Slides
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© 2026 Waystar. All rights reserved. 3Q’26 Earnings PresentationNovember 2, 2026
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2© 2026 Waystar. All rights reserved. 2W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that reflect our current views with respect to, among other things, statements regarding Waystar’s expectations relating to future operating results and financial position, including full year 2026, and future periods; anticipated future investments; our industry, business strategy, goals, and deployment of artificial intelligence in our solutions, our market position, offerings, future operations, margins, and profitability. Forward-looking statements include all statements that are not historical facts. These statements may include words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” “outlook,” the negative version of these words or similar terms and phrases to identify forward-looking statements in this presentation, including the discussion of our guidance for full fiscal year 2026.The forward-looking statements contained in this presentation are based on management’s current expectations and are not guarantees of future performance. The forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, and projections will result or be achieved. The following factors are among those that may cause actual results to differ materially from the forward-looking statements: our operation in a highly competitive industry; our ability to retain our existing clients and attract new clients; our ability to successfully execute on our business strategies in order to grow; our ability to accurately assess the risks related to acquisitions and successfully integrate acquired businesses, including the acquisition of Iodine; our ability to establish and maintain strategic relationships; the growth and success of our clients and overall healthcare transaction volumes; consolidation in the healthcare industry; our selling cycle of variable length to secure new client agreements; our implementation cycle that is dependent on our clients’ timing and resources; our dependence on our senior management team and certain key employees, and our ability to attract and retain highly skilled employees; the accuracy of the estimates and assumptions we use to determine the size of our total addressable market; our ability to develop and market new solutions, or enhance our existing solutions, to respond to technological changes or evolving industry standards; the interoperability, connectivity, and integration of our solutions with our clients’ and their vendors’ networks and infrastructures; the performance and reliability of internet, mobile, and other infrastructure; the consequences if we cannot obtain, process, use, disclose, or distribute the highly regulated data we require to provide our solutions; our reliance on certain third-party vendors and providers; any errors or malfunctions in our products and solutions; failure by our clients to obtain proper permissions or provide us with accurate and appropriate information; the potential for embezzlement, identity theft, or other similar illegal behavior by our employees or vendors, and a failure of our employees or vendors to observe quality standards or adhere to environmental, social, and governance standards; our compliance with the applicable rules of the National Automated Clearing House Association and the applicable requirements of card networks; increases in card network fees and other changes to fee arrangements; the effect of payer and provider conduct which we cannot control; privacy concerns and security breaches or incidents relating to our platform or data (including personal information and other regulated data); the complex and evolving laws and regulations regarding privacy, data protection, and cybersecurity; our ability to adequately protect and enforce our intellectual property rights; our ability to use or license data and integrate third-party technologies; the development, deployment, and use of AI; our use of “open source” software; legal proceedings initiated by third parties alleging that we are infringing or otherwise violating their intellectual property rights; claims that our employees, consultants, or independent contractors have wrongfully used or disclosed confidential information of third parties; the heavily regulated industry in which we conduct business; the uncertain and evolving