0001410578-25-000148 | 10-K | XBRL Viewer

Print Document

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (19,125)	$ (51,334)	$ (51,455)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases

Schedule of components of lease expense

The following table presents components of lease expense for the years ended December 31, 2024, 2023, and 2022, respectively (in thousands):


	Years ended December 31,
	2024		2023		2022
Finance lease cost
Amortization of right-of-use assets	$	15,993	$	1,586	$	1,586
Interest on lease liabilities		751		797		843
Operating lease cost		5,004		3,780		3,554
Variable lease cost		412		360		1,020
Short-term lease		634		781		1,795
Total lease cost	$	22,794	$	7,304	$	8,798

Schedule of maturity of operating leases

Maturities of lease liabilities as of December 31, 2024 are as follows (in thousands):


	Operating Leases		Finance Leases
2025	$	6,342	$	1,604
2026		5,486		1,641
2027		3,191		1,678
2028		2,868		1,714
2029		1,404		1,752
Thereafter		1,360		7,557
Total future minimum lease payments		20,651		15,946
Less: Interest		1,927		3,752
Total	$	18,724	$	12,194

Schedule of maturity of finance leases

Maturities of lease liabilities as of December 31, 2024 are as follows (in thousands):


	Operating Leases		Finance Leases
2025	$	6,342	$	1,604
2026		5,486		1,641
2027		3,191		1,678
2028		2,868		1,714
2029		1,404		1,752
Thereafter		1,360		7,557
Total future minimum lease payments		20,651		15,946
Less: Interest		1,927		3,752
Total	$	18,724	$	12,194

Schedule of supplemental cash flow information related to leases

Supplemental cash flow information related to leases for the years ended December 31, 2024, 2023, and 2022 are as follows (in thousands):


	Years ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	5,423	$	5,400	$	4,671
Financing cash flows for financing leases		1,572		1,547		1,547
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	4,642	$	2,284	$	875

Schedule of supplemental balance sheet information


	Year ending December 31,
	2024	2023
Weighted average remaining lease term (years):
Operating leases	4.1	4.9
Financing leases	9.1	10.1
Weighted average discount rate:
Operating leases	4.7	4.4
Financing leases	5.9	5.9

Fair Value Measurements and Disclosures

12 Months Ended

Dec. 31, 2024

Fair Value Measurements and Disclosures

Fair Value Measurements and Disclosures

5.Fair Value Measurements and Disclosures

The following table presents the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis (in thousands):


	Balance Sheet Classification	Carrying Value		Level 1		Level 2		Level 3
December 31, 2024
Financial assets:
Interest rate swaps	Other current assets	$	1,127	$	—	$	1,127	$	—
Interest rate swaps	Other long-term assets	$	22	$	—	$	22	$	—
December 31, 2023
Financial assets:
Interest rate swaps	Other current assets	$	23,350	$	—	$	23,350	$	—
Financial liabilities:
Interest rate swaps	Other long-term liabilities	$	2,472	$	—	$	2,472	$	—

The fair values of our interest rate swaps are based on the sum of all future net present value cash flows. The future cash flows are derived based on the terms of our interest rate swaps, as well as considering published discount factors, and projected SOFR curve. The fair value of long-term debt was determined using the present value of future cash flows based on the borrowing rates currently available for debt with similar terms and maturities. The carrying value of our First Lien Credit Facility was $1,163.5 million and $1,730.8 million compared to a fair value of $1,169.4 million and $1,735.1 million as of December 31, 2024 and 2023, respectively. As of December 31, 2024, there is no balance for our second lien term loan facility given the paydown outlined below in Note 12. The carrying value of our second lien term loan facility approximated fair value as of December 31, 2023. There were no transfers in or out of Level 3 during the periods presented.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2024	Feb. 12, 2025	Jun. 30, 2024
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-41721
Entity Registrant Name	Waystar Holding Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-2886542
Entity Address, Address Line One	1550 Digital Drive, #300
Entity Address, City or Town	Lehi
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84043
City Area Code	844
Local Phone Number	492-9782
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	WAY
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Public Float			$ 1,010,020,722
Entity Common Stock, Shares Outstanding		172,151,839
Entity Central Index Key	0001990354
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Amendment Flag	false
Auditor Name	KPMG LLP
Auditor Location	Indianapolis, Indiana
Auditor Firm ID	185

Goodwill and Other Intangible Assets - Estimated future amortization expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Estimated future amortization expense
2025	$ 110,093
2026	103,831
2027	103,831
2028	103,831
2029	101,915
Thereafter	515,548
Net carrying value	$ 1,039,049	$ 1,186,936

Fair Value Measurements and Disclosures - Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value (Details) - Interest rate swap - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financial assets
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Other Assets, Current
Financial liabilities
Derivative Liability, Statement of Financial Position [Extensible Enumeration]		Other Liabilities, Noncurrent
Carrying value \| Recurring basis
Financial assets
Interest rate swaps, Financial assets		$ 23,350
Financial liabilities
Interest rate swaps, Financial liabilities		2,472
Carrying value \| Recurring basis \| Other current assets
Financial assets
Interest rate swaps, Financial assets	$ 1,127
Carrying value \| Recurring basis \| Other long-term assets
Financial assets
Interest rate swaps, Financial assets	22
Level 2 \| Recurring basis
Financial assets
Interest rate swaps, Financial assets		23,350
Financial liabilities
Interest rate swaps, Financial liabilities		$ 2,472
Level 2 \| Recurring basis \| Other current assets
Financial assets
Interest rate swaps, Financial assets	1,127
Level 2 \| Recurring basis \| Other long-term assets
Financial assets
Interest rate swaps, Financial assets	$ 22

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue	$ 943,549	$ 791,010	$ 704,874
Operating expenses
Cost of revenue (exclusive of depreciation and amortization expenses)	315,730	249,767	214,891
Sales and marketing	156,935	124,437	111,470
General and administrative	111,753	62,924	73,089
Research and development	48,775	35,332	32,807
Depreciation and amortization	186,631	176,467	183,167
Total operating expenses	819,824	648,927	615,424
Income from operations	123,725	142,083	89,450
Other expense
Income/(loss) before income taxes	(22,545)	(63,834)	(65,875)
Income tax expense / (benefit)	(3,420)	(12,500)	(14,420)
Net loss	$ (19,125)	$ (51,334)	$ (51,455)
Net loss per share:
Basic (in dollars per share)	$ (0.13)	$ (0.42)	$ (0.42)
Diluted (in dollars per share)	$ (0.13)	$ (0.42)	$ (0.42)
Weighted-average shares outstanding:
Basic (in shares)	149,915,839	121,675,430	121,684,771
Diluted (in shares)	149,915,839	121,675,430	121,684,771
Nonrelated Party
Other expense
Interest expense	$ (141,762)	$ (198,309)	$ (148,967)
Related Party
Other expense
Interest expense	$ (4,508)	$ (7,608)	$ (6,358)

Revenue Recognition - Deferred Revenue Balances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Deferred Revenue
Beginning balance	$ 17,108	$ 16,454
Revenue recognized	(10,917)	(9,900)
Additional amounts deferred	10,075	10,554
Ending balance	$ 16,266	$ 17,108

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Stock-based Compensation

Schedule of information pertaining to option activity (including rollover options)

Information pertaining to option activity under all plans (including rollover options) during the years ending December 31, 2024, 2023, and 2022 is as follows:


				Weighted
		Weighted average		average
	Number of	exercise price per		remaining
	options	share		contractual life
Outstanding December 31, 2023	13,032,541	$	15.20	5.7
Granted	4,003,703		24.20
Exercised	(392,016)		4.53
Forfeited	(133,100)		22.28
Outstanding December 31, 2024	16,511,128		17.57	5.8


				Weighted
		Weighted average		average
	Number of	exercise price per		remaining
	options	share		contractual life
Outstanding December 31, 2022	13,123,170	$	15.10	6.6
Granted	208,725		37.20
Exercised	(39,204)		21.51
Forfeited	(260,150)		23.70
Outstanding December 31, 2023	13,032,541		15.20	5.7


				Weighted
		Weighted average		average
	Number of	exercise price per		remaining
	options	share		contractual life
Outstanding December 31, 2021	12,364,357	$	13.76	7.4
Granted	1,154,340		33.09
Exercised	(34,160)		20.47
Forfeited	(361,367)		26.23
Outstanding December 31, 2022	13,123,170		15.10	6.6

Schedule of the significant assumptions used in estimating the fair value of options granted


	Years ended December 31,
	2024	2023	2022
Risk free interest rate	3.76%–4.59%	3.51%–4.55%	1.65%–4.29%
Expected dividend yield	0%	0%	0%
Expected term of stock award	5.0–6.5	1.2–5	1.4–5.0
Expected volatility in stock price	49.62%–51.89%	51.64%–55%	50.46%–55%

Schedule of RSU activity


		Weighted
	Number of	average grant
	shares	date fair value
Outstanding December 31, 2023	—	$	—
Granted	2,107,499		21.90
Vested	—		—
Forfeited	(18,258)		21.50
Outstanding December 31, 2024	2,089,241		21.91

Schedule of Stock-based compensation expense


	Years ended December 31,
	2024		2023		2022
Cost of revenue	$	2,403	$	645	$	478
General and administrative		31,288		5,034		4,567
Sales and marketing		12,440		1,866		1,776
Research and development		8,306		1,303		1,182
Total		54,437		8,848		8,003

Debt - Additional information (Details) $ in Thousands									1 Months Ended	12 Months Ended
Debt - Additional information (Details) $ in Thousands	Dec. 30, 2024	Sep. 06, 2024 USD ($)	Feb. 09, 2024 USD ($)	Jun. 23, 2023	Jun. 01, 2023	Aug. 24, 2021 USD ($)	Sep. 23, 2020 USD ($)	Oct. 22, 2019 USD ($)	Feb. 29, 2024 USD ($)	Dec. 31, 2024 USD ($) installment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Nov. 29, 2023 USD ($)	Oct. 31, 2023 USD ($)	Oct. 07, 2023 USD ($)	Oct. 06, 2023 USD ($)
Debt
Amortization of debt discount and issuance costs										$ 3,946	$ 10,471	$ 10,260
Outstanding balance										1,243,545	2,248,816
Loss on extinguishment of debt										(20,611)	(393)	(1,079)
Unamortized debt issuance costs										11,255	31,155
Revolving credit facility
Debt
Maximum borrowing capacity										$ 400,000
Interest rate (in percent)										1.75%
Minimum base rate (in percent)										0.00%
30-day SOFR										SOFR
First Lien repricing
Debt
Third party fees										$ 1,200
Loss on extinguishment of debt										300
February 2024 First Lien Refinancing
Debt
Line of credit facility			$ 2,200
Creditor fees capitalized									$ 2,800
Third party fees capitalized									10,300
Third party fees									$ 1,400
Loss on extinguishment of debt										900
June 2024 First Lien Repricing
Debt
Third party fees										2,500
Loss on extinguishment of debt										300
June 2024 First Lien Paydown
Debt
Loss on extinguishment of debt										9,800
July 2024 First Lien Paydown
Debt
Loss on extinguishment of debt										1,200
September 2024 First Lien Paydown
Debt
Loss on extinguishment of debt										100
Repayments of credit facility										10,000
February 2024 Second Lien Paydown
Debt
Loss on extinguishment of debt										8,000
Receivables facility
Debt
Maximum borrowing capacity													$ 80,000	$ 70,000
Outstanding balance										$ 80,000	70,000
Effective interest rate (in percent)										5.95%
Proceeds from credit facility		$ 10,000
First Lien Credit Agreement
Debt
Percentage of credit spread adjustment				0.00%	2.75%
First lien term loan facility
Debt
Maximum borrowing capacity		10,000						$ 825,000			342,500
Line of credit facility						$ 2,800					1,730,000
Percentage of credit spread adjustment	2.25%
Outstanding balance										$ 1,163,545	1,730,816
Outstanding principal		$ 10,000
Minimum base rate (in percent)	0.00%
30-day SOFR	SOFR
Number of quarterly installments \| installment										20
Number of remaining payments \| installment										19
Repayments of credit facility							$ 909,100
Revolving credit facility
Debt
Maximum borrowing capacity								125,000							$ 400	$ 110,900
Outstanding balance										$ 0	0
Unamortized debt issuance costs										2,100	2,400
Second lien term loan facility outstanding debt
Debt
Maximum borrowing capacity											$ 448,000
Line of credit facility								$ 255,000
Maturity Date											Oct. 21, 2027
Outstanding balance										$ 0	$ 448,000
Interest rate (in percent)										1.75%	1.75%
Minimum base rate (in percent)										0.00%	0.00%
Effective interest rate (in percent)										6.08%	6.08%
First lien credit facility
Debt
Interest rate (in percent)										2.25%	2.25%
Minimum base rate (in percent)										0.00%	0.00%
Effective interest rate (in percent)										6.82%
Second Lien Credit Facility
Debt
Creditor fees capitalized											$ 400
Unamortized debt issuance costs												$ 1,100

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2024

Property and Equipment, Net

Schedule of balances of the major classes of property and equipment

The balances of the major classes of property and equipment are as follows (in thousands):


	December 31,
	2024		2023
Building	$	—	$	19,653
Computer hardware		39,833		35,006
Capitalized internal-use software		40,281		25,567
Purchased computer software		22,789		22,079
Furniture and fixtures		3,642		2,980
Office equipment		247		211
Leasehold improvements		3,778		8,255
Capital lease asset		—		2,994
Construction in progress		—		15
Internal-use software in progress		15,361		13,626
		125,931		130,386
Accumulated depreciation		(79,200)		(69,127)
	$	46,731	$	61,259

Summary of Significant Accounting Policies - Software licenses and maintenance contracts (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Prepaid expenses
Finite-Lived Intangible Assets [Line Items]
Total unamortized costs	$ 7.2	$ 5.5
Other long-term assets
Finite-Lived Intangible Assets [Line Items]
Total unamortized costs	$ 0.1	$ 0.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Debt - Maturity of Long-term Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt
2025	$ 11,668
2026	91,668
2027	11,668
2028	11,668
2029	1,116,873
Total	1,243,545
Total outstanding debt	$ 1,243,545	$ 2,248,816

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Derivative Financial Instruments (Details) - Designated as hedging instruments - Interest rate swap - DerivativeInstrument	Dec. 31, 2024	Jan. 13, 2023
Derivative financial instruments
Number of derivative financial instruments held	2
Number of additional derivative financial instruments		2

Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt
Total outstanding debt	$ 1,243,545	$ 2,248,816
Unamortized debt issuance costs	(11,255)	(31,155)
Current portion of long-term debt	(11,668)	(17,983)
Total long-term debt, net	1,220,622	2,199,678
First lien term loan facility outstanding debt
Debt
Total outstanding debt	1,163,545	1,730,816
Revolving credit facility
Debt
Total outstanding debt	0	0
Unamortized debt issuance costs	(2,100)	(2,400)
Second lien term loan facility outstanding debt
Debt
Total outstanding debt	0	448,000
Receivables facility outstanding debt
Debt
Total outstanding debt	$ 80,000	$ 70,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Fair Value Measurements and Disclosures (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Measurements and Disclosures

Schedule of fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis

The following table presents the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis (in thousands):


	Balance Sheet Classification	Carrying Value		Level 1		Level 2		Level 3
December 31, 2024
Financial assets:
Interest rate swaps	Other current assets	$	1,127	$	—	$	1,127	$	—
Interest rate swaps	Other long-term assets	$	22	$	—	$	22	$	—
December 31, 2023
Financial assets:
Interest rate swaps	Other current assets	$	23,350	$	—	$	23,350	$	—
Financial liabilities:
Interest rate swaps	Other long-term liabilities	$	2,472	$	—	$	2,472	$	—

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2024

Acquisitions

Summary of estimated fair values of assets acquired and liabilities assumed

The following table summarizes the estimated fair values of assets acquired and liabilities assumed as of the acquisitions date (in thousands):


Cash and cash equivalents	$	1,374
Accounts receivable		1,772
Prepaid and other current assets		255
Other assets		229
Customer relationships		14,500
Developed technology		800
Tradenames and trademarks		400
Goodwill		13,935
Total acquired assets	$	33,265
Other current liabilities		845
Deferred revenue		821
Other liabilities		225
Total acquired liabilities	$	1,891
Total net assets acquired	$	31,374

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2024

Derivative Financial Instruments

Derivative Financial Instruments

13.Derivative Financial Instruments

To mitigate the risk of a rise in interest rates on the First Lien Credit Facility, we entered into two interest rate swaps on October 13, 2021 and January 13, 2023. We attempt to minimize our interest risk exposure by fixing our rate through the utilization of interest rate swaps, which are derivative instruments. The interest rate swaps mitigate the exposure on the variable component of interest on our First Lien Credit Facility. Our swaps are entered into with financial institutions that participate in the First Lien Credit Facility. By using a derivative instrument to hedge exposures to changes in interest rates, we expose ourselves to credit risk due to the possible failure of the counterparty to perform under the terms of the derivative contract.

