our adjusted EBITDA margin as noted in the quarter. We're balancing that with the tremendous opportunity we see to continue to invest for the long-term growth of the business.

我們有多項內部計畫，你們過去也聽我們談過。其中一些是AI營運槓桿類的計畫，可帶來毛利率的改善，我想你們也能在我們的損益表中看到反映；同時，如本季所示，我們的調整後EBITDA利潤率也持續擴張。我們在這些之間取得平衡，同時也看見持續投資以支持公司長期成長的巨大機會。

And that is additional growth investments in AI and continuing to position Waystar to be the category leader of this AI-first autonomous revenue cycle platform. So we are certainly confident in our full year guide on revenue and EBITDA, but we want to reserve a little bit of room for us to invest as appropriate. And by the way, we think that the 40-plus percent adjusted EBITDA margins that we're delivering are great because it is putting us in a strong capital position as you see us driving free cash flow.

也就是在AI方面加碼成長投資，並持續將Waystar定位為這個「AI優先」自動化收入循環平台類別的領導者。因此，我們對全年營收與EBITDA指引當然有信心，但也希望保留一些空間，讓我們能在適當時機進行投資。順帶一提，我們認為目前交出的40%以上調整後EBITDA利潤率非常出色，因為這讓我們在資本面處於強勢位置，也如你們所見，我們正在推動自由現金流。

Steve, would you highlight anything incrementally?

Steve，你是否要補充任何額外重點？

Yes. Just to tie out what Matt just said, as you look through the entirety of the financials, Brian, I just -- and you saw it in my prepared remarks call out the capital software spend where it's capitalized software spend where it ties directly into what Matt said about focused on driving new solutions and implementing and inserting AI into our existing platform to round out the capabilities and drive an already impressive ROI for our clients even higher.

是的。為了呼應Matt剛才所說的，Brian，當你檢視整體財務報表時——我只是——你也在我事先準備的發言中看到我提到資本化軟體支出；也就是資本化的軟體支出，這與Matt所說的重點直接相關：專注於推動新解決方案，並把AI導入、嵌入我們既有的平台，以完善能力，並讓客戶本來就很亮眼的投資報酬率（ROI）再提升。

If you looked at the capitalized software spend in the first half of the year, you'd see is roughly double what it was in 2025, and that is a reflection of how we're investing, as Matt said, into the products today to drive revenue growth for the future. And I'd say we're doing it in a very thoughtful manner as well as you could see that from the unlevered free cash flow conversion of adjusted EBITDA being 47% in the quarter. I mentioned a couple of other items out there.

如果你看今年上半年的資本化軟體支出，會看到大約是2025年的兩倍，這反映了我們如Matt所說，正在把資金投向當下的產品，以帶動未來的營收成長。我也會說，我們做得非常審慎；你也可以從本季調整後EBITDA的無槓桿自由現金流轉換率達47%看出來。我還提到另外幾個項目。

But we're looking to invest in and spend it in prudent manners. And to Matt's point, just to circle back to it, we would expect some of that to be flowing through to the P&L in the second half of the year. And really, as we look at the full year guide of 42% adjusted EBITDA margin, I think that's phenomenal based upon how we're looking to invest for the future while being stewards of the business today.

但我們會以審慎的方式投資並支出。而回到Matt的觀點，我們預期其中一部分會在下半年反映到損益表（P&L）中。而且，當我們看全年42%的調整後EBITDA利潤率指引時，我認為這非常出色，因為我們一方面要為未來投資，同時也要在當下善盡企業經營的管理責任。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

This is Ash on for Elizabeth. You've talked about the 6- to 18-month lead time for larger bookings a couple of quarters ago. And as you scale this number of $1 million contracts, as you kind of mentioned in the prepared remarks, are you seeing that range tighten closer to like 0 to 12 months now? Or is 6 to 18 months sort of the right way to still think about it?

我是Ash，代Elizabeth提問。你們在幾個季度前談到大型訂單（bookings）的交付前置期約為6到18個月。隨著你們擴大100萬美元合約的數量（如你們在事先準備的發言中提到的），你們是否看到這個區間收斂到更接近0到12個月？還是說，6到18個月仍然是比較合適的思考方式？

Thank you, Yushan and Giv Elizabeth our best. We -- I'd say -- it's that 6 to 18 months is still generally how we're thinking about it. There's -- we're certainly working to pull that in as tight as we can see once in a while, people moving much faster, and we're always grateful for that as we position ourselves to win. But most often, it's a very deliberate, thoughtful process that provider decision-makers go through -- and it tends to be that 6 to 18 months, especially for the larger deals that -- where we've highlighted some examples. The good news is we have a robust growth team.