healthcare regulatory and political framework; health care laws and data privacy and security laws and regulations governing our Processing of personal information (which may also be referred to as “personal data” or “personally identifiable information”); reduced revenues in response to changes to the healthcare regulatory landscape; legal, regulatory, and other proceedings that could result in adverse outcomes; contractual obligations requiring compliance with certain provisions of the Bank Secrecy Act/anti-money laundering laws and regulations; existing laws that regulate our ability to engage in certain marketing activities; our full compliance with website accessibility standards; any changes in our tax rates, the adoption of new tax legislation, or exposure to additional tax liabilities; limitations on our ability to use our net operating losses to offset future taxable income; losses due to asset impairment charges; our substantial debt and restrictive covenants in the agreements governing our Credit Facilities; interest rate fluctuations; unavailability of additional capital on acceptable terms or at all; the impact of general macroeconomic conditions; our history of net losses and our ability to achieve or maintain profitability; the interests of certain investors may be different than the interests of other holders of our securities; and each of the other factors discussed under the heading of “Risk Factors” in the Company’s 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 17, 2026, and in other reports filed with the SEC, all of which are available on the Investor Relations page of our website at investors.waystar.com.Any forward-looking statements made by us in this presentation speak only as of the date of this presentation and are expressly qualified in their entirety by the cautionary statements included in this presentation. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. You should not place undue reliance on our forward-looking statements. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by any applicable securities laws. F O R W A R D - L O O K I N G S T A T E M E N T S
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3© 2026 Waystar. All rights reserved. Matt HawkinsChief Executive Officer INTRODUCTIONS Alpana WegnerChief Financial Officer Edward ParkerSVP, Investor Relations
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4© 2026 Waystar. All rights reserved. 4 W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S Strong 3Q performanceRevenue growth and adjusted EBITDA margin above long-term financial targets 21%Revenue growth1 24%Adjusted EBITDA growth1,243%Adjusted EBITDA margin2 $115MUnlevered free cash flow2 14%YoY growth in clients with>$100k in TTM revenue3108%Net revenue retention rate3K E Y H I G H L I G H T S (1) Reflects the three months ended September 30, 2026, compared to the three months ended September 30, 2025. The three months ended September 30, 2026, include post-acquisition Iodine results.(2) Adjusted EBITDA, Adjusted EBITDA margin, and unlevered free cash flow are non-GAAP financial measures. See Appendix for a reconciliation to their most directly comparable GAAP measure.(3) For the twelve months ended September 30, 2026, the most appropriate comparable is TTM YoY revenue growth as noted on slide 10.(4) Reflects the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025 for client contracts signed >$100K.(5) Implementation backlog for client contracts signed >$100K as of September 30, 2026 compared to as of September 30, 2025.50%+>$100K+ implementationbacklog YoY growth530%+> $100K+ bookings YTDYoY growth4
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5© 2026 Waystar. All rights reserved. 5W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S Market-leading AI solutionsDifferentiated capabilities drive meaningful client ROILarge, growing TAMExpanding addressable market extends long-term growth runwayProprietary data advantageUnified clinical, financial, and administrative data fuel AI© 2026 Waystar. All rights reserved. I N D U S T R Y L E A D E R S H I PKey highlights driving successCloud-native platformBuilt for continuous innovationand scaleMission-critical softwareEmbedded at the core ofprovider operations and cash flowProven + durable growthConsistent, long-termfinancial performance