As of December 31, 2024 and 2023, we have the following interest rate swap agreement designated as a hedging instrument:


Effective Dates	Floating Rate Debt		Fixed Rates
January 31, 2023 through January 31, 2026	$	506.7 million	3.87	%

As of December 31, 2023, we have the following interest rate swap agreement designated as a hedging instrument:


Effective Dates	Floating Rate Debt		Fixed Rates
October 29, 2021 through October 31, 2024	$	604.1 million	0.67	%

The gain or loss on the swaps is recognized in accumulated other comprehensive loss and reclassified into earnings as adjustments to interest expense in the same period or periods during which the swaps affect earnings. Gains or losses on the swaps representing hedge components excluded from the assessment of effectiveness are recognized in current earnings. The effect of derivative instruments designated as hedging instruments on the accompanying consolidated financial statements is as follows (in thousands):


						Total interest
	Amount of Gain or		Location of Gain or	Amount of Gain or		Expense on
	(Loss) Recognized		(Loss) Reclassified	(Loss) Reclassified		Consolidated
	in AOCI/AOCL on		from AOCI/AOCL	from AOCI/AOCL		Statements of
Derivatives—Cash Flow Hedging Relationships	Derivative		into Income	into Income		Operations
Interest rate swaps:
Year Ended December 31, 2024	$	(14,921)	Interest expense	$	29,175	$	(146,270)
Year Ended December 31, 2023	$	(14,036)	Interest expense	$	31,386	$	(205,917)
Year Ended December 31, 2022	$	30,327	Interest expense	$	5,244	$	(155,325)

The net amount of accumulated other comprehensive income expected to be reclassified to interest income in the next twelve months is $0.9 million.

Other Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2024

Other Accrued Expenses

Schedule of other accrued expenses

Other accrued expenses consist of the following (in thousands):


	Year ended December 31,
	2024		2023
Other taxes payable	$	8,026	$	3,506
Retirement plan payable		497		497
Accrued self insurance claims		1,064		993
Accrued interest		597		1,697
Other		5,746		4,230
Total	$	15,930	$	10,923

Leases

12 Months Ended

Dec. 31, 2024

Leases

Leases

9.Leases

We determine whether a contract is or contains a lease at inception. At the lease commencement date, we record a liability for the lease obligation and a corresponding asset representing the right to use the underlying asset over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet and are recognized in expense using a straight-line basis for all asset classes. Variable lease payments are expensed as incurred, which primarily include maintenance costs, services provided by the lessor, and other charges reimbursed to the lessor.

We lease office space and data center facilities with remaining lease terms ranging from one year to 10 years, some of which contain renewal options. The exercise of these options is at our sole discretion.

Certain of our leases contain lease and non-lease components. For leases held on or after January 1, 2022, we have elected the practical expedient under ASC 842-10-15-37 for all asset classes which allows companies to account for lease and non-lease components as a single lease component.

Our leases do not contain an implicit rate of return; therefore, an incremental borrowing rate was determined. We assessed which rate would be most reflective of a reasonable rate we would be able to borrow based on credit rating and lease term.

Finance lease right-of-use assets of zero and $16.0 million as of December 31, 2024 and 2023, respectively, are included in property and equipment, net on the consolidated balance sheet. Due to the relocation of one of our offices (see Note 7), we reduced the useful life of the related finance lease right-of-use asset, which represented $14.9 million of incremental depreciation (excluding accelerated depreciation on leasehold improvements) for the year ended December 31, 2024. We also reduced the useful life of the related operating lease right-of-use asset, which represented $1.2 million of additional operating lease cost for the year ended December 31, 2024.

The following table presents components of lease expense for the years ended December 31, 2024, 2023, and 2022, respectively (in thousands):


	Years ended December 31,
	2024		2023		2022
Finance lease cost
Amortization of right-of-use assets	$	15,993	$	1,586	$	1,586
Interest on lease liabilities		751		797		843
Operating lease cost		5,004		3,780		3,554
Variable lease cost		412		360		1,020
Short-term lease		634		781		1,795
Total lease cost	$	22,794	$	7,304	$	8,798

Maturities of lease liabilities as of December 31, 2024 are as follows (in thousands):


	Operating Leases		Finance Leases
2025	$	6,342	$	1,604
2026		5,486		1,641
2027		3,191		1,678
2028		2,868		1,714
2029		1,404		1,752
Thereafter		1,360		7,557
Total future minimum lease payments		20,651		15,946
Less: Interest		1,927		3,752
Total	$	18,724	$	12,194

Supplemental cash flow information related to leases for the years ended December 31, 2024, 2023, and 2022 are as follows (in thousands):


	Years ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	5,423	$	5,400	$	4,671
Financing cash flows for financing leases		1,572		1,547		1,547
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	4,642	$	2,284	$	875

Supplemental balance sheet information related to leases as of December 31, 2024 and 2023 are as follows:


	Year ending December 31,
	2024	2023
Weighted average remaining lease term (years):
Operating leases	4.1	4.9
Financing leases	9.1	10.1
Weighted average discount rate:
Operating leases	4.7	4.4
Financing leases	5.9	5.9

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

8.Goodwill and Other Intangible Assets

Goodwill has a balance of $3.0 billion as of both December 31, 2024 and 2023. During the year ended December 31, 2024, we recorded an out-of-period adjustment to record a previously unrecognized deferred tax asset for the future benefit of rollover options originally issued in 2019 in connection with a change of control. The recorded adjustment increased deferred tax assets by $9.1 million, decreased income tax benefit by $0.9 million for the year ended December 31, 2024, and decreased goodwill by $10.0 million.

The following table details the cost basis changes in the carrying amount of goodwill (in thousands):


Balance as of December 31, 2021	$	3,009,769
Decreases due to measurement period adjustments related to prior year acquisitions		(211)
Balance as of December 31, 2022		3,009,558
Goodwill recorded in connection with acquisitions (Note 6)		20,455
Balance as of December 31, 2023		3,030,013
Rollover options deferred tax asset adjustment		(10,014)
Total	$	3,019,999

Amortization for definite-lived intangible assets is as follows (in thousands, except useful life):


							Weighted-
					Net		Average
	Gross Carrying		Accumulated		Carrying		Remaining
	Amount		Amortization		Value		Useful Life
As of December 31, 2024
Customer relationships	$	1,429,400	$	(440,729)	$	988,671	11.1
Purchased developed technology		81,800		(50,875)		30,925	4.2
Tradenames and trademarks		40,700		(21,247)		19,453	4.7
Total	$	1,551,900	$	(512,851)	$	1,039,049
As of December 31, 2023
Customer relationships	$	1,429,400	$	(345,848)	$	1,083,552	12.3
Purchased developed technology		301,100		(221,558)		79,542	3.0
Tradenames and trademarks		40,700		(16,857)		23,842	6.0
Total	$	1,771,200	$	(584,263)	$	1,186,936

Amortization expense was $147.9 million, $159.4 million, and $167.5 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Estimated future amortization expense is as follows (in thousands):


Year ending, December 31,
2025	$	110,093
2026		103,831
2027		103,831
2028		103,831
2029		101,915
Thereafter		515,548
Total	$	1,039,049

Business - Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	12 Months Ended
	Jul. 05, 2024	Jun. 06, 2024	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business
Proceeds from exercise of common stock options				$ 1,683	$ 425	$ 649
Deferred offering costs capitalized				0	5,400
First lien term loan facility
Business
Outstanding principal				909,100	$ 110,900
IPO
Business
Additional shares of common stock			45,000,000
Shares issued price per share			$ 21.5
Proceeds from exercise of common stock options			$ 914,300
Underwriters discounts and commission expense			53,200
Deferred offering costs capitalized			$ 8,800	$ 8,800
Over allotment option
Business
Additional shares of common stock	5,059,010	6,750,000
Proceeds from exercise of common stock options	$ 102,800
Underwriters discounts and commission expense	$ 6,000

Goodwill and Other Intangible Assets - Amortization for Definite-lived Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and other intangible assets
Gross carrying amount	$ 1,551,900	$ 1,771,200
Accumulated amortization	(512,851)	(584,263)
Net carrying value	1,039,049	1,186,936
Amortization expense	147,900	159,400	$ 167,500
Customer relationships
Goodwill and other intangible assets
Gross carrying amount	1,429,400	1,429,400
Accumulated amortization	(440,729)	(345,848)
Net carrying value	$ 988,671	$ 1,083,552
Weighted-average remaining useful life	11 years 1 month 6 days	12 years 3 months 18 days
Purchased developed technology
Goodwill and other intangible assets
Gross carrying amount	$ 81,800	$ 301,100
Accumulated amortization	(50,875)	(221,558)
Net carrying value	$ 30,925	$ 79,542
Weighted-average remaining useful life	4 years 2 months 12 days	3 years
Tradenames and trademarks
Goodwill and other intangible assets
Gross carrying amount	$ 40,700	$ 40,700
Accumulated amortization	(21,247)	(16,857)
Net carrying value	$ 19,453	$ 23,842
Weighted-average remaining useful life	4 years 8 months 12 days	6 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Property and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property and equipment, net
Capital lease asset		$ 2,994
Property and equipment, gross including capital lease	$ 125,931	130,386
Accumulated depreciation	(79,200)	(69,127)
Property and equipment, net	46,731	61,259
Depreciation of fixed assets, including the amortization of capitalized software	38,700	17,100	$ 15,700
Capitalization of software development costs	16,400	15,000	10,900
Amortization of capitalized software	10,200	6,800	5,600
Net book value of capitalized software development costs	29,600	23,400
Impairment expense	$ 0	$ 0	$ 0
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	General and Administrative Expense	General and Administrative Expense	General and Administrative Expense
Expected amortization of capitalized software	$ 13,200
Incremental depreciation	17,900
Building
Property and equipment, net
Property and equipment, gross		$ 19,653
Computer hardware
Property and equipment, net
Property and equipment, gross	39,833	35,006
Capitalized internal-use software
Property and equipment, net
Property and equipment, gross	40,281	25,567
Purchased computer software
Property and equipment, net
Property and equipment, gross	22,789	22,079
Furniture and fixtures
Property and equipment, net
Property and equipment, gross	3,642	2,980
Office equipment
Property and equipment, net
Property and equipment, gross	247	211
Leasehold improvements
Property and equipment, net
Property and equipment, gross	3,778	8,255
Impairment expense			$ 4,600
Construction in progress
Property and equipment, net
Property and equipment, gross		15
Internal-use software in progress
Property and equipment, net
Property and equipment, gross	$ 15,361	$ 13,626

Segments (Details) - USD ($) $ in Thousands	12 Months Ended
Segments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segments
Revenue	$ 943,549	$ 791,010	$ 704,874
Research and development	48,775	35,332	32,807
Sales and marketing	156,935	124,437	111,470
General and administrative	111,753	62,924	73,089
Depreciation of fixed assets, including the amortization of capitalized software	38,700	17,100	15,700
Income tax expense / (benefit)	(3,420)	(12,500)	(14,420)
Net loss	(19,125)	(51,334)	(51,455)
Single reportable segment \| Operating segments
Segments
Revenue	943,549	791,010	704,874
Materials & connectivity	225,333	173,077	144,578
Labor & associated expenses	90,397	76,690	70,313
Research and development	48,775	35,332	32,807
Sales and marketing	156,935	124,437	111,470
General and administrative	111,753	62,924	73,089
Depreciation of fixed assets, including the amortization of capitalized software	38,744	17,062	15,682
Amortization	147,887	159,405	167,485
Interest & non-operating expenses, net	146,270	205,917	155,325
Income tax expense / (benefit)	(3,420)	(12,500)	(14,420)
Net loss	$ (19,125)	$ (51,334)	$ (51,455)

Stock-based Compensation - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of options (in shares)
Beginning balance	13,032,541	13,123,170	12,364,357
Granted	4,003,703	208,725	1,154,340
Exercised	(392,016)	(39,204)	(34,160)
Canceled	(133,100)	(260,150)	(361,367)
Ending balance	16,511,128	13,032,541	13,123,170	12,364,357
Weighted average exercise price per share (in dollars per share)
Beginning balance	$ 15.2	$ 15.1	$ 13.76
Granted	24.2	37.2	33.09
Exercised	4.53	21.51	20.47
Canceled	22.28	23.7	26.23
Ending balance	$ 17.57	$ 15.2	$ 15.1	$ 13.76
Weighted average remaining contractual life	5 years 9 months 18 days	5 years 8 months 12 days	6 years 7 months 6 days	7 years 4 months 24 days
Compensation expense	$ 51.8
Expected compensation expense, weighted average period (in years)	3 years 8 months 12 days

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Other Intangible Assets

Schedule of changes in the carrying amount of goodwill

The following table details the cost basis changes in the carrying amount of goodwill (in thousands):


Balance as of December 31, 2021	$	3,009,769
Decreases due to measurement period adjustments related to prior year acquisitions		(211)
Balance as of December 31, 2022		3,009,558
Goodwill recorded in connection with acquisitions (Note 6)		20,455
Balance as of December 31, 2023		3,030,013
Rollover options deferred tax asset adjustment		(10,014)
Total	$	3,019,999

Schedule of amortization for definite-lived intangible assets

Amortization for definite-lived intangible assets is as follows (in thousands, except useful life):


							Weighted-
					Net		Average
	Gross Carrying		Accumulated		Carrying		Remaining
	Amount		Amortization		Value		Useful Life
As of December 31, 2024
Customer relationships	$	1,429,400	$	(440,729)	$	988,671	11.1
Purchased developed technology		81,800		(50,875)		30,925	4.2
Tradenames and trademarks		40,700		(21,247)		19,453	4.7
Total	$	1,551,900	$	(512,851)	$	1,039,049
As of December 31, 2023
Customer relationships	$	1,429,400	$	(345,848)	$	1,083,552	12.3
Purchased developed technology		301,100		(221,558)		79,542	3.0
Tradenames and trademarks		40,700		(16,857)		23,842	6.0
Total	$	1,771,200	$	(584,263)	$	1,186,936

Schedule of estimated future amortization expense

Estimated future amortization expense is as follows (in thousands):


Year ending, December 31,
2025	$	110,093
2026		103,831
2027		103,831
2028		103,831
2029		101,915
Thereafter		515,548
Total	$	1,039,049

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2024

Related Party Transactions

Related Party Transactions

14.Related Party Transactions

As of December 31, 2024 and 2023, we had $35.6 million and $65.3 million, respectively, of outstanding debt as part of the first lien term loan facility from Bain Affiliated Funds and CPPIB Credit Investments III Inc., affiliates of Bain Capital LP and Canada Pension Plan Investment Board (“Affiliated Debtholders”). Interest expense associated with and paid to Affiliated Debtholders was $4.5 million, $7.6 million and $6.4 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Canada Pension Plan Investment Board has an ownership interest in us and a significant interest in the landlord that leases us office space under an operating lease agreement in Houston, Texas. For the years ended December 31, 2024, 2023, and 2022, we expensed $0.2 million, $0.3 million and $0.2 million, respectively, for this office space lease in general and administrative expense.