謝謝你，Yushan，也請代我們向Elizabeth致意。我們——我會說——我們整體上仍是以6到18個月來看待。我們確實一直努力盡可能把時程縮短；偶爾也會看到有人推進得更快，我們也非常感謝，因為這有助於我們在競標中取得勝利。但多數情況下，醫療服務提供者的決策者會走一個非常審慎、周延的流程——而且通常就是6到18個月，特別是我們舉例提到的那些較大型交易。好消息是，我們有一支強健的成長團隊。

We have a proven track record in how we go and discover opportunities in accounts, we're able to sell the full platform. And but we're also able to go to where the clients need help the most. And so sometimes the variability there is if the client wants help or the prospect wants helping one particular area, that might be more 6 to 9 to 12 months if they want the full platform for multiple solutions on the form, like what we're seeing that the traditional average for us of 6 to 18 months tends to hold true. So it's a proven method and we're always working to compress it because we know the benefits of doing so on our P&L, but we've got a great team pursuing it.

我們在如何於客戶帳戶中發掘機會方面有經過驗證的實績，也能銷售完整平台。同時，我們也能聚焦在客戶最需要協助的地方。因此，有時候時程的差異取決於客戶或潛在客戶想先在哪個特定領域獲得協助；若只做單一領域，可能更接近6到9到12個月；若他們希望採用涵蓋多項解決方案的完整平台（就像我們看到的那樣），那麼我們傳統的平均值6到18個月通常仍然成立。所以這是一個已被驗證的方法；我們也一直努力壓縮時程，因為我們知道這麼做對損益表（P&L）的好處，但我們有一支很棒的團隊在推進。

Ryan Halsted, RBC Capital Markets.

Ryan Halsted，RBC Capital Markets。

I thought maybe you could comment just on the NRR, which has been kind of steadily stepping down appreciating kind of all the color you've offered so far on the business. It would be helpful just to kind of hear it in the context of NRR in terms of the moving parts. Should we be reading into it some impact of the volume-based business? Or is it sort of a lack of upsell? Or is there even some attrition? Any sort of color on the inputs that go into the NRR would be helpful.

我想也許你可以就 NRR 評論一下；在你先前對業務提供了各種說明的背景下，NRR 似乎一直在穩步下滑。如果能從 NRR 的角度、就其各個驅動因素來談談，會很有幫助。我們是否應該解讀為與按量計費（volume-based）業務的影響有關？還是說是加購（upsell）不足？或者甚至有一些客戶流失（attrition）？任何關於構成 NRR 的投入因素的補充說明都會很有幫助。

Yes, certainly, Ryan, this is Steve. So first off, I'd say we view the NRR, the LTM view of 108 for this quarter is very healthy in alignment with our long-term historical sort of NRR rate. We talked about before and obviously, there's a slide that we included in our investor deck that shows the bridge from gross revenue retention to Par. And if you look at those components, gross revenue retention continues to remain very strong at 97%. The sort of the trend that you're noticing is a factor primarily of two things.

是的，當然，Ryan，我是 Steve。首先我想說，我們認為本季以 LTM 口徑來看 108 的 NRR 非常健康，且與我們長期歷史上的 NRR 水準一致。我們之前也談過，而且很明顯地，我們在投資人簡報中放了一張投影片，展示從總收入留存（gross revenue retention）到 Par 的橋接。如果你看那些組成項目，總收入留存仍然非常強勁，為 97%。你注意到的那個趨勢，主要是兩個因素所致。

One is declines in times of rapid revenue that Matt had mentioned earlier, how they benefited NRR for the quarterly period. I think around Q2 of through Q1 of '26. So that added to what historically we had seen. And then the fact that we had higher utilization rates through the middle to about the, I'll call it, midway through the second half of 2025 also had a positive benefit and impact on that.

