SEC Comment Letter 0000000000-23-011650 to Waystar Holding Corp. (WAY)
Waystar Holding Corp.
Date: Oct. 24, 2023 · CIK: 0001990354 · Accession: 0000000000-23-011650
AI Filing Summary & Sentiment
File numbers found in text: 333-275004
Letter
United States securities and exchange commission logo October 24, 2023 Matthew R. A. Heiman Chief Legal & Administrative Officer Waystar Holding Corp. 1550 Digital Drive, #300 Lehi, UT 84043 Re:Waystar Holding Corp. Registration Statement on Form S-1 Filed October 16, 2023 File No. 333-275004 Dear Matthew R. A. Heiman: We have reviewed your registration statement and have the following comments. Please respond to this letter by amending your registration statement and providing the requested information. If you do not believe a comment applies to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response. After reviewing any amendment to your registration statement and the information you provide in response to this letter, we may have additional comments. Form S-1 filed October 16, 2023 Management's discussion and analysis of financial condition and results of operations, page 60 1.We note based on your disclosure on pages 115 to 122, that you expect to award IPO equity awards and other new compensation awards in connection with this offering. Please disclose the expected future expense that will result once this offering is effective. Disclose when that expense is expected to affect your results of operations. 2.Please clarify your subscription and volume revenue discussion by focusing on your provider and patient payment solution categories. In regards to subscription revenue, for example, detail and quantify the underlying factors that drove the growth in provider solution sales, such as the increase in new customers. Similarly, disclose, discuss and quantify the increase in volume revenue from both provider and patient payment solution sales. 3.Also, discuss how changes in your provider and patient payment solution sales categories affect cost of revenues and your margins.
FirstName LastNameMatthew R. A. Heiman Comapany NameWaystar Holding Corp. October 24, 2023 Page 2 FirstName LastName Matthew R. A. Heiman Waystar Holding Corp. October 24, 2023 Page 2 We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. Refer to Rules 460 and 461 regarding requests for acceleration. Please allow adequate time for us to review any amendment prior to the requested effective date of the registration statement. Please contact Inessa Kessman at 202-551-3371 or Joseph Cascarano at 202-551-3376 if you have questions regarding comments on the financial statements and related matters. Please contact Edwin Kim at 202-551-3297 or Matthew Derby at 202-551-3334 with any other questions. Sincerely, Division of Corporation Finance Office of Technology cc: William Brentani, Esq.
Show Raw Text
United States securities and exchange commission logo
October 24, 2023
Matthew R. A. Heiman
Chief Legal & Administrative Officer
Waystar Holding Corp.
1550 Digital Drive, #300
Lehi, UT 84043
Re:Waystar Holding Corp.
Registration Statement on Form S-1
Filed October 16, 2023
File No. 333-275004
Dear Matthew R. A. Heiman:
We have reviewed your registration statement and have the following comments.
Please respond to this letter by amending your registration statement and providing the
requested information. If you do not believe a comment applies to your facts and circumstances
or do not believe an amendment is appropriate, please tell us why in your response.
After reviewing any amendment to your registration statement and the information you
provide in response to this letter, we may have additional comments.
Form S-1 filed October 16, 2023
Management's discussion and analysis of financial condition and results of operations, page 60
1.We note based on your disclosure on pages 115 to 122, that you expect to award IPO
equity awards and other new compensation awards in connection with this offering. Please
disclose the expected future expense that will result once this offering is
effective. Disclose when that expense is expected to affect your results of operations.
2.Please clarify your subscription and volume revenue discussion by focusing on
your provider and patient payment solution categories. In regards to subscription revenue,
for example, detail and quantify the underlying factors that drove the growth in
provider solution sales, such as the increase in new customers. Similarly, disclose, discuss
and quantify the increase in volume revenue from both provider and patient payment
solution sales.
3.Also, discuss how changes in your provider and patient payment solution sales categories
affect cost of revenues and your margins.
FirstName LastNameMatthew R. A. Heiman
Comapany NameWaystar Holding Corp.
October 24, 2023 Page 2
FirstName LastName
Matthew R. A. Heiman
Waystar Holding Corp.
October 24, 2023
Page 2
We remind you that the company and its management are responsible for the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action or absence of
action by the staff.
Refer to Rules 460 and 461 regarding requests for acceleration. Please allow adequate
time for us to review any amendment prior to the requested effective date of the registration
statement.
Please contact Inessa Kessman at 202-551-3371 or Joseph Cascarano at 202-551-3376 if
you have questions regarding comments on the financial statements and related matters. Please
contact Edwin Kim at 202-551-3297 or Matthew Derby at 202-551-3334 with any other
questions.
Sincerely,
Division of Corporation Finance
Office of Technology
cc: William Brentani, Esq.