Well, good afternoon, everyone, and welcome to Texas. I actually grew up in Austin, not far from here. As a duly designated representative of the Lone Star State, I am very happy for us all to be here. Thank you for all those in the room for making the trip, and then also for all of those on the webcast joining us virtually. I am Edward Parker, Head of Investor Relations at Waystar. Before we get started, if you will indulge me, I need to review our safe harbor statement. Today's presentation contains forward-looking statements, including expectations regarding our future financial performance, growth, margins, the development and commercial impact of our AI and automation capabilities. These statements involve risks and uncertainty that may cause actual results to differ materially from those we discuss today. For a full discussion of those risks, please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the SEC, all of which are available at investors.waystar.com. Okay. For those of you who have not met me, I joined Waystar just this summer, but I actually knew Matt and our CEO last summer, excuse me, serving as an outside advisor. When I spent more time with Matt and the team and the business, the more convinced I actually became of the opportunity in front of Waystar. I knew at that moment that I wanted to be a part of it. Fortunately, the team was willing to have me. My hope here today is by the end of the afternoon, you will have a deeper understanding of Waystar, our innovations, and our vision for the future of the revenue cycle. We have an outstanding agenda planned for you today. We are going to kick things off with Matt, our CEO. From there, William Chan, Brendan O'Connor, and Sean Joyce will discuss the products, technology, and innovation that differentiate Waystar. Todd Woods will discuss how we bring those capabilities to market. We will then take a short break, and then you will be able to hear directly from some of our clients in our client panel, which is one of the moments I am most looking forward to. After that, we will open it up to Q&A. We have plenty of time for questions, so I ask that you hold Q&A to the end of the program. Following that, we are all going to go over together to the Waystar Innovation Lab, where you are going to have the opportunity to see many of our products and capabilities discussed today in action. For all those joining us here today in San Antonio, I hope you will stay and stick around for dinner afterwards, as well as this evening's True North events. With that, it is my pleasure to introduce Waystar's Chief Executive Officer, Matt Hawkins. Thank you, Edward. Thank you. Good job. Hey, good afternoon, everybody. We are thrilled you are here, and I know many of you, and so it is nice to see you in person. Some I have not met, and so I am thrilled to get a chance to connect with you as well. As Edward said, we are really grateful that you would make the trip to San Antonio. Is this anybody's first time here that is here in person? So a few. I mean, San Antonio is a famous place. Willie Nelson and George Strait have made San Antonio famous if you like country music, and there is a lot of things here culturally. We are grateful that you would make the trip with us. I want to set the stage for why here right now. That is because every year we do a client conference. We call it Waystar True North. We typically will have it the last part of August through the middle part of October. That is when we see a lot of clients having availability to join us. So we felt like it was natural for us to host it here, to host our inaugural Investor Day here on the front end of that, because it would give you as investors and analysts covering Waystar a tremendous opportunity, not only to meet the broader management team, but to meet with clients. We cannot wait for you to be able to interact with clients and get hands-on with our technology. As we jump in, I think what you will hear from us is you will meet talented leaders across our organization. We will bring a few key messages to life that I would love to just underscore at the outset. At the end, we will recap to make sure that we have punctuated these key points. The first is you will hear us talk about Waystar's market leadership and the innovation that is powering our long-term growth trajectory. We are delivering significant value based on the outcomes that we measure that drive strong ROI and strong client retention and relationships. You will hear us talk about that. We are also therein laying the foundation for long-term value creation for shareholders. We will work to tie all of that together so you can think about, and understand how we think about our business. Just a little bit on True North. We have already been at work. We began last night hosting a Waystar advisory board meeting and dinner. Our advisory board has grown by about 20%-25% year over year. So today, we have nearly 60 organizations that are represented on our advisory board. We work with a fantastic group of hospital-based decision makers and large ambulatory provider decision makers from some of the nation's finest institutions. Several of them you will hear from today on our client panel discussion. These are people that run large and impressive organizations, and they understand the value of a revenue cycle partner like Waystar. They are meeting now. While you will meet some members of our leadership team, there are other members of our leadership team that are basically spending time with them in breakout sessions, learning about their input, sharing with them some of the same things that we will show you today in our innovation lab, helping them get hands-on with our technology, and then incorporating what they have to say back into our solutions. This evening, you will also see, once we finish the Investor Day, we will host an open reception for all folks that are joining us for the Waystar True North Client Conference. This is the fourth year of that conference. We hosted the first two years in Orlando in mid to late September, last year in Nashville, and this year we moved it to a larger property that could accommodate more of our clients. This will be the largest client gathering that we have ever had. Many of them have traveled to San Antonio, and we are grateful that they are here. I just would say a couple things that are interesting to note as part of that client conference, and that is record attendance this year. We have over 40 client-led sessions where they will be best practice sharing, talking about how they are using the Waystar platform to their peers. We work to not only promote community because it drives retention, but promote peer-to-peer sharing because it also actually drives cross-sell and up-sell of incremental solutions on our platform. They are all accompanied by several dozen Waystar team members. These are product leaders, solution specialists, and those that are very close to our technology to make sure that we create a very important and powerful event. We like to say that we pack a lot in just a couple of short days. We try to have some fun and create some good, memorable experiences with our clients, and we will do the same with you. One thing that I have heard, and perhaps you have too, is that innovation in healthcare occurs at the speed of trust. Healthcare is a highly regulated industry, and the penalties for being wrong are very high. Conversely, there is very low tolerance for errors. In a highly regulated space, it is valuable to create client trust and referenceability because then that helps us to grow and ensure that our innovation is adopted. We have earned that trust over time and through moments like this, so we are really grateful that you will have firsthand experience to see our clients and be able to interact with us as we go about leading this client conference. Before I move on, I would like to take a moment to recognize Alpana Wegner, who is here with us today. Alpana, if you are here, you have probably had a chance to say hi to most, but she is standing here in the background for those that are participating virtually, and I am thrilled to welcome her as our CFO. She joined Waystar about three weeks ago now. While she is not presenting today, I hope that you will have the opportunity to introduce yourselves to her if you are here. She brings experience leading publicly traded companies, public software businesses, and she brings a strong combination of financial and operational acumen and discipline and business judgment to Waystar. I am really looking forward to partnering with her. We have already gotten off to a great start. She is spending her early weeks meeting with the various teams, meeting with a few clients while she is here, which is fantastic, and then diving deep into our strategy and opportunities. One thing I would highlight here is that we have also heard terrific feedback from you as our investors and analysts. Some of you have asked us questions or provided feedback around disclosures that we make. As a management team, we're committed to continuously improving how we communicate our business to investors and helping shareholders best understand our strategy, performance, and the opportunity that we see forming over time. Alpana Wegner will be a very important partner in that effort as she gets deeper into our business, and we look forward to responding and being responsive to the feedback that you've shared with us. Also today, I'm thrilled and delighted to welcome Amit Khanna to Waystar. Amit, if you're here, will you stand and just raise your hand as well? This is breaking news. Amit will join Waystar as our Chief Product and Technology Officer. He'll be working closely with a fabulous team of leaders, some of whom you'll hear with today, and also with William Chan, who, as you know, was a co-founder of Iodine and plays the role of Chief AI Officer at Waystar today. You'll hear from William, you'll hear from Sean Joyce, you'll hear from Brendan O'Connor and our fantastic group of leaders, and Amit will be joining us there. A little bit about Amit. He's an incredible software leader. He'll be deeply focused on helping us drive our innovation platform and vision for the autonomous revenue cycle, as you'll hear me highlight. Amit joins us from Salesforce, where he led the healthcare business, and he built and delivered Agentforce for Health. So he's got a very strong viewpoint on AI and on the convergence taking place between product and technology and even more accelerated product launches and delivery. We welcome him and will be excited to introduce him to this investor and analyst group. Okay, so now let's get down to the star of the show, so to speak, the incredible growth map in front of us and what we're relentlessly focused on doing. Today is about giving you a deeper understanding of our opportunities and why we believe we are ideally positioned to execute on our value proposition, to use all the trust and the goodwill that we have generated to propel us forward to future growth and innovation and shareholder return. If you take anything away from today, I hope it's these three things. First, we are creating category leadership in what we do now. We're going after a very large and growing market, and I'll describe that to you in more detail in just a moment. That market is continuing to grow. As you may have heard me say, we were anticipating and dreaming about these days seven or eight years ago. We're thrilled to be able to see the momentum forming in our business that we do today. You'll also hear us talk about the fact that we have the right platform, and we'll spend some time talking about our platform and telling you what we mean by our software platform, and also why we feel like we have the right people to execute on our game plan, just as you've seen us now execute for several quarters on our game plan to create value for clients and, again, value for shareholders. Waystar's system of action, our platform brings together mission-critical workflows, proprietary data, and integrations across the healthcare ecosystem that gives us tremendous insight and visibility to what's going on in healthcare. The third thing that I'd love for you to take away from today's discussion, as we get through all of it, is that we have the right vision for where the future is headed, and that as you think about what our clients, who are provider organizations, want. They want to be able to consume the benefit of AI, but the vast majority of them do not have the resources or the ability to take an LLM model and form AI themselves, cyber secure it, integrate it, and then deploy it in their organizations. As we did some third-party research recently, we've learned that the vast majority, nearly 90%, would rather consume AI through a trusted vendor relationship from a group that they trust. We feel like we have the right vision and are forging the path to allow our clients to consume AI in a construct they understand. That is something that we'll refer to as the autonomous revenue cycle. Let's look at Waystar's growth trajectory and where it starts. We've talked a lot about these numbers. We talk about we're serving over a million providers across our platform today. That number's actually grown substantially. We only focus on the revenue cycle, and we are experts in the field of what we do, and you'll see us start to bring these data points together through sustained investment, through deep client partnership, through continuous innovation. We have purpose-built a platform that we know works to help providers create value. Our focus is to give us a distinct understanding of how revenue moves from billing all the way through to collection and reimbursement, where that revenue runs into friction, and where AI can do a better job at driving better outcomes. Today, we're actually trusted by more than 1.5 million providers. That's a 50% increase in just the two years since we went public. We like to say that every incremental provider that we help helps us be that much smarter, helps us create a more robust network that can help the next provider and further strengthen our network. Likewise, we're serving more than 32,000 clients while we reach approximately 60% of the U.S. patient population today. One out of every three U.S.-based hospital discharges flows through our covered entity. It naturally comes to us, and we have the right to custody that information and use it on a proprietary basis. In fact, in more than 90% of our client contracts, we have the right to custody that information to improve product and to use it in HIPAA-compliant and careful ways. This scale is growing. Today, you see us talk about 7.5 billion insurance transactions that we're processing. That number's increased to nearly 8.5 billion. We're growing and improving our reach. Again, every incremental transaction we process makes our network that much more robust, and you'll hear us talk about that in just a moment. We feel like we have a resilient base. We're in a market that's primed for transformation. One of the things that I've mentioned a time or two is we've seen retail, we've seen financial services, we've seen other industries go through a digital transformation. Sometimes people will ask me, Matt, where are we on this journey toward more transformation in healthcare? We feel like there's still tremendous opportunity in front of us to bring technology to bear that will help to transform the market. We believe we have a differentiated platform. We have multiple levers of growth, as you'll see me highlight, and a proven model that combines growth and profitability to allow us to strengthen our balance sheet and to create value for shareholders. We know that revenue cycle pressure is intensifying as transformation opportunities manifest themselves in this market. There are some interesting statistics that you would know very well. We know that provider operating margins have been low for some time. One of the common feedback points that we hear from providers is they're constantly tasked to do more with the same resources or less because their margins are so constrained. We know on the payer side, though, there's constraint taking place there, and payers are using things in the billing and collection process, things like eligibility at the health plan and patient level, to deny claims. They're using prior authorization as an instrument to manage medical loss ratios. Increasingly, what you'll see is industry talk about automating aspects of prior authorizations, but reserving payers' rights to manage prior authorizations for more complex or medical necessity-based authorizations. They'll use that as a lever to evaluate whether or not they should accept a claim for adjudication or deny it. We know that, and because of our deep expertise in this area, that's informed our strategy, and I'll try to draw that out here in just a second. This tension creates friction, and we've talked about this a lot. It's nearly half a trillion dollars of friction that exists in the system today that's not being used toward patient care or patient initiatives. In fact, providers are bearing most of the complexity here. I was with a group the other night at dinner, and they mentioned that their biggest complaint or concern is that they have nearly 70% staff turnover on an annual basis. I asked, where are those people going to work? They're going to other hourly type jobs. They're constantly trying to train new employees that understand the depths of the revenue cycle. Anything we can develop technologically that simplifies that creates more anticipation to prevent errors from occurring, reduce the likelihood that a human needs to be involved in high volume, low complexity tasks, it becomes very important. You can see some of these other alarming statistics, and they're very real. I was talking to a lady who's a very impressive revenue cycle leader. She's a client of ours at a major children's hospital. This may get into the details, but I just want to illustrate the bad debt write-off taking place. They order a vitamin D test for every single child they care for. They think it's best practice clinically. What she is concerned about is payers will sometimes reimburse that and sometimes they won't. They'll actually change their rules all the time. What she's instructed her staff to do in this impressive children's hospital, because the physicians want to order the vitamin D test, they think it's best practice clinically. They'll order the test knowing that sometimes payers will reimburse, sometimes they won't, and in between time, they'll write it all off as bad debt because they'll never reach out to the patient and ask the patient to pay for it. That sounds really archaic and obtuse, but those are the types of things that are actually happening in the system, and providers and patients ultimately bear the burden there. That makes way for a substantial market opportunity. You hear us talk about a $20 billion plus addressable market that we are going after. It's a target-rich