WAY Q3 2025 Earnings Presentation

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2© 2025 Waystar. All rights reserved. 2W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that reflect our current views with respect to, among other things, statements regarding Waystar’s expectations relating to future operating results and financial position, including full year 2025, and future periods; anticipated future investments; our industry, business strategy, goals, and deployment of artificial intelligence in our solutions, our market position, offerings, future operations, margins, and profitability. Forward-looking statements include all statements that are not historical facts. These statements may include words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” “outlook,” the negative version of these words or similar terms and phrases to identify forward-looking statements in this presentation, including the discussion of our guidance for full fiscal year 2025.The forward-looking statements contained in this presentation are based on management’s current expectations and are not guarantees of future performance. The forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, and projections will result or be achieved. The following factors are among those that may cause actual results to differ materially from the forward-looking statements: our operation in a highly competitive industry; our ability to retain our existing clients and attract new clients; our ability to successfully execute on our business strategies in order to grow; our ability to accurately assess the risks related to acquisitions and successfully integrate acquired businesses (including our acquisition of Iodine Software); our ability to establish and maintain strategic relationships; the growth and success of our clients and overall healthcare transaction volumes; consolidation in the healthcare industry; our selling cycle of variable length to secure new client agreements; our implementation cycle that is dependent on our clients’ timing and resources; our dependence on our senior management team and certain key employees, and our ability to attract and retain highly skilled employees; the accuracy of the estimates and assumptions we use to determine the size of our total addressable market; our ability to develop and market new solutions, or enhance our existing solutions, to respond to technological changes, or evolving industry standards; the interoperability, connectivity, and integration of our solutions with our clients’ and their vendors’ networks and infrastructures; the performance and reliability of internet, mobile, and other infrastructure; the consequences if we cannot obtain, process, use, disclose, or distribute the highly regulated data we require to provide our solutions; our reliance on certain third-party vendors and providers; any errors or malfunctions in our products and solutions; failure by our clients to obtain proper permissions or provide us with accurate and appropriate information; the potential for embezzlement, identity theft, or other similar illegal behavior by our employees or vendors, and a failure of our employees or vendors to observe quality standards or adhere to environmental, social, and governance standards; our compliance with the applicable rules of the National Automated Clearing House Association and the applicable requirements of card networks; increases in card network fees and other changes to fee arrangements; the effect of payer and provider conduct which we cannot control; privacy concerns and security breaches or incidents relating to our platform; the complex and evolving laws and regulations regarding privacy, data protection, and cybersecurity; our ability to adequately protect and enforce our intellectual property rights; our ability to use or license data and integrate third-party technologies; our use of “open source” software; legal proceedings initiated by third parties alleging that we are infringing or otherwise violating their intellectual property rights; claims that our employees, consultants, or independent contractors have wrongfully used or disclosed confidential information of third parties; the heavily regulated industry in which we conduct business; the uncertain and evolving healthcare regulatory and political framework; health care laws and data privacy and security laws and regulations governing our processing of personal information; reduced revenues in response to changes to the healthcare regulatory landscape; legal, regulatory, and other proceedings that could result in adverse outcomes; consumer protection laws and regulations; contractual obligations requiring compliance with certain provisions of the Bank Secrecy Act and anti-money laundering laws and regulations; existing laws that regulate our ability to engage in certain marketing activities; our full compliance with website accessibility standards; any changes in our tax rates, the adoption of new tax legislation, or exposure to additional tax liabilities; limitations on our ability to use our net operating losses to offset future taxable income ; losses due to asset impairment charges; restrictive covenants in the agreements governing our credit facilities; interest rate fluctuations; unavailability of additional capital on acceptable terms or at all; the impact of general macroeconomic conditions; our history of net losses and our ability to achieve or maintain profitability; actions of certain of our significant investors, who may have different interests than the interests of other holders of our securities; and each of the other factors discussed under the heading of “Risk Factors” in the Company’s 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 18, 2025, and in other reports filed with the SEC, all of which are available on the Investor Relations page of our website at investors.waystar.com. Any forward-looking statements made by us in this presentation speak only as of the date of this presentation and are expressly qualified in their entirety by the cautionary statements included in this presentation. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. You should not place undue reliance on our forward-looking statements. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by any applicable securities laws. F O R W A R D - L O O K I N G S T A T E M E N T S

