0001990354-25-000012 | 10-Q | XBRL Viewer

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Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Eric Lee (Ric) Sinclair III [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On February 19, 2025, Eric Lee (Ric) Sinclair III, our Chief Business Officer, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Mr. Sinclair’s plan provides for the exercise of up to 450,162 vested stock options and the associated sale of up 450,162 shares of the Company’s common stock. Mr. Sinclair’s trading plan will expire December 31, 2025, or upon the earlier sale of all the shares subject to the plan.
Matthew Hawkins [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On June 6, 2025, Matthew Hawkins, our Chief Executive Officer, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Mr. Hawkins’s plan provides for the exercise of up to 300,000 vested stock options and the associated sale of up 300,000 shares of the Company’s common stock. Mr. Hawkins’s trading plan will expire February 19, 2026, or upon the earlier sale of all the shares subject to the plan.
Name	Matthew Hawkins
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 6, 2025
Expiration Date	February 19, 2026
Arrangement Duration	258 days
Aggregate Available	300,000

Fair Value Measurements and Disclosures (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

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
June 30, 2025
Available-for-sale fixed-maturity securities
Commercial paper	Investment securities	$	24,185	$	—	$	24,185	$	—
Corporate notes	Investment securities	$	10,105	$	—	$	10,105	$	—
U.S. Treasury Bills	Investment securities	$	11,204	$	—	$	11,204	$	—
U.S. Government Agencies	Investment securities	$	5,031	$	—	$	5,031	$	—
Money market funds	Cash and cash equivalents	$	75	$	75	$	—	$	—
Other financial assets:
Interest rate swaps	Other current assets	$	788	$	—	$	788	$	—
Other financial liabilities:
Interest rate swaps	Other long-term liabilities	$	1,326	$	—	$	1,326	$	—
December 31, 2024
Other financial assets:
Interest rate swaps	Other current assets	$	1,127	$	—	$	1,127	$	—
Interest rate swaps	Other long-term assets	$	22	$	—	$	22	$	—

Other Accrued Expenses

6 Months Ended

Jun. 30, 2025

Accrued Liabilities, Current [Abstract]

Other Accrued Expenses

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


	June 30, 2025		December 31, 2024
Accrued income taxes	$	17,593	$	4,111
Other taxes payable	4,184		3,915
Accrued severance	536		—
Retirement plan payable	651		497
Accrued self insurance claims	2,453		1,064
Accrued interest	630		597
Accrued rent	1,168		—
ESPP payable	1,560		—
Other	6,539		5,746
Total	$	35,314	$	15,930

Income/ (Loss) Per Share

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Income/ (Loss) Per Share

A reconciliation of the numerators and the denominators of the basic and diluted per share computations are as follows (in thousands, except for share and per share data):


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Basic income/(loss) per share:
Net income/(loss)	$	32,184	$	(27,685)	$	61,453	$	(43,617)
Net income/(loss) attributable to common shares	$	32,184	$	(27,685)	$	61,453	$	(43,617)
Weighted average common stock outstanding–(voting)	173,358,382		133,527,766		172,467,988		127,601,532

Basic weighted average common stock outstanding	173,358,382		133,527,766		172,467,988		127,601,532
Basic income/(loss) per share	$	0.19	$	(0.21)	$	0.36	$	(0.34)

Diluted income/(loss) per share:
Net income/(loss)	$	32,184	(27,685)		$	61,453	(43,617)
Net income/(loss) attributable to common shares	$	32,184	$	(27,685)	$	61,453	$	(43,617)
Dilutive effect of stock options – (voting)	7,096,155		—		7,466,035		—
Dilutive effect of RSUs – (voting)	1,140,850		—		1,139,670		—
Dilutive effect of ESPP – (voting)	3,746		—		2,456		—
Weighted average common stock outstanding–(voting)	181,599,133		133,527,766		181,076,149		127,601,532

Diluted weighted average common stock outstanding	181,599,133		133,527,766		181,076,149		127,601,532
Diluted income/(loss) per share	$	0.18	$	(0.21)	$	0.34	$	(0.34)

Because of their anti-dilutive effect, 1,381,263 and 3,766,890 common share equivalents comprised of stock options and RSUs have been excluded from the diluted earnings per share calculation for the three months ended June 30, 2025 and 2024, respectively. Additionally because of their anti-dilutive effect, 1,125,049 and 3,731,340 common share equivalents comprised of stock options and RSUs have been excluded from diluted earnings per share calculation for the six months ended June 30, 2025 and 2024, respectively.

Segments (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Reconciliation of Revenue to Consolidated Net Income

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.


	Three months ended June 30,				Six months ended June 30,
($in thousands)	2025		2024		2025		2024
Total Revenue	$	270,654	$	234,543	$	527,089	$	459,335
Less:
Materials & connectivity	62,271		56,814		122,724		110,998
Labor & associated expenses	24,773		23,637		47,665		44,645
Research & development	12,622		15,901		23,700		26,221
Sales & marketing	43,524		45,715		83,647		79,495
General and administrative	29,192		39,955		52,492		66,090
Depreciation	5,310		5,196		10,575		10,290
Amortization	28,116		39,080		56,231		78,160
Interest and non-operating expenses, net	18,255		50,541		37,155		107,725
Income tax expense (benefit)	14,407		(14,611)		31,447		(20,672)
Segment Net income/(loss)	$	32,184	$	(27,685)	$	61,453	$	(43,617)
Consolidated Net income/(loss)	$	32,184	$	(27,685)	$	61,453	$	(43,617)

Income/ (Loss) Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
Income/ (Loss) Per Share - Narrative (Details) - shares	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Earnings Per Share [Abstract]
Anti-dilutive effect of stock option shares excluded from the diluted earning per share calculation	1,381,263	3,766,890	1,125,049	3,731,340

Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at the beginning (in shares) at Dec. 31, 2023		121,679,902
Balance at the beginning at Dec. 31, 2023	$ 2,049,932	$ 1,217	$ 2,234,688	$ 15,802	$ (201,775)
Changes in stockholder's equity
Share-based compensation	39,918		39,918
Settlement of common stock options, net of stock option exercises (in shares)		2,420
Settlement of common stock options, net of stock option exercises	(33)	$ 1	(34)
Repurchase of shares (in shares)		(22,688)
Repurchase of shares	(844)	$ (1)	(843)
Capital distributions	(99)		(99)
Issuance of common stock in initial public offering, net of issuance costs (in shares)		45,000,000
Issuance of common stock in initial public offering, net of issuance costs	905,517	$ 450	905,067
Net income/(loss)	(43,617)				(43,617)
Other comprehensive income (loss)	(4,676)			(4,676)
Balance at the end (in shares) at Jun. 30, 2024		166,659,634
Balance at the end at Jun. 30, 2024	2,946,098	$ 1,667	3,178,697	11,126	(245,392)
Balance at the beginning (in shares) at Mar. 31, 2024		121,659,634
Balance at the beginning at Mar. 31, 2024	2,035,487	$ 1,217	2,236,350	15,627	(217,707)
Changes in stockholder's equity
Share-based compensation	37,390		37,390
Settlement of common stock options, net of stock option exercises	(11)		(11)
Capital distributions	(99)		(99)
Issuance of common stock in initial public offering, net of issuance costs (in shares)		45,000,000
Issuance of common stock in initial public offering, net of issuance costs	905,517	$ 450	905,067
Net income/(loss)	(27,685)				(27,685)
Other comprehensive income (loss)	(4,501)			(4,501)
Balance at the end (in shares) at Jun. 30, 2024		166,659,634
Balance at the end at Jun. 30, 2024	2,946,098	$ 1,667	3,178,697	11,126	(245,392)
Balance at the beginning (in shares) at Dec. 31, 2024		172,108,240
Balance at the beginning at Dec. 31, 2024	3,079,786	$ 1,722	3,298,083	881	(220,900)
Changes in stockholder's equity
Share-based compensation	18,168		18,168
Settlement of common stock options, net of stock option exercises (in shares)		1,577,468
Settlement of common stock options, net of stock option exercises	15,045	$ 15	15,030
Vesting of restricted stock units (in shares)		460,362
Vesting of restricted stock units	0	$ 4	(4)
Net income/(loss)	61,453				61,453
Other comprehensive income (loss)	(1,312)			(1,312)
Balance at the end (in shares) at Jun. 30, 2025		174,146,070
Balance at the end at Jun. 30, 2025	3,173,140	$ 1,741	3,331,277	(431)	(159,447)
Balance at the beginning (in shares) at Mar. 31, 2025		172,963,709
Balance at the beginning at Mar. 31, 2025	3,125,912	$ 1,730	3,315,497	316	(191,631)
Changes in stockholder's equity
Share-based compensation	11,432		11,432
Settlement of common stock options, net of stock option exercises (in shares)		721,999
Settlement of common stock options, net of stock option exercises	4,359	$ 7	4,352
Vesting of restricted stock units (in shares)		460,362
Vesting of restricted stock units	0	$ 4	(4)
Net income/(loss)	32,184				32,184
Other comprehensive income (loss)	(747)			(747)
Balance at the end (in shares) at Jun. 30, 2025		174,146,070
Balance at the end at Jun. 30, 2025	$ 3,173,140	$ 1,741	$ 3,331,277	$ (431)	$ (159,447)

Leases

6 Months Ended

Jun. 30, 2025

Leases [Abstract]

Leases

The following table presents components of lease expense for the three and six months ended June 30, 2025 and 2024, respectively (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Finance lease cost
Amortization of right-of-use assets	$	—	$	397	$	—	$	794
Interest on lease liabilities	177		189		177		382
Operating lease cost	1,132		860		2,271		1,773
Variable lease cost	111		109		1,266		151
Short-term lease	197		159		214		366
Total lease cost	$	1,617	$	1,714	$	3,928	$	3,466

Maturities of lease liabilities as of June 30, 2025 are as follows (in thousands):


	Operating Leases		Finance Leases
2025	$	3,112	$	803
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	17,421		15,145
Less: Interest	1,516		3,394
Total	$	15,905	$	11,751

Supplemental cash flow information related to leases for the three and six months ended June 30, 2025 and 2024 are as follows (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	1,615	$	1,295	$	3,229	$	2,637
Financing cash flows for financing leases	535		394		935		785
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	—	$	594	$	—	$	594

Supplemental balance sheet information related to leases as of June 30, 2025 and December 31, 2024 are as follows:


	June 30, 2025	December 31, 2024
Weighted average remaining lease term (years):
Operating leases	3.8	4.1
Financing leases	8.6	9.1
Weighted average discount rate:
Operating leases	4.7	4.7
Financing leases	5.9	5.9