environment. It's punctuated by existing solutions in the market today, some of which are legacy and, quite frankly, ripe for disruption. We're aware of competitors. Some of you have asked me at the start of the meeting, are you aware of a certain competitor that's under financial duress? Yes, we are. We don't talk about them by name, but we're aware of embedded in this addressable market opportunity is a lot of chance for us to help clients and prospects and those we don't work with yet embrace modern technology. We believe that this market that we're after today is only the beginning. Because right adjacent to the market that we are serving is a services market. We develop software, and increasingly, we're getting asked by clients, can we develop AI for them that will automate high volume, low complexity work that could be addressed by AI because rather than by staff or rather than by point solutions that don't interconnect and aren't cyber secure on their platform. What you'll hear us focus on today from our leaders in innovation will be actually the pursuit of this much larger addressable market opportunity. It's 2x the size all in of what we've been pursuing thus far. We're already making progress in delivering value as we deliver agents that automate tasks and we're able to begin to monetize those and create unique ROI for our clients. I'd like to spend just a second here talking about our platform because we often refer to it. We were very intentional about building this platform. It starts on the one end, sometimes you'll hear it called the front end of the revenue cycle. Other times you'll hear it called the pre-encounter. It begins with basically a patient financial clearance, understanding who the patient is. Do they have insurance? When we go to work, we'll automate the eligibility and test for that. If not, we'll help detect insurance coverage for a patient. We'll then, given the details at the health plan level, we'll alert the provider on whether or not they actually have to get a prior authorization in order to deliver a health service and expect that the insurance company will reimburse it. This is the pre-encounter over here. We facilitate co-payment collection and patient cost estimation. I'll walk back and forth a little bit, if that's okay, for just a second. We're market leaders on the pre-encounter side. We're also, walking over here is a little, and I hope I don't pull a hamstring. We also are market leaders on the back side, the back end, often referred to as the post-encounter. We process claims better than anybody in the industry. We're typically ranked first in the industry at what we do here. Our first pass claim acceptance rate is market leading. What is interesting is, and the trend that we see is, I hope you do not mind an extra second here, because we are really good at claims management, claims monitoring, and clean claims submission, that creates accuracy in the adjudication process and a higher likelihood that that claim does not get denied, but rather successfully remitted. Doing that at scale makes us really smart all the way back over on this side. Given the volume that we process, we can often estimate patient payment, what is required of a patient as they engage in their financial responsibility, prior to the patient actually receiving the health service. Sometimes you will hear us talk about shifting everything left. The biggest transformational trend in healthcare taking place is to shift work to this side, pre-care, because it creates a more consumer-like experience for patients, and each of us are a patient, or we know someone who has been. This is kind of intuitive to us. We acquired a business called Iodine. Last October, we announced the signing of that acquisition. William is just a fabulous partner to us and a co-founder of that business. It sits in the middle, beginning with utilization management, clinical documentation integrity, revenue capture, and leading to some other exciting opportunities like auto coding and things that you may not see here. When we bought that business, and we felt so fortunate to be able to bring it together with Waystar, I described it as the perfect missing puzzle piece. We were market leaders on the front, we were market leaders on the back, and bringing Iodine to our business has created market leadership and also has given us visibility. Because there is a compounding benefit when you do not just do a point solution that does one thing. This is important for you that are covering the industry and you that are investors with a lot of noise out there. Because a lot of people are saying things in revenue cycle, and it makes it sound like they are doing all this stuff, but they might only be doing patient payments, or they might only be doing prior authorizations. But how could you successfully do a prior authorization if you do not actually process the claim and understand the grounded source of payment truth on the claims management side? That is something that is so important to understand. That is why you hear me sometimes say the claims management suite is the heart and soul of what takes place in the revenue cycle. Basically what we are doing, given how accurately we are deploying AI on our platform and what we are integrating and uniting, is we are getting a view across the revenue cycle that is unrivaled. Not only are we getting clinical data coupled with financial and administrative data brought together, but the breakthrough, you can tell I am getting excited about this. The breakthrough is we are able to observe work on a proprietary basis, and it is observing that work and then designing workflows in the depths of the billing and collection process. That is what is going to lead to breakthrough transformation. We are able to actually reverse engineer the pay adjudication process and anticipate what is going on there, as an example. We're able to integrate financial and clinical interactions that lead to better outcomes for the clients that we serve and reduce the patient payment friction. Why? Well, because we're pulling it from 90 days post-encounter and post-healthcare delivery, in many cases, all the way back over, and now I'm burning some calories too, all the way back over to here. That's valuable. We're happy to go further into this, and you'll hear from our team later today, but I just wanted to highlight that to you, that we think that our platform, there's nothing like our platform in the industry that's solely focused on the revenue cycle, that brings all commercial payer, all government payer, all patient payments into a single integrated view. That becomes powerful for the providers that we serve. Ultimately, we know what providers care about. They care about driving outcomes that make sense to them, lowering the cost to collect, improving payment accuracy, getting paid faster and increasing their payment yield. That's what they care about in a nutshell. On top of all that, by integrating all these capabilities on a single platform, we're displacing clients where they may. In client settings, we're displacing several point solutions. Because part of our messaging is there's a compounding benefit when you use all of our solutions or more and more of our solutions together, and you'll hear our team highlight that. The next era of revenue cycle is more automated and more autonomous. The era that we're living through today is punctuated by manual work, high human touch. It's statically configured. We'll send out or vendors that we compete against, they'll send out a rules package update once for the next 30 days and hope they're right. We're sending out 500 updates plus to our network on a quarterly basis. That's more than one a day, and it's not static. But the historic workflow has been reactive and FTE constrained. What we're doing today is, as you see us utilize AI, we're bringing more intelligent automation to the platform that is predicting, preventing, prioritizing work, and assisting inside the workflow. Where we're headed is toward this autonomous revenue cycle, where the attributes of that will be autonomous orchestration, more highly automated than it is today, self-optimizing and learning. Every transaction we process, if we know the grounded source of payment truth or we learn that what we did when the prior authorization didn't lead to an accurate payment, we learn and heal and self-diagnose. We're looking ahead to a future that is more agent-led with an expert human in the loop that's working 24 by seven, not just on the weekdays from 9:00 to 5:00. As I said, this future is powered by proprietary data and proprietary observations on our platform because we see things across and through the workflows. We're continuously learning and creating insights and intelligence. We're orchestrating agents, and increasingly you'll hear the team talk about that intelligently harnessing agents together because we understand the workflow and we touch each end of it, allowing us to bring more and more agent orchestration. One of the things we know providers care about is the expense of tokens. There is a lot of dialogue in the industry about large language model use. Not everything has to be done with a large language model. Part of what they look to folks like us for is smart orchestration, when to deploy a large language model versus when to deploy a small language model or other forms of AI that are far less expensive on behalf of the client. That is an important area of value creation for Waystar long term. Increasingly specialized agents. You may hear the expression atomic level agents. These are small purpose-built agents that there may be hundreds of them that are working next to each other with a high degree of specialty doing a very small task that you harness together across the revenue cycle. Finally, traceability, compliance, and adaptability becomes super important. We know that LLMs have the propensity or possibility of hallucinating or allowing for bias to creep in. One of our jobs is to ensure that the data being used filters out those biases, and we check on that and monitor that closely to ensure that our client, we can help attest, almost like a blue check box, attest that the data that our clients are using is traceable, that they understand the grounded source of that data in the reimbursement process. All of this leads to informing how we think about our growth engine. Our starting point for growth is something I would like to highlight for just a second. We have a strong track record of creating terrific retention. We start there when you think about the building blocks of our growth, 97%+ gross revenue retention, and it has been that way for many years. We are grateful for the sticky relationships that we create with clients. That means they like what they are using, and that allows us to cross-sell and upsell them on even further capabilities. You will hear Todd Woods, our Chief Commercial Officer, talk about that. We are also always focused on adding new clients to our platform and have a track record of doing that. When you look at our business today, about 60% of our bookings are existing client-related cross-sell and upsell, and about 40% are coming from new clients. That varies from quarter to quarter. In the midst of seeing our bookings progression and the size of the annual contract value, the average annual contract value for us increase, it is nice to know that we have a proven growth model that helps us win with current clients as well as add new clients. Certainly, we benefit from higher utilization and an annual price increase program, given the value that we are creating for our clients. That gives us confidence in the long-term, low double-digit revenue growth target that we are building toward and aspire toward, as well as the 40%+ adjusted EBITDA margin target that we have highlighted since we have been public. You will note that every quarter we have been public, we have delivered on low double-digit revenue growth and an adjusted EBITDA margin that has been higher than the 40% target that we have highlighted. We're a Rule of 50 company, and we're proud of that, and that position ultimately allows us to generate free cash flow. We have about an annual target rate of about 70% conversion from adjusted EBITDA to free cash flow. Varies a little bit by quarters, but again, a strong track record of that type of conversion. That gives us capital to invest in growth. You'll hear about some of our innovation and growth initiatives. Strengthen our balance sheet. We have the ability to de-lever our balance sheet by about a full turn a year. Today, our net leverage ratio sits at 2.5 times, and with every quarter, we're de-levering it further and further. And certainly to return capital to shareholders. When I think about the priorities for me as a business leader, one of the most important things that I think about are how we allocate capital as a business, and there's five known ways to do that. Certainly, organic growth and innovation is a top priority. We believe that we're in a unique market opportunity and need to invest in capitalizing on this moment. And we're continuing to invest in the capabilities and innovation that deepen client value, and we know that, and expand our long-term growth. In addition to organic growth, we're continuing to reduce debt and strengthen our balance sheet, and we expect to continue that trend over the next year, and we're grateful for the business model that affords us the opportunity to do that. I said too, earlier in the audience, that financial stability becomes a competitive advantage in the market that we're in, and it gives us opportunity to compete in the market because we have resources that we can help our clients embrace and use AI in thoughtful ways. And we're also focused on returning capital through the share repurchase program that we have launched at the end of May. We'll continue to evaluate that as we go forward and see how we're trading and walk through the merits of us strengthening that program or putting capital to work in its highest and best use to create value for shareholders. Obviously, there's disciplined M&A that we can prosecute. We regularly assess M&A opportunities. I feel like in this environment that we're in right now, the top three listed here are our top priorities. Before I turn it over to the team today, and I can't wait for this, I've been looking forward to this for a long time because I want you to meet our team. I'd like to just leave you with three thoughts again. First, we're creating category leadership in the revenue cycle in a market that's undergoing what we believe is once-in-a-generation transformation, and we're leading that transformation and have the opportunity to continue to do so. Waystar is built for this moment. Our status in the revenue cycle is essential to the healthcare ecosystem. Clients trust us. They want to work with us. We have the platform, technology, data, and network required to define the future of the autonomous revenue cycle. Second, you are going to spend the rest of the day with people and clients behind this story, and you will hear directly from our leaders about our innovation and our growth path, and I look forward to that. Lastly, we believe that the opportunity ahead of us is powerful. We have a clear strategy, we have significant runway, and I am excited about the opportunity to have you here with us. We thank those that are participating virtually as well. With that, I will turn the time over to our product and technology leaders, William Chan, Brendan O'Connor, and Sean Joyce. Thanks, guys. Thank you, Matt. Thanks everyone for joining us today. I really appreciate you all taking the time. I am William Chan, I am the Chief AI Officer, and I have the honor of leading our AI innovation here at Waystar. I am also one of the co-founders at Iodine, which joined Waystar last year. Alongside with me today, you will hear from two of my colleagues, Brendan O'Connor, Executive Vice President of Product Management, and Sean Joyce, Executive Vice President of Software Engineering. Both Sean and Brendan have spent years building and advancing the Waystar platform. They know our technology, they know our clients' workflows, and they know how to address the top priorities that is on everyone's minds. Today, we are going to discuss the advantages that we have built here at Waystar and how our AI-powered roadmap is driving significant outcomes for our clients. Waystar's advantage really starts with the platform itself. The platform brings together several advantages that are, quite honestly, difficult to replicate. It is the breadth of our network, its proprietary data, deep workflow integration, and end-to-end capabilities across the entire revenue cycle. We combine that foundation with the right AI for the right use case, whether it is machine learning, generative AI, predictive, or even now agentic AI. We use all of that and we operate and deploy AI across the full revenue cycle. We support patient access before the encounter. We will connect financial and clinical workflows during care delivery and manage claims, payments, recovery, and patient financial engagement after the encounter. What makes Waystar powerful is that these are not disconnected point solutions. They operate across a unified platform with connected workflows, a shared intelligence, and a comprehensive view of how one activity in one part of the revenue cycle can and probably affects another in another part of the revenue cycle. Across all of this, our analytics brings that visibility together, giving providers a clearer view of performance across the enterprise and determining when action needs to be taken. Intelligence that is learned from one workflow, as I mentioned, informs what happens next. It is also guiding future decisions and performance across the platform. Revenue cycle is a long connected chain of activities. If any link across this chain breaks, reimbursement is at risk, and that is what we do not want to have happen to our clients. Because Waystar sees across the entire workflow, across this chain, we can increasingly help providers identify issues earlier, prevent avoidable friction from occurring, and move from a reactive approach to proactively ensuring everything is correct from the start. That's our goal. Ultimately, this is the outcome that matters. We want to make sure that our clients get paid appropriately for the care that they deliver. The breadth of the Waystar platform has created a set of structural advantages. These things have compounded over time and shape how we in the product and technology team think of how we're going to build and scale innovation. I'm going to talk a little bit about the four pillars of our competitive moat, and I'm also going to drill down a bit more on how these pillars empower our product and technology strategy. First off, a mission-critical infrastructure. Like I mentioned before, Waystar is deeply embedded in the workflows that our clients rely on every day to get paid. Our platform surfaces