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| UNITED STATES | |
SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549 | |
FORM 10-Q
| | | | | | | | | | | | | | |
(Mark One) | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2023
OR
| | | | | | | | | | | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-36092
| | | | | | | | | | | | | | |
| | Premier, Inc. | | |
| | (Exact name of registrant as specified in its charter) | | |
| | | | | | | | | | | |
| Delaware | | 35-2477140 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| | | |
13034 Ballantyne Corporate Place | | |
Charlotte, | North Carolina | | 28277 |
| (Address of principal executive offices) | | (Zip Code) |
(704) 357-0022
(Registrant’s telephone number, including area code)
| | | | | | | | | | | | | | |
| | | | |
| Securities registered pursuant to Section 12(b) of the Act: | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Class A Common Stock, $0.01 Par Value | PINC | NASDAQ Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | | | | | | | |
| Large accelerated filer | ☒ | | Accelerated filer | ☐ | | Non-accelerated filer | ☐ |
| Smaller reporting company | ☐ | | Emerging growth company | ☐ | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 2, 2023, there were 119,672,451 shares of the registrant’s Class A common stock, par value $0.01 per share outstanding.
TABLE OF CONTENTS
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Statements made in this Quarterly Report on Form 10-Q for the three months ended September 30, 2023 for Premier, Inc. (this “Quarterly Report”) that are not statements of historical or current facts, such as those under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements in conditional or future tenses or that include terms such as “believes,” “belief,” “expects,” “estimates,” “intends,” “anticipates” or “plans” to be uncertain and forward-looking. Forward-looking statements may include comments as to our beliefs and expectations regarding future events and trends affecting our business and are necessarily subject to uncertainties, many of which are outside our control. Factors that could cause actual results to differ materially from those indicated in any forward-looking statement include, but are not limited to:
•competition which could limit our ability to maintain or expand market share within our industry;
•consolidation in the healthcare industry;
•potential delays in recognizing or increasing revenue if the sales cycle or implementation period takes longer than expected;
•the impact to our business if members of our group purchasing organization (“GPO”) programs reduce activity levels or terminate or elect not to renew their contracts on substantially similar terms or at all;
•our reliance on administrative fees that we receive from GPO suppliers;
•the rate at which the markets for our software as a service (“SaaS”) or licensed-based clinical analytics products and services develop;
•the dependency of our members on payments from third-party payers;
•our ability to maintain third-party provider and strategic alliances or enter into new alliances;
•our ability to timely offer new and innovative products and services;
•the portion of our revenues that we receive from our largest members and other customers;
•risks and expenses related to future acquisition opportunities and integration of previous or future acquisitions;
•the impact on our business and stock price due to our evaluation of potential strategic alternatives;
•financial and operational risks associated with non-controlling investments in other businesses or other joint ventures that we do not control, particularly early-stage companies;
•pending and potential litigation;
•our reliance on Internet infrastructure, bandwidth providers, data center providers and other third parties and our own systems for providing services to our users;
•data loss or corruption due to failures or errors in our systems and service disruptions at our data centers, or breaches or failures of our security measures;
•the financial, operational, legal and reputational consequences of cyber-attacks or other data security breaches that disrupt our operations or result in the dissemination of proprietary or confidential information about us or our members or other third parties;
•our ability to use, disclose, de-identify or license data and to integrate third-party technologies;
•our use of “open source” software;
•our dependency on contract manufacturing facilities located in various parts of the world;
•inventory risk we face in the event of a potential material decline in demand or price for the personal protective equipment or other products we may have purchased at elevated market prices or fixed prices;
•our ability to attract, hire, integrate and retain key personnel;
•the impact of continuing uncertain economic conditions to our business operations due to, but not limited to, inflation and the risk of global recession;
•the impact of the continuing financial and operational uncertainty due to pandemics, epidemics or public health emergencies and associated supply chain disruptions;
•the financial and operational uncertainty due to global economic and political instability and conflicts;
•the impact of global climate change or by regulatory responses to such change;
•changes and uncertainty in the political, economic or regulatory environment affecting healthcare organizations, including with respect to the status of the Patient Protection and Affordable Care Act, as amended by the Healthcare and Education Reconciliation Act of 2010 and pandemic-related public health and reimbursement measures;
•our compliance with complex international, federal and state laws, rules and regulations governing financial relationships among healthcare providers and the submission of false or fraudulent healthcare claims;
•interpretation and enforcement of current or future antitrust laws and regulations;
•compliance with complex federal, state and international privacy, security and breach notification laws;
•compliance with current or future laws, rules or regulations relating to information blocking provisions of the 21st Century Cures Act issued by the Office of the National Coordinator for Health Information Technology (the “ONC Rules”) that may cause our certified Health Information Technology products to be regulated by the ONC Rules;
•compliance with current or future laws, rules and regulations adopted by the Food and Drug Administration applicable to our software applications that may be considered medical devices;
•adequate protection of our intellectual property and potential claims against our use of the intellectual property of third parties;
•potential sales and use, franchise and income tax liability in certain jurisdictions;
•changes in tax laws that materially impact our tax rate, income tax expense, anticipated tax benefits, deferred tax assets, cash flows and profitability and potential material tax disputes;
•the impact of payments required under notes payable to former limited partners related to the early termination of the Unit Exchange and Tax Receivable Acceleration Agreements (the “Unit Exchange Agreements”) issued in connection with our August 2020 Restructuring on our overall cash flow and our ability to fully realize the expected tax benefits to match such fixed payment obligations under those notes payable;
•provisions in our certificate of incorporation and bylaws and provisions of Delaware law and other applicable laws that discourage or prevent strategic transactions, including a takeover of us;
•our indebtedness and our ability to obtain additional financing on favorable terms, including our ability to renew or replace our existing long-term credit facility at or before maturity;
•fluctuation of our quarterly cash flows, revenues and results of operations;
•failure to maintain an effective system of internal controls over financial reporting or an inability to remediate any weaknesses identified and the related costs of remediation;
•the impact on the price of our Class A common stock if we cease paying dividends or reduce dividend payments from current levels;
•the number of shares of Class A common stock repurchased by us pursuant to any then existing Class A common stock repurchase program and the timing of any such repurchases;
•the number of shares of Class A common stock eligible for sale after the issuance of Class A common stock in our August 2020 Restructuring and the potential impact of such sales; and
•the risk factors discussed under the heading “Risk Factors” under Item 1A of our Annual Report on Form 10-K for the fiscal year ended June 30, 2023 (the “2023 Annual Report”) filed with the Securities and Exchange Commission (“SEC”), as updated by our Quarterly Reports on Form 10-Q (including this Quarterly Report) filed with the SEC.
More information on potential factors that could affect our financial results is included from time to time in the “Cautionary Note Regarding Forward-Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” or similarly captioned sections of this Quarterly Report and our other periodic and current filings made from time to time with the SEC, which are available on our website at http://investors.premierinc.com (the contents of which are not part of this Quarterly Report). You should not place undue reliance on any of our forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Furthermore, we cannot guarantee future results, events, levels of activity, performance or achievements.
Certain Definitions
For periods on or after August 11, 2020, references to “members” are references to health systems and other customers that utilize any of our programs or services, some of which were formerly member owners who participated in our GPO programs and were also limited partners of Premier Healthcare Alliance L.P. (“Premier LP”).
References to the “August 2020 Restructuring” are references to our corporate restructuring on August 11, 2020 in which we (i) eliminated our dual-class ownership structure through an exchange under which member owners who were limited partners of
Premier LP converted their Class B common units in Premier LP and corresponding Class B common shares of Premier, Inc. into our Class A common stock, on a one-for-one basis, and (ii) exercised our right to terminate the Tax Receivable Agreement (the “TRA”) by providing all former limited partners a notice of termination and the amount of the expected payment to be made to each limited partner pursuant to the early termination provisions of the TRA with a determination date of August 10, 2020. For additional information and details regarding the August 2020 Restructuring, see our Annual Report on Form 10-K for the fiscal year ended June 30, 2021.
References to the “Subsidiary Reorganization” are references to an internal legal reorganization of our corporate subsidiaries in December 2021 for the purpose of simplifying our subsidiary reporting structure. For additional information and details regarding the Subsidiary Reorganization, see our Quarterly Report on Form 10-Q for the period ended December 31, 2021.
References to “adjacent markets” are references to the non-traditional markets penetrated by Premier, Inc.’s businesses and brands that are designed to diversify revenue for the Company. This includes PINC AI Clinical Decision Support serving providers and payers; PINC AI Applied Sciences serving biotech, pharmaceutical and medical device companies; Contigo Health that serves self-insured employers, including healthcare providers that are also payers (“payviders”); and Remitra that serves healthcare suppliers and providers.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
PREMIER, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except share data)
| | | | | | | | | | | |
| September 30, 2023 | | June 30, 2023 |
| Assets | | | |
| Cash and cash equivalents | $ | 453,261 | | | $ | 89,793 | |
Accounts receivable (net of $1,970 and $2,878 allowance for credit losses, respectively) | 102,122 | | | 115,295 | |
Contract assets (net of $1,079 and $885 allowance for credit losses, respectively) | 311,557 | | | 299,219 | |
| Inventory | 69,868 | | | 76,932 | |
| Prepaid expenses and other current assets | 65,566 | | | 60,387 | |
| Total current assets | 1,002,374 | | | 641,626 | |
Property and equipment (net of $682,882 and $662,554 accumulated depreciation, respectively) | 210,519 | | | 212,308 | |
Intangible assets (net of $278,372 and $265,684 accumulated amortization, respectively) | 417,342 | | | 430,030 | |
| Goodwill | 1,012,355 | | | 1,012,355 | |
| Deferred income tax assets | 797,064 | | | 653,629 | |
| Deferred compensation plan assets | 44,029 | | | 50,346 | |
| Investments in unconsolidated affiliates | 230,080 | | | 231,826 | |
| Operating lease right-of-use assets | 26,871 | | | 29,252 | |
| Other assets | 108,938 | | | 110,115 | |
| Total assets | $ | 3,849,572 | | | $ | 3,371,487 | |
| | | |
| Liabilities and stockholders' equity | | | |
| Accounts payable | $ | 48,545 | | | $ | 54,375 | |
| Accrued expenses | 46,193 | | | 47,113 | |
| Revenue share obligations | 265,832 | | | 262,288 | |
| Accrued compensation and benefits | 45,807 | | | 60,591 | |
| Deferred revenue | 20,730 | | | 24,311 | |
| Current portion of notes payable to former limited partners | 100,130 | | | 99,665 | |
| Line of credit and current portion of long-term debt | 1,199 | | | 216,546 | |
| Current portion of liability related to the sale of future revenues | 32,827 | | | — | |
| Other current liabilities | 209,263 | | | 50,574 | |
| Total current liabilities | 770,526 | | | 815,463 | |
| Long-term debt, less current portion | — | | | 734 | |
| Liability related to the sale of future revenues, less current portion | 541,834 | | | — | |
| Notes payable to former limited partners, less current portion | 76,317 | | | 101,523 | |
| Deferred compensation plan obligations | 44,029 | | | 50,346 | |
| | | |
| | | |
| Operating lease liabilities, less current portion | 18,916 | | | 21,864 | |
| Other liabilities | 45,245 | | | 47,202 | |
| Total liabilities | 1,496,867 | | | 1,037,132 | |
| Commitments and contingencies (Note 14) | | | |
| Stockholders' equity: | | | |
Class A common stock, $0.01 par value, 500,000,000 shares authorized; 126,101,826 shares issued and 119,672,451 shares outstanding at September 30, 2023 and 125,587,858 shares issued and 119,158,483 shares outstanding at June 30, 2023 | 1,261 | | | 1,256 | |
Treasury stock, at cost; 6,429,375 shares at both September 30, 2023 and June 30, 2023 | (250,129) | | | (250,129) | |
| Additional paid-in capital | 2,177,324 | | | 2,178,134 | |
| Retained earnings | 424,260 | | | 405,102 | |
| Accumulated other comprehensive loss | (11) | | | (8) | |
| Total stockholders' equity | 2,352,705 | | | 2,334,355 | |
| Total liabilities and stockholders' equity | $ | 3,849,572 | | | $ | 3,371,487 | |
See accompanying notes to the unaudited condensed consolidated financial statements.
PREMIER, INC.
Condensed Consolidated Statements of Income and Comprehensive Income
(Unaudited)
(In thousands, except per share data)
| | | | | | | | | | | | | | | |
| Three Months Ended | | |
| September 30, | | |
| 2023 | | 2022 | | | | |
| Net revenue: | | | | | | | |
| Net administrative fees | $ | 149,027 | | | $ | 150,006 | | | | | |
| Software licenses, other services and support | 119,140 | | | 105,006 | | | | | |
| Services and software licenses | 268,167 | | | 255,012 | | | | | |
| Products | 50,585 | | | 58,861 | | | | | |
| Net revenue | 318,752 | | | 313,873 | | | | | |
| Cost of revenue: | | | | | | | |
| Services and software licenses | 64,132 | | | 54,014 | | | | | |
| Products | 44,038 | | | 57,874 | | | | | |
| Cost of revenue | 108,170 | | | 111,888 | | | | | |
| Gross profit | 210,582 | | | 201,985 | | | | | |
| Operating expenses: | | | | | | | |
| Selling, general and administrative | 138,060 | | | 132,050 | | | | | |
| Research and development | 863 | | | 975 | | | | | |
| Amortization of purchased intangible assets | 12,688 | | | 10,452 | | | | | |
| Operating expenses | 151,611 | | | 143,477 | | | | | |
| Operating income | 58,971 | | | 58,508 | | | | | |
| Equity in net (loss) income of unconsolidated affiliates | (1,726) | | | 8,243 | | | | | |
| Interest income (expense), net | 195 | | | (2,859) | | | | | |
| Other expense, net | (1,092) | | | (2,164) | | | | | |
| Other (expense) income, net | (2,623) | | | 3,220 | | | | | |
| Income before income taxes | 56,348 | | | 61,728 | | | | | |
| Income tax expense | 13,938 | | | 18,769 | | | | | |
| Net income | 42,410 | | | 42,959 | | | | | |
| Net loss (income) attributable to non-controlling interest | 2,351 | | | (243) | | | | | |
| | | | | | | |
| Net income attributable to stockholders | $ | 44,761 | | | $ | 42,716 | | | | | |
| | | | | | | |
| Comprehensive income: | | | | | | | |
| Net income | $ | 42,410 | | | $ | 42,959 | | | | | |
| Comprehensive loss (income) attributable to non-controlling interest | 2,351 | | | (243) | | | | | |
| Foreign currency translation loss | (3) | | | (10) | | | | | |
| Comprehensive income attributable to stockholders | $ | 44,758 | | | $ | 42,706 | | | | | |
| | | | | | | |
| Weighted average shares outstanding: | | | | | | | |
| Basic | 119,344 | | | 118,351 | | | | | |
| Diluted | 120,133 | | | 120,033 | | | | | |
| | | | | | | |
| Earnings per share attributable to stockholders: | | | | | | | |
| Basic | $ | 0.38 | | | $ | 0.36 | | | | | |
| Diluted | $ | 0.37 | | | $ | 0.36 | | | | | |
See accompanying notes to the unaudited condensed consolidated financial statements.
PREMIER, INC.
Condensed Consolidated Statements of Stockholders' Equity
Three Months Ended September 30, 2023 and 2022
(Unaudited)
(In thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A
Common Stock | | | | Treasury Stock | | Additional Paid-In Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Total Stockholders' Equity |
| Shares | | Amount | | | | | | Shares | | Amount | | | | |
| Balance at June 30, 2023 | 119,158 | | | $ | 1,256 | | | | | | | 6,429 | | | $ | (250,129) | | | $ | 2,178,134 | | | $ | 405,102 | | | $ | (8) | | | $ | 2,334,355 | |
| Issuance of Class A common stock under equity incentive plan | 514 | | | 5 | | | | | | | — | | | — | | | — | | | — | | | — | | | 5 | |
| | | | | | | | | | | | | | | | | | | |
| Stock-based compensation expense | — | | | — | | | | | | | — | | | — | | | 6,692 | | | — | | | — | | | 6,692 | |
| Repurchase of vested restricted units for employee tax-withholding | — | | | — | | | | | | | — | | | — | | | (5,178) | | | — | | | — | | | (5,178) | |
| Net income | — | | | — | | | | | | | — | | | — | | | — | | | 42,410 | | | — | | | 42,410 | |
| Net income attributable to non-controlling interest | — | | | — | | | | | | | — | | | — | | | (2,351) | | | 2,351 | | | — | | | — | |
| Change in ownership of consolidated entity | — | | | — | | | | | | | — | | | — | | | 27 | | | — | | | — | | | 27 | |
Dividends ($0.21 per share) | — | | | — | | | | | | | — | | | — | | | — | | | (25,603) | | | — | | | (25,603) | |
| | | | | | | | | | | | | | | | | | | |
| Foreign currency translation adjustment | — | | | — | | | | | | | — | | | — | | | — | | | — | | | (3) | | | (3) | |
| Balance at September 30, 2023 | 119,672 | | | $ | 1,261 | | | | | | | 6,429 | | | $ | (250,129) | | | $ | 2,177,324 | | | $ | 424,260 | | | $ | (11) | | | $ | 2,352,705 | |
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| Class A
Common Stock | | | | Treasury Stock | | Additional Paid-In Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Total Stockholders' Equity |
| Shares | | Amount | | | | | | Shares | | Amount | | | | |
| Balance at June 30, 2022 | 118,052 | | | $ | 1,245 | | | | | | | 6,429 | | | $ | (250,129) | | | $ | 2,166,047 | | | $ | 331,690 | | | $ | (3) | | | $ | 2,248,850 | |
| Issuance of Class A common stock under equity incentive plan | 694 | | | 7 | | | | | | | — | | | — | | | 637 | | | — | | | — | | | 644 | |
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| Stock-based compensation expense | — | | | — | | | | | | | — | | | — | | | 7,136 | | | — | | | — | | | 7,136 | |
| Repurchase of vested restricted units for employee tax-withholding | — | | | — | | | | | | | — | | | — | | | (13,089) | | | — | | | — | | | (13,089) | |
| Net income | — | | | — | | | | | | | — | | | — | | | — | | | 42,959 | | | — | | | 42,959 | |
| Net income attributable to non-controlling interest | — | | | — | | | | | | | — | | | — | | | 243 | | | (243) | | | — | | | — | |
| Change in ownership of consolidated entity | — | | | — | | | | | | | — | | | — | | | 26 | | | — | | | — | | | 26 | |
Dividends ($0.21 per share) | — | | | — | | | | | | | — | | | — | | | — | | | (25,097) | | | — | | | (25,097) | |
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| Foreign currency translation adjustment | — | | | — | | | | | | | — | | | — | | | — | | | — | | | (10) | | | (10) | |
| Balance at September 30, 2022 | 118,746 | | | $ | 1,252 | | | | | | | 6,429 | | | $ | (250,129) | | | $ | 2,161,000 | | | $ | 349,309 | | | $ | (13) | | | $ | 2,261,419 | |
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See accompanying notes to the unaudited condensed consolidated financial statements.
PREMIER, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands) | | | | | | | | | | | |
| Three Months Ended September 30, |
| 2023 | | 2022 |
| Operating activities | | | |
| Net income | $ | 42,410 | | | $ | 42,959 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | |
| Depreciation and amortization | 33,016 | | | 33,891 | |
| Equity in net loss (income) of unconsolidated affiliates | 1,726 | | | (8,243) | |
| Deferred income taxes | (143,435) | | | 2,156 | |
| Stock-based compensation | 6,692 | | | 7,136 | |
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| Other, net | 3,459 | | | 10,035 | |
| Changes in operating assets and liabilities, net of the effects of acquisitions: | | | |
| Accounts receivable | 13,173 | | | 8,903 | |
| Contract assets | (16,838) | | | (11,856) | |
| Inventory | 7,064 | | | (4,229) | |
| Prepaid expenses and other assets | 9,216 | | | 17,821 | |
| Accounts payable | (3,099) | | | 15,172 | |
| Revenue share obligations | 3,544 | | | 2,435 | |
| Accrued expenses, deferred revenue and other liabilities | 124,948 | | | (41,429) | |
| Net cash provided by operating activities | 81,876 | | | 74,751 | |
| Investing activities | | | |
| Purchases of property and equipment | (21,270) | | | (18,930) | |
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| Other | — | | | (1,300) | |
| Net cash used in investing activities | (21,270) | | | (20,230) | |
| Financing activities | | | |
| Payments on notes payable | (25,823) | | | (26,387) | |
| Proceeds from credit facility | — | | | 100,000 | |
| Payments on credit facility | (215,000) | | | — | |
| Proceeds from sale of future revenues | 578,983 | | | — | |
| Payments on liability related to the sale of future revenues | (4,322) | | | — | |
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| Cash dividends paid | (25,827) | | | (25,218) | |
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| Other, net | (5,146) | | | (12,419) | |
| Net cash provided by financing activities | 302,865 | | | 35,976 | |
| Effect of exchange rate changes on cash flows | (3) | | | (10) | |
| Net increase in cash and cash equivalents | 363,468 | | | 90,487 | |
| Cash and cash equivalents at beginning of period | 89,793 | | | 86,143 | |
| Cash and cash equivalents at end of period | $ | 453,261 | | | $ | 176,630 | |
See accompanying notes to the unaudited condensed consolidated financial statements.
PREMIER, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(1) ORGANIZATION AND BASIS OF PRESENTATION
Organization
Premier, Inc. (“Premier” or the “Company”) is a publicly held, for-profit Delaware corporation located in the United States. The Company is a holding company with no material business operations of its own. The Company’s primary asset is its equity interest in its wholly owned subsidiary Premier Healthcare Solutions, Inc., a Delaware corporation (“PHSI”). The Company conducts substantially all of its business operations through PHSI and its other consolidated subsidiaries. The Company, together with its subsidiaries and affiliates, is a leading technology-driven healthcare improvement company that unites hospitals, health systems, physicians, employers, product suppliers, service providers, and other healthcare providers and organizations to improve and innovate in the clinical, financial and operational areas of their businesses to meet the demands of a rapidly evolving healthcare industry and continues to expand its capabilities to more fully address and coordinate care improvement and standardization in the employer, payer and life sciences markets. Additionally, the Company also provides some of the various products and services noted above to non-healthcare businesses, including through its direct sourcing activities as well as continued access to its group purchasing organization (“GPO”) programs for non-healthcare members whose contracts were sold to OMNIA Partners, LLC (“OMNIA”) (see Note 9 - Liability Related to the Sale of Future Revenues).
The Company’s business model and solutions are designed to provide its members and other customers access to scale efficiencies, spread the cost of their development, provide actionable intelligence derived from anonymized data in the Company’s enterprise data warehouse, mitigate the risk of innovation and disseminate best practices to help the Company’s members and other customers succeed in their transformation to higher quality and more cost-effective healthcare.
The Company, together with its subsidiaries and affiliates, delivers its integrated platform of solutions through two business segments: Supply Chain Services and Performance Services. See Note 15 - Segments for further information related to the Company’s reportable business segments. The Company has no significant foreign operations or revenues. The Supply Chain Services segment includes one of the largest national healthcare GPO programs in the United States and provides supply chain co-management, purchased services and direct sourcing activities. The Performance Services segment consists of three sub-brands: PINC AITM, the Company’s technology and services platform with offerings that help optimize performance in three main areas – clinical intelligence, margin improvement and value-based care – using advanced analytics to identify improvement opportunities, consulting and managed services for clinical and operational design, and workflow solutions to hardwire sustainable change in the provider, payer and life sciences markets; Contigo Health®, the Company’s direct-to-employer business which provides third-party administrator services and management of health-benefit programs that enable healthcare providers that are also payers (e.g., payviders) and employers to contract directly with healthcare providers as well as partner with healthcare providers to provide employers access to a specialized care network through Contigo Health’s centers of excellence program and cost containment and wrap network; and Remitra®, the Company’s digital invoicing and payables automation business which provides financial support services to healthcare suppliers and providers.
