Technology

Waystar Reports First Quarter 2025 Results

Published

1 year ago

April 30, 2025

Q1 revenue growth of 14% year-over-year

Q1 net income of $29.3 million and non-GAAP net income of $58.7 million

Q1 net income margin of 11%; adjusted EBITDA margin of 42%

Raising revenue and adjusted EBITDA guidance for 2025

LEHI, Utah and LOUISVILLE, Ky., April 30, 2025 /PRNewswire/ — Waystar Holding Corp. (Nasdaq: WAY), a provider of leading healthcare payment software, today reported results for the first quarter ended March 31, 2025.

“Waystar sustained strong momentum in the first quarter of 2025, delivering net income margins exceeding 10%, adjusted EBITDA margins exceeding 40%, and our fourth consecutive quarter of double-digit revenue growth as a public company,” said Matt Hawkins, Chief Executive Officer of Waystar. “We also advanced our innovation roadmap with the launch of Waystar AltitudeAI, equipping clients with powerful AI capabilities that streamline workflows and improve financial performance. With a resilient foundation and durable growth model, we have the visibility and confidence to raise our full-year revenue and adjusted EBITDA guidance.”

First Quarter 2025 Financial Highlights

Revenue of $256.4 million, up 14% year-over-yearNet income of $29.3 million, GAAP net income per diluted share of $0.16, and net income margin of 11%Non-GAAP net income of $58.7 million and non-GAAP net income per diluted share of $0.32Adjusted EBITDA of $107.7 million and adjusted EBITDA margin of 42%Cash flow from operations of $64 million and unlevered free cash flow of $79 million

Key Metrics and Revenue Disaggregation

1,244 clients contributed over $100,000 in LTM revenue, up 15% year-over-yearNet revenue retention rate (NRR) of 114% over LTM ending March 31, 2025Subscription revenue of $125.0 million, up 18% year-over-yearVolume-based revenue of $129.9 million, up 11% year-over-year

Financial Outlook

As of April 30, 2025, Waystar provides the following guidance for its full fiscal year 2025.1

Total revenue is expected to be between $1.006 billion and $1.022 billionAdjusted EBITDA is expected to be between $406 million and $414 millionNon-GAAP net income is expected to be between $241 million and $247 millionDiluted non-GAAP net income per share is expected to be between $1.31 and $1.34

Webcast Information

Waystar’s financial results will be discussed on a conference call scheduled at 4:30 p.m. Eastern Daylight Time today, April 30, 2025. A live audio conference call will be available on Waystar’s website at https://investors.waystar.com/news-events/events. The webcast will be archived on the site for those unable to listen in real time. This earnings release and the related Current Report on Form 8-K filed April 30, 2025, can be accessed on the Investor Relations page of the company’s website. We routinely post important information on our website, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in the Investor Relations section of our website. Accordingly, investors should monitor this portion of our website, in addition to following our press releases, U.S. Securities and Exchange Commission (“SEC”) filings, and public conference calls and webcasts.

Non-GAAP Financial Measures

To supplement the consolidated financial statements prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures as defined below. We present non-GAAP financial measures as supplemental measures of financial performance that are not required by, or presented in accordance with, GAAP. We believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management believes these non-GAAP financial measures are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. Management uses adjusted EBITDA and adjusted EBITDA margin to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, to establish discretionary annual incentive compensation, and to compare our performance against that of other peer companies using similar measures. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone provide.

Adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP net income per share and unlevered free cash flow are not recognized terms under GAAP and should not be considered as an alternative to net income (loss) or net income (loss) margin as measures of financial performance or cash provided by operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. Additionally, these measures are not intended to be a measure of free cash flow available for management’s discretionary use, as they do not consider certain cash requirements such as interest payments, tax payments, and debt service requirements. The presentations of these measures have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company. A reconciliation is provided below for our non-GAAP financial measures to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business.

The following non-GAAP financial measures and key performance metrics are defined below:

Adjusted EBITDA and adjusted EBITDA Margin
We define adjusted EBITDA as net income / (loss) before interest expense, net, income tax expense / (benefit), depreciation and amortization, and as further adjusted for stock-based compensation expense, acquisition and integration costs, asset and lease impairments, costs related to amended debt agreements and IPO and secondary offering costs. Adjusted EBITDA margin represents adjusted EBITDA as a percentage of revenue.

Non-GAAP Net Income / (loss) and Non-GAAP Net Income / (loss) Per Share
We define non-GAAP net income as GAAP net income / (loss) excluding the impact of stock-based compensation, acquisition and integration costs, asset and lease impairments, costs related to our IPO, and the Secondary Offering, and costs related to amended debt agreements and amortization of intangibles. The tax effects of the adjustments are calculated using a management estimated annual effective non-GAAP tax rate of 21%, which is based on our statutory federal tax rate and provides consistency across interim reporting periods by eliminating the effects of non-recurring and period specific items. Due to the differences in the tax treatment of items excluded from non-GAAP net income, our estimate tax rate on non-GAAP net income may differ from our GAAP tax rate. Non-GAAP net income per share is shown on both a basic and diluted basis and is defined as non-GAAP net income divided by the basic or diluted weighted-average shares, respectively.