issues, guides decisions, and even initiates corrective action through the use of agentic AI. This is important because what this means is Waystar is the revenue cycle's system of action. This is where work gets done. Second, unmatched proprietary data. The breadth of our platform gives us access to a unique combination of transaction data, clinical data, workflow signals of what's happening or what's not happening across the way, and payer behaviors and ultimately outcomes. It's the ground truth. We are unique in that sense where we have the ground truth, the signal that says what eventually happened to a claim. These signals help us improve existing solutions. Clearly, we want to keep building on what we've got. They provide and help us identify opportunities for entirely new capabilities. Third pillar, our extensively deployed network. Waystar spans a broad collection of payers, providers, patients. What this does is it gives us visibility into billions of transactions, like Matt said, 7.5 billion to 8.5 billion transactions, and decisions that are occurring daily across the healthcare payments landscape. It's this scale that helps us identify patterns, understand root causes, and determine where intervention can have the greatest impact. Lastly, fourth, it's deep domain expertise. This is something that comes with a lot of experience and time. Revenue cycle is what Waystar does. It is extraordinarily complex, it's highly regulated, and it's constantly changing. Our teams understand the financial, clinical, and operational context behind these workflows that are constantly changing and morphing. That expertise is critical for us to determine the technologies, the workflows, and the applicable AI that should be used to solve these problems. Our domain expertise shapes our platform architecture that continuously evolves. We're incorporating models and technologies from the leading technology and AI companies to drive performance and ultimately deliver outcomes for our customers. Taken together, these four pillars create what we believe is a self-reinforcing advantage. It's this foundation that creates the conditions for Waystar to realize the autonomous revenue cycle vision. I'd like to pass it on to Brendan. Sounds good. Yeah. Thank you, William. I am going to build on that foundation a bit by highlighting two of our most powerful competitive differentiators, connectivity and data. Waystar sits at the center of a broad healthcare payments ecosystem, connecting providers to thousands of payers and deeply integrating into the practice management and EHR systems. On the payer side, we connect with over 5,000 payers, giving us broad visibility into payer reimbursement behavior, policy changes, and adjudication patterns as they evolve. At the same time, we are integrating with over 500 EHR and practice management systems that our clients rely on every day. That integration really matters because providers do not have to leave their core workflows to benefit from Waystar intelligence. Our users can leverage Waystar intelligence in our UI, or we can bring that intelligence into the PM or EHR systems. Ultimately, those two sides of the network reinforce one another. More payer connections create more payer-specific signals. Deeper workflow integration gives us more context for how those signals should be applied. Together, that enables smarter automation and more preventative action. That connectivity advantage is a critical prerequisite for how AI can perform well at scale. It is a moat we have established over nearly 20 years. The natural extension of the connectivity, though, is proprietary data. As Matt alluded to, we very intentionally built a set of end-to-end capabilities that are best-of-breed across the entire revenue cycle continuum, and that breadth drove adoption at scale. Scale has expanded our network, and that network generates one of the richest and proprietary healthcare data and revenue cycle assets in the industry. Today, as we have noted, our platform facilitates more than 8.5 billion healthcare transactions annually, reaching approximately 60% of the U.S. patient population. We see the clinical data from roughly one in every three U.S. inpatient hospital admissions every year. To put that into perspective, our footprint is multiple factors larger than the largest health systems in the United States, and it dwarfs those of point solutions in the market as well. It is very important to highlight, though, that the value is not just in the volume of the data, but what matters is the breadth of visibility it gives us across settings of care, geographies, workflows, and reimbursement patterns. We see activity across primary care, post-acute care, acute care, and nearly all other ambulatory specialties. That is important because each of those environments behaves very differently. Payer rules differ, documentation differs, utilization patterns differ, and ultimately, payment behaviors differ. Our context is what makes the data the most powerful. We can identify patterns earlier, understand them more precisely, and apply those insights back into the workflow. We are then leveraging that scaled payer behavior intelligence across our network to, as Matt said, reverse engineer the payer adjudication systems at the plan level. That allows us to predict, prevent, and increasingly use agentic technology to eliminate denials and rejections before they can possibly occur. We are also learning in real time as we process millions of transactions daily. Again, the advantage is not simply that Waystar has a lot of data, it is that we have broad, real time, and highly contextual data that is generated from the workflows we are already tightly embedded in, and we have the ability to translate that data into action. That's an important distinction as AI becomes more deeply embedded across the revenue cycle. I'm going to turn it over to Sean, who will talk to you a little bit more about how our technology architecture helps facilitate those advantages. Thanks, Brendan. Now that you understand the scale of our data and connectivity advantage, I'd like to spend a few minutes to show you how we build that advantage into our platform. Much of our roadmap draws on data from across the patient encounter, and every meaningful agentic use case that we're building either updates a record or makes a prediction based on cross-revenue cycle data. We have built Waystar AltitudeAI on a shared data foundation, so intelligence can move across the revenue cycle, decisions can be coordinated, and every agent can act with the same underlying context. At the base of our four-tier agentic architecture, we bring together clinical information, claims and transaction data, payer policies, learned adjudication behavior, and 2.5 million claims, rules, and edits based on decades of experience. To predict a denial before a claim is submitted, we must understand the payer, the policy, the clinical record, the claim edit history, the observed behavior from similar transactions. Built on these heterogeneous datasets, we have formed our intelligence layer. Applying predictive models to score potential actions, rank work by value, and evaluate how our agents perform. The next tier in our architecture is what makes our platform truly agentic, the orchestration layer. Earlier William was describing revenue cycle as a chain of processes, and it is, but it's more complex in that it's also this graph of actions. Tasks run in parallel, they repeat, they rely and depend on one another for success. Our orchestration layer determines the next best action and routes work to the appropriate capability. This is increasingly important as the revenue cycle becomes more autonomous. Intelligence may originate in one part of the platform, while the action that needs to occur has to happen in another part of that platform. The interconnectedness, this is the heart of our design. It's a system of agents that understand the revenue cycle, coordinate actions across workflows, and learn from its outcomes. Let's zoom in on the intelligence layer for a second. One of the things that we've learned, one of the more important things that we've learned from our data is that payer behavior is not interchangeable. Each payer adjudicates claims differently, each apply policies differently. Those behaviors also shift over time. This variability has led us to create a model architecture that is uniquely designed to solve the challenge of the revenue cycle. Built on our common data foundation, we have a portfolio of payer-specific models, each trained to understand the unique patterns and behaviors of an individual payer. This is how the scale of the Waystar network becomes a true competitive advantage. Building a payer-specific model requires deep claim volume within that data segment. Without it, you're forced into creating generalized models that average away the very behavior you're trying to capture. Our network volume is what makes this segmentation possible. Here's a straightforward example here. For the same category of denied claims, we have one major national payer in our data denying claims at the full claim level about half the time. We have another very large national payer that denies at the claim line level. Now, that's different than denying at the full claim. This is at the line level, and that happens about 90% of the time. These are meaningfully different behaviors. Our platform accounts for those distinctions, serves the right model, and the provider doesn't have to think about which model sits behind the prediction. Beyond that, when one of these payers changes its adjudication behavior, and they do change their adjudication behavior, we see that change and we retrain that model independently without impacting the rest of the portfolio. The scale that Brendan described, it's not valuable simply because we have more data. It's valuable because it unlocks an entirely different and more effective way to solve this problem. Before I turn the mic back over to Brendan, I'm going to show you one more way AI is creating leverage for Waystar, and this time inside our own engineering organization. AI is now embedded in every part of our software development process. It's accelerating coding, testing, expanding test coverage and documentation. It's improving the pace of integration engineering, quality assurance. It's become core to how we build software. Our mantra as we made the transformation to an AI-first organization was that we're not going to measure success based on tool adoption or token usage. These are inputs to that process and transformation. We are only going to measure success based on outputs. When we compare data for the first half of 2026 to previous years, we're seeing right now 15% more commits per engineer, and each of those commits is about 1.6 times more code per commit. Now, a commit is a versioned and validated addition to our source code. It's one of the building blocks of software development. When you bring those together, that's about 1.8 times more software output per engineer. That productivity translates into faster product development, more capacity to test and scale new ideas, and more time for our engineers to focus on the hardest and most valuable product problems. Importantly, this accelerates how quickly innovation reaches our clients. A really great example is the launch of our Waystar Recoupment Manager product, and I think we'll have some demos and some more details in our innovation lab. It is a particularly tricky problem, and one we hear from our customers, that they were increasingly feeling the pain. Recoupments are often called silent denials. They're a form of take-backs, and when people really dive in on this problem, they're often shocked that this is possible within revenue cycle. Customers had a problem, we brought a solution. We used our AI-first development process in order to launch this product. Our initial estimate, we started with 14 months that we expected to develop it, and we delivered it in under six. We cut the time from idea to launch by more than 50%. The product we built is now helping providers reduce the time for them to reconcile recoupments by more than 80%. That is two layers of leverage using AI. It helps us build differentiated solutions faster, and those solutions are then using AI within the product to automate and create significant productivity gains for our customers. Combination gives us more capacity to innovate, shortens the path from idea to client impact, and strengthens the pace at which we can extend the Waystar platform. I will turn it back to Brendan to show you where that innovation is taking the product portfolio next. Sounds good. Thanks, Sean. We are going to go through a few examples in our product roadmap. We are going to show you where we are applying those advantages across the platform and across the revenue cycle today. For the remainder of 2026 and 2027, we are focused and prioritizing opportunities where AltitudeAI can drive the greatest workflow and financial impact across the revenue cycle. I am really excited because we are going to share a few of these examples, but then we are going to go right behind me to the innovation lab in a little bit, and you are going to see these come to life. You are going to have the chance to see the product, feel the product, understand what this is all about. On the front end of the revenue cycle, we are advancing an omni-channel billing agent designed to make the patient financial experience more personalized, more efficient, and easier to navigate. We are utilizing data across the platform to make a differentiated offering relative to what any point solution could build in the patient financial experience realm. In mid-cycle, we are extending our agentic capabilities into coding and clinical documentation, helping CDI teams reduce manual review and better align documentation with coding workflows. We are also applying agentic and predictive AI to emergency department status decisions, using observed patient trajectories to help teams make faster, more informed decisions in real time. On the back end, we are continuing to push further upstream in the claims process, so shifting left in claims. Our denial prediction capabilities are increasingly helping identify missing information before a claim is submitted, so providers can address issues before they ever turn into denials. We are also advancing automated claim resubmission, which is a really important step towards the autonomous revenue cycle, because this allows those eligible rejected claims to be resubmitted automatically with significantly less manual or human intervention than what is historically been available. Across all of these areas, we are also making intelligence across the Waystar platform easier to access. We are introducing conversational analytics that allows our clients and their staff to ask questions of their revenue cycle data in natural language, understand what is happening very quickly, why it is happening, and get recommendations on what they can do to improve their processes to drive the greatest possible impact. The common thread across our entire roadmap is very simple. We're leveraging cross-platform integration, payer behavior intelligence, and AI to reduce manual intervention and improve outcomes across the entire revenue cycle. But importantly, we understand that innovation does not just improve the product, it's also creating multiple paths to greater monetization across the platform. We see that happening in two ways. First is through share of wallet expansion within the solutions our clients already use. As we add new intelligence, automation, and workflow capabilities, we can drive more transaction volume, introduce premium pricing, and deepen adoption across the platform. Automated coverage detection is a really good example of this. It builds on our existing eligibility verification capabilities to identify additional insurance coverage more effectively, leveraging our internal proprietary database, which can increase transaction volume, but also expand the value of our eligibility and financial clearance offering to our clients. Personalized patient payment discounts is another great example. We're using AI here to tailor payment options to patients based on their various affordability and financial scenarios, and we can help improve patient collections in the process of doing this. Not only are we driving a better, more transparent, and affordable patient financial experience, we're leveraging ML, and we can prove that we're driving better payment outcomes in aggregate for those clients, and that's a better solution for both sides of the network. The second path to incremental monetization is category creation. Here, AI is allowing us to introduce new products and new workflows to solve problems that have historically been too manual, fragmented, or difficult to address via software. Pre-bill anomaly detection is a strong example of this. This is a mid-cycle solution where AltitudeAI connects clinical documentation, coding behaviors, and patient data to identify high-impact opportunities before a claim is submitted. That creates meaningful value for clients while also expanding our aggregate opportunity in the mid-revenue cycle. Recoupment Manager is another great example. Sean just called this out, but this is a new offering that's identifying and addressing a problem that has historically required significant manual effort. We're automating identification and reconciliation of those payer take-backs, and in doing so, we're helping providers reduce reconciliation time by nearly 80%. Again, introducing a new product to the market and a new monetization opportunity for Waystar. Importantly, innovations like these can also support pricing models that are more closely aligned to the value we're generating for our clients as well. When you step back, we feel the model is very compelling. Organic investment in the platform, data, and AI can deepen monetization of existing products, increase share of wallet, and create new revenue opportunities for Waystar. William, I'm going to turn it back to you to close this out. Thank you. All right. Thank you, Brendan O'Connor. Waystar is already helping our providers apply predictive, generative, and agentic AI across the revenue cycle. You already heard examples of that. The broader industry still depends heavily on manual work. It depends on fragmented processes and very disconnected data. That, unfortunately, is the norm. That is why we believe that Waystar is at such an important inflection point with our platform and the AI that is before us. Agentic AI gives us that ability to move beyond automating simple individual tasks and towards coordinating work across the entire workflow. Waystar is deploying specialized agents into high-value use cases today while connecting those agents through shared data, shared intelligence, and orchestrating all of that together. This allows work that has historically dependent on labor-intensive processes to move into