Principles of Consolidation
The accompanying condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC and in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries over which the Company exercised control and when applicable, entities for which the Company had a controlling financial interest or was the primary beneficiary. All intercompany transactions have been eliminated upon consolidation. Accordingly, certain information and disclosures normally included in annual financial statements have been condensed or omitted. The accompanying condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of results of operations and financial condition for the interim periods shown, consisting of normal recurring adjustments, unless otherwise disclosed. Certain amounts in prior periods have been reclassified to conform to the current period presentation. The Company believes that the disclosures are adequate to make the information presented not misleading and should be read in conjunction with the audited consolidated financial statements and related footnotes contained in the 2023 Annual Report.
Supplementary Cash Flows Information
The following table presents supplementary cash flows information for the three months ended September 30, 2023 and 2022 (in thousands):
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| Three Months Ended September 30, |
| 2023 | | 2022 |
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| Supplemental schedule of non-cash investing and financing activities: | | | |
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| Accrued dividend equivalents | $ | 472 | | | $ | 156 | |
Use of Estimates in the Preparation of Financial Statements
The preparation of the Company’s condensed consolidated financial statements in accordance with GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. Significant estimates are evaluated on an ongoing basis, including, but not limited to, estimates for net administrative fees revenue, software licenses, other services and support revenue, contract assets, deferred revenue, contract costs, allowances for credit losses, reserves for net realizable value of inventory, obsolete inventory, useful lives of property and equipment, stock-based compensation, deferred tax balances including valuation allowances on deferred tax assets, uncertain tax positions, values of investments not publicly traded, projected future cash flows used in the evaluation of asset impairments, values of call rights, values of earn-out liabilities and the allocation of purchase prices. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
(2) SIGNIFICANT ACCOUNTING POLICIES
There have been no material changes to the Company’s significant accounting policies as described in the 2023 Annual Report, except as described below.
Liability Related to the Sale of Future Revenues
The Company accounts for the sale of future revenues as a liability, with both current and non-current portions. In order to determine the timing of the reduction in debt associated with the sale of future revenues, the Company estimates the total future revenues expected to be remitted to the purchaser. The Company recognizes interest expense based on an estimated effective annual interest rate. The Company determines the effective interest rate based on recognized and expected future revenue and maintains a consistent interest rate throughout the life of the agreement. This estimate contains significant assumptions that impact both the amount of debt and the interest expense recorded over the life of the agreement. To the extent the amount or timing of future payments varies materially from the original estimate, the Company will make a cumulative adjustment to the carrying amount of the debt, which will be recorded as a non-cash gain or loss in other income in the Condensed Consolidated Statements of Income and Comprehensive Income.
(3) BUSINESS ACQUISITIONS
Acquisition of TRPN Direct Pay, Inc. and Devon Health, Inc. Assets
On October 13, 2022, the Company, through its consolidated subsidiary Contigo Health, LLC (“Contigo Health”), acquired certain assets (the “TRPN Transferred Assets”) of TRPN Direct Pay, Inc. and Devon Health, Inc. (collectively, “TRPN”), including contracts with more than 900,000 providers (collectively, the “Assumed Contracts”), and agreed to assume certain liabilities and obligations of TRPN with regard to the Assumed Contracts (referred to as the “TRPN acquisition”). The TRPN Transferred Assets relate to businesses of TRPN focused on improving access to quality healthcare and reducing the cost of medical claims through pre-negotiated discounts with network providers, including acute care hospitals, surgery centers, physicians and other continuum of care providers in the United States. Contigo Health also agreed to license proprietary cost containment technology of TRPN.
The purchase price paid by the Company to complete the TRPN acquisition consisted of cash of $177.5 million, funded with borrowings under the Company’s Credit Facility (as defined in Note 8 - Debt and Notes Payable) and cash on hand, of which $17.8 million was placed in escrow to satisfy indemnification obligations of TRPN to Contigo Health and its affiliates and other parties related thereto under the purchase agreement governing the TRPN acquisition.
The Company has accounted for the TRPN acquisition as a business combination whereby the purchase price was allocated to tangible and intangible assets acquired and liabilities assumed based on their fair values. The total fair value assigned to intangible assets acquired was $116.6 million, consisting primarily of the provider network.
The TRPN acquisition resulted in the initial recognition of $60.9 million of goodwill attributable to the anticipated profitability of TRPN, based on the purchase price paid in the acquisition compared to the fair value of the net assets acquired. The TRPN acquisition was considered an asset acquisition for income tax purposes. Accordingly, the Company expects tax goodwill to be deductible for tax purposes. TRPN has been integrated within Premier under Contigo Health and is reported as part of the Performance Services Segment. In fiscal year 2023, the Company recorded a pre-tax goodwill impairment charge of $54.4 million related to the Contigo Health reporting unit including goodwill recognized as a result of the TRPN acquisition.
Pro forma results of operations for the acquisition have not been presented because the effects on revenue and net income were not material to the Company’s historical consolidated financial statements.
(4) INVESTMENTS
Investments in Unconsolidated Affiliates
The Company’s investments in unconsolidated affiliates consisted of the following (in thousands):
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| | | | | Equity in Net Income |
| | | Three Months Ended | | |
| Carrying Value | | September 30, | | |
| September 30, 2023 | | June 30, 2023 | | 2023 | | 2022 | | | | |
| FFF | $ | 136,080 | | | $ | 136,080 | | | $ | — | | | $ | 7,187 | | | | | |
| Exela | 31,487 | | | 32,905 | | | (1,419) | | | 138 | | | | | |
| Qventus | 16,000 | | | 16,000 | | | — | | | — | | | | | |
| Prestige | 15,623 | | | 15,503 | | | 119 | | | 180 | | | | | |
| Other investments | 30,890 | | | 31,338 | | | (426) | | | 738 | | | | | |
| Total investments | $ | 230,080 | | | $ | 231,826 | | | $ | (1,726) | | | $ | 8,243 | | | | | |
The Company, through its indirect, wholly owned subsidiary Premier Supply Chain Improvement, Inc. (“PSCI”), held a 49% interest in FFF Enterprises, Inc. (“FFF”) through its ownership of stock of FFF at September 30, 2023 and June 30, 2023. On March 3, 2023, the Company and the majority shareholder of FFF amended the FFF shareholders’ agreement and as of the date of the amendment, the Company accounts for its investment in FFF at cost less impairments, if any, plus or minus any observable changes in fair value (refer to the 2023 Annual Report for additional information and details regarding the March 2023 amendment). The Company accounts for its investment in FFF as part of the Supply Chain Services segment.
The Company, through its consolidated subsidiary, ExPre Holdings, LLC (“ExPre”), held an approximate 6% interest in Exela Holdings, Inc. (“Exela”) through its ownership of Exela Class A common stock at September 30, 2023. At September 30, 2023, the Company owned approximately 15% of the membership interest of ExPre, with the remainder of the membership interests held by 11 member health systems or their affiliates.
The Company, through its consolidated subsidiary, PRAM Holdings, LLC (“PRAM”), held an approximate 20% interest in Prestige Ameritech Ltd. (“Prestige”) through its ownership of Prestige limited partnership units at September 30, 2023. At September 30, 2023, the Company owned approximately 26% of the membership interest of PRAM, with the remainder of the membership interests held by 16 member health systems or their affiliates.
The Company accounts for its investments in Exela and Prestige using the equity method of accounting and includes each investment as part of the Supply Chain Services segment.
The Company, through PHSI, purchased an approximate 7% interest in Qventus, Inc. (“Qventus”) through its ownership of Qventus Series C preferred stock. The Company accounts for its investment in Qventus at cost less impairments, if any, plus or minus any observable changes in fair value. The Company includes Qventus as part of the Performance Services segment.
(5) FAIR VALUE MEASUREMENTS
Recurring Fair Value Measurements
The following table represents the Company’s financial assets and liabilities, which are measured at fair value on a recurring basis (in thousands):
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| Fair Value of Financial Assets and Liabilities | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs
(Level 3) |
| September 30, 2023 | | | | | | | |
| Cash equivalents | $ | 232,342 | | | $ | 232,342 | | | $ | — | | | $ | — | |
| Deferred compensation plan assets | 49,911 | | | 49,911 | | | — | | | — | |
| Total assets | 282,253 | | | 282,253 | | | — | | | — | |
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| Earn-out liabilities | 29,861 | | | — | | | — | | | 29,861 | |
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| Total liabilities | $ | 29,861 | | | $ | — | | | $ | — | | | $ | 29,861 | |
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| June 30, 2023 | | | | | | | |
| Cash equivalents | $ | 77 | | | $ | 77 | | | $ | — | | | $ | — | |
| Deferred compensation plan assets | 55,566 | | | 55,566 | | | — | | | — | |
| Total assets | 55,643 | | | 55,643 | | | — | | | — | |
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| Earn-out liabilities | 26,603 | | | — | | | — | | | 26,603 | |
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| Total liabilities | $ | 26,603 | | | $ | — | | | $ | — | | | $ | 26,603 | |
Deferred compensation plan assets consisted of highly liquid mutual fund investments, which were classified as Level 1. The current portion of deferred compensation plan assets ($5.9 million and $5.2 million at September 30, 2023 and June 30, 2023, respectively) was included in prepaid expenses and other current assets in the accompanying Condensed Consolidated Balance Sheets.
Financial Instruments Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)
Earn-out liabilities
Earn-out liabilities have been established in connection with certain acquisitions, including the acquisition of substantially all of the assets and certain liabilities of Acurity, Inc. and Nexera, Inc. (the “Acurity and Nexera asset acquisition”) in February 2020 as well as other immaterial acquisitions. The earn-out liability related to the Acurity and Nexera asset acquisition was based upon the Company’s achievement of a range of member renewals on terms to be agreed to by the Company and Greater New York Hospital Association based on prevailing market conditions in December 2023. Earn-out liabilities are classified as Level 3 of the fair value hierarchy.
Acurity and Nexera Earn-out (a)
The earn-out liability arising from expected earn-out payments related to the Acurity and Nexera asset acquisition was measured on the acquisition date using a probability-weighted expected payment model and is remeasured periodically due to changes in management’s estimates of the number of transferred member renewals and market conditions. In determining the fair value of the contingent liabilities, management reviews the current results of the acquired business, along with projected results for the remaining earn-out period, to calculate the expected earn-out payment to be made based on the contractual terms set out in the acquisition agreement. The Acurity and Nexera earn-out liability utilized a credit spread of 1.4% at September 30, 2023 and 1.6% at June 30, 2023. As of September 30, 2023 and June 30, 2023, the undiscounted range of outcomes is between $0 and $30.0 million. A significant decrease in the probability could result in a significant decrease in the value of the earn-out liability. The fair value of the Acurity and Nexera earn-out liability at September 30, 2023 and June 30, 2023 was $23.5 million and $23.1 million, respectively.
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| Input assumptions | As of September 30, 2023 | | As of June 30, 2023 |
| Probability of transferred member renewal percentage < 50% | 5.0 | % | | 5.0 | % |
| Probability of transferred member renewal percentage between 50% and 65% | 10.0 | % | | 10.0 | % |
| Probability of transferred member renewal percentage between 65% and 80% | 25.0 | % | | 25.0 | % |
| Probability of transferred member renewal percentage > 80% | 60.0 | % | | 60.0 | % |
| Credit spread | 1.4 | % | | 1.6 | % |
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(a)The Acurity and Nexera earn-out liability was initially valued as of February 28, 2020.
A reconciliation of the Company’s earn-out liabilities is as follows (in thousands):
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| Beginning Balance | | Purchases (Settlements) | | (Gain)/Loss (a) | | Ending Balance |
| Three Months Ended September 30, 2023 | | | | | | | |
| Earn-out liabilities | $ | 26,603 | | | $ | — | | | $ | 3,258 | | | $ | 29,861 | |
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| Total Level 3 liabilities | $ | 26,603 | | | $ | — | | | $ | 3,258 | | | $ | 29,861 | |
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| Three Months Ended September 30, 2022 | | | | | | | |
| Earn-out liabilities | $ | 22,789 | | | $ | — | | | $ | (428) | | | $ | 22,361 | |
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| Total Level 3 liabilities | $ | 22,789 | | | $ | — | | | $ | (428) | | | $ | 22,361 | |
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(a)Gains on level 3 liability balances will decrease the liability ending balance, and losses on level 3 liability balances will increase the liability ending balance.
Non-Recurring Fair Value Measurements
As a result of the August 2020 Restructuring, the Company recorded non-interest bearing notes payable to former limited partners during the three months ended September 30, 2020. Although these notes are non-interest bearing, they include a Level 2 input associated with an implied fixed annual interest rate of 1.8% (see Note 8 - Debt and Notes Payable). As of September 30, 2023 and June 30, 2023, the notes payable to former limited partners were recorded net of discounts of $3.3 million and $4.2 million, respectively.
During the three months ended September 30, 2023, no non-recurring fair value measurements were required relating to the measurement of goodwill and intangible assets for impairment.
Financial Instruments For Which Fair Value Only is Disclosed
The fair values of non-interest bearing notes payable, classified as Level 2, were equal to the carrying value at both September 30, 2023 and June 30, 2023 based on an assumed market interest rate of 1.6%.
Other Financial Instruments
The fair values of cash, accounts receivable, accounts payable, accrued liabilities and the Credit Facility (as defined in Note 8 - Debt and Notes Payable) approximated carrying value due to the short-term nature of these financial instruments.
(6) CONTRACT BALANCES
Deferred Revenue
Revenue recognized during the three months ended September 30, 2023 that was included in the opening balance of deferred revenue at June 30, 2023 was $13.8 million, which is a result of satisfying certain performance obligations.
Performance Obligations
A performance obligation is a contractual obligation to transfer a distinct good or service to a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Contracts may have a single performance obligation as the agreement to transfer individual goods or services is not separately identifiable from other contractual obligations and, therefore, not distinct, while other contracts may have multiple
performance obligations, most commonly due to the contract covering multiple phases or deliverable arrangements (licensing fees, SaaS subscription fees, maintenance and support fees, and professional fees for consulting services).
Refer to the Company’s significant accounting policies in the 2023 Annual Report for discussion of revenue recognition on contracts with customers.
Net revenue of $5.3 million was recognized during the three months ended September 30, 2023 from certain performance obligations that were satisfied or partially satisfied in prior periods. The net revenue recognized was driven by an increase of $3.8 million associated with revised forecasts from underlying contracts that include variable consideration components and additional fluctuations due to input method contracts which occur in the normal course of business and an increase of $1.5 million in net administrative fees revenue related to under-forecasted cash receipts received in the current period.
Net revenue of $3.0 million was recognized during the three months ended September 30, 2022 from certain performance obligations that were satisfied or partially satisfied in prior periods. The net revenue recognized was driven by an increase of $4.7 million in net administrative fees revenue related to under-forecasted cash receipts received in the current period partially offset by a reduction of $1.7 million associated with revised forecasts from underlying contracts that include variable consideration components as well as additional fluctuations due to input method contracts which occur in the normal course of business.
Remaining performance obligations represent the portion of the transaction price that has not yet been satisfied or achieved. As of September 30, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $705.8 million. The Company expects to recognize approximately 41% of the remaining performance obligations over the next twelve months and an additional 24% over the following twelve months, with the remainder recognized thereafter.
(7) GOODWILL AND INTANGIBLE ASSETS
Goodwill
At both September 30, 2023 and June 30, 2023, the Company had goodwill balances recorded at Supply Chain Services and Performance Services of $386.2 million and $626.1 million, respectively. At both September 30, 2023 and June 30, 2023, the Company had accumulated impairment losses to goodwill at Supply Chain Services and Performance Services of $2.3 million and $54.4 million, respectively.
Fiscal 2023 Goodwill Impairment
During the year ended June 30, 2023, the Company recorded pre-tax goodwill impairment charges of $54.4 million and $2.3 million related to the Contigo Health and Direct Sourcing reporting units, respectively. No events or circumstances occurred during the three months ended September 30, 2023 that would suggest there are additional indicators of impairment, and accordingly, the Company determined that goodwill impairment testing was not needed at September 30, 2023.
Intangible Assets, Net
Intangible assets, net consisted of the following (in thousands):
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| | | September 30, 2023 | | June 30, 2023 |
| Useful Life | | Gross | | Accumulated Amortization | | Net | | Gross | | Accumulated Amortization | | Net |
| Member relationships | 14.7 years | | $ | 386,100 | | | $ | (143,291) | | | $ | 242,809 | | | $ | 386,100 | | | $ | (136,751) | | | $ | 249,349 | |
| Provider network | 15.0 years | | 106,500 | | | (6,804) | | | 99,696 | | | 106,500 | | | (5,029) | | | 101,471 | |
| Technology | 7.1 years | | 99,317 | | | (69,203) | | | 30,114 | | | 99,317 | | | (67,581) | | | 31,736 | |
| Customer relationships | 9.4 years | | 57,930 | | | (33,070) | | | 24,860 | | | 57,930 | | | (31,846) | | | 26,084 | |
| Trade names | 6.7 years | | 18,920 | | | (12,506) | | | 6,414 | | | 18,920 | | | (11,983) | | | 6,937 | |
| Non-compete agreements | 5.2 years | | 17,715 | | | (10,439) | | | 7,276 | | | 17,715 | | | (9,738) | | | 7,977 | |
Other (a) | 9.3 years | | 9,232 | | | (3,059) | | | 6,173 | | | 9,232 | | | (2,756) | | | 6,476 | |
| Total | | | $ | 695,714 | | | $ | (278,372) | | | $ | 417,342 | | | $ | 695,714 | | | $ | (265,684) | | | $ | 430,030 | |
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(a)Includes a $1.0 million indefinite-lived asset.
The net carrying value of intangible assets by segment was as follows (in thousands):
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| September 30, 2023 | | June 30, 2023 |
| Supply Chain Services | $ | 261,779 | | | $ | 269,710 | |
Performance Services (a) | 155,563 | | | 160,320 | |
| Total intangible assets, net | $ | 417,342 | | | $ | 430,030 | |
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(a)Includes a $1.0 million indefinite-lived asset.
The estimated amortization expense for each of the next five fiscal years and thereafter is as follows (in thousands):
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2024 (a) | $ | 37,074 | |
2025 | 48,136 | |
2026 | 46,892 | |
2027 | 44,240 | |
2028 | 39,197 | |
| Thereafter | 200,803 | |
| Total amortization expense | $ | 416,342 | |
(a)As of September 30, 2023, estimated amortization expense is for the period from October 1, 2023 to June 30, 2024.
(8) DEBT AND NOTES PAYABLE
Long-term debt and notes payable consisted of the following (in thousands):
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| September 30, 2023 | | June 30, 2023 |
Credit Facility | $ | — | | | $ | 215,000 | |
Notes payable to former limited partners, net of discount | 176,447 | | | 201,188 | |
| Other notes payable | 1,199 | | | 2,280 | |
| Total debt and notes payable | 177,646 | | | 418,468 | |
| Less: current portion | (101,329) | | | (316,211) | |
| Total long-term debt and notes payable | $ | 76,317 | | | $ | 102,257 | |
Credit Facility
PHSI, along with its consolidated subsidiaries, Premier LP and PSCI (“Co-Borrowers”), and certain domestic subsidiaries of the Co-Borrowers, as guarantors, entered into a senior unsecured Amended and Restated Credit Agreement, dated as of December 12, 2022 (the “Credit Facility”). The Credit Facility has a maturity date of December 12, 2027, subject to up to two one-year extensions, and provides for borrowings of up to $1.0 billion with (i) a $50.0 million sub-facility for standby letters of credit and (ii) a $100.0 million sub-facility for swingline loans. The Credit Facility also provides that Co-Borrowers may from time to time (i) incur incremental term loans and (ii) request an increase in the revolving commitments under the Credit Facility, together up to an aggregate of $350.0 million, subject to the approval of the lenders providing such term loans or revolving commitment increase. The Credit Facility contains an unconditional and irrevocable guaranty of all obligations of Co-Borrowers under the Credit Facility by the current and future guarantors. Premier is not a guarantor under the Credit Facility.
At September 30, 2023, the Company had no outstanding borrowings under the Credit Facility with $995.0 million of available borrowing capacity after reductions for outstanding letters of credit. At June 30, 2023, the Company had $215.0 million in outstanding borrowings under the Credit Facility with $785.0 million of available borrowing capacity after reductions for outstanding borrowings and outstanding letters of credit. For the three months ended September 30, 2023, the Company had no new borrowings and repaid $215.0 million of outstanding borrowings under the Credit Facility. At September 30, 2023, the annual commitment fee, based on the actual daily unused amount of commitments under the Credit Facility, was 0.125%. At June 30, 2023, the weighted average interest rate on outstanding borrowings under the Credit Facility was 6.470%. The Company was in compliance with all covenants at September 30, 2023 and June 30, 2023.
Notes Payable
Notes Payable to Former Limited Partners
At September 30, 2023, the Company had $176.4 million of notes payable to former LPs, net of discounts on notes payable of $3.3 million, of which $100.1 million was recorded to current portion of notes payable to former limited partners in the accompanying Condensed Consolidated Balance Sheets. At June 30, 2023, the Company had $201.2 million of notes payable to former LPs, net of discounts on notes payable of $4.2 million, of which $99.7 million was recorded to current portion of notes payable to former limited partners in the accompanying Condensed Consolidated Balance Sheets. The notes payable to former LPs were issued in connection with the early termination of the TRA as part of the August 2020 Restructuring. Although the notes payable to former LPs are non-interest bearing, pursuant to GAAP requirements, they were recorded net of imputed interest at a fixed annual rate of 1.8%.
Other
At September 30, 2023 and June 30, 2023, the Company had $1.2 million and $2.3 million in other notes payable, respectively, of which $1.2 million and $1.5 million, respectively, were included in current portion of long-term debt in the accompanying Condensed Consolidated Balance Sheets. Other notes payable do not bear interest and generally have stated maturities of three to five years from their date of issuance.
(9) LIABILITY RELATED TO THE SALE OF FUTURE REVENUES
Sale of Non-Healthcare GPO Member Contracts
On July 25, 2023 (the “Closing Date”), the Company sold the equity interest in its wholly-owned subsidiary, Non-Healthcare Holdings, LLC, pursuant to an equity purchase agreement with OMNIA (“Equity Purchase Agreement”) for a purchase price estimated to be between $750.0 million and $800.0 million, subject to certain adjustments. As of September 30, 2023, the Company has received $689.2 million in cash consideration which includes $110.2 million remaining in escrow subject to release upon certain members agreeing to certain consents. In October 2023, the Company received $35.8 million that was released from escrow. The cash consideration includes a true-up adjustment to the purchase price to be paid within approximately eight months following the Closing Date. See Note 13 - Income Taxes for further income tax considerations on cash proceeds received as of September 30, 2023.
Pursuant to the terms of the Equity Purchase Agreement, OMNIA acquired Premier’s non-healthcare GPO member agreements which includes the associated net cash flows generated from administrative fees from purchasing on supplier contracts. In conjunction with the execution of the Equity Purchase Agreement, the Company and OMNIA entered into a 10 year channel partnership agreement (the “Channel Agreement”) pursuant to which OMNIA’s existing and newly acquired members will have access to Premier’s supplier portfolio in which 100% of the administrative fees generated will be remitted to OMNIA. Under the terms of the Channel Agreement, although the Company sold the rights to retain future net administrative fees from the non-healthcare GPO member agreements, the Company continues to maintain significant involvement in the generation of the gross administrative fees through its supplier portfolio. Additionally, the Company has the right to retain an “Access Fee” over the term of the Channel Agreement based on the continued growth of the non-healthcare GPO member agreements. Due to the Company’s continued involvement, the Company will continue to record net administrative fees from the non-healthcare agreements as revenue. The Company recorded the net proceeds from this transaction as a liability related to the sale of future revenues on the accompanying Condensed Consolidated Balance Sheets, which will be amortized using the effective interest method over the remaining contractual life of the Channel Agreement. The Company has no obligation to pay OMNIA any principal or interest balance on the sale of future revenues liability outside of the cash flows generated for administrative fees from the Channel Agreement.