Unlevered Free Cash Flow
We define unlevered free cash flow as cash from operations plus cash interest paid less capital expenses.

Net Debt
We define net debt as the sum of the current portion of long-term debt, long-term debt, and accounts receivable securitization less cash and equivalents and investment securities.

Adjusted Net Leverage Ratio
We define adjusted net leverage ratio as net debt divided by adjusted EBITDA over the preceding twelve months.

Key Performance Metrics

Net Revenue Retention Rate
Our Net Revenue Retention Rate compares twelve months of client invoices for our solutions at two period end dates. To calculate our Net Revenue Retention Rate, we first accumulate the total amount invoiced during the twelve months ending with the prior period-end or Prior Period Invoices. We then calculate the total amount invoiced to those same clients for the twelve months ending with the current period-end, or Current Period Invoices. Current Period Invoices are inclusive of upsell, downsell, pricing changes, clients that cancel or chose not to renew, and discontinued solutions with continuing clients. The Net Revenue Retention Rate is then calculated by dividing the Current Period Invoices by the Prior Period Invoices. Our total invoices included in the analysis are greater than 98% of reported revenue. We use Net Revenue Retention Rate to evaluate our ongoing operations and for internal planning and forecasting purposes. Acquired businesses are included in the last-twelve-month Net Revenue Retention Rate in the ninth quarter after acquisition, which is the earliest point that comparable post-acquisition invoices are available for both the current and prior twelve-month period.

Customer Count with >$100,000 of Revenue
We regularly monitor and review our count of clients who generate more than $100,000 of revenue.

Our count of clients who generate more than $100,000 of revenue is based on an accumulation of the amounts invoiced to clients over the preceding twelve months. The invoices for acquired clients are included starting in the first full calendar quarter after the date of acquisition.

Forward-Looking Statements

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that reflect our current views with respect to, among other things, statements regarding Waystar’s expectations relating to future operating results and financial position, including full year 2025, and future periods; the performance of our new product offerings; our industry and market opportunities, business strategy, goals, and expectations concerning our market position, future operations, margins and profitability, capital expenditures, liquidity, and capital resources and other financial and operating information. Forward-looking statements include all statements that are not historical facts. These statements may include words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” “outlook,” the negative version of these words or similar terms and phrases to identify forward-looking statements in this press release, including the discussion of outlook for full fiscal year 2025.

The forward-looking statements contained in this press release are based on management’s current expectations and are not guarantees of future performance. The forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, and projections will result or be achieved. The following factors are among those that may cause actual results to differ materially from the forward-looking statements: our operation in a highly competitive industry; our ability to retain our existing clients and attract new clients; our ability to successfully execute on our business strategies in order to grow; our ability to accurately assess the risks related to acquisitions and successfully integrate acquired businesses; 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 dependence on our senior management team and certain key employees, and our ability to attract and retain highly skilled employees; the accuracy of the estimates and assumptions we use to determine the size of our total addressable market; 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; our reliance on certain third-party vendors and providers; any errors or malfunctions in our products and solutions; failure by our clients to obtain proper permissions or provide us with accurate and appropriate information; the potential for embezzlement, identity theft, or other similar illegal behavior by our employees or vendors, and a failure of our employees or vendors to observe quality standards or adhere to environmental, social, and governance standards; our compliance with the applicable rules of the National Automated Clearing House Association and the applicable requirements of card networks; increases in card network fees and other changes to fee arrangements; the effect of payer and provider conduct which we cannot control; privacy concerns and security breaches or incidents relating to our platform; the complex and evolving laws and regulations regarding privacy, data protection, and cybersecurity; our ability to adequately protect and enforce our intellectual property rights; our ability to use or license data and integrate third-party technologies; our use of “open source” software; legal proceedings initiated by third parties alleging that we are infringing or otherwise violating their intellectual property rights; claims that our employees, consultants, or independent contractors have wrongfully used or disclosed confidential information of third parties; the heavily regulated industry in which we conduct business; the uncertain and evolving healthcare regulatory and political framework; healthcare laws and data privacy and security laws and regulations governing our processing of personal information; reduced revenues in response to changes to the healthcare regulatory landscape; legal, regulatory, and other proceedings that could result in adverse outcomes; consumer protection laws and regulations; contractual obligations requiring compliance with certain provisions of the Bank Secrecy Act and anti-money laundering laws and regulations; existing laws that regulate our ability to engage in certain marketing activities; our full compliance with website accessibility standards; any changes in our tax rates, the adoption of new tax legislation, or exposure to additional tax liabilities; limitations on our ability to use our net operating losses to offset future taxable income; losses due to asset impairment charges; restrictive covenants in the agreements governing our credit facilities; interest rate fluctuations; unavailability of additional capital on acceptable terms or at all; the impact of general macroeconomic conditions; actions of certain of our significant investors, who may have different interests than the interests of other holders of our securities; and each of the other factors discussed under the heading of “Risk Factors” in the Company’s 10K filed with the Securities and Exchange Commission (the “SEC”) on February 18, 2025, and in other reports filed with the SEC, all of which are available on the Investor Relations page of our website at investors.waystar.com.