technology. What happens is provider teams will spend less time on manual administrative work and then more time overseeing exceptions and high-value priorities. What that means is as this shift occurs, we believe that a greater portion of the overall revenue cycle spend becomes addressable through technology. Waystar is ushering in that autonomous revenue cycle future because the capabilities required to enable this future are the same advantages that we have been building for years. To sum it all up, our connectivity creates more signals. These signals then strengthen our proprietary data, and it is that data that improves our intelligence. Then because we are deeply embedded across the revenue cycle workflows, we can then translate that intelligence directly into action and automating that to deliver meaningful outcomes for our clients. This is the compounding advantage behind the Waystar platform. Thank you. Now I will introduce you to Todd Woods, Waystar's Chief Commercial Officer. Over to you, Todd Woods. All right. Well, good afternoon, everybody. My name is Todd Woods. I am the Chief Commercial Officer here at Waystar. I first want to thank you all for being here, and I want to thank you for your interest in our business. Since this is our first time together, I thought I would spend just a minute and introduce myself to you, and I promise it will just be a minute. I have been a part of this business for 24 years. I was fortunate enough to be a part of a group that founded a business called Navicure, which is the first business that makes up the Waystar platform. I was able to be part of that startup. We did a few private equity rounds and then our IPO in 2024. It has been a wild ride, and it has been an awesome ride. In every single stage of our company's life cycle, I've been a commercial leader focusing on our go-to-market engine. When I think about our business, and I think about how you heard from William and Sean and Brendan a little while ago, we talked about the power of our platform, we talked about the scale of our network, and they talked about the innovation that continues to expand our leadership in the space. It's those three things. It's literally just those three things that allow me to talk to you today about the durability of our growth model. When we think about how our system is evolving and how we're extending that leadership, it's important for us to understand how all of those things come together. That's what I'm going to spend the next 20 minutes talking to you about. I'm going to discuss how those advantages get us to the growth model that we have today. You're going to see that our opportunity is pretty broad. We're not limited to one type of provider. We're not limited to one workflow. We're not limited to one single care setting. We operate across a very large, fragmented healthcare space. What's interesting is that in that fragmented space, the challenges that our clients face are remarkably consistent. They need to get paid faster. They need to get paid fuller. They need to get paid more accurately, and they need to do all of that with less administrative effort. These challenges, the challenges that I just spoke about, they create a significant opportunity for us here at Waystar. That's the power of our commercial model. We take Waystar's breadth of our unified platform, we change it into durable growth, we win new clients, we deepen relationships with existing clients, and both of those expand our addressable market every single day. I take a step back. It's important for us to understand the breadth of the market that we serve and the consistency of the needs within that market. We serve healthcare organizations across the continuum. It's a very wide range of care settings, from large acute health systems to big ambulatory practices, to post-acute skilled nursing facility, on down to that single ambulatory provider in Greenville, South Carolina, and ultimately, all of the patients that those constituents serve. With that breadth going across all of those different care settings, we interact with a whole bunch of different folks. We interact with multiple decision-makers across every single organization. Sometimes it's the CFO and the financial team. Sometimes it's the CIO and the IT group. Sometimes it's the CMO and the medical staff. Increasingly, in our platform deals, it's all of them. They're all entering the conversation about what can Waystar do for us. They all bring different perspectives, and while those organizations may look different and the buyer may change, the underlying problems they are trying to solve are remarkably consistent, and they are increasingly trying to get to a common set of priorities. They want to lower the cost to collect. They want to accelerate reimbursement. They want to improve staff efficiency. They have to protect and create a highly secure technology environment, and they want to create greater financial clarity for all of their patients. We were recently in a large health system in the Southeast, and they were a large hospital system. They had just acquired four big specialty ambulatory practices. They also acquired an ambulance and transportation business. They were building a PT and behavioral health business. While the hospital used a common EHR, and that's common EHR you guys are all very familiar with, the practices and the clinics and the transportation company and the behavioral health center, they used very highly specialized EHRs. They had no way to synchronize the common workflows, they had no way to sync to common reporting, and they had no way to sync to a common user experience. In fact, the only thing that was common was how uncommon all of their stuff was. They quickly identified Waystar as the connective tissue for the entire health system. As soon as the leader said Waystar could be the connective tissue, I immediately wrote that down and said, "I like that. I'm going to use that for a presentation." James, thank you for the connective tissue comment. What we did is we provided them a single unified view across their entire enterprise. That's one platform, one workflow, and one user experience. What I want you guys to understand is that our platform was purpose-built to address the needs across the entire revenue cycle and across every single care settings. It gives us multiple points of entry into a very broad market, and we solve common problems that are created in mission-critical challenges. When you look at what has to happen between delivering care and collecting payment, you can easily see how issues arise. You could see it on all of the product sets that Matt showed you earlier. As a patient, we expect the sequence of events to be pretty straightforward. I would argue with you clinically, it actually is pretty straightforward. However, the financial journey is increasingly complex. Let me give you just a real-world example. A person falls down the stairs. Ambulance comes and picks them up, takes them to the hospital. Clinician sees them, orders X-ray, maybe an MRI. They get those results back. Clinician develops a care plan, puts a cast on the knee. Maybe a couple of people sign it. They spend a lot of time figuring out what color the cast is going to be. After that, there's prescriptions, there's crutches, and then there's PT. This happens all the time. It's really straightforward, and the clinical process is fairly standard. But the reality is, between each one of those interactions, the touch points for the revenue cycle are highly complex. It's a highly complex set of processes that the provider has to manage in order to get paid for the care that they deliver. That journey starts, in order for them to get paid, with doing things like getting accurate information. They've got to try to run an eligibility check. Maybe they have to do a prior authorization. Maybe they're going to want to give the patient an estimate. Then they're going to want to collect the appropriate copay or deductible. In the middle of the journey, the clinician has to document what they did during the visit, doing things like clinical decisions. All of that leads to accurate coding. But that's not done. The journey's actually just beginning. All of that information has to flow to the insurance carrier correctly. Claims need to be clean before they go out. If there's a denial or a rejection, those have to be identified and addressed, and the sooner they do it, the better. After all of that, once payment is received from the payer, if there's a balance, then the provider has to go and try to contact the patient for the remaining balance. Just a show of hands. When you get your first statement from your provider, how many of you guys pay it on the first one? You are lying. None of us. I'm in the business, and I rarely will pay it for the first time because I don't believe that it's right. Multiply all of our interactions by thousands and thousands of patients that are seen every single day. The point I'm trying to make is that each step has its own set of challenges, and every step builds on the next and affects the next. A missed authorization can lead to a denial. Incomplete documentation can lead to lesser revenue. A claim error or denial can impact the speed at which they can collect. For providers, those breakdowns, they carry a real cost. It's more manual work. It's slower cost to collect, or slower speed to collect. Revenue is trapped and in some instances lost altogether. We're purpose-built to handle this situation. We are purpose-built for these challenges. From the start, our thesis was and still is today, Waystar is the system of action. In order to be the system of action, we have to understand the provider's technology environment. The EHRs and other clinical systems, they play an essential role. They're really good at what they do. But they are the system of record. They capture who the patient is, they capture what happened during the visit, and they capture all of the clinical information associated with that encounter. We play a very different role, a highly critical and highly complementary role. We're the system of action for the revenue cycle. We bring the EHRs to life by connecting them to the outside world every single step of the way on the patient's financial journey. We take the data generated from our over 5,000 payer connections where we're transmitting back and forth in real time every single day. We're processing over 7.5 billion transactions, and we have every single claim that we've processed since day one. By the way, 60% or more of the patients in the U.S. are coming through the Waystar network. That gives us an advantage, an irreplaceable advantage, because we use that data to inform the workflows that are required to deliver care, from care to reimbursement received. That's unique to us, and this happens before, during, and even after the patient encounter. For our clients, this value is critical. Lower cost to collect, more accurate reimbursement, fewer denials, all with less effort. The healthcare technology space is complex, and we believe we have a right to win in the fragmented technology landscape. The complexity of the revenue cycle has left many providers managing highly inefficient technology environments. It's very, very common for providers to have multiple point solutions managing the same portion of their revenue cycle. We hear from clients all the time. I just heard from them last night at dinner. They say, "We are looking to Waystar to help us simplify our technology stack. We need Waystar to be part of our optimization strategy." That ask, to help them optimize, creates real opportunity for us. In a typical client environment, if they buy the entire Waystar platform, they can get rid of 15 or more different point solutions, all with one vendor. Last week, we were with an academic medical center on the East Coast, and they're using a popular EHR, again, one that you're very, very familiar with. After a full day of analysis on their own, they turned to us and said, "If we implement the entire Waystar stack, we can get rid of 32 vendors." Think about that, 32. That's 32 different software packages. That's 32 different interfaces someone has to manage. 32 different support organizations, 32 different contract renewals, 32 different pricing models, and oh, by the way, none of that happens at the same time. By delivering all of our solutions in one single platform, we give providers a clear path to simplify disparate technology stack. From a commercial standpoint, that trend falls right into our strengths. That's why I believe we are so well positioned as the industry consolidates into a handful of strategic partners. It earns us the right to win. Just as importantly, it earns us the right to win new business as well as grow in existing relationships. Now you're probably wondering, well, how the heck do you guys do all this? How do we grow? Because we solve meaningful challenges at every single stage of the revenue cycle, we have multiple ways into a client relationship. We've seen a tremendous increase in the appetite for clients to utilize the entire Waystar platform. We're seeing this more and more and more, and we're seeing it quarter, after quarter, after quarter. But the beauty of our model, and what's important, is that we also have the ability to meet clients where they are. They can deploy a few solutions right out of the gate and then land and expand with us over time. That's a very, very important part of our strategy. We enter clients where they are, where we see the most acute need. We solve that problem. We demonstrate meaningful value. We delight those customers along the way. By doing that, it creates such an experience, and the client sees such great value. That's a natural path for us to increase product expansion and our wallet share. This is a wildly critical component of our go-to-market engine. While the pain points and the priorities that we solve are remarkably consistent, the way clients buy is very different. It depends on care setting, size, complexity of the organization. Our go-to-market model, this is really important, is not one size fits all. We have spent 25 years building a commercial engine specifically designed around how healthcare buys. We have specialized team. We have distinct sales motions. We have ironclad playbooks for every single segment of the market that we serve. In our hospital and health system segment, we have experienced executives pursuing large platform-level deals. These are sophisticated buyers, typically with long sales cycles. But what I'm proud of is today we serve 16 out of the 20 top hospitals on U.S. News' Best Hospital list. It is a really powerful message that we send to the market when the majority of the hospitals in the country trust and see value in the Waystar platform. If we then move to our ambulatory business, we have got a distinct sales motion there as well. We sell direct with dedicated teams. I want you to understand that those deals are often seven figures in annual contract value as well. These clients span a wide array of care settings. It could be a large ambulatory practice. It could be a skilled nursing facility. It could be a surgery center. It could be a physical therapy clinic. Despite all of those differences, in each one of those care settings, the challenges they face are pretty common. They want to get paid faster, they want to get paid fuller, and they want to do it all with less effort. In the end, in this highly fragmented portion of an ambulatory market, we combine a high-velocity sales motion with an extensive channel network, which Brendan mentioned earlier. That allows us to reach providers efficiently and also at scale. Those channel relationships are really, really important to our growth engine. Our channel partners do more than just connect with us. We do joint go-to-market efforts. We support clients together. We do joint campaigns. We embed the Waystar technology into their stack. We have over 500 EHR integrations. That reinforces the model and gives us a right to win. We make sure we can support a highly integrated workflow, allowing the customer to choose where they want to enter it for themselves. Whether that client is in Epic or Oracle Health or MEDITECH or one of the 200 or more ambulatory EHRs, our ability to integrate into their existing environment makes it easier for them to adopt our solutions and then expand with us over time. Lastly, we have built strong relationships with BPOs and other RCM companies. We enable them to bring the Waystar technology forward to the set of customers that they have, who have decided to outsource their revenue cycle. Many of the top BPOs in the country utilize the Waystar platform. They utilize it as the backbone of their offering, and that just strengthens our position, and it strengthens their value position to the market. This dedicated motion, regardless of care setting, allows us to bring a unified, consistent value proposition to whatever customer segment we are in, but we have tailored the commercial motion to how each segment buys. This model gives us extreme confidence in the repeatability of the Waystar growth engine. I am going to give you three real-world examples. The first one is a new client. They went full platform with us. It is a community health system. It was a seven-figure deal in annual recurring revenue. That opportunity was driven by their need to consolidate vendors. Their tech stack was a mess. They called it spaghetti. We were able to give it all one single platform. Second one is another academic health system. They expanded their offering with us. They were on a few solutions. They ended up expanding their contract with us. They did that in large part because the value that they saw and the results that they saw from the products that they initially bought helped fund the new ones. That expansion increased the ARR of that client for us by 5x. As Matt said, satisfying clients is a top priority for us. They trust us, they rely on us, and that drives their desire to buy more solutions. The last one is a technology upgrade by a large skilled nursing facility, nationally known. They implemented our Waystar AltitudeAI stack. Many of you guys heard about that from William and Brendan and Sean. That client saw such a compelling value proposition in our solutions. That increased our revenue with that client by 3x. They were struggling to figure out what's real with AI and what's not. They relied on us to help them figure out their AI journey. They asked us to guide them through what's possible and to provide what's possible in a secure environment, and then provide a roadmap for them on how to use the technology going forward. That's three different case studies, but they all result in the exact same thing. One platform, one workflow, one user experience. That all plays straight into our strengths. Now, this is where it all comes together. This is where it all comes together into our broader growth engine. We have earned a leading position in the market by consistently