$WAY
Waystar Holding Corp.

2024 Q3 Form 10-Q Financial Statement

#000141057824001768 Filed on November 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2023 Q3
Revenue $240.1M $197.3M
YoY Change 21.72%
Cost Of Revenue $80.55M $62.92M
YoY Change 28.01%
Gross Profit $159.6M $134.3M
YoY Change 18.78%
Gross Profit Margin 66.46% 68.1%
Selling, General & Admin $61.15M $49.48M
YoY Change 23.6%
% of Gross Profit 38.32% 36.83%
Research & Development $11.08M $8.973M
YoY Change 23.5%
% of Gross Profit 6.95% 6.68%
Depreciation & Amortization $21.10M $131.8M
YoY Change -83.99%
% of Gross Profit 13.22% 98.09%
Operating Expenses $72.24M $102.1M
YoY Change -29.27%
Operating Profit $27.15M $32.22M
YoY Change -15.74%
Interest Expense -$18.46M -$52.41M
YoY Change -64.78%
% of Operating Profit -68.0% -162.69%
Other Income/Expense, Net
YoY Change
Pretax Income $8.687M -$20.20M
YoY Change -143.02%
Income Tax $3.300M -$4.709M
% Of Pretax Income 37.99%
Net Earnings $5.413M -$15.49M
YoY Change -134.95%
Net Earnings / Revenue 2.25% -7.85%
Basic Earnings Per Share $0.03 -$0.13
Diluted Earnings Per Share $0.03 -$0.09
COMMON SHARES
Basic Shares Outstanding 171.6M 121.7M
Diluted Shares Outstanding 176.2M 121.7M

Balance Sheet

Concept 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $127.1M $44.45M
YoY Change 186.0%
Cash & Equivalents $127.1M $44.45M
Short-Term Investments
Other Short-Term Assets $4.315M $58.49M
YoY Change -92.62%
Inventory
Prepaid Expenses $14.29M
Receivables $137.9M $112.6M
Other Receivables $4.584M $4.971M
Total Short-Term Assets $305.4M $220.5M
YoY Change 38.54%
LONG-TERM ASSETS
Property, Plant & Equipment $58.23M $71.08M
YoY Change -18.07%
Goodwill $3.000B
YoY Change
Intangibles $1.070B
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.694M $71.99M
YoY Change -90.7%
Total Long-Term Assets $4.235B $4.388B
YoY Change -3.49%
TOTAL ASSETS
Total Short-Term Assets $305.4M $220.5M
Total Long-Term Assets $4.235B $4.388B
Total Assets $4.541B $4.609B
YoY Change -1.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $47.84M $33.35M
YoY Change 43.44%
Accrued Expenses $34.62M $26.26M
YoY Change 31.85%
Deferred Revenue $10.20M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $12.91M $18.79M
YoY Change -31.28%
Total Short-Term Liabilities $133.1M $104.9M
YoY Change 26.95%
LONG-TERM LIABILITIES
Long-Term Debt $1.222B $2.214B
YoY Change -44.82%
Other Long-Term Liabilities $1.587M $22.34M
YoY Change -92.9%
Total Long-Term Liabilities $1.223B $2.236B
YoY Change -45.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $133.1M $104.9M
Total Long-Term Liabilities $1.223B $2.236B
Total Liabilities $1.488B $2.527B
YoY Change -41.11%
SHAREHOLDERS EQUITY
Retained Earnings -$240.0M
YoY Change
Common Stock $1.721M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.053B $2.082B
YoY Change
Total Liabilities & Shareholders Equity $4.541B $4.609B
YoY Change -1.48%

Cashflow Statement

Concept 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income $5.413M -$15.49M
YoY Change -134.95%
Depreciation, Depletion And Amortization $21.10M $131.8M
YoY Change -83.99%
Cash From Operating Activities $78.82M $40.00M
YoY Change 97.03%
INVESTING ACTIVITIES
Capital Expenditures $8.616M $15.73M
YoY Change -45.21%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$30.03M
YoY Change -100.0%
Cash From Investing Activities -$8.616M -$45.75M
YoY Change -81.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$404.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.313M -14.03M
YoY Change -55.01%
NET CHANGE
Cash From Operating Activities 78.82M 40.00M
Cash From Investing Activities -8.616M -45.75M
Cash From Financing Activities -6.313M -14.03M
Net Change In Cash 63.89M -19.78M
YoY Change -422.98%
FREE CASH FLOW
Cash From Operating Activities $78.82M $40.00M
Capital Expenditures $8.616M $15.73M
Free Cash Flow $70.20M $24.28M
YoY Change 189.16%