As payments for administrative fees are remitted to OMNIA, the balance or Premier’s obligation will effectively be repaid over the term of the Channel Agreement. To determine the amortization of the liability related to the sale of future revenues, the Company estimated the total future revenues expected to be remitted over the life of the Channel Agreement less any Access Fees retained by the Company. Future payments will result in the reduction of the liability related to the sale of future revenues less interest expense. The Company calculated the effective interest rate based on future expected revenue, which resulted in an effective annual interest rate of 2.5%. The Company will maintain a consistent interest rate throughout the life of the Channel Agreement. This estimate contains significant assumptions that impact both the amount of liability and interest expense recorded over the life of the Channel Agreement. The Company will assess the estimated future cash flows related to the sale of future revenues for material changes at each reporting period. There are several factors that could materially affect the amount and timing of payments to OMNIA, and correspondingly, the amount of interest expense recorded, most of which are outside the Company’s control. Such factors include, but are not limited to, retention by OMNIA of the non-healthcare GPO members, growing the existing portfolio of non-healthcare members and general competition of GPOs.
Changes to any of these factors could result in an increase or decrease to expected future revenue and interest expense related to the sale of future revenues. To the extent the amount or timing of future payments varies materially from the original estimate, the Company will make a cumulative adjustment to the carrying amount of the liability, which will be recorded as a non-cash gain or loss in other income in the Condensed Consolidated Statements of Income and Comprehensive Income.
At September 30, 2023, the Company had $574.7 million of debt related to the sale of non-healthcare GPO member contracts and associated future revenues, of which $32.8 million was recorded to current portion of sales of future revenues in the accompanying Condensed Consolidated Balance Sheets. For the three months ended September 30, 2023, the Company recorded $11.7 million in revenue that was sold to OMNIA and $2.5 million in interest expense related to the sale of future revenues in net administrative fees and interest expense, net, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income.
The following table shows the activity of the liability related to the sale of future revenues since the transaction inception through September 30, 2023 (in thousands):
| | | | | |
| September 30, 2023 |
| Proceeds from the sale of future revenues | $ | 523,198 | |
| Proceeds from the release of escrow funds | 55,785 | |
| Imputed interest expense associated with the sale of future revenues | 2,533 | |
| Payments against the liability related to the sale of future revenues | (6,855) | |
| Liability related to the sale of future revenues | $ | 574,661 | |
(10) STOCKHOLDERS' EQUITY
As of September 30, 2023, there were 119,672,451 shares of the Company’s Class A common stock, par value $0.01 per share, outstanding.
During the three months ended September 30, 2023, the Company paid cash dividends of $0.21 per share on outstanding shares of Class A common stock to stockholders on September 15, 2023. On October 26, 2023, the Board of Directors declared a quarterly cash dividend of $0.21 per share, payable on December 15, 2023 to stockholders of record on December 1, 2023.
(11) EARNINGS PER SHARE
Basic earnings per share is computed by dividing net income attributable to stockholders by the weighted average number of shares of common stock outstanding for the period. Except when the effect would be anti-dilutive, the diluted earnings per share calculation, which is calculated using the treasury stock method, includes the impact of all potentially issuable dilutive shares of Class A common stock.
The following table provides a reconciliation of the numerator and denominator used for basic and diluted earnings per share (in thousands, except per share amounts):
| | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | |
| 2023 | | 2022 | | | | |
Numerator for basic and diluted earnings per share: | | | | | | | |
Net income attributable to stockholders (a) | $ | 44,761 | | | $ | 42,716 | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Denominator for earnings per share: | | | | | | | |
Basic weighted average shares outstanding | 119,344 | | | 118,351 | | | | | |
Effect of dilutive securities: (b) | | | | | | | |
| Stock options | — | | | 146 | | | | | |
Restricted stock units | 534 | | | 563 | | | | | |
| Performance share awards | 255 | | | 973 | | | | | |
Diluted weighted average shares | 120,133 | | | 120,033 | | | | | |
| | | | | | | |
| Earnings per share attributable to stockholders: | | | | | | | |
| Basic | $ | 0.38 | | | $ | 0.36 | | | | | |
| Diluted | $ | 0.37 | | | $ | 0.36 | | | | | |
_________________________________
(a)Net income attributable to stockholders was calculated as follows (in thousands):
| | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | |
| 2023 | | 2022 | | | | |
| Net income | $ | 42,410 | | | $ | 42,959 | | | | | |
| Net loss (income) attributable to non-controlling interest | 2,351 | | | (243) | | | | | |
| Net income attributable to stockholders | $ | 44,761 | | | $ | 42,716 | | | | | |
(b)For the three months ended September 30, 2023, the effect of 1.3 million stock options and restricted stock units were excluded from diluted weighted average shares outstanding as it had an anti-dilutive effect. Additionally, for the three months ended September 30, 2023, the effect of 0.2 million performance share awards was excluded from diluted weighted average shares outstanding as the awards had not satisfied the applicable performance criteria at the end of the period.
For the three months ended September 30, 2022, the effect of 0.2 million stock options and restricted stock units was excluded from diluted weighted average shares outstanding as it had an anti-dilutive effect. Additionally, the effect of 0.1 million performance share awards was excluded from diluted weighted average shares outstanding as the awards had not satisfied the applicable performance criteria at the end of the period.
(12) STOCK-BASED COMPENSATION
Stock-based compensation expense is recognized over the requisite service period, which generally equals the stated vesting period. The associated deferred tax benefit was calculated at a tax rate of 25% and 26% for the three months ended September 30, 2023 and 2022, respectively, which represents the expected effective income tax rate at the time of the compensation expense deduction and differs from the Company’s current effective income tax rate. See Note 13 - Income Taxes for further information related to income taxes.
Stock-based compensation expense and the resulting deferred tax benefits were as follows (in thousands):
| | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | |
| 2023 | | 2022 | | | | |
| Pre-tax stock-based compensation expense | $ | 6,692 | | | $ | 7,136 | | | | | |
Less: deferred tax benefit (a) | 1,544 | | | 947 | | | | | |
| Total stock-based compensation expense, net of tax | $ | 5,148 | | | $ | 6,189 | | | | | |
_________________________________
(a)For the three months ended September 30, 2023 and 2022, the deferred tax benefit was reduced by $0.2 million and $0.9 million, respectively, attributable to stock-based compensation expense that is nondeductible for tax purposes pursuant to Section 162(m) as amended by the Tax Cuts and Jobs Act of 2017.
Premier 2013 Equity Incentive Plan
The Premier 2013 Equity Incentive Plan, as amended and restated (and including any further amendments thereto, the “2013 Equity Incentive Plan”) provides for grants of up to 14.8 million shares of Class A common stock, all of which are eligible to be issued as non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units or performance share awards. On September 24, 2023, the 2013 Equity Incentive Plan expired; no new grants will be issued under the plan.
The following table includes information related to restricted stock, performance share awards and stock options for the three months ended September 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Restricted Stock | | Performance Share Awards | | Stock Options |
| Number of Awards | | Weighted Average Fair Value at Grant Date | | Number of Awards | | Weighted Average Fair Value at Grant Date | | Number of Options | | Weighted Average Exercise Price |
| Outstanding at June 30, 2023 | 1,847,790 | | | $ | 33.11 | | | 1,470,824 | | | $ | 33.08 | | | 465,322 | | | $ | 33.15 | |
| Granted | 1,037,170 | | | 21.64 | | | 684,026 | | | 18.70 | | | — | | | — | |
| Vested/exercised | (292,292) | | | 31.53 | | | (458,905) | | | 29.18 | | | — | | | — | |
| Forfeited | (84,292) | | | 31.34 | | | (50,298) | | | 35.12 | | | (2,458) | | | 33.98 | |
| Outstanding at September 30, 2023 | 2,508,376 | | | $ | 28.61 | | | 1,645,647 | | | $ | 28.13 | | | 462,864 | | | $ | 33.15 | |
| | | | | | | | | | | |
| Stock options outstanding and exercisable at September 30, 2023 | | | | | | 462,864 | | | $ | 33.15 | |
Prior to June 1, 2023, restricted stock units and restricted stock awards issued and outstanding generally vest over a three-year period for employees and a one-year period for directors. Beginning June 1, 2023, restricted stock units and restricted stock awards issued and outstanding for employees generally vest ratably over the service period. Performance share awards issued and outstanding generally vest over a three-year period if performance targets are met. Stock options generally vest in equal annual installments over three years. Stock options have a term of ten years from the date of grant. Vested stock options will generally expire either twelve months after an employee’s termination with the Company or 90 days after an employee’s termination with the Company, depending on the termination circumstances.
Unrecognized stock-based compensation expense at September 30, 2023 was as follows (in thousands):
| | | | | | | | | | | |
| Unrecognized Stock-Based Compensation Expense | | Weighted Average Amortization Period |
| Restricted stock | $ | 49,350 | | | 2.5 years |
| Performance share awards | 24,112 | | | 2.4 years |
| Total unrecognized stock-based compensation expense | $ | 73,462 | | | 2.4 years |
At September 30, 2023, there was no unrecognized stock-based compensation expense for outstanding stock options. There were no options exercised during the three months ended September 30, 2023, and the stock options outstanding and exercisable at September 30, 2023 had zero aggregate intrinsic value.
(13) INCOME TAXES
Income tax expense for the three months ended September 30, 2023 and 2022 was $13.9 million and $18.8 million, respectively, which reflects effective tax rates of 25% and 30%, respectively. The change in the effective tax rate for the three months ended September 30, 2023 compared to the prior year period is primarily related to changes in stock-based compensation expense, state law repricing and statute of limitation release on uncertain tax positions.
As of September 30, 2023, total tax liabilities included $155.2 million within other current liabilities in the accompanying Condensed Consolidated Balance Sheets. During the three months ended September 30, 2023, the Company recorded a $143.9 million cash tax obligation associated with the sale of non-healthcare GPO member contracts and associated future revenues to OMNIA, which is expected to be paid in the second quarter of fiscal year 2024. Additionally, the Company recorded an offsetting deferred tax asset of $144.3 million to be released to income tax expense as the Company recognizes revenue associated with non-healthcare GPO member contracts.
(14) COMMITMENTS AND CONTINGENCIES
Operating Leases
Operating lease expense for the three months ended September 30, 2023 and 2022 was $2.4 million and $2.5 million, respectively. As of September 30, 2023, the weighted average remaining lease term was 2.6 years, and the weighted average discount rate was 4%.
Future minimum lease payments under noncancellable operating leases with initial lease terms in excess of one year were as follows (in thousands):
| | | | | | | | | | | |
| September 30, 2023 | | June 30, 2023 |
2024 (a) | $ | 9,319 | | | $ | 12,381 | |
2025 | 12,389 | | | 12,389 | |
2026 | 9,005 | | | 9,005 | |
2027 (b) | 1,324 | | | 1,324 | |
| | | |
| Total future minimum lease payments | 32,037 | | | 35,099 | |
| Less: imputed interest | 1,633 | | | 1,947 | |
Total operating lease liabilities (c) | $ | 30,404 | | | $ | 33,152 | |
_________________________________
(a)As of September 30, 2023, future minimum lease payments are for the period from October 1, 2023 to June 30, 2024.
(b)There are no future lease payment obligations after 2027.
(c)As of September 30, 2023, total operating lease liabilities included $11.5 million within other current liabilities in the Condensed Consolidated Balance Sheets.
Other Matters
The Company is not currently involved in any litigation it believes to be material. The Company is periodically involved in litigation, arising in the ordinary course of business or otherwise, which from time to time may include stockholder derivative or other similar litigation, claims relating to commercial, product liability, tort and personal injury, employment, antitrust, intellectual property, or other regulatory matters. If current or future government regulations, including but not limited to those with respect to antitrust or healthcare laws, are interpreted or enforced in a manner adverse to the Company or its business, the Company may be subject to regulatory inquiries or investigations, enforcement actions, penalties and other material limitations which could have a material adverse effect on the Company’s business, financial condition and results of operations.
(15) SEGMENTS
The Company delivers its solutions and manages its business through two reportable business segments, the Supply Chain Services segment and the Performance Services segment. The Supply Chain Services segment includes the Company’s GPO, supply chain co-management, purchased services and direct sourcing activities. The Performance Services segment consists of three sub-brands: PINC AI, the Company’s technology and services platform; Contigo Health, the Company’s direct-to-employer business; and Remitra, the Company’s digital invoicing and payables automation business.
The following table presents disaggregated revenue by business segment and underlying source (in thousands):
| | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | |
| 2023 | | 2022 | | | | |
| Net revenue: | | | | | | | |
| Supply Chain Services | | | | | | | |
| Net administrative fees | $ | 149,027 | | | $ | 150,006 | | | | | |
| Software licenses, other services and support | 11,186 | | | 10,826 | | | | | |
| Services and software licenses | 160,213 | | | 160,832 | | | | | |
| Products | 50,585 | | | 58,861 | | | | | |
Total Supply Chain Services (a) | 210,798 | | | 219,693 | | | | | |
| Performance Services | | | | | | | |
| Software licenses, other services and support | | | | | | | |
| SaaS-based products subscriptions | 45,340 | | | 47,767 | | | | | |
| Consulting services | 23,768 | | | 17,615 | | | | | |
| Software licenses | 14,941 | | | 5,992 | | | | | |
Other(b) | 23,957 | | | 22,815 | | | | | |
Total Performance Services (a) | 108,006 | | | 94,189 | | | | | |
| Total segment net revenue | 318,804 | | | 313,882 | | | | | |
Eliminations (a) | (52) | | | (9) | | | | | |
| Net revenue | $ | 318,752 | | | $ | 313,873 | | | | | |
_________________________________
(a)Includes intersegment revenue that is eliminated in consolidation. Intersegment revenue is not separately identified in Segments as the amounts are not material.
(b)Includes revenue from Contigo Health, Remitra and other PINC AI revenue.
Additional segment information related to depreciation and amortization expense, capital expenditures and total assets was as follows (in thousands):
| | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | |
| 2023 | | 2022 | | | | |
Depreciation and amortization expense (a): | | | | | | | |
| Supply Chain Services | $ | 13,573 | | | $ | 14,250 | | | | | |
| Performance Services | 17,342 | | | 17,416 | | | | | |
| Corporate | 2,101 | | | 2,225 | | | | | |
| Total depreciation and amortization expense | $ | 33,016 | | | $ | 33,891 | | | | | |
| | | | | | | |
| Capital expenditures: | | | | | | | |
| Supply Chain Services | $ | 10,914 | | | $ | 6,735 | | | | | |
| Performance Services | 9,441 | | | 12,186 | | | | | |
| Corporate | 915 | | | 9 | | | | | |
| Total capital expenditures | $ | 21,270 | | | $ | 18,930 | | | | | |
| | | | | | | | | | | |
| September 30, 2023 | | June 30, 2023 |
| Total assets: | | | |
| Supply Chain Services | $ | 1,731,559 | | | $ | 1,317,076 | |
| Performance Services | 1,218,406 | | | 1,209,353 | |
| Corporate | 899,536 | | | 845,062 | |
| Total assets | 3,849,501 | | | 3,371,491 | |
Eliminations (b) | 71 | | | (4) | |
| Total assets, net | $ | 3,849,572 | | | $ | 3,371,487 | |
_________________________________
(a)Includes amortization of purchased intangible assets.
(b)Includes eliminations of intersegment transactions which occur during the ordinary course of business.
The Company uses Segment Adjusted EBITDA (a financial measure not determined in accordance with generally accepted accounting principles (“Non-GAAP”)) as its primary measure of profit or loss to assess segment performance and to determine the allocation of resources. The Company also uses Segment Adjusted EBITDA to facilitate the comparison of the segment operating performance on a consistent basis from period to period. The Company defines Segment Adjusted EBITDA as the segment’s net revenue less cost of revenue and operating expenses directly attributable to the segment excluding depreciation and amortization, amortization of purchased intangible assets, merger and acquisition-related expense and non-recurring or non-cash items. Operating expenses directly attributable to the segment include expenses associated with sales and marketing, general and administrative and product development activities specific to the operation of each segment. General and administrative corporate expenses that are not specific to a particular segment are not included in the calculation of Segment Adjusted EBITDA. Segment Adjusted EBITDA also excludes any income and expense that has been classified as discontinued operations.
The Company has revised the definition for Segment Adjusted EBITDA from the definition reported in the 2023 Annual Report to exclude the impact of equity earnings in unconsolidated affiliates. For comparability purposes, prior year non-GAAP measures are presented based on the current definition.
For more information on Segment Adjusted EBITDA and the use of Non-GAAP financial measures, see “Our Use of Non-GAAP Financial Measures” within Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations.
A reconciliation of income before income taxes to unaudited Segment Adjusted EBITDA, a Non-GAAP financial measure, is as follows (in thousands):
| | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | |
| 2023 | | 2022 | | | | |
| Income before income taxes | $ | 56,348 | | | $ | 61,728 | | | | | |
Equity in net income of unconsolidated affiliates (a) | 1,726 | | | (8,243) | | | | | |
| Interest expense, net | (195) | | | 2,859 | | | | | |
| | | | | | | |
| Other expense, net | 1,092 | | | 2,164 | | | | | |
| Operating income | 58,971 | | | 58,508 | | | | | |
| Depreciation and amortization | 20,328 | | | 23,439 | | | | | |
| Amortization of purchased intangible assets | 12,688 | | | 10,452 | | | | | |
Stock-based compensation (b) | 6,893 | | | 7,349 | | | | | |
| Acquisition- and disposition-related expenses | 6,205 | | | 2,160 | | | | | |
| Strategic initiative and financial restructuring-related expenses | 1,746 | | | 1,520 | | | | | |
Deferred compensation plan income (c) | (1,125) | | | (2,370) | | | | | |
| Other reconciling items, net | 33 | | | 79 | | | | | |
Non-GAAP Adjusted EBITDA (d) | $ | 105,739 | | | $ | 101,137 | | | | | |
| | | | | | | |
| Segment Non-GAAP Adjusted EBITDA: | | | | | | | |
Supply Chain Services (e) | $ | 114,974 | | | $ | 113,187 | | | | | |
Performance Services (e) | 21,774 | | | 19,132 | | | | | |
| Corporate | (31,009) | | | (31,182) | | | | | |
| Non-GAAP Adjusted EBITDA | $ | 105,739 | | | $ | 101,137 | | | | | |
_________________________________
(a)Refer to Note 4 - Investments for more information.
(b)Includes non-cash employee stock-based compensation expense and stock purchase plan expense of $0.2 million for both the three months ended September 30, 2023 and 2022.
(c)Represents changes in deferred compensation plan liabilities resulting from realized and unrealized gains and losses and dividend income on deferred compensation plan assets.
(d)The definition for Non-GAAP Adjusted EBITDA was revised from the definition reported in the 2023 Annual Report to exclude the impact of equity earnings in unconsolidated affiliates. For comparability purposes, prior year non-GAAP financial measures are presented based on the current definition.
(e)Includes intersegment revenue which is eliminated in consolidation.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with our condensed consolidated financial statements and the notes thereto included elsewhere in this Quarterly Report. This discussion is designed to provide the reader with information that will assist in understanding our condensed consolidated financial statements, the changes in certain key items in those financial statements from quarter to quarter, and the primary factors that accounted for those changes, as well as how certain accounting principles affect our condensed consolidated financial statements. In addition, the following discussion includes certain forward-looking statements. For a discussion of important factors, including the continuing development of our business and other factors which could cause actual results to differ materially from the results referred to in the forward-looking statements, see the discussions under “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” herein and in our Annual Report on Form 10-K for the fiscal year ended June 30, 2023 (the “2023 Annual Report”), filed with the Securities and Exchange Commission (“SEC”).
Business Overview
Our Business
Premier, Inc. (“Premier,” the “Company,” “we” or “our”) is a leading technology-driven healthcare improvement company, uniting an alliance of U.S. hospitals, health systems and other providers and organizations to transform healthcare. We partner with hospitals, health systems, physicians, employers, product suppliers, service providers, payers and other healthcare providers and organizations with the common goal of improving and innovating in the clinical, financial and operational areas of their businesses to meet the demands of a rapidly evolving healthcare industry. We deliver value through a comprehensive technology-enabled platform that offers critical supply chain services, clinical, financial, operational and value-based care software-as-a-service (“SaaS”) as well as clinical and enterprise analytics licenses, consulting services, performance improvement collaborative programs, third-party administrator services, access to our centers of excellence program, cost containment and wrap network and digital invoicing and payment automation processes for healthcare suppliers and providers. We also continue to expand our capabilities to more fully address and coordinate care improvement and standardization in the employer, payer and life sciences markets. We also provide some of the various products and services noted above to non-healthcare businesses.
We generated net revenue, net income and Adjusted EBITDA (a financial measure not determined in accordance with generally accepted accounting principles (“Non-GAAP”)) for the periods presented as follows (in thousands):
| | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | |
| 2023 | | 2022 | | | | |
| Net revenue | $ | 318,752 | | | $ | 313,873 | | | | | |
| Net income | 42,410 | | | 42,959 | | | | | |
| Non-GAAP Adjusted EBITDA | 105,739 | | | 101,137 | | | | | |
See “Our Use of Non-GAAP Financial Measures” and “Results of Operations” below for a discussion of our use of Non-GAAP Adjusted EBITDA and a reconciliation of net income to Non-GAAP Adjusted EBITDA.
Our Business Segments
Our business model and solutions are designed to provide our members and other customers access to scale efficiencies, spread the cost of their development, provide actionable intelligence derived from anonymized data in our enterprise data warehouse, mitigate the risk of innovation and disseminate best practices that will help our members and other customers succeed in their transformation to higher quality and more cost-effective healthcare. We deliver our integrated platform of solutions that address the areas of clinical intelligence, margin improvement and value-based care through two business segments: Supply Chain Services and Performance Services.
Segment net revenue for the three months ended September 30, 2023 and 2022 was as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | | | % of Net Revenue |
| Net revenue: | 2023 | | 2022 | | Change | | 2023 | | 2022 |
| Supply Chain Services | $ | 210,798 | | | $ | 219,693 | | | $ | (8,895) | | | (4) | % | | 66 | % | | 70 | % |
| Performance Services | 108,006 | | | 94,189 | | | 13,817 | | | 15 | % | | 34 | % | | 30 | % |
| Segment net revenue | $ | 318,804 | | | $ | 313,882 | | | $ | 4,922 | | | 2 | % | | 100 | % | | 100 | % |
Our Supply Chain Services segment includes one of the largest national healthcare group purchasing organization (“GPO”) programs in the United States, serving acute and continuum of care sites and providing supply chain co-management, purchased services and direct sourcing activities.
Our Performance Services segment consists of three sub-brands: PINC AITM, our technology and services platform with offerings that help optimize performance in three main areas – clinical intelligence, margin improvement and value-based care – using advanced analytics to identify improvement opportunities, consulting and managed services for clinical and operational design, and workflow solutions to hardwire sustainable change in the provider, payer and life sciences markets; Contigo Health®, our direct-to-employer business which provides third-party administrator services and management of health benefit programs that enable healthcare providers that are also payers (e.g. payviders) and employers to contract directly with healthcare providers as well as partner with the healthcare providers to provide employers access to a specialized care network through Contigo Health’s centers of excellence program and cost containment and wrap network; and Remitra®, our digital invoicing and payables automation business which provides financial support services to healthcare suppliers and providers. Each sub-brand serves different markets but are all united in our vision to optimize provider performance and accelerate industry innovation for better, smarter healthcare.
Sales and Acquisitions
Acquisition of TRPN Direct Pay, Inc. and Devon Health, Inc. Assets
On October 13, 2022, we acquired, through our consolidated subsidiary, Contigo Health, LLC (“Contigo Health”), certain assets and assumed certain liabilities of TRPN Direct Pay, Inc. and Devon Health, Inc. (collectively, “TRPN”) for an adjusted purchase price of $177.5 million. The assets acquired and liabilities assumed relate to businesses of TRPN focused on improving access to quality healthcare and reducing the cost of medical claims through pre-negotiated discounts with network providers, including acute care hospitals, surgery centers, physicians and other continuum of care providers in the U.S. Contigo Health also agreed to license proprietary cost containment technology of TRPN. TRPN has been integrated under Contigo Health and is reported as part of the Performance Services segment. See Note 3 - Business Acquisitions to the accompanying condensed consolidated financial statements for further information.
Sale of Non-Healthcare GPO Member Contracts
On July 25, 2023, we sold substantially all of our non-healthcare GPO member contracts pursuant to an equity purchase agreement with OMNIA Partners, LLC (“OMNIA”) for a purchase price estimated between $750.0 million and $800.0 million, subject to certain adjustments. For a period of at least 10 years following the closing, the non-healthcare GPO members will continue to be able to make purchases through our group purchasing contracts. See Note 9 - Liability Related to the Sale of Future Revenues to the accompanying condensed consolidated financial statements for further information.
