Waystar Holding Corp. Files S-1/A for IPO

TL;DR

Waystar IPO filing updated. Get ready.

AI Summary

Waystar Holding Corp. filed an S-1/A amendment on May 28, 2024, for its initial public offering. The company, incorporated in Delaware, is seeking to register its securities under the Securities Act of 1933. Its principal executive offices are located at 1550 Digital Drive, #300, Lehi, Utah 84043.

Why It Matters

This filing indicates Waystar Holding Corp. is moving forward with its plan to become a publicly traded company, which could impact its valuation and access to capital.

Risk Assessment

Risk Level: medium — As an S-1/A filing, it represents a company preparing for an IPO, which inherently carries market and execution risks.

Key Numbers

• 333-275004 — SEC File Number (Registration number for the S-1 filing.)
• 7373 — SIC Code (Standard Industrial Classification for Computer Integrated Systems Design.)

Key Players & Entities

• Waystar Holding Corp. (company) — Registrant
• 0001104659-24-065282 (filing_id) — Accession Number
• May 28, 2024 (date) — Filing Date
• 1550 Digital Drive, #300, Lehi, Utah 84043 (address) — Principal Executive Offices
• Matthew R. A. Heiman (person) — Agent for Service

FAQ

Key Financial Figures

• $20.00 — ice of our common stock will be between $20.00 and $23.00 per share. We have applied t
• $23.00 — common stock will be between $20.00 and $23.00 per share. We have applied to list our
• $225.0 million — est in purchasing up to an aggregate of $225.0 million in shares of our common stock in this o
• $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

Filing Documents

• tm2333808-9_s1a.htm (S-1/A) — 4038KB
• tm2333808d11_ex1-1.htm (EX-1.1) — 230KB
• tm2333808d11_ex3-1.htm (EX-3.1) — 121KB
• tm2333808d11_ex5-1.htm (EX-5.1) — 14KB
• tm2333808d11_ex10-1.htm (EX-10.1) — 290KB
• tm2333808d11_ex10-18.htm (EX-10.18) — 175KB
• tm2333808d11_ex10-22.htm (EX-10.22) — 13KB
• tm2333808d11_ex10-23.htm (EX-10.23) — 107KB
• tm2333808d11_ex10-24.htm (EX-10.24) — 135KB
• tm2333808d11_ex10-25.htm (EX-10.25) — 139KB
• tm2333808d11_ex10-26.htm (EX-10.26) — 139KB
• tm2333808d11_ex23-1.htm (EX-23.1) — 2KB
• tm2333808d11_ex-filingfees.htm (EX-FILING FEES) — 28KB
• 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
• 0001104659-24-065282.txt ( ) — 7128KB

Use of proceeds

Use of proceeds 57 D ividend Policy 58 Capitalization 59

Dilution

Dilution 60 M anagement's Discussion and Analysis of Financial Condition and Results of Operations 62

Business

Business 79 Management 102 E xecutive Compensation 110 C ertain Relationships and Related Party Transactions 125 P rincipal Stockholders 128 D escription of Capital Stock 131 S hares Eligible for Future Sale 140 C ertain U nited S tates Federal Income Tax Consequences to Non- U.S. Holders 142

Underwriting

Underwriting 145 L egal Matters 154 Experts 154 W here You Can Find More Information 154 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