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6W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S © 2026 Waystar. All rights reserved. AI foundation is translating directly into durable, high-impact outcomes for Waystar and clientsWaystar’s AI platform delivers business impactWaystar’s uniqueAI advantageClient outcomes thatdeliver durable impact95%Time savings$15.5BDenialsprevented in 2025$2.4BReimbursementimpact90%Faster appeals© 2026 Waystar. All rights reserved. Mission-critical infrastructureEmbeds in the flow of dollars, decisions + denialsAgents operate on behalf of providers to resolve issues, correct errors, and close the loop on payment. Unmatched proprietary data advantageUnifies financial, clinical + administrative dataSelf reinforcing models learn from every claim, denial, and payment to reveal patterns enabled by data scale. Deeply deployed multi-sided networkConnects the provider—payer—patient ecosystemNetwork built over a decade delivers trust, reach, and connectivity that compounds value with every client. Scaled distribution + domain expertiseBuilds deep client relationships across all settings of careForward looking engineering teams support strong win rates, rapid time-to-value, and meaningful ROI. Waystar market scaleand client adoption~1.5MHealthcareproviders8.5B+TransactionsAnnually$3T+Gross claims60%U.S. patients1 in 3U.S. inpatient discharges 50%Solutionsleverage AI40%2025 revenuefrom AI-deployed software43%3Q’26 bookingsfrom AI-powered solutions75%+Manual work reduction~99%Clean claim rate
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7© 2026 Waystar. All rights reserved. 7W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S P A R A D I G M S H I F TWaystar RCM market opportunitySubstantial market opportunity with long-term growth runway 1. Independent third-party market study (2026) commissioned by Waystar, based on estimated U.S. provider spending on RCM software solutions. Not a forecast of company revenue.2. Includes additional spend for payment processing and incremental claims management. $103.3Btotal U.S. healthcare RCM spend1$44.1BWaystar segment TAM services + software1$21.0Btotal addressable RCM software1,2increasetotal addressable market
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8© 2026 Waystar. All rights reserved. 8W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S 3 Q ’ 2 6 R E S U L T SRevenue growth trends 22 Patient 30% 24% 19% 16% 9% 6% 5% 7% 5%Provider 19% 16% 12% 15% 13% 32% 30% 23% 28% Subscription and Volume BasedProvider and Patient Payment Vol Based 28% 19% 11% 14% 10% 11% 7% 3% 8%Subs 16% 18% 18% 17% 14% 38% 38% 34% 34%(1) 1Q’26, 2Q’26 and 3Q’26 YoY organic subscription revenue growth is 14%, 12% and 12% YoY, respectively.(2) 1Q’26, 2Q’26 and 3Q’26 YoY organic provider revenue growth is 13%, 7% and 11% YoY, respectively.1 2 Recent YoY growth driven by subscription revenue, of which almost all included in provider solutions$ in millions $ in millions YoY Growth YoY Growth
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9© 2026 Waystar. All rights reserved. 9W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T SYoY 15% 15% 14% 11% 16% 15% 15% 14% 3 Q ’ 2 6 R E S U L T SGrowth in clients with >$100K revenue1Continued strong YoY growth as clients adopt more of the platform (1) See definition ofCustomer Count with >$100,000 Revenueon slide titled Key Performance Metric Definitions.(2) Approximately one-half of quarterly count growth via clients from Iodine acquisition; organic YoY growth rate is 12%. 2
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10© 2026 Waystar. All rights reserved. 10W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S 3 Q ’ 2 6 R E S U L T SNet Revenue Retention13Q’26 NRR within historical range2of 108%–110% (1) See definition of net revenue retention on slide titled Key Performance Metric Definitions.(2) NRR was between 108% and 110% from 2023–2024.(3) 1Q’26, 2Q’26 and 3Q’26 TTM organic revenue growth are 12%, 10% and 10%, respectively. Higher NRR in 2025 reflects the benefit from rapid time to revenue associated with new client go-lives in early 20242024 to mid-2025 includes higher patient utilizationTTM Revenue Growth YoY19% 18% 17% 15% 17% 19% 19% 21%3
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11© 2026 Waystar. All rights reserved. W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S11© 2026 Waystar. All rights reserved. D U R A B L E G R O W T HComponents of Net Revenue RetentionG R O S S T O N E T R E V E N U E R E T E N T I O NNRR driven by strong client retention and consistent expansion across client base1 1Chart represents approximate bridge between gross and net revenue retention; percentages here are general trends and not from a specific time frame. ~97%1–2%3–4%6–8% 108-110% GrossRetentionHigherUtilizationAnnualPrice LiftExisting ClientCross-SellNetRetention Durable client retentionPricing power backed by ROIConsistent product expansion into client base C O M M E R C I A L S T R E N G T H