delivering value to our clients and delighting them along the way. That is our recipe, and it's very simple. As we add more clients, we see more data. More data informs our workflows across the revenue cycle. Our foundation provides a scale that sharpens the insights and the intelligence that we can deliver to those clients. Better insights deliver better client outcomes. When those clients see the outcomes, they are more likely to expand their relationship with us, and they're more likely to recommend us to their peers. It creates a very, very powerful compounding network effect. A broader client portfolio gives us more intelligence, more signals, and more scale. More scale helps us improve performance. Better performance drives expansion, retention, and client advocacy. On the hospital and health system side, getting referrals from your peers is about as good as it gets, and that is a very big part of our go-to-market model. I'll wrap this up by saying, I hope you can see that our growth story is not by accident. It's the result of 25 years of deliberate investment in a differentiated platform that has proprietary data assets and a broad commercial model with real-time payer connectivity. We are purpose-built to meet clients where they are in their journey, and we grow with them over time. If you remember one thing, we have multiple ways to enter a partnership with a client, and we have multiple ways to expand it. Ultimately, our growth is in service to our purpose, and this purpose has guided us from day one. Myself and Matt and Laura and others in the room, we're all sitting in a conference room as we develop this purpose, and that purpose is to simplify healthcare payments so providers can spend more time and more of their resources delivering care. At the end of the day, that combination of value, commercial execution, with the underpinning of our purpose, it gives us extreme confidence in our durability of our growth model. Now, the good news for you is that you do not just have to take my word for it. You are going to hear from a number of our clients in a few minutes. I am going to wrap up by saying, on behalf of the entire Waystar team, I want to thank you for your time this afternoon. I want to thank you for your interest in us. We appreciate you guys being here, and I hope you enjoy the client panel, which is coming in just a few minutes. Thank you. All right. Good afternoon, everyone. My name is Lisa Osborne. I have the pleasure of running Product Marketing and Communications here at Waystar, and I would like for you to join me in welcoming our esteemed panel of clients who will be chatting with you for a little bit more today. If you guys can come up, please. Yep. Perfect. All right. Well, thank you everyone for joining us, and thank you guys so much for being willing to come on stage with us and share a little bit more about your background and your experience. We are going to dive right in. We have so much of the innovations that you heard today really come from hearing from these clients and other clients like it. We have our Waystar Advisory Board, where we really dive into the solutions and what we are doing and getting that real-time advice. We just pull you guys off of that meeting to come here to stage with us. We also have a very robust early adopter program, where both lab members and our broader client community engage with our product leaders and really dive in and test our solutions before we bring it to market. Really excited to have you guys. To get us started and kicked off, I would love for you each to introduce yourselves, maybe share a little bit more about the organizations you represent. Just to make this a little fun, how would you describe what you do to somebody who is not in healthcare? Candice, I will start with you. Thank you. My name is Candice Davis. I am the Chief Revenue Cycle Officer at EyeSouth Partners. We are based out of Atlanta. We are a private equity-backed managed service organization, for ASCs and ophthalmology. We are roughly a billion in revenue, 15 states. How would I, s o what- Somebody who is not in healthcare, what do you do? Wow. I get doctors paid. Great. At the end of the day. Love it. Wonderful. Lisa? Lisa Griffin, Chief Consumer Officer at University Hospitals in Cleveland, Ohio. About 32,000-plus employees, third largest healthcare system in Ohio. About $7.3 billion in yearly revenue, and about 1 million unique visits a year. The second question is how would I explain it. It is vendor management, the digital front door, all the way until a clean bill drops. All those services in between. So from nurse triage all the way through falls under my purview. That's great. Chris? Okay, I am Chris Kiser, and I am the Enterprise Vice President for Patient Access and Arrival for Advocate Health, which is the new company that was a merger of Atrium Health, which was based in Charlotte, North Carolina, and Advocate Aurora, based in Milwaukee and Chicago. As you can tell from my accent, I came from the North Carolina branch of that. I am responsible for all of the front-end activities from the time an appointment is scheduled all the way through until we check them in at the facility. I would say if I was going to describe to somebody, it is simply we start the party. You start the party. We are patient arrival. I love that. If we don't get it right, it's wrong all the way through. That's right. Genevieve? Hello, everyone. My name is Genevieve Sagett. I am the Chief Revenue Cycle Officer for SCA Health. We are an ASC management company. We manage roughly 350 ambulatory surgery centers across the country. We have just over $4 billion in net patient revenue. We do about 1.4 million surgeries across the portfolio. I think what I would say to describe my job is I go to bat for our patients against our insurance companies. All right. Steve? Hey, good afternoon, everybody. Steve Burr. I am Senior Vice President, Revenue Cycle for CHRISTUS Health, and we are headquartered here in Texas in Irving. We have facilities in East Texas, West Louisiana, New Mexico. We have over 25 hospitals in Mexico. We are in Chile and Colombia, so we are an international company as well. We are roughly $13.5 billion in revenue. Pleased to be here. What would describe my job is end-to-end revenue cycle. From the patient intake through charge entry, to coding, to dealing with the claims and patient follow-up afterward as well. So all the way through the spectrum. Thank you. I have talked to you guys so many times, and I know you guys are going to talk a lot more than I will, so I am excited for that. Lisa, I would love to start with you and hear a little bit more about what problems were you looking to solve when you first came to Waystar, and maybe a little bit about how that relationship started. To get away from a fragmented system. So having 10 different vendor relationships to get to an endpoint. So we came to Waystar because we were saying, okay, Epic first, Waystar first. That is our premise now. Having Waystar as a vendor to solve those problems. So everything we say is WIIFM, what is in it for the patient and what is in it for the employee. So choosing Waystar has allowed us to actually build systems that say, just click book it. Waystar will do the work behind the scenes, and you do not have to go in registration all the time. Being able to accomplish that in healthcare is pretty huge. So we can be a registration scheduling organization, and being able to do that with our Waystar partner has allowed us with our Epic go live to get $20 million back from Epic. Knowing that we could build systems and have everyone doing the same job. If you schedule, you register, and you do not have to go into registration all the time. Think about WIIFM. The patients that are self-pay or the patient that tells you, "I do not have my insurance card," having a system that actually goes and finds it for you where you are not waiting, making them a self-pay. The system actually is intuitive enough to do that for you. I think that is just a piece of why we chose Waystar. The vendor partnership is another thing, and I am trying to get all my things out now just in case. The biggest thing I think with Waystar is HR One is coming. We just simply picked up the phone and we said, "Can you help us with the payers bring back the enrollment dates straight into our 271s?" They started working with us with our payers. Even one of the payers had them update information that they import to us, so we had everything we needed to be ready for this change that's coming. I wanted to make sure I added that piece in. I love it. It sounds like it's a lot about the partnership. Steve, I would love to follow up with you on that point. What problems were you guys looking to solve when you started with Waystar? I think your start with Waystar is a little bit of an evolution, too, right? Sure, exactly. I had been with a previous organization to CHRISTUS for 28 years, and we were a Waystar partner. I joined CHRISTUS a little over three years ago, and at that time, we were trying to migrate from a system to Epic. In that journey, we realized there were some deficiencies, things that I think we could do better. I had started to work with Waystar and establish those contacts of where I felt like we could partner better and help my organization. Lo and behold, at that same time, this would've been February of 2024, we were- Nothing happened in February of 2024. Nothing happened. We had a big event that happened in healthcare where probably one of the major claims providers had a data breach that affected 192 million people's records, and shut down our claims, as claims through a lot of other entities in the country. But in my world, your claims pipeline, that's your cash pipeline. We didn't have a lot of information. We didn't know is this going to be a three-hour event or a three-day event? Lo and behold, it was like a- A lot longer. Three-month event. A little bit longer. But we didn't want to wait. We called Waystar right away. I said, "Hey, I know we're already talking. All our claims are stopped, and I think it's a three-month implementation. What do you think we could do in three days?" He thought I was kidding. Then he says, "Let me call you back." Anyway, I said, "I know we'd have a scaled-down version of what we would implement for claims. Yeah. But when you look at a partner, and this was on a Thursday morning. Friday afternoon, I had my team, our IT team at CHRISTUS, we had the Waystar team, we're on a call, we're figuring this out, and we sent claims Tuesday morning. So literally, it was less than three business days. My team, the Waystar team with the CHRISTUS team, worked through the night 24/7 through the weekend. It was skeletal, but we were sending claims- lock, stock, and barrel within three business days. It really saved our cash pipeline, and that's a partnership that you don't forget. It made a big difference. So it truly is about partnership. That's great. I think, Candice, one of the things we've talked about is how the partnership, and I know that's a key theme in a lot of what you guys are saying, it's part of your strategy as you expand. Can you tell us a little bit more about that? Yeah. As you all know, in private equity, you have to make sure you show a rapid return on your investment. We are high growth acquisition strategy, and part of being able to keep my commitment to my board is consolidation and scalability. Coming into this particular organization, this is the fourth one I have done, coming into this organization, you look at the tech stack and you say, "Okay. What foundation or infrastructure do I need to consolidate all of those acquisitions and those practices or other MSOs that we purchase? How do I get them standardized, not only on workflows, but on a tech stack as well?" So that you can accelerate cash, and you can begin to have some predictability around future valuations. What I did was I chose to partner with Waystar. Their full suite of products was exactly what my organization needed to build as that foundation. We started at the very core of that particular time, and then expanded as we grew as an organization. That integration playbook, it is repeatable. Because we started, again, at the foundational level and worked with Waystar and built out that standard, okay, I have got an affiliate coming on, here is the inflow volumes, here is what their EBITDA is, and all of the transactions that we have, we put it into our model, and it spits it out. We have 300 steps in our integration playbook, and within a matter of months, the Waystar team already knows, everything is transitioned, there is zero gaps in cash. It is really a beautiful thing, but it was built through that partnership and that trust. Yeah Of people that knew what they were doing on my side and operationally. Yeah As well as the support and the willingness to do things very quickly and be nimble at the same time to help us meet our needs. I love that. On the Waystar side. Love that. Chris, you got, I would love, Genevieve, to hear from you as well on this one. You did not start your relationship with Waystar with everything, right? You expanded over time. Maybe tell me a little bit more about that journey and what that has looked like for you, starting with Prior Auth from there. No, sure, absolutely. We actually started working with a company that was acquired by Waystar originally, I think 17, 18 years ago. Had a great experience. As our system has grown, our needs have grown, right? We went from being a regional health system in Charlotte, North Carolina, to, with our latest merger, we are the third-largest public health system in the country. I mean, that size basically has vendors knocking on the door. When we go to look at what we need to change or expand, we have, as we do these acquisitions, different people are using different systems, and the thought was, okay, we have done the Prior Auth products forever. They have been reliable. My biggest compliment for Waystar is, am I going to sit here and tell you Waystar is perfect? Absolutely not. Nobody is perfect. But what I will tell you is they will make it right, and they will work hard, and they will be honest with you about the expectations to have. A lot of vendors tend to oversell things, and there's never been an issue that we've had that Waystar hasn't manned up and helped us fix that problem. Even to the point of the executive leadership at Waystar, we have access to that team if something really needs to be escalated. That's not the case everywhere. As we worked through the Prior Auth products and had such great success with it, early adopters and all that fun stuff, we recently just bid out our RTE project, which is basically the RFP for that. That's your bread and butter. If you don't get your eligibility correct, then you've got problems. I mean, you cannot get paid if you don't have the right insurance on the patient. I'll be honest, I lobbied hard because we enjoyed it. When it went through all the right channels, we chose Waystar to be our new RTE. What would have been RTE for Charlotte-based Atrium Health is now RTE for nationally based Advocate Health. So that's how we had valued the partnership, and basically the fact you all had lived up to your commitments. That's great. Genevieve, what thoughts do you have there? Yeah, I think what I would add, what I am hearing from everybody here who is sitting here is there is a central theme, which is really Waystar looks at the entire revenue cycle, they look at it from start to finish. I think I can speak for all of us when I say we probably get at least a dozen phone calls, emails, reaches out through LinkedIn that says, "Hey, I have got this one product that does this niche service." Waystar does the entire revenue cycle start to finish, they are thinking about how does revenue cycle work from start to finish, how can we fold in the product offerings into your, whether it is a patient accounting system, an electronic health record, an EMR. I think that, for all of us, is why we find Waystar so valuable. I can come to you and say, "This is my issue today. How are you guys thinking about it?" I know that you are already thinking about it because you are not looking at it from one small lens. You are really looking at the entire revenue cycle pipeline and thinking about, how do I start with, to your point, making sure that when a patient is going to present, that we have got the eligibility, we know whether or not they need an authorization, we have got to make sure their benefits are accurate, to literally get the claims out the door. You guys are our clearing house. You guys are the best clearing house we have ever had. It is like no comparison. Then how do we make sure we get that count through the process, posted, we have got denials. We are thinking about the denial management tool. We have got recoups. How do we think about processing recoups? Because I am sure all of us can agree that the recoup process is a nightmare, Waystar has just really thought about, we are not going to come in and just do one thing well. We are really going to look at the entire pipeline and do everything well. Literally today, I was telling these guys, my CEO reached out and said, "Hey, do you remember this teammate? He reached out and he has got this one little thing. Are you interested?" I was like, "No." Because that one little thing, then I have to think about, how is it going to integrate to my patient accounting system? How is it then going to integrate, frankly, with Waystar? How is it going to integrate with all of my downstream systems that I have to worry about, or any of my other IT platforms that I have created? I do not need that headache when I know that I have got a trusted partner in Waystar who can just come in and do it for me. I want to piggyback on that as well, too. It is also about customers for life on the opposite side of the table, right? Yeah. Just as much as it is a partner for life. One of the things that we enjoyed working with Waystar was, to echo what Chris said, was making things right. Not everything is perfect all of the time, but they are not a jack of all and a master of none. I think when I hear platforms that want to do everything or try to be everything to everyone, I get very skittish around that because you can only be good at certain things. The interesting thing with Waystar is that they go very deep into each of those individual products. Yep. Because they do understand revenue cycle. It is complex. It is not an easy thing to understand, but they take the time to listen, and that is another unique thing, too, that I respect fully from the Waystar leadership team, product managers, what have you not, is in order to go deep and wide, they listen, and they actually deliver the products that are needed, not just what is sexy on the cover. Yeah Of the magazine, if anybody reads those anymore. So, yeah. I love that. Yeah, go ahead, Steve. I was just going to say, I totally agree. Being in the industry as we've been, there's been a shift