Leases

The following table presents components of lease expense for the three and six months ended June 30, 2025 and 2024, respectively (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Finance lease cost
Amortization of right-of-use assets	$	—	$	397	$	—	$	794
Interest on lease liabilities	177		189		177		382
Operating lease cost	1,132		860		2,271		1,773
Variable lease cost	111		109		1,266		151
Short-term lease	197		159		214		366
Total lease cost	$	1,617	$	1,714	$	3,928	$	3,466

Maturities of lease liabilities as of June 30, 2025 are as follows (in thousands):


	Operating Leases		Finance Leases
2025	$	3,112	$	803
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	17,421		15,145
Less: Interest	1,516		3,394
Total	$	15,905	$	11,751

Supplemental cash flow information related to leases for the three and six months ended June 30, 2025 and 2024 are as follows (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	1,615	$	1,295	$	3,229	$	2,637
Financing cash flows for financing leases	535		394		935		785
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	—	$	594	$	—	$	594

Supplemental balance sheet information related to leases as of June 30, 2025 and December 31, 2024 are as follows:


	June 30, 2025	December 31, 2024
Weighted average remaining lease term (years):
Operating leases	3.8	4.1
Financing leases	8.6	9.1
Weighted average discount rate:
Operating leases	4.7	4.7
Financing leases	5.9	5.9

Derivative Financial Instruments - Effect of Derivative Instruments Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Derivative financial instruments
Total Interest Expense on Consolidated Statements of Operations	$ (18,255)	$ (50,541)	$ (37,155)	$ (107,725)
Interest rate swap \| Derivatives - Cash Flow Hedging Relationships
Derivative financial instruments
Amount of Gain or (Loss) Recognized in AOCI/AOCL on Derivative	(732)	(4,501)	(1,288)	(4,676)
Amount of Gain or (Loss) Reclassified from AOCI/AOCL into Income	$ 717	$ 8,695	$ 1,289	$ 17,297

- 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

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+ Details

Investments Securities

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Investment Securities

The following table summarizes the unrealized positions for our investment securities classified as available-for-sale fixed-maturity debt securities, disaggregated by class of instrument (in thousands) as of June 30, 2025.


	Amortized Cost		Allowances for Credit Losses		Total Unrealized Gains		Total Unrealized Losses		Fair Value
Available-for-sale fixed-maturity securities
Commercial Paper	$	24,185	$	—	$	—	$	20	$	24,165
Corporate Notes	10,105		—		—		6		10,099
U.S. Treasury Bills	11,204		—		—		1		11,203
U.S. Government Agencies	5,031		—		—		5		5,026
Total	$	50,525	$	—	$	—	$	32	$	50,493

The Company did not own any available-for-sale fixed-maturity securities as of December 31, 2024.

Property and Equipment, Net

6 Months Ended

Jun. 30, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

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


	June 30, 2025		December 31, 2024

Computer hardware	$	41,357	$	39,833
Capitalized internal-use software	47,014		40,281
Purchased computer software	22,938		22,789
Furniture and fixtures	3,841		3,642
Office equipment	266		247
Leasehold improvements	4,216		3,778


Internal-use software in progress	17,529		15,361
	137,161		125,931
Accumulated depreciation	(89,774)		(79,200)
Total	$	47,387	$	46,731

Depreciation of fixed assets, including the amortization of capitalized software, for the three months ended June 30, 2025 and 2024 was $5.3 million and $5.2 million, respectively.

We capitalized $4.4 million and $8.9 million in software development costs for the three and six months ended June 30, 2025, respectively. We capitalized $4.0 million and $7.8 million in software developments costs for the three and six months ended June 30, 2024, respectively. Amortization of capitalized software was $3.4 million and $2.4 million for the three months ended June 30, 2025 and 2024, respectively, and was $6.8 million and $4.7 million for the six months ended June 30, 2025 and 2024, respectively. The net book value of capitalized software development costs was $31.7 million and $29.6 million as of June 30, 2025 and December 31, 2024, respectively.

There were no impairments of property and equipment for the three and six months ended June 30, 2025 and 2024, respectively.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Pay vs Performance Disclosure
Net income/(loss)	$ 32,184	$ (27,685)	$ 61,453	$ (43,617)

- Definition

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

+ References

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+ Details

Property and Equipment, Net - Balance of Major Classes of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Property and Equipment, Net
Property and equipment, gross	$ 137,161	$ 125,931
Accumulated depreciation	(89,774)	(79,200)
Property and equipment, net	47,387	46,731
Computer hardware
Property and Equipment, Net
Property and equipment, gross	41,357	39,833
Capitalized internal-use software
Property and Equipment, Net
Property and equipment, gross	47,014	40,281
Purchased computer software
Property and Equipment, Net
Property and equipment, gross	22,938	22,789
Furniture and fixtures
Property and Equipment, Net
Property and equipment, gross	3,841	3,642
Office equipment
Property and Equipment, Net
Property and equipment, gross	266	247
Leasehold improvements
Property and Equipment, Net
Property and equipment, gross	4,216	3,778
Internal-use software in progress
Property and Equipment, Net
Property and equipment, gross	$ 17,529	$ 15,361

Segments - Additional Information (Details)	6 Months Ended
Segments - Additional Information (Details)	Jun. 30, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2025
Accounting Policies [Abstract]
Basis of Financial Statement Presentation	Basis of Financial Statement Presentation The financial statements include the consolidated balance sheets, statements of operations, statements of comprehensive income (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”). The accompanying unaudited consolidated financial statements and notes have been prepared in accordance with GAAP and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the Company’s financial position, results of operations, changes in stockholders’ equity and cash flows. The results of operations for the six months ended June 30, 2025 are not necessarily indicative of the results for the full year or the results for any future periods. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2024 in the 2024 Annual Report of Form 10-K filed with the SEC on February 18, 2025 (the “2024 Annual Report”).
Use of Estimates	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.
Revenue Recognition	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 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 customer's life. 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	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 June 30, 2025 and December 31, 2024, the total unamortized costs reported as deferred costs on our balance sheet amounted to $30.4 million and $29.0 million, respectively, for internal sales commissions. For the three months ended June 30, 2025 and 2024, amortization related to the sales commission asset was $3.2 million and $2.6 million, respectively. For the six months ended June 30, 2025 and 2024, amortization related to the sales commission asset was $6.3 million and $5.0 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 June 30, 2025 and December 31, 2024, the total unamortized costs reported as deferred costs on our balance sheet amounted to $57.6 million and $53.8 million, respectively, for fulfillment costs. For the three months ended June 30, 2025 and 2024, amortization related to the fulfillment cost asset was $3.9 million and $3.0 million, respectively. For the six months ended June 30, 2025 and 2024, amortization related to the fulfillment cost asset was $7.6 million and $5.7 million, respectively. The aforementioned amortization amounts are included in the costs of revenue in our consolidated statements of operations.
Channel Partners	Channel Partners We account for fees paid to channel partners within sales and marketing expenses in the accompanying statements of operations. For the three months ended June 30, 2025 and 2024, we recorded fees to all channel partners of $19.0 million and $16.1 million, respectively. For the six months ended June 30, 2025 and 2024, we recorded fees to all channel partners of $37.3 million and $30.6 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	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.
Investment securities	Investment securities Our short-term investments, which consist of debt securities, are stated at fair value. These debt securities have been categorized as available-for-sale and classified as current assets given their maturity date is twelve months or less. Unrealized holding gains and losses for debt securities, net of applicable deferred taxes, are included in other comprehensive income or loss as a component of stockholders’ equity until realized from a sale or an expected credit loss is recognized. For the purpose of determining realized gross gains and losses for debt securities sold, that are included as a component of interest income/(expense) in the consolidated statements of income, the cost of investment securities sold is based upon specific identification. Under the current expected credit losses model expected losses on available for sale debt securities are recognized through an allowance for credit losses rather than as reductions in the amortized cost of securities. For debt securities whose fair value is less than their amortized cost which we do not intend to sell or are not required to sell, we evaluate the expected cash flows to be received as compared to amortized cost and determine if an expected credit loss has occurred. In the event of any expected credit loss, only the amount of impairment associated with the expected credit loss is recognized in income with the remainder, if any, of the loss recognized in other comprehensive income. To the extent we have the intent to sell the debt security, or it is more likely than not we will be required to sell the debt security before recovery of our amortized cost basis, we recognize an impairment loss in income in an amount equal to the full difference between the amortized cost basis and the fair value.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 and condensed consolidated financial statements. In November 2024, the FASB 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 business entities, 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.

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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+ Details

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 32,184	$ (27,685)	$ 61,453	$ (43,617)
Other comprehensive income (loss), before tax:
Interest rate swaps	(971)	(5,944)	(1,689)	(6,184)
Available-for-sale securities	(20)	0	(32)	0
Income tax effect:
Interest rate swaps	239	1,443	401	1,508
Available-for-sale securities	5	0	8	0
Other comprehensive income/(loss), net of tax	(747)	(4,501)	(1,312)	(4,676)
Comprehensive income/(loss), net of tax	$ 31,437	$ (32,186)	$ 60,141	$ (48,293)

Revenue Recognition - Contract Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 0.9	$ 0.8	$ 9.1	$ 9.5

Fair Value Measurements and Disclosures

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

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
June 30, 2025
Available-for-sale fixed-maturity securities
Commercial paper	Investment securities	$	24,185	$	—	$	24,185	$	—
Corporate notes	Investment securities	$	10,105	$	—	$	10,105	$	—
U.S. Treasury Bills	Investment securities	$	11,204	$	—	$	11,204	$	—
U.S. Government Agencies	Investment securities	$	5,031	$	—	$	5,031	$	—
Money market funds	Cash and cash equivalents	$	75	$	75	$	—	$	—
Other financial assets:
Interest rate swaps	Other current assets	$	788	$	—	$	788	$	—
Other financial liabilities:
Interest rate swaps	Other long-term liabilities	$	1,326	$	—	$	1,326	$	—
December 31, 2024
Other financial assets:
Interest rate swaps	Other current assets	$	1,127	$	—	$	1,127	$	—
Interest rate swaps	Other long-term assets	$	22	$	—	$	22	$	—

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 term loan facility was $1,157.7 million and $1,163.5 million compared to a fair value of $1,160.6 million and $1,169.4 million at June 30, 2025 and December 31, 2024, respectively. There were no transfers in or out of Level 3 during the periods presented.

As of June 30, 2025 and December 31, 2024, 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. Interest rate swaps are Level 2 instruments whose fair value is derived from discounted cash flows adjusted for nonperformance risk. Investment securities are Level 2 instruments whose fair value is observed through market data of similar securities. Money market funds are Level 1 instruments whose fair value is observed through daily quoted prices of similar assets. Money market funds are considered cash equivalents because they have a maturity of less than three months and are highly liquid.

- 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.