Any forward-looking statements made by us in this press release speak only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included in this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. You should not place undue reliance on our forward-looking statements. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by any applicable securities laws.

About Waystar

Waystar’s mission-critical software is purpose-built to simplify healthcare payments so providers can prioritize patient care and optimize their financial performance. Waystar serves approximately 30,000 clients, representing over 1 million distinct providers, including 16 of 20 institutions on the U.S. News Best Hospitals list. Waystar’s enterprise-grade platform annually processes over 6 billion healthcare payment transactions, including over $1.8 trillion in annual gross claims and spanning approximately 50% of U.S. patients. Waystar strives to transform healthcare payments so providers can focus on what matters most: their patients and communities. Discover the way forward at waystar.com.

1 We have not reconciled the forward-looking adjusted EBITDA, non- GAAP net income, and non-GAAP net income per share guidance included above to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain costs, the most significant of which are incentive compensation (including stock-based compensation), transaction-related expenses, and certain fair value measurements, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.

Waystar Holding Corp.

Unaudited Condensed Consolidated Statements of Operations

(in Thousands, Except for Share and Per Share Data)

Three months ended March 31,

2025

2024

Revenue

256,435

224,792

Operating expenses

Cost of revenue (exclusive of depreciation and amortization expenses)

83,345

75,192

Sales and marketing

40,123

33,780

General and administrative

23,300

26,135

Research and development

11,078

10,320

Depreciation and amortization

33,380

44,174

Total operating expenses

191,226

189,601

Income from operations

65,209

35,191

Other expense

Interest expense

(18,257)

(55,812)

Related party interest expense

(643)

(1,372)

Income/(loss) before income taxes

46,309

(21,993)

Income tax expense/(benefit)

17,040

(6,061)

Net income/(loss)

29,269

(15,932)

Net income/(loss) per share:

Basic

0.17

(0.13)

Diluted

0.16

(0.13)

Weighted-average shares outstanding:

Basic

172,188,237

121,675,298

Diluted

180,691,994

121,675,298

Waystar Holding Corp.

Unaudited Condensed Consolidated Balance Sheets

(in Thousands, Except for Share and Per Share Data)

March 31, 2025

December 31, 2024

Assets

Current assets

Cash and cash equivalents

223,995

182,133

Restricted cash

25,723

22,449

Investment securities

24,419

—

Accounts receivable, net of allowance of $5,897 at March 31, 2025 and
$5,885 at December 31, 2024

147,264

145,235

Income tax receivable

—

2,838

Prepaid expenses

16,900

14,414

Other current assets

2,249

3,972

Total current assets

440,550

371,041

Property, plant and equipment, net

46,645

46,731

Operating lease right-of-use assets, net

9,896

10,820

Intangible assets, net

1,010,933

1,039,049

Goodwill

3,019,999

Deferred costs

85,088

82,815

Other long-term assets

6,067

6,549

Total assets

4,619,178

4,577,004

Liabilities and stockholders’ equity

Current liabilities

Accounts payable

45,064

47,365

Accrued compensation

15,857

31,589

Aggregated funds payable

25,253

22,059

Other accrued expenses

25,646

15,930

Deferred revenue

11,348

10,527

Current portion of long-term debt

11,228

11,311

Related party current portion of long-term debt

440

357

Current portion of operating lease liabilities

5,538

5,591

Current portion of finance lease liabilities

926

904

Total current liabilities

141,300

145,633

Long-term liabilities

Deferred tax liability

104,927

100,523

Long-term debt, net, less current portion

1,174,879

1,185,411

Related party long-term debt, net, less current portion

43,356

35,211

Operating lease liabilities, net of current portion

11,785

13,133

Finance lease liabilities, net of current portion

11,049

11,290

Deferred revenue–LT

5,692

5,739

Other long-term liabilities

278

Total liabilities

1,493,266

1,497,218

Commitments and contingencies (Note 20)

Stockholders’ equity

Preferred stock $0.01 par value – 100,000,000 shares authorized as of
March 31, 2025 and December 31, 2024, respectively; zero shares issued
or outstanding as of March 31, 2025 and December 31, 2024, respectively

—

Common stock $0.01 par value – 2,500,000,000 shares authorized at
March 31, 2025 and December 31, 2024, respectively; 172,963,709 and
172,108,240 shares issued and outstanding at March 31, 2025 and
December 31, 2024, respectively

1,730

1,722

Additional paid-in capital

3,315,497

3,298,083

Accumulated other comprehensive income

316

881

Accumulated deficit

(191,631)

(220,900)

Total stockholders’ equity

3,125,912

3,079,786

Total liabilities and stockholders’ equity

4,619,178

4,577,004

Waystar Holding Corp.