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4© 2025 Waystar. All rights reserved. 4 W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S Strong 3Q performanceGrowth rates and key metrics are at or above long-term financial targets 12%17%42% $96M11% 113% Revenue growth1 Adjusted EBITDA growth1,2Adjusted EBITDA margin2Unlevered free cash flow2YoY growth in clients with >$100k in TTM revenue3Net revenue retention rate3 K E Y H I G H L I G H T S (1) Growth metrics reflect the three months ended September 30, 2025, compared to the three months ended September 30, 2024.(2) Adjusted EBITDA, Adjusted EBITDA margin, and unlevered free cash flow are non-GAAP financial measures. See Appendix for a reconciliation to their most directly comparable GAAP measure. (3) For the twelve months ended September 30, 2025; most appropriate comparable is TTM YoY revenue growth as noted on slide 7.

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5© 2025 Waystar. All rights reserved. 5W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S$102 $103 $106 $112 $118 $122 $125 $131 $134 $94 $102 $117 $121 $121 $121 $130 $138 $132 $197 $207 $225 $235 $240 $244 $256 $271 $269 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25SubscriptionVolume-based 3 Q ’ 2 5 R E S U L T SRevenue growth1Consistent and durable YoY revenue growth$ in millions15%Subscription growth CAGR over last 8 quarters 18%Volume-based growth CAGR over last 8 quarters(1) Quarter revenue totals include implementation services not shown in the chart.YoY 11% 14% 18% 20% 22% 18% 14% 15% 12%

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6© 2025 Waystar. All rights reserved. 6W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S 1,046 1,080 1,117 1,173 1,203 1,244 1,268 1,306 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 3 Q ’ 2 5 R E S U L T SGrowth in clients with >$100K revenue1Continued strong YoY growth as clients adopt more of the platform (1) See definition ofCustomer Count with >$100,000 Revenueon slide titled Key Performance Metric Definitions.YoY 7% 7% 9% 14% 15% 15% 14% 11%

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7© 2025 Waystar. All rights reserved. 7W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S 109% 109% 108% 109% 110% 114% 115% 113% 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 3 Q ’ 2 5 R E S U L T SNet Revenue Retention13Q’25 NRR above historical range of 108%-110% (1) See definition of net revenue retention on slide titled Key Performance Metric Definitions. Higher NRR the past three quarters reflect a benefit from rapid time to revenue associated with new client go-lives in early 2024TTM Revenue Growth YoY12% 14% 16% 18% 19% 18% 17% 15%

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8© 2025 Waystar. All rights reserved. 8W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S $86 $93 $94 $97 $100 $108 $113 $113 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25Margin 42% 41% 40% 40% 41% 42% 42% 42% 3 Q ’ 2 5 R E S U L T SAdjusted EBITDA1Delivered 40%+ Adjusted EBITDA margin over the past 8 quarters$ in millions (1) Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. See Appendix for a reconciliation to their most directly comparable GAAP measure. Higher adjusted EBITDA margins in 2025 driven by favorable revenue mix and benefits of operating cost savings initiatives being ahead of conscious reinvestments in innovation, cybersecurity and the client experience.