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+ Details

Income/ (Loss) Per Share - Reconciliation of the Numerators and Denominators of Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Basic income/(loss) per share:
Net income/(loss)	$ 32,184	$ (27,685)	$ 61,453	$ (43,617)
Net income/(loss) attributable to common shares	$ 32,184	$ (27,685)	$ 61,453	$ (43,617)
Basic weighted average common stock outstanding (in shares)	173,358,382	133,527,766	172,467,988	127,601,532
Basic income/(loss) per share (in dollars per share)	$ 0.19	$ (0.21)	$ 0.36	$ (0.34)
Diluted income/(loss) per share:
Net income/(loss)	$ 32,184	$ (27,685)	$ 61,453	$ (43,617)
Net income/(loss) attributable to common shares	$ 32,184	$ (27,685)	$ 61,453	$ (43,617)
Diluted weighted average common stock outstanding (in shares)	181,599,133	133,527,766	181,076,149	127,601,532
Diluted income/(loss) per share (in dollars per share)	$ 0.18	$ (0.21)	$ 0.34	$ (0.34)
Voting
Basic income/(loss) per share:
Basic weighted average common stock outstanding (in shares)	173,358,382	133,527,766	172,467,988	127,601,532
Diluted income/(loss) per share:
Diluted weighted average common stock outstanding (in shares)	181,599,133	133,527,766	181,076,149	127,601,532
Voting \| Stock Options
Diluted income/(loss) per share:
Dilutive effect (in shares)	7,096,155	0	7,466,035	0
Voting \| RSUs
Diluted income/(loss) per share:
Dilutive effect (in shares)	1,140,850	0	1,139,670	0
Voting \| ESPP
Diluted income/(loss) per share:
Dilutive effect (in shares)	3,746	0	2,456	0

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

To mitigate the risk of a rise in interest rates on the First Lien Credit Facility, we entered into interest rate swaps on January 13, 2023, April 1, 2025 and April 9, 2025. 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. The interest rate swaps result in the fixed interest rate shown in the table below on the swapped portion of the 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 June 30, 2025 and December 31, 2024, we have the following interest rate swap agreements designated as a hedging instruments:


Effective Dates	Floating Rate Debt			Fixed Rates
January 31, 2023 through January 31, 2026	$	506.7	million	3.87	%
April 1, 2025 through January 30, 2026	80.0		million	3.59	%
January 31, 2026 through March 31, 2027	275.0		million	3.59	%
January 31, 2026 through March 31, 2027	275.0		million	3.27	%

The gain or loss on the swaps is recognized in accumulated other comprehensive income/(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):


Derivatives - Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in AOCI/AOCL on Derivative		Location of Gain or (Loss) Reclassified from AOCI/AOCL into Income	Amount of Gain or (Loss) Reclassified from AOCI/AOCL into Income		Total Interest Expense on Consolidated Statements of Operations
Interest rate swaps:
Three months Ended June 30, 2025	$	(732)	Interest expense	$	717	$	(18,255)
Three months Ended June 30, 2024	$	(4,501)	Interest expense	$	8,695	$	(50,541)
Six Months Ended June 30, 2025	$	(1,288)	Interest expense	$	1,289	$	(37,155)
Six Months Ended June 30, 2024	$	(4,676)	Interest expense	$	17,297	$	(107,725)

The net amount of accumulated other comprehensive income expected to be reclassified to interest income in the next twelve months is $0.6 million.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Debt

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Debt

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


	June 30,		December 31,
	2025		2024
First lien term loan facility outstanding debt	$	1,157,712	$	1,163,545
Revolving credit facility	—		—

Receivables facility outstanding debt	80,000		80,000
Total outstanding debt	1,237,712		1,243,545
Unamortized debt issuance costs	(10,182)		(11,255)
Current portion of long-term debt	(11,668)		(11,668)
Total long-term debt, net	$	1,215,862	$	1,220,622

The maturity of long-term principal payments (excluding debt discount) at June 30, 2025 is as follows (in thousands):


2025	$	5,835
2026	91,668
2027	11,668
2028	11,668
2029	1,116,873

	$	1,237,712

As of June 30, 2025 and December 31, 2024, 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. At June 30, 2025, the effective interest rate for the revolving credit facility is 6.07%.

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. At June 30, 2025, 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 June 30, 2025, there are 17 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 June 30, 2025.

We had unamortized debt issuance costs of $10.2 million and $11.3 million as of June 30, 2025 and December 31, 2024, respectively.

In connection with the Revolving Credit Facility, unamortized debt issuance costs were $1.8 million and $2.1 million as of June 30, 2025 and December 31, 2024, 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.

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+ Details

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Revenue Recognition
Revenue	$ 270,654	$ 234,543	$ 527,089	$ 459,335
Subscription revenue
Revenue Recognition
Revenue	131,108	112,349	256,149	218,428
Volume-based revenue
Revenue Recognition
Revenue	138,290	120,900	268,208	238,044
Implementation services and other revenue
Revenue Recognition
Revenue	$ 1,256	$ 1,294	$ 2,732	$ 2,863

- 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.

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+ 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.

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+ Details

Derivative Financial Instruments - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2025 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net amount of accumulated other comprehensive income expected to be reclassified in the next twelve months	$ 0.6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities
Net income/(loss)	$ 61,453	$ (43,617)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities
Depreciation and amortization	66,806	88,450
Stock-based compensation	18,274	39,497
Provision for bad debt expense	1,872	1,055
Loss on extinguishment of debt	0	19,016
Deferred income taxes	7,437	(42,377)
Amortization of debt discount and issuance costs	1,346	2,646
Other	0	(99)
Changes in:
Accounts receivable	(135)	(22,932)
Income tax refundable	2,838	(4,371)
Prepaid expenses and other current assets	(968)	(2,319)
Deferred costs	(5,140)	(10,945)
Other long-term assets	58	(442)
Accounts payable and accrued expenses	9,308	4,392
Deferred revenue	(1,181)	(910)
Operating lease right-of-use assets and lease liabilities	(959)	(864)
Net cash provided by operating activities	161,009	26,180
Cash flows from investing activities
Purchase of property and equipment and capitalization of internally developed software costs	(11,193)	(12,428)
Purchase of investment securities	(50,525)	0
Net cash used in investing activities	(61,718)	(12,428)
Cash flows from financing activities
Change in aggregated funds liability	(1,171)	2,327
Proceeds from equity offering, net of underwriting discounts	0	914,288
Payments of third-party IPO issuance costs	0	(1,982)
Repurchase of shares	0	(844)
Proceeds from exercise of common stock options	15,045
Proceeds from exercise of common stock options		(33)
Proceeds from issuances of debt, net of creditor fees	0	535,209
Payments on debt	(5,834)	(1,425,874)
Third-party fees paid in connection with issuance of new debt	0	(1,410)
Finance lease liabilities paid	(444)	(403)
Net cash provided by financing activities	7,596	21,278
Increase in cash and cash equivalents during the period	106,887	35,030
Cash and cash equivalents and restricted cash–beginning of period	204,582	45,428
Cash and cash equivalents and restricted cash–end of period	311,469	80,458
Supplemental disclosures of cash flow information
Interest paid	39,745	82,264
Cash taxes paid (refunds received), net	8,346	26,141
Non-cash investing and financing activities
Fixed asset purchases in accounts payable	195	363
Unpaid third-party IPO issuance costs	0	1,354
Balance sheet
Cash and cash equivalents	290,300	68,375
Restricted cash	21,169	12,083
Total	$ 311,469	$ 80,458

Stock-based Compensation - PSU, Additional Information (Details) - PSU - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Stock-based compensation
Granted (in shares)	396,197	0
Compensation expense	$ 22.9
Expected compensation expense, weighted average period (in years)	3 years 9 months 18 days

- 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.

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+ Details

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 3,019,999		$ 3,019,999		$ 3,019,999
Additions to goodwill	0	$ 0	0	$ 0
Disposals to goodwill	0	0	0	0
Impairment to goodwill	0	0	0	0
Amortization expense	$ 28,100	$ 39,100	$ 56,200	$ 78,200

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ References + Details

Goodwill and Other Intangible Assets - Amortization for Definite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Goodwill and Other Intangible Assets
Gross Carrying Amount	$ 1,551,900	$ 1,551,900
Accumulated Amortization	(569,082)	(512,851)
Net Carrying Value	982,818	1,039,049
Customer relationships
Goodwill and Other Intangible Assets
Gross Carrying Amount	1,429,400	1,429,400
Accumulated Amortization	(488,170)	(440,729)
Net Carrying Value	$ 941,230	$ 988,671
Weighted- Average Remaining Useful Life	10 years 7 months 6 days	11 years 1 month 6 days
Purchased developed technology
Goodwill and Other Intangible Assets
Gross Carrying Amount	$ 81,800	$ 81,800
Accumulated Amortization	(57,470)	(50,875)
Net Carrying Value	$ 24,330	$ 30,925
Weighted- Average Remaining Useful Life	4 years 2 months 12 days	4 years 2 months 12 days
Tradenames and trademarks
Goodwill and Other Intangible Assets
Gross Carrying Amount	$ 40,700	$ 40,700
Accumulated Amortization	(23,442)	(21,247)
Net Carrying Value	$ 17,258	$ 19,453
Weighted- Average Remaining Useful Life	4 years 3 months 18 days	4 years 8 months 12 days

- 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.

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Reference 27: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Retirement Plans	6 Months Ended
Retirement Plans	Jun. 30, 2025
Retirement Benefits [Abstract]
Retirement Plans	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 $1.3 million and $1.3 million for the three months ended June 30, 2025 and 2024 and $2.7 million and $2.4 million for the six months ended June 30, 2025 and 2024, respectively.