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<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">1.</td><td style="padding:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">Business</b></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Waystar Holding Corp. (“Waystar”, “we” or “our”) is a provider of mission-critical cloud technology to healthcare organizations. Our enterprise-grade platform transforms the complex and disparate processes comprising healthcare payments received by healthcare providers from payers and patients, from pre-service engagement through post-service remittance and reconciliation. Our platform enhances data integrity, eliminates manual tasks, and improves claim and billing accuracy, which results in better transparency, reduced labor costs, and faster, more accurate reimbursement and cash flow. The market for our solutions extends throughout the United States and includes Puerto Rico and other U.S. Territories.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Risks and Uncertainties— </i>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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">No liability associated with such indemnifications was recorded as of September 30, 2024 and December 31, 2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Reverse Stock Split</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">On May 15, 2024, we effected a 0.605-for-1 reverse stock split of our common stock and a 0.605-for-1 reverse stock split of our Class A common stock. The reverse stock split did not result in an adjustment to the par value of common stock or Class A common stock. The reverse stock split was originally made effective on May 15, 2024 with a 0.62-for-1 ratio and this was retroactively amended on May 22, 2024 which updated the ratio to 0.605-for-1. All references in the accompanying condensed consolidated financial statements and related Note 14, Note 16, and Note 18 have been updated to reflect the effects of the reverse stock split at the amended 0.605-for-1 ratio. The number of shares of common stock, Class A common stock, additional paid-in-capital, options to purchase common stock, and loss per share amounts, which are presented and disclosed in the financial statements and aforementioned footnotes, have been restated on a retroactive basis for all periods presented to reflect the effects of this action.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Initial Public Offering</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">In June 2024, we completed our initial public offering (“IPO”) in which we issued and sold 45,000,000 shares of our common stock at $21.50 per share. We received total proceeds of $914.3 million after deducting the underwriters’ discounts and commissions of $53.2 million. Deferred offering costs, which consist of direct incremental legal, accounting and other third-party fees that are directly related to the IPO, were capitalized and offset against proceeds upon the consummation of the IPO. Through the date of the IPO, we had capitalized $8.8 million of deferred offering costs, of which $0.1 million were unpaid as of September 30, 2024. These costs were offset against proceeds upon the consummation of the IPO.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">As part of the IPO we granted the underwriters an overallotment option, for a period of 30 days from the date of the prospectus, to purchase up to 6,750,000 additional shares of common stock from us at the initial public offering price less the underwriting discount. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">On July 5, 2024, the underwriters exercised the overallotment option to purchase 5,059,010 additional shares of common stock, resulting in additional net proceeds of $102.8 million after deducting underwriting discounts and commissions of $6.0 million. The remaining option to purchase additional shares expired unexercised at the end of the 30-day period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">We used the net proceeds from the IPO and the underwriters’ exercise of the overallotment option on July 5, 2024, to repay $909.1 million and $110.9 million, respectively, of outstanding principal indebtedness under our First Lien Credit Facility. See Note 11 below for details.</p>
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CY2023Q4 us-gaap Goodwill
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11500000
CY2024Q3 us-gaap Deferred Taxes Business Combination Valuation Allowance Available To Reduce Goodwill And Intangible Assets
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CY2024Q3 way Increase Income Tax Benefit
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CY2024Q3 way Increase Income Tax Benefit
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10200000
CY2024Q3 us-gaap Goodwill Subsequent Recognition Of Deferred Tax Asset
GoodwillSubsequentRecognitionOfDeferredTaxAsset
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us-gaap Goodwill Written Off Related To Sale Of Business Unit
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CY2023Q3 us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
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us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
0
CY2024Q3 us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
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us-gaap Goodwill Acquired During Period
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CY2023Q3 us-gaap Goodwill Acquired During Period
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us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
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CY2024Q3 us-gaap Goodwill Acquired During Period
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1771200000
CY2024Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
701504000
CY2024Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1771200000
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
584263000
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2024Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
39100000
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
39800000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
117200000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
120400000
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CY2023Q4 us-gaap Finance Lease Right Of Use Asset
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13200000
CY2024Q3 way Restructuring And Related Cost Accelerated Depreciation Excluding Accelerated Depreciation On Leasehold Improvements
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13200000
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CY2024Q3 way Additional Operating Lease Cost
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CY2024Q3 us-gaap Finance Lease Right Of Use Asset Amortization
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CY2023Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
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us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
14236000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
1190000
CY2024Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
186000
CY2023Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
198000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
568000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
602000
CY2024Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1978000
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
970000
us-gaap Operating Lease Cost
OperatingLeaseCost
3752000
us-gaap Operating Lease Cost
OperatingLeaseCost
2817000
CY2024Q3 us-gaap Variable Lease Cost
VariableLeaseCost
206000
CY2023Q3 us-gaap Variable Lease Cost
VariableLeaseCost
216000
us-gaap Variable Lease Cost
VariableLeaseCost
357000
us-gaap Variable Lease Cost
VariableLeaseCost
316000
CY2024Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
162000
CY2023Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
167000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
526000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
613000
CY2024Q3 us-gaap Lease Cost
LeaseCost
15974000
CY2023Q3 us-gaap Lease Cost
LeaseCost
1948000
us-gaap Lease Cost
LeaseCost
19439000
us-gaap Lease Cost
LeaseCost
5538000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1355000
CY2024Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
394000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5900000