其一是 Matt 先前提到的，在收入快速成長的時期出現的下滑，當時對季度 NRR 是有助益的。我想大約是在 26 年 Q1 到 Q2 那段期間。因此那段時間相較於我們歷史上看到的水準，帶來了額外的貢獻。另外，我們在 2025 年中期到我稱之為 2025 年下半年中段之前，利用率較高，也對 NRR 帶來了正向的助益與影響。

So if you look at that slide in the -- again, in our IR deck, you'd see that Historically, it's been about 108 to 110 and the components that lead from gross to net are all in about those same ranges that are indicated on that slide. So -- we're very comfortable with the 108, and I wouldn't read more into it than we've just had some tailwind items the past few quarters that have allowed it to be beneficial and above that. that historical 108 to 110 range.

所以如果你看那張投影片——同樣在我們的 IR 簡報裡——你會看到歷史上大約是 108 到 110，而從總留存到淨留存的各個組成項目，也都大致落在投影片所示的相同區間。因此——我們對 108 非常放心；我不會做超出這些的解讀，只是過去幾季有一些順風因素，使其受益並高於那個歷史 108 到 110 的區間。

Richard Close, Canaccord Genuity.

Richard Close，Canaccord Genuity。

Steve enjoyed working with you over the last several years. With respect to -- you have a strong partnership with Google on the AI front. I'm just, Steve, curious maybe what you're seeing in terms of cost to compute as AI is integrated into your platform and how that gets baked into your guidance, how you think about cost of compute.

Steve，過去幾年很高興能與你合作。關於——你們在 AI 方面與 Google 有很強的合作夥伴關係。Steve，我想請教你，隨著 AI 整合進你們的平台，你看到的運算成本（cost to compute）趨勢如何？以及這會如何反映在你們的財測指引中？你們如何看待運算成本？

Yes. Thanks, Richard, for the kind words. And I'd say, as Matt talked earlier on the call about the internal initiatives that we have that are always ongoing that are looking to add scalability to our overall operating profile.

是的。謝謝你，Richard，謝謝你的好話。我想說，正如 Matt 先前在電話會議中提到的，我們一直在推動內部的各項持續性計畫，目標是提升我們整體營運輪廓的可擴展性。

One of the things that we know that, and the reinvestment areas that we've talked about previously, one of those areas that we know will -- we will utilize from the benefits of those operational activities just to cover things like cost to compute without impacting our overall margin profile. You could probably see that in the first couple of quarters here with not only a calculatable gross margin remaining at about 70%, which is in line with where we were in the back half of '25. But the overall adjusted EBITDA margin as well as we look all the way through the P&L.

我們知道其中一件事——以及我們先前談過的再投資領域之一——就是我們將利用這些營運活動帶來的效益，來涵蓋像是運算成本這類項目，而不會影響我們整體的利潤率輪廓。你大概也能在前幾個季度看到這點：不僅可計算的毛利率維持在約 70%，與 25 年下半年一致。而且當我們一路看完整個損益表時，整體調整後 EBITDA 利潤率也是如此。

So I think we feel really good about how we set the contract with Google and sort of the cost structure that we have in with that, without going into too much detail and feel like the other areas where we would expect cost to compute just to normally and appropriately increase as we continue to sell more and more AI and AI solutions or AI-enabled solutions into our client base. We feel very good about the other areas that we have ongoing that will allow us to absorb those for lack of a better phrasing. Matt, anything else you'd add to that?

所以我認為，我們對與 Google 所簽訂的合約設定以及相應的成本結構感到非常滿意；在不透露太多細節的前提下，我們也認為，隨著我們持續向客戶群銷售越來越多 AI 與 AI 解決方案或 AI 賦能（AI-enabled）解決方案，運算成本在其他領域按常態、合理地上升是可以預期的。我們對其他正在進行的工作也很有信心，能讓我們吸收這些成本——姑且這麼說。Matt，你還有什麼要補充的嗎？

Yes. I'd add a couple of things. Thanks, Steve. So first, token expense is all the rage in the broader market discussion isn't it. It is -- and people are worried about the use or consumption of tokens and trying to manage and govern those broadly.

有的。我補充幾點。謝謝，Steve。首先，token 成本在更廣泛的市場討論中是熱門話題，不是嗎。確實——大家擔心 token 的使用或消耗，並試圖在更廣泛的層面去管理與治理。

And it's interesting to follow the broader industry conversation, which I'm sure you're all following. What we do at Wave star, we have an internal governance model and AI governance approach that really could be exportable, and we could help our clients manage the way they think about AI.