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Swap Agreements Designated as a Hedging Instruments

As of June 30, 2025 and December 31, 2024, we have the following interest rate swap agreements designated as a hedging instruments:


Effective Dates	Floating Rate Debt			Fixed Rates
January 31, 2023 through January 31, 2026	$	506.7	million	3.87	%
April 1, 2025 through January 30, 2026	80.0		million	3.59	%
January 31, 2026 through March 31, 2027	275.0		million	3.59	%
January 31, 2026 through March 31, 2027	275.0		million	3.27	%

Schedule of Effect of Derivative Instruments Designated as Hedging Instruments on the Accompanying Consolidated Financial Statements

The effect of derivative instruments designated as hedging instruments on the accompanying consolidated financial statements is as follows (in thousands):


Derivatives - Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in AOCI/AOCL on Derivative		Location of Gain or (Loss) Reclassified from AOCI/AOCL into Income	Amount of Gain or (Loss) Reclassified from AOCI/AOCL into Income		Total Interest Expense on Consolidated Statements of Operations
Interest rate swaps:
Three months Ended June 30, 2025	$	(732)	Interest expense	$	717	$	(18,255)
Three months Ended June 30, 2024	$	(4,501)	Interest expense	$	8,695	$	(50,541)
Six Months Ended June 30, 2025	$	(1,288)	Interest expense	$	1,289	$	(37,155)
Six Months Ended June 30, 2024	$	(4,676)	Interest expense	$	17,297	$	(107,725)

Common and Preferred Stock (Details) - $ / shares	Jun. 30, 2025	Dec. 31, 2024	Jun. 10, 2024
Stockholders' Equity Note [Abstract]
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000	2,500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000	100,000,000
Preferred stock, shares par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, conversion ratio			1
Common stock, shares issued (in shares)	174,146,070	172,108,240
Common stock, shares outstanding (in shares)	174,146,070	172,108,240

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 290,300	$ 182,133
Restricted cash	21,169	22,449
Investment securities	50,493	0
Accounts receivable, net of allowance of $6,104 at June 30, 2025 and $5,885 at December 31, 2024	143,498	145,235
Income tax receivable	0	2,838
Prepaid expenses	15,942	14,414
Other current assets	3,077	3,972
Total current assets	524,479	371,041
Property, plant and equipment, net	47,387	46,731
Operating lease right-of-use assets, net	8,960	10,820
Intangible assets, net	982,818	1,039,049
Goodwill	3,019,999	3,019,999
Deferred costs	88,083	82,815
Other long-term assets	6,196	6,549
Total assets	4,677,922	4,577,004
Current liabilities
Accounts payable	46,737	47,365
Accrued compensation	22,413	31,589
Aggregated funds payable	20,888	22,059
Other accrued expenses	35,314	15,930
Deferred revenue	9,540	10,527
Current portion of long-term debt	11,668	11,668
Current portion of operating lease liabilities	5,330	5,591
Current portion of finance lease liabilities	950	904
Total current liabilities	152,840	145,633
Long-term liabilities
Deferred tax liability	107,557	100,523
Long-term debt, net, less current portion	1,215,862	1,220,622
Operating lease liabilities, net of current portion	10,575	13,133
Finance lease liabilities, net of current portion	10,801	11,290
Deferred revenue - long-term	5,545	5,739
Other long-term liabilities	1,602	278
Total liabilities	1,504,782	1,497,218
Commitments and contingencies (Note 20)
Stockholders’ equity
Preferred stock $0.01 par value - 100,000,000 and 100,000,000 shares authorized as of June 30, 2025 and December 31, 2024, respectively; zero shares issued or outstanding as of June 30, 2025 and December 31, 2024, respectively	0	0
Common stock $0.01 par value - 2,500,000,000 and 2,500,000,000 shares authorized at June 30, 2025 and December 31, 2024, respectively; 174,146,070 and 172,108,240 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	1,741	1,722
Additional paid-in capital	3,331,277	3,298,083
Accumulated other comprehensive income (loss)	(431)	881
Accumulated deficit	(159,447)	(220,900)
Total stockholders’ equity	3,173,140	3,079,786
Total liabilities and stockholders’ equity	4,677,922	4,577,004
Nonrelated Party
Current liabilities
Current portion of long-term debt	11,102	11,311
Long-term liabilities
Long-term debt, net, less current portion	1,160,234	1,185,411
Related Party
Current liabilities
Current portion of long-term debt	566	357
Long-term liabilities
Long-term debt, net, less current portion	$ 55,628	$ 35,211

Other Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Accrued Liabilities, Current [Abstract]
Accrued income taxes	$ 17,593	$ 4,111
Other taxes payable	4,184	3,915
Accrued severance	536	0
Retirement plan payable	651	497
Accrued self insurance claims	2,453	1,064
Accrued interest	630	597
Accrued rent	1,168	0
ESPP payable	1,560	0
Other	6,539	5,746
Total	$ 35,314	$ 15,930

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Finance lease cost
Amortization of right-of-use assets	$ 0	$ 397	$ 0	$ 794
Interest on lease liabilities	177	189	177	382
Operating lease cost	1,132	860	2,271	1,773
Variable lease cost	111	109	1,266	151
Short-term lease	197	159	214	366
Total lease cost	$ 1,617	$ 1,714	$ 3,928	$ 3,466

Leases - Lease Liability Maturities (Details) $ in Thousands	Jun. 30, 2025 USD ($)
Operating Leases
2025	$ 3,112
2026	5,486
2027	3,191
2028	2,868
2029	1,404
Thereafter	1,360
Total future minimum lease payments	17,421
Less: Interest	1,516
Total	15,905
Finance Leases
2025	803
2026	1,641
2027	1,678
2028	1,714
2029	1,752
Thereafter	7,557
Total future minimum lease payments	15,145
Less: Interest	3,394
Total	$ 11,751

Stock-based Compensation - PSU Activity (Details) - PSU - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Number of shares
Outstanding, beginning balance (in shares)	0
Granted (in shares)	396,197	0
Vested (in shares)	0
Forfeited (in shares)	0
Outstanding, ending balance (in shares)	396,197	0
Weighted average grant date fair value
Outstanding, beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	61.67
Vested (in dollars per share)	0
Forfeited (in dollars per share)	0
Outstanding, ending balance (in dollars per share)	$ 61.67	$ 0

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 1,615	$ 1,295	$ 3,229	$ 2,637
Financing cash flows for financing leases	535	394	935	785
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$ 0	$ 594	$ 0	$ 594

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events We have evaluated subsequent events through the date of issuance. On July 4, 2025, H.R.1, the budget reconciliation bill known as the “One Big Beautiful Bill Act”, was signed into law in the U.S. This legislation includes significant changes to U.S. tax law impacting corporate tax rates, bonus depreciation, interest limitations under Internal Revenue Code Section 163(j), and the treatment of domestic research and development expenditures. We are currently evaluating the effect of this legislation on our consolidated and condensed consolidated financial statements. As the legislation was signed into law after the close of our second quarter, the impacts are not included in our operating results for the six months ended June 30, 2025. On July 23, 2025, we entered into an Agreement and Plan of Merger to acquire Iodine through a series of mergers. The acquisition, valued at $1.25 billion, includes $625.0 million in cash and 16,751,541 shares of common stock. The consummation of the acquisition is subject to the satisfaction of customary closing conditions. Given the acquisition has yet to close, accounting conclusions related to the transaction are pending. No other significant subsequent events have occurred through the date of issuance.

Debt - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Debt
Total outstanding debt	$ 1,237,712	$ 1,243,545
Unamortized debt issuance costs	(10,182)	(11,255)
Current portion of long-term debt	(11,668)	(11,668)
Total long-term debt, net	1,215,862	1,220,622
Line of credit \| First lien term loan facility
Debt
Total outstanding debt	1,157,712	1,163,545
Line of credit \| Revolving credit facility
Debt
Total outstanding debt	0	0
Unamortized debt issuance costs	(1,800)	(2,100)
Line of credit \| Receivables facility
Debt
Total outstanding debt	$ 80,000	$ 80,000

- 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/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivative Financial Instruments - Interest Rate Swaps Designated as Hedging Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
January 31, 2023 through January 31, 2026
Derivative financial instruments
Floating Rate Debt	$ 506.7	$ 506.7
Fixed Rates	3.87%	3.87%
April 1, 2025 through January 30, 2026
Derivative financial instruments
Floating Rate Debt	$ 80.0	$ 80.0
Fixed Rates	3.59%	3.59%
January 31, 2026 through March 31, 2027
Derivative financial instruments
Floating Rate Debt	$ 275.0	$ 275.0
Fixed Rates	3.59%	3.59%
January 31, 2026 through March 31, 2027
Derivative financial instruments
Floating Rate Debt	$ 275.0	$ 275.0
Fixed Rates	3.27%	3.27%

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Financial Statement Presentation The financial statements include the consolidated balance sheets, statements of operations, statements of comprehensive income (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”). The accompanying unaudited consolidated financial statements and notes have been prepared in accordance with GAAP and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the Company’s financial position, results of operations, changes in stockholders’ equity and cash flows. The results of operations for the six months ended June 30, 2025 are not necessarily indicative of the results for the full year or the results for any future periods. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2024 in the 2024 Annual Report of Form 10-K filed with the SEC on February 18, 2025 (the “2024 Annual Report”). 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. 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 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 customer's life. 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 June 30, 2025 and December 31, 2024, the total unamortized costs reported as deferred costs on our balance sheet amounted to $30.4 million and $29.0 million, respectively, for internal sales commissions. For the three months ended June 30, 2025 and 2024, amortization related to the sales commission asset was $3.2 million and $2.6 million, respectively. For the six months ended June 30, 2025 and 2024, amortization related to the sales commission asset was $6.3 million and $5.0 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 June 30, 2025 and December 31, 2024, the total unamortized costs reported as deferred costs on our balance sheet amounted to $57.6 million and $53.8 million, respectively, for fulfillment costs. For the three months ended June 30, 2025 and 2024, amortization related to the fulfillment cost asset was $3.9 million and $3.0 million, respectively. For the six months ended June 30, 2025 and 2024, amortization related to the fulfillment cost asset was $7.6 million and $5.7 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 during the periods presented. Channel Partners We account for fees paid to channel partners within sales and marketing expenses in the accompanying statements of operations. For the three months ended June 30, 2025 and 2024, we recorded fees to all channel partners of $19.0 million and $16.1 million, respectively. For the six months ended June 30, 2025 and 2024, we recorded fees to all channel partners of $37.3 million and $30.6 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. Investment securities Our short-term investments, which consist of debt securities, are stated at fair value. These debt securities have been categorized as available-for-sale and classified as current assets given their maturity date is twelve months or less. Unrealized holding gains and losses for debt securities, net of applicable deferred taxes, are included in other comprehensive income or loss as a component of stockholders’ equity until realized from a sale or an expected credit loss is recognized. For the purpose of determining realized gross gains and losses for debt securities sold, that are included as a component of interest income/(expense) in the consolidated statements of income, the cost of investment securities sold is based upon specific identification. Under the current expected credit losses model expected losses on available for sale debt securities are recognized through an allowance for credit losses rather than as reductions in the amortized cost of securities. For debt securities whose fair value is less than their amortized cost which we do not intend to sell or are not required to sell, we evaluate the expected cash flows to be received as compared to amortized cost and determine if an expected credit loss has occurred. In the event of any expected credit loss, only the amount of impairment associated with the expected credit loss is recognized in income with the remainder, if any, of the loss recognized in other comprehensive income. To the extent we have the intent to sell the debt security, or it is more likely than not we will be required to sell the debt security before recovery of our amortized cost basis, we recognize an impairment loss in income in an amount equal to the full difference between the amortized cost basis and the fair value. There were no impairment losses relating to our investment securities during the periods presented. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 and condensed consolidated financial statements. In November 2024, the FASB 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 business entities, 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.

Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Information Pertaining to Option Activity (Including Rollover Options)

Information pertaining to option activity under all plans (including rollover options) during the six months ending June 30, 2025 and 2024 is as follows:


	Number of options	Weighted average exercise price per share		Weighted average remaining contractual life
Outstanding December 31, 2024	16,511,128	$	17.57	5.8
Granted	132,065	36.94
Exercised	(1,577,468)	9.55
Forfeited	(83,792)	27.28
Outstanding June 30, 2025	14,981,933	$	18.54	5.4


	Number of options	Weighted average exercise price per share		Weighted average remaining contractual life
Outstanding December 31, 2023	13,032,541	$	15.20	5.7
Granted	4,003,703	24.20
Exercised	(2,420)	24.47
Forfeited	(58,564)	17.68
Outstanding June 30, 2024	16,975,260	$	17.31	6.3

Schedule of the Significant Assumptions Used in Estimating the Fair Value of Options Granted

The following is a summary of the significant assumptions used in estimating the fair value of options granted the three and six months ended June 30, 2025 and 2024:


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Risk free interest rate	3.95	%	4.24%-4.59%		3.95	%	3.76%-4.59%
Expected dividend yield	0	%	0	%	0	%	0	%
Expected term of stock award	6.2		5.0-6.5		6.2		5.0 - 6.5
Expected volatility in stock price	46.24	%	49.62%-51.73%		46.24	%	49.62%-51.89%

Schedule of RSU Activity

The following table summarizes RSU activity during the six months ended June 30, 2025 and 2024.


	Number of shares	Weighted average grant date fair value
Outstanding December 31, 2024	2,089,241	$	21.91
Granted	2,240,017	37.38
Vested	(460,362)	21.50
Forfeited	(48,350)	27.38
Outstanding June 30, 2025	3,820,546	$	30.96


	Number of shares	Weighted average grant date fair value
Outstanding December 31, 2023	—	$	—
Granted	2,011,651	21.50
Vested	—	—
Forfeited	(4,347)	21.50
Outstanding June 30, 2024	2,007,304	$	21.50

Schedule of Significant Assumptions in Estimating the Fair Value of PSUs Granted

The following is a summary of the significant assumptions used in estimating the fair value of PSUs granted during the three and six months ended June 30, 2025. There were no PSUs granted prior to the six months ended June 30, 2025.


	Three months ended June 30,			Six months ended June 30,
	2025		2024	2025		2024
Risk free interest rate	3.92	%	N/A	3.92	%	N/A
Expected dividend yield	0	%	N/A	0	%	N/A
Expected term of stock award	4.0		N/A	4.0		N/A
Expected volatility in stock price	40.00	%	N/A	40.00	%	N/A

Summary of PSU Activity

The following table summarizes PSU activity during the six months ended June 30, 2025. There was no PSU activity prior to the six months ended June 30, 2025.


	Number of shares	Weighted average grant date fair value
Outstanding December 31, 2024	—	$	—
Granted	396,197	61.67
Vested	—	—
Forfeited	—	—
Outstanding June 30, 2025	396,197	$	61.67

Schedule of Stock-Based Compensation Expense

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


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Cost of revenue	$	415	$	1,739	$	646	$	1,861
General and administrative	7,094		20,672		11,200		22,211
Sales and marketing	2,414		8,892		3,806		9,371
Research and development	1,607		5,666		2,622		6,054
Total	$	11,530	$	36,969	$	18,274	$	39,497

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Amortization for Definite-Lived Intangible Assets

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


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Weighted- Average Remaining Useful Life
As of June 30, 2025
Customer relationships	$	1,429,400	$	(488,170)	$	941,230	10.6
Purchased developed technology	81,800		(57,470)		24,330		4.2
Tradenames and trademarks	40,700		(23,442)		17,258		4.3
Total	$	1,551,900	$	(569,082)	$	982,818
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

Other Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2025

Accrued Liabilities, Current [Abstract]

Schedule of Other Accrued Expenses

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


	June 30, 2025		December 31, 2024
Accrued income taxes	$	17,593	$	4,111
Other taxes payable	4,184		3,915
Accrued severance	536		—
Retirement plan payable	651		497
Accrued self insurance claims	2,453		1,064
Accrued interest	630		597
Accrued rent	1,168		—
ESPP payable	1,560		—
Other	6,539		5,746
Total	$	35,314	$	15,930

Debt - Additional Information (Details) $ in Thousands	6 Months Ended
Debt - Additional Information (Details) $ in Thousands	Jun. 30, 2025 USD ($) installment	Dec. 31, 2024 USD ($)
Debt
Outstanding balance	$ 1,237,712	$ 1,243,545
Unamortized debt issuance costs	10,182	11,255
Line of credit \| Revolving credit facility
Debt
Outstanding balance	$ 0	0
Interest rate (in percent)	1.75%
Minimum base rate (in percent)	0.00%
Basis spread on variable rate, adjustment period	30 days
Effective interest rate (in percent)	6.07%
Unamortized debt issuance costs	$ 1,800	2,100
Line of credit \| First lien term loan facility
Debt
Outstanding balance	$ 1,157,712	$ 1,163,545
Interest rate (in percent)	2.25%
Minimum base rate (in percent)	0.00%
Basis spread on variable rate, adjustment period	30 days
Effective interest rate (in percent)	6.82%
Number of quarterly installments \| installment	20
Number of remaining payments \| installment	17

Stock-based Compensation

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Equity incentive plans

On October 22, 2019, the Board of Directors approved the Waystar Holding Corp. 2019 Stock Incentive Plan (“2019 Waystar Holding 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, 1.7 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, performance based 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, subject to annual increases as outlined under the plan. 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. The performance-based stock units (“PSUs”) under the 2024 Equity Incentive Plan vest between 0% and 200% based on the company's total shareholder return (“TSR”) relative to a designated peer group as defined in the respective agreement over a four-year performance period. As of June 30, 2025, 5.5 million shares were available for future grants under this 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. Our employees contribute funds via payroll deductions during the offering periods, which are used to buy Waystar common shares at a discount of up to 15% of the purchase price at the purchase date. The initial offering period is March 1, 2025 through June 30, 2025 with the purchase date of June 30, 2025. For the three and six months ending June 30, 2025 and 2024, expense of $0.2 million and zero, respectively, has been recorded which represents the 15% discount given to the employees under the ESPP.

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 Waystar. 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;

•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 three and six months ended June 30, 2025 was $18.69 per share. The weighted average grant date fair value of options granted during the three and six months ended June 30, 2024 was $12.59 per share and $12.89 per share, respectively. As of June 30, 2025, we had 7.0 million fully vested options with a weighted average exercise price of $14.43 per share, an aggregate intrinsic value of $185.7 million and an average remaining contractual term of 4.4 years. The total fair value of options vested for the three months ended June 30, 2025 and 2024 were $11.3 million and $0.5 million, respectively and $13.6 million and $1.8 million for the six months ending June 30, 2025 and 2024, respectively.

Information pertaining to option activity under all plans (including rollover options) during the six months ending June 30, 2025 and 2024 is as follows:


	Number of options	Weighted average exercise price per share		Weighted average remaining contractual life
Outstanding December 31, 2024	16,511,128	$	17.57	5.8
Granted	132,065	36.94
Exercised	(1,577,468)	9.55
Forfeited	(83,792)	27.28
Outstanding June 30, 2025	14,981,933	$	18.54	5.4


	Number of options	Weighted average exercise price per share		Weighted average remaining contractual life
Outstanding December 31, 2023	13,032,541	$	15.20	5.7
Granted	4,003,703	24.20
Exercised	(2,420)	24.47
Forfeited	(58,564)	17.68
Outstanding June 30, 2024	16,975,260	$	17.31	6.3

The following is a summary of the significant assumptions used in estimating the fair value of options granted the three and six months ended June 30, 2025 and 2024:


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Risk free interest rate	3.95	%	4.24%-4.59%		3.95	%	3.76%-4.59%
Expected dividend yield	0	%	0	%	0	%	0	%
Expected term of stock award	6.2		5.0-6.5		6.2		5.0 - 6.5
Expected volatility in stock price	46.24	%	49.62%-51.73%		46.24	%	49.62%-51.89%

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 $23.9 million and $0.0 million for the three months ended June 30, 2025 and 2024, respectively and $48.9 million and $0.0 million for the six months ended June 30, 2025 and 2024, respectively.

We expect to incur compensation expense of approximately $45.4 million over a weighted average of 3.5 years for all unvested time-based awards outstanding on June 30, 2025.

RSUs

The RSUs granted on June 10, 2024 in conjunction with the IPO were valued at the IPO price. Subsequent RSU grants will be 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 six months ended June 30, 2025 and 2024.


	Number of shares	Weighted average grant date fair value
Outstanding December 31, 2024	2,089,241	$	21.91
Granted	2,240,017	37.38
Vested	(460,362)	21.50
Forfeited	(48,350)	27.38
Outstanding June 30, 2025	3,820,546	$	30.96


	Number of shares	Weighted average grant date fair value
Outstanding December 31, 2023	—	$	—
Granted	2,011,651	21.50
Vested	—	—
Forfeited	(4,347)	21.50
Outstanding June 30, 2024	2,007,304	$	21.50

We expect to incur compensation expense of $114.0 million over a weighted average of 4.6 years for all unvested RSUs outstanding on June 30, 2025.

PSUs

We utilize the Monte Carlo pricing model to estimate the fair value of the market-based condition PSUs at the grant date under the 2024 Equity Incentive Plan. The Monte Carlo model incorporates assumptions regarding expected volatility, correlation between performance of our stock price and that of publicly traded peer companies, expected dividend yields and the risk-free interest rate. The Monte Carlo pricing model simulates potential future stock price paths yielding a grant date fair value that reflects the likelihood of varying outcomes. These awards are expensed on a straight-line basis over the applicable vesting period utilizing the fair value at the grant date.


	Three months ended June 30,			Six months ended June 30,
	2025		2024	2025		2024
Risk free interest rate	3.92	%	N/A	3.92	%	N/A
Expected dividend yield	0	%	N/A	0	%	N/A
Expected term of stock award	4.0		N/A	4.0		N/A
Expected volatility in stock price	40.00	%	N/A	40.00	%	N/A

The following table summarizes PSU activity during the six months ended June 30, 2025. There was no PSU activity prior to the six months ended June 30, 2025.


	Number of shares	Weighted average grant date fair value
Outstanding December 31, 2024	—	$	—
Granted	396,197	61.67
Vested	—	—
Forfeited	—	—
Outstanding June 30, 2025	396,197	$	61.67

We expect to incur compensation expense of $22.9 million over a weighted average of 3.8 years for all unvested PSUs outstanding on June 30, 2025.

Stock-based Compensation

We recorded $11.5 million and $37.0 million of stock-based compensation expense for the three months ended June 30, 2025 and 2024, respectively and $18.3 million and $39.5 million for the six months ended June 30, 2025 and 2024, respectively.