Bain Capital LP has an ownership interest in us and a significant interest in some clients for whom we provide software solutions. For the years ended December 31, 2024, 2023, and 2022, we earned $1.9 million from five customers, $1.5 million from four customers and $1.4 million from two customers, respectively. They also have an ownership interest in us and a significant interest in two vendors that provides us with software solutions. For the years ended December 31, 2024, 2023, and 2022, we expensed $2.1 million, $0.4 million and $0.4 million, respectively, for software services from these vendors in cost of revenue expense.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Summary of Significant Accounting Policies - Property and equipment (Details)	Dec. 31, 2024
Computer hardware
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Office equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life	7 years
Building
Property, Plant and Equipment [Line Items]
Estimated useful life	40 years
Purchased computer software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Purchased computer software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

Leases - Lease Liability Maturities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Operating leases
2025	$ 6,342
2026	5,486
2027	3,191
2028	2,868
2029	1,404
Thereafter	1,360
Total future minimum lease payments	20,651
Less: Interest	1,927
Total	18,724
Finance leases
2025	1,604
2026	1,641
2027	1,678
2028	1,714
2029	1,752
Thereafter	7,557
Total future minimum lease payments	15,946
Less: Interest	3,752
Total	$ 12,194

Related Party Transactions (Details) $ in Thousands	12 Months Ended
Related Party Transactions (Details) $ in Thousands	Dec. 31, 2024 USD ($) client	Dec. 31, 2023 USD ($) client	Dec. 31, 2022 USD ($) client
Related party transactions
Outstanding amount	$ 1,243,545	$ 2,248,816
General and administrative	111,753	62,924	$ 73,089
Revenue	943,549	791,010	704,874
Operating lease agreement
Related party transactions
General and administrative	200	300	200
Provision of software solutions
Related party transactions
Revenue	$ 1,900	$ 1,500	$ 1,400
Number of clients from whom revenue is earned \| client	5	4	2
Receipt of software services
Related party transactions
Cost of revenue expense	$ 2,100	$ 400	$ 400
Related Party
Related party transactions
Interest expense related to First lien term loan facility from Affiliated Debtholders	4,508	7,608	$ 6,358
First lien term loan facility from Affiliated Debtholders
Related party transactions
Outstanding amount	$ 35,600	$ 65,300

Stock-based Compensation (Details) - USD ($) $ in Thousands			12 Months Ended
Stock-based Compensation (Details) - USD ($) $ in Thousands	Jun. 06, 2024	Oct. 22, 2019	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock-based compensation
Rollover options outstanding (in shares)			16,511,128	13,032,541	13,123,170	12,364,357
Stock-based compensation expense			$ 54,437	$ 8,848	$ 8,003
Expected compensation expense, weighted average period (in years)			3 years 8 months 12 days
General and administrative
Stock-based compensation
Stock-based compensation expense			$ 31,288	5,034	4,567
Research and development
Stock-based compensation
Stock-based compensation expense			$ 8,306	$ 1,303	$ 1,182
Restricted Stock Units (RSUs)
Stock-based compensation
Expected compensation expense, weighted average period (in years)			4 years 4 months 24 days
Stock Incentive Plan 2019
Stock-based compensation
Maximum shares issuable		9,900,000
Contractual term (in years)		10 years
Vesting period of options with a service condition (in years)		5 years
Vesting percentage of options with a service condition (in percent)		20.00%
Rollover options outstanding (in shares)		3,400,000
Equity Incentive Plan 2024
Stock-based compensation
Vesting period of options with a service condition (in years)	5 years
Vesting percentage of options with a service condition (in percent)	20.00%
Common stock, capital shares reserved for future issuance	10,000,000
Percentage of outstanding stock maximum	5.00%
Equity Incentive Plan 2024 \| Restricted Stock Units (RSUs)
Stock-based compensation
Common stock, capital shares reserved for future issuance			4,600,000
Equity Incentive Plan 2024 \| Maximum \| Restricted Stock Units (RSUs)
Stock-based compensation
Vesting period of options with a service condition (in years)	5 years
Vesting percentage of options with a service condition (in percent)	25.00%
Equity Incentive Plan 2024 \| Minimum \| Restricted Stock Units (RSUs)
Stock-based compensation
Vesting period of options with a service condition (in years)	4 years
Vesting percentage of options with a service condition (in percent)	20.00%
Employee Stock Purchase Plan 2024
Stock-based compensation
Maximum shares issuable			0
Common stock, capital shares reserved for future issuance	3,250,000
Percentage of outstanding stock maximum	1.00%
Employee Stock Purchase Plan 2024 \| Maximum
Stock-based compensation
Shares issued in period	27,000,000

Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Plans (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Plans
Total Plan expense	$ 4.7	$ 4.1	$ 3.8

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2024

Revenue Recognition

Schedule of revenues disaggregated by revenue type and the timing of revenue recognition

The following table presents revenues disaggregated by revenue type and the timing of revenue recognition (in thousands):


		Years ended December 31,
	Recognition		2024	2023		2022
Subscription revenue	Over time	$	457,975	$	401,013	$	366,717
Volume-based revenue	Over time		479,913		386,276		335,452
Implementation services and other revenue	Various		5,661		3,721		2,705
Total revenues		$	943,549	$	791,010	$	704,874

Schedule of activity impacting deferred revenue balances

The following table presents activity impacting deferred revenue balances (in thousands):


	December 31,
	2024		2023
Beginning balance	$	17,108	$	16,454
Revenue recognized		(10,917)		(9,900)
Additional amounts deferred		10,075		10,554
Ending balance	$	16,266	$	17,108

Income/ (Loss) Per Share - Reconciliation of The Numerators and The Denominators of The Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Basic income/(loss) per share:
Net Income (Loss)	$ (19,125)	$ (51,334)	$ (51,455)
Net income / (loss) attributable to common shares	$ (19,125)	$ (51,334)	$ (51,455)
Basic weighted average common stock outstanding	149,915,839	121,675,430	121,684,771
Basic income / (loss) per share	$ (0.13)	$ (0.42)	$ (0.42)
Diluted income / (loss) per share:
Net Income (Loss)	$ (19,125)	$ (51,334)	$ (51,455)
Net income / (loss) attributable to common shares	$ (19,125)	$ (51,334)	$ (51,455)
Diluted weighted average common stock outstanding	149,915,839	121,675,430	121,684,771
Diluted income / (loss) per share	$ (0.13)	$ (0.42)	$ (0.42)
Voting
Basic income/(loss) per share:
Basic weighted average common stock outstanding	149,915,839	121,238,629	121,247,970
Diluted income / (loss) per share:
Diluted weighted average common stock outstanding	149,915,839	121,238,629	121,247,970
Non-voting
Basic income/(loss) per share:
Basic weighted average common stock outstanding		436,801	436,801
Diluted income / (loss) per share:
Diluted weighted average common stock outstanding		436,801	436,801

Income Taxes - Changes in the valuation allowance (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Income Taxes
Beginning balance	$ 197
Increase/(Decrease)	859
Ending balance	$ 1,056

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net loss	$ (19,125)	$ (51,334)	$ (51,455)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities
Depreciation and amortization	186,631	176,467	183,167
Stock-based compensation	54,437	8,848	8,003
Provision for bad debt expense	2,669	2,419	2,518
Loss on disposal of assets			27
Loss on extinguishment of debt	20,611	393	1,079
Impairment loss			10,856
Deferred income taxes	(59,135)	(61,665)	(27,108)
Amortization of debt discount and issuance costs	3,946	10,471	10,260
Other	(99)	485	66
Changes in:
Accounts receivable	(21,816)	(16,714)	(17,372)
Income tax refundable	3,973	(2,459)	6,428
Prepaid expenses and other current assets	(2,322)	(9,705)	(570)
Deferred costs	(16,497)	(14,189)	(17,380)
Other long-term assets	(472)	(1,664)	(79)
Accounts payable and accrued expenses	18,228	11,920	(3,344)
Deferred revenue	(842)	(167)	(1,316)
Operating lease right-of-use assets and lease liabilities	(419)	(1,691)	(1,116)
Other long-term liabilities		45	(30)
Net cash provided by operating activities	169,768	51,460	102,634
Cash flows from investing activities
Purchase of property and equipment and capitalization of internally developed software costs	(27,268)	(21,517)	(17,433)
Acquisitions, net of cash and cash equivalents acquired		(40,000)
Net cash used in investing activities	(27,268)	(61,517)	(17,433)
Cash flows from financing activities
Payment to former shareholders			(2)
Change in aggregated funds liability	12,399	2,105	626
Proceeds from equity offering, net of underwriting discounts	1,017,074
Payments of third-party IPO issuance costs	(3,407)
Repurchase of shares	(844)	(688)	(2,454)
Proceeds from exercise of common stock options	1,683	425	649
Proceeds from issuances of debt, net of creditor fees	576,060	20,000
Payments on debt	(1,584,080)	(37,983)	(64,982)
Third-party fees paid in connection with issuance of new debt	(1,410)	(219)
Cash settlement of stock options			(70)
Finance lease liabilities paid	(821)	(791)	(832)
Net cash provided by (used in) financing activities	16,654	(17,151)	(67,065)
Increase in cash and cash equivalents during the period	159,154	(27,208)	18,136
Cash and cash equivalents and restricted cash-beginning of period	45,428	72,636	54,500
Cash and cash equivalents and restricted cash-end of period	204,582	45,428	72,636
Supplemental disclosures of cash flow information
Interest paid	122,771	193,003	144,317
Cash taxes paid (refunds received), net	51,100	51,449	5,574
Non-cash investing and financing activities
Fixed asset purchases in accounts payable	283	1,091	123
Unpaid third-party IPO issuance costs	15
Balance sheet
Cash and cash equivalents	182,133	35,580	64,558
Restricted cash	22,449	9,848	8,078
Total	$ 204,582	$ 45,428	$ 72,636

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases
Cash paid, Operating cash flows for operating leases	$ 5,423	$ 5,400	$ 4,671
Cash paid, Financing cash flows for financing leases	1,572	1,547	1,547
Right-of-use assets obtained in exchange for new lease liabilities, Operating leases	$ 4,642	$ 2,284	$ 875

Revenue Recognition

12 Months Ended

Dec. 31, 2024

Revenue Recognition

Revenue Recognition

3.Revenue Recognition

Disaggregation of Revenue

The following table presents revenues disaggregated by revenue type and the timing of revenue recognition (in thousands):


		Years ended December 31,
	Recognition		2024	2023		2022
Subscription revenue	Over time	$	457,975	$	401,013	$	366,717
Volume-based revenue	Over time		479,913		386,276		335,452
Implementation services and other revenue	Various		5,661		3,721		2,705
Total revenues		$	943,549	$	791,010	$	704,874

Contract Liabilities

We derive our revenue from contracts with clients primarily through subscription fees and volume-based fees. Our payment terms with the client generally comprise an initial payment for implementation services, which includes client enrollment and the setup of contracted solutions on our platform. These implementation fees are due upon contract execution. Additionally, subscription fees are earned on an ongoing basis, which are invoiced monthly.

Client payments received in advance of fulfilling the corresponding performance obligations are recorded as contract liabilities. Implementation fees are recognized over the customer life, with any unrecognized amounts deferred as contract liabilities. These amounts are reported as deferred revenue on our consolidated balance sheet.

The following table presents activity impacting deferred revenue balances (in thousands):


	December 31,
	2024		2023
Beginning balance	$	17,108	$	16,454
Revenue recognized		(10,917)		(9,900)
Additional amounts deferred		10,075		10,554
Ending balance	$	16,266	$	17,108

Transaction Price Allocated to Remaining Performance Obligations

As of December 31, 2024, the transaction price related to unsatisfied performance obligations that are expected to be recognized for the next 12 months and greater than 12 months was $52.2 million and $17.9 million, respectively.

The transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) for executed contracts does not include revenue related to performance obligations that are part of a contract with an original expected duration of one year or less. Additionally, the balance does not include variable consideration that is allocated entirely to wholly unsatisfied promises that form part of a single performance obligation comprised of a series of distinct daily services.

Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations and changes in the timing and scope of contracts, arising from contract modifications.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Summary of Significant Accounting Policies - Contract Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Contract Costs
Impairment losses	$ 0.0	$ 0.0
Incremental costs of obtaining a contract
Contract Costs
Total unamortized costs	29.0	22.8
Amortization related to contract costs	10.7	7.6	$ 4.9
Costs to fulfill a contract
Contract Costs
Total unamortized costs	53.8	43.0
Amortization related to contract costs	$ 12.3	$ 8.8	$ 5.8

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Taxes

Income Taxes

10.Income Taxes

The provision for income taxes consisted of the following for the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Years ended December 31,
	2024		2023		2022
Current tax expense:
Federal	$	44,082	$	36,277	$	3,388
State		11,633		12,888		9,300
Total current tax expense		55,715		49,165		12,688
Provisions for uncertain tax expense
Deferred tax (benefit):
Federal		(53,032)		(53,382)		(21,978)
State		(6,103)		(8,283)		(5,130)
Total deferred tax benefit		(59,135)		(61,665)		(27,108)
Income tax benefit	$	(3,420)	$	(12,500)	$	(14,420)

The reconciliation between the statutory income tax rate and the effective income tax rate for the years ended December 31, 2024, 2023, and 2022 are as follows:


	Years ended December 31,
	2024		2023		2022
Statutory rate	21	%	21	%	21	%
State income tax, net of federal tax effect	-1	%	1	%	2	%
Change in state tax rates	-10	%	-3	%	-4	%
Tax credits	9	%	3	%	4	%
Stock-based compensation	4	%	0	%	0	%
Change in uncertain tax liability	-6	%	0	%	-1	%
Return to provision adjustments	3	%	-3	%	-1	%
Change in valuation allowance	-4	%	0	%	0	%
Other	-1	%	1	%	1	%
Effective tax rate	15	%	20	%	22	%

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2024 and 2023 are as follows (in thousands):


	December 31,
	2024		2023
Deferred tax assets:
State tax credits	$	827	$	827
Accrued bonus		5,148		3,535
Stock - based compensation		30,022		7,252
Accrued revenue, expenses, deferrals and other		2,611		80
Interest expense		105,353		91,265
Deferred revenue		2,129		2,171
Capitalized R&D costs		20,557		20,604
Lease liability		4,703		4,632
Software development costs		—		526
Depreciation of property and equipment		1,755		—
Net operating loss		15,599		15,848
Valuation allowance		(1,056)		(197)
Total deferred tax assets	$	187,648	$	146,543
Deferred tax liabilities:
Depreciation of property and equipment		—		5,366
Transaction costs		26		15
Amortization		262,026		289,269
Other prepaid expenses		2,270		1,905
ROU asset		2,717		2,561
Accrued revenue, expenses, deferrals and other		—		268
Deferred rent		—		96
Deferred costs		20,849		16,474
Interest rate swap		283		5,069
Total deferred liabilities		288,171		321,023
Net deferred tax liability	$	(100,523)	$	(174,480)

The following is a reconciliation of beginning and ending unrecognized tax benefits, including associated interest and penalties for the years ended December 31, 2024 and 2023 (in thousands):


	December 31,		December 31,
	2024		2023
Beginning balance	$	3,094	$	2,814
Additions based on tax positions related to the current year		1,265		319
Reductions based on tax positions related to the current year		(24)		(39)
Additions for positions related to prior years		—		—
Reductions for tax positions in prior years		—		—
Ending balance	$	4,335	$	3,094

As of December 31, 2024 and 2023, the amount of unrecognized tax benefits that would impact the effective tax rate if recognized was $4.1 million and $2.9 million, respectively. During the years ended December 31, 2024, 2023, and 2022 we recognized $0.2 million, $0 million, and $0 million expense for interest and penalties related to unrecognized tax benefits. The above unrecognized tax benefits are recorded as an increase in the deferred tax liability in the accompanying balance sheet. Years 2020 to 2023 remain open to examination by federal, state, or local tax authorities.

As of December 31, 2024, we had net operating loss (“NOL”) carryforwards, consisting of approximately $4.3 million of tax effected Federal NOLs that expire beginning in 2029 and $10.4 million of tax effected state NOLs net of federal benefit that expire beginning in 2029, limited under provisions of Internal Revenue Code Section 382.