追蹤整個產業更廣泛的討論很有意思，我相信你們也都在關注。我們在 Wave star 的做法是，我們有一套內部治理模型與 AI 治理方法，實際上是可以對外輸出的，我們也能協助客戶管理他們看待 AI 的方式。

As we create this operating system approach for the autonomous revenue cycle, we expect to deliver foundation model capability, a genetic capability while carefully and thoughtfully managing token expense and use of foundation model expense on behalf of the clients that we serve. And we've got a unique approach. I appreciate you highlighting the relationship that we have with Google.

當我們為自主化收入循環（autonomous revenue cycle）打造這種作業系統式的方法時，我們預期能提供基礎模型能力、生成式能力，同時也會謹慎且周全地代表我們服務的客戶，管理 token 成本，以及基礎模型費用的使用。而且我們有一套獨特的方法。也謝謝你特別提到我們與 Google 的合作關係。

It's a very constructive relationship. Again, we like the fact that they're a hyperscaler doing some very progressive things we're gaining the benefit of that as our teams are spending time co-developing on-site together, and there's some really breakthrough things that we're focused on. But amongst those is the importance of getting a grasp on governing the use of those models.

這是一段非常具建設性的合作關係。同樣地，我們喜歡他們作為超大規模雲端服務商（hyperscaler）正在做一些非常前瞻的事情；當我們的團隊一起在現場共同開發、投入時間時，我們也從中受益，並且有一些我們正在聚焦的真正突破性成果。但其中之一，就是掌握並治理這些模型使用的重要性。

So while we've trained 100% of our internal team and given 100% of our internal team access to various foundation models to do real work. We're also taking approach thoughtfully to how to govern expense internally and also on behalf of the clients. And I think we'll see a steady long-term view that we can do so effectively.

因此，雖然我們已經對 100% 的內部團隊完成訓練，並讓 100% 的內部團隊能存取各種基礎模型來做實際工作。我們也以審慎的方式來處理如何在內部治理費用，以及如何代表客戶治理費用。我認為從長期、穩健的角度來看，我們會看到自己能有效做到這一點。

George Hill, DB.

George Hill，DB。

I've got kind of two quick ones. I guess, Steve, can you talk about, given the slowdown in the volume-based growth, kind of what's embedded in the guidance for the back half of the year? And if that's like a number that continues to grow in the 3% range or if we should expect to see a continued deceleration there?

我有兩個很快的問題。我想，Steve，鑑於按量計費（volume-based）成長放緩，你能談談今年下半年指引中隱含了什麼假設嗎？例如是否仍是大約 3% 區間的成長，或我們是否應該預期那裡會持續減速？

And then my other kind of follow-up is like can you talk a little bit where the leverage in the model is coming in because the revenue guide for the year is up modestly, while the EBITDA guide is up significantly more than the revenue guide, like so I'd say so from a margin perspective, like that math doesn't perfectly match. But like clearly, there's costs coming out there the revenues rolling on? Or would just kind of love to understand the dynamics between the revenue guide and the increase in the EBITDA guidance.

然後我另一個追問是：你能談談模型中的槓桿（leverage）是從哪裡來的嗎？因為全年營收指引只是小幅上調，但 EBITDA 指引上調幅度明顯大於營收指引；就利潤率的角度來看，這個數學關係似乎不完全對得上。但顯然是有成本被移除、而營收在持續進來？我很想了解營收指引與 EBITDA 指引上調之間的動態。

Yes, certainly, George. Just a couple of things. As you think about volume-based revenue for the rest of the year, the baseline for that is pain utilization of the healthcare system. And we talked our original guidance was for the impact for us, which is generally about a 1% to 2% uplift annually year-over-year, that was our expectation going into the year. That expectation hasn't changed.

是的，當然，George。我講幾點。當你思考今年剩餘期間的按量計費收入時，其基準是醫療體系的病患利用率。我們先前談過，我們原先的指引是：這對我們的影響一般而言是每年年增約 1% 到 2% 的提升，這是我們在年初的預期。這個預期沒有改變。

If you think about the 3% year-over-year increase on the volume-based side for the second quarter, I'd ask you to think about it in terms of the guidance for the full year, that normalized organic rate of 8% that I mentioned earlier in the call. So if you're looking at sort of how to impact that from a year-over-year perspective, and then I'd say, as you think about.