CY2024Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
1604000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5035000
CY2024Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
1641000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2731000
CY2024Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
1678000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2479000
CY2024Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
1714000
CY2024Q3 way Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
2764000
CY2024Q3 way Finance Lease Liability Payments Due After Year Four
FinanceLeaseLiabilityPaymentsDueAfterYearFour
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2024Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
16340000
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1971000
CY2024Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
3936000
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
18293000
CY2024Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
12404000
CY2024Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
1358000
CY2023Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
1381000
us-gaap Operating Lease Payments
OperatingLeasePayments
3995000
us-gaap Operating Lease Payments
OperatingLeasePayments
4017000
CY2024Q3 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
394000
CY2023Q3 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
317000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
1179000
us-gaap Finance Lease Principal Payments
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1160000
CY2024Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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2411000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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3005000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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1768000
CY2024Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y10M24D
CY2024Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P9Y3M18D
CY2023Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P10Y1M6D
CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.047
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.044
CY2024Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.059
CY2023Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.059
CY2024Q3 us-gaap Income Tax Expense Benefit
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3300000
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
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0.377
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.238
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.313
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.241
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2024Q3 us-gaap Debt Instrument Carrying Amount
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CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
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CY2024Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
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CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
31155000
CY2024Q3 us-gaap Long Term Debt Current
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CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
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CY2024Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1221755000
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2199678000
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
3227000
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
12909000
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
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CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
12909000
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
12909000
CY2024Q3 way Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
1111910000
CY2024Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1246773000
CY2024Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
12100000
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
31200000
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ExpectedReclassificationFromAociNetOfTaxAttributableToParent
1200000
CY2024Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
172086129
CY2024Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2024Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1100000
CY2023Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1000000.0
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
3600000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
3100000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
13032541
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
15.20
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y8M12D
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
24.20
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
369905
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
90146
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
20.39
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
16576193
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
17.59
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
13123170
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
15.10
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y7M6D
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160325
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
37.20
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
21.21
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
232925
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
13017416
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.5198
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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6700000
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
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CY2024Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
56500000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P3Y10M24D
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
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CY2023Q3 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6500000
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7903000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2207000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
47400000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2024Q3 us-gaap Accrual For Taxes Other Than Income Taxes Current
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CY2023Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
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CY2024Q3 way Retirement Plan Payable Current
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CY2023Q4 way Retirement Plan Payable Current
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CY2023Q4 us-gaap Accrued Insurance Current
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CY2023Q4 us-gaap Interest Payable Current
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CY2023Q4 way Other Accrued Liabilities Miscellaneous Current
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4230000
CY2024Q3 us-gaap Other Accrued Liabilities Current
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CY2023Q4 us-gaap Other Accrued Liabilities Current
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CY2023Q3 us-gaap Net Income Loss
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CY2024Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q3 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
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CY2024Q3 us-gaap Net Income Loss
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CY2023Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2024Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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5413000
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
142367458
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
121674189
CY2024Q3 us-gaap Earnings Per Share Diluted
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CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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5370263
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4476403
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5104769

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