Waystar Holding Corp at Goldman Sachs Communacopia & Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Yeah. One of the things, Matt, I think I underappreciated when I first started looking at your business was what the legacy operations look like, how fragmented the technology solutions are almost to the point where we were seeing a reversal of all of the other sort of on-prem to cloud or services to cloud transitions that we had seen in software where you had a bunch of fragmented technology and there were decision-makers at hospitals saying, I now want to go and do services. And it was a backward-looking situation. It's really surprising for me. So maybe distill that a little bit for people who are less familiar with your industry. And then with that backdrop in mind, where do you think Waystar is positioned? And how do you convince folks who didn't enjoy the fragmented situation to look back at technology?

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Okay. And maybe in addition to the administrative waste, talk a little bit about the gap in what hospitals are receiving from insurance companies versus what they should be? And how you bridge that gap versus maybe others in the market? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 10:05PM, WAY.OQ - Waystar Holding Corp at Goldman Sachs Communacopia & Technology Conference

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Yeah. In a lot of ways, you sit in a really unique position in a classic vertical software sense where you utilize AI to effectively help you with things like patient payments and improving things at point of sale and also with providers, right? And so when you think about -- and this is what other vertical software companies are doing from a moat perspective. When you think about your moat, right, versus other Gen AI opportunities out there, how do you think about what that looks like? And in particular, how do you think about what that looks like given the risk aversion of buyers in your space?

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Yeah. The word that was escaping me in my last question was rules-based engines. I think whenever we see rules-based engines being used in so many different use cases, it feels like there is a particularly large percentage of workflows that can be augmented by AI. Is that something you think is true across your platform and in your space as well?

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Okay. Very helpful. I want to pivot into the business and growth drivers. And I'll just start this open-ended, right? You've talked about this business being a 10%-plus growth business, and you far exceeded that since you came public. Talk about what you're seeing from that perspective. I know you had a cyberattack at a competitor that drove some business to you. But even after -- and now that we've lapped that a year later, you still managed to reaccelerate the business last quarter, lapping that. And so talk a little bit about, I guess, the drivers for the first couple of quarters as a public company and then maybe more recently, what you're seeing as well.

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Yeah. I wanted to touch on in the most recent quarter in particular. And I think this is one of the most remarkable things is you -- again, you lapped this event and yet accelerated growth. And I think you talked about, in particular, a couple of client -- large clients that you were pulling forward implementations for in the quarter. And so maybe what is driving that incremental level of interest in your business? And then how should we think about the sustainability of that as we go forward? Because your guidance does imply some deceleration in the back half and you have sort of talked us to normalization in revenue growth to more normalized levels in future years. So maybe just talk about those dynamics.

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : And is it as simple as referenceability and being able to tell someone, look at, we implemented a very large customer that's a similar size of yours in a very short time period, and that's maybe the first time or first handful of times we've done that, and so we can prove to you that we can do that. Is it as simple as that referenceability or is there something else going on?

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Yeah. And does that actually help you catalyze RFPs in excess of what the normal replacement cycle market looks like? Because you did talk about that $15 billion software replacement market. Does you having more referenceability actually make you catalyze RFPs in excess of what a historical procurement cycle might look like for a hospital or is that not something you're seeing yet?

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Okay. And who do you compete with specifically? Is it really just a bunch of homegrown solutions or small fragmented solutions? Are there any large players we should think about in the software space? And then on the BPO side, are you actually competing with the BPOs today in that $100 billion market or are you helping augment them with technology as well? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 10:05PM, WAY.OQ - Waystar Holding Corp at Goldman Sachs Communacopia & Technology Conference

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Okay. So you operate in the revenue cycle from sort of that initial patient touch point to patient eligibility all the way to that claims management process. You made an acquisition recently or announced an acquisition of Iodine Software, which fits the middle piece, as you said, of that revenue cycle. For those in the audience, maybe not as familiar, what does that mean? And why did you announce the acquisition?

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : To what degree are there limitations or guardrails around what you're able to actually do with the underlying data, whether that's anonymized or otherwise in the context of AI models to help inform the other pieces of the revenue cycle. Can you use this data at large? Are there limitations? How do you go about?

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Helpful. I want to switch gears a little bit in the last five minutes to your exposure to patient payments volumes and just visits volumes and things that are maybe separate from the minimums that are paid for your software product. How should we think about Waystar's exposure as a subscription

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Got it. And we don't need to break down between the sort of payments volumes versus the visits volume. But how should we think about what sort of outlook is embedded in your numbers or your guidance or how you think about the growth of these things? I know there's been an elevated utilization environment. How much have you benefited from that? And how should we think about how that's embedded into numbers?

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : That's great. In the last 30 seconds, what are you most focused on over the next 6 to 12 months as CEO? And what are you most excited about over

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Okay. Matt Hawkins, thanks so much.

Question: Adam Hotchkiss - Goldman Sachs Group Inc - Analyst : Good to see you. Thanks so much.