如果你思考第二季在以量計價（volume-based）那一端年增 3% 的成長，我會請你把它放在全年指引的脈絡下來看，也就是我在電話會議較早時提到的、經常態化的 8% 有機成長率。所以如果你在看如何從年對年的角度去影響它，接著我會說，當你進一步思考時。

And your question about the revenue range and the uplift in the midpoint of guidance of $1 million versus the adjusted EBITDA uplift at the midpoint of range in guidance of $5 million, it's a factor of a couple of things. It's a reflection of where we've run the business for the first half of the year. and specifically from an adjusted EBITDA perspective there at 43%.

至於你問到營收區間，以及指引中位數營收上調 100 萬美元，相較於指引區間中位數調整後 EBITDA 上調 500 萬美元之間的差異，主要是由幾個因素所造成。這反映了我們上半年業務的實際運行狀況，特別是調整後 EBITDA 的表現達到 43%。

While we still expect 42% for the full year, partially want to be able to recognize that we've run the business a little above our full year expectation at the beginning of the year. And Matt and I talked about a little earlier on the call, just as a reminder, the areas of where we're looking to invest in AI and how we expect that to impact the back half of the year.

雖然我們對全年仍預期為 42%，但我們部分也希望能反映：年初時我們對全年預期之上，實際上把業務運行得略高一些。另外，Matt 和我在稍早的電話會議中也談到過，提醒一下，我們打算在哪些領域投資 AI，以及我們預期這將如何影響下半年。

The other piece to that is we've made a comment in not only on this call but in the last call in our prepared comments about the revenue mix and how we continue to see the revenue and the bookings and then how it's translating into revenue from higher-margin deals and it's a reflection of that factor as well that we continue to see the margin profile from the bookings side of things and how some of those are of the shorter time line being reflected in the P&L and feel really good about that factor as well. And obviously, that's good for the business. That gives us additional ability to look at how we want to utilize those funds investing in or otherwise throughout the business.

另一個因素是，我們不僅在這次電話會議、也在上一次電話會議的事先準備稿中提到過營收組合（revenue mix），以及我們持續看到營收與訂單（bookings）的結構，並且看到來自高毛利交易的訂單如何轉化為營收；這也同樣反映了這個因素：我們持續從訂單端看到毛利結構的改善，其中一些時程較短的案子正在反映到損益表（P&L）上，我們對此也感到非常樂觀。而且很明顯，這對業務是有利的。這也讓我們在考量如何運用這些資金、用於投資或在整體業務中其他用途時，有更多的彈性。

Allen Lutz, Bank of America.

Allen Lutz，美國銀行（Bank of America）。

First, Steve, it was great working with you, best wishes moving forward. I have two questions in one here. Last quarter, AI was 40% of bookings. I don't know if you provided what it was this quarter. But if you are going to provide it, can you let us know what that was?

首先，Steve，和你共事很愉快，祝你未來一切順利。我這裡有兩個問題合在一起。上個季度，AI 佔訂單的 40%。我不確定你這一季是否有提供這個數字。但如果你願意提供，能否告訴我們這一季是多少？

And then, Steve, as we think about the level of capitalized software, as you talked about earlier in the call, it's gone up over the past year and over the past couple of quarters. Can you talk about this level of capitalized software? Is this the right run rate -- and then as we think about the duration of the higher capitalized software spend, is there any time frame that you can give for us there?

另外，Steve，當我們思考你在電話會議稍早提到的資本化軟體（capitalized software）水準時，過去一年以及過去幾個季度它都有所上升。你能談談這個資本化軟體的水準嗎？這是否是合理的運行水準（run rate）——以及當我們思考較高的資本化軟體支出會持續多久時，你能否提供任何時間框架？

Yes, certainly, Allan. I'll start with the first one. We saw again a very good composition and mix this quarter from a bookings perspective of AI-enabled solutions. To answer your question specifically, that's approximately 40% again. in this quarter.

好的，當然可以，Allan。我先回答第一個。從訂單角度來看，我們這一季在 AI 賦能（AI-enabled）解決方案的組成與組合上再次表現得非常好。具體回答你的問題，這一季大約也是 40%。

So feel really good about where we sit, not only for the quarter but for the year-to-date. On the capital capitalized software development cost front, I think that if we're looking at a very near-term run rate and our expectation through the rest of 2026, sorry, I would think that what we've seen in the first couple of orders here in 2025 are a good indication of what we see for the rest of the year.