Market and Industry Trends and Outlook
We expect that certain trends and economic or industrywide factors will continue to affect our business, in both the short- and long-term. We have based our expectations described below on assumptions made by us and on information currently available to us. To the extent our underlying assumptions about, or interpretation of, available information prove to be incorrect, our actual results may vary materially from our expected results. See “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” herein and in the 2023 Annual Report.
Trends in the U.S. healthcare market as well as the broader U.S. and global economy affect our revenues and costs in the Supply Chain Services and Performance Services segments. The trends we see affecting our current business include the impact of inflation on the broader economy, the significant increase to input costs in healthcare, including the rising cost of labor, and the impact of the implementation of current or future healthcare legislation. Implementation of healthcare legislation could be disruptive for Premier and our customers, impacting revenue, reporting requirements, payment reforms, shift in care to the alternate site market and increased data availability and transparency. To meet the demands of this environment, there will be increased focus on scale and cost containment and healthcare providers will need to measure and report on and bear financial risk for outcomes. Over the long-term, we believe these trends will result in increased demand for our Supply Chain Services and Performance Services solutions in the areas of cost management, quality and safety, and value-based care; however, there are uncertainties and risks that may affect the actual impact of these anticipated trends, expected demand for our services or related assumptions on our business. See “Cautionary Note Regarding Forward-Looking Statements” for more information.
Impact of Inflation
The U.S. economy continues to experience elevated rates of inflation. We have continued to limit the impact of inflation on our members and believe that we maintain significantly lower inflation impacts across our diverse product portfolio than national
levels. However, in certain areas of our business, there is still some level of risk and uncertainty for our members and other customers as labor costs, raw material costs and availability, rising interest rates and inflation continue to pressure supplier pricing as well as apply significant pressure on our margin.
We continue to evaluate the contributing factors, specifically logistics, raw materials and labor, that have led to adjustments to selling prices. We have seen logistics costs normalize as well as some reductions in the costs of specific raw materials compared to pre-pandemic levels; however, the cost of labor remains high. We are continuously working to manage price increases as market conditions change. The impact of inflation on our aggregated product portfolio is partially mitigated by contract term price protection for a large portion of our portfolio, as well as price reductions in certain product categories such as pharmaceuticals. See Item 1A. “Risk Factors” in our 2023 Annual Report.
Furthermore, as the Federal Reserve seeks to curb rising inflation, market interest rates may continue to be elevated, increasing the cost of borrowing under our Credit Facility (as defined in Note 8 - Debt and Notes Payable to the accompanying condensed consolidated financial statements) as well as impacting our results of operations, financial condition and cash flows.
Geopolitical Tensions
Geopolitical tensions continue to affect the global economy and financial markets, as well as exacerbate ongoing economic challenges, including issues such as rising inflation, energy costs and global supply-chain disruption.
We continue to monitor the impacts of geopolitical tensions on macroeconomic conditions and prepare for any implications they may have on member demand, our suppliers’ ability to deliver products, cybersecurity risks and our liquidity and access to capital. See Item 1A. “Risk Factors” in our 2023 Annual Report.
Pandemics, Epidemics or Public Health Emergencies
In addition to the trends in the U.S. healthcare market discussed above, the outbreak of the novel coronavirus (“COVID-19”) and the resulting global pandemic and the impact on the healthcare industry continues to impact our sales, operations and supply chains, our members and other customers, and workforce and suppliers. As a result of pandemics, epidemics or public health emergencies, we may face material risks including, but not limited to:
•Labor shortages in the healthcare workforce which may result in increased in labor costs.
•Changes in the demand for our products and services may create demand uncertainty from both material increases and decreases in demand and pricing for our products and services.
•Limited access to our members’ facilities as well as travel restrictions limits our ability to participate in face-to-face events with them, such as committee meetings and conferences, and limits our ability to foster relationships and effectively deliver existing or sell new products and services to our members.
•Disruption to the global supply chain, particularly in China, may impact products purchased by our members through our GPO or products contract manufactured through our direct sourcing business. Failure of our suppliers, contract manufacturers, distributors, contractors and other business partners to meet their obligations to our members, other customers or to us, or material disruptions in their ability to do so due to their own financial or operational difficulties, may adversely impact our operations.
•We may continue to receive requests for contract modifications, payment waivers and deferrals, payment reductions or amended payment terms from our contract counterparties. We may continue to receive requests to delay service or payment on performance service contracts and we may continue to receive requests from our suppliers for increases to their contracted prices.
•A general decline in the overall economic and capital markets could increase our cost of capital and adversely affect our ability to access the capital markets in the future.
While both the U.S. and the World Health Organization declared an end to the COVID-19 pandemic as a public health emergency in May 2023, the risks associated with a pandemic remains and the resulting impact on our business, results of operations, financial conditions and cash flows as well as the U.S. and global economies is uncertain and cannot be predicted at this time. The impact of another pandemic, epidemic or public health emergency may also exacerbate many of the other risks described in the Item 1A. “Risk Factors” section of the 2023 Annual Report. Despite our efforts to manage these impacts, their ultimate impact depends on factors beyond our knowledge or control, including the duration and severity of any outbreak and actions taken to contain its spread and mitigate its public health effects. The foregoing and other continued disruptions in our business as a result of pandemics, epidemics or public health emergencies could result in a material adverse effect on our business, results of operations, financial condition, cash flows, prospects and the trading prices of our securities in the near-term and through fiscal 2024 and beyond.
Critical Accounting Policies and Estimates
Refer to Note 1 - Organization and Basis of Presentation and Note 2 - Significant Accounting Policies to the accompanying condensed consolidated financial statements for more information related to our use of estimates in the preparation of financial statements as well as information related to material changes in our significant accounting policies that were included in our 2023 Annual Report.
New Accounting Standards
There were no new accounting standards adopted by the Company during the three months ended September 30, 2023.
Key Components of Our Results of Operations
Net Revenue
Net revenue consists of net administrative fees revenue, software licenses, other services and support revenue and products revenue.
Supply Chain Services
Supply Chain Services revenue is comprised of:
•net administrative fees revenue which consists of gross administrative fees received from suppliers, reduced by the amount of revenue share paid to members;
•software licenses, other services and support revenue which consist of supply chain co-management and purchased services revenue; and
•products revenue which consists of inventory sales.
The success of our Supply Chain Services revenue streams is influenced by our ability to negotiate favorable contracts with suppliers and members, the number of members that utilize our GPO supplier contracts and the volume of their purchases, the impact of changes in the defined allowable reimbursement amounts determined by Medicare, Medicaid and other managed care plans, the number of members and other customers that purchase products through our direct sourcing activities, the continued impact of members’ and other customers’ elevated inventory levels on our direct sourcing business and the impact of competitive pricing. Refer to “Impact of Inflation” within “Liquidity and Capital Resources” section of Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations for discussion of inflation and its impact on our Supply Chain Services’ businesses.
Performance Services
Performance Services revenue is comprised of the following software licenses, other services and support revenue:
•healthcare information technology license and SaaS-based clinical intelligence, margin improvement and value-based care products subscriptions, license fees, professional fees for consulting services, PINC AI data licenses, performance improvement collaborative and other service subscriptions and insurance services management fees and commissions from endorsed commercial insurance programs under our PINC AI technology and services platform;
•third-party administrator fees, fees from the centers of excellence program and cost containment and wrap network fees for Contigo Health; and
•fees from healthcare suppliers and providers for Remitra.
Our Performance Services growth will depend upon the expansion of PINC AI, Contigo Health and Remitra to new and existing members and other customers, renewal of existing subscriptions to our SaaS and licensed software products and our ability to shift some recurring subscription-based agreements to enterprise analytics licenses at a sufficient rate to offset the loss of recurring SaaS-based revenue.
Cost of Revenue
Cost of revenue consists of cost of services and software licenses revenue and cost of products revenue.
Cost of services and software licenses revenue includes expenses related to employees, consisting of compensation and benefits, and outside consultants who directly provide services related to revenue-generating activities, including consulting services to members and other customers, third-party administrator services and implementation services related to our SaaS and licensed software products along with associated amortization of certain capitalized contract costs. Amortization of contract
costs represent amounts that have been capitalized and reflect the incremental costs of obtaining and fulfilling a contract including costs related to implementing SaaS informatics tools. Cost of services and software licenses revenue also includes expenses related to hosting services, related data center capacity costs, third-party product license expenses and amortization of the cost of internally developed software applications.
Cost of products revenue consists of purchase and logistics costs for direct sourced medical products and commodity products and is influenced by the manufacturing and transportation costs associated with direct sourced medical and commodity products. Refer to “Impact of Inflation” within “Liquidity and Capital Resources” section of Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations for discussion of inflation and its impact on our Supply Chain Services’ businesses.
Operating Expenses
Operating expenses includes selling, general and administrative (“SG&A”) expenses, research and development expenses and amortization of purchased intangible assets.
SG&A expenses are directly associated with selling and administrative functions and support of revenue-generating activities including expenses to support and maintain our software-related products and services. SG&A expenses primarily consist of compensation- and benefits-related costs; travel-related expenses; business development expenses, including costs for business acquisition opportunities; non-recurring strategic initiative and financial restructuring-related expenses, indirect costs such as insurance, professional fees and other general overhead expenses, and amortization of certain contract costs. Amortization of contract costs represent amounts, including sales commissions, that have been capitalized and reflect the incremental costs of obtaining and fulfilling a contract.
Research and development expenses consist of employee-related compensation and benefit expenses and third-party consulting fees of technology professionals, net of capitalized labor, incurred to develop our software-related products and services prior to reaching technological feasibility.
Amortization of purchased intangible assets includes the amortization of all identified intangible assets.
Other Income, Net
Other income, net, includes equity in net income of unconsolidated affiliates that is generated from our equity method investments. Our equity method investments primarily consist of our interests in Exela Holdings, Inc. (“Exela”) and Prestige Ameritech Ltd. (“Prestige”). As of March 3, 2023, our investment in FFF Enterprises, Inc. (“FFF”) was no longer accounted for under the equity method of accounting (see Note 4 - Investments to the accompanying condensed consolidated financial statements for further information). Other income, net, also includes, but is not limited to, interest income and expense, realized and unrealized gains or losses on deferred compensation plan assets, gains or losses on the disposal of assets, and any impairment on our assets or held-to-maturity investments.
Income Tax Expense
See Note 13 - Income Taxes to the accompanying condensed consolidated financial statements for discussion of income tax expense.
Net Income Attributable to Non-Controlling Interest
We recognize net income attributable to non-controlling interest for non-Premier ownership in our consolidated subsidiaries which hold interest in our equity method investments (see Note 4 - Investments to the accompanying condensed consolidated financial statements for further information). At September 30, 2023, we recognized net income attributable to non-controlling interests held by member health systems or their affiliates in the consolidated subsidiaries holding our equity method investments, including but not limited to the 74% and 85% interest held in PRAM Holdings, LLC (“PRAM”) and ExPre Holdings, LLC (“ExPre”), respectively. In partnership with member health systems or their affiliates, these investments are part of our long-term supply chain resiliency program to promote domestic and geographically diverse manufacturing and to help ensure a robust and resilient supply chain for essential medical products.
As of September 30, 2023, we owned 93% of the equity interest in Contigo Health and recognized net income attributable to non-controlling interest for the 7% of equity held by certain customers of Contigo Health.
Our Use of Non-GAAP Financial Measures
The other key business metrics we consider are EBITDA, Adjusted EBITDA, Segment Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share and Free Cash Flow, which are all Non-GAAP financial measures. Non-GAAP financial
measures are not an alternative to GAAP and may be different from Non-GAAP financial measures used by other companies, but we believe they are useful for understanding our performance for the reasons described below.
We define EBITDA as net income before income or loss from discontinued operations, net of tax, interest and investment income or expense, net, income tax expense, depreciation and amortization and amortization of purchased intangible assets. We define Adjusted EBITDA as EBITDA before merger and acquisition-related expenses and non-recurring, non-cash or non-operating items. For all Non-GAAP financial measures, we consider non-recurring items to be income or expenses and other items that have not been earned or incurred within the prior two years and are not expected to recur within the next two years. Such items include certain strategic initiative and financial restructuring-related expenses. Non-operating items include gains or losses on the disposal of assets and interest and investment income or expense.
We define Segment Adjusted EBITDA as the segment’s net revenue less cost of revenue and operating expenses directly attributable to the segment excluding depreciation and amortization, amortization of purchased intangible assets, merger and acquisition-related expenses and non-recurring or non-cash items. Operating expenses directly attributable to the segment include expenses associated with sales and marketing, general and administrative, and product development activities specific to the operation of each segment. General and administrative corporate expenses that are not specific to a particular segment are not included in the calculation of Segment Adjusted EBITDA. Segment Adjusted EBITDA also excludes any income and expense that has been classified as discontinued operations.
We have revised the definitions for Adjusted EBITDA and Segment Adjusted EBITDA from the definitions reported in the 2023 Annual Report to exclude the impact of equity earnings in unconsolidated affiliates. For comparability purposes, prior year non-GAAP financial measures are presented based on the current definitions.
We define Adjusted Net Income as net income attributable to Premier (i) excluding income or loss from discontinued operations, net, (ii) excluding income tax expense, (iii) excluding the effect of non-recurring or non-cash items, including certain strategic initiative and financial restructuring-related expenses, (iv) reflecting an adjustment for income tax expense on Non-GAAP net income before income taxes at our estimated annual effective income tax rate, adjusted for unusual or infrequent items and (v) excluding the equity in net income of unconsolidated affiliates. We define Adjusted Earnings Per Share as Adjusted Net Income divided by diluted weighted average shares (see Note 11 - Earnings Per Share to the accompanying condensed consolidated financial statements for further information). We have revised the definition for Adjusted Net Income from the definition reported in the 2023 Annual Report to (1) remove the exclusion of the impact of adjustment of redeemable limited partners’ capital to redemption amount, (2) remove the impact of the exchange of all Class B common units for shares of Class A common stock for periods prior to our August 2020 Restructuring and the resulting elimination of non-controlling interest in Premier LP, and (3) add the exclusion of equity earnings in unconsolidated affiliates. For comparability purposes, prior year Adjusted Net Income is presented based on the current definition.
We define Free Cash Flow as net cash provided by operating activities from continuing operations less (i) early termination payments to certain former limited partners that elected to execute a Unit Exchange and Tax Receivable Acceleration Agreement (“Unit Exchange Agreement”) in connection with our August 2020 Restructuring and (ii) purchases of property and equipment. Free Cash Flow does not represent discretionary cash available for spending as it excludes certain contractual obligations such as debt repayments.
Adjusted EBITDA and Free Cash Flow are supplemental financial measures used by us and by external users of our financial statements and are considered to be indicators of the operational strength and performance of our business. Adjusted EBITDA and Free Cash Flow measures allow us to assess our performance without regard to financing methods and capital structure and without the impact of other matters that we do not consider indicative of the operating performance of our business. More specifically, Segment Adjusted EBITDA is the primary earnings measure we use to evaluate the performance of our business segments.
We use Adjusted EBITDA, Segment Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings Per Share to facilitate a comparison of our operating performance on a consistent basis from period to period that, when viewed in combination with our results prepared in accordance with GAAP, provides a more complete understanding of factors and trends affecting our business. We believe Adjusted EBITDA and Segment Adjusted EBITDA assist our Board of Directors, management and investors in comparing our operating performance on a consistent basis from period to period because they remove the impact of earnings elements attributable to our asset base (primarily depreciation and amortization), certain items outside the control of our management team, e.g. taxes, other non-cash items (such as impairment of intangible assets, purchase accounting adjustments and stock-based compensation), non-recurring items (such as strategic initiative and financial restructuring-related expenses) and income and expense that has been classified as discontinued operations from our operating results. We believe Adjusted Net Income and Adjusted Earnings Per Share assist our Board of Directors, management and investors in comparing our net income and earnings per share on a consistent basis from period to period because these measures remove non-cash (such as impairment of intangible assets, purchase accounting adjustments and stock-based compensation) and non-recurring
items (such as strategic initiative and financial restructuring-related expenses), and eliminate the variability of non-controlling interest and equity in net income of unconsolidated affiliates. We believe Free Cash Flow is an important measure because it represents the cash that we generate after payments to certain former limited partners that elected to execute a Unit Exchange Agreement in connection with our August 2020 Restructuring and capital investment to maintain existing products and services and ongoing business operations, as well as development of new and upgraded products and services to support future growth. Our Free Cash Flow enables us to seek enhancement of stockholder value through acquisitions, partnerships, joint ventures, investments in related businesses and debt reduction.
Despite the importance of these Non-GAAP financial measures in analyzing our business, determining compliance with certain financial covenants in our Credit Facility, measuring and determining incentive compensation and evaluating our operating performance relative to our competitors, EBITDA, Adjusted EBITDA, Segment Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share and Free Cash Flow are not measurements of financial performance under GAAP, may have limitations as analytical tools and should not be considered in isolation from, or as an alternative to, net income, net cash provided by operating activities, or any other measure of our performance derived in accordance with GAAP.
Some of the limitations of the EBITDA, Adjusted EBITDA and Segment Adjusted EBITDA measures include that they do not reflect: our capital expenditures or our future requirements for capital expenditures or contractual commitments; changes in, or cash requirements for, our working capital needs; the interest expense or the cash requirements to service interest or principal payments under our Credit Facility; income tax payments we are required to make; and any cash requirements for replacements of assets being depreciated or amortized. In addition, EBITDA, Adjusted EBITDA, Segment Adjusted EBITDA and Free Cash Flow are not measures of liquidity under GAAP, or otherwise, and are not alternatives to cash flows from operating activities.
Some of the limitations of the Adjusted Net Income and Adjusted Earnings Per Share measures are that they do not reflect income tax expense or income tax payments we are required to make. In addition, Adjusted Net Income and Adjusted Earnings Per Share are not measures of profitability under GAAP.
We also urge you to review the reconciliation of these Non-GAAP financial measures included elsewhere in this Quarterly Report. To properly and prudently evaluate our business, we encourage you to review the condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report and to not rely on any single financial measure to evaluate our business. In addition, because the EBITDA, Adjusted EBITDA, Segment Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share and Free Cash Flow measures are susceptible to varying calculations, such Non-GAAP financial measures may differ from, and may therefore not be comparable to, similarly titled measures used by other companies.
Non-recurring and non-cash items excluded in our calculation of Adjusted EBITDA, Segment Adjusted EBITDA and Adjusted Net Income consist of stock-based compensation, acquisition- and disposition-related expenses, strategic initiative and financial restructuring-related expenses, income and expense that has been classified as discontinued operations and other reconciling items. More information about certain of the more significant items follows below.
Income tax expense on adjusted income
Adjusted Net Income, a Non-GAAP financial measure as defined above in “Our Use of Non-GAAP Financial Measures”, is calculated net of taxes based on our estimated annual effective tax rate for federal and state income tax, adjusted for unusual or infrequent items, as we are a consolidated group for tax purposes with all of our subsidiaries’ activities included. The tax rate used to compute the Adjusted Net Income was 27% and 26% for the three months ended September 30, 2023 and 2022, respectively.
Stock-based compensation
In addition to non-cash employee stock-based compensation expense, this item includes non-cash stock purchase plan expense of $0.2 million for both the three months ended September 30, 2023 and 2022 (see Note 12 - Stock-Based Compensation to the accompanying condensed consolidated financial statements for further information).
Acquisition- and disposition-related expenses
Acquisition-related expenses include legal, accounting and other expenses related to acquisition activities and gains and losses on the change in fair value of earn-out liabilities. Disposition-related expenses include severance and retention benefits and financial advisor fees and legal fees related to disposition activities.
Strategic initiative and financial restructuring-related expenses
Strategic initiative and financial restructuring-related expenses include legal, accounting and other expenses related to strategic initiative and financial restructuring-related activities.
Other reconciling items
Other reconciling items include, but are not limited to, gains and losses on disposal of long-lived assets and imputed interest on notes payable to former limited partners.
Results of Operations
The following table presents our results of operations for the periods presented (in thousands, except per share data):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | |
| 2023 | | 2022 | | | | |
| Amount | | % of Net Revenue | | Amount | | % of Net Revenue | | | | | | | | |
| Net revenue: | | | | | | | | | | | | | | | |
| Net administrative fees | $ | 149,027 | | | 47% | | $ | 150,006 | | | 48% | | | | | | | | |
| Software licenses, other services and support | 119,140 | | | 37% | | 105,006 | | | 33% | | | | | | | | |
| Services and software licenses | 268,167 | | | 84% | | 255,012 | | | 81% | | | | | | | | |
| Products | 50,585 | | | 16% | | 58,861 | | | 19% | | | | | | | | |
| Net revenue | 318,752 | | | 100% | | 313,873 | | | 100% | | | | | | | | |
| Cost of revenue: | | | | | | | | | | | | | | | |
| Services and software licenses | 64,132 | | | 20% | | 54,014 | | | 17% | | | | | | | | |
| Products | 44,038 | | | 14% | | 57,874 | | | 18% | | | | | | | | |
| Cost of revenue | 108,170 | | | 34% | | 111,888 | | | 36% | | | | | | | | |
| Gross profit | 210,582 | | | 66% | | 201,985 | | | 64% | | | | | | | | |
| Operating expenses | 151,611 | | | 48% | | 143,477 | | | 46% | | | | | | | | |
| Operating income | 58,971 | | | 19% | | 58,508 | | | 19% | | | | | | | | |
| Other (expense) income, net | (2,623) | | | (1)% | | 3,220 | | | 1% | | | | | | | | |
| Income before income taxes | 56,348 | | | 18% | | 61,728 | | | 20% | | | | | | | | |
| Income tax expense | 13,938 | | | 4% | | 18,769 | | | 6% | | | | | | | | |
| Net income | 42,410 | | | 13% | | 42,959 | | | 14% | | | | | | | | |
| Net loss (income) attributable to non-controlling interest | 2,351 | | | 1% | | (243) | | | —% | | | | | | | | |
| Net income attributable to stockholders | $ | 44,761 | | | 14% | | $ | 42,716 | | | 14% | | | | | | | | |
| | | | | | | | | | | | | | | |
| Earnings per share attributable to stockholders: | | | | | | | | | | | | | | |
| Basic | $ | 0.38 | | | | | $ | 0.36 | | | | | | | | | | | |
| Diluted | $ | 0.37 | | | | | $ | 0.36 | | | | | | | | | | | |
For the following Non-GAAP financial measures and reconciliations of our performance derived in accordance with GAAP to the Non-GAAP financial measures, refer to “Our Use of Non-GAAP Financial Measures” for further information regarding items excluded in our calculation of Adjusted EBITDA, Segment Adjusted EBITDA, Non-GAAP Adjusted Net Income and Non-GAAP Adjusted Earnings Per Share. The definitions for Adjusted EBITDA and Non-GAAP Adjusted Net Income were revised from those reported in the 2023 Annual Report. For comparability purposes, prior year non-GAAP financial measures are presented based on the current definitions in the above section “Our Use of Non-GAAP Financial Measures”.