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9© 2025 Waystar. All rights reserved. 9W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S 6.6x 2.8x 1.9x FY'23 FY'24 3Q'25 •Repriced First Lien Loan on 8/12/25 to SOFR +200bp (from SOFR +225bp)•S&P one notch upgrade in 3rdquarter, and Moody’s and Fitch reaffirmed Waystar's debt rating and stable outlook in the 3rdquarter(1) We define adjusted net leverage ratio as net debt divided by adjusted EBITDA over the last twelve months. 3 Q ’ 2 5 R E S U L T SAdjusted net leverage ratio1$1 billion+ debt paid in 2024 reduced annual interest by over $100 million; net leverage of 1.9x at 3Q’25 and 0.9x decline YTD in line with target reduction of 1x annually

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10© 2025 Waystar. All rights reserved. 10W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T SuFCF Conversion % 67% 69% 65% 86%($22)($27)($21)($17)$51 $170 $105 $243 $193 $123 $101 $59 $223 $265 $185 $285 FY'23 FY'24 YTD 3Q'24 YTD 3Q'25 Interest PaidCash from OperationsCapEx$ in millions (1) We define unlevered free cash flow (uFCF) as cash from operations plus cash interest paid less capital expenses. A reconciliation of unlevered free cash flow to cash from operations is contained in the appendix to this presentation.(2) uFCF conversion is a non-GAAP financial measure and represents uFCF for a stated period divided by Adjusted EBITDA for the same period.2 3 Q ’ 2 5 R E S U L T SUnlevered free cash flow1YTD 3Q’25 conversion of adj. EBITDA to uFCF of 86% above long-term target of 70%; YTD 3Q’25 benefits from deferral of ~$23M federal tax payments to 4Q’25

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11© 2025 Waystar. All rights reserved. 11W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S F Y ’ 2 52025 GuidanceRaising guidance midpoints by $53M and $31M for revenue and adj. EBITDA, respectively; raise includes $30M and $12M in revenue and adj. EBITDA, respectively, to account for one full quarter of IodineYoY% ChangeFY’24 ActualFY’25 GuidanceMid-pointHighMid-pointLow 15%$944M$1,093M$1,089M$1,085MRevenue 18%$383M$455M$453M$451MAdjusted EBITDA1 41%42%42%42%Adjusted EBITDA %1 60%$170M$274M$273M$271MNon-GAAP Net Income1 34%$1.09$1.47$1.47$1.46Non-GAAP EPS, Diluted1(1) Adjusted EBITDA, adjusted EBITDA %, non-GAAP net income and non-GAAP EPS, diluted are non-GAAP financial measures. We have not reconciled the forward-looking Adjusted EBITDA, non-GAAP net income, and non-GAAP net income per share guidance included above to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain costs, the most significant of which are incentive compensation (including stock-based compensation), transaction-related expenses, and certain fair value measurements, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.

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12© 2025 Waystar. All rights reserved. 12 W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S Guidance assumptionsF Y ’ 2 5•~$42M stock-based compensation expense•~$78M net interest (based on 1-month SOFR1base rate of 3.9%, net of hedges, and no additional debt or discretionary paydowns)•~21% non-GAAP effective tax rate on adjustable items added back to non-GAAP net income•~186M fully diluted, weighted average share count for FY’25•Non-GAAP net income excludes amortization of intangibles•Includes Q4’25 impact of our Iodine Software acquisitionwhich closed October 1, 2025(1) Secured Overnight Financing Rate