in that. Right. We used to look for best of breed. Yes. Yes. We used to look for individual companies. Yep. Then it's not as scalable. As the electronic medical record really came into being, those separate one-offs become hard to manage for us. I've seen a shift in even what I desire, and my colleagues, is a platform partner, and I think we see that in Waystar. I think they've been very strategic and innovative in how they've grown. We were a ZirMed client way back when, which kind of became Waystar, right? Yeah. Totally. Then we used a company called Connance for scoring and other things. Waystar merges with Connance. Chris has already mentioned Recondo. We were using Recondo. Waystar merges with Recondo. We were using Iodine, and Iodine merges with Waystar. They have made the right moves, in my opinion. In fact, I think Matt and team just follow what Steve Burr. Well, just follow your model. I am just kidding. I do think that they see who is the best of breed out there, and does it fit with them strategically, both from the outcomes perspective, but then probably culture, too. Yeah. Because culture eats strategy for lunch. Yep. We all know that, but I think that you look at the culture of this company and how it dovetails with all of our partners here, it makes a difference. That truly, I think, helps drive outcomes, too. Yep. That's great. I think, Genevieve, you kind of touched on this, and it sounds like we have very well established here, and you guys make my job real easy because I just sit back and let you talk. We've established here that the partnership is key. Obviously, AI is a hot topic. It's something we always talk about. Are you guys, at a high level, looking to add AI to your solutions? My question is, how? How do you do that? Do you do that with partners? Do you do that by looking at foundational models? How are you thinking about how you incorporate AI into your organization? Maybe Genevieve, I'll start with you. Sure Then let others. Yeah. It feels as if, well, it is the hottest topic right now. My leadership team feels like revenue cycle has this incredible opportunity to have AI, and what are you guys doing? The reality is, and I literally just had this conversation with my boss, who's our CFO, earlier this week, which was, I am not going to go to a HIMSS conference and walk from booth to booth to find who's doing what AI and what does that look like. The reality is, I'm going to come to Waystar and say, "This is how we're thinking about this part of the revenue cycle," or, "This is what we're thinking about doing with this data." And how many times have you guys heard us say, "Hey, you have so much of our data. How do we take that data and think about, how are my claims processing? Which payers are giving me the hardest time? Which ones are denying me? What are they denying me for? How do I think about the contract management system and pair that up against the denials?" Right? For me, as I've said to my leadership team, I'm not going to go play hide and seek with whichever niche vendors are out there doing AI because every time I seem to talk to them, it's really just smoke and mirrors. "Oh, we've got this amazing product." Really? Tell me about it. There's nothing there. They want me to come in and help them build it, and I'm just not willing to do it when I already have a partner like Waystar. Great. Lisa, anything to add to that? I think the biggest thing about AI, we use AI even in our call center. What I think about when I think about Waystar as a partner for AI is to have the conversations. We have meetings, business meetings, with them, so they can be honest with what we're not doing well. And they told us in the very beginning. Can you imagine thinking you're like best in class and then someone comes and partners with you and says, "Hmm, let's just show you the data." And they showed us the data in the first business meeting, and we were like, "Oh my goodness. We're not first in class." And so taking that same premise and loading those things that they do well today to tell us how we can get better, our denials plummeted. Everything has moved and shifted in a positive direction because we listen to what we didn't do well, and they were willing, and we were willing to listen to them because they had been great partners. I think because they have our data, they know how we operate, they know the market, in healthcare overall, I think that AI is just a natural step for them. They can take that same data and synthesize it and where it can serve up to us well in the beginning. What we've just asked them to do, and we just wrote a policy around it, is when you're out of network, what does that look like? Taking our patient population now and even the power data and going through and saying today, "Hey, Lisa Griffin, right now today is probably going to be a candidate for some type of financial assistance." When we did all this other work behind the scenes to figure it out, just using AI, translating that right up front to us so that we know right when we're dealing with the patient right from the very beginning. A lot of things we work on now on the back end, I think AI through Waystar is going to bring it all to the front end, all those things that revenue cycle did, and trying to clean up. On the back end, I think the AI is going to be the sweet spot on the front end with Waystar of making sure every bill goes out clean and that we get paid faster, and that we identify things within our system early on and our patient population early on that may be an issue for payment for our patients or where we can help them early on. I think that's where it's going to be the sweet spot of AI really kind of generating those things in real time for us. Yeah, I think it's interesting, the dichotomy between the slowness of healthcare. Healthcare is slow to change. Yeah. Regulatory change, payer change, and the rapid change of technology. It is so fascinating to watch those two come hand in hand. You get to a point, when you are running your organization or building your organization, in my case, where you do lean on others for certain competencies, and that is one of the things that Waystar has done exceptionally well for my organization and myself personally over the last couple of years, is they have stayed ahead of the game. The innovation that they have done, from just research and understanding what is on the cusp, what is coming, and being proactive about reaching out to me, saying, very similar to what you were saying, but more so like, "Are you seeing this is what is going on in the industry? Yeah. Are you aware of what is going on? How can we partner together? We have some tools, but maybe you can help us build something cooler. Yeah. I think that to me is super important. I have a continuous improvement team and an AI team and whatnot within my division for rev cycle, and the first place we went was directly to Waystar and said, "Listen. You are our feeder system. Tell us what we need to know and where we need to go." It does not mean that we do not do the work on our own. We certainly do the diligence on our back end. But if I were looking from an outsider looking in, that is the first place you go- Yeah Is to your core processor of your transactions, essentially. Because the claim kind of holds that source of truth, right? Absolutely. Of the actual claim. Okay. It's so firmly embedded into my operations from the clinical side. We're really focusing right now, and I probably will be shot for saying this, not on the financial side, but on the clinical side, because those outcome-based- Yeah Payment models and whatnot that are coming, are coming from the way that particularly AI can and does handle doctors' visits or surgical visits or things like that. Yeah. We're really spending a lot of time focusing in that space. I love how much so many of you guys have been involved. I know, Genevieve, you mentioned Recoupment like t hat is an AI solution that you guys helped us build, right? SCA Health was critical to that development. I know, Lisa, you already expanded to add pre-bill, and now you're going to be working with us on the quality module as a part of that, all leveraging AI to get to that source of truth. Chris, I'm going to ask you, when you hear the autonomous revenue cycle, more than just a buzzword for us, what does that mean for you and for the future of what your teams are doing, and what gets you excited about that? It gets me excited because a lot of the things that people are doing today are waste of their time. To get paid. That's the reality. People that aren't in the inner workings of healthcare every day, they wonder why healthcare is so expensive, and yes, there's 500 reasons, but one of those reasons is we have to pay people to do administrative things that just are not necessary. Things like corrections that have to be made to claims, registration corrections because either the patient gave you something that was incorrect, or oftentimes the payer gives you something that is incorrect. Then you have to go behind them and correct that. You have somebody sitting there doing that work. In the clinical world for years, they have talked about highest level of licensure, right? Meaning To put that kind of in perspective for you guys, only when necessary do you want the RN emptying the bedpan. You want the medical assistant emptying the bedpan. Everybody needs to work to the highest level of their licensure. It is no different with our teams. We have really smart, bright, intelligent people, and we have them doing some rudimentary task that an autonomous revenue cycle issue should do that for us. Yeah. It is a repetitive task. We know what it is. Takes a little bit of anticipation. That is where the AI comes in, and that is where, even in some of the pilots and things we have done, we have increased our teammate satisfaction substantially because they can go work on the hard infusion oncology cases, not some CT scan that should easily be authorized. Yeah. Yeah. What about you, Steve? What do you think about when you hear about the autonomous revenue cycle? Well, my thoughts are it's going to have a tremendous impact on healthcare. I think AI, in general, we were just talking last night, will have an exponential impact in terms of what we do and how we do it. But at the same time, AI right now is very much the Wild Wild West. I think we've all seen the videos of the Chinese robots racing in China, and then one was faster than Usain Bolt, and he ran into the wall. But, at the same time, if we were building race cars, I would do everything I could to become faster. I would do everything I could, AI or not. But we're dealing with patients' lives, we're dealing with patients' records. We have to be a little bit more guarded than other industries. So I think our organization has put a lot of guardrails right now around the use of AI. But we want to partner with someone like Waystar who can help us with the tests, the development, where does it make sense to use AI, and it's in a safer environment. So we're a little bit different, I think you see in other industries. But I do think that the gains are going to be exponential, but I think we're going to be a little bit slower out of the gate, and then it's going to take off. It's going to just compound from that standpoint. Yeah. No, I think that maybe this is the time to also say, can we get our payers on board? Because, as revenue cycle leaders, a lot of our challenges are our payers. Yeah. To your point, is there a payer edit? Why do we have a payer edit? What is the point of the payer edit? We have unnecessary denials. You get denied for a medical record when the contract simply states you don't need the medical record. I think our payers need to catch up, just not only with their technology, but with how they're managing their business. There's every reason why they want to delay and slow down payments, but if we're going to get to truly autonomous revenue cycle, we've got to make sure that both sides are here and ready to party. Yeah. I think one side right now is Not quite ready for the party, but we'll get them there. Well, guys, thank you so much for being a part of this panel. I am so grateful. Hopefully, you guys were able to get so much out of it. If I can have you guys, maybe a one-liner. As you think about the next 12 to 18 months, if you had your crystal ball, what do you think your relationship with Waystar will look like and the broader industry from that perspective? Maybe Steve, I'll start with you, and then we can come back this way. I think that the partnership I've had with Waystar over the last, gosh, probably 20 years now, I guess, has been great. I think over the next five years, it's going to continue to grow and be even better. Yeah, I echo that. I know that we're moving forward with the Recoupment Manager module. We're going to be moving forward with the authorization module, and it's just you guys are there with us every step of the way to fix all of our challenges. It's not going to change. To the point of, we've used the authorizations products forever. Now we're moving to the RTE space, and the reality is, I've hitched my career to Waystar, so Waystar better do a good job. We're on it. We use several of the modules. I just think it's just going to continue to grow, from the patient access entry, all the way to ensuring that, I hate to say this about revenue cycle, but it's going to be less work on the back end. I just think that we're seeing it today. We're actually seeing where we don't hire enough people, so we don't have to hire. Because the system is going to be intuitive enough to, it's going to meet those gaps that we fill today. That's great. Candice? I'd like to think that, and I know, I should say, that we'll continue to stay with the same partnership that we have with Waystar right now. If you fast-forward a couple of months, five years down the road even, I like exactly what you said. It's about needing the people, but I need the right people. I think it's expanding on the existing, helping my organization scale for the next transaction. But being able to essentially bring in more and more practices more quickly and take care of our patients, so that we can make the change in healthcare that's so desperately needed together. Thank you, guys, so much. Really appreciate it. If you guys can join me, give them a welcome round of applause. Thank you, guys. Okay, we're going to take a quick break. If everybody could be back here at 4:15, we'll do Q&A, and then we'll head over to the Innovation Lab. [Break] All righty. We're ready to rock and roll. If you could, please just raise your hand and then introduce yourself as well as your firm. I know the team is excited to take your questions, and we're fortunate to have our go-to-market leadership and our product leadership. So appreciate you focusing questions on those areas and on the materials today. With that, I'll start with you and Brian. Brian Pincus, Jefferies. Guys, thank you so much for doing this. Really appreciate it. Yeah. Thank you. So maybe for the commercialization team and the go-to-market team, we are just curious, you present to us a very compelling product offering or product suite. It looks great, looks very compelling. Our curiosity is more of the, what does the competitive environment look like? What are the competitors' products that are out there? What is Epic or athenahealth doing? That is a big question that we hear a lot from investors. Is athenahealth or Epic a risk? As we think through your presentation, if you can just give us a picture of what does that look like on the other side. Thanks. Yep. Thank you. Thanks for being here once again. Let me start with a thought or two around the competitive environment and backdrop that we see, and then I will ask Todd Sure if you are okay taking a thought or two, perhaps specifically about athenahealth or Epic in the different markets. I would bucket our competition in perhaps three different categories. First, we see the, what you heard me describe as longstanding, perhaps legacy incumbents that have been installed in both the hospital side as well as the ambulatory side of the market that still comprise a meaningful market opportunity for us to pursue. Folks like Change Healthcare on the hospital side, FinThrive on the hospital side, TriZetto and others just as pure clearing houses. The second category is the one that you are highlighting. That is from time to time, we see forms of both cooperation, but also competition from the EHRs who will venture into developing and launching point solutions of their own, or to try to do something more concerted on more revenue cycle capability. We're very well aware of what some have launched as intention. If I could orient everybody to one of the slides that I shared earlier, that end-to-end platform. What we see most often, I'll be careful not to speak about specific competitors, but you'll be able to apply this. They'll launch intent around a specific point solution, and it's such a different development motion than perhaps the EHR is. EHR is you're developing towards something that you might be updating a couple of times a year. The frequency and the need to really develop something rapidly and constantly update it to ultimately support this dynamic environment in the revenue cycle makes it prohibitive and sometimes difficult for some of those EHRs to really make forward progress. We're aware of what they've announced. We don't know what's going on at a couple of those places that you highlighted. There seems to be some flight and some other things. But where we have strength, that's where I'll focus. In the EHRs, where we have strength is because we have the claims management suite and the network, the deeply deployed network that connects us to 5,000-plus payers. That strengthens all of the integrated offerings on our platform. We have that grounded source of payment truth that reinforces what we have. If the EHR vendor doesn't have all those things totally built out, fully operational, dynamic, and working all the time, it's really tough for them to compete at scale, honestly. And we feel like we do very well there. The third category, and then I'll turn it to Todd on specific comments around some of the EHRs that you've mentioned, and perhaps others, is more of just a point solutions, some of which are novel and new and have energy, but again, they're point solutions, and many of those are reaching out to us saying, "Can we get access to your data or to your network?" And we know that behind the scenes. We know the business leaders at most of those. Some of them may have a role to play. We stay close to some of those. We think, in the right setting and for the right price, some of those may make attractive homes for, or attractive assets for, a great place like Waystar to be their next home. But we're super disciplined there. Any comments you'd highlight, as far as how we show up against Epic in the market or against athenahealth or others? Sure. I think I'll first start out by