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12© 2026 Waystar. All rights reserved. 12W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S Margin 41% 42% 42% 42% 43% 43% 43% 43% 3 Q ’ 2 6 R E S U L T SAdjusted EBITDA1Delivered 40%+ Adjusted EBITDA margin over the past 8 quarters$ in millions (1) Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. See Appendix for a reconciliation to their most directly comparable GAAP measure.(2) 4Q’25 benefits from ~$11M of Iodine adjusted EBITDA and ~$2M in realized acquisition cost synergies. Higher adjusted EBITDA margins in the last several quarters driven by favorable revenue mix and benefits of operating cost savings initiatives being ahead of conscious reinvestments in innovation, cybersecurity and the client experience. 2
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13© 2026 Waystar. All rights reserved. 13W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S •Moody’s, S&P and Fitch each made one notch upgrades between March and July 2026•Increased AR securitization line to $100M (from $80M) in February 2026; decreased rate to SOFR +110bps (from SOFR +161bps); extended maturity three years•Repriced First Lien Loan in August 2025 to SOFR +200bps (from SOFR +225bps)•$1 billion+ debt paid in 2024 reduced annual interest by over $100 million(1) We define adjusted net leverage ratio as net debt divided by adjusted EBITDA over the last twelve months. 3 Q ’ 2 6 R E S U L T SAdjusted net leverage ratio1Post Iodine close on October 1, 2025, leverage of 3.4x decreased 1.2x
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14© 2026 Waystar. All rights reserved. 14W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T SuFCF Conversion % 69% 79% 86% 65% $ in millions (1) We define unlevered free cash flow (uFCF) as cash from operations plus cash interest paid less capital expenses. A reconciliation of unlevered free cash flow to cash from operations is contained in the appendix to this presentation.(2) uFCF conversion is a non-GAAP financial measure and represents uFCF for a stated period divided by Adjusted EBITDA for the same period.(3) YTD 3Q’25 benefits from deferral of ~$27M federal tax payments to 4Q’25.2 3 Q ’ 2 6 R E S U L T SUnlevered free cash flow1YTD 3Q’26 conversion of adj. EBITDA to uFCF of 65% 3
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15© 2026 Waystar. All rights reserved. 15W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S O U T L O O K2026 guidance17% revenue growth and 43% adjusted EBITDA1margin at midpointYoY% ChangeFY’25 ActualFY’26 GuidanceMidpointHighMidpointLow 17%$1,099M$1,287M$1,282M$1,277MRevenue 18%$462M$549M$546M$543MAdjusted EBITDA1 42%43%43%43%Adjusted EBITDA %1 25%$263M$337M$330M$322MNon-GAAP Net Income1,2 18%$1.42$1.71$1.67$1.63Non-GAAP EPS, Diluted1,3(1) Adjusted EBITDA, adjusted EBITDA %, non-GAAP net income and non-GAAP EPS, diluted are non-GAAP financial measures. We have not reconciled the forward-looking Adjusted EBITDA, non-GAAP net income, and non-GAAP net income per share guidance included above to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain costs, the most significant of which are incentive compensation (including stock-based compensation), transaction-related expenses, and certain fair value measurements, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.(2) Assumes effective tax rate of 24.0% to 25.5% for FY’26.(3) Assumes ~197M fully diluted, weighted average share count for FY’26.
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16© 2026 Waystar. All rights reserved. 16W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S 17% 1% 1% (8%)11% Reported Normalized 2026 revenue vs normalized, organic rateNormalized, organic revenue growth aligns with low double-digit long-term targetReflects midpoint of guidanceBenefit to 2Q’24 – 1Q’25 from rapid time to revenue from clients affected by a competitor cyberattackImpact of three rapid customer implementations in 2Q’25Impact of Iodine acquisition1234234FY’26 Annual revenue growth guidance1G R O W T H R A T E B R I D G E
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17© 2026 Waystar. All rights reserved. 17W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S