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14© 2025 Waystar. All rights reserved. 14W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S To supplement the consolidated financial statements prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation contains certain non-GAAP financial measures as defined below. We present non-GAAP financial measures as supplemental measures of financial performance that are not required by, or presented in accordance with, GAAP. We believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management believes these non-GAAP financial measures are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. Management uses Adjusted EBITDA and Adjusted EBITDA margin to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, to establish discretionary annual incentive compensation, and to compare our performance against that of other peer companies using similar measures. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone provide.Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP net income, non-GAAP net income per share and unlevered free cash flow are not recognized terms under GAAP and should not be considered as an alternative to net income (loss) or net income (loss) margin as measures of financial performance or cash provided by operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. Additionally, these measures are not intended to be a measure of free cash flow available for management’s discretionary use, as they do not consider certain cash requirements such as interest payments, tax payments, and debt service requirements. The presentations of these measures have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company. A reconciliation is provided below for our non-GAAP financial measures to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business.Adjusted EBITDA and Adjusted EBITDA MarginWe define adjusted EBITDA as net income / (loss) before interest expense, net, income tax expense / (benefit), depreciation and amortization, and as further adjusted for stock-based compensation expense, acquisition and integration costs, asset and lease impairments, costs related to amended debt agreements and IPO and secondary offering costs. Adjusted EBITDA margin represents adjusted EBITDA as a percentage of revenue.Non-GAAP Operating Income and Non-GAAP Operating MarginWe define non-GAAP operating income as GAAP income from operations excluding the same items as noted in Adjusted EBITDA. Non-GAAP operating margin represents Non-GAAP Operating Income as a percentage of revenue.Non-GAAP Net Income / (loss) and Non-GAAP Net Income / (loss) Per ShareWe define non-GAAP net income as GAAP net income / (loss) excluding the impact of stock-based compensation, acquisition and integration costs, asset and lease impairments, costs related to our IPO, and the Secondary Offering, and costs related to amended debt agreements and amortization of intangibles. The tax effects of the adjustments are calculated using a management estimated annual effective non-GAAP tax rate of 21%, which is based on our statutory federal tax rate and provides consistency across interim reporting periods by eliminating the effects of non-recurring and period specific items. Due to the differences in the tax treatment of items excluded from non-GAAP net income, our estimate tax rate on non-GAAP net income may differ from our GAAP tax rate. Non-GAAP net income per share is shown on both a basic and diluted basis and is defined as non-GAAP net income divided by the basic or diluted weighted-average shares, respectively.Unlevered Free Cash FlowWe define unlevered free cash flow as cash from operations plus cash interest paid less capital expenses.Net DebtWe define net debt as the sum of current portion of long-term debt, long-term debt, and accounts receivable securitization less cash and cash equivalents and investment securities.Adjusted Net Leverage RatioWe define adjusted net leverage ratio as net debt divided by adjusted EBITDA over the preceding twelve months N O N - G A A P F I N A N C I A L M E A S U R E S

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15© 2025 Waystar. All rights reserved. 15W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S Net Revenue Retention Rate Our Net Revenue Retention Rate compares twelve months of client invoices for our solutions at two period end dates. To calculate our Net Revenue Retention Rate, we first accumulate the total amount invoiced during the twelve months ending with the prior period-end, or Prior Period Invoices. We then calculate the total amount invoiced to those same clients for the twelve months ending with the current period-end, or Current Period Invoices. Current Period Invoices are inclusive of upsell, downsell, pricing changes, clients that cancel or chose not to renew, and discontinued solutions with continuing clients. The Net Revenue Retention Rate is then calculated by dividing the Current Period Invoices by the Prior Period Invoices. Our total invoices included in the analysis are greater than 98% of reported revenue. We use Net Revenue Retention Rate to evaluate our ongoing operations and for internal planning and forecasting purposes. Acquired businesses are included in the last-twelve-month Net Revenue Retention Rate in the ninth quarter after acquisition, which is the earliest point that comparable post-acquisition invoices are available for both the current and prior twelve-month period.Customer Count with >$100,000 Revenue We also regularly monitor and review our count of clients who generate more than $100,000 of revenue. Our count of clients who generate more than $100,000 of revenue is based on an accumulation of the amounts invoiced to clients over the preceding twelve months. The invoices for acquired clients are included starting in the first full calendar quarter after the date of acquisition.K E Y P E R F O R M A N C E M E T R I C D E F I N I T I O N S