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


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Cost of revenue	$	415	$	1,739	$	646	$	1,861
General and administrative	7,094		20,672		11,200		22,211
Sales and marketing	2,414		8,892		3,806		9,371
Research and development	1,607		5,666		2,622		6,054
Total	$	11,530	$	36,969	$	18,274	$	39,497

Stock-based Compensation - Equity Incentive Plans, Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Jun. 06, 2024	Oct. 22, 2019	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Stock-based compensation
Rollover options outstanding (in shares)			14,981,933	16,975,260	14,981,933	16,975,260	16,511,128	13,032,541
Stock-based compensation expense			$ 11,530	$ 36,969	$ 18,274	$ 39,497
ESPP
Stock-based compensation
Stock-based compensation expense			$ 200	$ 0	$ 200	$ 0
Stock Incentive Plan 2019
Stock-based compensation
Maximum shares issuable (in shares)		9,900,000
Contractual term		10 years
Rollover options outstanding (in shares)		1,700,000
Stock Incentive Plan 2019 \| Stock Options
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%
2024 Equity Incentive Plan
Stock-based compensation
Maximum shares issuable (in shares)	10,000,000
Percentage of outstanding stock maximum	5.00%
Common stock, capital shares reserved for future issuance			5,500,000		5,500,000
2024 Equity Incentive Plan \| Stock Options
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%
2024 Equity Incentive Plan \| RSU \| Share-Based Payment Arrangement, Tranche One
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)	25.00%
2024 Equity Incentive Plan \| RSU \| Share-Based Payment Arrangement, Tranche Two
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%
2024 Equity Incentive Plan \| PSU
Stock-based compensation
Performance period					4 years
2024 Equity Incentive Plan \| PSU \| Minimum
Stock-based compensation
Vesting percentage of options with a service condition (in percent)	0.00%
2024 Equity Incentive Plan \| PSU \| Maximum
Stock-based compensation
Vesting percentage of options with a service condition (in percent)	200.00%
2024 Employee Stock Purchase Plan
Stock-based compensation
Percentage of outstanding stock maximum	1.00%
Common stock, capital shares reserved for future issuance	3,250,000
2024 Employee Stock Purchase Plan \| Maximum
Stock-based compensation
Shares available for future grant (in shares)	27,000,000
2024 Employee Stock Purchase Plan \| ESPP
Stock-based compensation
ESPP discount rate (as a percent)	15.00%

Fair Value Measurements and Disclosures - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Fair Value Measurements and Disclosures
Transfers in or out of Level 3	$ 0.0
Line of credit \| First lien term loan facility \| Carrying Value
Fair Value Measurements and Disclosures
Long-term debt	1,157.7	$ 1,163.5
Line of credit \| First lien term loan facility \| Fair Value
Fair Value Measurements and Disclosures
Long-term debt	$ 1,160.6	$ 1,169.4

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income tax expense/(benefit)	$ 14,407	$ (14,611)	$ 31,447	$ (20,672)
Effective income tax rate (as a percent)	30.90%	34.70%	33.90%	32.20%
Federal income tax rate (as a percent)			21.00%

- 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/exampleRef
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+ Details

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2025	Jul. 21, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2025
Document Transition Report	false
Entity File Number	001-42125
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 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 Common Stock, Shares Outstanding		174,238,972
Entity Central Index Key	0001990354
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Amendment Flag	false
Document Fiscal Period Focus	Q2

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Statement of Comprehensive Income [Abstract]
Amounts reclassified out of accumulated other comprehensive income/(loss) into net interest expense	$ 1,257	$ 8,695	$ 1,889	$ 17,297
Income tax effects of amounts reclassified out of accumulated other comprehensive income/(loss)	$ (309)	$ (2,111)	$ (465)	$ (4,200)

Segments - Reconciliation of Revenue to Consolidated Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	$ 270,654	$ 234,543	$ 527,089	$ 459,335
Less:
Research and development	12,622	15,901	23,700	26,221
Sales and marketing	43,524	45,715	83,647	79,495
General and administrative	29,192	39,955	52,492	66,090
Depreciation	5,300	5,200
Income tax expense (benefit)	14,407	(14,611)	31,447	(20,672)
Net income/(loss)	32,184	(27,685)	61,453	(43,617)
Reportable Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue	270,654	234,543	527,089	459,335
Less:
Materials & connectivity	62,271	56,814	122,724	110,998
Labor & associated expenses	24,773	23,637	47,665	44,645
Research and development	12,622	15,901	23,700	26,221
Sales and marketing	43,524	45,715	83,647	79,495
General and administrative	29,192	39,955	52,492	66,090
Depreciation	5,310	5,196	10,575	10,290
Amortization	28,116	39,080	56,231	78,160
Interest and non-operating expenses, net	18,255	50,541	37,155	107,725
Income tax expense (benefit)	14,407	(14,611)	31,447	(20,672)
Net income/(loss)	$ 32,184	$ (27,685)	$ 61,453	$ (43,617)

Business	6 Months Ended
Business	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Waystar Holding Corp. (“Waystar”, “we”, “us” 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 June 30, 2025 and December 31, 2024.

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 6,104	$ 5,885
Preferred stock, shares par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
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
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, shares issued (in shares)	174,146,070	172,108,240
Common stock, shares outstanding (in shares)	174,146,070	172,108,240

Subsequent Events (Details) - Forecast - Iodine $ in Millions	5 Months Ended
	Dec. 31, 2025 USD ($) shares
Subsequent Event [Line Items]
Total consideration	$ 1,250.0
Cash consideration	$ 625.0
Number of shares to be issued as part of consideration (in shares) \| shares	16,751,541

Stock-based Compensation - Stock Options, Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Stock-based compensation
Stock options granted (in shares)			132,065	4,003,703
Weighted average grant date fair value of stock options granted (in dollars per share)	$ 18.69	$ 12.59	$ 18.69	$ 12.89
Number of options fully vested (in shares)	7,000,000.0		7,000,000.0
Fully vested options, weighted average exercise price (in dollars per share)	$ 14.43		$ 14.43
Fully vested options, aggregate intrinsic value	$ 185.7		$ 185.7
Fully vested options, weighted average remaining contractual term			4 years 4 months 24 days
Total fair value of options	11.3	$ 0.5	$ 13.6	$ 1.8
Aggregate intrinsic value, options exercised	23.9	$ 0.0	48.9	$ 0.0
Total unrecognized stock-based compensation expense	$ 45.4		$ 45.4
Stock Options
Stock-based compensation
Expected dividend yield (as a percent)	0.00%	0.00%	0.00%	0.00%
Expected compensation expense, weighted average period (in years)			3 years 6 months

Stock-based Compensation - RSU Activity (Details) - RSU - $ / shares	6 Months Ended		12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Number of shares
Outstanding, beginning balance (in shares)	2,089,241	0	0
Granted (in shares)	2,240,017	2,011,651
Vested (in shares)	(460,362)	0
Forfeited (in shares)	(48,350)	(4,347)
Outstanding, ending balance (in shares)	3,820,546	2,007,304	2,089,241
Weighted average grant date fair value
Outstanding, beginning balance (in dollars per share)	$ 21.91	$ 0	$ 0
Granted (in dollars per share)	37.38	21.50
Vested (in dollars per share)	21.50	0
Forfeited (in dollars per share)	27.38	21.50
Outstanding, ending balance (in dollars per share)	$ 30.96	$ 21.50	$ 21.91

Leases (Tables)

6 Months Ended

Jun. 30, 2025

Leases [Abstract]

Schedule of Components of Lease Expense

The following table presents components of lease expense for the three and six months ended June 30, 2025 and 2024, respectively (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Finance lease cost
Amortization of right-of-use assets	$	—	$	397	$	—	$	794
Interest on lease liabilities	177		189		177		382
Operating lease cost	1,132		860		2,271		1,773
Variable lease cost	111		109		1,266		151
Short-term lease	197		159		214		366
Total lease cost	$	1,617	$	1,714	$	3,928	$	3,466

Schedule of Maturity of Operating Leases

Maturities of lease liabilities as of June 30, 2025 are as follows (in thousands):


	Operating Leases		Finance Leases
2025	$	3,112	$	803
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	17,421		15,145
Less: Interest	1,516		3,394
Total	$	15,905	$	11,751

Schedule of Maturity of Finance Leases

Maturities of lease liabilities as of June 30, 2025 are as follows (in thousands):


	Operating Leases		Finance Leases
2025	$	3,112	$	803
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	17,421		15,145
Less: Interest	1,516		3,394
Total	$	15,905	$	11,751

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases for the three and six months ended June 30, 2025 and 2024 are as follows (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	1,615	$	1,295	$	3,229	$	2,637
Financing cash flows for financing leases	535		394		935		785
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	—	$	594	$	—	$	594

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases as of June 30, 2025 and December 31, 2024 are as follows:


	June 30, 2025	December 31, 2024
Weighted average remaining lease term (years):
Operating leases	3.8	4.1
Financing leases	8.6	9.1
Weighted average discount rate:
Operating leases	4.7	4.7
Financing leases	5.9	5.9

Common and Preferred Stock	6 Months Ended
Common and Preferred Stock	Jun. 30, 2025
Stockholders' Equity Note [Abstract]
Common and Preferred Stock	Common and Preferred Stock In connection with our initial public offering ("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 174,146,070 and 172,108,240 common stock shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively.

- Definition

The entire disclosure for equity.

+ References

+ Details

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Depreciation of fixed assets, including the amortization of capitalized software	$ 5.3	$ 5.2
Capitalization of software development costs	4.4	4.0	$ 8.9	$ 7.8
Amortization of capitalized software	3.4	2.4	6.8	4.7
Net book value of capitalized software development costs	31.7		31.7		$ 29.6
Impairments of property and equipment	$ 0.0	$ 0.0	$ 0.0	$ 0.0

Debt - Maturity of Long-term Principal Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
2025	$ 5,835
2026	91,668
2027	11,668
2028	11,668
2029	1,116,873
Total outstanding debt	$ 1,237,712	$ 1,243,545

Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Stock-based compensation
Stock-based compensation expense	$ 11,530	$ 36,969	$ 18,274	$ 39,497
Cost of revenue
Stock-based compensation
Stock-based compensation expense	415	1,739	646	1,861
General and administrative
Stock-based compensation
Stock-based compensation expense	7,094	20,672	11,200	22,211
Sales and marketing
Stock-based compensation
Stock-based compensation expense	2,414	8,892	3,806	9,371
Research and development
Stock-based compensation
Stock-based compensation expense	$ 1,607	$ 5,666	$ 2,622	$ 6,054

Summary of Significant Accounting Policies - Contract Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Contract Costs
Impairment losses	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Incremental costs of obtaining a contract
Contract Costs
Total unamortized costs	30.4		30.4		$ 29.0
Amortization related to contract costs	3.2	2.6	6.3	5.0
Costs to fulfill a contract
Contract Costs
Total unamortized costs	57.6		57.6		$ 53.8
Amortization related to contract costs	$ 3.9	$ 3.0	$ 7.6	$ 5.7

Segments

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

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.