The following table details the changes in the valuation allowance for the years ended December 31, 2024 and 2023 (in thousands):


	State
	attributes
December 31, 2024
Beginning balance	$	197
Increase/(decrease)		859
Ending balance		1,056
December 31, 2023
Beginning balance	$	197
Increase/(decrease)		—
Ending balance	$	197

As of December 31, 2024, we have a partial valuation allowance on our state credits of $0.2 million as well as a partial valuation allowance on certain state net operating loss carryforwards of $0.9 million.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Income/ (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Income/ (Loss) Per Share

Schedule of reconciliation of the numerators and the denominators of the basic and diluted per share


	Years ended December 31,
	2024		2023		2022
Basic income / (loss) per share:
Net income / (loss)	$	(19,125)	$	(51,334)	$	(51,455)
Net income / (loss) attributable to common shares	$	(19,125)	$	(51,334)	$	(51,455)
Weighted average common stock outstanding–(voting)		149,915,839		121,238,629		121,247,970
Weighted average common stock outstanding–(non-voting)		—		436,801		436,801
Basic weighted average common stock outstanding		149,915,839		121,675,430		121,684,771
Basic income / (loss) per share	$	(0.13)	$	(0.42)	$	(0.42)
Diluted income / (loss) per share:
Net income / (loss)	$	(19,125)		(51,334)	$	(51,455)
Net income / (loss) attributable to common shares	$	(19,125)	$	(51,334)	$	(51,455)
Weighted average common stock outstanding–(voting)		149,915,839		121,238,629		121,247,970
Weighted average common stock outstanding–(non-voting)		—		436,801		436,801
Diluted weighted average common stock outstanding		149,915,839		121,675,430		121,684,771
Diluted income / (loss) per share	$	(0.13)	$	(0.42)	$	(0.42)

Fair Value Measurements and Disclosures - Additional Information (Details) - Recurring basis - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value Measurements and Disclosures
Transfers in or out of Level 3	$ 0.0	$ 0.0
Carrying value \| First lien term loan facility
Fair Value Measurements and Disclosures
Loan value	1,163.5	1,730.8
Fair value \| First lien term loan facility
Fair Value Measurements and Disclosures
Loan value	$ 1,169.4	$ 1,735.1

Accounts Receivable Securitization (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 06, 2024	Dec. 31, 2024	Dec. 31, 2023	Nov. 29, 2023	Oct. 31, 2023
Accounts Receivable Securitization
Outstanding amount		$ 1,243,545	$ 2,248,816
Second lien term loan facility
Accounts Receivable Securitization
Outstanding amount		$ 0	448,000
Maximum borrowing capacity			$ 448,000
Interest rate (in percent)		1.75%	1.75%
Effective interest rate (in percent)		6.08%	6.08%
Minimum base rate (in percent)		0.00%	0.00%
September 2024 First Lien Paydown
Accounts Receivable Securitization
Repayments of credit facility		$ 10,000
Receivables facility
Accounts Receivable Securitization
Outstanding amount		$ 80,000	$ 70,000
Term of receivables facility		3 years
Maximum borrowing capacity				$ 80,000	$ 70,000
Proceeds from credit facility	$ 10,000
Effective interest rate (in percent)		5.95%
SOFR \| Receivables facility
Accounts Receivable Securitization
Interest rate (in percent)		1.61%
Base rate \| Receivables facility
Accounts Receivable Securitization
Interest rate (in percent)		0.00%

Acquisitions (Details) - USD ($) $ in Thousands			12 Months Ended
Acquisitions (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Aug. 03, 2023	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2022	Dec. 31, 2021
Acquisitions
Goodwill			$ 3,030,013	$ 3,019,999	$ 3,009,558	$ 3,009,769
HealthPay24
Acquisitions
Consideration paid		$ 31,400
Useful lives		12 years 1 month 6 days
Goodwill		$ 13,935
HealthPay24 \| General and administrative
Acquisitions
Total acquisition costs			$ 900
HealthPay24 \| Customer relationships
Acquisitions
Useful lives		19 years
Total intangible assets		$ 14,500
HealthPay24 \| Developed technology
Acquisitions
Useful lives		8 years
Total intangible assets		$ 800
HealthPay24 \| Tradenames and trademarks
Acquisitions
Useful lives		2 years
Total intangible assets		$ 400
Olive AI, Inc
Acquisitions
Total consideration	$ 10,000
Total intangible assets	10,600
Goodwill	$ 6,500

Goodwill and Other Intangible Assets - Changes in the carrying amount of goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Changes in the carrying amount of goodwill
Balance as of beginning	$ 3,030,013	$ 3,009,558	$ 3,009,769
Decreases due to measurement period adjustments related to prior year acquisitions			(211)
Goodwill recorded in connection with acquisition (Note 5)		20,455
Rollover options deferred tax asset adjustment	10,014
Balance as of ending	$ 3,019,999	$ 3,030,013	$ 3,009,558

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases
Finance lease cost, Amortization of right-of-use assets	$ 15,993	$ 1,586	$ 1,586
Finance lease cost, Interest on lease liabilities	751	797	843
Operating lease cost	5,004	3,780	3,554
Variable lease cost	412	360	1,020
Short-term lease	634	781	1,795
Total lease cost	$ 22,794	$ 7,304	$ 8,798

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements of Comprehensive Loss
Net loss	$ (19,125)	$ (51,334)	$ (51,455)
Other comprehensive income, before tax:
Interest rate swaps	(19,728)	(18,651)	40,204
Income tax effect:
Interest rate swaps	4,807	4,615	(9,877)
Other comprehensive loss, net of tax	(14,921)	(14,036)	30,327
Comprehensive loss, net of tax	$ (34,046)	$ (65,370)	$ (21,128)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Stock-based Compensation - RSU Activity (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Weighted average grant date fair value
Compensation expense \| $	$ 51.8
Expected compensation expense, weighted average period (in years)	3 years 8 months 12 days
Restricted Stock Units (RSUs)
Number of shares
Outstanding, Beginning balance (in shares) \| shares	0
Granted \| shares	2,107,499
Vested \| shares	0
Forfeited \| shares	(18,258)
Outstanding, ending balance (in shares) \| shares	2,089,241
Weighted average grant date fair value
Outstanding, beginning balance \| $ / shares	$ 0
Granted \| $ / shares	21.9
Vested \| $ / shares	0
Forfeited \| $ / shares	21.5
Outstanding, ending balance \| $ / shares	$ 21.91
Compensation expense \| $	$ 40.0
Expected compensation expense, weighted average period (in years)	4 years 4 months 24 days

Summary of Significant Accounting Policies - Channel Partners (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies
Fees to channel partners	$ 65.3	$ 52.3	$ 46.0

Summary of Significant Accounting Policies - Advertising costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies
Advertising expense	$ 12.5	$ 10.5	$ 10.9

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Other Intangible Assets
Goodwill	$ 3,019,999	$ 3,030,013	$ 3,009,558	$ 3,009,769
Increased deferred tax assets	9,100
Increased income tax benefit	900
Decrease in goodwill	$ (10,014)

- Definition

+ References

+ Details

Stock-based Compensation

12 Months Ended

Dec. 31, 2024

Stock-based Compensation

Stock-based Compensation

17.Stock-based Compensation

Equity incentive plans

On October 22, 2019, the Board of Directors approved the Waystar Holding Corp. 2019 Stock Incentive Plan. Under this plan, we can issue up to 9.9 million options or other equity awards. The granted awards contain service criteria, performance criteria, market conditions, or a combination thereof for vesting and have a 10-year contractual term. Options with a service condition generally vest over 5 years with 20% vesting in equal vesting installments. Options with a performance condition and a market condition vest based upon a change in control, initial public offering, or a sponsor distribution or deemed return if the investors have achieved specified levels of return on investment. In addition, as part of a change in control in 2019, 3.4 million fully vested rollover options remain outstanding.

The Board of Directors approved the Waystar Holding Corp. 2024 Equity Incentive Plan (the “2024 Equity Incentive Plan”), effective as of June 6, 2024, the date of pricing of our IPO. Under this plan, we can issue non-qualified stock options, incentive stock options, stock appreciation rights, restricted shares of the Company’s common stock, restricted stock units, and other equity-based awards tied to the value of the Company’s shares. Under this plan, we can issue up to 10 million options and other equity awards. The number of shares available to be issued automatically increases on the first day of each fiscal year beginning next year by a number of shares equal to the lesser of the positive difference, if any, between 5% of the outstanding common stock on the last day of the immediately preceding fiscal year, minus the plan share reserve on the last day of the immediately preceding fiscal year or such lesser number of shares as may be determined by the Board of Directors. Options with a service condition generally vest over 5 years with 20% vesting in equal vesting installments. The restricted stock units (“RSUs”) under the 2024 Equity Incentive Plan generally vest over 4 or 5 years with 25% or 20% vesting, respectively, in equal vesting installments. As of December 31, 2024, 4.6 million shares were available for future grants under the plan.

The Board of Directors approved the Waystar Holding Corp. 2024 Employee Stock Purchase Plan (the “ESPP”), effective as of June 6, 2024, the date of pricing of our IPO. A total of 3,250,000 shares of common stock are initially reserved for the ESPP. The number of shares available to be issued for the ESPP will automatically increase each fiscal year beginning next year by a number of shares equal to the lesser of the positive difference, if any, between 1% of the outstanding common stock on the last day of the immediately preceding fiscal year and the number of shares of common stock available for the issuance of shares pursuant to the plan on the last day of the immediately preceding fiscal year or such lesser number of shares as may be determined by the Board of Directors. The number of shares available to be issued for the ESPP will not exceed 27,000,000 as outlined in the plan agreement. As of December 31, 2024, the ESPP has not been made available to employees and no shares have been issued.

Stock Options

We utilize the Black-Scholes option pricing model to estimate the fair value of the service condition options under all plans and the Monte Carlo pricing model to estimate the fair value of the performance condition options under the 2019 Waystar Holding Corp. Plan. We value both types of options at the grant date using the following assumptions:

●

Risk-free interest rate—reflects the average rate on the United States Treasury bond with maturity equal to the expected term of the option;

●

Expected dividend yield—as we do not currently pay dividends or expect to pay dividends in the near future, the expected dividend yield is zero;

●

Expected term of stock award— under the 2024 Equity Incentive Plan, we utilized the simplified method due to the lack of historical experience activity for our Company. The simplified method calculates the expected term as the mid-point between the vesting date and the contractual expiration date of the award. Under the 2019 Waystar Holding Corp. Plan, it is based on historical experience that is modified based on expected future changes; and

●

Expected volatility in stock price—reflects the historical volatility of comparable public companies over the expected term of the stock option.

The weighted average grant date fair value of options granted during the years ended December 31, 2024, 2023, and 2022 was $12.89, $19.66, and $15.66 per share, respectively. As of December 31, 2024, we had 7.6 million fully vested options with a weighted average exercise price of $11.93 per share, an aggregate intrinsic value of $187.4 million and an average remaining contractual term of 4.1 years. The total fair value of options vested for the years ended December 31, 2024, 2023, and 2022 were $9.5 million, $8.5 million, and $7.2 million, respectively.

In June 2024, we determined the vesting of all our performance condition options became probable as a result of the IPO (see Note 1). Therefore, we recognized an additional $33.1 million of stock-based compensation for the year ended December 31, 2024 as the implicit service period for the awards established at the grant date had elapsed. As of December 31, 2024, there is no remaining unrecognized compensation expense related to the performance condition options issued under the 2019 Waystar Holding Corp. Plan.

Information pertaining to option activity under all plans (including rollover options) during the years ending December 31, 2024, 2023, and 2022 is as follows:


				Weighted
		Weighted average		average
	Number of	exercise price per		remaining
	options	share		contractual life
Outstanding December 31, 2023	13,032,541	$	15.20	5.7
Granted	4,003,703		24.20
Exercised	(392,016)		4.53
Forfeited	(133,100)		22.28
Outstanding December 31, 2024	16,511,128		17.57	5.8


				Weighted
		Weighted average		average
	Number of	exercise price per		remaining
	options	share		contractual life
Outstanding December 31, 2022	13,123,170	$	15.10	6.6
Granted	208,725		37.20
Exercised	(39,204)		21.51
Forfeited	(260,150)		23.70
Outstanding December 31, 2023	13,032,541		15.20	5.7


				Weighted
		Weighted average		average
	Number of	exercise price per		remaining
	options	share		contractual life
Outstanding December 31, 2021	12,364,357	$	13.76	7.4
Granted	1,154,340		33.09
Exercised	(34,160)		20.47
Forfeited	(361,367)		26.23
Outstanding December 31, 2022	13,123,170		15.10	6.6

The following is a summary of the significant assumptions used in estimating the fair value of options granted the years ended December 31, 2024, 2023, and 2022:


	Years ended December 31,
	2024	2023	2022
Risk free interest rate	3.76%–4.59%	3.51%–4.55%	1.65%–4.29%
Expected dividend yield	0%	0%	0%
Expected term of stock award	5.0–6.5	1.2–5	1.4–5.0
Expected volatility in stock price	49.62%–51.89%	51.64%–55%	50.46%–55%

The aggregate intrinsic value of options exercised (the difference between the fair market value of our stock on the date of exercise and the exercise price) was approximately $7.3 million, $0.4 million and $0.3 million for the years ended December 31, 2024, 2023 and 2022, respectively.

We expect to incur compensation expense of approximately $51.8 million over a weighted average of 3.7 years for all unvested time-based awards outstanding as of December 31, 2024.

RSUs

The RSUs granted on June 10, 2024 in conjunction with the IPO were valued at the IPO price. Subsequent RSU grants are valued using our common stock price as of the grant date based on the publicly traded value per NASDAQ, and are expensed on a straight-line basis over the applicable vesting period. All vesting is contingent on continued service.

The following table summarizes RSU activity during the year ended December 31, 2024. There was no RSU activity prior to the initial grant of RSUs on June 10, 2024.


		Weighted
	Number of	average grant
	shares	date fair value
Outstanding December 31, 2023	—	$	—
Granted	2,107,499		21.90
Vested	—		—
Forfeited	(18,258)		21.50
Outstanding December 31, 2024	2,089,241		21.91

We expect to incur compensation expense of $40.0 million over a weighted average of 4.4 years for all unvested RSUs outstanding on December 31, 2024.

Stock-based Compensation

We recorded stock-based compensation expense of $54.4 million, $8.8 million, and $8.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Stock-based compensation expense was recorded in the following cost and expense categories in the consolidated statements of operations:


	Years ended December 31,
	2024		2023		2022
Cost of revenue	$	2,403	$	645	$	478
General and administrative		31,288		5,034		4,567
Sales and marketing		12,440		1,866		1,776
Research and development		8,306		1,303		1,182
Total		54,437		8,848		8,003

Derivative Financial Instruments - Effect of Derivative Instruments Designated as Hedging Instruments (Details) - USD ($) $ in Thousands			12 Months Ended
	Jun. 23, 2023	Jun. 01, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative financial instruments
Net amount of accumulated other comprehensive income expected to be reclassified			$ 900
First Lien Credit Agreement
Derivative financial instruments
Percentage of credit spread adjustment	0.00%	2.75%
Designated as hedging instruments \| Interest rate swap
Derivative financial instruments
Amount of Gain or (Loss) Recognized in AOCI/AOCL on Derivative			(14,921)	$ (14,036)	$ 30,327
Amount of Gain or (Loss) Reclassified from AOCI/AOCL into Income			29,175	31,386	5,244
Total interest Expense on Consolidated Statements of Operations			$ (146,270)	$ (205,917)	$ (155,325)

Subsequent events (Details)	May 15, 2024
Subsequent events
Reverse stock split ratio	0.605
Reverse stock split ratio before amended	0.62
Class A common stock
Subsequent events
Reverse stock split ratio	0.605

Summary of Significant Accounting Policies - Capitalized software development costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Impairments of capitalized software development costs	$ 0	$ 0	$ 0
Capitalized software development costs
Property, Plant and Equipment [Line Items]
Estimated useful life	2 years

Subsequent Events

12 Months Ended

Dec. 31, 2024

Subsequent Events

Subsequent Events

21.Subsequent Events

We have evaluated subsequent events through the date of issuance, and there are no significant subsequent events that have occurred through the date of issuance.

Retirement Plans

12 Months Ended

Dec. 31, 2024

Retirement Plans

Retirement Plans

16. Retirement Plans

We maintain qualified 401(k) plans which cover substantially all employees meeting certain eligibility requirements. Participants may contribute a portion of their compensation to the plans, up to the maximum amount permitted under Section 401(k) of the Internal Revenue Code. Under these plans, we contribute various percentages of employees’ salaries to the plans. Total expenses included in operating expenses in the accompanying consolidated statement of operations related to the plans were $4.7 million, $4.1 million and $3.8 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total
Balance at the beginning (shares) at Dec. 31, 2021	121,714,347
Balance at the beginning at Dec. 31, 2021	$ 1,217	$ 2,219,423	$ (489)	$ (98,986)	$ 2,121,165
Changes in stockholder's equity
Stock-based compensation		8,003			$ 8,003
Settlement of common stock options, net of stock option exercises (shares)	30,523				34,160
Settlement of common stock options, net of stock option exercises	$ 1	579			$ 580
Repurchase of shares (shares)	(73,922)
Repurchase of shares	$ (1)	(2,453)			(2,454)
Capital subscriptions		66			66
Net loss				(51,455)	(51,455)
Other comprehensive income (loss)			30,327		30,327
Balance at the end (shares) at Dec. 31, 2022	121,670,948
Balance at the end at Dec. 31, 2022	$ 1,217	2,225,618	29,838	(150,441)	2,106,232
Changes in stockholder's equity
Stock-based compensation		8,848			$ 8,848
Settlement of common stock options, net of stock option exercises (shares)	26,268				39,204
Settlement of common stock options, net of stock option exercises	$ 1	424			$ 425
Repurchase of shares (shares)	(17,314)
Repurchase of shares	$ (1)	(687)			(688)
Capital subscriptions		485			485
Net loss				(51,334)	(51,334)
Other comprehensive income (loss)			(14,036)		(14,036)
Balance at the end (shares) at Dec. 31, 2023	121,679,902
Balance at the end at Dec. 31, 2023	$ 1,217	2,234,688	15,802	(201,775)	2,049,932
Changes in stockholder's equity
Stock-based compensation		54,943			$ 54,943
Settlement of common stock options, net of stock option exercises (shares)	392,016				392,016
Settlement of common stock options, net of stock option exercises	$ 6	1,677			$ 1,683
Repurchase of shares (shares)	(22,688)
Repurchase of shares	$ (1)	(843)			(844)
Capital distributions		(99)			(99)
Issuance of common stock in initial public offering (inclusive of underwriters' exercise of the overallotment option on July 5, 2024), net of issuance costs (shares)	50,059,010
Issuance of common stock in initial public offering (inclusive of underwriters' exercise of the overallotment option on July 5, 2024), net of issuance costs	$ 500	1,007,717			1,008,217
Net loss				(19,125)	(19,125)
Other comprehensive income (loss)			(14,921)		(14,921)
Balance at the end (shares) at Dec. 31, 2024	172,108,240
Balance at the end at Dec. 31, 2024	$ 1,722	$ 3,298,083	$ 881	$ (220,900)	$ 3,079,786

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2.Summary of Significant Accounting Policies

Basis of Financial Statement Presentation

The financial statements include the consolidated balance sheets, statements of operations, statements of comprehensive loss, statements of changes in stockholders’ equity, and statements of cash flows of Waystar and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Emerging growth company status

We are an emerging growth company, as defined in the Jumpstart Our Business Startups Act (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies.