Unaudited Condensed Consolidated Statements of Cash Flows

(in Thousands)

Three months ended March 31,

2025

2024

Cash flows from operating activities

Net income/(loss)

29,269

(15,932)

Adjustments to reconcile net income/(loss) to net cash provided by operating activities

Depreciation and amortization

33,380

44,174

Stock-based compensation

6,744

2,528

Provision for bad debt expense

1,255

556

Loss on extinguishment of debt

—

8,869

Deferred income taxes

4,569

(19,591)

Amortization of debt discount and issuance costs

667

1,680

Changes in:

Accounts receivable

(3,284)

(10,274)

Income tax refundable

2,838

6,811

Prepaid expenses and other current assets

(1,460)

(3,538)

Deferred costs

(2,222)

(4,230)

Other long-term assets

324

(325)

Accounts payable and accrued expenses

(8,130)

(1,280)

Deferred revenue

775

1,711

Operating lease right-of-use assets and lease liabilities

(476)

(429)

Net cash provided by operating activities

64,249

10,730

Cash flows from investing activities

Purchase of property and equipment and capitalization of internally developed software costs

(5,426)

(5,560)

Purchase of investment securities

(24,431)

—

Net cash used in investing activities

(29,857)

(5,560)

Cash flows from financing activities

Change in aggregated funds liability

3,194

3,538

Repurchase of shares

—

(225)

Proceeds from exercise of common stock options

10,686

Proceeds from issuances of debt, net of creditor fees

—

535,209

Payments on debt

(2,917)

(516,774)

Third-party fees paid in connection with issuance of new debt

—

(1,410)

Finance lease liabilities paid

(219)

(199)

Net cash provided by financing activities

10,744

20,210

Increase in cash and cash equivalents during the period

45,136

25,380

Cash and cash equivalents and restricted cash–beginning of period

204,582

45,428

Cash and cash equivalents and restricted cash–end of period

249,718

70,808

Supplemental disclosures of cash flow information

Interest paid

19,960

40,513

Cash taxes paid (refunds received), net

532

(54)

Non-cash investing and financing activities

Fixed asset purchases in accounts payable

518

Reconciliation of Balance Sheet Cash Accounts to Cash Flow Statement

Balance sheet

Cash and cash equivalents

223,995

57,337

Restricted cash

25,723

13,471

Total

249,718

70,808

Waystar Holding Corp.

Reconciliation of Adjusted EBITDA

(in Thousands)

(Unaudited)

Three months ended March 31,

2025

2024

Net income/(loss)

29,269

(15,932)

Interest expense

18,900

57,184

Income tax expense/(benefit)

17,040

(6,061)

Depreciation and amortization

33,380

44,174

Stock-based compensation expense

6,744

2,528

Acquisition and integration costs

229

302

Costs related to amended debt agreements

—

10,402

IPO and Secondary Offering expenses

1,430

164

Other (a)

754

—

Adjusted EBITDA

107,746

92,761

Revenue

256,435

224,792

Net income/(loss) margin

11.4 %

(7.1 %)

Adjusted EBITDA margin

42.0 %

41.3 %

(a) Adjustments relate to additional lease costs due to the relocation of our Louisville office totaling $0.2 million and executive severance totaling $0.5 million for the three months ended March 31, 2025.

Waystar Holding Corp.

Reconciliation of Non-GAAP Operating Expenses

(in Thousands)

(Unaudited)

Three months ended March 31,

2025

2024

Cost of revenue (exclusive of depreciation and amortization expenses)

83,345

75,192

Less: Stock-based compensation expense

(231)

(122)

Less: Acquisition and integration costs

—

(31)

Cost of revenue (exclusive of depreciation and amortization expenses), adjusted

83,114

75,039

Sales and marketing

40,123

33,780

Less: Stock-based compensation expense

(1,392)

(478)

Sales and marketing, adjusted

38,731

33,302

General and administrative

23,300

26,135

Less: Stock-based compensation expense

(4,106)

(1,540)

Less: Acquisition and integration costs

(107)

(83)

Less: Costs related to amended debt agreements

—

(10,402)

Less: IPO and Secondary Offering expenses

(1,430)

(164)

Less: Other (a)

(754)

—

General and administrative, adjusted

16,903

13,946

Research and development

11,078

10,320

Less: Stock-based compensation expense

(1,015)

(388)

Less: Acquisition and integration costs

(122)

(188)

Research and development, adjusted

9,941

9,744

Depreciation and amortization

33,380

44,174

Less: Intangible amortization

(28,115)

(39,080)

Depreciation and amortization, adjusted

5,265

5,094

Income tax expense/(benefit)

17,040

(6,061)

Plus: Tax effect of adjustments

7,827

11,020

Income tax expense, adjusted

24,867

4,959

Waystar Holding Corp.