saying, when we talk about the Waystar platform, there's nobody in our space who can do all of the things. In that instance, we don't have competitors. As Matt alluded to, we do have competitors who are different point solutions. But when you think about an Epic or somebody like that, it's a great business, right? We have a lot of meaningful integrations with Epic. We have a lot of Epic clients, and we have a lot of Epic clients who are on stage, and a lot who you'll meet over in the innovation lab. So we feel very good about our position within that client base, and we see a lot of interest for our solutions, and we see a lot of interest for the full platform. Now, in terms of what we see in the overall market, it's different based on segment. In our smaller ambulatory segment, we're seeing more traditional clearing house-y type players. When we get into middle, so large ambulatory and enterprise ambulatory, then we'll see some of the folks who compete on the hospital side as well. But we got a lot of confidence in the story that we're telling. And people are really gravitating to our full platform message, but they also like being able to grow with us, and we can help them where they are in their journey. The one thing I'd say is I'd highlight what Lisa, the client, said a few moments ago. We believe you can be Waystar first and Epic first. Without disclosing specific metrics, we've seen double-digit compound annual growth over the last several years in Epic EHR system of record accounts where Waystar is the system of action. So we like that double-digit compounded growth over many years and feel like that's our right to continue to do that. Richard Close, Canaccord Genuity. Matt, maybe talk a little bit about the $44 billion TAM. Yeah on the services. If that gets automated, significant value to your clients, how do you think about pricing your offerings against that value? Thanks, Richard. First of all, just maybe add a description about that service as addressable market, and then I may turn to Brendan for some thoughts on how we monetize our AI solutions today, if that's okay, because it's a really great question. We're all working to figure out the best way to monetize, and we've got some proven ways that we're already doing that. I'd say we engaged a third party to really understand the total revenue cycle market spend. It's about $100 billion a year based on the chart that we showed. Of that, a pretty meaningful subset is labor that's being performed in-house that's outside of software today, and some that's being outsourced to business process outsourcers. That labor we said is an incremental $23 billion a year market. Again, either insourced in the system, lots of people doing manual work or outsourced to a third party. That labor is adjacent to our software. We find a number of instances where we might have a revenue capture module, a software module that's AI powered. Sometimes the client will identify the right thing for the client to go do next in our software, but we're not doing that next thing after that. We know now as we create agents, we can actually go do that next step of work. Across our six product families that you heard William, Brendan, and Sean highlight, we know by product family what the adjacent services market opportunity is and are now beginning to develop AI capability to eat into that very exciting, double the size of our addressable market opportunity. Brendan, will you talk about how we are monetizing today and how we anticipate becoming more outcomes based in monetization? Yeah. Happy to. Thanks. Thanks for the question, Richard. As we've alluded to today, we're effectively monetizing incremental AI capabilities in two ways. One of those is category creation, the other is through incremental monetization of existing capabilities. In the form of incremental monetization of existing capabilities, as we introduced new agentic or AI-powered functionality to existing modules, we've also launched what we're calling peak bundles, which is effectively premium bundles of those existing capabilities at a price point premium relative to the core pricing of those existing capabilities. So we're capturing value as we deliver those new capabilities to the market. Pre-bill anomaly detection is a really good example of category creation, which we highlighted throughout the day today. That's actually an outcomes-based pricing model where we're charging a contingency fee in accordance with the value we're delivering. As we look at the jobs to be done, if you will, across the revenue cycle, this notion of opportunities or microservices across the revenue cycle where we can disintermediate previously labor-intensive services models. We think there's a continued opportunity to drive towards outcomes-based pricing for those types of solutions. All right. Thank you. Charles Rhyee with TD Cowen. Charles. Appreciate all the day so far here. Maybe just to ask the question for Todd. You gave some really great examples of how you've been able to drive increased ARR, and I think you gave the example of that health system in the Southeast kind of said, they identified Waystar as the platform to go to. Maybe help us understand how long did that process take to get to that point where they said Waystar is where we want to go, because Matt, I think on the last call, you talked about the sales cycle, it's 12-18 months. We always hear it's a very long sales cycle, but given sort of the value that you've presented today and this ROI model, any ways to think about how that sales cycle can get faster potentially as we go forward. Because it sounds like when we listen to the clients, they also are very excited. But I was struck by, I forget the gentleman's name, when he talked about the real-time eligibility RFP. He obviously was promoting you guys. It did get selected, but just curious, how long did that RFP cycle actually take? Just trying to understand ways to how to shorten that- Yeah if possible. Yeah, sure. Thank you for the question. In terms of the first part of it, the prospect that you referenced, we were fortunate. Most of our sales cycles do take between 6 to 12 to 18 months in the hospital setting. In our ambulatory settings, they are much, much faster. We have some in the smaller section of our ambulatory business that happen in 21 days. In this specific instance, we are very, very fortunate that the RCM leader who was spearheading this initiative actually came. They were a client in one area and actually moved to a totally different business. Her objective was to bring us along for the ride. She had such a great experience at her previous employer that she brought us with her. We love that. We demonstrate the value. We delight clients along the way. Not only does that help us expand share of wallet in their current setting, but if they decide to leave and go somewhere else, they usually bring us with them. In terms of what are we doing to speed up that process, we would love to go a heck of a lot faster. A lot of the hospitals and health systems have pretty complex, and even in some cases, siloed buying processes. You heard me talk about in my section where sometimes we are dealing with the financial side, sometimes we are dealing with the clinical side, sometimes we are dealing with IT. Increasingly, we are seeing them all together as we sell more and more of our platform. We are always looking for ways to speed it up. We are using a lot of technology within our sales group to make our sales cycles faster. At the end of the day, we can only go as fast as those organizations can move, and if you have ways for us to move faster within them, I would love to hear it. Well, one thought for you. I think that is super great, Todd. I have said this earlier today that innovation does move at the speed of trust, and so much of what we see happening and ways to further accelerate growth opportunities is it is actually when peers are talking to each other about Waystar. That is what was phenomenally insightful for me is the clients of Waystar that we brought up a few minutes ago, they are not around each other. We are just hearing them independently. We know that they are actually talking to their peers. Sometimes we'll get in an opportunity, and the next best step from an account pursuit or deepening the relationship with those clients, as Todd Woods leads so well, is to connect a current client to a prospective one, especially in the area of where they're exploring a solution or a growth path with us, or they may be in a current RFP situation, Charles. Our distribution capability and every client that we're adding actually adds to that trust and that opportunity to create referenceability, and we think that's a long-term growth advantage for Waystar. Let's go to Daniel Grosslight. Hey. Hi, Daniel Grosslight with Citigroup. Thanks for hosting us today, and looking forward to the innovation lab tour next. I'm looking forward to dinner, actually. Are we having barbecue? That's my question. Good. Okay. Yeah. I love it. Lots of today's focus was on the benefits of having a full RCM platform, whether it's linking the back-end data to the front-end data to shift decisions to the left or for just vendor management. I'm curious if there's any data you can disclose on the percent of clients that are using modules throughout each step of the RCM cycle. And for those just using the clearinghouse, what is the typical next step or easiest cross-sell from there? Let me hit that first part head-on, then I will turn to Todd, and anybody else who would like to comment on our typical growth journey. As you can appreciate, we track. We have the information behind the scenes. It is one of the disclosures that we are actively evaluating as far as talking about the average number of product modules that our clients are using. So we are evaluating that as a disclosure. We know it. This is qualitative today, but we are pleased with the continued ACV progression of our typical deal sizes. We are signing clients to more modules at the outset than we ever have before. But we have not disclosed that yet, and we look forward to evaluating whether that would be an important metric that would help you have a sense for our growth opportunity across the six product families and the software modules within each of those product families. But thank you for registering that with us. That is something that we are thinking through. Todd, maybe perhaps talk about when it is a clearinghouse-only client, what do you typically see as the natural growth progression to the thoughtful question? Yeah, sure. So of course, it varies by segment. In our smaller, more ambulatory segment, people who are on the clearinghouse, we typically tend to see them move towards more of our front-end solutions. So think about patient payments, think about patient financial clearance, things like that, coverage detection. Those are all things that are right in the wheelhouse for us in terms of how we sell into the smaller ambulatory market. When you go up into the hospital segment, our pre-bill solution, our charge integrity, our clinical documentation solutions, as we start to move from that front side of the stack, so to speak, into the middle, which Matt showed in his chart, those are two natural expansions for us in terms of both ambulatory and on the hospital side. I am certainly happy to pass it along to Any other thoughts on this, guys? Yeah. I would love to just supplement that answer. Obviously agree with it, but I want to add a little bit of color on why that progression from clearing house to front end and eligibility makes so much sense. As we have alluded to throughout the day, we really believe that the clearing house serves as the empirical source of truth around the payments the provider is receiving from payers. The reality is, the single biggest problem our providers come to us with is solving denials. We know from the remittance advice we get and the remittance information we are processing as the clearing house, that very often the leading cause of denials for these providers is going to be on the front end in the form of eligibility and coverage-related errors. It creates a really natural opportunity for us to present that information to them, show them the data around the remittance advice they are receiving across their payer network, and help them understand that they have oftentimes an eligibility or a front-end problem. It facilitates a really fruitful dialogue that allows us to continue to drive value for them on the front end, and increasingly expand from there into things like patient payments and denials and appeals on the back end. I think that is a great point. I think one thing that may be underappreciated about what is taking place within the provider organization, they are typically trying to manage. If they are larger in size, they are managing 50 to 100 to well over 100 different insurance company relationships because as patients come through the door, they are having to understand who that patient is, understand whether or not they have eligibility. Where it gets tricky, and I think this is also underappreciated, and we should call this out, is that that patient, let us say it is Matt the patient, and there is a relationship, and Matt has coverage through Aetna. Well, that is not sufficient because Aetna has so many different health plans based on whether Matt is employed or not. There are just so many self-insured. Actually the coverage, the eligibility detection is at the service level within Matt, the patient's health plan. Payers are adjusting sometimes rather frequently what they are agreeing to cover in the form of a service or not. Brendan's comment about the natural progression from clearinghouse to front-end eligibility, it is really in the pursuit of reducing the likelihood that a claim gets denied. When you triangulate that with what William and Sean highlighted in the different AI models that are payer specific, those AI models that we are creating are designed to detect the health plan service level coverage difference, anticipate that, and build it into the triggering that we use to prevent the denial from occurring. That is the natural progression there. Of course, from there, as Daniel, as you highlighted, we can go any number of directions. We have a very malleable approach that Todd leads. I hope that that qualitative commentary is helpful. Let us go to Jailendra from Truist. Thank you. Jailendra Singh from Truist Securities. I know we are not doing any deep dive on financials today, but I still want to ask about your low double-digit revenue growth target. You talked about growing TAM. Clearly, some new opportunities have emerged over the past 12 to 18 months. Keeping that in mind, can you talk about how the building blocks for that low double-digit revenue growth have evolved in terms of new client wins, cross-sell, volume pricing? Has anything changed as you think about next couple of years or next few years? Yeah. Thank you. I will remind everybody here what our growth algorithm is. It really does start with the 97% gross revenue retention. Again, because we create lasting and enduring relationships with clients, we think that is a fantastic starting point. As we walk our way to net revenue retention, on our platform, we benefit from utilization increases built into healthcare generally. Over the last 30 or 40 years, as we have talked about, there tends to be a 1%-2% utilization increase, and because our system is designed to help providers see more patients, we help them do that very efficiently. The volumetric side of our business tends to benefit in that 1%-2% range. That is how we orient every year. On top of that, given the volume of improvements and innovations that we are delivering to clients in any given quarter, we impose a modest annual price increase. It averages about 3%. From there, we are cross-selling and upselling solutions as we walk our way to a net revenue retention rate of approximately 108%-110%. If you add on top of that new client additions, that is getting us to a very confident view, a long-term view that we can grow low double digits. A couple things that I would add to that we have commented on publicly and historically. Again, these are areas that we are evaluating, working to be more descriptive, but I will speak qualitatively for just a moment. We are coming off very strong bookings, several quarters of very strong and record bookings. We have highlighted that anytime you look at our pipeline of opportunity as well as recent bookings results, it tends to be a really nice mix of cross-sell and up-sell, as well as new client expansion. For the first half of the year, we have had about 60% cross-sell and up-sell and about 40% or so new clients that we have added to the platform. That fuels our growth algorithm. Then you think about some of the new solutions that we are developing and launching. Some of those support cross-sell and up-sell. Some of those support new client pursuit. Again, it is adding total addressable market opportunity and creating incremental growth opportunity for us, too. The last thing I would highlight is that we have noted while our utilization increase tends to be 1%-2% a year on average, that is how we start each year, thinking about our operating plan that way. We noted that post-COVID, we grew through COVID, but we noticed that post-COVID utilization uptick to about 3% or 4%. Some of our commentary called that out like, "Hey, we have seen higher than normal utilization during a few of the previous quarters since we have been a public company." But we are seeing that return to its kind of normal trend. We have confidence in our growth algorithm and wanted to reaffirm that to you today. Thank you. Let us go to Allen Lutz, BofA. Allen Lutz, Bank of America. To follow up on Jailendra's comments, moving down to EBITDA margins. You maintain the 40% EBITDA margins. You didn't talk a lot about investing and the spend on the investment side. There are two areas I'd love you to touch on, just the cost to invest in AI. Can you refresh us on where you're investing within AI, and the roadmap there over the next couple of years? Are there additional investments to capture the service addressable market that is doubling your TAM? Is there a new way you're thinking about going to market? Are there additional investments there? How should we think about the OpEx over the next couple of years? Related to those items? Yeah. Thank you. Thank you for highlighting the fact that as a public company, we've exceeded our adjusted EBITDA margin target of 40% every quarter we've been public. We like that as our long-term guide today because it is allowing us to reinvest for innovation and for growth. Allen, you've heard us talk about our innovation roadmap over the next few years, and we're actively pursuing that now. Those costs are showing up in our P&L now, and we're delivering better than 40% adjusted EBITDA margins. We're accounting for token use in our P&L today. We're working to be very smart and disciplined in any