We have elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Segment information

Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. We define the term “chief operating decision maker” to be our Chief Executive Officer. Our Chief Executive Officer reviews the financial information presented on an entire company basis for purposes of allocating resources and evaluating our financial performance. Accordingly, we have determined that we operate in a single reportable operating segment.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions are used for, but are not limited to: (1) revenue recognition, including estimated expected customer life; (2) recoverability of accounts receivable and taxes receivable; (3) impairment assessment of goodwill and long-lived intangible assets; (4) fair value of intangibles acquired in business combinations; (5) litigation reserves; (6) depreciation and amortization; (7) fair value of stock options issued to employees and assumed as part of business combinations; (8) fair value of interest rate swaps; and (9) leases, including incremental borrowing rate. Future events and their effects cannot be predicted with certainty, and accordingly, accounting estimates require the exercise of judgment. We evaluate and update assumptions and estimates on an ongoing basis and may employ outside experts to assist in evaluations. Actual results could differ from the estimates used.

Principals of Consolidation

The accompanying consolidated financial statements include the accounts of Waystar Holding Corp. and its subsidiaries. All material intercompany balances and transactions have been eliminated.

Revenue Recognition

We derive revenue primarily from providing access to our solutions for use in the healthcare industry and in doing so generate two types of revenue: (i) subscription revenue and (ii) volume-based revenue, which account for 99% of total revenue for all periods presented. We also derive revenue from implementation fees for our software, as well as hardware sales to facilitate patient payments.

We recognize revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), through the following five steps:

●	identification of the contract, or contracts, with a client;

●	identification of the performance obligations in the contract;

●	determination of the transaction price;

●	allocation of the transaction price to the performance obligations in the contract; and

●	recognition of revenue when, or as, we satisfy a performance obligation

Our customers, referred to as clients elsewhere in this report, represent healthcare providers across all types of care settings, including physician practices, clinics, surgical centers, and laboratories, as well as large hospitals and health systems.

We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The length of our contracts vary but are typically two to three years and generally renew automatically for successive one-year terms. Our revenue is reported net of applicable sales and use tax and is recognized as, or when, control of these services or products are transferred to clients, in an amount that reflects the consideration we expect to be entitled to in exchange for the contract’s performance obligations.

Revenue from our subscription services as well as from our volume-based services represents a single promise to provide continuous access (i.e., a stand-ready obligation) to our software solutions in the form of a service. Our software products are made available to our clients via a cloud-based, hosted platform where our clients do not have the right or practical ability to take possession of the software. As each day of providing access to the software solutions is substantially the same and the client simultaneously receives and consumes the benefits as services are provided, these services are viewed as a single performance obligation comprised of a series of distinct daily services.

Revenue from our subscription services is recognized over time on a ratable basis over the contract term beginning on the date that the service is made available to the client. Volume-based services are priced based on transaction, dollar volume or provider count in a given period. Given the nature of the promise is based on unknown quantities or outcomes of services to be performed over the contract term, the volume-based fee is determined to be variable consideration. The volume-based transaction fees are recognized each day using a time- elapsed output method based on the volume or transaction count at the time the clients’ transactions are processed.

Our other services are generally related to implementation activities across all solutions and hardware sales to facilitate patient payments. Implementation services are not considered performance obligations as they do not provide a distinct service to clients without the use of our software solutions. As such, implementation fees related to our solutions are billed upfront and recognized ratably over the contract term. Implementation fees and hardware sales represent less than 1% of total revenue for all periods presented.

Our contracts with clients typically include various combinations of our software solutions. Determining whether such software solutions are considered distinct performance obligations that should be accounted for separately versus together requires significant judgment. Specifically, judgment is required to determine whether access to the Company’s SaaS solutions is distinct from other services and solutions included in an arrangement.

We follow the requirements of ASC 606-10-55-36 through -40, Revenue from Contracts with Customers, Principal Agent Considerations, in determining the gross versus net revenue presentations for our performance obligations in the contract with a client. Revenue recorded where we act in the capacity of a principal is reported on a gross basis equal to the full amount of consideration to which we expect in exchange for the good or service transferred. Revenue recorded where we act in the capacity of an agent is reported on a net basis, exclusive of any consideration provided to the principal party in the transaction.

The principal versus agent evaluation is a matter of judgment that depends on the facts and circumstances of the arrangement and is dependent on whether we control the good or service before it is transferred to the client or whether we are acting as an agent of a third party. This evaluation is performed separately for each performance obligation identified. For the majority of our contracts, we are considered the principal in the transaction with the client and recognize revenue gross of any related channel partner fees or costs. We have certain agency arrangements where third parties control the goods or services provided to a client and we recognize revenue net of any fees owed to these third parties.

Payment terms and conditions vary by contract type, although our standard payment terms generally require payment within 30 to 60 days. In instances where the timing of revenue recognition differs from the timing of payment, we have determined our contracts do not generally include a significant financing component. The primary purpose of our invoicing terms is to provide clients with simplified and predictable ways of purchasing our products and services, not to receive financing from our clients or to provide clients with financing.

Contract Costs

Incremental Costs of Obtaining a Contract

Incremental costs of obtaining a contract primarily include commissions paid to our internal sales personnel. We consider all such commissions to be both incremental and recoverable since they are only paid when a contract is secured. These capitalized costs are amortized on a straight-line basis over the expected period of benefit, which is determined based on the average customer life, which includes anticipated renewals of contracts. As of December 31, 2024 and 2023, the total unamortized costs reported as deferred costs on our balance sheet amounted to $29.0 million and $22.8 million, respectively, for internal sales commissions. For the years ended December 31, 2024, 2023, and 2022, amortization related to the sales commission asset was $10.7 million, $7.6 million, and $4.9 million, respectively. The aforementioned amortization amounts are included in sales and marketing in our consolidated statements of operations.

Costs to Fulfill a Contract

We capitalize costs incurred to fulfill contracts that i) relate directly to the contract, ii) are expected to generate resources that will be used to satisfy performance obligations under the contract, and iii) are expected to be recovered through revenue generated under the contract. Costs incurred to implement clients on our solutions (e.g., direct labor) are capitalized and amortized on a straight-line basis over the estimated customer life if we expect to recover those costs. As of December 31, 2024 and 2023, the total unamortized costs reported as deferred costs on our balance sheet amounted to $53.8 million and $43.0 million, respectively, for fulfillment costs. For the years ended December 31, 2024, 2023, and 2022, amortization related to the fulfillment cost asset was $12.3 million, $8.8 million, and $5.8 million, respectively. The aforementioned amortization amounts are included in the costs of revenue in our consolidated statements of operations.

There were no impairment losses relating to deferred costs for the years ended December 31, 2024, 2023 and 2022.

Channel Partners

We account for fees paid to channel partners within sales and marketing expenses in the accompanying statements of operations. For the years ended December 31, 2024, 2023, and 2022, we recorded fees to all channel partners of $65.3 million, $52.3 million, and $46.0 million, respectively. As we are primarily responsible for contracting with and fulfilling contracts for the end user, we record revenue gross of related channel partner fees.

Cash and cash equivalents

We consider highly liquid investments with an original maturity of three months or less to be cash equivalents. We maintain our cash in bank deposit accounts, which, at times, may exceed federally insured limits. We have not experienced any credit losses in such accounts.

Restricted cash

For a fee, we provide lockbox solutions through a banking institution to certain clients. When participating customers’ cash is received from their clients or patients, it is deposited in a lockbox account owned by us and is contractually required to be disbursed to the participating clients the following day. Any funds residing in these accounts are categorized as restricted cash.

Our restricted cash balance also consists of cash collected on behalf of healthcare providers from patients that has yet to be remitted to the providers. There is also an associated liability corresponding to cash held for others.

Accounts receivable

Accounts receivable are primarily generated from billings related to our cloud-based technology and do not bear interest. Unbilled accounts receivable arise when services have been rendered for which revenue has been recognized but the customers have not been billed. Substantially all accounts receivable are from companies in the healthcare service industry. Accounts receivable are net of an allowance for doubtful accounts and are considered past due when they are outstanding beyond agreement terms. We estimate the allowance for doubtful accounts based primarily on an analysis of historical collections experience, review of accounts receivable aging schedules, and specific identification of individual clients management believes to be at risk. If additional amounts become uncollectible, they will be charged to operations when that determination is made. Accounts receivable are written off against the allowance for doubtful accounts once all collection efforts have been exhausted, and recovery is deemed remote. If amounts previously written off are collected, they will be included as a deduction in general and administrative expense when received. Credit is extended based on historical experience with similar clients. Generally, collateral is not required.

Changes in the allowance for doubtful accounts are as follows (in thousands):


	December 31,
	2024		2023
Beginning balance	$	(5,335)	$	(4,477)
Provision for losses on receivables		(2,669)		(2,419)
Write-offs		2,792		2,166
Recoveries		(673)		(605)
Ending balance	$	(5,885)	$	(5,335)

Property and equipment

Property and equipment are stated at cost. Depreciation of property and equipment is computed using the straight-line method for financial reporting purposes at rates based on the estimated useful lives and pattern of usage of the assets. The estimated useful lives of the assets are 5 years for computer hardware and office equipment, 7 years for furniture and fixtures, and 40 years for buildings. Purchased computer software is depreciated over the estimated useful life of 3–5 years. Leasehold improvements are amortized over the life of the lease or their estimated useful lives, whichever is shorter. We evaluate the useful lives of these assets and test for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.

Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Refer to Note 7 for more information on property and equipment.

Software licenses and maintenance contracts

Software licenses and prepaid software maintenance contracts are accounted for as prepaid expenses and are amortized over the related service period, which is typically twelve months or less. In instances where contracts exceed twelve months, a portion of the contract is recorded as other long-term assets. As of December 31, 2024 and 2023, total unamortized costs of $7.2 million and $5.5 million, respectively, were included in prepaid expenses. As of December 31, 2024 and 2023, total unamortized costs of $0.1 million and $0.3 million, respectively, were included in other long-term assets.

Long-Lived Assets

Long-lived assets are amortized over their useful lives. We evaluate the remaining useful life of long-lived assets periodically to determine if events or changes in circumstances warrant a revision to the remaining period of amortization. The carrying amounts of these assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. We measure the recoverability of these assets by comparing the carrying amount of the asset group to the future undiscounted cash flows the assets are expected to generate. If the undiscounted cash flows used in the test for recoverability are less than the carrying amount of the asset groups, then the carrying amount of such assets is reduced to fair value. Refer to Notes 7, 8, and 9 for more information on long-lived assets.

Goodwill

We account for business combinations under the acquisition method of accounting in accordance with ASC 805, Business Combinations, where the total purchase price is allocated to the tangible and identified intangible assets acquired and liabilities assumed based on their estimated fair values. The purchase price is allocated using the information currently available, and may be adjusted, up to one year from acquisition date, after obtaining more information regarding, among other things, asset valuations, liabilities assumed and revisions to preliminary estimates. The purchase price in excess of the fair value of the tangible and identified intangible assets acquired less liabilities assumed is recognized as goodwill.

We account for goodwill under the provisions of ASC 350, Intangibles—Goodwill and Other. Goodwill is evaluated for impairment annually on October 1st or whenever there is an impairment indicator. There was no impairment to goodwill during the years ended December 31, 2024, 2023 and 2022, respectively. Refer to Note 8 for more information on goodwill.

Deferred Offering Costs

We capitalize within other assets certain legal, accounting, and other third-party fees that are directly related to our in-process equity financings, including the planned IPO, until such financings are consummated. After consummation of the equity financing, these costs are recorded as a reduction of the proceeds received as a result of the offering. Should a planned equity financing be abandoned, terminated, or significantly delayed, the deferred offering costs are immediately written off to operating expenses. Through June 6, 2024, the effective date of the Prospectus for our IPO, we had capitalized $8.8 million of deferred offering costs, which were recorded in shareholders’ equity upon the completion of the IPO (see Note 1). As of December 31, 2024 and 2023, deferred offering costs capitalized were $0 million and $5.4 million, respectively.

Capitalized software development costs

We capitalize internal-use software costs under the provisions of ASC 350 which includes costs incurred in connection with the development of new software solutions and enhancements to existing software solutions that are expected to result in increased functionality. The costs incurred in the preliminary stages of development are expensed as incurred. Once the software has reached the development stage, internal and external costs, if direct and incremental, are capitalized until the software is complete and available for general release. Capitalized software development costs are recorded in property and equipment and are amortized on a straight-line basis over their estimated useful life of two years. We evaluate the useful lives of these assets and test for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets. There were no impairments of capitalized software development costs for the years ended December 31, 2024, 2023, and 2022.

Research and development costs

Research and development (“R&D”) costs consist primarily of personnel and related expenses for employees engaged in research and development activities as well as third-party fees. All such costs are expensed as incurred, except for capitalized software development costs.

Debt Issuance Costs

Debt issuance costs, net of amortization, are reflected on our balance sheet as a direct reduction in the carrying amount of our long-term debt. In addition, debt issuance costs, net of amortization, related to our revolver debt are included in other assets. Debt issuance costs include fees paid to creditors and third-party fees incurred for the issuance of new debt. Debt issuance costs are amortized over the respective term of the debt instruments using the effective interest method, and amortization charges are included in interest expense.

Derivative instruments

We hold one interest rate swap maturing on January 31, 2026. We held one interest rate swap that matured on October 31, 2024 and two interest rate swaps that matured on November 30, 2022 designated as cash flow hedges to a portion of our outstanding debt. At inception and on an ongoing basis, we assess whether our swaps qualify for hedge accounting. These interest rate swaps have been deemed highly effective under ASC 815 so they meet the hedge accounting treatment criteria and qualify for hedge accounting. The swaps have been recorded on the balance sheet at fair value as either assets or liabilities and any changes to the fair value are recorded through accumulated other comprehensive income and reclassified into interest expense in the same period in which the hedged transaction is recognized in earnings. Cash flows from interest rate swaps are reported in the same category as the cash flows from the items being hedged.

Fair value of financial instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes a three-level hierarchy that prioritizes the inputs used to measure fair value. The three levels of the hierarchy are defined as follows:

●	Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets and liabilities in active markets.

●	Level 2—Include other inputs that are directly or indirectly observable in the marketplace.

●	Level 3—Unobservable inputs which are supported by little or no market activity.

As of December 31, 2024 and 2023, the carrying value of cash equivalents, accounts receivable, accounts payable, accrued liabilities, and other current assets and liabilities approximates fair value due to the short maturities of these instruments. Swaps are Level 2 instruments whose fair value is derived from discounted cash flows adjusted for nonperformance risk.

Stock-based compensation

We measure and recognize compensation expense for all stock-based payment awards made to employees and members of the Board of Directors based on estimated fair values and when vesting criteria is assessed as probable of being achieved. We utilize the straight-line vesting method to recognize compensation expense for all service-based payment awards. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the consolidated statement of operations. Such expense consists of stock-based compensation expense related to stock option grants to employees and directors. See Note 17 for additional information.

We estimate the fair value of service condition stock-based payment awards on the date of grant using the Black-Scholes option pricing model (“Black-Scholes”). We estimate the fair value of the performance condition stock-based payment awards that include a market condition on the date of grant using the Monte Carlo pricing model. We account for forfeitures as they occur. Our determination of fair value is affected by an estimate of our stock value as well as assumptions regarding several highly complex and subjective variables. These variables include, but are not limited to, our expected stock price volatility over the term of the awards and the expected term of the awards. We estimate expected stock price volatility using historical data of a peer group of public companies.

Advertising costs

We expense advertising costs as incurred. Advertising expense amounted to approximately $12.5 million, $10.5 million, and $10.9 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Income taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. A valuation allowance is provided against deferred tax assets if it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. Any change in the valuation allowance is charged to income tax expense in the period such determination was made. Deferred tax balances are presented as noncurrent liabilities. See Note 10 for additional information.

We evaluate tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are more-likely-than-not of being sustained upon examination by the applicable tax authority, based on the technical merits of the tax position, and then recognizing the tax benefit that is more-likely-than-not to be realized.

Interest and penalties on material uncertain tax positions are classified as interest expense and operating expense, respectively.

Loss contingencies

In accordance with ASC 450, Contingencies, estimated losses from contingencies are accrued when both of the following conditions are met: (1) it is probable a loss has been incurred; and (2) the amount of loss can be reasonably estimated. Any legal fees are recognized as incurred.