Reconciliation of Non-GAAP Net Income

(in Thousands, Except Share and Per Share Amounts)

(Unaudited)

Three months ended March 31,

2025

2024

Net income/(loss)

29,269

(15,932)

Stock based compensation expense

6,744

2,528

Acquisition and integration costs

229

302

Costs related to amended debt agreements

—

10,402

IPO and Secondary Offering expenses

1,430

164

Other (a)

754

—

Intangible amortization

28,115

39,080

Tax effect of adjustments

(7,827)

(11,020)

Non-GAAP net income

58,714

25,524

Non-GAAP net income per share, basic

0.34

0.21

Non-GAAP net income per share, diluted

0.32

0.20

Weighted average shares used in computing basic Non-GAAP net income per share

172,188,237

121,675,298

Weighted average shares used in computing diluted Non-GAAP net income per share

180,691,994

127,095,087

Waystar Holding Corp.

Reconciliation of Unlevered Free Cash Flow

(in Thousands)

(Unaudited)

Three months ended March 31,

2025

2024

Net cash provided by operating activities

64,249

10,730

Interest paid

19,960

40,513

Purchase of property and equipment and capitalization of internally developed software costs

(5,426)

(5,560)

Unlevered free cash flow

78,783

45,683

Waystar Holding Corp.

Reconciliation of Net Debt

(in Thousands)

(Unaudited)

March 31,

2025

2024

First lien term loan facility outstanding debt, current

11,668

22,000

First lien term loan facility outstanding debt, net of current portion

1,148,960

2,178,000

Receivables facility outstanding debt

80,000

70,000

Cash and cash equivalents

(223,995)

(57,337)

Investment securities

(24,419)

—

Net debt

992,214

2,212,663

Trailing Twelve Months Adjusted EBITDA

398,481

343,753

Adjusted Gross leverage ratio

3.1x

6.6x

Adjusted Net leverage ratio

2.5x

6.4x

Waystar Holding Corp.

Reconciliation of Trailing Twelve Months (TTM) Adjusted EBITDA

(in Thousands)

(Unaudited)

Three Months Ended

TTM

March 31,

December 31,

September 30,

June 30,

March 31,

2025

2024

2025

Net income/(loss)

29,269

19,079

5,413

(27,685)

26,076

Interest expense

18,900

20,086

18,459

50,541

107,986

Income tax expense/(benefit)

17,040

13,978

3,274

(14,611)

19,681

Depreciation and amortization

33,380

37,996

60,185

44,276

175,837

Stock-based compensation expense

6,744

7,037

7,903

36,969

58,653

Acquisition and integration costs

229

163

188

206

786

Costs related to amended debt agreements

—

1,262

106

2,368

3,736

IPO and Secondary Offering expenses

1,430

109

1,841

3,406

Other (a)

754

526

1,040

—

2,320

Adjusted EBITDA

107,746

100,153

96,677

93,905

398,481

(a) Adjustments relate to additional lease costs due to the relocation of our Louisville office and executive severance.

Media Contact
Kristin Lee
kristin.lee@waystar.com

Investor Contact
Sandy Draper
investors@waystar.com
502-238-9511

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SOURCE Waystar

Technology

Global Times: Head-of-state diplomacy shines at WAIC, fostering ties and advancing global governance consensus

Published

2 hours ago

July 18, 2026

BEIJING, July 17, 2026 /PRNewswire/ — Chinese President Xi Jinping on Friday held a series of high-level meetings on the sidelines of the 2026 World Artificial Intelligence Conference (WAIC) and High-Level Meeting on Global AI Governance in Shanghai, sitting down successively with Thai Prime Minister Anutin Charnvirakul, Cambodian Prime Minister Hun Manet, and UN Secretary-General António Guterres. The bustling diplomatic activity transformed the WAIC from a premier showcase of AI technologies and industrial breakthroughs into a vibrant platform for head-of-state diplomacy and global governance coordination.

Analysts said hosting intensive head-of-state diplomatic events in Shanghai, a core hub of reform, opening-up and technological innovation, carries profound meaning. In addition, Friday’s high-level meetings embody the innovative model of “technology builds the stage while diplomacy takes the leading role.” It not only deepens China’s bilateral relations with ASEAN members, but also helps advance inclusive global AI governance centered on the UN mechanism.

Strategic guidance

According to the two separate official releases by Xinhua, during his meetings with the prime ministers of Thailand and Cambodia, President Xi spoke of the long-standing friendship China shares with both nations. He called on China and Thailand, as well as China and Cambodia, to join hands to advance the development of their respective communities with a shared future.

Furthermore, the Chinese leader stressed the need for China to expand pragmatic cooperation with Thailand and Cambodia respectively across traditional and emerging sectors, and work with each country to jointly crack down on cross-border crimes such as online gambling and telecom fraud, according to Xinhua.

He called for the proper handling of border frictions between Thailand and Cambodia and called on the two sides to resolve disputes through dialogue and consultation, with China standing ready to continue playing a constructive role in this regard, per Xinhua.