所以我們對目前的狀況感到非常滿意，不僅是本季，也包括年初至今。至於資本化軟體開發成本方面，我認為如果我們看非常短期的運行水準，以及我們對 2026 年剩餘期間的預期——抱歉——我會認為我們在 2025 年前幾個季度所看到的情況，是對今年剩餘期間的一個良好指標。

Absent our -- we'll reserve the right, if I can use that phrase, too. As we continue to understand where our opportunities are to rapidly bring new solutions to market and continue to differentiate ourselves versus the competition. We may go a little higher than what we've seen for the first couple of quarters from a run rate perspective.

在不影響我們——如果我可以用這個說法——我們保留調整的權利。隨著我們持續了解有哪些機會可以快速把新解決方案推向市場，並持續在競爭中強化差異化。從運行水準的角度，我們可能會比前幾個季度所看到的水準再高一些。

But I think we feel really good about our capabilities today and reserve the right to increase a little bit more. Obviously, keeping in tune with our and conscious of our longer free cash flow conversion rate. I don't think you'd see us do something like some of the hyperscalers have done and which would mean looking at going negative from a cash flow perspective, not at all.

但我認為我們對目前的能力感到非常有信心，同時也保留再增加一些的權利。當然，我們會與我們較長期的自由現金流轉換率保持一致並加以留意。我不認為你會看到我們做出像某些超大規模雲端業者（hyperscalers）那樣的事情，也就是從現金流角度轉為負值；完全不會。

Matt, I don't know what else?

Matt，我不知道你還要補充什麼？

I would say it's a great question. I'd say we're working to meet this unique moment in time. We feel like we've got a great position to be a category leader to build the market's first and most robust autonomous revenue cycle platform. And so you have seen us step up our cap software spend. We're doing a number of things internally that are allowing us to accelerate the ability to deliver AI-powered solutions models to do specific work that we know based on some testing that we're doing with clients that these are things that are going to produce good outcomes.

我會說這是個很好的問題。我想我們正在努力把握這個獨特的時間點。我們覺得自己處在非常有利的位置，有機會成為類別領導者，打造市場上第一個、也是最強健的自主式營收循環平台（autonomous revenue cycle platform）。因此你也看到我們提高了資本化軟體支出。我們在內部做了許多事情，使我們能加速交付 AI 驅動的解決方案模型，去完成特定工作；根據我們與客戶進行的一些測試，我們知道這些事情將帶來良好成果。

And so we -- you'll see us be disciplined but we, at the same time, want to meet this unique moment in time, which is why we've doubled the cap software spend thus far. And we'll continue to track and report to the group. The nice setup for us is that we have a strong P&L that produces growth -- compounding growth and good free cash flow conversion from strong EBITDA performance, and it gives us optionality to do the right thing for the business that will create long-term shareholder benefit and client benefit just given our position in the market.

因此——你會看到我們保持紀律，但同時我們也希望把握這個獨特的時間點，這也是為什麼到目前為止我們把資本化軟體支出加倍。我們也會持續追蹤並向各位回報。對我們而言很好的配置是：我們有強健的損益表（P&L），能帶來成長——複利式成長——並且在強勁的 EBITDA 表現下有良好的自由現金流轉換；這讓我們有選擇權去做對公司最正確的事，為股東與客戶創造長期利益，這也反映了我們在市場上的定位。

Craig Hettenbach, Morgan Stanley.

Craig Hettenbach，摩根士丹利（Morgan Stanley）。

On just 2026 guidance. So kind of implied for the back half is roughly unchanged. Anything you would call out between Q3 and Q4 and then as you think through the larger deal sizes, some that are extending out to 18 months for ramp up, how do you think about the visibility as you head into next year?

關於 2026 年指引。所以從隱含來看，下半年大致上沒有太大變化。在 Q3 和 Q4 之間，有沒有什麼你會特別指出的？另外，當你思考更大金額的交易規模，其中有些需要長達 18 個月的爬坡期（ramp up），你如何看待在進入明年時的能見度？

Yes. Craig, this is Steve. So we would expect from a second half of the year dynamic to your question specifically on Q3 and Q4 in that portion of the volume-based business that we have that are surrounding the patient, the collections from the patients, that's about 15% of overall revenue. It typically has dynamic whereas those patients that are on high deductible plans meet those deductible plans they would have slightly lower revenue in the fourth quarter versus the third quarter. We would still expect that seasonality component to exist similar to prior years.