Revision of previously issued financial statements

In preparing fiscal year 2023 financial statements, we identified an error in our 2022 consolidated financial statements consisting of an understatement of deferred tax liabilities of $7.8 million, and overstatement of income tax benefit of $7.4 million and overstatement of other comprehensive loss of $0.4 million. We have concluded the error is not material to our fiscal year 2022 financial statements and have corrected the error in the consolidated financial statements as of and for the year ended December 31, 2022 as well as the related disclosure in Note 10—Income Taxes. There was no impact to our total operating, investing, or financing cash flows as presented in the consolidated statement of cash flows for the year ended December 31, 2022.

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023 - 07, “Segment Reporting-Improvements to Reportable Segment Disclosures.” The standard is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. For public business entities, the ASU will be effective for annual periods beginning after December 15, 2023. The guidance will be applied retrospectively unless it is impracticable to do so. Early adoption is permitted. The Company adopted ASU 2023-07 during the year ended December 31, 2024. Refer to Note 4 for further details.

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023 - 09, “Improvements to Income Tax Disclosures”, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. For public business entities, the ASU will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. We are currently evaluating the effect of the adoption of this amendment on our consolidated financial statements.

In November 2024, the ASB issued ASU 2024-13, “Expense Disaggregation Disclosures.” The standard is intended to benefit investors by providing more detailed information about expenses that is critically important in understanding an entity’s performance, assessing an entity’s prospects for future cash flows, and comparing an entity’s performance over time and with that of other entities. For public companies, this ASU will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this Update should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the effect of the adoption of this amendment on our consolidated financial statements.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of provision for income taxes

The provision for income taxes consisted of the following for the years ended December 31, 2024, 2023, and 2022 (in thousands):


	Years ended December 31,
	2024		2023		2022
Current tax expense:
Federal	$	44,082	$	36,277	$	3,388
State		11,633		12,888		9,300
Total current tax expense		55,715		49,165		12,688
Provisions for uncertain tax expense
Deferred tax (benefit):
Federal		(53,032)		(53,382)		(21,978)
State		(6,103)		(8,283)		(5,130)
Total deferred tax benefit		(59,135)		(61,665)		(27,108)
Income tax benefit	$	(3,420)	$	(12,500)	$	(14,420)

Schedule of reconciliation between the statutory income tax rate and the effective income tax rate

The reconciliation between the statutory income tax rate and the effective income tax rate for the years ended December 31, 2024, 2023, and 2022 are as follows:


	Years ended December 31,
	2024		2023		2022
Statutory rate	21	%	21	%	21	%
State income tax, net of federal tax effect	-1	%	1	%	2	%
Change in state tax rates	-10	%	-3	%	-4	%
Tax credits	9	%	3	%	4	%
Stock-based compensation	4	%	0	%	0	%
Change in uncertain tax liability	-6	%	0	%	-1	%
Return to provision adjustments	3	%	-3	%	-1	%
Change in valuation allowance	-4	%	0	%	0	%
Other	-1	%	1	%	1	%
Effective tax rate	15	%	20	%	22	%

Schedule of tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2024 and 2023 are as follows (in thousands):


	December 31,
	2024		2023
Deferred tax assets:
State tax credits	$	827	$	827
Accrued bonus		5,148		3,535
Stock - based compensation		30,022		7,252
Accrued revenue, expenses, deferrals and other		2,611		80
Interest expense		105,353		91,265
Deferred revenue		2,129		2,171
Capitalized R&D costs		20,557		20,604
Lease liability		4,703		4,632
Software development costs		—		526
Depreciation of property and equipment		1,755		—
Net operating loss		15,599		15,848
Valuation allowance		(1,056)		(197)
Total deferred tax assets	$	187,648	$	146,543
Deferred tax liabilities:
Depreciation of property and equipment		—		5,366
Transaction costs		26		15
Amortization		262,026		289,269
Other prepaid expenses		2,270		1,905
ROU asset		2,717		2,561
Accrued revenue, expenses, deferrals and other		—		268
Deferred rent		—		96
Deferred costs		20,849		16,474
Interest rate swap		283		5,069
Total deferred liabilities		288,171		321,023
Net deferred tax liability	$	(100,523)	$	(174,480)

Schedule of reconciliation of beginning and ending unrecognized tax benefits, including associated interest and penalties

The following is a reconciliation of beginning and ending unrecognized tax benefits, including associated interest and penalties for the years ended December 31, 2024 and 2023 (in thousands):


	December 31,		December 31,
	2024		2023
Beginning balance	$	3,094	$	2,814
Additions based on tax positions related to the current year		1,265		319
Reductions based on tax positions related to the current year		(24)		(39)
Additions for positions related to prior years		—		—
Reductions for tax positions in prior years		—		—
Ending balance	$	4,335	$	3,094

Schedule of changes in the valuation allowance

The following table details the changes in the valuation allowance for the years ended December 31, 2024 and 2023 (in thousands):


	State
	attributes
December 31, 2024
Beginning balance	$	197
Increase/(decrease)		859
Ending balance		1,056
December 31, 2023
Beginning balance	$	197
Increase/(decrease)		—
Ending balance	$	197

Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies
Impairment to goodwill	$ 0	$ 0	$ 0

Stock-based Compensation - Stock Options Assumptions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Significant assumptions
Risk free interest rate, minimum	3.76%	3.51%	1.65%
Risk free interest rate, maximum	4.59%	4.55%	4.29%
Expected dividend yield, percent	0.00%	0.00%	0.00%
Expected volatility in stock price, minimum	49.62%	51.64%	50.46%
Expected volatility in stock price, maximum	51.89%	55.00%	55.00%
Aggregate intrinsic value, options exercised	$ 7.3	$ 0.4	$ 0.3
Minimum
Significant assumptions
Expected term of stock award (in years)	5 years	1 year 2 months 12 days	1 year 4 months 24 days
Maximum
Significant assumptions
Expected term of stock award (in years)	6 years 6 months	5 years	5 years

Common and Preferred Stock (Details)	12 Months Ended
Common and Preferred Stock (Details)	Dec. 31, 2023 Vote $ / shares shares	Dec. 31, 2024 $ / shares shares	Jun. 10, 2024 $ / shares shares
Class of Stock [Line Items]
Shares authorized	227,000,000	2,500,000,000	2,500,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01	$ 0.01
Shares issued	121,679,902	172,108,240
Shares outstanding	121,679,902	172,108,240
Preferred stock, shares authorized (in shares)	0	100,000,000	100,000,000
Preferred stock, shares par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A common stock
Class of Stock [Line Items]
Shares authorized	2,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01
Shares issued	436,801
Shares outstanding	436,801
Number of votes entitled \| Vote	1
No class common stock
Class of Stock [Line Items]
Shares authorized	225,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01
Shares issued		121,243,101
Shares outstanding	121,243,101

Summary of Significant Accounting Policies - Accounts receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Changes in the allowance for doubtful accounts
Beginning balance	$ (5,335)	$ (4,477)
Provision for losses on receivables	(2,669)	(2,419)	$ (2,518)
Write-offs	2,792	2,166
Recoveries	(673)	(605)
Ending Balance	$ (5,885)	$ (5,335)	$ (4,477)

Income/ (Loss) Per Share

12 Months Ended

Dec. 31, 2024

Income/ (Loss) Per Share

Income/ (Loss) Per Share

19.Income/ (Loss) Per Share

A reconciliation of the numerators and the denominators of the basic and diluted per share computations are as follows:


	Years ended December 31,
	2024		2023		2022
Basic income / (loss) per share:
Net income / (loss)	$	(19,125)	$	(51,334)	$	(51,455)
Net income / (loss) attributable to common shares	$	(19,125)	$	(51,334)	$	(51,455)
Weighted average common stock outstanding–(voting)		149,915,839		121,238,629		121,247,970
Weighted average common stock outstanding–(non-voting)		—		436,801		436,801
Basic weighted average common stock outstanding		149,915,839		121,675,430		121,684,771
Basic income / (loss) per share	$	(0.13)	$	(0.42)	$	(0.42)
Diluted income / (loss) per share:
Net income / (loss)	$	(19,125)		(51,334)	$	(51,455)
Net income / (loss) attributable to common shares	$	(19,125)	$	(51,334)	$	(51,455)
Weighted average common stock outstanding–(voting)		149,915,839		121,238,629		121,247,970
Weighted average common stock outstanding–(non-voting)		—		436,801		436,801
Diluted weighted average common stock outstanding		149,915,839		121,675,430		121,684,771
Diluted income / (loss) per share	$	(0.13)	$	(0.42)	$	(0.42)

Because of their anti-dilutive effect, 5,761,255, 5,213,559, and 4,819,795 common share equivalents, calculated using the treasury stock method, comprised of time-based stock options and RSUs have been excluded from the diluted earnings per share calculation for the years ended December 31, 2024, 2023 and 2022, respectively.

Business (Details)	May 15, 2024
Business
Reverse stock split ratio	0.605
Reverse stock split ratio before amended	0.62
Class A common stock
Business
Reverse stock split ratio	0.605

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Common and Preferred Stock

12 Months Ended

Dec. 31, 2024

Common and Preferred Stock

Common and Preferred Stock

15.Common and Preferred Stock

Prior to the IPO, we authorized the issuance of 225,000,000 shares of common stock, par value $0.01 per share and 2,000,000 shares of Class A common stock, par value $0.01 per share. There were 121,243,101 common stock shares issued and outstanding as of December 31, 2023. There were 436,801 Class A common stock shares issued and outstanding as of December 31, 2023. Both common stock and Class A common stock had the same dividend and liquidation rights. However, each share of common stock was entitled to one vote and each share of the Class A common stock was not entitled to a vote.

In connection with the IPO, the Company’s amended and restated certificate of incorporation became effective on June 10, 2024, which authorizes the issuance of 2,500,000,000 shares of common stock, par value $0.01 per share, and 100,000,000 shares of preferred stock, par value $0.01 per share. The shares of preferred stock have rights and preferences, including voting rights, designated from time to time by the Board of Directors. In connection with the amendment and restatement of the Company’s certificate of incorporation effective on the IPO date, the Class A common stock shares were automatically reclassified as, and became, one share of common stock. There were 172,108,240 common stock shares issued and outstanding as of December 31, 2024. There were no shares of preferred stock issued and outstanding as of December 31, 2024.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Income Taxes - Tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
State tax credits	$ 827	$ 827
Accrued bonus	5,148	3,535
Stock based compensation	30,022	7,252
Accrued revenue, expenses, deferrals and other	2,611	80
Interest expense	105,353	91,265
Deferred revenue	2,129	2,171
Capitalized R&D costs	20,557	20,604
Lease Liability	4,703	4,632
Software development costs		526
Depreciation of property and equipment	1,755
Net operating loss	15,599	15,848
Valuation allowance	(1,056)	(197)	$ (197)
Total deferred tax assets	187,648	146,543
Deferred tax liabilities:
Depreciation of property and equipment		5,366
Transaction costs	26	15
Amortization	262,026	289,269
Other prepaid expenses	2,270	1,905
ROU Asset	2,717	2,561
Accrued revenue, expenses, deferrals and other		268
Deferred rent		96
Deferred costs	20,849	16,474
Interest rate swap	283	5,069
Total deferred liabilities	288,171	321,023
Net deferred tax liability	$ (100,523)	$ (174,480)

Accounts Receivable Securitization

12 Months Ended

Dec. 31, 2024

Accounts Receivable Securitization

Accounts Receivable Securitization

11.Accounts Receivable Securitization

As of December 31, 2024 and 2023, we had $80.0 million and $70.0 million, respectively, outstanding under a receivables financing agreement with a counterparty as the lender, which provides for a three-year receivables facility with a limit of $80.0 million (the “Receivables Facility”). On September 6, 2024, we drew $10.0 million on the Receivables Facility and used the proceeds to paydown $10.0 million on the First Lien Credit Facility (see Note 12). Pursuant to the Receivables Facility, we sell and/or contribute current and future receivables to Waystar RC, LLC as the Special Purpose Entity (“SPE”). The SPE, in turn, pledges its interests in the receivables to the counterparty, which either makes loans or issues letters of credit on behalf of the SPE. All receivables remain on our balance sheet as they continue to be the property of our consolidated entities under the securitization.

The interest rate under the Receivables Facility is 1.61% per annum above the SOFR rate with a minimum base of 0%. The SOFR is adjusted each thirty-day period to the thirty-day SOFR rate. Interest under the Receivables Facility is paid monthly in arrears. As of December 31, 2024, the effective interest rate for the Receivables Facility is 5.95%.

All principal under the Receivables Facility is due on October 31, 2026.

The Receivables Facility contains certain covenants which, among other things, require we maintain certain collection thresholds with respect to our accounts receivable. We were in compliance with all such debt covenants during the periods presented.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(4)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/860/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (cc)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-3

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(5)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481326/860-20-50-4D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-1A

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-7

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-4

+ Details

Acquisitions

12 Months Ended

Dec. 31, 2024

Acquisitions

Acquisitions

6.Acquisitions

HealthPay24 Acquisition

On August 3, 2023, we completed the acquisition of all issued and outstanding membership interests of HealthPay24, which offers patient engagement and payment solutions. We accounted for the acquisition as a business combination using the acquisition method of accounting. The total consideration paid was allocated to the net tangible and identifiable intangible assets acquired based on their fair values at the acquisition date. The excess consideration paid over the fair value of the net tangible and identifiable intangible assets acquired was recorded as goodwill. Goodwill for the acquisition primarily represents future customer relationships. The goodwill is not deductible for tax purposes. We have included the financial results of HealthPay24 in the consolidated financial statements subsequent to the date of acquisition. Pro forma results, including the acquired business since the beginning of fiscal 2023, would not be materially different than the reported results. Revenue and net earnings since the completion of the acquisition were immaterial. The total consideration paid for HealthPay24 was $31.4 million which entirely consisted of cash consideration.

The following table summarizes the estimated fair values of assets acquired and liabilities assumed as of the acquisitions date (in thousands):


Cash and cash equivalents	$	1,374
Accounts receivable		1,772
Prepaid and other current assets		255
Other assets		229
Customer relationships		14,500
Developed technology		800
Tradenames and trademarks		400
Goodwill		13,935
Total acquired assets	$	33,265
Other current liabilities		845
Deferred revenue		821
Other liabilities		225
Total acquired liabilities	$	1,891
Total net assets acquired	$	31,374

The fair values of the tangible assets were determined primarily using the income approach. The fair values of the acquired identifiable intangible assets were determined using Level 3 inputs such as discounted cash flows which are not observable in the market. Intangible assets acquired from the acquisition include customer relationships, developed technologies, and trade names and trademarks which are all amortized on a straight-line basis approximating the use of the assets. The useful lives of the acquired identifiable intangible assets are 19 years for customer relationships, 8 years for developed technology, and 2 years for trade names and trademarks. The weighted-average remaining useful life for all acquired intangibles is 12.1 years.

Total acquisition costs of $0.9 million were expensed as incurred and recorded in general and administrative expense in the statement of operations for the year ended December 31, 2023.

Olive AI Asset Acquisition

On October 31, 2023, we acquired certain assets of Olive AI, Inc.’s Clearinghouse and Patient Access businesses for total consideration of $10 million. We accounted for the Olive AI acquisition as a business combination using the acquisition method of accounting. As part of the acquisition, we recognized total intangible assets of $10.6 million, including goodwill of $6.5 million.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Summary of Significant Accounting Policies

Basis of Financial Statement Presentation

Emerging growth company status

Emerging growth company status

Segment information

Segment information

Use of Estimates

Principals of Consolidation

Principals of Consolidation

The accompanying consolidated financial statements include the accounts of Waystar Holding Corp. and its subsidiaries. All material intercompany balances and transactions have been eliminated.

Revenue Recognition

We recognize revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), through the following five steps:

●	identification of the contract, or contracts, with a client;

●	identification of the performance obligations in the contract;

●	determination of the transaction price;

●	allocation of the transaction price to the performance obligations in the contract; and

●	recognition of revenue when, or as, we satisfy a performance obligation

Contract Costs

Contract Costs

Incremental Costs of Obtaining a Contract

Costs to Fulfill a Contract

There were no impairment losses relating to deferred costs for the years ended December 31, 2024, 2023 and 2022.

Channel Partners

Cash and cash equivalents

Cash and cash equivalents

Restricted cash

Restricted cash

Accounts receivable

Accounts receivable

Changes in the allowance for doubtful accounts are as follows (in thousands):


	December 31,
	2024		2023
Beginning balance	$	(5,335)	$	(4,477)
Provision for losses on receivables		(2,669)		(2,419)
Write-offs		2,792		2,166
Recoveries		(673)		(605)
Ending balance	$	(5,885)	$	(5,335)

Property and equipment

Property and equipment

Software licenses and maintenance contracts

Software licenses and maintenance contracts

Long-Lived Assets

Long-Lived Assets

Goodwill

Deferred Offering Costs

Deferred Offering Costs

Capitalized software development costs

Capitalized software development costs

Research and development costs

Research and development costs

Debt Issuance Costs

Debt Issuance Costs

Derivative instruments

Derivative instruments

Fair value of financial instruments

Fair value of financial instruments

●	Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets and liabilities in active markets.