During their respective meetings with the Chinese leader, the prime ministers of Thailand and Cambodia both expressed willingness to deepen multi-field cooperation with China and spoke highly of China’s positive efforts to facilitate the peaceful settlement of the Thailand-Cambodia border conflicts.

Xu Liping, Director of the Center for Southeast Asian Studies at the Chinese Academy of Social Sciences, told the Global Times that head-of-state diplomacy has charted the fundamental course for the advancement of China’s ties with both Cambodia and Thailand.

WAIC exemplifies the innovative model of “technology builds the platform, while diplomacy takes the leading role,” said Xu, “In addition, AI cooperation is also expected to serve as a vital entry point to further deepen and substantiate China’s ties with Thailand and Cambodia going forward.”

Furthermore, addressing the sensitive and thorny Thailand-Cambodia border dispute amid the relatively relaxed atmosphere of a tech summit enables all relevant parties to handle differences in a rational and pragmatic manner, which embodies Eastern wisdom and an Asian approach to resolving issues, said Xu.

The year 2026 marks the fifth anniversary of the establishment of the China-ASEAN comprehensive strategic partnership, witnessing the official rollout of the new Plan of Action on the China-ASEAN Comprehensive Strategic Partnership (2026-2030). It also kicks off the implementation of China’s 15th Five-Year Plan.

The critical juncture offers a perfect window to align China’s development plans closely with the national development strategies of Global South countries and ASEAN members, said Xu. “Thailand and Cambodia’s willingness to ramp up cooperation with China mirrors the aspiration of the majority of ASEAN members to leverage China’s development dividends and pursue win-win outcomes and common prosperity in the region.”

Firm support for UN

In his meeting with UN Secretary-General Antonio Guterres on Friday, Xi reiterated China’s firm support for the UN.

Noting that this year marks the 55th anniversary of the restoration of the lawful seat of the People’s Republic of China at the UN, the Chinese leader said China has since been committed to building world peace, contributing to global development, defending international order, and firmly supporting the UN, Xinhua reported.

Xi added that he proposed the vision of building a community with a shared future for humanity and the four global initiatives with one important consideration in mind – to uphold the status and authority of the UN.

Currently, the international landscape is marked by more pronounced changes and turbulence, making it all the more necessary to practice true multilateralism and reinvigorate the status and role of the UN, he said.

Guterres commended China for its steadfast support for multilateralism, the cause of the UN, and international cooperation, saying that China has set an example for the world.

Guterres said the UN will continue to strengthen cooperation with China, oppose unilateralism, protectionism, and hegemonic bullying, safeguard the UN Charter and international law, as well as advance the process toward a multipolar world.

At this pivotal juncture where talks on AI development and UN multilateral governance converge, China, leveraging head-of-state diplomacy as a top-tier platform, has elaborated in a systematic manner its vision for global governance in the AI era, Wang Yiwei, a professor at the School of International Studies, Renmin University of China, told the Global Times.

He added that China’s emphasis on the UN-centered global governance architecture will further strengthen the UN’s authority and operational capacity.

Before the official opening of the WAIC, on Thursday, representatives from 29 countries, including Kazakhstan, Laos, Pakistan, Russia and Indonesia, signed an agreement on establishing the World Artificial Intelligence Cooperation Organization (WAICO) in Shanghai. UN chief Guterres was among representatives from countries and international organizations present at the signing ceremony.

According to the agreement, WAICO will be an independent intergovernmental international organization, which aims to promote international cooperation and global governance on AI, ensuring that AI is beneficial, safe and fair, thereby promoting its healthy and orderly development to benefit all humanity.

President Xi on Friday also announced that in the next five years, China will provide developing countries with 5,000 opportunities in AI training and seminar programs. China will also develop international AI application cooperation centers with the ASEAN, the League of Arab States, the African Union, the Community of Latin American and Caribbean States, the Shanghai Cooperation Organization, and BRICS.

However, some international media, including Reuters and Nikkei, used the term “AI diplomacy” describing the grand gathering in Shanghai, claiming that Beijing seeks a new global AI order, challenging US dominance.

In rebuttal, Wang pointed out that China advocates open, inclusive technology that lets AI benefit all humanity under the vision of “AI for All”. In contrast, the US adheres to a mindset of “All for AI”, weaponizing AI for geopolitical rivalry and aiming to outpace China in technological competition. Driven by the “America First” doctrine and capital-centric priorities, Washington’s approach forms a sharp contrast with China’s.

Meanwhile, China’s resolute commitment to upholding the UN system underscores that for China and a wide array of Global South countries, the sensible path lies in reforming and improving the existing global governance architecture rather than discarding it to build parallel institutions from scratch, the expert added.

This article first appeared on Global Times

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SOURCE Global Times

Technology

Global Times: China sends fresh signal on global AI cooperation at WAIC

Published

2 hours ago

July 18, 2026

BEIJING, July 17, 2026 /PRNewswire/ — “AI development should not be a solo performance by a single country, but a symphony of international cooperation,” Chinese President Xi Jinping said on Friday while addressing the opening ceremony of the 2026 World AI Conference (WAIC) and High-Level Meeting on Global AI Governance, stressing that China is ready to be more open, take more practical actions, and assume a more visionary perspective.