	Three months ended June 30,				Six months ended June 30,
($in thousands)	2025		2024		2025		2024
Total Revenue	$	270,654	$	234,543	$	527,089	$	459,335
Less:
Materials & connectivity	62,271		56,814		122,724		110,998
Labor & associated expenses	24,773		23,637		47,665		44,645
Research & development	12,622		15,901		23,700		26,221
Sales & marketing	43,524		45,715		83,647		79,495
General and administrative	29,192		39,955		52,492		66,090
Depreciation	5,310		5,196		10,575		10,290
Amortization	28,116		39,080		56,231		78,160
Interest and non-operating expenses, net	18,255		50,541		37,155		107,725
Income tax expense (benefit)	14,407		(14,611)		31,447		(20,672)
Segment Net income/(loss)	$	32,184	$	(27,685)	$	61,453	$	(43,617)
Consolidated Net income/(loss)	$	32,184	$	(27,685)	$	61,453	$	(43,617)

- 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/disclosureRef
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+ Details

Investments Securities (Tables)

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Unrealized Positions for Investment Securities Classified as Available-For-Sale Fixed-Maturity Debt Securities


	Amortized Cost		Allowances for Credit Losses		Total Unrealized Gains		Total Unrealized Losses		Fair Value
Available-for-sale fixed-maturity securities
Commercial Paper	$	24,185	$	—	$	—	$	20	$	24,165
Corporate Notes	10,105		—		—		6		10,099
U.S. Treasury Bills	11,204		—		—		1		11,203
U.S. Government Agencies	5,031		—		—		5		5,026
Total	$	50,525	$	—	$	—	$	32	$	50,493

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Revenue Recognition - Transaction Price Allocated to Remaining Performance Obligations (Details) $ in Millions	Jun. 30, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Revenue Recognition
Period of revenue recognition related to unsatisfied performance obligations	12 months
Revenue to be recognized for unsatisfied performance obligations	$ 66.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue Recognition
Period of revenue recognition related to unsatisfied performance obligations	12 months
Revenue to be recognized for unsatisfied performance obligations	$ 13.9

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

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):


		Three months ended June 30,				Six months ended June 30,
	Recognition	2025		2024		2025		2024
Subscription revenue	Over time	$	131,108	$	112,349	$	256,149	$	218,428
Volume-based revenue	Over time	138,290		120,900		268,208		238,044
Implementation services and other revenue	Various	1,256		1,294		2,732		2,863
Total revenues		$	270,654	$	234,543	$	527,089	$	459,335

Debt (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Debt Instruments

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


	June 30,		December 31,
	2025		2024
First lien term loan facility outstanding debt	$	1,157,712	$	1,163,545
Revolving credit facility	—		—

Receivables facility outstanding debt	80,000		80,000
Total outstanding debt	1,237,712		1,243,545
Unamortized debt issuance costs	(10,182)		(11,255)
Current portion of long-term debt	(11,668)		(11,668)
Total long-term debt, net	$	1,215,862	$	1,220,622

Schedule of Maturity of Long-Term Principal Payments (Excluding Debt Discount)

The maturity of long-term principal payments (excluding debt discount) at June 30, 2025 is as follows (in thousands):


2025	$	5,835
2026	91,668
2027	11,668
2028	11,668
2029	1,116,873

	$	1,237,712

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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.

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill has a balance of $3,020.0 million as of both June 30, 2025 and December 31, 2024. There were no additions, disposals or impairments to goodwill during the three and six months ended June 30, 2025 and 2024.

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


	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Weighted- Average Remaining Useful Life
As of June 30, 2025
Customer relationships	$	1,429,400	$	(488,170)	$	941,230	10.6
Purchased developed technology	81,800		(57,470)		24,330		4.2
Tradenames and trademarks	40,700		(23,442)		17,258		4.3
Total	$	1,551,900	$	(569,082)	$	982,818
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

Amortization expense was $28.1 million and $39.1 million for the three months ended June 30, 2025 and 2024, respectively and was $56.2 million and $78.2 million for the six months ended June 30, 2025 and 2024, respectively.

Accounts Receivable Securitization	6 Months Ended
Accounts Receivable Securitization	Jun. 30, 2025
Transfers and Servicing [Abstract]
Accounts Receivable Securitization	Accounts Receivable Securitization As of June 30, 2025 and December 31, 2024, we had $80.0 million and $80.0 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”). 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. At June 30, 2025, the effective interest rate for the Receivables Facility is 5.94%. 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

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-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 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481229/860-50-50-2

Reference 22: 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

Stock-based Compensation - PSUs, Valuation Assumption (Details) - PSU	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2025
Stock-based compensation
Risk free interest rate (as a percent)	3.92%	3.92%
Expected dividend yield (as a percent)	0.00%	0.00%
Expected term of stock award	4 years	4 years
Expected volatility in stock price (as a percent)	40.00%	40.00%

- 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

Revenue Recognition

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregation of Revenue

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


		Three months ended June 30,				Six months ended June 30,
	Recognition	2025		2024		2025		2024
Subscription revenue	Over time	$	131,108	$	112,349	$	256,149	$	218,428
Volume-based revenue	Over time	138,290		120,900		268,208		238,044
Implementation services and other revenue	Various	1,256		1,294		2,732		2,863
Total revenues		$	270,654	$	234,543	$	527,089	$	459,335

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.

Revenue recognized from amounts included in deferred revenue as of the beginning of the period was $0.9 million and $0.8 million for the three months ended June 30, 2025 and 2024, respectively. Revenue recognized from the amounts included in deferred revenue as of the beginning of the period was $9.1 million and $9.5 million for the six months ended June 30, 2025 and 2024, respectively.

Transaction Price Allocated to Remaining Performance Obligations

At June 30, 2025, 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 $66.5 million and $13.9 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 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2025
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions At June 30, 2025 and December 31, 2024, we had $56.2 million and $35.6 million, respectively, of outstanding debt as part of the First Lien Credit 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 $0.9 million and $1.3 million for the three months ended June 30, 2025 and 2024, respectively and $1.6 million and $2.7 million for the six months ended June 30, 2025 and 2024, respectively. CPPIB 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 three months ended June 30, 2025 and 2024, we expensed zero and $0.1 million, respectively, and for the six months ended June 30, 2025 and 2024, we expensed $0.0 million and $0.1 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 three months ended June 30, 2025 and 2024, we earned revenue of $0.6 million from five clients and $0.4 from four clients, respectively. For the six months ended June 30, 2025 and 2024, we earned revenue of $1.2 million from five clients and $0.8 million from four clients, respectively. They also have an ownership interest in us and a significant interest in two vendors that provide us with software solutions. For the three months ended June 30, 2025 and 2024, we expensed $0.6 million and $0.1 million, respectively, and for the six months ended June 30, 2025 and 2024, we expensed $1.2 million and $0.2 million 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 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 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

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

Income/ (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Schedule of Reconciliation of the Numerators and the Denominators of the Basic and Diluted Per Share

A reconciliation of the numerators and the denominators of the basic and diluted per share computations are as follows (in thousands, except for share and per share data):


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Basic income/(loss) per share:
Net income/(loss)	$	32,184	$	(27,685)	$	61,453	$	(43,617)
Net income/(loss) attributable to common shares	$	32,184	$	(27,685)	$	61,453	$	(43,617)
Weighted average common stock outstanding–(voting)	173,358,382		133,527,766		172,467,988		127,601,532

Basic weighted average common stock outstanding	173,358,382		133,527,766		172,467,988		127,601,532
Basic income/(loss) per share	$	0.19	$	(0.21)	$	0.36	$	(0.34)

Diluted income/(loss) per share:
Net income/(loss)	$	32,184	(27,685)		$	61,453	(43,617)
Net income/(loss) attributable to common shares	$	32,184	$	(27,685)	$	61,453	$	(43,617)
Dilutive effect of stock options – (voting)	7,096,155		—		7,466,035		—
Dilutive effect of RSUs – (voting)	1,140,850		—		1,139,670		—
Dilutive effect of ESPP – (voting)	3,746		—		2,456		—
Weighted average common stock outstanding–(voting)	181,599,133		133,527,766		181,076,149		127,601,532

Diluted weighted average common stock outstanding	181,599,133		133,527,766		181,076,149		127,601,532
Diluted income/(loss) per share	$	0.18	$	(0.21)	$	0.34	$	(0.34)

Investments Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 50,525
Allowances for Credit Losses	0
Total Unrealized Gains	0
Total Unrealized Losses	32
Fair Value	50,493	$ 0
Commercial Paper
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	24,185
Allowances for Credit Losses	0
Total Unrealized Gains	0
Total Unrealized Losses	20
Fair Value	24,165
Corporate Notes
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	10,105
Allowances for Credit Losses	0
Total Unrealized Gains	0
Total Unrealized Losses	6
Fair Value	10,099
U.S. Treasury Bills
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	11,204
Allowances for Credit Losses	0
Total Unrealized Gains	0
Total Unrealized Losses	1
Fair Value	11,203
U.S. Government Agencies
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	5,031
Allowances for Credit Losses	0
Total Unrealized Gains	0
Total Unrealized Losses	5
Fair Value	$ 5,026

Summary of Significant Accounting Policies - Channel Partners (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Accounting Policies [Abstract]
Fees to channel partners	$ 19.0	$ 16.1	$ 37.3	$ 30.6

Retirement Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Retirement Plans (Details) - USD ($) $ in Millions	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Retirement Benefits [Abstract]
Total Plan expense	$ 1.3	$ 1.3	$ 2.7	$ 2.4

Leases - Supplemental Balance Sheet Information (Details)	Jun. 30, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted average remaining lease term, Operating leases (years)	3 years 9 months 18 days	4 years 1 month 6 days
Weighted average remaining lease term, Financing leases (years)	8 years 7 months 6 days	9 years 1 month 6 days
Weighted average discount rate, Operating leases	4.70%	4.70%
Weighted average discount rate, Financing leases	5.90%	5.90%