●	Level 2—Include other inputs that are directly or indirectly observable in the marketplace.

●	Level 3—Unobservable inputs which are supported by little or no market activity.

Stock-based compensation

Stock-based compensation

Advertising costs

Advertising costs

Income taxes

Income taxes

Interest and penalties on material uncertain tax positions are classified as interest expense and operating expense, respectively.

Loss contingencies

Loss contingencies

Revision of previously issued financial statements

Revision of previously issued financial statements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Other Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Accrued Expenses
Other taxes payable	$ 8,026	$ 3,506
Retirement plan payable	497	497
Accrued self insurance claims	1,064	993
Accrued interest	597	1,697
Other	5,746	4,230
Total	$ 15,930	$ 10,923

Stock-based Compensation - Stock Options (Narratives) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock-based compensation
Expected dividend yield, percent	0.00%	0.00%	0.00%
Weighted average grant date fair value (in dollars per share)	$ 12.89	$ 19.66	$ 15.66
Stock-based compensation expense	$ 54,437	$ 8,848	$ 8,003
Performance options
Stock-based compensation
Expected dividend yield, percent	0.00%
Fully vested options outstanding (in shares)	7.6
Fully vested options, weighted average exercise price (in dollars per share)	$ 11.93
Fully vested options, aggregate intrinsic value	$ 187,400
Fully vested options, weighted average remaining contractual term (in years)	4 years 1 month 6 days
Total fair value of options	$ 9,500	$ 8,500	$ 7,200
Total unrecognized stock-based compensation expense	$ 33,100

Other Accrued Expenses

12 Months Ended

Dec. 31, 2024

Other Accrued Expenses

Other Accrued Expenses

18.Other Accrued Expenses

Other accrued expenses consist of the following (in thousands):


	Year ended December 31,
	2024		2023
Other taxes payable	$	8,026	$	3,506
Retirement plan payable		497		497
Accrued self insurance claims		1,064		993
Accrued interest		597		1,697
Other		5,746		4,230
Total	$	15,930	$	10,923

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Financial Instruments

Schedule of interest rate swap agreements designated as a hedging instruments

As of December 31, 2024 and 2023, we have the following interest rate swap agreement designated as a hedging instrument:


Effective Dates	Floating Rate Debt		Fixed Rates
January 31, 2023 through January 31, 2026	$	506.7 million	3.87	%

As of December 31, 2023, we have the following interest rate swap agreement designated as a hedging instrument:


Effective Dates	Floating Rate Debt		Fixed Rates
October 29, 2021 through October 31, 2024	$	604.1 million	0.67	%

Schedule of effect of derivative instruments designated as hedging instruments on the accompanying consolidated financial statements


						Total interest
	Amount of Gain or		Location of Gain or	Amount of Gain or		Expense on
	(Loss) Recognized		(Loss) Reclassified	(Loss) Reclassified		Consolidated
	in AOCI/AOCL on		from AOCI/AOCL	from AOCI/AOCL		Statements of
Derivatives—Cash Flow Hedging Relationships	Derivative		into Income	into Income		Operations
Interest rate swaps:
Year Ended December 31, 2024	$	(14,921)	Interest expense	$	29,175	$	(146,270)
Year Ended December 31, 2023	$	(14,036)	Interest expense	$	31,386	$	(205,917)
Year Ended December 31, 2022	$	30,327	Interest expense	$	5,244	$	(155,325)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Leases (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Leases
Finance lease right-of-use assets	$ 0.0	$ 16.0
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Property, plant and equipment, net
Incremental depreciation of finance lease right-of-use asset	14.9
Additional operating lease cost	$ 1.2
Minimum
Leases
Remaining lease term of operating lease	1 year
Maximum
Leases
Remaining lease term of operating lease	10 years

Segments

12 Months Ended

Dec. 31, 2024

Segments

Segments

4.Segments

Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. We have one business activity and there are no segment managers who are held accountable for operations, operating results and plans for products or components below the consolidated unit level. The geographical location of our customers has no impact on strategy or products offered. The “chief operating decision maker,” or CODM, assesses performance and allocates resources using a consolidated profitability metric as discussed below. Accordingly, we have determined that we operate in a single reportable operating segment.

Our CODM is our Chief Executive Officer. On a monthly basis, our CODM reviews the following financial information presented on a consolidated basis. The key profitability metric used for purposes of making key personnel staffing decisions, approving operating budgets and forecasts, and making strategy decisions is Net Income as detailed below. See Note 3 for our disaggregated revenue by type.


	Years ended December 31,
($in thousands)	2024		2023		2022
Total Revenue	$	943,549	$	791,010	$	704,874
Less:
Materials & connectivity		225,333		173,077		144,578
Labor & associated expenses		90,397		76,690		70,313
Research & development		48,775		35,332		32,807
Sales & marketing		156,935		124,437		111,470
G&A		111,753		62,924		73,089
Depreciation		38,744		17,062		15,682
Amortization		147,887		159,405		167,485
Interest & non-operating expenses, net		146,270		205,917		155,325
Income taxes		(3,420)		(12,500)		(14,420)
Segment Net income	$	(19,125)	$	(51,334)	$	(51,455)
Consolidated Net Income	$	(19,125)	$	(51,334)	$	(51,455)

See Note 7 for segment assets by major asset class.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Property and Equipment, Net

12 Months Ended

Dec. 31, 2024

Property and Equipment, Net

Property and Equipment, Net

7.Property and Equipment, Net

The balances of the major classes of property and equipment are as follows (in thousands):


	December 31,
	2024		2023
Building	$	—	$	19,653
Computer hardware		39,833		35,006
Capitalized internal-use software		40,281		25,567
Purchased computer software		22,789		22,079
Furniture and fixtures		3,642		2,980
Office equipment		247		211
Leasehold improvements		3,778		8,255
Capital lease asset		—		2,994
Construction in progress		—		15
Internal-use software in progress		15,361		13,626
		125,931		130,386
Accumulated depreciation		(79,200)		(69,127)
	$	46,731	$	61,259

Depreciation of fixed assets, including the amortization of capitalized software, for the years ended December 31, 2024, 2023, and 2022 was $38.7 million, $17.1 million, and $15.7 million, respectively.

We capitalized $16.4 million, $15.0 million, and $10.9 million in software development costs for the years ended December 31, 2024, 2023, and 2022, respectively. Amortization of capitalized software was $10.2 million, $6.8 million, and $5.6 million for the years ended December 31, 2024, 2023, and 2022, respectively. The net book value of capitalized software development costs was $29.6 million and $23.4 million as of December 31, 2024 and 2023, respectively. We expect to recognize $13.2 million of amortization of capitalized software in future periods.

There were no impairments of property and equipment for the years ended December 31, 2024, 2023, and 2022, respectively. For the year ended December 31, 2022, we recorded impairment expense of $4.6 million related to leasehold improvements at closed office locations as general and administrative expense in our consolidated statement of operations. Due to the relocation of one of our offices, we reduced the useful life of the related finance lease and leasehold improvement assets which represented $17.9 million of incremental depreciation in the year ended December 31, 2024. The aforementioned assets have been fully depreciated and disposed of as of December 31, 2024.

Income/ (Loss) Per Share (Details) - shares	12 Months Ended
Income/ (Loss) Per Share (Details) - shares	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income/ (Loss) Per Share
Anti-dilutive effect of stock option shares excluded from the diluted earning per share calculation	5,761,255	5,213,559	4,819,795

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies.

Commitments and Contingencies

20.Commitments and Contingencies

We may be subject to legal proceedings, claims, asserted or unasserted, and litigation arising in the ordinary course of business. We do not, however, currently expect that the ultimate costs to resolve any pending matter will have a material effect on our consolidated financial position, results of operations, or cash flows.

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue Recognition
Revenue	$ 943,549	$ 791,010	$ 704,874
Subscription revenue
Revenue Recognition
Revenue	457,975	401,013	366,717
Volume-based revenue
Revenue Recognition
Revenue	479,913	386,276	335,452
Implementation services and other revenue
Revenue Recognition
Revenue	$ 5,661	$ 3,721	$ 2,705

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Segments (Tables)

12 Months Ended

Dec. 31, 2024

Segments

Reconciliation of revenue to consolidated net income


	Years ended December 31,
($in thousands)	2024		2023		2022
Total Revenue	$	943,549	$	791,010	$	704,874
Less:
Materials & connectivity		225,333		173,077		144,578
Labor & associated expenses		90,397		76,690		70,313
Research & development		48,775		35,332		32,807
Sales & marketing		156,935		124,437		111,470
G&A		111,753		62,924		73,089
Depreciation		38,744		17,062		15,682
Amortization		147,887		159,405		167,485
Interest & non-operating expenses, net		146,270		205,917		155,325
Income taxes		(3,420)		(12,500)		(14,420)
Segment Net income	$	(19,125)	$	(51,334)	$	(51,455)
Consolidated Net Income	$	(19,125)	$	(51,334)	$	(51,455)

Revenue Recognition - Transaction Price Allocated to Remaining Performance Obligations (Details) $ in Millions	Dec. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue Recognition
Period of revenue recognition related to unsatisfied performance obligations	12 months
Revenue to be recognized for unsatisfied performance obligations	$ 52.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue Recognition
Period of revenue recognition related to unsatisfied performance obligations	12 months
Revenue to be recognized for unsatisfied performance obligations	$ 17.9

Income Taxes - Provision for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current tax expense:
Federal	$ 44,082	$ 36,277	$ 3,388
State	11,633	12,888	9,300
Total current tax expense	55,715	49,165	12,688
Deferred tax (benefit):
Federal	(53,032)	(53,382)	(21,978)
State	(6,103)	(8,283)	(5,130)
Total deferred tax benefit	(59,135)	(61,665)	(27,108)
Income tax benefit	$ (3,420)	$ (12,500)	$ (14,420)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt

Schedule of debt instruments

Debt instruments consist primarily of term notes, revolving lines of credit, and a Receivables Facility as follows (in thousands):


	December 31,		December 31,
	2024		2023
First Lien Credit Facility outstanding debt	$	1,163,545	$	1,730,816
Revolving credit facility		—		—
Second Lien Credit Facility outstanding debt		—		448,000
Receivables Facility outstanding debt		80,000		70,000
Total outstanding debt		1,243,545		2,248,816
Unamortized debt issuance costs		(11,255)		(31,155)
Current portion of long-term debt		(11,668)		(17,983)
Total long-term debt, net	$	1,220,622	$	2,199,678

Schedule of maturity of long-term principal payments (excluding debt discount)

The maturity of long-term principal payments (excluding debt discount) at December 31, 2024 is as follows (in thousands):


2025	$	11,668
2026		91,668
2027		11,668
2028		11,668
2029		1,116,873
	$	1,243,545

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 182,133	$ 35,580
Restricted cash	22,449	9,848
Accounts receivable, net of allowance of $5,885 as of December 31, 2024 and $5,335 as of December 31, 2023	145,235	126,089
Income tax receivable	2,838	6,811
Prepaid expenses	14,414	13,296
Other current assets	3,972	30,426
Total current assets	371,041	222,050
Property, plant and equipment, net	46,731	61,259
Operating lease right-of-use assets, net	10,820	10,353
Intangible assets, net	1,039,049	1,186,936
Goodwill	3,019,999	3,030,013
Deferred costs	82,815	65,811
Other long-term assets	6,549	6,552
Total assets	4,577,004	4,582,974
Current liabilities
Accounts payable	47,365	45,484
Accrued compensation	31,589	23,286
Aggregated funds payable	22,059	9,659
Other accrued expenses	15,930	10,923
Deferred revenue	10,527	10,935
Current portion of long-term debt	11,668	17,983
Current portion of operating lease liabilities	5,591	4,398
Current portion of finance lease liabilities	904	821
Total current liabilities	145,633	123,489
Long-term liabilities
Deferred tax liability	100,523	174,480
Long-term debt, net, less current portion	1,220,622	2,199,678
Operating lease liabilities, net of current portion	13,133	14,278
Finance lease liabilities, net of current portion	11,290	12,194
Deferred revenue-LT	5,739	6,173
Other long-term liabilities	278	2,750
Total liabilities	1,497,218	2,533,042
Commitments and contingencies (Note 20)
Stockholders' equity
Preferred stock $0.01 par value - 100,000,000 and zero shares authorized as of December 31, 2024 and December 31, 2023, respectively; zero shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively
Common stock $0.01 par value - 2,500,000,000 and 227,000,000 shares authorized as of December 31, 2024 and December 31, 2023, respectively; 172,108,240 and 121,679,902 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively	1,722	1,217
Additional paid-in capital	3,298,083	2,234,688
Accumulated other comprehensive income (loss)	881	15,802
Accumulated deficit	(220,900)	(201,775)
Total stockholders' equity	3,079,786	2,049,932
Total liabilities and stockholders' equity	4,577,004	4,582,974
Nonrelated Party
Current liabilities
Current portion of long-term debt	11,311	17,454
Long-term liabilities
Long-term debt, net, less current portion	1,185,411	2,134,920
Related Party
Current liabilities
Current portion of long-term debt	357	529
Long-term liabilities
Long-term debt, net, less current portion	$ 35,211	$ 64,758

Debt

12 Months Ended

Dec. 31, 2024

Debt

Debt

12.Debt

On October 22, 2019, we entered into a first lien credit agreement (the “First Lien Credit Agreement”), which initially provided for a first lien term loan balance of $825.0 million and a revolving credit facility of $125 million. From then through 2023, we entered into various amendments that increased the first lien term loan balance to be $1,730.0 million outstanding and the revolving credit facility borrowing capacity to $342.5 million as of December 31, 2023. We refer to the term loan facilities under the First Lien Credit Agreement as the “First Lien Credit Facility” and the revolving credit facility under the First Lien Credit Agreement as the “Revolving Credit Facility.”

On October 22, 2019, we entered into a second lien credit agreement (the “Second Lien Credit Agreement”), which initially provided a second lien term loan of $255.0 million. From then through 2023, we entered into various amendments that increased the second lien term loan balance to $448.0 million as of December 31, 2023 with a maturity date of October 21, 2027. We refer to the term loan facilities under the Second Lien Credit Agreement as the “Second Lien Credit Facility.”

On February 9, 2024, we executed the Eighth Amendment to the First Lien Credit Agreement whereby we extended the maturity date of the First Lien Credit Facility to October 22, 2029 and refinanced the outstanding balance of the facility resulting in a new outstanding loan balance of $2.2 billion (“February 2024 First Lien Refinancing”). We utilized proceeds from the amended First Lien Credit Facility to paydown the remaining principal and interest on the Second Lien Credit Facility (“February 2024 Second Lien Paydown”).

In connection with the closing of the IPO in June 2024 (see Note 1), we repaid $909.1 million outstanding principal and $2.8 million accrued interest on our First Lien Credit Facility (“June 2024 First Lien Paydown”). On June 27, 2024, we entered into the Ninth Amendment to the First Lien Credit Agreement whereby the outstanding balance was repriced bearing an interest rate of 2.75% per annum above the SOFR rate with a minimum base of 0.00% (“June 2024 First Lien Repricing”). The Ninth Amendment did not effectuate changes to any other terms of the agreement.

In connection with the underwriters’ exercise of the overallotment option in July 2024 (see Note 1), we repaid $110.9 million outstanding principal and $0.4 million accrued interest on our First Lien Credit Facility (“July 2024 First Lien Paydown”). On September 6, 2024, we utilized the $10.0 million drawn on the Receivables Facility to paydown $10.0 million outstanding principal on our First Lien Credit Facility (“September 2024 First Lien Paydown”).

On December 30, 2024, we entered into the Tenth Amendment to the First Lien Credit Agreement whereby the outstanding balance was repriced bearing an interest rate of 2.25% per annum above the SOFR rate with a minimum base of 0.00% (“December 2024 First Lien Repricing”). Additionally with the Tenth Amendment, the Revolving Credit Facility’s borrowing capacity was increased to $400.0 million bearing an interest rate of 1.75% per annum above the SOFR rate with a minimum base of 0.00% (“December 2024 Revolving Credit Facility Repricing”).

Debt instruments consist primarily of term notes, revolving lines of credit, and a Receivables Facility as follows (in thousands):


	December 31,		December 31,
	2024		2023
First Lien Credit Facility outstanding debt	$	1,163,545	$	1,730,816
Revolving credit facility		—		—
Second Lien Credit Facility outstanding debt		—		448,000
Receivables Facility outstanding debt		80,000		70,000
Total outstanding debt		1,243,545		2,248,816
Unamortized debt issuance costs		(11,255)		(31,155)
Current portion of long-term debt		(11,668)		(17,983)
Total long-term debt, net	$	1,220,622	$	2,199,678

The maturity of long-term principal payments (excluding debt discount) at December 31, 2024 is as follows (in thousands):


2025	$	11,668
2026		91,668
2027		11,668
2028		11,668
2029		1,116,873
	$	1,243,545

As of December 31, 2024 and 2023, there is no outstanding balance on our revolving credit facility. The interest rate under the revolving credit facility is 1.75% per annum above the SOFR rate with a minimum base of 0.00%. The SOFR is adjusted each thirty-day period to the thirty-day SOFR rate. A December 31, 2024, the effective interest rate for the revolving credit facility is 6.08%.