The following table provides certain Non-GAAP financial measures for the periods presented (in thousands, except per share data):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | |
| 2023 | | 2022 | | | | |
| Certain Non-GAAP Financial Data: | Amount | | % of Net Revenue | | Amount | | % of Net Revenue | | | | | | | | |
| Adjusted EBITDA | $ | 105,739 | | | 33% | | $ | 101,137 | | | 32% | | | | | | | | |
| Non-GAAP Adjusted Net Income | 64,887 | | | 20% | | 56,232 | | | 18% | | | | | | | | |
| Non-GAAP Adjusted Earnings Per Share | 0.54 | | | nm | | 0.47 | | | nm | | | | | | | | |
nm = Not meaningful
The following tables provide the reconciliation of net income to Adjusted EBITDA and the reconciliation of income before income taxes to Segment Adjusted EBITDA (in thousands):
| | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | |
| 2023 | | 2022 | | | | |
| Net income | $ | 42,410 | | | $ | 42,959 | | | | | |
| Interest (income) expense, net | (195) | | | 2,859 | | | | | |
| Income tax expense | 13,938 | | | 18,769 | | | | | |
| Depreciation and amortization | 20,328 | | | 23,439 | | | | | |
| Amortization of purchased intangible assets | 12,688 | | | 10,452 | | | | | |
| EBITDA | 89,169 | | | 98,478 | | | | | |
| Stock-based compensation | 6,893 | | | 7,349 | | | | | |
| Acquisition- and disposition-related expenses | 6,205 | | | 2,160 | | | | | |
| Strategic initiative and financial restructuring-related expenses | 1,746 | | | 1,520 | | | | | |
| Equity in net loss (income) of unconsolidated affiliates | 1,726 | | | (8,243) | | | | | |
| | | | | | | |
Other reconciling items, net (a) | — | | | (127) | | | | | |
| Adjusted EBITDA | $ | 105,739 | | | $ | 101,137 | | | | | |
| | | | | | | |
| Income before income taxes | $ | 56,348 | | | $ | 61,728 | | | | | |
| Equity in net loss (income) of unconsolidated affiliates | 1,726 | | | (8,243) | | | | | |
| Interest (income) expense, net | (195) | | | 2,859 | | | | | |
| | | | | | | |
| Other expense, net | 1,092 | | | 2,164 | | | | | |
| Operating income | 58,971 | | | 58,508 | | | | | |
| Depreciation and amortization | 20,328 | | | 23,439 | | | | | |
| Amortization of purchased intangible assets | 12,688 | | | 10,452 | | | | | |
| Stock-based compensation | 6,893 | | | 7,349 | | | | | |
| Acquisition- and disposition-related expenses | 6,205 | | | 2,160 | | | | | |
| Strategic initiative and financial restructuring-related expenses | 1,746 | | | 1,520 | | | | | |
Deferred compensation plan income | (1,125) | | | (2,370) | | | | | |
Other reconciling items, net (b) | 33 | | | 79 | | | | | |
| Adjusted EBITDA | $ | 105,739 | | | $ | 101,137 | | | | | |
| | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | |
| 2023 | | 2022 | | | | |
| Segment Adjusted EBITDA: | | | | | | | |
| Supply Chain Services | $ | 114,974 | | | $ | 113,187 | | | | | |
| Performance Services | 21,774 | | | 19,132 | | | | | |
| Corporate | (31,009) | | | (31,182) | | | | | |
| Adjusted EBITDA | $ | 105,739 | | | $ | 101,137 | | | | | |
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(a)Other reconciling items, net is primarily attributable to (gain) loss on disposal of long-lived assets.
(b)Other reconciling items, net is attributable to other miscellaneous expenses.
The following table provides the reconciliation of net income attributable to stockholders to Non-GAAP Adjusted Net Income and the reconciliation of the numerator and denominator for earnings per share attributable to stockholders to Non-GAAP Adjusted Earnings Per Share for the periods presented (in thousands):
| | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | |
| 2023 | | 2022 | | | | |
| Net income attributable to stockholders | $ | 44,761 | | | $ | 42,716 | | | | | |
| Income tax expense | 13,938 | | | 18,769 | | | | | |
| Amortization of purchased intangible assets | 12,688 | | | 10,452 | | | | | |
| Stock-based compensation | 6,893 | | | 7,349 | | | | | |
| Acquisition- and disposition-related expenses | 6,205 | | | 2,160 | | | | | |
| Strategic initiative and financial restructuring-related expenses | 1,746 | | | 1,520 | | | | | |
| Equity in net loss (income) of unconsolidated affiliates | 1,726 | | | (8,243) | | | | | |
| | | | | | | |
Other reconciling items, net (a) | 929 | | | 1,267 | | | | | |
| Non-GAAP adjusted income before income taxes | 88,886 | | | 75,990 | | | | | |
Income tax expense on adjusted income before income taxes (b) | 23,999 | | | 19,758 | | | | | |
| Non-GAAP Adjusted Net Income | $ | 64,887 | | | $ | 56,232 | | | | | |
| | | | | | | |
Reconciliation of denominator for earnings per share attributable to stockholders to Non-GAAP Adjusted Earnings Per Share | | | | |
| Weighted Average: | | | | | | | |
| Basic weighted average shares outstanding | 119,344 | | | 118,351 | | | | | |
| Dilutive securities | 789 | | | 1,682 | | | | | |
| Weighted average shares outstanding - diluted | 120,133 | | | 120,033 | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
_________________________________
(a)Other reconciling items, net is primarily attributable to loss on disposal of long-lived assets and imputed interest on notes payable to former limited partners.
(b)Reflects income tax expense at an estimated effective income tax rate of 27% and 26% of non-GAAP adjusted net income before income taxes for the three months ended September 30, 2023 and 2022, respectively.
The following table provides the reconciliation of earnings per share attributable to stockholders to Non-GAAP Adjusted Earnings Per Share for the periods presented:
| | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | |
| 2023 | | 2022 | | | | |
| Basic earnings per share attributable to stockholders | $ | 0.38 | | | $ | 0.36 | | | | | |
| Income tax expense | 0.12 | | | 0.16 | | | | | |
| Amortization of purchased intangible assets | 0.11 | | | 0.09 | | | | | |
| Stock-based compensation | 0.06 | | | 0.06 | | | | | |
| Acquisition- and disposition-related expenses | 0.05 | | | 0.02 | | | | | |
| Strategic initiative and financial restructuring-related expenses | 0.01 | | | 0.01 | | | | | |
| Equity in net loss (income) of unconsolidated affiliates | 0.01 | | | (0.07) | | | | | |
Other reconciling items, net (a) | — | | | 0.01 | | | | | |
Impact of corporation taxes (b) | (0.20) | | | (0.17) | | | | | |
| | | | | | | |
Non-GAAP Adjusted Earnings Per Share | $ | 0.54 | | | $ | 0.47 | | | | | |
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(a)Other reconciling items, net is primarily attributable to loss on disposal of long-lived assets and imputed interest on notes payable to former limited partners.
(b)Reflects income tax expense at an estimated effective income tax rate of 27% and 26% of non-GAAP adjusted net income before income taxes for the three months ended September 30, 2023 and 2022, respectively.
Consolidated Results - Comparison of the Three Months Ended September 30, 2023 to 2022
The variances in the material factors contributing to the changes in the consolidated results are discussed further in “Segment Results” below.
Net Revenue
Net revenue increased by $4.9 million during the three months ended September 30, 2023 compared to the three months ended September 30, 2022, primarily due to an increase of $14.1 million in software licenses and other services and support revenue, partially offset by a decrease of $8.3 million in products revenue.
Cost of Revenue
Cost of revenue decreased by $3.7 million during the three months ended September 30, 2023 compared to the three months ended September 30, 2022, due to a decrease of $13.8 million in cost of products revenue, partially offset by an increase of $10.1 million in cost of services and software licenses.
Operating Expenses
Operating expenses increased by $8.1 million during the three months ended September 30, 2023 compared to the three months ended September 30, 2022 primarily driven by increases of $6.0 million and $2.2 million in SG&A expenses and amortization of purchased intangible assets, respectively.
Other Income (Expense), Net
Other income (expense), net decreased by $5.8 million during the three months ended September 30, 2023 compared to the three months ended September 30, 2022, primarily due to a decrease in income of $10.0 million in equity in net income of unconsolidated affiliates, partially offset by a decrease of $3.1 million in interest expense, net an increase in income of $1.1 million in other income (expense), net.
Income Tax Expense
For the three months ended September 30, 2023 and 2022, we recorded tax expense of $13.9 million and $18.8 million, respectively. The tax expense recorded during the three months ended September 30, 2023 and 2022 resulted in effective tax rates of 25% and 30%, respectively. The change in the effective tax rate is primarily attributable to the impact of a decrease in stock-based compensation expense, state law repricing and the statute of limitation release on uncertain tax positions. See Note 13 - Income Taxes to the accompanying condensed consolidated financial statements for further information.
Net Income Attributable to Non-Controlling Interest
Net income attributable to non-controlling interest decreased by $2.6 million during the three months ended September 30, 2023 compared to the three months ended September 30, 2022, primarily due to a decrease in the portion of net income attributable to non-controlling interests in our consolidated subsidiaries.
Adjusted EBITDA
Adjusted EBITDA increased by $4.6 million during the three months ended September 30, 2023 compared to the three months ended September 30, 2022, primarily driven by increases of $2.6 million and $1.8 million in Performance Services and Supply Chain Services Adjusted EBITDA, respectively.
Segment Results
Supply Chain Services
The following table presents our results of operations and Adjusted EBITDA in the Supply Chain Services segment for the periods presented (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | | | | | | | | | |
| 2023 | | 2022 | | Change | | | | | | |
| Net revenue: | | | | | | | | | | | | | | | |
| Net administrative fees | $ | 149,027 | | | $ | 150,006 | | | $ | (979) | | | (1)% | | | | | | | | |
| Software licenses, other services and support | 11,186 | | | 10,826 | | | 360 | | | 3% | | | | | | | | |
| Services and software licenses | 160,213 | | | 160,832 | | | (619) | | | —% | | | | | | | | |
| Products | 50,585 | | | 58,861 | | | (8,276) | | | (14)% | | | | | | | | |
| Net revenue | 210,798 | | | 219,693 | | | (8,895) | | | (4)% | | | | | | | | |
| Cost of revenue: | | | | | | | | | | | | | | | |
| Services and software licenses | 10,399 | | | 5,208 | | | 5,191 | | | 100% | | | | | | | | |
| Products | 44,038 | | | 57,874 | | | (13,836) | | | (24)% | | | | | | | | |
| Cost of revenue | 54,437 | | | 63,082 | | | (8,645) | | | (14)% | | | | | | | | |
| Gross profit | 156,361 | | | 156,611 | | | (250) | | | —% | | | | | | | | |
| Operating expenses: | | | | | | | | | | | | | | | |
| Selling, general and administrative | 48,651 | | | 50,023 | | | (1,372) | | | (3)% | | | | | | | | |
| Research and development | 86 | | | 128 | | | (42) | | | (33)% | | | | | | | | |
| Amortization of purchased intangible assets | 7,931 | | | 8,083 | | | (152) | | | (2)% | | | | | | | | |
| Operating expenses | 56,668 | | | 58,234 | | | (1,566) | | | (3)% | | | | | | | | |
| Operating income | 99,693 | | | 98,377 | | | 1,316 | | | 1% | | | | | | | | |
| Depreciation and amortization | 5,642 | | | 6,167 | | | | | | | | | | | | | |
| Amortization of purchased intangible assets | 7,931 | | | 8,083 | | | | | | | | | | | | | |
| Acquisition- and disposition-related expenses | 1,675 | | | 509 | | | | | | | | | | | | | |
| Other reconciling items, net | 33 | | | 51 | | | | | | | | | | | | | |
| Segment Adjusted EBITDA | $ | 114,974 | | | $ | 113,187 | | | $ | 1,787 | | | 2% | | | | | | | | |
Comparison of the Three Months Ended September 30, 2023 to 2022
Net Revenue
Supply Chain Services segment net revenue decreased by $8.9 million, or 4%, during the three months ended September 30, 2023 compared to the three months ended September 30, 2022 primarily due to a decrease of $8.3 million in products revenue.
Net Administrative Fees
Net administrative fees decreased by $1.0 million, or 1% during the three months ended September 30, 2023 compared to the three months ended September 30, 2022. This decrease was primarily driven by an increase in the aggregate blended member fee share due to market dynamics, partially offset by increased utilization and further penetration of our contracts by existing members.
Products Revenue
Products revenue decreased by $8.3 million, or 14%, during the three months ended September 30, 2023 compared to the three months ended September 30, 2022. The decrease in products revenue is primarily a result of lower demand and pricing for commodity products and other previously high-demand supplies due to members’ and other customers’ elevated inventory levels and continued utilization of excess inventory purchased during the COVID-19 pandemic as well as pricing constraints on certain commodity products due to an excess market supply.
Software Licenses, Other Services and Support Revenue
Software licenses, other services and support revenue were flat for the three months ended September 30, 2023 compared to the three months ended September 30, 2022.
Cost of Revenue
Supply Chain Services segment cost of revenue decreased by $8.6 million, or 14%, during the three months ended September 30, 2023 compared to the three months ended September 30, 2022. The decrease was primarily attributable to the decrease in products cost of revenue of $13.8 million in relation to the decrease in products revenue due to the prior year increase in demand as well as lower logistics and products costs in the current period. This decrease was partially offset by an increase of $5.2 million in the cost of services and software licenses revenue due to an increase in personnel costs associated with increased headcount in support of our group purchasing and supply chain co-management businesses.
Operating Expenses
Supply Chain Services segment operating expenses decreased by $1.6 million, or 3%, during the three months ended September 30, 2023 compared to the three months ended September 30, 2022 due to a decrease in SG&A expenses primarily due to a decrease in personnel costs partially offset by an increase in acquisition- and disposition-related expenses related to the sale of our non-healthcare GPO member contracts and associated future revenues to OMNIA.
Segment Adjusted EBITDA
Supply Chain Services Segment Adjusted EBITDA increased by $1.8 million during the three months ended September 30, 2023 compared to the three months ended September 30, 2022, primarily due to lower logistics and products cost in our direct sourcing business partially offset by higher personnel costs associated with increased headcount.
Performance Services
The following table presents our results of operations and Adjusted EBITDA in the Performance Services segment for the periods presented (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | | | | | | | | | |
| 2023 | | 2022 | | Change | | | | | | |
| Net revenue: | | | | | | | | | | | | | | | |
| Software licenses, other services and support | | | | | | | | | | | | | | | |
| SaaS-based products subscriptions | $ | 45,340 | | | $ | 47,767 | | | $ | (2,427) | | | (5)% | | | | | | | | |
| Consulting services | 23,768 | | | 17,615 | | | 6,153 | | | 35% | | | | | | | | |
| Software licenses | 14,941 | | | 5,992 | | | 8,949 | | | 149% | | | | | | | | |
| Other | 23,957 | | | 22,815 | | | 1,142 | | | 5% | | | | | | | | |
| Net revenue | 108,006 | | | 94,189 | | | 13,817 | | | 15% | | | | | | | | |
| Cost of revenue: | | | | | | | | | | | | | | | |
| Services and software licenses | 53,733 | | | 48,806 | | | 4,927 | | | 10% | | | | | | | | |
| Cost of revenue | 53,733 | | | 48,806 | | | 4,927 | | | 10% | | | | | | | | |
| Gross profit | 54,273 | | | 45,383 | | | 8,890 | | | 20% | | | | | | | | |
| Operating expenses: | | | | | | | | | | | | | | | |
| Selling, general and administrative | 48,837 | | | 42,131 | | | 6,706 | | | 16% | | | | | | | | |
| Research and development | 777 | | | 846 | | | (69) | | | (8)% | | | | | | | | |
| Amortization of purchased intangible assets | 4,757 | | | 2,369 | | | 2,388 | | | 101% | | | | | | | | |
| Operating expenses | 54,371 | | | 45,346 | | | 9,025 | | | 20% | | | | | | | | |
| Operating (loss) income | (98) | | | 37 | | | (135) | | | (365)% | | | | | | | | |
| Depreciation and amortization | 12,585 | | | 15,047 | | | | | | | | | | | | | |
| Amortization of purchased intangible assets | 4,757 | | | 2,369 | | | | | | | | | | | | | |
| Acquisition- and disposition-related expenses | 4,530 | | | 1,651 | | | | | | | | | | | | | |
| Other reconciling items, net | — | | | 28 | | | | | | | | | | | | | |
| Segment Adjusted EBITDA | $ | 21,774 | | | $ | 19,132 | | | $ | 2,642 | | | 14% | | | | | | | | |
Comparison of the Three Months Ended September 30, 2023 to 2022
Net Revenue
Net revenue in our Performance Services segment increased by $13.8 million, or 15%, during the three months ended September 30, 2023 compared to the three months ended September 30, 2022. The increase was primarily attributable to growth of $8.9 million in software licenses driven by an increased number of enterprise analytics license agreements entered
into during the current year period, $6.2 million in consulting services under our PINC AI platform and an increase of $1.1 million in other revenue driven by incremental revenue from the second quarter fiscal year 2023 TRPN acquisition within Contigo Health. These increases were partially offset by a decrease in SaaS-based products subscription revenue primarily due to the conversion of SaaS-based products to licensed-based products.
Cost of Revenue
Performance Services segment cost of revenue increased by $4.9 million, or 10%, during the three months ended September 30, 2023 compared to the three months ended September 30, 2022, primarily due to an increase in consulting services expenses as well as higher costs associated with increased headcount to support revenue growth in our PINC AI platform and Contigo Health business, including incremental expenses attributable to the TRPN acquisition.
Operating Expenses
Performance Services segment operating expenses increased by $9.0 million, or 20%, during the three months ended September 30, 2023 compared to the three months ended September 30, 2022. The increase was primarily driven by an increase of $6.7 million in SG&A expenses primarily due to an increase in acquisition- and disposition-related expenses and higher personnel costs associated with increased headcount in our PINC AI platform. In addition, operating expenses increased by $2.4 million due to amortization of purchased intangible assets primarily attributable to the TRPN acquisition.
Segment Adjusted EBITDA
Performance Services Segment Adjusted EBITDA increased by $2.6 million, or 14%, during the three months ended September 30, 2023 compared to the three months ended September 30, 2022, primarily due to the aforementioned increase in net revenue partially offset by the increases in costs of revenue and operating expenses.
Corporate
The following table presents corporate expenses and Adjusted EBITDA for the periods presented (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | | | | | | | | | |
| 2023 | | 2022 | | Change | | | | | | |
| Operating expenses: | | | | | | | | | | | | | | | |
| Selling, general and administrative | $ | 40,624 | | | $ | 39,906 | | | $ | 718 | | | 2% | | | | | | | | |
| | | | | | | | | | | | | | | |
| Operating expenses | 40,624 | | | 39,906 | | | 718 | | | 2% | | | | | | | | |
| Operating loss | (40,624) | | | (39,906) | | | (718) | | | 2% | | | | | | | | |
| Depreciation and amortization | 2,101 | | | 2,225 | | | | | | | | | | | | | |
| Stock-based compensation | 6,893 | | | 7,349 | | | | | | | | | | | | | |
| Strategic initiative and financial restructuring-related expenses | 1,746 | | | 1,520 | | | | | | | | | | | | | |
| Deferred compensation plan income | (1,125) | | | (2,370) | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Adjusted EBITDA | $ | (31,009) | | | $ | (31,182) | | | $ | 173 | | | 1% | | | | | | | | |
Comparison of the Three Months Ended September 30, 2023 to 2022
Operating Expenses
Corporate operating expenses were flat for the three months ended September 30, 2023 compared to the three months ended September 30, 2022.
Adjusted EBITDA
Corporate adjusted EBITDA was flat for the three months ended September 30, 2023 compared to the three months ended September 30, 2022.
Off-Balance Sheet Arrangements
As of September 30, 2023, we did not have any off-balance sheet arrangements.
Liquidity and Capital Resources
Liquidity and Capital Resources
Our principal source of cash has been primarily cash provided by operating activities. From time to time we have used, and expect to use in the future, borrowings under our Credit Facility (as defined in Note 8 - Debt and Notes Payable to the accompanying condensed consolidated financial statements) as a source of liquidity to fund acquisitions and related business investments as well as general corporate activities. In addition, at September 30, 2023, we had higher cash balances due to cash proceeds received from the sale of our non-healthcare GPO member contracts. Our primary cash requirements include operating expenses, working capital fluctuations, revenue share obligations, tax payments, capital expenditures, dividend payments on our Class A common stock, if and when declared, repurchases of Class A common stock pursuant to stock repurchase programs in place from time to time, acquisitions and related business investments and general corporate activities. Our capital expenditures typically consist of internally developed software costs, software purchases and computer hardware purchases.
As of September 30, 2023 and June 30, 2023, we had cash and cash equivalents of $453.3 million and $89.8 million, respectively.
Credit Facility
At September 30, 2023, we had no outstanding borrowings under our Credit Facility. At June 30, 2023, we had $215.0 million of outstanding borrowings under our Credit Facility. During the three months ended September 30, 2023, we had no borrowings and repaid $215.0 million of borrowings under the Credit Facility. Our Credit Facility may be used for acquisitions and related business investments as well as general corporate activities.
We expect cash generated from operations and borrowings under our Credit Facility to provide us with adequate liquidity to fund our anticipated working capital requirements, revenue share obligations, tax payments, capital expenditures, notes payable, including notes payable to former LPs, dividend payments on our Class A common stock, if and when declared, repurchases of Class A common stock pursuant to stock repurchase programs in place from time to time and to fund business acquisitions. Our capital requirements depend on numerous factors, including funding requirements for our product and service development and commercialization efforts, our information technology requirements, and the amount of cash generated by our operations. We believe that we have adequate capital resources at our disposal to fund currently anticipated capital expenditures, business growth and expansion, and current and projected debt service requirements. However, strategic growth initiatives will likely require the use of one or a combination of various forms of capital resources including available cash on hand, cash generated from operations, borrowings under our Credit Facility and other long-term debt and, potentially, proceeds from the issuance of additional equity or debt securities.
Cash Dividends
In September 2023, we paid a cash dividend of $0.21 per share on outstanding shares of Class A common stock. On October 26, 2023, our Board of Directors declared a quarterly cash dividend of $0.21 per share, payable on December 15, 2023 to stockholders of record on December 1, 2023.
Sale of Non-Healthcare GPO Member Contracts
On July 25, 2023 (the “Closing Date”), we sold substantially all of our non-healthcare GPO member contracts pursuant to an equity purchase agreement with OMNIA for a purchase price estimated to be between $750.0 million and $800.0 million, subject to certain adjustments, including a true-up adjustment to the purchase price to be paid within approximately eight months following the Closing Date. On the Closing Date, we received $689.2 million in cash consideration which includes $110.2 million remaining in escrow. See Note 9 - Liability Related to the Sale of Future Revenues to the accompanying condensed consolidated financial statements for further information.
Discussion of Cash Flows for the Three Months Ended September 30, 2023 and 2022
A summary of net cash flows is as follows (in thousands):
| | | | | | | | | | | |
| Three Months Ended September 30, |
| 2023 | | 2022 |
| Net cash provided by (used in): | | | |
| Operating activities | $ | 81,876 | | | $ | 74,751 | |
| Investing activities | (21,270) | | | (20,230) | |
| Financing activities | 302,865 | | | 35,976 | |
| Effect of exchange rate changes on cash flows | (3) | | | (10) | |
| Net increase in cash and cash equivalents | $ | 363,468 | | | $ | 90,487 | |
Net cash provided by operating activities increased by $7.1 million for the three months ended September 30, 2023 compared to the three months ended September 30, 2022. The increase in net cash provided by operating activities was due to a decrease of cash paid for operating expenses of $15.6 million primarily due to a decrease in performance-related compensation and an increase of $5.3 million in cash receipts from members and other customers driven by higher net revenue and collections in the current period. These were partially offset by an increase of $2.5 million in cash paid primarily due to an increase in payable payments partially offset by a decrease in inventory purchases. Additionally, net operating cash flows decreased by $11.2 million primarily due to miscellaneous cash dividends received on our investments in unconsolidated affiliates in the prior period.
Net cash used in investing activities increased by $1.0 million for the three months ended September 30, 2023 compared to the three months ended September 30, 2022. The increase in net cash used in investing activities was primarily due to an increase in purchases of property and equipment.
Net cash provided by financing activities increased by $266.9 million for the three months ended September 30, 2023 compared to the three months ended September 30, 2022. The increase in net cash provided by financing activities was primarily driven by the proceeds from the sale of future revenues of $579.0 million in the current period (see Note 9 - Liability Related to the Sale of Future Revenues to the accompanying condensed consolidated financial statements for further information). This increase was partially offset by a decrease of $315.0 million in net borrowings under our Credit Facility.
Discussion of Non-GAAP Free Cash Flow for the Three Months Ended September 30, 2023 and 2022
We define Non-GAAP Free Cash Flow as net cash provided by operating activities from continuing operations less (i) early termination payments to certain former limited partners that elected to execute a Unit Exchange Agreement in connection with our August 2020 Restructuring and (ii) purchases of property and equipment. Non-GAAP Free Cash Flow does not represent discretionary cash available for spending as it excludes certain contractual obligations such as debt repayments under our Credit Facility.