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16© 2025 Waystar. All rights reserved. 16W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S GAAP Income StatementUnaudited, $ in thousandsConsolidated Statement of Operations 1Q'24 2Q'24 3Q'24 4Q'24 FY'24 1Q'25 2Q'25 3Q'25Revenue 224,792 234,543 240,112 244,102943,549256,435 270,654 268,651Cost of revenue (exclusive of depreciation and amortization expenses) 75,192 80,451 80,545 79,542315,73083,345 87,044 85,136Sales and marketing 33,780 45,715 38,450 38,990156,93540,123 43,524 45,158General and administrative 26,135 39,955 22,704 22,959111,75323,300 29,192 32,422Research and development 10,320 15,901 11,082 11,47248,77511,078 12,622 12,403Depreciation and amortization 44,174 44,276 60,185 37,996186,63133,380 33,426 33,300Total operating expenses 189,601 226,298 212,966 190,959819,824191,226 205,808 208,419Income from operations 35,191 8,245 27,146 53,143123,72565,209 64,846 60,232Other expenseInterest expense (55,812) (49,195) (17,752) (19,003)(141,762)(18,257) (17,325) (16,613)Related party interest expense (1,372) (1,346) (707) (1,083)(4,508)(643) (930) (902)Income/(loss) before income taxes (21,993) (42,296) 8,687 33,057(22,545)46,309 46,591 42,717Income tax expense/(benefit) (6,061) (14,611) 3,274 13,978(3,420)17,040 14,407 12,069Net income/(loss) (15,932) (27,685) 5,413 19,079 (19,125) 29,269 32,184 30,648

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17© 2025 Waystar. All rights reserved. 17W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S Unaudited, $ in thousandsNon-GAAP Consolidated Statements of Operations 1Q'24 2Q'24 3Q'24 4Q'24 FY'24 1Q'25 2Q'25 3Q'25Revenue224,792234,543240,112244,102943,549256,435270,654268,651Cost of revenue (exclusive of depreciation and amortization expenses), adjusted75,03978,70780,24179,267313,25483,11486,62984,715Sales and marketing, adjusted33,30236,58836,95737,501144,34838,73141,11042,687General and administrative, adjusted13,94615,22016,44016,78362,38916,90319,45117,824Research and development, adjusted9,74410,1239,79710,39840,0629,94110,91210,722Depreciation and amortization, adjusted5,0945,1965,3295,24620,8655,2655,3115,449Total operating expenses137,125145,834148,764149,195580,918153,954163,413161,397Income from operations87,66788,70991,34894,907362,631102,481107,241107,254Other expenseInterest expense(55,812)(49,195)(17,752)(19,003)(141,762)(18,257)(17,325)(16,613)Related party interest expense(1,372)(1,346)(707)(1,083)(4,508)(643)(930)(902)Income before income taxes30,48338,16872,88974,821216,36183,58188,98689,739Income tax expense, adjusted4,9592,28616,75622,74846,75024,86723,31021,944Net income, adjusted25,52435,88256,13352,073169,61158,71465,67667,795GAAP to Non-GAAP Reconciliations 1Q'24 2Q'24 3Q'24 4Q'24 FY'24 1Q'25 2Q'25 3Q'25Cost of revenue (exclusive of depreciation and amortization expenses)75,19280,45180,54579,542315,73083,34587,04485,136Less: Stock-based compensation expense(122)(1,739)(300)(242)(2,403)(231)(415)(418)Less: Acquisition and integration costs(31)---(31)--(3)Less: IPO and Secondary Offering expenses-(5)(4)-(9)---Less: Other---(33)(33)---Cost of revenue (exclusive of depreciation and amortization expenses), adjusted75,03978,70780,24179,267313,25483,11486,62984,715Sales and marketing33,78045,71538,45038,990156,93540,12343,52445,158Less: Stock-based compensation expense(478)(8,892)(1,587)(1,482)(12,439)(1,392)(2,414)(2,392)Less: Acquisition and integration costs-------(79)Less: IPO and Secondary Offering expenses-(235)94(7)(148)---Sales and marketing, adjusted33,30236,58836,95737,501144,34838,73141,11042,687General and administrative26,13539,95522,70422,959111,75323,30029,19232,422Less: Stock-based compensation expense(1,540)(20,672)(4,832)(4,245)(31,289)(4,106)(7,094)(7,218)Less: Acquisition and integration costs(83)(103)(86)(157)(429)(107)(552)(5,119)Less: Costs related to amended debt agreements(10,402)(2,368)(106)(1,262)(14,138)--(649)Less: IPO and Secondary Offering expenses(164)(1,592)(200)(19)(1,975)(1,430)(1,769)(1,372)Less: Other--(1,040)(493)(1,533)(754)(326)(240)General and administrative, adjusted13,94615,22016,44016,78362,38916,90319,45117,824Research and development10,32015,90111,08211,47248,77511,07812,62212,403Less: Stock-based compensation expense(388)(5,666)(1,184)(1,068)(8,306)(1,015)(1,607)(1,569)Less: Acquisition and integration costs(188)(103)(102)(6)(399)(122)(103)(112)Less: IPO and Secondary Offering expenses-(9)1-(8)---Research and development, adjusted9,74410,1239,79710,39840,0629,94110,91210,722Depreciation and amortization44,17444,27660,18537,996186,63133,38033,42633,300Less: Other--(15,776)(2,103)(17,879)---Less: Intangible amortization(39,080)(39,080)(39,080)(30,647)(147,887)(28,115)(28,115)(27,851)Depreciation and amortization, adjusted5,0945,1965,3295,24620,8655,2655,3115,449Income tax expense/(benefit)(6,061)(14,611)3,27413,978(3,420)17,04014,40712,069Tax effect of adjustments11,02016,89713,4828,77050,1707,8278,9039,875Income tax expense, adjusted4,9592,28616,75622,74846,75024,86723,31021,944 Non-GAAP Income Statement 111 2(1) Adjustments relate to additional lease costs and accelerated depreciation due to the relocation of our Louisville office and executive severance.(2) The tax effects of the adjustments are calculated using a management estimated annual effective non-GAAP tax rate of 21%.

