WEBVTT - Waystar Holding CEO Matt Hawkins Talks IPO

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News. All right, there's a

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<v Speaker 1>new kid on the block. And then well it started training. Today,

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<v Speaker 1>it's time for our Stock of the Hour and we're

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<v Speaker 1>taking a look at shares of waste Star, the fourth

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<v Speaker 1>biggest IPO of the year and largest by a US

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<v Speaker 1>based company. The shares pricing at twenty one to fifty

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<v Speaker 1>last night. They did open below that, trading below that

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<v Speaker 1>now down about three percent here on the day. It's

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<v Speaker 1>a healthcare payment software maker, and the CEO of that

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<v Speaker 1>company joins us right now. Great to have you here

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<v Speaker 1>on the program. Let's talk a little bit in Matt Hawkins.

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<v Speaker 1>I'm getting ahead of myself here.

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<v Speaker 2>Thanks Matt.

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<v Speaker 1>Great to have you here on the program.

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<v Speaker 2>Delighted to be here.

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<v Speaker 1>First of all, congratulations. I mean, it's always a feat

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<v Speaker 1>to bring anything to market, particularly in this environment where

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<v Speaker 1>it's been a lot harder for IPOs to sort of

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<v Speaker 1>get traction here. Why did you feel it was appropriate

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<v Speaker 1>for you to come to market now?

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<v Speaker 2>We feel like we're building a durable, high growth, highly

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<v Speaker 2>visible business and it's a testament to the work that

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<v Speaker 2>we do with over a million providers who use our

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<v Speaker 2>software across every setting. Of care. We feel like coming

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<v Speaker 2>to market now gives us more awareness of who we

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<v Speaker 2>are in visibility to our company. The value that we

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<v Speaker 2>bring to providers gives us a sense of credibility as

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<v Speaker 2>we work to establish trust with the clients with whom

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<v Speaker 2>we serve. And then certainly it's helped us improve our

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<v Speaker 2>capital structure. We were able to delever the business through

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<v Speaker 2>the proceeds of the IPO. Our investors are in the

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<v Speaker 2>business and along the journey with us, believe in what

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<v Speaker 2>we're building. We were fortunate to add a number of

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<v Speaker 2>additional investors through this process, so we're thrilled.

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<v Speaker 1>You have a lot more investors here. I mean, it's

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<v Speaker 1>a lot different being a public You have a lot

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<v Speaker 1>more people you have to answer to, and that gets

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<v Speaker 1>to be a little bit of a grind versus being

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<v Speaker 1>a public company. Talk to me about the growth strategy.

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<v Speaker 1>This is a company that had at least last year

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<v Speaker 1>roughly allowed eight hundred million in sales. What is the

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<v Speaker 1>growth plan the growth story that you're pitching to investors.

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<v Speaker 2>Healthcare is such an important category for all of us.

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<v Speaker 2>The pains that we're helping provider organizations to resolve as

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<v Speaker 2>they use our cloud based software platform that by the way,

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<v Speaker 2>has artificial intelligence throughout our platform to automate work, to

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<v Speaker 2>prioritize and organize work, and to create operating efficiency. We

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<v Speaker 2>tell that message to clients and potential clients and we

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<v Speaker 2>show them a real way to create lasting return on investment.

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<v Speaker 2>And we're fortunate we have referenceable clients. We serve over

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<v Speaker 2>a million providers across every setting of care, and we're

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<v Speaker 2>market leaders and client satisfaction, So all those things contribute

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<v Speaker 2>to strong win rates, long relationships with clients, and that

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<v Speaker 2>becomes an important part of our growth story.

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<v Speaker 3>EQT is still going to be our largest shareholder, about

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<v Speaker 3>a twenty nine percent stake. Also, kind of the pension

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<v Speaker 3>p on investment board Bane Capital of Francisco partners, how

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<v Speaker 3>much of us, say are they going to have on

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<v Speaker 3>day to day operations and how much are they going

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<v Speaker 3>to want to see a return.

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<v Speaker 2>We have fabulous investors. They are on our board of directors.

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<v Speaker 2>But from the very outset EQT, who I'm very appreciative

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<v Speaker 2>of partnering with, they have asked us to behave as

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<v Speaker 2>though we're a public company. So we've had a number

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<v Speaker 2>of independent board members join our board prior to this event,

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<v Speaker 2>and we govern ourselves accordingly. So while they have a say,

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<v Speaker 2>they're wonderful thought partners and they trust us to lead

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<v Speaker 2>and guide the business.

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<v Speaker 3>All right, well, Matt, once again congratulations and pulling this

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<v Speaker 3>off in a week where there was a lot of noise,

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<v Speaker 3>a lot of distractions, and some of the other big

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<v Speaker 3>IPOs didn't manage to do it this week. So that

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<v Speaker 3>is Matt Hawkins, CEO of now Public Wastetar