area of spend as we allocate resources carefully to the initiatives that we truly believe will drive the longest and best shareholder value. I would say within our spend, some have noted that our CapEx software development spend has increased over the last 9- 12 months. Part of that increase has come from the acquisition of Iodine, where they were already and naturally spending a little bit more on new product initiatives. It tends to be those new products that we're able to capitalize. The increase there that we highlighted in the most recent quarter is a reflection of a spend level that we think is about the right level for the next little bit. We were able to launch some of these new AI solutions that you saw us highlight. The pre-bill anomaly detection solution that we launched in the middle of Q2 generated more than $6 million of bookings. Brendan O'Connor talked about that being priced on a performance or contingency basis, an outcomes basis. That's one example of what we expect on our roadmap as we march our way toward this portion of the market that is currently done manually with services that we believe we can automate with AI. I think we have the building blocks and all the ingredients to continue that pursuit, and that our spend level is reflected in our current P&L. Hi, Ryan MacDonald with Needham. Thanks for having us today. Hey, Ryan. Matt, maybe strategically, and it maybe can be for multiple parts of the team, it seems like with the trend of consolidation, that we're moving towards an insourced versus outsourced conversation in RCM. AI is fueling that. You're investing in it, your partners are investing in it. Yeah. Maybe talk about as your customers that were on the stage want to consolidate around vendors, how you are selling the value of Waystar versus just kicking it out and outsourcing it completely end to end to another party. As you think about AI solution development, Yeah How do you think about strategically how much of your AI innovation to show to these BPO partners over time, given that they seemingly are moving to become your competitors longer term potentially? Yeah. Thank you. It is interesting. We see the really smart, and I think this is a key point for everybody here. Healthcare historically has been largely transactionally based. A provider would see a patient, the patient would be served by that provider, and they would leave. I think what we are moving to now is much more of a relationship. What we hear from our clients and prospects that we are talking to that are considering insourcing even more is they want the proximity to the patient. The lifetime value of a typical patient for a health system, healthcare is largely local. The lifetime value of a patient in that locale is about $1.5 million. Where we believe the future will be, patients will have choice on where they go to get their care in market choice. Smart decision makers, what we hear is they want to have that proximity to the patients and retain that relationship themselves. Outsourcing it to a third party where they lose the connectivity, they do not control the billing and collection and follow-up experience, that is one of the things on their minds. You couple that with, as you noted, point solution fatigue. You heard that from the client panel earlier today, and you heard it in Todd's presentation. I will turn to Todd in just a second, but we see that as driving behavior toward Waystar, where you can be Waystar first and then EHR system of record first, whoever that may be. We can be that linchpin that creates a system of action and the outcomes that we want. Again, we know that providers are interested in consuming AI. They just want to consume it in a construct that they understand where they are not worried about, what are my token expenses going to be this month and who is using it? We are kind of orchestrating that for them. Is there anything that you would highlight on any other aspects of the question? I would just say that what we hear from clients who are either, regardless of which side of the fence they are on, the people who want to insource, they want to get the results from the people who outsource. But to Matt Hawkins's point, they want to stay close to the patient. They want to own the process, and we allow them to do that. Now we are in a really good position because we have both sides as clients, right? I think you heard it from one of the panelists, too, is not only can we help them with that, but we can also tell them where they might not be best in class because we have all the data, we have the insights. Not only does it allow us to share those insights with them, it also allows us to guide them into what they should be doing next. We really can inform them on which opportunity is best for them. Fortunately for us, we can support both models. Yeah. We are coming up on football season. It is like the equivalent of a football team outsourcing its quarterback or its running back. You want to kind of keep that part of the team is what we see the future. That being said, we believe we can be a long-term, thoughtful partner to the managed services organizations that we serve today. We are very well aware of some of the experimentation that they have going on. They are going through some form of their own kind of re-envisioning of their whole business model. Candidly, feel a little bit of the kind of competitiveness of our team. We actually like our direction of travel. Going from software is a very natural extension to leverage AI into the clearly identified services addressable market that we have highlighted. We can both be a great partner, but if there is intent to compete in certain areas, we think we can compete well too. One of the things that we have really had to focus on is we have software teams that have built these workflow software for a long time, and we have brought in folks that have expertise around agentic. What we have found is that to go as fast as we can, it is really focusing on retraining what these kind of SaaS teams, with the deep domain, adding and augmenting agentic workflows and helping them learn how to build that is the fastest way to get to market. If you do not have that base of this deep domain expertise and understanding workflows, we can bring in some folks that have built out agentic software before, meld them together, but it is 80/20, 90/10 in terms of ratios. If you do not have that baseline, you are not going to get there first. As Matt said, our trajectory, I think we will get there first. Yeah. Brian Peterson for Raymond James. Matt, it is not lost on me that when you showed the TAM slides, the services number at $23 billion was actually bigger than the software number at $21 billion. Yeah. As you think about unlocking those opportunities, is there anything entrenched about how these customers are spending with some of these services or in-house partners? As you think about autonomous RCM, where does that share come from in terms of software versus services? It's a good question. It is an interesting time. When you look at historically the cost to collect on every dollar that you've collected, in an illustration, if you're spending 5% of every dollar to collect, historically, 80% of that's come from labor, 20% of it's come from technology. We actually see that inverting, and we hear from clients that they want that to invert, in part because the effort to manage staff that are internal to a hospital or health system is just so costly and inefficient. You're constantly trying to retrain people. By the way, these are really smart decision-makers in their organizations. They're humans too. They're consuming or reading material about how AI is being consumed or potentially being thought about in other industry settings, and they're thinking about how do they apply it in healthcare. There is this belief, because when you look at their cost structures, the majority of their cost structure is still labor. It's not technology. Again, I'd go back to the recoupments as an example. We have AI that identifies the recoupment opportunity. We turn it back over to the provider organization today, and they say, "Well, we may or may not even have the team of people that can rapidly follow up and call the payer and do that recoupment work." That's a prime use case for AI that we can deploy. So they're looking back to us and saying, "Hey, you found all these recoupments. The silent denial, it's terrible. Can you help us build an agent or harness agents together that can actually go do the work to follow up with the payer to collect?" Those are the types of things that are informing our view of that services market opportunity. We think it's real and substantive, and we do note that it really expands our addressable market opportunity and the runway for growth. Scott Schoenhaus with KeyBanc. Hey, Scott. Matt, given that your platform generates a lot of cash, you talked about capital allocation briefly, maybe touch about it a little bit more and what applications maybe you could be acquiring versus growing organically? What the M&A marketplace looks like right now, given that PE probably is more reluctant to sell at these levels and valuations. Yeah. Thank you. The private market valuations seem like they are higher than the public market valuations in our space right now. We have a great view of different companies in the revenue cycle. We believe that Waystar would be a fantastic home for the right types of companies. We are close to several. I will turn it to William Chan and Brendan O'Connor here in a second to talk about areas within our product roadmap that we would consider for M&A or buying versus actually organically building it. We are close to situations. Before I do that, let me just reaffirm our commitment to be very disciplined in how we do allocate capital. We know that there are five tools, right? We can organically invest for innovation and growth. You see us doing that a little bit while we de-lever, and we expect to de-lever further and evaluate the merits of incremental share repurchase program work. The other two, the M&A, for the right market, we will be disciplined on price. For the right company, we would be disciplined on it has got to fit our criteria. The fifth one is obviously dividends. I do not anticipate doing any dividends, not to disappoint anybody, but this is a market moment we want to go tackle head on. What are areas, you guys, on the roadmap or on the pipeline of opportunity? Go ahead. Yeah. Happy to take it. Look, I would highlight that we actually feel relative to where we were a few years ago, that we have all of the tools in the toolbox, so to speak, to build towards our kind of autonomous revenue cycle ambition organically. In my view, we'd look at a lot of M&A through the lens of opportunistic roadmap acceleration. What are small tuck-ins that might have interesting agentic capabilities that allow us to fuel a faster pace or time to market in categories, like autonomous coding in the mid-cycle, which we've talked about earlier Or accelerate our efforts in prior auth in the front end. I think we feel like, especially with some of the advancements we've made in development efficiency, that we have the tools to go tackle a lot of these problems organically. Again, look at it pretty opportunistically as roadmap acceleration. Great. Thank you. We'll take your question, then we'll close out with Sean, if that's okay with everybody. Yeah. Great. Craig Hettenbach with Morgan Stanley. Just on the topic of AI and how it is influencing the competitive backdrop across the industry, it is helpful to hear from your customers and partners that they value your expertise within this space. You also have the large LLMs out there trying to encroach. Would love to get an update in terms of your thoughts on those companies, what they need to do, what you need to do to kind of stay out ahead of that, just from a roadmap perspective. Yeah. Let me start, and I will turn it to William Chan. I think you spoke about our four key pillars. First of all, we feel like we are doing a number of things right. We are using LLM capability ourselves. We are partners with and consume several large language models to advance our own development work. You are seeing the productivity. We showed you the productivity gains we are experiencing today. We feel like we will continue to do that, and William will talk about some of our advantages in just a moment. I will also just be really emphatic and say we are not seeing any competitive disruption from the foundation model players in our market. The vast majority of them of our provider clients want to consume AI through a trusted partner, not necessarily try to go direct to an LLM provider and try to do things themselves. They just cannot get the same benefit that we can deliver. What would you highlight there? Yeah, I would go back to a couple of things. One is the deep domain expertise that I talked about, that Waystar brings to the table. Even if you have a very strong large language model, you do not have this deep domain expertise to be able to take advantage of everything that you have got in your LLM. That is one. The second one is, we also talked about the ground truth in terms of how claims eventually get adjudicated. That is unique information. That is not public information that is available that you can go scrape off the internet. Those are the signals that are captured through processing that Waystar does. It is those kinds of unique capabilities, domain expertise, and this ground truth of claims, the ultimate completion of a claim. That information is unique to us. We are able to take those two capabilities, those two benefits, take advantage and partner with the Anthropic and OpenAI of the world and the Google Gemini. Take advantage of those LLMs and then pick and choose which LLM works best for what problem we are trying to solve. In everything that we have talked about, one size does not fit all, and also LLMs are not the be-all end-all. We still turn back to things like machine learning because they do things still better than LLMs in certain situations. Our approach to AI is not to just go 100% in on the LLM. It is to say, let us pick the right AI to solve the right problem, and if it is LLM, let us go with it and find the best LLM. If it is a different technology, let us use that best technology to solve that specific problem. I would just add one or two more thoughts for you. First, I would go back to that platform view, where we are getting so much access to data. Proprietary data is an advantage to us. We actually have some of these foundation model players reaching out to us to procure our data, to buy it, and we see that as an advantage for us. We are not sellers. Second, it is not just the data, but it is proprietary observation. Because we have from one end to the other on our platform, we are able to observe the workflows because we have so many people embedded in and working in close proximity to clients, seeing how they are consuming software, how they are using AI. That direct observation is actually unlocking incremental insights. We are going to generate so many insights here this week and already have with advisory board members and clients that will be in hands-on ask the expert sessions and innovation lab sessions we are about to walk you to. We get feedback in every one of those direct observation interactions. Last thing I would say is, I am actually on a board of a company with a guy who is the Chief Product Officer for OpenAI. We talk regularly. I am not aware of specific things they are doing in healthcare that would be disruptive to us. It feels like they would rather be more of the enterprise tool provider, not like the deep domain expert in anything that we are doing. Sean. One thing that we really benefit from is decisions we made a long time ago, that are really setting the stage for this moment right now. There's so much of healthcare that is deployed in individual instances and vertical solutions. To have the consolidated data warehouse, data lakes that we have across financial and clinical data is setting us up right now to be able to leverage that for predictions. That is not something that is readily available to other parties. Even if you have those instances, you don't have them together. Thank you for highlighting that. Yeah. Thanks. Sean Dodge. Hey, Sean. BMO Capital Markets. Going back to the land and expand opportunity and trying to dimension that out. If you had an average mid-size health system right now that decided to go all in on Waystar, based on what you have in the platform right now, how much revenue would that contribute? Would that be eight figures, well into the eight figures? Then, it sounds like you've got clients that are all in now. How many do you have? What proportion of your base is kind of all in now? Yeah. First, just our land and expand strategy is one that's been really, really effective for us, because as Brendan alluded to, we have the data, so we're actually going in and making an informed pitch to those clients and sharing with them where some of their challenges are occurring that they may not even know. In terms of how big those opportunities are, they're seven-figure deals all day long, and we've even seen some a little bit greater than that. In terms of the number of how many of those, I'm not sure we can maybe Yeah. Yeah. We don't disclose that at this time. I will say that we've highlighted the volume or the number of million-dollar plus deals that we've signed in recent quarters by just alluding to them being strong and more than 10 or so in a quarter. We like that. Some of those maybe have characteristics of what Todd was describing earlier in the material that he shared. We see ample opportunity for that. As we've said previously, we can more than double the size of our business, of our revenue, by simply cross-selling our available solutions into our installed base of clients. So there's embedded growth on our platform, and we're working to capitalize on that, and we're excited about the future. So, if it's okay, we'll wrap up, and I'll just thank you all for joining us today. We thank those of you that have participated virtually as well. This is our first ever Investor Day, so we're really grateful for the chance to be here and show what we're doing and to appreciate your questions and the opportunity to share more about Waystar. We're excited about what's ahead. We're very grateful for your partnership as we continue to simplify healthcare payments. Next, we'll excuse the people participating virtually, but for those of you that are here, we'd like to walk you to the innovation lab next door, where you'll hear directly from our team members, many of whom have responsibility for the products that they're about to show you. It's a little bit of show and tell. We hope you will have a great experience that will bring some of our solutions to life, and that this will be a nice conclusion to the day before we welcome everybody to dinner later this evening. Thanks a lot, Edward.