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18© 2025 Waystar. All rights reserved. 18W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S Non-GAAP Reconciliations and Key Metrics11 (1) Adjustments relate to additional lease costs and accelerated depreciation due to the relocation of our Louisville office and executive severance.(2) The tax effects of the adjustments are calculated using a management estimated annual effective non-GAAP tax rate of 21%. 2 Unaudited, $ in thousands, except per share amountsReconciliation of Non-GAAP Adjusted EBITDA 1Q'24 2Q'24 3Q'24 4Q'24 FY'24 1Q'25 2Q'25 3Q'25Net income/(loss)(15,932)(27,685)5,41319,079(19,125)29,26932,18430,648Interest expense57,18450,54118,45920,086146,27018,90018,25517,515Income tax expense/(benefit)(6,061)(14,611)3,27413,978(3,420)17,04014,40712,069Depreciation and amortization44,17444,27660,18537,996186,63133,38033,42633,300Stock-based compensation expense2,52836,9697,9037,03754,4376,74411,53011,597Acquisition and integration costs3022061881638592296555,313Costs related to amended debt agreements10,4022,3681061,26214,138--649IPO and Secondary Offering expenses1641,841109262,1401,4301,7691,372Other--1,0405261,566754326240Adjusted EBITDA92,76193,90596,677100,153383,496107,746112,552112,703Revenue224,792234,543240,112244,102943,549256,435270,654268,651Net income/(loss) margin(7.1%)(11.8%)2.3%7.8%(2.0%)11.4%11.9%11.4%Adjusted EBITDA margin41.3%40.0%40.3%41.0%40.6%42.0%41.6%42.0%Reconciliation of Non-GAAP Net Income 1Q'24 2Q'24 3Q'24 4Q'24 FY'24 1Q'25 2Q'25 3Q'25Net income/(loss)(15,932)(27,685)5,41319,079(19,125)29,26932,18430,648Add: Stock-based compensation expense2,52836,9697,9037,03754,4376,74411,53011,597Add: Acquisition and integration costs3022061881638592296555,313Add: Costs related to amended debt agreements10,4022,3681061,26214,138--649Add: IPO and Secondary Offering expenses1641,841109262,1401,4301,7691,372Add: Other--16,8162,62919,445754326240Add: Amortization39,08039,08039,08030,647147,88728,11528,11527,851Income tax effect of non-GAAP adjustments(11,020)(16,897)(13,482)(8,770)(50,170)(7,827)(8,903)(9,875)Non-GAAP net income25,52435,88256,13352,073169,61158,71465,67667,795Non-GAAP net income per share, basic0.210.270.330.301.130.340.380.39Non-GAAP net income per share, diluted0.200.260.320.291.090.320.360.37Weighted average shares used in computing basic Non-GAAP net income per share121,675,298133,527,766171,578,311172,526,776149,915,839172,188,237173,358,382174,352,079Weighted average shares used in computing diluted Non-GAAP net income per share127,095,087137,294,656176,181,511179,112,559155,677,094180,691,994181,599,133181,240,033Reconciliation of Unlevered Free Cash Flow (uFCF) 1Q'24 2Q'24 3Q'24 4Q'24 FY'24 1Q'25 2Q'25 3Q'25Net cash provided by operating activities10,73015,45078,81864,770169,76864,24996,76082,030Interest paid40,51341,75118,92521,582122,77119,96019,78519,558Purchase of PP&E and capitalization of internally developed software costs(5,560)(6,868)(8,616)(6,224)(27,268)(5,426)(5,767)(5,876)Unlevered free cash flow (uFCF)45,68350,33389,12780,128265,27178,783110,77895,712Key Performance Metrics 1Q'24 2Q'24 3Q'24 4Q'24 FY'24 1Q'25 2Q'25 3Q'25Net Revenue Retention108.8%107.5%109.4%110.1%110.1%113.5%114.6%113.1%Customers greater than $100k1,0801,1171,1731,2031,2031,2441,2681,306Adjusted EBITDA92,76193,90596,677100,153383,496107,746112,552112,703Unlevered free cash flow (uFCF)45,68350,33389,12780,128265,27178,783110,77895,712