Stock-based Compensation - Stock Options Activity (Details) - $ / shares	6 Months Ended		12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Number of options
Outstanding, beginning balance (in shares)	16,511,128	13,032,541	13,032,541
Granted (in shares)	132,065	4,003,703
Exercised (in shares)	(1,577,468)	(2,420)
Forfeited (in shares)	(83,792)	(58,564)
Outstanding, ending balance (in shares)	14,981,933	16,975,260	16,511,128	13,032,541
Weighted average exercise price per share
Outstanding, beginning balance (in dollars per share)	$ 17.57	$ 15.20	$ 15.20
Granted (in dollars per share)	36.94	24.20
Exercised (in dollars per share)	9.55	24.47
Forfeited (in dollars per share)	27.28	17.68
Outstanding, ending balance (in dollars per share)	$ 18.54	$ 17.31	$ 17.57	$ 15.20
Weighted average remaining contractual life	5 years 4 months 24 days	6 years 3 months 18 days	5 years 9 months 18 days	5 years 8 months 12 days

Accounts Receivable Securitization (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Accounts Receivable Securitization
Outstanding amount	$ 1,237,712	$ 1,243,545
Line of credit \| Receivables facility
Accounts Receivable Securitization
Outstanding amount	$ 80,000	$ 80,000
Term of receivables facility	3 years
Maximum borrowing capacity	$ 80,000
Basis spread on variable rate, adjustment period	30 days
Effective interest rate (in percent)	5.94%
Line of credit \| Receivables facility \| SOFR
Accounts Receivable Securitization
Interest rate (in percent)	1.61%
Line of credit \| Receivables facility \| Base rate
Accounts Receivable Securitization
Interest rate (in percent)	0.00%

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We recognized income tax expense of $14.4 million and income tax benefit of $14.6 million for the three months ended June 30, 2025 and 2024, respectively, based on the quarter-to-date pre-tax income. We recognized income tax expense of $31.4 million and income tax benefit of $20.7 million for the six months ended June 30, 2025 and 2024, respectively, based on the year-to-date pre-tax income. The Company’s effective income tax rate was 30.9% and 34.7% for the three months ended June 30, 2025 and 2024, respectively. The Company’s effective income tax rate was 33.9% and 32.2% for the six months ended June 30, 2025 and 2024, respectively. Differences in the effective tax rate and statutory federal income tax rate of 21% are primarily driven by the impact of certain limitations on the deductibility of stock-based compensation recognized for financial reporting purposes as well as state income taxes and research and development credits claimed.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: 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 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: 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 8: 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 9: 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 10: 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 11: 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))
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-Publisher FASB
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Stock-based Compensation - RSUs, Additional Information (Details) - RSU $ in Millions	6 Months Ended
	Jun. 30, 2025 USD ($)
Stock-based compensation
Compensation expense	$ 114.0
Expected compensation expense, weighted average period (in years)	4 years 7 months 6 days

- 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 (Tables)

6 Months Ended

Jun. 30, 2025

Property, Plant and Equipment [Abstract]

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):


	June 30, 2025		December 31, 2024

Computer hardware	$	41,357	$	39,833
Capitalized internal-use software	47,014		40,281
Purchased computer software	22,938		22,789
Furniture and fixtures	3,841		3,642
Office equipment	266		247
Leasehold improvements	4,216		3,778


Internal-use software in progress	17,529		15,361
	137,161		125,931
Accumulated depreciation	(89,774)		(79,200)
Total	$	47,387	$	46,731

Summary of Significant Accounting Policies - Revenue Recognition (Details)	6 Months Ended
	Jun. 30, 2025
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 \| Product \| Subscription and volume-based revenue
Summary of Significant Accounting Policies
Percentage of revenue	99.00%
Concentration of revenue \| Product \| Implementation fees and hardware sales
Summary of Significant Accounting Policies
Percentage of revenue	1.00%

Fair Value Measurements and Disclosures - Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Fair Value Measurements and Disclosures
Investment securities	$ 50,493	$ 0
Commercial paper
Fair Value Measurements and Disclosures
Investment securities	24,165
Corporate notes
Fair Value Measurements and Disclosures
Investment securities	10,099
U.S. Treasury Bills
Fair Value Measurements and Disclosures
Investment securities	11,203
U.S. Government Agencies
Fair Value Measurements and Disclosures
Investment securities	5,026
Carrying Value \| Interest rate swaps
Fair Value Measurements and Disclosures
Derivative assets, current	788	1,127
Derivative liability, noncurrent	1,326
Derivative assets, noncurrent		22
Carrying Value \| Commercial paper
Fair Value Measurements and Disclosures
Investment securities	24,185
Carrying Value \| Corporate notes
Fair Value Measurements and Disclosures
Investment securities	10,105
Carrying Value \| U.S. Treasury Bills
Fair Value Measurements and Disclosures
Investment securities	11,204
Carrying Value \| U.S. Government Agencies
Fair Value Measurements and Disclosures
Investment securities	5,031
Carrying Value \| Money market funds
Fair Value Measurements and Disclosures
Cash and cash equivalents	75
Fair Value \| Level 1 \| Interest rate swaps
Fair Value Measurements and Disclosures
Derivative assets, current	0	0
Derivative liability, noncurrent	0
Derivative assets, noncurrent		0
Fair Value \| Level 1 \| Commercial paper
Fair Value Measurements and Disclosures
Investment securities	0
Fair Value \| Level 1 \| Corporate notes
Fair Value Measurements and Disclosures
Investment securities	0
Fair Value \| Level 1 \| U.S. Treasury Bills
Fair Value Measurements and Disclosures
Investment securities	0
Fair Value \| Level 1 \| U.S. Government Agencies
Fair Value Measurements and Disclosures
Investment securities	0
Fair Value \| Level 1 \| Money market funds
Fair Value Measurements and Disclosures
Cash and cash equivalents	75
Fair Value \| Level 2 \| Interest rate swaps
Fair Value Measurements and Disclosures
Derivative assets, current	788	1,127
Derivative liability, noncurrent	1,326
Derivative assets, noncurrent		22
Fair Value \| Level 2 \| Commercial paper
Fair Value Measurements and Disclosures
Investment securities	24,185
Fair Value \| Level 2 \| Corporate notes
Fair Value Measurements and Disclosures
Investment securities	10,105
Fair Value \| Level 2 \| U.S. Treasury Bills
Fair Value Measurements and Disclosures
Investment securities	11,204
Fair Value \| Level 2 \| U.S. Government Agencies
Fair Value Measurements and Disclosures
Investment securities	5,031
Fair Value \| Level 2 \| Money market funds
Fair Value Measurements and Disclosures
Cash and cash equivalents	0
Fair Value \| Level 3 \| Interest rate swaps
Fair Value Measurements and Disclosures
Derivative assets, current	0	0
Derivative liability, noncurrent	0
Derivative assets, noncurrent		$ 0
Fair Value \| Level 3 \| Commercial paper
Fair Value Measurements and Disclosures
Investment securities	0
Fair Value \| Level 3 \| Corporate notes
Fair Value Measurements and Disclosures
Investment securities	0
Fair Value \| Level 3 \| U.S. Treasury Bills
Fair Value Measurements and Disclosures
Investment securities	0
Fair Value \| Level 3 \| U.S. Government Agencies
Fair Value Measurements and Disclosures
Investment securities	0
Fair Value \| Level 3 \| Money market funds
Fair Value Measurements and Disclosures
Cash and cash equivalents	$ 0

Related Party Transactions (Details) $ in Thousands	3 Months Ended		6 Months Ended
Related Party Transactions (Details) $ in Thousands	Jun. 30, 2025 USD ($) client vendor	Jun. 30, 2024 USD ($) client vendor	Jun. 30, 2025 USD ($) client	Jun. 30, 2024 USD ($) vendor	Dec. 31, 2024 USD ($)
Related party transactions
Outstanding amount	$ 1,237,712		$ 1,237,712		$ 1,243,545
Interest expense	18,255	$ 50,541	37,155	$ 107,725
General and administrative	29,192	39,955	52,492	66,090
Revenue	270,654	234,543	527,089	459,335
Cost of revenue (exclusive of depreciation and amortization expenses)	87,044	80,451	170,389	155,643
Line of credit \| First lien term loan facility
Related party transactions
Outstanding amount	1,157,712		1,157,712		1,163,545
Affiliated Entity
Related party transactions
Interest expense	900	1,300	1,600	2,700
General and administrative	0	100	0	100
Revenue	$ 600	$ 400	$ 1,200	$ 800
Number of clients \| client	5	4	5
Number of vendors \| vendor	2	2		4
Cost of revenue (exclusive of depreciation and amortization expenses)	$ 600	$ 100	$ 1,200	$ 200
Affiliated Entity \| Line of credit \| First lien term loan facility
Related party transactions
Outstanding amount	$ 56,200		$ 56,200		$ 35,600

Stock-based Compensation - Stock Options Assumptions (Details) - Stock Options	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Significant assumptions
Risk free interest rate (as a percent)	3.95%		3.95%
Risk free interest rate, minimum (as a percent)		4.24%		3.76%
Risk free interest rate, maximum (as a percent)		4.59%		4.59%
Expected dividend yield (as a percent)	0.00%	0.00%	0.00%	0.00%
Expected term of stock award	6 years 2 months 12 days		6 years 2 months 12 days
Expected volatility in stock price (as a percent)	46.24%		46.24%
Expected volatility in stock price, minimum (as a percent)		49.62%		49.62%
Expected volatility in stock price, maximum (as a percent)		51.73%		51.89%
Minimum
Significant assumptions
Expected term of stock award		5 years		5 years
Maximum
Significant assumptions
Expected term of stock award		6 years 6 months		6 years 6 months

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Revenue	$ 270,654	$ 234,543	$ 527,089	$ 459,335
Operating expenses
Cost of revenue (exclusive of depreciation and amortization expenses)	87,044	80,451	170,389	155,643
Sales and marketing	43,524	45,715	83,647	79,495
General and administrative	29,192	39,955	52,492	66,090
Research and development	12,622	15,901	23,700	26,221
Depreciation and amortization	33,426	44,276	66,806	88,450
Total operating expenses	205,808	226,298	397,034	415,899
Income from operations	64,846	8,245	130,055	43,436
Other expense
Interest expense	(18,255)	(50,541)	(37,155)	(107,725)
Income/(loss) before income taxes	46,591	(42,296)	92,900	(64,289)
Income tax expense/(benefit)	14,407	(14,611)	31,447	(20,672)
Net income/(loss)	$ 32,184	$ (27,685)	$ 61,453	$ (43,617)
Net income/(loss) per share:
Basic (in dollars per share)	$ 0.19	$ (0.21)	$ 0.36	$ (0.34)
Diluted (in dollars per share)	$ 0.18	$ (0.21)	$ 0.34	$ (0.34)
Weighted-average shares outstanding:
Basic (in shares)	173,358,382	133,527,766	172,467,988	127,601,532
Diluted (in shares)	181,599,133	133,527,766	181,076,149	127,601,532
Nonrelated Party
Other expense
Interest expense	$ (17,325)	$ (49,195)	$ (35,582)	$ (105,007)
Related Party
Other expense
Interest expense	$ (930)	$ (1,346)	$ (1,573)	$ (2,718)