The interest rate under the amended First Lien Credit Facility is 2.25% per annum above the SOFR rate with a minimum base of 0.00%. The SOFR is adjusted each thirty-day period to the thirty-day SOFR rate. Interest under the First Lien Credit Facility is paid monthly in arrears. As of December 31, 2024, the effective interest rate for First Lien Credit Facility is 6.82%.

Principal on the First Lien Credit Facility is payable in 20 equal quarterly installments with the remaining balance to be paid on October 22, 2029. As of December 31, 2024, there are 19 payments remaining. The First Lien Credit Agreement contains certain covenants which, among other things, restrict our ability to incur additional indebtedness. We were in compliance with such debt covenants as of December 31, 2024.

Debt Issuance Costs

In connection with the February 2024 First Lien Refinancing, we capitalized creditor fees of $2.8 million and $1.4 million of third-party fees in connection with the issuance of new debt. Additionally, we recorded $10.3 million in third party fees that were expensed immediately, which were recorded in general and administrative expense in our consolidated statements of operations. As part of the February 2024 Second Lien Paydown, we recorded a loss on extinguishment of $8.0 million for the year ended December 31, 2024. As part of the February 2024 First Lien Refinancing, we recorded a loss on extinguishment $0.9 million for the year ended December 31, 2024. In connection with the June 2024 First Lien Paydown, we recorded a loss on extinguishment of $9.8 million for the year ended December 31, 2024. As part of the June 2024 First Lien Repricing, we recorded $2.5 million in third-party fees that were expensed immediately, which were recorded in general and administrative expenses in our consolidated statements of operations. We recorded a loss on extinguishment of $0.3 million for the year ended December 31, 2024 related to the June 2024 First Lien Repricing. We also recorded a loss on extinguishment of $1.2 million and $0.1 million in connection with the July 2024 First Lien Paydown and September 2024 First Lien Paydown, respectively, for the year ending December 31, 2024. As part of the December 2024 First Lien Repricing we recorded $1.2 million in third party fees that were expensed immediately, which were recorded in general and administrative expenses in our consolidated statements of operations, and a loss on extinguishment of $0.3 million for the year ended December 31, 2024. For the year ended December 31, 2023, we expensed previously capitalized fees and other debt issuance costs totaling $0.4 million related to a paydown on the Second Lien Credit Facility. For the year ended December 31, 2022, we expensed previously capitalized fees and other debt issuance costs totaling $1.1 million as part of a paydown on the Second Lien Credit Facility. Losses on extinguishment were recorded within interest expense in our consolidated statements of operations.

We had unamortized debt issuance costs of $11.3 million and $31.2 million as of December 31, 2024 and 2023, respectively.

In connection with the Revolving Credit Facility, unamortized debt issuance costs were $2.1 million and $2.4 million as of December 31, 2024 and 2023, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 10, 2024	Dec. 31, 2023	Dec. 31, 2022
Consolidated Balance Sheets
Accounts receivable, allowance	$ 5,885		$ 5,335	$ 4,477
Preferred stock, shares par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000	0
Preferred stock, shares issued (in shares)	0		0
Preferred stock, shares outstanding (in shares)	0		0
Common stock, shares par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000	227,000,000
Common stock, shares issued (in shares)	172,108,240		121,679,902
Common stock, shares outstanding (in shares)	172,108,240		121,679,902

Acquisitions - Estimated fair values of assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Aug. 03, 2023	Dec. 31, 2022	Dec. 31, 2021
Acquisitions
Goodwill	$ 3,019,999	$ 3,030,013		$ 3,009,558	$ 3,009,769
HealthPay24
Acquisitions
Cash and cash equivalents			$ 1,374
Accounts receivable			1,772
Prepaid and other current assets			255
Other assets			229
Goodwill			13,935
Total acquired assets			33,265
Other current liabilities			845
Deferred revenue			821
Other liabilities			225
Total acquired liabilities			1,891
Total net assets acquired			31,374
HealthPay24 \| Customer relationships
Acquisitions
Finite lived intangible assets			14,500
HealthPay24 \| Developed technology
Acquisitions
Finite lived intangible assets			800
HealthPay24 \| Tradenames and trademarks
Acquisitions
Finite lived intangible assets			$ 400

Summary of Significant Accounting Policies - Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies
Revenue contract renewal term (in years)	1 year
Minimum
Summary of Significant Accounting Policies
Revenue contract term (in years)	2 years
Revenue payment term (in days)	30 days
Maximum
Summary of Significant Accounting Policies
Revenue contract term (in years)	3 years
Revenue payment term (in days)	60 days
Concentration of revenue \| Subscription and volume-based revenue \| Product
Summary of Significant Accounting Policies
Percentage of revenue	99.00%	99.00%
Concentration of revenue \| Implementation fees and hardware sales \| Product
Summary of Significant Accounting Policies
Percentage of revenue	1.00%	1.00%

Summary of Significant Accounting Policies - Deferred Offering Costs (Details) - USD ($) $ in Millions	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies
Deferred offering costs capitalized	$ 0.0		$ 5.4
IPO
Summary of Significant Accounting Policies
Deferred offering costs capitalized	$ 8.8	$ 8.8

Business

12 Months Ended

Dec. 31, 2024

Business

Business

1.	Business

Waystar Holding Corp. (“Waystar”, “we” or “our”) is a provider of mission-critical cloud technology to healthcare organizations. Our enterprise-grade platform transforms the complex and disparate processes comprising healthcare payments received by healthcare providers from payers and patients, from pre-service engagement through post-service remittance and reconciliation. Our platform enhances data integrity, eliminates manual tasks, and improves claim and billing accuracy, which results in better transparency, reduced labor costs, and faster, more accurate reimbursement and cash flow. The market for our solutions extends throughout the United States and includes Puerto Rico and other U.S. Territories.

Risks and Uncertainties — We are subject to risks common to companies in similar industries, including, but not limited to, our operation in a highly competitive industry, our ability to retain our existing clients and attract new clients, 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 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, impact of government regulations on our market, and our reliance on certain third-party vendors and providers.

On occasion, we enter into standard indemnification arrangements in the ordinary course of business. Pursuant to these arrangements, we indemnify, hold harmless, and agree to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent, or other intellectual property infringement claim by any third-party with respect to its technology. The terms of these indemnification agreements are generally perpetual any time after the execution of the agreement. The maximum potential future payments we could be required to make under these agreements is not determinable because it involves claims that may be made against us in the future but have not yet been made. Historically, we have not incurred costs to defend lawsuits or settle claims related to these indemnification agreements.

We have entered into agreements with our directors or officers that may require us to indemnify them against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from their willful misconduct.

No liability associated with such indemnifications was recorded as of December 31, 2024 and December 31, 2023.

Reverse Stock Split

On May 15, 2024, we effected a 0.605-for-1 reverse stock split of our common stock and a 0.605-for-1 reverse stock split of our Class A common stock. The reverse stock split did not result in an adjustment to the par value of common stock or Class A common stock. The reverse stock split was originally made effective on May 15, 2024 with a 0.62-for-1 ratio and this was retroactively amended on May 22, 2024 which updated the ratio to 0.605-for-1. All references in the accompanying consolidated financial statements and related Note 15, Note 17, and Note 19 have been updated to reflect the effects of the reverse stock split at the amended 0.605-for-1 ratio. The number of shares of common stock, Class A common stock, additional paid-in-capital, options to purchase common stock, and loss per share amounts, which are presented and disclosed in the financial statements and aforementioned footnotes, have been restated on a retroactive basis for all periods presented to reflect the effects of this action.

Initial Public Offering

In June 2024, we completed our initial public offering (“IPO”) in which we issued and sold 45,000,000 shares of our common stock at $21.50 per share. We received total proceeds of $914.3 million after deducting the underwriters’ discounts and commissions of $53.2 million. Deferred offering costs, which consist of direct incremental legal, accounting and other third-party fees that are directly related to the IPO, were capitalized and offset against proceeds upon the consummation of the IPO. Through the date of the IPO, we had capitalized $8.8 million of deferred offering costs. These costs were offset against proceeds upon the consummation of the IPO.

As part of the IPO we granted the underwriters an overallotment option, for a period of 30 days from the date of the prospectus, to purchase up to 6,750,000 additional shares of common stock from us at the initial public offering price less the underwriting discount. On July 5, 2024, the underwriters exercised the overallotment option to purchase 5,059,010 additional shares of common stock, resulting in additional net proceeds of $102.8 million after deducting underwriting discounts and commissions of $6.0 million. The remaining option to purchase additional shares expired unexercised at the end of the 30-day period.

We used the net proceeds from the IPO and the underwriters’ exercise of the overallotment option on July 5, 2024, to repay $909.1 million and $110.9 million, respectively, of outstanding principal indebtedness under our First Lien Credit Facility (as defined below). See Note 12 below for details.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Significant Accounting Policies

Schedule of changes in the allowance for doubtful accounts

Changes in the allowance for doubtful accounts are as follows (in thousands):


	December 31,
	2024		2023
Beginning balance	$	(5,335)	$	(4,477)
Provision for losses on receivables		(2,669)		(2,419)
Write-offs		2,792		2,166
Recoveries		(673)		(605)
Ending balance	$	(5,885)	$	(5,335)

Insider Trading Arrangements

3 Months Ended

Dec. 31, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended December 31, 2024, the following officers and directors entered into Rule 10b5-1 trading arrangements:


Name and Title	Date of Adoption	Date of Expiration⁽¹⁾	Plan Terms
Eric Lee Sinclair III, Chief Business Officer	11/08/2024	12/31/2025	Provides for exercise of up to 65,000 vested stock options and the associated sale of up to 65,000 shares of the Company’s common stock
Melissa Miller, Chief Marketing Officer	11/20/2024	12/31/2025	Provides for (i) the exercise of up to 13,000 vested stock options and the associated sale of up to 13,000 shares of the Company’s common stock, (ii) the exercise of up to 9,056 options subject to performance-based vesting conditions and the associated sale of shares of the Company’s common stock, with the actual number of such options and associated shares to be determined based on the level of achievement of the performance criteria associated with the award, and (iii) the sale of up to 8,695 shares of the Company’s common stock issuable upon vesting of time-based vesting restricted stock units
Christopher Schremser, Chief Technology Officer	12/06/2024	12/31/2025	Provides for the exercise of up to 86,230 vested stock options and the associated sale of up to 86,230 shares of the Company’s common stock
Matthew Hawkins, Chief Executive Officer and Director	11/22/2024	8/15/25	Provides for the exercise of up to 278,000 vested stock options and the associated sale of up to 278,000 shares of the Company’s common stock

(1)	Each plan terminates on the earlier of: (i) the expiration date listed in the table above, (ii) the first date on which all trades set forth in the plan have been executed, or (iii) such date the plan is otherwise terminated according to its terms.

Eric Lee Sinclair III

Trading Arrangements, by Individual

Name

Eric Lee Sinclair III

Title

Chief Business Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

11/08/2024

Melissa Miller

Trading Arrangements, by Individual

Name

Melissa Miller

Title

Chief Marketing Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

11/20/2024

Christopher Schremser

Trading Arrangements, by Individual

Name

Christopher Schremser

Title

Chief Technology Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

12/06/2024

Matthew Hawkins

Trading Arrangements, by Individual

Name

Matthew Hawkins

Title

Chief Executive Officer and Director

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

11/22/2024

Vested stock options | Eric Lee Sinclair III

Trading Arrangements, by Individual

Aggregate Available

65,000

Vested stock options | Melissa Miller

Trading Arrangements, by Individual

Aggregate Available

13,000

Vested stock options | Christopher Schremser

Trading Arrangements, by Individual

Aggregate Available

86,230

Vested stock options | Matthew Hawkins

Trading Arrangements, by Individual

Aggregate Available

278,000

Common Stock | Eric Lee Sinclair III

Trading Arrangements, by Individual

Aggregate Available

65,000

Common Stock | Melissa Miller

Trading Arrangements, by Individual

Aggregate Available

13,000

Common Stock | Christopher Schremser

Trading Arrangements, by Individual

Aggregate Available

86,230

Common Stock | Matthew Hawkins

Trading Arrangements, by Individual

Aggregate Available

278,000

Restricted Stock Units (RSUs) | Melissa Miller

Trading Arrangements, by Individual

Aggregate Available

8,695

Performance options | Melissa Miller

Trading Arrangements, by Individual

Aggregate Available

9,056

Income Taxes - Reconciliation between the statutory income tax rate and the effective income tax rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation between the statutory income tax rate and the effective income tax rate
Statutory rate	21.00%	21.00%	21.00%
State income tax, net of federal tax effect	(1.00%)	1.00%	2.00%
Change in state tax rates	(10.00%)	(3.00%)	(4.00%)
Tax credits	9.00%	3.00%	4.00%
Stock-based compensation	4.00%	0.00%	0.00%
Change in uncertain tax liability	(6.00%)	0.00%	(1.00%)
Return to provision adjustments	3.00%	(3.00%)	(1.00%)
Change in valuation allowance	(4.00%)	0.00%	0.00%
Other	(1.00%)	1.00%	1.00%
Effective tax rate	15.00%	20.00%	22.00%

Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements of Comprehensive Loss
Amounts reclassified out of accumulated other comprehensive income (loss) into net interest expense	$ 29,175	$ 31,386	$ 5,244
Income tax effects of amounts reclassified out of accumulated other comprehensive income (loss)	$ (7,084)	$ (7,620)	$ (1,287)

Summary of Significant Accounting Policies - Revision of previously issued financial statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred tax liability	$ 100,523	$ 174,480
Income tax benefit	3,420	12,500	$ 14,420
Other comprehensive loss	14,921	$ 14,036	$ (30,327)
Revision of previously issued financial statements, adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Deferred tax liability	7,800
Income tax benefit	7,400
Other comprehensive loss	$ 400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

+ Details

Summary of Significant Accounting Policies - Derivative instruments (Details) - Designated as hedging instruments	Dec. 31, 2024 DerivativeInstrument
Interest rate swap maturing on October 31, 2024
Derivative [Line Items]
Number of derivative financial instruments held	1
Interest rate swap maturing on January 31, 2026
Derivative [Line Items]
Number of derivative financial instruments held	1
Interest rate swaps that matured on November 30, 2022
Derivative [Line Items]
Number of derivative financial instruments held	2

Income Taxes - Reconciliation of beginning and ending unrecognized tax benefits, including associated interest and penalties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Beginning balance	$ 3,094	$ 2,814
Additions based on tax positions related to the current year	1,265	319
Reductions based on tax positions related to the current year	(24)	(39)
Ending balance	4,335	3,094	$ 2,814
Interest and penalties	200	0	$ 0
Unrecognized tax benefits	$ 4,100	$ 2,900

Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income taxes
Valuation allowance	$ 1,056	$ 197	$ 197
State tax credit
Income taxes
Valuation allowance	200
State net operating loss
Income taxes
Valuation allowance	900
Domestic tax jurisdiction
Income taxes
Operating loss carryforwards	4,300
State and local jurisdiction
Income taxes
Operating loss carryforwards	$ 10,400

Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock-based compensation
Stock-based compensation expense	$ 54,437	$ 8,848	$ 8,003
Cost of revenue
Stock-based compensation
Stock-based compensation expense	2,403	645	478
General and administrative
Stock-based compensation
Stock-based compensation expense	31,288	5,034	4,567
Sales and marketing
Stock-based compensation
Stock-based compensation expense	12,440	1,866	1,776
Research and development
Stock-based compensation
Stock-based compensation expense	$ 8,306	$ 1,303	$ 1,182

Leases - Supplemental Balance Sheet Information (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases
Weighted average remaining lease term, Operating leases (years)	4 years 1 month 6 days	4 years 10 months 24 days
Weighted average remaining lease term, Financing leases (years)	9 years 1 month 6 days	10 years 1 month 6 days
Weighted average discount rate, Operating leases	4.70%	4.40%
Weighted average discount rate, Financing leases	5.90%	5.90%

Derivative Financial Instruments - Interest Rate Swaps Designated as Hedging Instruments (Details) - Designated as hedging instruments - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
October 29, 2021 through October 31, 2024
Derivative financial instruments
Floating Rate Debt	$ 506.7
Fixed Rates	3.87%
January 31, 2023 through January 31, 2026
Derivative financial instruments
Floating Rate Debt		$ 604.1
Fixed Rates		0.67%

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true