We are ready to work with all parties to seize the opportunities of AI development and meet the challenges, and join hands to create a brighter future for humanity, he added.

Xi’s remarks received positive responses from domestic and foreign enterprises and experts, as they spoke highly of China’s scientific and technological achievements in recent years while noting that China’s commitment to openness and cooperation can help ensure that the benefits of AI are shared by all humanity and Chinese solutions in AI governance enable other countries to better tackle the common challenges brought about by AI development.

Openness and win-win cooperation

Xi presented four observations on AI development and governance in the speech. The Chinese leader called for adhering to the principle of openness and win-win cooperation while boosting innovation-driven development. He highlighted the importance of encouraging open-source, openness, collaboration and sharing to facilitate technological innovation, industrial development and scenario-based application of AI.

He also called for strengthening risk-awareness and ensuring that AI is secure and controllable. Stressing the need to ensure that AI is always under human control, Xi urged all sides to jointly oppose overstretching the national security concept in the field of AI or placing one country’s security over that of others.

Third, he called for encouraging inclusiveness and promoting mutual learning among civilizations.

Fourth, he called for advocating solidarity and improving global governance. The important role of the United Nations should be recognized, Xi said, calling for further alignment and coordination on AI development strategies, governance rules and technical standards.

“We must carry out extensive international cooperation and help Global South countries with capacity building to bridge the AI and digital divides, promote sustainable development and prevent creating new historical injustice in AI,” he said.

In the next five years, China will provide developing countries with 5,000 opportunities in AI training and seminar programs, Xi said. He said China will develop international AI application cooperation centers with the Association of Southeast Asian Nations, the League of Arab States, the African Union, the Community of Latin American and Caribbean States, the Shanghai Cooperation Organization, and BRICS. China will enable 30 countries to use the AI-powered meteorological warning system, or MAZU, to safeguard homes around the world.

“President Xi’s remarks underscore China’s commitment to advancing global AI governance and technological innovation through opening-up and win-win cooperation, bringing new opportunities for sharing AI dividends and achieving shared prosperity to countries worldwide, especially developing countries,” Song Yang, professor of School of Economics and research fellow at the National Academy of Development and Strategy at Renmin University of China, told the Global Times on Friday.

China is sending a clear and important message: AI should become a bridge between countries, not a new dividing line, Luigi Gambardella, president of the Brussels-based international digital association ChinaEU, told the Global Times on Friday on the sidelines of the forum.

“No country, however technologically advanced, can develop and govern AI alone. China’s commitment to openness and cooperation can help ensure that the benefits of AI are shared by all humanity. It can help prevent the fragmentation of technologies, standards and markets, while ensuring that the opportunities created by AI are shared more widely,” Gambardella said.

“President Xi proposed ‘adhering to the principle of openness and win-win cooperation’ and ‘advocating solidarity’, and announced a series of pragmatic measures to support global AI development. These remarks have deeply inspired me and further strengthened my confidence in promoting the inclusive development of AI through opening-up and cooperation,” Xu Li, chairman and CEO of Shanghai-based AI software company SenseTime, told the Global Times on Friday.

Looking ahead, SenseTime aims to bring more field-tested technologies, products, and talent cultivation expertise to more countries and regions, and boost “China innovation” to deliver sustained value across a wider spectrum of industrial scenarios, thereby enabling AI to better benefit all of humanity, Xu said.

China actively supports strengthening global cooperation on AI governance, advocates multilateralism, and promotes the establishment of a global governance framework, which has received positive responses from many Global South countries.

Twenty-nine countries on Thursday signed an agreement in Shanghai on establishing the World Artificial Intelligence Cooperation Organization (WAICO). As an independent intergovernmental international organization headquartered in Shanghai, WAICO will uphold the purposes of the UN Charter, be committed to extensive consultation and joint contribution for shared benefit and adhere to a people-centered approach, according to the agreement, per Xinhua.

Global spotlight on WAIC

Since its inception in 2018, the WAIC has successfully convened for eight consecutive editions, becoming an important window for showcasing cutting-edge AI technologies from China and around the world while deepening international opening-up and cooperation.

Themed “AI Partnership for a Brighter Future”, the exhibition area exceeds 100,000 square meters for the first time this year, attracting the participation of over 1,100 enterprises. The exhibitors are showcasing more than 3,000 products and technologies, with over 300 products making their global debuts.

Among the exhibition highlights are Huawei’s latest AI computing super node system Atlas 950, MiniMax M3 multimodal foundation model, and the world’s first agentic AI phone, alongside a range of humanoid robots and AI-powered dexterous hands.

A German BMW representative, who attended WAIC for the first time, expressed enthusiasm about the event, highlighting the humanoid robotics showcased in the exhibition area – technologies he said he has never encountered before.