A summary of Non-GAAP Free Cash Flow and reconciliation to net cash provided by operating activities for the periods presented is as follows (in thousands):
| | | | | | | | | | | |
| Three Months Ended September 30, |
| 2023 | | 2022 |
| Net cash provided by operating activities | $ | 81,876 | | | $ | 74,751 | |
Early termination payments to certain former limited partners that elected to execute a Unit Exchange Agreement (a) | (24,742) | | | (24,277) | |
| Purchases of property and equipment | (21,270) | | | (18,930) | |
| Non-GAAP Free Cash Flow | $ | 35,864 | | | $ | 31,544 | |
_________________________________
(a)Early termination payments to certain former limited partners that elected to execute a Unit Exchange Agreement in connection with our August 2020 Restructuring are presented in our Condensed Consolidated Statements of Cash Flows under “Payments made on notes payable.” During the three months ended September 30, 2023, we paid $25.7 million to members including imputed interest of $0.9 million which is included in net cash provided by operating activities. During the three months ended September 30, 2022, we paid $25.7 million to members including imputed interest of $1.4 million which is included in net cash provided by operating activities. See Note 8 - Debt and Notes Payable to the accompanying condensed consolidated financial statements for further information.
Non-GAAP Free Cash Flow increased by $4.3 million for the three months ended September 30, 2023 compared to the three months ended September 30, 2022. The increase in Non-GAAP Free Cash Flow was primarily due to the aforementioned
$7.1 million increase in net cash provided by operating activities partially offset by an increase in purchases of property and equipment of $2.3 million.
See “Our Use of Non-GAAP Financial Measures” above for additional information regarding our use of Non-GAAP Free Cash Flow.
Contractual Obligations
Credit Facility
Outstanding borrowings under the Credit Facility (as defined in Note 8 - Debt and Notes Payable to the accompanying condensed consolidated financial statements) bear interest on a variable rate structure. At September 30, 2023, we had no outstanding borrowings under our Credit Facility and the commitment fee for unused capacity was 0.125%. We were in compliance with all covenants at September 30, 2023.
Proceeds from borrowings under the Credit Facility may generally be used to finance ongoing working capital requirements, including permitted acquisitions, repurchases of Class A common stock pursuant to stock repurchase programs, in place from time to time, dividend payments, if and when declared, and other general corporate activities. At September 30, 2023, we had no outstanding borrowings under the Credit Facility with $995.0 million of available borrowing capacity after reductions for outstanding borrowings and outstanding letters of credit.
The above summary does not purport to be complete, and is subject to, and qualified in its entirety by reference to, the complete text of the Credit Facility, which is filed as Exhibit 10.19 to the 2023 Annual Report. See also Note 8 - Debt and Notes Payable to the accompanying condensed consolidated financial statements.
Notes Payable to Former Limited Partners
At September 30, 2023, $179.7 million remains to be paid without interest in seven equal quarterly installments to former limited partners that elected to execute Unit Exchange Agreements ending with the quarter ended June 30, 2025. See Note 8 - Debt and Notes Payable to the accompanying condensed consolidated financial statements for further information.
Other Notes Payable
At September 30, 2023, we had commitments of $1.2 million for other obligations under notes payable. Other notes payable have stated maturities between three to five years from the date of issuance and are non-interest bearing. See Note 8 - Debt and Notes Payable to the accompanying condensed consolidated financial statements for further information.
Sale of Non-Healthcare GPO Member Contracts
At September 30, 2023, we had commitments of $574.7 million, net of imputed interest of $83.8 million, for the sale of future revenues due to OMNIA in connection to the sale of non-healthcare GPO member contracts. The liability will be paid, without interest, in monthly payments from the net proceeds received from purchases made on the sold contracts commencing during the current quarter ended September 30, 2023 and continuing for at least 10 years. See Note 9 - Liability Related to the Sale of Future Revenues to the accompanying condensed consolidated financial statements for further information.
Cash Dividends
In September 2023, we paid a cash dividend of $0.21 per share on outstanding shares of Class A common stock. On October 26, 2023, our Board of Directors declared a quarterly cash dividend of $0.21 per share, payable on December 15, 2023 to stockholders of record on December 1, 2023.
We currently expect quarterly dividends to continue to be paid on or about December 15, March 15, June 15 and September 15, respectively. However, the actual declaration of any future cash dividends, and the setting of record and payment dates as well as the per share amounts, will be at the discretion of our Board of Directors each quarter after consideration of various factors, including our results of operations, financial condition and capital requirements, earnings, general business conditions, restrictions imposed by our current Credit Facility and any future financing arrangements, legal restrictions on the payment of dividends and other factors our Board of Directors deems relevant.
Fiscal 2024 Developments
Impact of Inflation
The U.S. economy continues to experience elevated rates of inflation. We have continued to limit the impact of inflation on our members and believe that we maintain significantly lower inflation impacts across our diverse product portfolio than national levels. However, in certain areas of our business, there is still some level of risk and uncertainty for our members and other customers as labor costs, raw material costs and availability, rising interest rates and inflation continue to pressure supplier pricing as well as apply significant pressure on our margin.
We continue to evaluate the contributing factors, specifically logistics, raw materials and labor, that have led to adjustments to selling prices. We have seen logistics costs normalize as well as some reductions in the costs of specific raw materials compared to pre-pandemic levels; however, the cost of labor remains high. We are continuously working to manage price increases as market conditions change. The impact of inflation on our aggregated product portfolio is partially mitigated by contract term price protection for a large portion of our portfolio, as well as price reductions in certain product categories such as pharmaceuticals. See Item 1A. “Risk Factors” in our 2023 Annual Report.
Furthermore, as the Federal Reserve seeks to curb rising inflation, market interest rates may continue to be elevated, increasing the cost of borrowing under our Credit Facility (as defined in Note 8 - Debt and Notes Payable to the accompanying condensed consolidated financial statements) as well as impacting our results of operations, financial condition and cash flows.
Geopolitical Tensions
Geopolitical tensions continue to affect the global economy and financial markets, as well as exacerbate ongoing economic challenges, including issues such as rising inflation, energy costs and global supply-chain disruption.
We continue to monitor the impacts of the geopolitical tensions on macroeconomic conditions and prepare for any implications they may have on member demand, our suppliers’ ability to deliver products, cybersecurity risks and our liquidity and access to capital. Refer to Item 1A. “Risk Factors” in our 2023 Annual Report as well as “Market and Industry Trends and Outlook” within Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations of this Quarterly Report for further discussion.
Pandemics, Epidemics or Public Health Emergencies
The outbreak of the novel coronavirus (“COVID-19”) and the resulting global pandemic and the impact on the healthcare industry continues to impact our sales, operations and supply chains, our members and other customers and workforce and suppliers. While both the U.S. and the World Health Organization declared an end to the COVID-19 pandemic as a public health emergency in May 2023, the risks associated with a pandemic remains and the resulting impact on our business, results of operations, financial conditions and cash flows as well as the U.S. and global economies is uncertain and cannot be predicted at this time.
Refer to Item 1A. “Risk Factors” in our 2023 Annual Report as well as “Market and Industry Trends and Outlook” within Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations of this Quarterly Report for further discussion of the material risks we face.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Interest Rate Risk
Our exposure to market risk relates primarily to the increase or decrease in the amount of any interest expense we must pay with respect to outstanding variable-rate debt instruments. At September 30, 2023, we had no outstanding borrowings under our Credit Facility.
We invest our excess cash in a portfolio of individual cash equivalents. We do not hold any material derivative financial instruments. We do not expect changes in interest rates to have a material impact on our results of operations or financial position. We plan to mitigate default, market, and investment risks of our invested funds by investing in low-risk securities.
Foreign Currency Risk
Substantially all of our financial transactions are conducted in U.S. dollars. We do not have significant foreign operations and, accordingly, do not believe we have market risk associated with foreign currencies.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”)) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.
As of September 30, 2023, the end of the period covered by this Quarterly Report, we carried out an evaluation under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, of the effectiveness of our disclosure controls and procedures. Based upon our evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective as of September 30, 2023.
Changes in Internal Control Over Financial Reporting
There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended September 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
We operate businesses that are subject to substantial litigation from time to time. We are periodically involved in litigation, arising in the ordinary course of business or otherwise, which from time to time may include claims relating to contractual disputes, product liability, tort or personal injury, employment, antitrust, intellectual property or other commercial or regulatory matters. If current or future government regulations are interpreted or enforced in a manner adverse to us or our business, including without limitation those with respect to antitrust or healthcare laws, we may be subject to enforcement actions, penalties, damages and material limitations on our business.
From time to time we have been named as a defendant in class action antitrust lawsuits brought by suppliers or purchasers of medical products. Typically, these lawsuits have alleged the existence of a conspiracy among manufacturers of competing products, distributors and/or operators of GPOs, including us, to deny the plaintiff access to a market for certain products, to raise the prices for products and/or limit the plaintiff’s choice of products to buy. We believe that we have at all times conducted our business affairs in an ethical and legally compliant manner and have successfully resolved all such actions. No assurance can be given that we will not be subjected to similar actions in the future or that any such existing or future matters will be resolved in a manner satisfactory to us or which will not harm our business, financial condition or results of operations.
On March 4, 2022, a shareholder derivative complaint captioned City of Warren General Employees’ Retirement System v. Michael Alkire, et al., Case No. 2022-0207-JTL, purportedly brought on behalf of Premier, was filed in the Delaware Court of Chancery against our current and former Chief Executive Officers and certain current and former directors. We are named as a nominal defendant in the complaint. The lawsuit alleges that the named officers and directors breached their fiduciary duties and committed corporate waste by approving agreements between Premier and certain of the former LPs that provided for accelerated payments as consideration for the early termination of the TRA with such LPs. The complaint asserts that the aggregate early termination payment amounts of $473.5 million exceeded the alleged value of the tax assets underlying the TRA by approximately $225.0 million. The complaint seeks unspecified damages, costs and expenses, including attorney fees, and declaratory and other equitable relief. Since the lawsuit is purportedly brought on behalf of Premier, and we are only a nominal defendant, the alleged damages were allegedly suffered by us. We and the individual defendants deny the allegations in the complaint and intend to vigorously defend the litigation. In light of the fact that the lawsuit is in an early stage and the claims do not specify an amount of damages, we cannot predict the ultimate outcome of the suit.
Additional information relating to certain legal proceedings in which we are involved is included in Note 14 - Commitments and Contingencies to the accompanying condensed consolidated financial statements, which information is incorporated herein by reference.
Item 1A. Risk Factors
During the quarter ended September 30, 2023, there were no material changes to the risk factors disclosed in Item 1A. “Risk Factors” in the 2023 Annual Report.
Item 5. Other Information
During the three months ended September 30, 2023, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of Regulation S-K). During the three months ended September 30, 2023, we did not adopt or terminate any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 105b-1(c).
Item 6. Exhibits
| | | | | | | | |
| Exhibit No. | | Description |
| 10.1 | | |
| 10.2 | | |
| 31.1 | | |
| 31.2 | | |
| 32.1 | | |
| 32.2 | | |
| 101 | | Sections of the Premier, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, formatted in iXBRL (Inline eXtensible Business Reporting Language), submitted in the following files: |
101.INS | | Inline XBRL Instance Document* |
| 101.SCH | | Inline XBRL Taxonomy Extension Schema Document.* |
| 101.CAL | | Inline XBRL Taxonomy Extension Calculation Linkbase Document.* |
| 101.DEF | | Inline XBRL Taxonomy Extension Definition Linkbase Document.* |
| 101.LAB | | Inline XBRL Taxonomy Extension Label Linkbase Document.* |
| 101.PRE | | Inline XBRL Taxonomy Extension Presentation Linkbase Document.* |
| 104 | | The cover page from the Premier, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, formatted in Inline XBRL (included in Exhibit 101).* |
* Filed herewith.
+ Indicates a management contract or compensatory plan or arrangement.
‡ Furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Quarterly Report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | | | | | | | | | | | | | | |
| | | | | PREMIER, INC. |
| | | | |
| Date: | November 7, 2023 | | By: | | /s/ Craig S. McKasson |
| | | Name: | | Craig S. McKasson |
| | | Title: | | Chief Administrative and Financial Officer and Senior Vice President |
| | | | | On behalf of the registrant and as principal financial and accounting officer |
| | | | | |
EXECUTIVE EMPLOYMENT AGREEMENT
I, Andy Brailo, hereby agree to be employed by Premier Healthcare Solutions, Inc., a Delaware corporation with its principal places of business in Charlotte, North Carolina, Washington, D.C., and Ft. Lauderdale, Florida (“Premier” or the “Company”), and Premier hereby agrees to employ me, subject to the following terms and conditions.
WHEREAS, Premier, Inc., Premier Healthcare Solutions, Inc. and Premier Purchasing Partners, L.P. are currently contemplating a reorganization pursuant to which Premier Healthcare Solutions, Inc. and Premier Purchasing Partners, L.P. would become direct or indirect subsidiaries of Premier, Inc., and Premier, Inc. will engage in an initial public offering of Class A Common Stock (the reorganization and initial public offer for which is collectively referred to herein as the "Reorganization");
WHEREAS, I am currently employed as Senior Vice-President Member Field Services of the Company in accordance with the terms of an Employment Agreement entered into by and between me and the Company's predecessor entity dated September 14, 2012, if and as amended (the "Prior Employment Agreement");
WHEREAS, in connection with the Reorganization, Premier desires to enter into an employment agreement with me, and I wish to enter into such employment on the basis set forth in this Agreement.
NOW, THEREFORE, in exchange for the promises and mutual covenants contained in this Agreement, the parties, intending legally to be bound, agree as follows:
1.EMPLOYMENT
1.1 Job Duties. I agree to devote my full professional time, attention and best efforts to the performance of my employment duties with Premier and/or its Related Companies (as defined in Section 6.2). I shall perform the duties and responsibilities customary to my position(s) with Premier and/or its Related Companies and as assigned to me from time to time. Effective beginning as of the Effective Date (as defined below), my initial position with Premier shall be as Senior-Vice President, Member Field Services. Premier and I, however, agree that this Agreement is effective only upon the consummation of the Reorganization (the "Effective Date") and shall be void ab initio and of no force or effect whatsoever unless and until such transactions are consummated.
1.2 Salary and General Benefits. During my employment at Premier effective beginning as of the Effective Date, Premier will: (a) compensate me for my services at a base rate determined by Premier from time to time, and (b) allow me to participate in the deferred compensation, other retirement plans, and employee benefit plans from time to time in effect generally for Premier or a “Related Company’s” (as defined in Section 6.2) similarly situated employees, subject to the terms and conditions of such plans and as they may be instituted, modified or terminated from time to time. My initial base salary effective beginning as of the Effective Date shall be $14,895.83 per semi-monthly pay period (equivalent to $357,500 annually), less applicable withholdings. If the base salary is increased, such increased amount shall thereafter become the “base salary” under this Agreement.
1.3 Annual Incentive Plan. During my employment with Premier effective beginning as of the Effective Date, I shall participate in any annual incentive plan sponsored by Premier or a “Related Company” (as defined in Section 6.2) (the “Annual Plan”) applicable to me or other similarly situated senior executive level employees, in accordance with the terms and conditions of such Annual Plans as they may be established, modified, changed, replaced or terminated from time to time. My target incentive opportunity in the Annual Plan for FY 2014 (July 1, 2013 - June 30, 2014) will be 55% of my plan year earnings as defined in the Annual Plan.
1.4 Ending Long-Term Incentive Plan. During my employment with Premier effective beginning as of the Effective Date, Premier shall provide me with my eligible payments as a participant under the long-term incentive compensation program sponsored by Premier or a "Related Company" (as defined in Section 6.2) that expired effective June 30, 2013 (the "2013 LTIP") in accordance with the terms and conditions of such plan, as it may be established, modified, changed, replaced or terminated from time to time.
1.5 Equity. As additional consideration for entering into this Agreement, during my employment with Premier effective beginning as of the Effective Date, and provided I sign the applicable award agreements within the time period required and am employed by Premier at the time of related equity awards, I shall be eligible to participate in the Premier, Inc. 2013 Equity Incentive Plan and any other equity-based or cash-based long-term incentive compensation plan applicable to me or other similarly situated senior executive level employees in accordance with terms and conditions of such plans as they may be established, modified, changed, replaced or terminated from time to time. In connection with such equity participation, and provided the conditions outlined above in this Section 1.5 are met, I shall be initially awarded / issued, effective as of the Effective Date: (a) restricted stock unit award shares; (b) target performance shares of Premier, Inc’s Class A common stock, with the potential to earn up to 150% of target based on performance; and (c) non-qualified stock options to purchase shares of Premier, Inc.’s Class A common stock, in amounts as described and set forth in Annex B. All such restricted stock units, target performance shares and stock options will vest and be awarded / issued in accordance with the terms of the applicable award agreements and the Premier, Inc. 2013 Equity incentive Plan, as such plans and award agreements may be established, modified, changed, replaced or terminated from time to time.
1.6 Term. I agree that my employment with Premier shall be “at-will”, such that I may resign at any time for any reason and Premier may terminate my employment at any time for any reason, subject to my and Premier’s post-employment rights and obligations under this Agreement. The at-will nature of my employment may be altered only be a written agreement signed by a duly authorized Premier official. In addition, notwithstanding the provisions of this Section 1.6 or Section 2 below, I agree that upon the termination or end of my employment with Premier for any reason, I shall resign and do resign from all positions as an officer, director and employee of Premier and Premier’s Related Companies (as defined in Section 6.2), with such resignations to be effective upon the termination or end of my employment with Premier.
2.SEVERANCE PROTECTIONS
2.1 Severance Pay. If my employment with Premier under this Agreement ends at any time due to a Termination Without Cause (as defined below), then Premier will provide me with 12 months of
my then current base salary as severance (the “Severance Pay”), subject to the terms in this Section 2. In order to be eligible for such Severance Pay, I must sign within 45 days of receipt from Premier and not revoke a full and general release (the “Release”) of any and all claims that I have or may have against Premier, its Related Companies (as defined in Section 6.2) and such entities’ past and then current officers, directors, shareholders, owners, members, agents and employees relating to all matters, to be prepared by Premier at that time. In addition, if I violate any of my post-employment obligations under this Agreement in Sections 4-6, then my right to any Severance Pay shall immediately cease and be forfeited.
2.2 Termination Without Cause. For purposes of this Agreement, “Termination Without Cause” means any termination of my employment by Premier for any reason other than retirement, early retirement, death, “Disability” or “Termination for Just Cause”. In addition, my resignation shall be deemed a Termination Without Cause by Premier if I resign my employment with Premier and all its Related Companies (as defined in Section 6.2) within twenty-four (24) months following a “Change in Control” (as defined below) due to the following events without my written consent:
(a)a material reduction in my position, responsibilities or status, or a change in my title resulting in a material reduction in my responsibilities or position with Premier, but excluding for this purpose: (i) any suspensions, removals, duty reassignments, duty limitations or other actions set forth and allowed in Section 2.3; and (ii) any such reductions or changes made in good faith to conform with applicable law or generally accepted industry standards for my position;
(b)a reduction in my base salary (unless such percentage deduction is effectively made across the board for all other senior executives of Premier);
(c)the relocation of me to a location outside a fifty (50) mile radius of my primary office location on the date of this Agreement (Charlotte, NC); provided, however that relocation of me to Premier’s current or future headquarters location (with or without my consent) shall not constitute a resignation by me that can be deemed a Termination Without Cause; or
(d)a failure of the Company to obtain the assumption in writing of its obligations under this Agreement by any successor to all or substantially all of the assets of the Company within 30 days after a merger, consolidation, sale or similar transaction.
For purposes of this Agreement, a “Change in Control” shall have the meaning set forth in Section 13.3 (or subsequent applicable sections, if and as later amended) of the Premier, Inc. 2013 Equity Incentive Plan, as it may be established, modified, changed or replaced from time to time.
Premier and I further agree that for my resignation to constitute Termination Without Cause, in addition to providing at least ninety (90) days advance written notice of resignation to Premier, I must provide written notice to the President and Chief Executive Officer of Premier (the “Company CEO”) of my intent to resign within ninety (90) days of one of the triggering events outlined in subsections (a) - (d) of this provision. Further, Termination Without Cause shall not mean or include resignation by me for subsections (a) - (d) of this provision for any isolated, insubstantial or inadvertent reason not taken in bad faith if cured or remedied promptly by Premier, if such cure is possible, within no more than thirty (30) calendar days of receiving my notice.
2.3 Termination For Just Cause. For purposes of this Agreement, “Termination for Just Cause” means termination of my employment by Premier as the result of: (a) commission or omission of any act of dishonesty, embezzlement, theft, misappropriation or breach of fiduciary duty by me in connection with my employment with Premier; (b) any conviction, guilty plea or plea of nolo contendere by me for any felony, a misdemeanor in which fraud and dishonesty is a material element, or a crime of moral turpitude, that is likely to result in incarceration if later sentenced (if the Company CEO or Chair of the Board of Directors of Premier, Inc. (the “Board Chair”)) deem in his or her absolute discretion that such conviction or plea may have a significant adverse effect upon Premier or upon my ability to perform under this Agreement); (c) willful action or willful inaction with respect to my performance of my employment duties that constitutes a violation of law or governmental regulations or that causes Premier or its Related Companies (as defined in Section 6.2) or affiliated entities to violate such law or regulation; (d) a material breach of any securities or other law or regulation or any Premier or Related Company policy governing inappropriate disclosures or “tipping” related to (or the trading or dealing of) securities, stock or investments; (e) failure to reasonably cooperate or interference with a Premier-related investigation; (f) willful violation by me of Premier’s or its Related Companies’ lawful material policies, rules and procedures, including but not limited to Premier and its Related Companies’ Code of Conduct and Conflict of Interest policies; (g) the regulatory, governmental or administrative suspension, removal or prohibition of me as defined in this Section below; (h) willful misconduct, willful insubordination or willful refusal or unwillingness to carry out or follow specific lawful, reasonable directives, duties or assignments established or given by the Company CEO or the Board of Directors of Premier, Inc. (the “Board”) from time to time in accordance with this Agreement; (i) willful inattention to or dereliction of duty by me with respect to the business affairs of Premier or its Related Companies to which I am assigned material responsibilities or duties that is materially harmful to the business or reputation of Premier; (j) the breach of or failure to perform the obligations set forth in Sections 3 and/or 5-7 of this Agreement by me; (k) the prospective breach of the obligations set forth in Sections 3 and/or 5-7 of this Agreement by me; or (l) the breach or prospective breach or failure to perform the obligations set forth in Section 4 of this Agreement that is either willful or materially harmful to the business or reputation of Premier.
i.Premier and I, however, agree that “Termination For Just Cause” shall not mean or include termination of my employment by Premier pursuant to subsection (i) or (k) as a result of an isolated, insubstantial and inadvertent action not taken by me in bad faith and which is remedied promptly by me, if such cure is possible, within no more than thirty (30) days after receipt of notice from the Company CEO or Board Chair or their authorized agents of such performance issue(s). Premier and I further agree that “Termination for Just Cause” shall not mean or include termination of my employment by Premier pursuant to subsections (j) or (l) as result of an isolated, insubstantial and inadvertent action not taken by me in bad faith and which is remedied promptly by me, if such cure is possible, within no more than ten (10) days after receipt of notice from the Company CEO or Board Chair or their authorized agents of such performance issue(s).
ii.Premier and I agree that my general failure to meet the performance objectives, milestones and goals established or given by the Company CEO or the Board from time to time shall not constitute grounds for “Termination for Just Cause”. Further, for purposes of this definition only, no act or failure to act by me shall be deemed “willful” if: (A) done or omitted to be done by me in good faith and with the reasonable belief that my act or omission was in the best interest of Premier and consistent with Premier and its Related Companies’ policies and applicable law; (B) based on and consistent with
instructions pursuant to a resolution duly adopted by the Board; or (C) based on and consistent with the advice of Premier counsel.
iii.Notwithstanding the above and Section 2.2, Premier and I also acknowledge and agree that:
(A)If I am suspended and/or temporarily prohibited from participating in the conduct of the affairs of Premier and/or its Related Companies or affiliated entities by a regulatory, governmental or administrative notice served under federal or state law, the obligations of Premier under this Agreement shall be suspended as of the date of service of such notice, unless stayed by appropriate proceedings. If the charges in the notice are dismissed or withdrawn, Premier may in its discretion, upon approval by the Board, pay me all or part of the compensation withheld while its contract obligations were suspended and/or reinstate in whole or in part any of its obligations that were suspended. My vested rights shall not otherwise be affected by this provision.