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18© 2026 Waystar. All rights reserved. 18W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S To supplement the consolidated financial statements prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation contains certain non-GAAP financial measures as defined below. We present non-GAAP financial measures as supplemental measures of financial performance that are not required by, or presented in accordance with, GAAP. We believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management believes these non-GAAP financial measures are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. Management uses Adjusted EBITDA and Adjusted EBITDA margin to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, to establish discretionary annual incentive compensation, and to compare our performance against that of other peer companies using similar measures. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone provide.Adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP net income per share, non-GAAP operating expenses, unlevered free cash flow, net debt, gross debt, adjusted net leverage ratio and adjusted gross leverage ratio are not recognized terms under GAAP and should not be considered as an alternative to net income (loss), net income (loss) margin or the related GAAP expense line items as measures of financial performance, cash provided by operating activities as a measure of liquidity, total debt as a measure of indebtedness, or any other performance measure derived in accordance with GAAP. Additionally, these measures are not intended to be a measure of free cash flow available for management’s discretionary use, as they do not consider certain cash requirements such as interest payments, tax payments, and debt service requirements. The presentations of these measures have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company. A reconciliation is provided below for our non-GAAP financial measures to the most directly comparable financial measure stated in accordance with GAAP. A quantitative reconciliation of the forward-looking non-GAAP financial measures included in our financial outlook is not provided for the reasons described under “Financial Outlook.” Investors are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business.Adjusted EBITDA and Adjusted EBITDA MarginWe define adjusted EBITDA as net income / (loss) before interest expense, net, income tax expense / (benefit), depreciation and amortization, and as further adjusted for stock-based compensation expense, acquisition, integration and transaction costs, asset and lease impairments, costs related to amended debt agreements, IPO and secondary offering costs and costs related to other unusual, non-recurring or otherwise notable items. Adjusted EBITDA margin represents adjusted EBITDA as a percentage of revenue.Non-GAAP Operating Income and Non-GAAP Operating MarginWe define non-GAAP operating income as GAAP income from operations excluding the same items as noted in Adjusted EBITDA. Non-GAAP operating margin represents Non-GAAP Operating Income as a percentage of revenue.Non-GAAP Net Income / (loss) and Non-GAAP Net Income / (loss) Per ShareWe define non-GAAP net income as GAAP net income excluding the impact of stock-based compensation, acquisition, integration and transaction costs, asset and lease impairments, costs related to our IPO, and the Secondary Offerings, costs related to amended debt agreements and amortization of intangibles, and costs related to other unusual, non-recurring or otherwise notable items. The tax effects of the adjustments are calculated using a management estimated annual effective non-GAAP tax rate of 21%, which is based on our statutory federal tax rate and provides consistency across interim reporting periods by eliminating the effects of non-recurring and period-specific items. Due to the differences in the tax treatment of items excluded from non-GAAP net income, our estimated tax rate on non-GAAP net income may differ from our GAAP tax rate. Non-GAAP net income per share is shown on both a basic and diluted basis and is defined as non-GAAP net income divided by the basic or diluted weighted-average shares, respectively.Unlevered Free Cash FlowWe define unlevered free cash flow as cash from operations plus cash interest paid less capital expenses.Gross DebtWe define gross debt as the sum of the current portion of long-term debt, long-term debt, and accounts receivable securitization.Adjusted Gross Leverage RatioWe define adjusted gross leverage ratio as gross debt divided by adjusted EBITDA over the preceding twelve months.Net DebtWe define net debt as the sum of current portion of long-term debt, long-term debt, and accounts receivable securitization less cash and cash equivalents and investment securities.Adjusted Net Leverage RatioWe define adjusted net leverage ratio as net debt divided by adjusted EBITDA over the preceding twelve months. N O N - G A A P F I N A N C I A L M E A S U R E S