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19© 2025 Waystar. All rights reserved. 19W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S Net Debt and LeverageUnaudited, $ in thousandsReconciliation of Net Debt FY'23 FY'24 3Q'24 3Q'25First lien term loan facility outstanding debt, current17,98311,66812,90911,668First lien term loan facility outstanding debt, net of current portion1,712,8331,151,8781,153,8641,143,127Second lien term loan facility outstanding debt448,000- - -Receivables facility oustanding debt70,00080,00080,00080,000Cash and cash equivalents(35,580)(182,133)(127,125)(421,056)Investment securities- - - -Net debt2,213,2361,061,4131,119,648813,739Trailing Twelve Months Adjusted EBITDA333,715383,496369,587433,154Adjusted Gross leverage ratio6.7x3.2x3.4x2.9xAdjusted Net leverage ratio6.6x2.8x3.0x1.9xUnaudited, $ in thousandsThree Months EndedReconciliation of Trailing Twelve Months (TTM) Adjusted EBITDA 4Q'24 1Q'25 2Q'25 3Q'25 TTMNet income/(loss)19,07929,26932,18430,648111,180Interest expense20,08618,90018,25517,51574,756Income tax expense/(benefit)13,97817,04014,40712,06957,494Depreciation and amortization37,99633,38033,42633,300138,102Stock-based compensation expense7,0376,74411,53011,59736,908Acquisition and integration costs1632296555,3136,360Costs related to amended debt agreements1,262--6491,911IPO and Secondary Offering expenses261,4301,7691,3724,597Other5267543262401,846Adjusted EBITDA100,153107,746112,552112,703433,154

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© 2025 Waystar © 2025 Waystar Holding Corp. All rights reserved.Waystar®, the Waystar Star Logo, and all other trademarks, trade names, service marks, and logos referenced herein, unless otherwise noted, belong to Waystar Holding Corp. or its affiliates.

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