(B)If I am permanently removed and/or prohibited from participating in the conduct of the affairs of Premier and/or its Related Companies or affiliated entities by applicable federal, state or other regulatory, governmental or administrative order or action, all obligations of Premier under this Agreement shall terminate as of the effective date of the order, but vested rights of the parties hereto shall not be affected.
iv.In addition, Premier and I agree that without expressly or constructively terminating this Agreement under this Section 2.3 or Section 2.2, Premier may place me on temporary leave with pay, temporarily exclude me from any premises of Premier, its Related Companies and affiliated entities and/or temporarily reassign my duties with Premier and/or its Related Companies during any pending Premier investigation or disciplinary action involving me and/or my potential “Termination for Just Cause”. Premier and I further agree such authority shall be invoked only in exceptional circumstances when the Company CEO and General Counsel determine that such action is in the best interests of the Company.
2.4 Disability. “Disability” means my inability to perform the essential functions and duties of my position with Premier, with or without reasonable accommodation, by reason of any medically determinable physical or mental impairment that can be expected to result in death or that is to last or can be expected to last for a continuous period of not less than twelve months, as determined under the long-term disability plan sponsored by Premier or a Related Company (as defined in Section 6.2) in which I participate.
Premier and I further agree that without expressly or constructively terminating this Agreement under this Section or Sections 2.1-2.3, Premier may designate another employee to act in my place during any period of my Disability that extends over ninety (90) consecutive calendar days or an aggregate of ninety (90) calendar days during any three hundred and sixty five (365) consecutive calendar day period. Notwithstanding whether any such designation is made, I shall continue to receive my full base salary and other compensation, incentives and benefits under this Agreement (offset by any Company-paid short-term disability and/or long-term disability plan payments) during any period of Disability during my employment with Premier.
2.5 Severance Details. Any Severance Pay shall: (a) be at the base salary rate in effect at the time of my Termination Without Cause, (b) be paid over time in the form of salary continuation for the 12 month period following the end of my employment with Premier in accordance with Premier’s regular payroll practices, and (c) be less applicable withholdings. Except as otherwise provided in Section 8.3(c) of this Agreement, and contingent on my execution and non-revocation of a release as described in Section 2.1, the first installment of the Severance Pay will be on the sixtieth (60th) day following the effective date of my Termination Without Cause and will include Severance Pay for the period from the end of my employment with Premier through the first installment payment date. The remaining installments will continue thereafter for the remainder of the 12 month period following the end of my employment with Premier.
In the event of any termination of my employment entitling me to any Severance Pay under this Agreement, and provided I abided by Section 3 and continue to abide by the non-competition, non-interference, confidentiality and other requirements set forth in Sections 4-6, I shall be under no obligation to seek other employment and there shall be no offset against amounts due me under this Agreement on account of any compensation attributable to any subsequent employment that I may obtain.
3. CONFLICTS OF INTEREST
3.1 Conflicts of Interest. During my employment with Premier, I shall not: (a) engage in any outside business activity without written authorization from my supervisor at Premier; (b) in any way compete with Premier; or (c) engage in any conduct intended to or reasonably expected to harm the interests of Premier. I also agree to comply with the terms of Premier’s Code of Conduct and Conflict of Interest policies, including but not limited to all terms relating to the divestiture or transfer to a blind trust of any equity interest that I may hold in participating vendors, as defined in such policies. Notwithstanding the foregoing, I may engage in personal investment activities and charitable work that do not interfere with my duties for Premier and do not violate Premier’s Code of Conduct or Conflict of Interest policies.
4. CONFIDENTIAL INFORMATION AND INTELLECTUAL PROPERTY
4.1 Confidentiality. Except to the extent the use or disclosure of any Confidential Information (as defined below) is required to carry out my assigned duties with Premier, I agree that during my employment with Premier under this Agreement and for a period of 5 years thereafter, I will not: (a) disclose any Confidential Information to any person not employed by Premier; or (b) use for myself or for any other person or entity any Confidential Information. This provision, however, shall not preclude me from: (i) the use or disclosure of information known generally to the public (other than as a result of my violation of this Agreement); or (ii) any disclosure required by law or court order, by any governmental entity having regulatory authority over the business of the Company, or by any administrative or legislative body (including a committee thereof) with jurisdiction to order me to divulge, disclose or make accessible such information, provided I provide Premier prompt written notice of any potential disclosure under this subsection (ii) within forty-eight (48) hours of my receipt of the request for disclosure or my election to disclose such information under this subsection (ii), whichever is earliest, to the fullest extent permitted by applicable law.
4.2 Confidential Information. “Confidential Information” means all confidential or proprietary information furnished to, obtained by or created by me while employed by Premier related to Premier or its business that could be used to compete against or otherwise harm Premier. Confidential Information includes, but is not limited to, such information in the following categories: (a) information regarding Premier’s affiliates and customers, including affiliate / customer lists, contact information, contracts, billing histories, affiliate/customer preferences, and information regarding products or services provided by Premier to such entities; (b) non-public financial information concerning Premier, including commissions and salaries paid to employees, sales data and projections, forecasts, cost analyses, and similar information; (c) plans and projections for business opportunities for new or developing business of Premier, including marketing concepts and business plans; (d) Premier Intellectual Property (as defined below), software, source and object codes, computer data, research information and technical data; (e) information relating to Premier’s services, products, prices, costs, research and development activities, service performance, operating results, pricing strategies, employee lists or personnel matters; and (f) Premier information regarding sources and methods of supply, including supply agreements, supply terms, product discounts and similar information.
4.3 Return of Property. I agree that all materials, documents and data obtained or prepared by me in the course and scope of my employment with Premier are the property of Premier. I also agree that all Confidential Information is the property of Premier. As such, I agree that I will return to Premier when requested, and in any event prior to my last day of employment with Premier, all materials, documents, information, data and other property belonging to Premier in my possession or control, regardless of how stored or maintained and including all originals and copies.
4.4 Intellectual Property. I hereby assign and agree in the future to assign to Premier my full right, title and interest in all Intellectual Property (as defined below). In addition, all copyrightable works that I create during my employment with Premier shall be considered “work made for hire” and shall be owned exclusively by Premier. “Intellectual Property” means any invention, formula, process, discovery, development, design, innovation or improvement made, conceived or first reduced to practice by me, solely or jointly with others, during my employment with Premier. However, “Intellectual Property” shall not apply to any invention that I develop on my own time, without using the equipment, supplies, facilities or trade secret information of Premier, unless such invention relates at the time of conception or reduction to practice to: (a) the business of Premier, (b) the actual or demonstrably anticipated research or development of Premier, or (c) any work performed by me for Premier.
5. NON-COMPETE AND NON-INTERFERENCE / RAIDING
5.1 Non-Compete. For a period of 12 months following my last day of employment with Premier, I agree not to: (a) perform in the Prohibited Territory (as defined below) any services for a competitor of Premier that are the same as or substantially similar to the services I performed for Premier at any point during my last 12 months as a Premier employee; or (b) engage, within the Prohibited Territory, in any aspect of the Business (as defined below) that I was involved with on behalf of Premier at any time during the last 12 months of my employment with Premier. “Prohibited Territory” means: (i) the continental United States, which I acknowledge is the area that I am to assist Premier to engage in its business; and/or (ii) the States that I assisted Premier to engage in its business during my last 12 months as a Premier employee. The “Business” means the business engaged in by Premier as of my last day of employment with Premier. Notwithstanding the preceding, owning the stock or options to acquire stock
totaling less than 5% of the outstanding shares in a public company shall not by itself violate the terms of this Section 5.1.
5.2 Non-Interference With Restricted Customers. For a period of 12 months following my last day of employment with Premier, I agree that I will not: (a) call upon, solicit, cause or attempt to cause any Restricted Customer (as defined below) to not do business with Premier or to reduce, modify or transfer any part of its business with Premier; (b) call upon, solicit, cause or attempt to cause any Restricted Customer to do business with a competitor of Premier; (c) sell or provide any services or products to any Restricted Customer that are competitive with or a replacement for Premier’s services or products; and/or (d) as an employee, agent, partner, director, consultant, or in any other capacity assist any person or entity to engage in any of the conduct described in subsections (a) - (c) of this Section. Notwithstanding the preceding, if I become an employee of a Restricted Customer after my employment with Premier ends, then this subsection shall not limit my communications or activities with that particular Restricted Customer while I am employed by that Restricted Customer, provided that: (i) as part of my services with or for such Restricted Customer, I do not engage in activities or directly assist others to engage in activities that compete with Premier in the Business or otherwise violate Section 5.1; and (ii) I abide by the confidentiality and non-raiding of employees obligations set forth in this Agreement.
“Restricted Customer” means: (A) a Customer (as defined below) for which I earned or was paid incentive pay at any point during my last 12 months as a Premier employee; (B) a Customer with which I worked or for which I supervised Premier’s work at any point during my last 12 months as a Premier employee; (C) a prospective Customer that I contacted or for which I supervised contact at any point during my last 12 months as a Premier employee; and/or (D) a current or prospective Customer about which I obtained Confidential Information at any point during my last 12 months as a Premier employee. “Customer” means a Premier customer, partner hospital, member or affiliated health care organization.
5.3 Non-Interference With Restricted Suppliers. For a period of 12 months following my last day of employment with Premier, I agree that I will not solicit, cause or attempt to cause any Restricted Supplier (as defined below) to not do business with Premier or to reduce, modify or transfer any part of its business with Premier. “Restricted Supplier” means any supplier of goods or services to Premier: (a) with which I had dealings; (b) for which I supervised or assisted in Premier’s dealings; and/or (c) about which I obtained Confidential Information, all at any point during my last 36 months as a Premier employee.
I further agree that in the event I am later employed by a non-group purchasing organization medical supplier following my employment with Premier, I will recuse myself for a period of 12 months following my last day of employment with Premier from any consideration of decisions or other communications or discussions that would result in the termination of a contract, discontinuance of business, or reduction of business with or amounts paid to Premier involving the products or services that my new employer supplies Premier. I further expressly acknowledge and agree that as part of my post-employment confidentiality commitments to Premier, I cannot and will not use any confidential Premier pricing, contract or other supplier-related information obtained during my employment with Premier in connection with any supply contract or other negotiations between Premier and my new non- group purchasing organization medical supplier employer, if applicable, or to obtain a competitive advantage against or otherwise harm Premier or its affiliated entities.
5.4 Non-Raiding of Employees. During my employment with Premier under this Agreement and for a period of 18 months following my last day of employment with Premier, I agree not to on my own behalf or on behalf of any other entity: (a) hire or engage as an employee or as an independent contractor any then current employee of Premier with whom I worked or about whose work I was familiar during my employment with Premier (each a “Restricted Employee”); and/or (b) solicit, encourage or cause or attempt to solicit, encourage or cause any Restricted Employee to leave his or her employment with Premier.
6. REASONABLENESS OF RESTRICTIONS
6.1 Reasonableness. I have carefully read and considered the provisions of this Agreement and, having done so, agree that the restrictions set forth in it are fair, reasonable, and necessary to protect Premier’s legitimate business interests, including its trade secrets, Confidential Information and goodwill with Premier’s customers, suppliers and employees. In addition, I acknowledge and agree that the restrictions in this Agreement do not unreasonably restrict or affect my ability to obtain employment should my employment with Premier end. Thus, although Premier and I acknowledge and agree that I retain the right to contest the application or interpretation of Sections 3-5 of this Agreement to particular facts/circumstances, I agree not to contest the general validity or enforceability of Sections 3-5 before any court, arbitration panel or other body.
Further, I agree that I shall notify any prospective employer, entity or individual with whom I seek to be employed or provide independent contractor services of the non-competition, non- interference, confidentiality and other requirements set forth in Sections 3-5 of this Agreement during the applicable term for each, and the Company may likewise provide such notice during the same period to any prospective employer, entity or individual with whom I seek to be employed or provide independent contractor services.
6.2 Related Companies. For purposes of the restrictions and commitments in Section 3 (Conflicts of Interest), 4 (Confidential Information and Intellectual Property), 5 (Non-Compete and Non- Interference) and 6.1 (Reasonableness), “Premier” or the “Company” shall mean: (a) the Company as defined in the Recitals to this Agreement; and; (b) any “Related Company” (as defined below) or successor of Premier for or with whom I performed or supervised any services at any time during the last 12 months of my employment with Premier.
“Related Company” means (a) any Premier parent company, subsidiary company, sister company or joint venture, or related subsidiary company of such entities; and/or (b) any “parent corporation” with respect to Premier within the meaning of Section 424(e) of the Internal Revenue Code of 1986, as amended (the “Code”), any “subsidiary corporation” with respect to Premier within the meaning of Code Section 424(f) but substituting the phrase “20 percent” for the phrase “50 percent” each place it appears in that section, and any corporation or other entity in a chain of corporations or other entities in which each corporation or other entity has a controlling interest in another corporation or other entity in the chain, beginning with the corporation or other entity in which Premier has a controlling interest. For this purpose, “controlling interest” shall have the same meaning as in Treasury Regulations Section 1.409A-1(b)(5)(E)(1) (or any successor provision) but substituting the phrase “at least 20 percent” for the phrase “at least 50 percent” each place it appears in that section.
7. OBLIGATIONS CONCERNING PRIOR BUSINESS RELATIONSHIPS
7.1 Former Employment/Engagements. I represent and warrant to Premier that: (a) as of the Effective Date of this Agreement, I am not working for or engaged by any other person or entity as an employee, independent contractor or consultant; and (b) I have provided Premier with a copy of any and all agreements with third parties that may limit or attempt to limit my right to be employed by Premier or its Related Companies (as defined in Section 6.2), to perform any activities for Premier or a Related Company, or to disclose to Premier or a Related Company any ideas, inventions, discoveries or other information.
7.2 No Disclosure or Use of Confidential Information of Others. I represent and warrant to Premier that I have not brought and will not bring with me to Premier or use in the performance of my duties for Premier any materials, data, software, technology, trade secrets, intellectual property, confidential or proprietary information, or documents belonging to a third party that are not generally available to the public, unless I have obtained written authorization to do so from the third party and provided Premier with a copy of it. I understand and agree that, in my employment with Premier, I am not to breach any obligation of confidentiality that I have to former employers or other third parties, and I agree that I shall fulfill all such obligations during my employment with Premier. I further agree that I shall not disclose to Premier or its Related Companies (as defined in Section 6.2) or seek to induce such entities to use any confidential information or trade secrets belonging to a third party.
8. GENERAL PROVISIONS
8.1 General Notification and Breach. Through and up to the conclusion of the 12-month restricted period set forth in Sections 5.1-5.3, I shall give notice to Premier of each new business activity I plan to undertake, at least seven (7) calendar days prior to beginning any such activity, including but not limited to work as an employee or independent contractor. Such notice shall state the name and address of the person or entity for whom such activity is undertaken and the nature of my business relationship(s) and position(s) with such person or entity. I shall provide Premier with such other pertinent information concerning such business activity as Premier may reasonably request in order to determine my compliance with my obligations under Sections 4-6 of this Agreement.
I acknowledge that my breach of this Agreement, particularly Sections 3-6, will cause immediate and irreparable damage to Premier and its Related Companies and that such damages will be exceedingly difficult to measure in full. Therefore, I acknowledge that the payment of damages in an action at law for breach of this Agreement would not adequately compensate Premier or its Related Companies for the damages suffered. In addition, the short duration of the covenants contained in this Agreement makes essential the enforcement of this Agreement by injunctive relief. Premier and I therefore agree that this Agreement may be enforced through temporary, preliminary and permanent injunctive relief, and that all other available remedies at law or in equity including, but not limited to, money damages, may be pursued for breach of this Agreement.
Moreover, I agree that, in addition to any other remedies available to Premier and/or its Related Companies by operation of law or otherwise, if I breach of any of the obligations contained in Sections 3-6, I shall: (a) forfeit at the time of the breach the right to any additional Severance Pay under Section 2 of this Agreement; (b) forfeit the right to all further unpaid / unawarded, amounts that may
otherwise be payable under the terms of any Annual Plan, the 2013 LTIP, the 2013 Equity Incentive Plan or any other equity or incentive compensation plan in which I participates and to which I might otherwise then be entitled by virtue thereof at the time of the breach, if any, notwithstanding any provisions of this Agreement or such plans or programs to the contrary; and (c) be required to refund to Premier and its Related Companies, and Premier and its Related Companies shall be entitled to recover of me, the amount of any and all such Severance Pay, Annual Plan, 2013 LTIP, 2013 Equity Incentive plan, or other equity or incentive plan pay or awards already paid or provided to or on behalf of me by Premier and/or its Related Companies (as defined in Section 6.2) following the initial breach, if any, notwithstanding any provisions of this Agreement or such plans or programs to the contrary.
In addition, Premier and I agree that the prevailing party in any legal action to enforce the terms of this Agreement, including but not limited to Sections 3-6, shall be entitled to costs and attorneys’ fees related to any such proceeding as allowed by law. Further, the time period for the covenants in Sections 4-6 shall be tolled during any period of time in which I am violating those Sections. The restrictions and obligations in Sections 4-6 shall survive my last day of employment with Premier and shall be in addition to any restrictions imposed on me by statute, at common law, or other agreements. The restrictions and obligations in Sections 4-6 shall continue to be enforceable regardless of whether there is a subsequent dispute between me and Premier concerning any alleged breach of this Agreement.
8.2 Judicial Modification and Severability. If a court determines that any provision of this Agreement is invalid, then Premier and I request that the court “blue-pencil” or otherwise modify such provision in order to render the provision not invalid and enforce the provision as modified. In such a case, all other provisions contained in this Agreement shall remain in full force and effect. In addition, each provision of this Agreement is severable from each other provision.
8.3 Section 409A.
(a)Section 409A Compliance. Premier and I intend that any amounts payable hereunder that could constitute “deferred compensation” within the meaning of Section 409A of the Code (“Section 409A”) will be compliant with Section 409A. If Premier shall determine that any provision of this Agreement does not comply with the requirements of Section 409A, Premier shall amend the Agreement to the extent necessary (including retroactively) in order to comply with Section 409A (which amendment shall not reduce the amounts payable to me under this Agreement). Premier shall also have the discretionary authority to take such other actions to correct any failures to comply in operation with the requirements of Section 409A. Such authority shall include the power to adjust the timing or other details relating to the awards and/or payments described in this Agreement (but not the amounts payable to me under this Agreement) if Premier determines that such adjustments are necessary in order to comply with or become exempt from the requirements of Section 409A. Notwithstanding the foregoing, to the extent that this Agreement or any payment or benefit (or portion thereof) under this Agreement or the plans referenced herein shall be deemed not to comply with Section 409A, then Premier and its Related Companies, the Board and Compensation Committee of the Board, and Premier, Inc. and its Related Companies’ shareholders, owners, board members, officers, employees, and their designees and agents shall not be liable to me in any way. However, if and to the extent I incur any Section 409A related excise taxes, penalties or interest charges as a result of the Company’s breach of this Agreement not otherwise consented to by me in writing (e.g., with respect to payment timing), then Premier shall reimburse me in
full for the amount of such excise taxes, penalties and interest charges so that I am restored to the same position in which I would have been had Premier’s breach not occurred.
(b)Separation From Service. Notwithstanding anything in this Agreement to the contrary, no separation benefits, if applicable, deemed deferred compensation subject to Section 409A shall be payable pursuant to this Agreement unless my separation from employment constitutes a “separation from service” with Premier within the meaning of Section 409A and the Department of Treasury regulations and other guidance promulgated thereunder (a “Separation from Service”).
(c)Specified Employee. Notwithstanding any provision to the contrary in this Agreement, if I am deemed by Premier at the time of my Separation from Service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any portion of the benefits to which I am entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of my benefits shall not be provided to me prior to the earlier of (1) the expiration of the six-month period measured from the date of my Separation from Service or (2) the date of my death. Upon the first business day following the expiration of the applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this Section 8.3(c) shall be paid in a lump sum to me, and any remaining payments due under this Agreement shall be paid as otherwise provided herein.
(d)Expense Reimbursements. To the extent that any reimbursements payable pursuant to this Agreement are subject to the provisions of Section 409A, any such reimbursements payable to me pursuant to this Agreement shall be paid to me no later than December 31 of the year following the year in which the expense was incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, and my right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit.
(e)Installments. For purposes of Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), my right to receive the installment payments under this Agreement shall be treated as a right to receive a series of separate payments and, accordingly, each such installment payment shall at all times be considered a separate and distinct payment.
8.4 Tax Penalty Protection. Notwithstanding any other provision in this Agreement to the contrary, any payment or benefit received or to be received by me in connection with a “change in ownership or control” (as such term is defined under Section 280G of the Code - a “Change in Control”) or the termination of employment (whether payable under the terms of this Agreement or any other plan, arrangement or agreement with Premier or its subsidiaries and affiliates (collectively, the “Payments”) that would constitute a “parachute payment” within the meaning of Section 280G of the Code, shall be reduced to the extent necessary so that no portion thereof shall be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), but only if, by reason of such reduction, the net after-tax benefit received by me shall exceed the net after-tax benefit that would be received by me if no such reduction was made. Whether and how the limitation under this Section is applicable shall be determined under the Section 280G Rules set forth in Annex A hereto.
8.5 Incentive-Based Compensation Clawback. In accordance with the terms and conditions of Premier, Inc.’s and the Company’s Compensation Recoupment Policy as such policy may be established, modified, changed, replaced or terminated from time to time by Premier, Inc. in its sole discretion to comply with listing exchange / service rules and regulations and/or other applicable regulatory requirements, I agree to repay any incentive or other compensation paid or otherwise made available to me by Premier or its Related Companies (as defined in Section 6.2), as required by the terms of such policy. If I fail to return such compensation as required by the terms of the Compensation Recoupment Policy and/or applicable law, I hereby agree and authorize Premier and its Related Companies to, among other things as set forth in the policy: (a) deduct the amount of such identified compensation from any and all other compensation owed to me by Premier and/or is Related Companies; and/or (b) adjust and reduce future compensation to me. I acknowledge that Premier may take appropriate disciplinary action (up to, and including, Termination For Just Cause) if I fail to return / repay such identified compensation within the timeframe required by the Compensation Recoupment Policy. Further, Premier and I agree that the provisions of this Section 8.5 shall remain in effect for the period required by applicable law.
8.6 Indemnification. Premier and I have entered into (or shall enter into concurrent with this Agreement) a separate indemnity agreement, consistent with Premier, Inc.’s certificate of incorporation, by-laws and other corporate governance documents; provided that the entry into such an agreement shall not be a condition precedent to my right to be indemnified by Premier as provided in such corporate governance documents. In addition, Premier will indemnify me or cause me to be indemnified in my capacity as an officer, director or senior manager of any Related Company (as defined in Section 6.2) for which I serve as such, to the fullest extent permitted by the laws of the state of incorporation of such Related Company in effect from time to time, or the certificate of incorporation, by-laws or other corporate governance documents of such Related Company, whichever affords the greater protection to me. Premier may elect to satisfy its obligations pursuant to this Section 8.6 under insurance policies maintained generally for the benefit of its officers, directors and employees against covered costs, charges and expenses incurred in connection with any action, suit, investigation or proceeding to which I may be made a party by reason of being a director, officer or senior manager of Premier. In addition, Premier shall provide me with directors’ and officers’ insurance coverage to the same extent as provided to other senior executives of Premier.
8.7 Governing Law, Forum, Jurisdiction. I agree that this Agreement shall be governed by the laws of the State of North Carolina, regardless of where I may work for Premier and irrespective of conflict of law principles. Moreover, any litigation under this Agreement shall be brought by either me or Premier exclusively in Mecklenburg County, North Carolina, notwithstanding that I may not be a resident of North Carolina when the litigation is commenced and/or cannot be served process within North Carolina. As such, Premier and I irrevocably consent to the jurisdiction of the courts in Mecklenburg County, North Carolina (whether federal or state) for all disputes related to this Agreement and irrevocably consent to service of process via nationally recognized overnight carrier, without limiting other service methods available under applicable law.