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19© 2026 Waystar. All rights reserved. 19W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S Net Revenue Retention RateOur Net Revenue Retention Rate compares twelve months of client invoices for our solutions at two period end dates. To calculate our Net Revenue Retention Rate, we first accumulate the total amount invoiced during the twelve months ending with the prior period-end, or Prior Period Invoices. We then calculate the total amount invoiced to those same clients for the twelve months ending with the current period-end, or Current Period Invoices. Current Period Invoices are inclusive of upsell, downsell, pricing changes, clients that cancel or chose not to renew, and discontinued solutions with continuing clients. The Net Revenue Retention Rate is then calculated by dividing the Current Period Invoices by the Prior Period Invoices. Our total invoices included in the analysis are greater than 98% of reported revenue. We use Net Revenue Retention Rate to evaluate our ongoing operations and for internal planning and forecasting purposes. Acquired businesses are included in the last-twelve-month Net Revenue Retention Rate in the ninth quarter after acquisition, which is the earliest point that comparable post-acquisition invoices are available for both the current and prior twelve-month period.Customer Count with >$100,000 RevenueWe also regularly monitor and review our count of clients who generate more than $100,000 of revenue. Our count of clients who generate more than $100,000 of revenue is based on an accumulation of the amounts invoiced to clients over the preceding twelve months. The invoices for acquired clients are included starting in the first full calendar quarter after the date of acquisition.BookingsWe define bookings as the estimated annualized contract value of customer contracts signed during the applicable period.Implementation BacklogWe define implementation backlog as the estimated annualized contract value of customer contracts that have been signed but have not yet gone live as of the applicable period end. K E Y P E R F O R M A N C E M E T R I C D E F I N I T I O N S
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20© 2026 Waystar. All rights reserved. 20W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S GAAP Income StatementUnaudited, $ in thousandsConsolidated Statement of Operations 1Q'25 2Q'25 3Q'25 4Q'25 FY'25 1Q'26 2Q'26 3Q'26Revenue 256,435 270,654 268,651 303,5381,099,278313,874 319,674 325,624Cost of revenue (exclusive of depreciation and amortization expenses) 83,345 87,044 85,136 92,637348,16297,035 97,686 99,202Sales and marketing 40,123 43,524 45,158 49,212178,01745,830 50,379 51,998General and administrative 23,300 29,192 32,422 43,709128,62330,724 36,378 51,393Research and development 11,078 12,622 12,403 18,52054,62318,368 17,723 20,299Depreciation and amortization 33,380 33,426 33,300 40,442140,54841,452 41,466 41,466Total operating expenses 191,226 205,808 208,419 244,520849,973233,409 243,632 264,358Income from operations 65,209 64,846 60,232 59,018249,30580,465 76,042 61,266Other expenseInterest expense (18,257) (17,325) (16,613) (21,868)(74,063)(19,714) (18,635) (18,182)Related party interest expense (643) (930) (902) (1,004)(3,479)(933) (1,011) (1,115)Income/(loss) before income taxes 46,309 46,591 42,717 36,146171,76359,818 56,396 41,969Income tax expense/(benefit) 17,040 14,407 12,069 16,15859,67416,535 15,529 10,944Net income/(loss) 29,269 32,184 30,648 19,988 112,089 43,283 40,867 31,025