是的。Craig，我是 Steve。針對你特別問到 Q3 和 Q4，我們預期下半年在我們以量計價業務中、與病患相關、也就是向病患收款（collections from the patients）周邊的那一部分，約占總營收的 15%。它通常會有一種動態：當那些採用高自付額（high deductible）方案的病患達到其自付額門檻後，第四季的營收會比第三季略低一些。我們仍預期這種季節性因素會存在，與往年類似。

As we think about these large deals that we've talked about, the $1 million-plus signings, I think it gives us really good visibility and confidence as we look out into the future. And specifically, we've talked in the passed about and we mentioned earlier on the call about the Iodine solutions that we're seeing cross-sell from it gives us real good encouragement and confidence in the comments we've made historically about the time to revenue from those cross-sell items and impact in 2027 and feel highly confident that, that opportunity still exists out here today as well as, obviously, the overall visibility from those million-dollar-plus agreements.

當我們思考我們談到的這些大型交易，也就是簽約金額超過 100 萬美元的案子，我認為這讓我們在展望未來時具備非常好的能見度與信心。特別是，我們過去也談過、並且在本次電話會議稍早提到，我們看到 Iodine 解決方案帶來的交叉銷售（cross-sell）；這讓我們對我們過去一貫所提到的、這些交叉銷售項目從簽約到轉為營收的時間，以及其在 2027 年的影響，感到非常受鼓舞並且很有信心。我們也非常有信心，這個機會今天依然存在；同時，當然也包括來自這些百萬美元以上合約的整體能見度。

Yes, I think that's right. I mean I think 26 feels like it's about sales execution and setting up implementations, we expect revenue contribution and platform benefits to become increasingly visible through 27. And as Steve said, it does give us added confidence and conviction that the long term is performing well.

是的，我認為沒錯。我的意思是，我認為 26 年更像是關於銷售執行與導入落地的建置；我們預期到 27 年，營收貢獻與平台效益會愈來愈明顯。而且如 Steve 所說，這也讓我們對長期表現良好更有信心與把握。

Charles Rhyee, TD Cowen.

Charles Rhyee，TD Cowen。

Yes. And Steve, nice working with you a good look in the future. I guess maybe I want to follow up on an earlier question that Matt and see if you kind of responded to you. When we think about competition, and obviously, the concerns are -- there are some concerns here that big health systems can leverage sort of added services from their EHR vendor who are trying to move into rev cycle. And I understand the value proposition that you guys are presenting in sort of the greater ROI that you would -- that customer is going to expect from deploying Westar.

是的。Steve，和你合作很愉快，也祝你未來一切順利。我想我可能想跟進 Matt 先前的一個問題，看看你是否已經某種程度回應到了。當我們談到競爭時，顯然有一些疑慮——這裡確實有些擔憂：大型醫療體系可能會利用其 EHR 供應商所提供的附加服務，而這些供應商正試圖切入收入循環（rev cycle）。我也理解你們所提出的價值主張，即部署 Westar 後客戶可望獲得更高的投資報酬率（ROI）。

But can you talk a little bit about then when you're in discussion in the pipeline? Do you run into a situation where our customers say, well, we can just try this first and then see how that goes and then we'll come back? Or is there an understanding that recycle mission-critical it is, it's -- there's no -- maybe there's just not that value to try something that's maybe not as good but just trying to understand a little bit the decision tree that clients could be going through or are going through and sort of how that fits into your discussions.

但你能否談談，當你們在銷售管線中與客戶討論時？你們是否會遇到客戶說：「我們可以先試試這個，看看效果如何，之後再回來找你們」的情況？或者大家是否理解收入循環是關鍵任務（mission-critical），也就是——沒有——也許其實沒有太大價值去先試一個可能沒那麼好的方案；我只是想更了解客戶可能正在走、或會走的決策樹，以及這在你們的討論中是如何呈現的。

Yes. Thanks, Charles. This is a good question for us to address. Speaking of the large EHR systems, what I'd say is revenue cycle management isn't simply an extension of the EHR. It's not a natural extension to the EHR because it's a different development cycle. It requires different connection to payers. It's a different cadence, etc. And I'd say the large EHR vendors, they're important partners to us. We're grateful for their partnership. We work with nearly 2,000 hospitals and many of them use these large EHR solutions.

