Waystar Holding Corp. Amends IPO Registration

TL;DR

Waystar IPO filing updated, still aiming for public market debut.

AI Summary

Waystar Holding Corp. filed an S-1/A amendment on May 16, 2024, for its initial public offering. The company, incorporated in Delaware with its principal executive offices in Lehi, Utah, is seeking to register its securities under the Securities Act of 1933. This filing is an amendment to a previous registration statement, indicating ongoing preparations for its IPO.

Why It Matters

This S-1/A filing signifies Waystar Holding Corp.'s continued progress towards becoming a publicly traded company, which could impact its valuation and future investment opportunities.

Risk Assessment

Risk Level: medium — As an S-1/A filing, it indicates a company is in the process of going public, which inherently carries market and execution risks.

Key Numbers

• 333-275004 — SEC File Number (Identifies the specific SEC registration)
• 24954151 — Film Number (Internal SEC processing number)

Key Players & Entities

• Waystar Holding Corp. (company) — Registrant
• May 16, 2024 (date) — Filing date
• Lehi, Utah (location) — Principal executive offices
• Matthew R. A. Heiman (person) — Chief Legal & Administrative Officer

FAQ

Key Financial Figures

• $100,000 — r of clients from whom we generate over $100,000 of revenue has grown from 920 in the tw
• $1.2 — e payments transactions, including over $1.2 trillion in gross claims volume, spanni
• $224.8 million — March 31, 2024, we generated revenue of $224.8 million (reflecting a 17.6% increase compared t
• $191.1 million — a 17.6% increase compared to revenue of $191.1 million for the same period in the prior year),
• $15.9 million — period in the prior year), net loss of $15.9 million (reflecting a 50.0% increase to net los
• $10.6 million — ase to net loss compared to net loss of $10.6 million for the same period in the prior year),
• $92.8 million — the prior year), and Adjusted EBITDA of $92.8 million (reflecting a 12.1% increase compared t
• $82.7 million — increase compared to Adjusted EBITDA of $82.7 million for the same period in the prior year).
• $791.0 million — ember 31, 2023, we generated revenue of $791.0 million (reflecting a 12.2% increase compared t
• $704.9 million — a 12.2% increase compared to revenue of $704.9 million in the prior year), net loss of $51.3 m
• $51.3 million — million in the prior year), net loss of $51.3 million (compared to net loss of $51.5 million
• $51.5 million — $51.3 million (compared to net loss of $51.5 million in the prior year), and Adjusted EBITDA
• $333.7 million — the prior year), and Adjusted EBITDA of $333.7 million (reflecting a 12.9% increase compared t
• $295.5 million — increase compared to Adjusted EBITDA of $295.5 million in the prior year). 2 TABLE OF CONT
• $4.3 — S"), total U.S. healthcare spending was $4.3 trillion in 2021 and is expected to gro

Filing Documents

• tm2333808-6_s1a.htm (S-1/A) — 4002KB
• tm233380874_ex1-1.htm (EX-1.1) — 196KB
• tm2333808d7_ex3-1.htm (EX-3.1) — 121KB
• tm233380874_ex10-18.htm (EX-10.18) — 173KB
• tm233380874_ex10-19.htm (EX-10.19) — 32KB
• tm233380874_ex10-20.htm (EX-10.20) — 32KB
• tm233380874_ex10-21.htm (EX-10.21) — 32KB
• tm233380874_ex10-22.htm (EX-10.22) — 12KB
• tm233380874_ex10-23.htm (EX-10.23) — 111KB
• tm233380874_ex23-1.htm (EX-23.1) — 2KB
• lg_waystar-4c.jpg (GRAPHIC) — 17KB
• cv_waystar01-4c.jpg (GRAPHIC) — 181KB
• cv_waystar02-4c.jpg (GRAPHIC) — 195KB
• cv_waystar03-4c.jpg (GRAPHIC) — 210KB
• cv_waystar04-4c.jpg (GRAPHIC) — 331KB
• cv_waystar05-4c.jpg (GRAPHIC) — 156KB
• fc_automation-4c.jpg (GRAPHIC) — 154KB
• fc_flatform-4c.jpg (GRAPHIC) — 61KB
• 0001104659-24-062377.txt ( ) — 6411KB

Use of proceeds

Use of proceeds 56 D ividend Policy 57 Capitalization 58

Dilution

Dilution 59 M anagement's Discussion and Analysis of Financial Condition and Results of Operations 61

Business

Business 78 Management 101 E xecutive Compensation 109 C ertain Relationships and Related Party Transactions 124 P rincipal Stockholders 127 D escription of Capital Stock 130 S hares Eligible for Future Sale 139 C ertain U nited S tates Federal Income Tax Consequences to Non- U.S. Holders 141

Underwriting

Underwriting 144 L egal Matters 153 Experts 153 W here You Can Find More Information 153 I ndex to Financial Statements F-1 Through and including the 25th day after the date of this prospectus, all dealers that effect transactions in these shares of common stock, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligations to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions. You should rely only on the information contained in this prospectus, any amendment or supplement to this prospectus, or any free writing prospectus we may authorize to be delivered or made available to you. Neither we nor the underwriters have authorized anyone to provide you with information or representations other than those contained in this prospectus, any amendment or supplement to this prospectus, or any free writing prospectus prepared by us or on our behalf. Neither we nor any of the underwriters take any responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. The information in this prospectus, any amendment or supplement to this prospectus, or any applicable free writing prospectus is accurate only as of the date on the front cover of this prospectus, regardless of the time of delivery of this prospectus, any amendment or supplement to this prospectus, or any applicable free writing prospectus, as the case may be, or any sale of shares of our common stock. Our business, results of operations, and financial condition may have changed since such date. i TABLE OF CONTENTS For investors outside the United States: we are offering to sell, and seeking offers to buy, shares of our common stock only in jurisdictions where offers and sales are permitted. Neither we nor any of the underwriters have done anything that would permit this offering or possession or distri

View Full Filing

View this S-1/A filing on SEC EDGAR