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21© 2026 Waystar. All rights reserved. 21W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S Unaudited, $ in thousandsNon-GAAP Consolidated Statements of Operations 1Q'25 2Q'25 3Q'25 4Q'25 FY'25 1Q'26 2Q'26 3Q'26Revenue256,435270,654268,651303,5381,099,278313,874319,674325,624Cost of revenue (exclusive of depreciation and amortization expenses), adjusted83,11486,62984,71590,416344,87495,45595,98297,117Sales and marketing, adjusted38,73141,11042,68745,717168,24546,25447,56249,332General and administrative, adjusted16,90319,45117,82422,50176,67921,20022,64123,183Research and development, adjusted9,94110,91210,72215,75947,33415,56216,76416,690Depreciation and amortization, adjusted5,2655,3115,4495,91421,9396,9786,9926,992Total operating expenses153,954163,413161,397180,307659,071185,449189,941193,314Income from operations102,481107,241107,254123,231440,207128,425129,733132,310Other expenseInterest expense(18,257)(17,325)(16,613)(21,868)(74,063)(19,714)(18,635)(18,182)Related party interest expense(643)(930)(902)(1,004)(3,479)(933)(1,011)(1,115)Income before income taxes83,58188,98689,739100,359362,665107,778110,087113,013Income tax expense, adjusted24,86723,31021,94429,64399,76326,60726,80425,863Net income, adjusted58,71465,67667,79570,716262,90281,17183,28387,150GAAP to Non-GAAP Reconciliations 1Q'25 2Q'25 3Q'25 4Q'25 FY'25 1Q'26 2Q'26 3Q'26Cost of revenue (exclusive of depreciation and amortization expenses)83,34587,04485,13692,637348,16297,03597,68699,202Less: Stock-based compensation expense(231)(415)(418)(450)(1,514)(435)(594)(1,072)Less: Acquisition. integration and transaction costs - - (3) (1,771)(1,774)(1,145) (1,110) (1,011)Less: Other - - - --- - (2)Cost of revenue (exclusive of depreciation and amortization expenses), adjusted83,11486,62984,71590,416344,87495,45595,98297,117Sales and marketing40,12343,52445,15849,212178,01745,83050,37951,998Add/(Less): Stock-based compensation expense(1,392)(2,414)(2,392)(2,364)(8,562)391(2,738)(2,520)Add/(Less): Acquisition. integration and transaction costs--(79)(1,131)(1,210)3321-Add/(Less): Other------(100)(146)Sales and marketing, adjusted38,73141,11042,68745,717168,24546,25447,56249,332General and administrative23,30029,19232,42243,709128,62330,72436,37851,393Less: Stock-based compensation expense(4,106)(7,094)(7,218)(7,260)(25,678)(8,752)(9,565)(18,182)Less: Acquisition. integration and transaction costs(107)(552)(5,119)(11,338)(17,116)(538)(659)(7,681)Less: Asset and lease impairments------(1,990)-Less: Other(2,184)(2,095)(2,261)(2,610)(9,150)(234)(1,523)(2,347)General and administrative, adjusted16,90319,45117,82422,50176,67921,20022,64123,183Research and development11,07812,62212,40318,52054,62318,36817,72320,299Less: Stock-based compensation expense(1,015)(1,607)(1,569)(2,124)(6,315)(2,650)(906)(2,668)Less: Acquisition. integration and transaction costs(122)(103)(112)(637)(974)(156)(53)(937)Less: Other-------(4)Research and development, adjusted9,94110,91210,72215,75947,33415,56216,76416,690Depreciation and amortization33,38033,42633,30040,442140,54841,45241,46641,466Less: Intangible amortization(28,115)(28,115)(27,851)(34,528)(118,609)(34,474)(34,474)(34,474)Depreciation and amortization, adjusted5,2655,3115,4495,91421,9396,9786,9926,992Income tax expense/(benefit)17,04014,40712,06916,15859,67416,53515,52910,944Tax effect of adjustments7,8278,9039,87513,48540,08910,07211,27514,919Income tax expense, adjusted24,86723,31021,94429,64399,76326,60726,80425,863 Non-GAAP Income Statement 2(1) Adjustments relate to costs associated with a cybersecurity incident (see Item 1A of our Form 10-Q for the quarter ended June 30, 2026), costs related to amended debt agreements, secondary offering expenses, additional lease costs and accelerated depreciation due to the relocation of our Louisville office and executive severance.(2) The tax effects of the adjustments are calculated using a management estimated annual effective non-GAAP tax rate of 21%.112 11
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22© 2026 Waystar. All rights reserved. 22W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S Unaudited, $ in thousands, except per share amountsReconciliation of Non-GAAP Adjusted EBITDA 1Q'25 2Q'25 3Q'25 4Q'25 FY'25 1Q'26 2Q'26 3Q'26Net income/(loss)29,26932,18430,64819,988112,08943,28340,86731,025Interest expense18,90018,25517,51522,87277,54220,64719,64619,297Income tax expense/(benefit)17,04014,40712,06916,15859,67416,53515,52910,944Depreciation and amortization33,38033,42633,30040,442140,54841,45241,46641,466Stock-based compensation expense6,74411,53011,59712,19842,06911,44613,80324,442Acquisition. integration and transaction costs2296555,31314,87721,0741,8061,8019,629Asset and lease impairments------1,990-Other2,1842,0952,2612,6109,1502341,6232,499Adjusted