The representative told the Global Times that his company has adopted Chinese AI-powered large language models such as Qwen and DeepSeek. “The new updated versions of these models emerge weekly, which is very impressive,” the representative said, speaking highly of the cost efficiency of Chinese models.

However, some Western media outlets keep smearing China’s AI advancements and international cooperation. The Economist even claims that China’s open-source AI is a “trap” and that embracing China is “risky.”

Debunking this groundless smearing, Song said that China’s AI development has consistently adhered to the philosophy of a people-centered approach and AI for good, accumulating a wealth of vivid, replicable, and scalable experiences.

At the opening ceremony of the WAIC, the China Meteorological Administration unveiled the MAZU-FengYun Satellite AI Box. The launch marks a new stage in MAZU’s intelligent early-warning initiative, which was unveiled last year, shifting from providing shared meteorological products to delivering AI-enabled forecasting capabilities, according to the administration.

“Over the past year, meteorological and disaster reduction agencies from more than 40 countries have accessed the MAZU early warning technologies and products via cloud platforms. Customized versions of the tool have been deployed in Nigeria, Djibouti, Pakistan, and other nations, earning widespread recognition from users,” You Yang, a staff member with the Shanghai Meteorological Bureau, told the Global Times on Friday.

“From base models to industry-specific applications, China is opening up its low-cost, replicable technological pathways to the world, thereby lowering the threshold for underdeveloped nations to enter the AI era. Meanwhile, China actively helps developing countries address gaps in technology, talent, and governance capabilities to bridge the digital divide in the age of intelligence,” Song said.

According to a March report from Hugging Face, one of the world’s largest AI open-source communities, China has surpassed the US in monthly downloads and overall downloads. In the past year, Chinese models quickly accounted for the plurality or 41 percent of downloads.

“China possesses three unique institutional advantages in promoting AI for good and inclusive development: First, the new system for nationwide mobilization of resources coordinates development and security, achieving synergistic progress in key technological breakthroughs and rule-making. Second, a people-centered approach ensures that technological advancement benefits the people. Third, a multi-stakeholder agile and collaborative governance model links governments, universities, research institutions, enterprises, and social organizations to explore the synergy between rules and technology, providing China’s experience to the world,” Zeng Yi, a member of the UN Advisory Body on AI, told the Global Times on Friday.

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SOURCE Global Times

Technology

Ecopetrol Reports Cybersecurity Incident

Published

2 hours ago

July 18, 2026

BOGOTA, Colombia, July 17, 2026 /PRNewswire/ — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) (the “Company”) announced that it has identified an unauthorized access to certain digital resources owned by the Company and its subsidiaries by an external actor who has not been identified, as well as an attempted ransomware attack that was blocked by the cybersecurity controls implemented across the Company and its subsidiaries. The unauthorized access affected cloud-based file storage environments of approximately 15 subsidiaries (including the Company), resulting in the unauthorized download of data associated with approximately 3,300 user accounts. The external actor communicated extortion demands, threatening to publicly disclose the information that had been unlawfully extracted.

In response to this incident, the Company initiated an investigation and activated its incident response and management protocols. In addition, the Company deployed the following measures aimed at preventing the public disclosure of the unlawfully extracted information, addressing supervisory actions and/or potential financial costs associated with investigation, remediation, and regulatory compliance, as follows:

a. Immediate revocation of unauthorized access to the compromised digital assets.
b. Blocking of mechanisms associated with the mass download of information.
c. Identification, analysis, and containment of the tactics, techniques, and procedures (TTPs) used by the malicious actor.
d. Filing of a criminal complaint before the Office of the Attorney General of Colombia and deployment of cooperation activities with specialized national authorities.
e. Identification of external infrastructures used for the storage or download of information to pursue restriction or blocking actions.
f. Activation of support mechanisms with insurers and specialized capital markets teams to ensure the proper management of the event.
g. Detailed assessment of the downloaded information and determination of its criticality.
h. Enhanced monitoring of the technology infrastructure under critical alert protocols and continuous validation of preventive and detective controls.

As of the date of this report, the Company has not identified any material disruption to its critical operations, production capacity, or essential services; any direct financial impact that would prevent it from continuing to conduct its business activities; or any disclosure of the information subject to the unauthorized access. However, the Company continues to assess the potential exposure of corporate information, which could include confidential, restricted, proprietary, or personal data, as it cannot guarantee that this incident will not have a material adverse effect on the Company’s business, reputation, operating results, or financial condition.

Ecopetrol S.A. will continue to monitor developments related to this matter and, should any material facts or information requiring disclosure to the market be identified, will promptly disclose such information in accordance with applicable laws and regulations.

Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA’s shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla – Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector.

This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company’s prospects for growth and its ongoing access to capital to fund the Company’s business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company’s competitiveness and the performance of Colombia’s economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements.

For more information, please contact:

Investor Relations Office
Email: investors@ecopetrol.com.co

Head of Corporate Communications (Colombia)
Marcela Ulloa
Email: marcela.ulloa@ecopetrol.com.co

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SOURCE Ecopetrol S.A.