Waystar Holding Corp.WAY

Waystar Holding Corp. Segments Disclosure

10-KFiled Feb 17, 20262 min read
Segments
Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. We have one business activity and there are no segment managers who are held accountable for operations, operating results and plans for products or components below the consolidated unit level. The geographical location of our customers has no impact on strategy or products offered. The “chief operating decision maker,” or CODM, assesses performance and allocates resources using a consolidated profitability metric as discussed below. Accordingly, we have determined that we operate in a single reportable operating segment.
Our CODM is our Chief Executive Officer. On a monthly basis, our CODM reviews the following financial information presented on a consolidated basis. The key profitability metric used for purposes of making key personnel staffing
decisions, approving operating budgets and forecasts, and making strategy decisions is Net Income as detailed below. See Note 3 for our disaggregated revenue by type.
Years ended December 31,
($in thousands)202520242023
Total Revenue$1,099,278 $943,549 $791,010 
Less:
Materials and connectivity244,993 225,333 173,077 
Labor and associated expenses103,169 90,397 76,690 
Research & development54,623 48,775 35,332 
Sales and marketing178,017 156,935 124,437 
General and administrative128,623 111,753 62,924 
Depreciation21,938 38,744 17,062 
Amortization118,610 147,887 159,405 
Interest and non-operating expenses, net77,542 146,270 205,917 
Income tax expense/(benefit)59,674 (3,420)(12,500)
Segment net income/(loss)$112,089 $(19,125)$(51,334)
Consolidated net income/(loss)$112,089 $(19,125)$(51,334)
See Note 8 for segment assets by major asset class.

Historical Timeline

Fiscal YearFiled
2025Feb 17, 2026Showing above
2024Feb 18, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

Income TaxesRevenueEarnings Per ShareFair ValuePP&EGoodwill & IntangiblesLeasesDebtCommitmentsStock CompensationNew StandardsPay vs Performance