是的。謝謝你，Charles。這對我們來說是個值得回應的好問題。談到大型 EHR 系統，我會說收入循環管理並不只是 EHR 的延伸。它不是 EHR 的自然延伸，因為它有不同的開發週期。它需要與付款方（payers）建立不同的連結。節奏也不同，等等。而且我會說，大型 EHR 供應商對我們而言是重要的合作夥伴。我們很感謝他們的合作。我們與將近 2,000 家醫院合作，其中許多使用這些大型 EHR 解決方案。

I think where we see the decision tree is -- and by the way, we haven't really noted a change in the competitive environment. So I think that's a really work to establish here. The decision tree, first and foremost, clients want outcomes. They prioritized outcomes and ROI more than they do novelty, point solution and free or built-in cost. So they really want outcomes because if you don't change outcomes, then you could have a free or included solution that becomes very expensive because if your deal rate stayed at 15%, that's a very expensive solution.

我認為我們看到的決策樹是——順帶一提，我們其實沒有注意到競爭環境有什麼變化。所以我認為這點很重要，需要先釐清。在決策樹中，第一且最重要的是，客戶想要的是成果。相較於新奇性、單點解決方案，以及免費或內建的成本，他們更優先考量成果與投資報酬率（ROI）。他們真的要成果，因為如果你無法改變成果，那麼即使是免費或包含在內的方案也會變得非常昂貴——例如若你的核准率（deal rate）仍維持在 15%，那就是一個非常昂貴的方案。

The second point is in the prioritization or decision tree of things is not only do they want outcomes. They want to see it from one end to the other. So if you think about some of these large EHR systems like empathic. Epic is the EHR system of record in many of these hospitals. Cerner is another one.

第二點，在他們的優先順序或決策樹中，不僅是要成果。他們還希望能從端到端都看得到。所以如果你想想一些大型 EHR 系統，例如 empathic。Epic 在許多醫院是作為記錄系統（system of record）的 EHR。Cerner 也是另一個。

MEDITECH is another one. We're grateful to work with each of them. But where they are the system of record, Westar is the system of action and our only focus is to build the best solutions that create the best outcomes in the revenue cycle for our clients. That's all we do. So we think that as much as you hear about a EHR-first approach, you could -- we think that there's a waste or first approach.

MEDITECH 也是另一個。我們很感謝能與他們每一家合作。但在他們作為記錄系統（system of record）的地方，Westar 是行動系統（system of action），而我們唯一的專注就是打造最好的解決方案，為客戶在收入循環上創造最佳成果。這就是我們所做的一切。所以我們認為，儘管你常聽到「EHR 優先」的方法，我們認為也存在一種「Waystar 優先」的方法。

And we work well in many places with EHR systems of record where Waystar is a system of action. And we have many evidences of where we're winning and securing business where a minimum viable product or an announced solution isn't showing up in the market and achieving the goal that, that provider is looking to achieve. -- they're looking for benefit today, and we're giving them benefit today. So that's kind of how I'd respond to that. And again, grateful for the partners that we have.

而且在許多地方，我們與作為記錄系統（system of record）的 EHR 合作得很好，而 Waystar 則是行動系統（system of action）。我們也有許多證據顯示，我們正在贏得並拿下業務；在那些情況下，所謂的最低可行產品（MVP）或已宣布的解決方案並未在市場上真正落地，也未達成該醫療提供者想要達成的目標——他們要的是今天就能看到效益，而我們今天就能提供效益。所以這大概就是我對這個問題的回應。再次感謝我們所擁有的合作夥伴。

We serve and work with integrated with over 500 effort EHR vendors and over 200 active channel partners, and we're grateful to be that system of action and that waste our first approach to so many. So as we wrap up today, let me thank everybody for the time and the call, and we look forward to -- I'd like to also thank our team for helping us produce these results. We feel so grateful to serve the clients that we do. And we're grateful for your thoughtful questions today. So thanks, everybody.

我們服務並與超過 500 家 EHR 供應商完成整合，並與超過 200 家活躍的通路合作夥伴合作；我們很感謝能成為這個行動系統（system of action），也很感謝能以這種 Waystar 優先的方法服務這麼多夥伴。那麼在今天接近尾聲之際，讓我感謝大家撥冗參與這通電話；我們也期待——我也想感謝我們的團隊協助我們交出這些成果。我們非常感恩能服務我們所服務的客戶。也感謝各位今天提出深思熟慮的問題。謝謝大家。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以掛線。