EBITDA107,746112,552112,703129,145462,146135,403136,725139,302Revenue256,435270,654268,651303,5381,099,278313,874319,674325,624Net income/(loss) margin11.4%11.9%11.4%6.6%10.2%13.8%12.8%9.5%Adjusted EBITDA margin42.0%41.6%42.0%42.5%42.0%43.1%42.8%42.8%Reconciliation of Non-GAAP Net Income 1Q'25 2Q'25 3Q'25 4Q'25 FY'25 1Q'26 2Q'26 3Q'26Net income/(loss)29,26932,18430,64819,988112,08943,28340,86731,025Add: Stock-based compensation expense6,74411,53011,59712,19842,06911,44613,80324,442Add: Acquisition. integration and transaction costs2296555,31314,87721,0741,8061,8019,629Add: Asset and lease impairments------1,990-Add: Other2,1842,0952,2612,6109,1502341,6232,499Add: Amortization28,11528,11527,85134,528118,60934,47434,47434,474Income tax effect of non-GAAP adjustments(7,827)(8,903)(9,875)(13,485)(40,089)(10,072)(11,275)(14,919)Non-GAAP net income58,71465,67667,79570,716262,90281,17183,28387,150Non-GAAP net income per share, basic0.340.380.390.371.480.420.430.45Non-GAAP net income per share, diluted0.320.360.370.361.420.420.430.44Weighted average shares used in computing basic Non-GAAP net income per share172,188,237173,358,382174,352,079191,394,748177,926,745191,666,913191,868,642191,938,402Weighted average shares used in computing diluted Non-GAAP net income per share180,691,994181,599,133181,240,033197,336,164184,783,285195,155,126194,513,042195,913,142Reconciliation of Unlevered Free Cash Flow (uFCF) 1Q'25 2Q'25 3Q'25 4Q'25 FY'25 1Q'26 2Q'26 3Q'26Net cash provided by operating activities64,24996,76082,03066,631309,67384,91359,411103,863Interest paid19,96019,78519,55822,36381,66620,68020,61020,834Purchase of PP&E and capitalization of internally developed software costs(5,426)(5,767)(5,876)(9,411)(26,481)(15,327)(16,113)(9,919)Unlevered free cash flow (uFCF)78,783110,77895,71279,583364,85890,26663,908114,778Key Performance Metrics 1Q'25 2Q'25 3Q'25 4Q'25 FY'25 1Q'26 2Q'26 3Q'26Net Revenue Retention113.5%114.6%113.1%112.0%112.0%110.5%108.3%107.6%Customers greater than $100k1,2441,2681,3061,3911,3911,4331,4531,488Adjusted EBITDA107,746112,552112,703129,145462,146135,403136,725139,302Unlevered free cash flow (uFCF)78,783110,77895,71279,583364,85890,26663,908114,778 Non-GAAP Reconciliations and Key Metrics 11 (1) Adjustments relate to costs associated with a cybersecurity incident (see Item 1A of our Form 10-Q for the quarter ended June 30, 2026), costs related to amended debt agreements, secondary offering expenses, additional lease costs and accelerated depreciation due to the relocation of our Louisville office and executive severance.(2) The tax effects of the adjustments are calculated using a management estimated annual effective non-GAAP tax rate of 21%. 2
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23© 2026 Waystar. All rights reserved. 23W A Y S T A R |S I M P L I F Y H E A L T H C A R E P A Y M E N T S Net Debt and LeverageUnaudited, $ in thousandsReconciliation of Net Debt FY'24 FY'25 3Q'25 3Q'26First lien term loan facility outstanding debt, current11,66814,19411,66814,194First lien term loan facility outstanding debt, net of current portion1,151,8781,387,0521,143,1271,356,407Receivables facility oustanding debt80,00080,00080,000100,000Cash and cash equivalents(182,133)(61,355)(421,056)(30,820)Investment securities-(24,877)-(246,075)Net debt1,061,4131,395,014813,7391,193,706Trailing Twelve Months Adjusted EBITDA383,496462,146433,154540,575Adjusted Gross leverage ratio3.2x3.2x2.9x2.7xAdjusted Net leverage ratio 2.8x 3.0x 1.9x 2.2xUnaudited, $ in thousandsThree Months EndedReconciliation of Trailing Twelve Months (TTM) Adjusted EBITDA 4Q'25 1Q'26 2Q'26 3Q'26 TTMNet income/(loss)19,98843,28340,86731,025135,163Interest expense22,87220,64719,64619,29782,462Income tax expense/(benefit)16,15816,53515,52910,94459,166Depreciation and amortization40,44241,45241,46641,466164,826Stock-based compensation expense12,19811,44613,80324,44261,889Acquisition. integration and transaction costs14,8771,8061,8019,62928,113Asset and lease impairments--1,990-1,990Other2,6102341,6232,4996,966Adjusted EBITDA129,145135,403136,725139,302540,575(1) Adjustments relate to costs associated with a cybersecurity incident (see Item 1A of our Form 10-Q for the quarter ended June 30, 2026), costs related to amended debt agreements, secondary offering expenses, additional lease costs and accelerated depreciation due to the relocation of our Louisville office and executive severance.1
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