8.8 Entire Agreement, Amendment, Waiver, Assignment. This Agreement constitutes the entire agreement between me and Premier related to the subject matters contained in it and supersedes all previous agreements related to these subject matters, including but not limited to the Prior Employment Agreement and any offer or position assignment letters between me and Premier. No
amendment or attempted waiver of any of the provisions of this Agreement shall be binding unless reduced to writing and signed by me and Premier. Premier shall have the right to assign or transfer this Agreement to any affiliated entity or successor to all or part of its business, and I irrevocably consent to any such assignment or transfer. Further, Premier and I agree that Premier may disclose the compensation and other terms of this Agreement: (a) to Premier’s shareholders/owners; and (b) in its proxy statements or other public securities filings as required by law.
[Signature Page Follows]
| | | | | |
| Agreed to and accepted | |
Date: September 17, 2013 | /s/ Andy Brailo |
Agreed to and accepted Date: September 18, 2013 | PREMIER HEALTHCARE SOLUTIONS, INC.
/s/ Kelli Price Signature of Authorized Representative Kelli Price Name (type or print) SVP, People Title |
Date: September 18, 2013 | PREMIER, INC.
/s/ Kelli Price Signature of Authorized Representative Kelli Price Name (type or print) SVP, People Title Joining this Agreement as a Party solely as a guarantor of Premier Healthcare Solutions, Inc.’s financial obligations hereunder |
Annex A: Section 280G Rules
The following rules shall apply for purposes of determining whether and how the limitations provided under Section 8.4 of this Agreement are applicable to me.
1.The “net after-tax benefit” shall mean (i) the Payments (as defined in Section 8.4) which I receive or am then entitled to receive from the Company or a subsidiary or affiliate that would constitute “parachute payments” within the meaning of Code Section 280G, less (ii) the amount of all federal, state and local income and employment taxes payable by me with respect to the foregoing calculated at the highest marginal income tax rate for each year in which the foregoing shall be paid to me (based on the rate in effect for such year as set forth in the Code as in effect at the time of the first payment of the foregoing), less (iii) the amount of Excise Tax imposed with respect to the payments and benefits described in (i) above.
2.All determinations under Section 8.4 of this Agreement and this Annex A will be made by an accounting firm or law firm that is selected for this purpose by Premier prior to a Change in Control (the “280G Firm”). All fees and expenses of the 280G Firm shall be borne by the Company. Premier will direct the 280G Firm to submit any determination it makes under Section 8.4 of this Agreement and this Annex A and detailed supporting calculations to both me and Premier as soon as reasonably practicable.
3.If the 280G Firm determines that one or more reductions are required under Section 8.4 of this Agreement, the 280G Firm shall also determine which Payments shall be reduced (first from cash payments and then from non-cash benefits) to the extent necessary so that no portion thereof shall be subject to the excise tax imposed by Section 4999 of the Code, and Premier shall pay such reduced amount to me. The 280G Firm shall make reductions required under Section 8.4 of this Agreement in a manner that maximizes the net after-tax amount payable to me.
4.As a result of the uncertainty in the application of Section 280G at the time that the 280G Firm makes its determinations under this provision, it is possible that amounts will have been paid or distributed to me that should not have been paid or distributed (collectively, the “Overpayments”), or that additional amounts should be paid or distributed to me (collectively, the “Underpayments”). If the 280G Firm determines, based on either the assertion of a deficiency by the Internal Revenue Service against Premier or me, which assertion the 280G Firm believes has a high probability of success or controlling precedent or substantial authority, that an Overpayment has been made, I must repay the Overpayment amount promptly to Premier, without interest; provided, however, that no loan will be deemed to have been made and no amount will be payable by me to Premier unless, and then only to the extent that, the deemed loan and payment would either reduce the amount on which I am subject to tax under Section 4999 of the Code or generate a refund of tax imposed under Section 4999 of the Code. If the 280G Firm determines, based upon controlling precedent or substantial authority, that an Underpayment has occurred, the 280G Firm will notify me and Premier of that determination, and the Underpayment amount will be paid to me promptly by Premier.
5.I will provide the 280G Firm access to, and copies of, any books, records and documents in my possession as reasonably requested by the 280G Firm, and otherwise cooperate with the 280G Firm in connection with the preparation and issuance of the determinations and calculations contemplated by Section 8.4 of this Agreement.
Annex B: Equity Participation
I shall be initially awarded / issued, effective as of the Effective Date and provided the conditions outlined in Section 1.5 of this Agreement are met: (1) restricted stock unit award shares; (2) target performance shares of Premier, lnc.'s Class A common stock, with the potential to earn up to 150% of target based on performance; and (3) nonqualified stock options to purchase shares of Premier, lnc.'s Class A common stock, in amounts and according to the general terms consistent with the proposed initial Restructuring equity awards approved by the Premier Healthcare Solutions, Inc. Board of Directors and Premier Plans, LLC Management Committee and Compensation Committee at the meetings held on August 16, 2013 and as described in the corresponding presentation materials.
EXECUTIVE EMPLOYMENT AND RESTRICTIVE COVENANT AGREEMENT
I, Crystal Climer, hereby agree to be employed by Premier Healthcare Solutions, Inc. (the “Company”) and the Company hereby agrees to employ me, subject to the following terms and conditions (the “Agreement”).
1.EMPLOYMENT
1.1Job Duties. I agree to devote my full professional time, attention and best efforts to the performance of my employment duties with the Company and its Related Companies (as defined in Section 5.8). I shall perform the duties and responsibilities customary to my position(s) with the Company and its Related Companies and as assigned to me from time to time. I also understand and agree that my employment may be transferred between the Company and its Related Companies in their discretion. I shall abide by the policies of the Company and its Related Companies as adopted and amended from time to time. Effective beginning 09/01/2022 (the ”Effective Date”), my position with the Company shall be as Chief Accounting Officer.
1.2Compensation and General Benefits. During my employment with the Company or one of its Related Companies, the Company or one of its Related Companies will: (a) compensate me for my services at a base rate determined by the Company from time to time; and (b) allow me to participate in the deferred compensation, other retirement plans and employee benefit plans from time to time in effect generally for the Company’s similarly situated employees, subject to the terms and conditions of such plans and as they may be instituted, modified or terminated from time to time. As of the Effective Date, my initial base salary shall be $$400,000.00 per annum, less applicable withholdings, paid in accordance with the usual payroll practices of the Company. If the base salary is increased, such increased amount shall thereafter become the “base salary” under this Agreement.
1.3Annual Incentive Plan. As of the Effective Date, I shall be eligible to participate in one or more annual incentive plans sponsored by the Company or one of its Related Companies in effect from time to time for similarly situated senior executive level employees of the Company, in accordance with the terms and conditions of such plan(s). My current target incentive opportunity is 60% of my initial base salary.
1.4Equity. As additional consideration for entering into this Agreement, as of the Effective Date, I shall be eligible to participate in the Premier, Inc. Equity Incentive Plan and any other equity-based or cash-based long-term incentive compensation plans for similarly situated senior executive level employees of the Company, in accordance with the terms and conditions of such plan(s). The Company will recommend to the Compensation Committee of the Board of Directors of Premier, Inc. (the “Board”) that I receive a grant for Fiscal Year 2023 (to be made at the time annual grants are typically made) of Premier, Inc. equity with an initial grant value equal to approximately 60% of my initial base salary.
1.5 At-Will Employment. I agree that my employment with the Company shall be “at-will”, such that I may resign at any time for any reason and the Company may terminate my employment at any time for any reason. The at-will nature of my employment may be altered only by a written agreement signed by a duly authorized Company official. In addition, I agree that upon the termination of my employment with the Company for any reason, I shall resign and do resign from all positions as an officer, director and employee of the Company and its Related Companies, with such resignation(s) to be effective upon the termination of my employment with the Company, unless the Company requests an earlier date.
2.SEVERANCE PROTECTIONS
2.1Severance Pay. If my employment with the Company under this Agreement is terminated at any time due to a Termination Without Cause (as defined below), then the Company will provide me with 12 months of my then current base salary as severance (the “Severance Pay”), subject to the terms and conditions in this Section 2. In order to be eligible for such Severance Pay, I must, within 21 days of receipt from the Company (unless a longer period is required by applicable law), sign and not revoke a full and general release of any and all claims (the “Release”) that I have or may have against the Company, the Related Companies, and their affiliates, to be prepared by the Company at that time. In addition, if I violate any of my post-employment obligations under this Agreement in Sections 4-6, then my right to any outstanding Severance Pay shall immediately cease and be forfeited.
2.2Termination Without Cause. For purposes of this Agreement, “Termination Without Cause” means the termination of my employment by the Company for any reason other than my death, Disability or “Termination for Just Cause.” In addition, my resignation shall be deemed a Termination Without Cause by the Company if I resign my employment with the Company and all its Related Companies within twenty-four (24) months following a “Change in Control” (as defined below) due to any of the following without my consent:
a.a material reduction in my position or responsibilities with the Company, but excluding: (i) any suspensions, removals, duty reassignments, duty limitations or other actions pursuant to Section 2.3; and (ii) any such reductions or changes made in good faith to conform with applicable law or generally accepted industry standards for my position;
b.a non de minimis reduction in my base salary (unless such percentage reduction is made across the board for all other similarly situated senior executives of the Company);
c.the relocation of my primary office location more than fifty (50) miles from my current primary office location Charlotte, NC, but excluding the relocation of my primary office location to the Company’s current or future headquarters location (with or without my consent); or
d.a failure of the Company to obtain the assumption in writing of its obligations under this Agreement by any successor to all or substantially all of the assets of the Company within 30 days after a Change in Control.
For purposes of this Section 2.2, a “Change in Control” shall have the meaning set forth in the Premier, Inc. Equity Incentive Plan, as it may be established, modified, changed or replaced from time to time.
The Company and I agree that for my resignation to constitute Termination Without Cause, I must provide written notice to the President and Chief Executive Officer of the Company of my intent to resign within ninety (90) days of one of the triggering events outlined in subsections (a) – (d) of this provision, as well as the triggering event relied upon and details constituting such alleged triggering event. Further, Termination Without Cause shall not include my resignation under subsections (a) – (d) of this provision for any occurrence which is, after such notice, cured by the Company, within thirty (30) days of receipt of such notice.
2.3Termination For Just Cause. For purposes of this Agreement, “Termination for Just Cause” means termination of my employment by the Company as the result of my: (a) commission or omission of any act of dishonesty, embezzlement, theft, misappropriation or breach of fiduciary duty in connection with the terms and conditions of my employment; (b) conviction, guilty plea or plea of nolo contendere of a felony or a misdemeanor in which fraud or dishonesty is a material element, or a crime of moral turpitude; (c) willful misconduct or insubordination with respect to the performance of my duties to the Company or any Related Company that is harmful to the business or reputation of the Company or the Related Companies or constitutes a violation of law or governmental regulations, including by the Company or the Related Companies; (d) breach of any securities or other law or regulation or any the Company or Related Company policy governing inappropriate disclosures or “tipping” related to (or the trading or dealing of) securities, stock or investments; (e) failure to reasonably cooperate or interference with a Company- related investigation; (f) willful violation of the Company’s or its Related Companies’ lawful material policies, rules and procedures, including but not limited to the Company and its Related Companies’ Code of Conduct, Insider Trading and Conflict of Interest policies; (g) regulatory,
governmental or administrative suspension, removal or prohibition as defined in this Section below; or (h) breach or prospective breach of the obligations set forth in Sections 3-7 of this Agreement.
Notwithstanding anything to the contrary, the Company and I also acknowledge and agree that:
(i)If I am suspended or temporarily prohibited from participating in the conduct of the affairs of the Company or its Related Companies or affiliated entities by a regulatory, governmental or administrative notice served under federal or state law, depending on the circumstances of such suspension or prohibition, the Company may (in lieu of terminating my employment) decide to suspend its obligations under this Agreement. If the charges in the notice are dismissed or withdrawn, the Company may, in its discretion, upon approval by the Board, pay me all or part of the compensation withheld while its obligations were suspended and reinstate in whole or in part any of its obligations that were suspended.
(ii)If I am permanently removed or prohibited from participating in the conduct of the affairs of the Company or its Related Companies or affiliated entities by applicable federal, state or other regulatory, governmental or administrative order or action, all obligations of the Company under this Agreement shall terminate as of the effective date of the order, and the Company may, in its sole discretion, terminate my employment as a Termination For Just Cause.
(iii)The Company may, in its sole discretion, place me on temporary leave with pay, temporarily exclude me from any premises of the Company, its Related Companies and affiliated entities and temporarily reassign my duties with the Company and its Related Companies during any pending Company investigation or disciplinary action involving me or my potential “Termination for Just Cause”.
2.4Disability. “Disability” means my inability to perform the essential functions and duties of my position with the Company by reason of any medically determinable physical or mental impairment that can be expected to result in death or that is to last or can be expected to last for a continuous period of not less than twelve months, as determined under the long-term disability plan sponsored by the Company or a Related Company in which I participate. The Company and I agree that without expressly or constructively terminating this Agreement under this Section or Sections 2.1-2.3, the Company may designate another employee to act in my place during any period of my Disability that extends over ninety (90) consecutive calendar days or equals an aggregate of ninety (90) calendar days during any three hundred and sixty five (365) consecutive calendar day period. Notwithstanding whether any such designation is made, I shall continue to receive my full base salary under this Agreement (offset by any Company-paid short-term disability or long-term disability plan payments) during any period of my Disability during my employment with the Company.
2.5Severance Details. Any Severance Pay shall: (a) be paid over time in the form of salary continuation for the twelve (12) month period in accordance with the Company’s regular payroll practices; (b) be less applicable withholdings; and (c) replace my right to severance pay under any other agreement, plan or program with the Company or any Related Company. Except as otherwise provided in Section 8.3(c) of this Agreement, and contingent on my execution and non-revocation of a Release as described in Section 2.1, the first installment of the Severance Pay will be made no later than the next reasonably practicable payroll date following the later of the effective date of my Termination Without Cause and the expiration of the revocation period for the Release described in Section 2.1. The remaining installments will continue thereafter until all installments have been made. If I am rehired by the Company or any Related Company during my severance period, my Severance Pay will cease.
3.CONFLICTS OF INTEREST
During my employment with the Company, I shall not: (a) engage in any outside business activity without written authorization from my supervisor at the Company; (b) in any way compete with the Company; or (c) engage in any conduct intended to or reasonably expected to harm the interests of the Company. I also agree to comply with the terms of the Company’s Code of Conduct and Conflict of Interest policies. Notwithstanding the foregoing, I may engage in personal investment activities and charitable work that do not interfere with my duties for the Company and do not violate the Company’s Code of Conduct or Conflict of Interest policies.
4.CONFIDENTIAL INFORMATION AND INTELLECTUAL PROPERTY
4.1Duty of Confidentiality. Except to the extent the use or disclosure of any Confidential Information (as defined below) is required to carry out my assigned duties with the Company, I agree that during and at all times after my employment with the Company, I will: (a) protect and safeguard the Confidential Information from unauthorized use, publication, or disclosure; (b) not disclose any Confidential Information to any person not employed by the Company; and (c) not use for myself or for any other person or entity any Confidential Information. This provision, however, shall not preclude me from: (i) the use or disclosure of information known generally to the public (other than as a result of my violation of this Agreement); or (ii) any disclosure required by law or court order, by any governmental entity having regulatory authority over the business of the Company, or by any administrative or legislative body with appropriate jurisdiction, provided I provide the Company prompt written notice of any potential disclosure under this subsection (ii) within forty-eight (48) hours of my receipt of the request for disclosure or my election to disclose such information under this subsection (ii), whichever is earliest, to the fullest extent permitted by applicable law. Further, notwithstanding anything to the contrary in this Section 4.1, I understand that the duty of confidentiality in this Agreement does not restrict my ability to communicate directly with any federal, state or local government agency or commission without providing notice to or receiving prior or later authorization from the Company, as provided under Section 4.3 (“Protected Rights”) below.
Further, I agree to abide by the Protection of Confidential Information and Protected Health Information set forth in Exhibit A of this Agreement, as amended from time to time.
4.2Confidential Information. “Confidential Information” means all confidential or proprietary information furnished to, obtained by or created by me while employed by the Company. Confidential Information includes, but is not limited to, information in the following categories: (a) information regarding the affiliates and customers of the Company, including affiliate / customer lists, contact information, contracts, billing histories, affiliate/customer preferences, and information regarding products or services provided to such entities; (b) non-public strategic or financial information concerning the Company, including, but not limited to, commissions and salaries paid to employees, sales data and projections, forecasts, cost analyses, and similar information; (c) plans and projections for business opportunities for new or developing business of the Company, including marketing concepts and business plans; (d) Intellectual Property (as defined in Section 4.5 below), software, source and object codes, computer data, research information and technical data; (e) information relating to the services, products, prices, costs, research and development activities, service performance, operating results, pricing strategies, employee lists or personnel matters of the Company; (f) information regarding sources and methods of supply, including supply agreements, supply terms, product discounts and similar information related to the Company; and (g) information marked or otherwise designated as “confidential” or by similar words.
4.3Protected Rights. I understand and agree that nothing in this Agreement precludes me from communicating directly with the U.S. Securities and Exchange Commission (“SEC”) or the Financial Industry Regulatory Authority (“FINRA”) regarding potential securities issues or concerns, if any. Further, I understand and agree that nothing in this Agreement is intended to, or shall, interfere with my rights to file a charge or complaint with, participate in a proceeding by, or cooperate with the U.S. Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the SEC, FINRA, or any other federal, state or local government agency or commission (including providing documents or other information to such agencies), none of which shall constitute a breach of this Agreement or any applicable policy or procedure of the Company or any Related Company. I also understand and agree that I do not need to receive prior or later authorization from the Company to make any such governmental reports or disclosures, and I am not required to notify the Company (in advance or otherwise) when taking any such action.
4.4Return of Property. I agree that all assets, materials, documents and data obtained or prepared by me in the course and scope of my employment with the Company are the property of the Company. I also agree that all Confidential Information is the property of the Company. As such, I agree that I will promptly return to the Company when requested, and in any event prior to my last day of employment with the Company, all assets, materials, documents, information, data and other property belonging to the Company in my possession or control, regardless of how stored or maintained and including all originals and electronic or hard copies.
4.5Intellectual Property. I hereby assign and agree in the future to assign to the Company my full right, title and interest in all Intellectual Property (as defined in this Section 4.5). In addition, all copyrightable works that I create during my employment with the Company shall be considered “work made for hire” and shall be owned exclusively by the Company. “Intellectual Property” means any invention, formula, process, discovery, development, design, innovation or improvement made, conceived or first reduced to practice by me, solely or jointly with others, during my employment with the Company. However, “Intellectual Property” shall not apply to any invention that I develop on my own time, without using the equipment, supplies, facilities or trade secret information of the Company, unless such invention relates at the time of conception or reduction to practice to: (a) the business of the Company; (b) the actual or demonstrably anticipated research or development of the Company; or (c) any work performed by me for the Company.
5NON-COMPETE AND NON-INTERFERENCE / RAIDING
EMPLOYEES COVERED BY STATE LAW. UNDER THE LAW IN LIMITED STATES (INCLUDING BUT NOT LIMITED TO CALIFORNIA, OKLAHOMA, AND NORTH DAKOTA) CERTAIN POST-TERMINATION RESTRICTIVE COVENANTS ARE UNENFORCEABLE AND VOID AGAINST PUBLIC POLICY. IF I AM A RESIDENT OF SUCH A STATE OR PERFORM A SUBSTANTIAL PORTION OF MY EMPLOYMENT FOR THE COMPANY IN SUCH A STATE, AND AM COVERED BY SUCH LAW, ANY IMPERMISSIBLE SECTIONS BELOW WILL NOT APPLY TO ME FOR SO LONG AS I AM COVERED BY SUCH LAW.
CC
Employee Initials
5.1Non-Compete. For a period of 12 months following my last day of employment with the Company, I agree not to: (a) perform in the Prohibited Territory (as defined below) any services for a competitor of the Company that are the same as or substantially similar to the services I performed for the Company at any point during my last 12 months as a Company employee; or (b) engage, within the Prohibited Territory, in any aspect of the Business (as defined below) that I was involved with on behalf of the Company at any time during the last 12 months of my employment with the Company. “Prohibited Territory” means: (i) if my job duties are not limited to the continental United States or the countries or regions in which I assisted the Company to engage in its business during my last 12 months as a Company employee, (ii) if my job duties are not limited to particular states or regions within the United States, the continental United States, or (iii) if my job duties are limited to particular states or regions, the states or regions that I assisted the Company to engage in its business during my last 12 months as a Company employee. The “Business” means the business engaged in by the Company as of my last day of employment with the Company. Notwithstanding the preceding, owning the stock or options to acquire stock totaling less than 5% of the outstanding shares in a public company shall not by itself violate the terms of this Section 5.1.
5.2Non-Interference With Restricted Customers. For a period of twelve (12) months following my last day of employment with the Company, I agree that I will not: (a) call upon, solicit, cause or attempt to cause any Restricted Customer (as defined below) to not do business with the Company or to reduce, modify or transfer any part of its business with the Company; (b) call upon, solicit, cause or attempt to cause any Restricted Customer to do business with a competitor of the Company; (c) sell or provide any services or products to any Restricted Customer that are competitive with or a replacement for the Company’s services or products; or (d) as an employee, agent, partner, director, consultant, or in any other capacity assist any person or entity to engage in any of the conduct described in subsections (a) - (c) of this Section. Notwithstanding the preceding, if I become an employee of a Restricted Customer after my employment with the Company ends, then this subsection shall not limit my communications or activities with that particular Restricted Customer while I am employed by that Restricted Customer, provided that: (i) as part of my services with or for such Restricted Customer, I do not engage in activities or directly assist others to engage in activities that compete with the Company in the Business or otherwise violate Section 5.1; and (ii) I abide by the confidentiality and non-raiding of employees obligations set forth in this Agreement.
“Restricted Customer” means: (i) a Customer (as defined below) for which I earned or was paid incentive pay at any point during my last twelve (12) months as a Company employee; (ii) a Customer with which I worked or for which I supervised the Company’s work at any point during my last twelve (12) months as a Company employee; (iii) a prospective Customer that I contacted or for which I supervised contact at any point during my last twelve (12) months as a Company employee; and (iv) a
current or prospective Customer about which I obtained Confidential Information at any point during my last twelve (12) months as a Company employee. “Customer” means a Company customer, partner hospital, member or affiliated health care organization.
The “Business” means the business engaged in by the Company as of my last day of employment with the Company.
5.3Non-Interference With Restricted Suppliers. For a period of twelve (12) months following my last day of employment with the Company, I agree that I will not solicit, cause or attempt to cause any Restricted Supplier (as defined below) to not do business with the Company or to reduce, modify or transfer any part of its business with the Company. “Restricted Supplier” means any supplier of goods or services to the Company: (a) with which I had dealings; (b) for which I supervised or assisted in the Company’s dealings; or (c) about which I obtained Confidential Information, all at any point during my last thirty six (36) months as a Company employee.
I further agree that in the event I am later employed by a non-group purchasing organization medical supplier following my employment with the Company, I will recuse myself for a period of twelve (12) months following my last day of employment with the Company from any consideration of decisions or other communications or discussions that would result in the termination of a contract, discontinuance of business, or reduction of business with or amounts paid to the Company involving the products or services that my new employer supplies the Company. I further expressly acknowledge and agree that as part of my post- employment confidentiality commitments to the Company, I cannot and will not use any confidential Company pricing, contract or other supplier-related information obtained during my employment with the Company in connection with any supply contract or other negotiations between the Company and my new non-group purchasing organization medical supplier employer, if applicable, or to obtain a competitive advantage against or otherwise harm the Company or its affiliated entities.
5.4Non-Raiding of Employees. During my employment with the Company under this Agreement and for a period of eighteen (18) months following my last day of employment with the Company, I agree not to on my own behalf or on behalf of any other entity: (a) hire or engage as an employee or as an independent contractor any then current employee or independent contractor of the Company (each a “Restricted Employee”); or (b) solicit, encourage or cause or attempt to solicit, encourage or cause any Restricted Employee to leave his or her employment with the Company.
5.5Statements. Subject to my Protected Rights in Section 4.3 above, I agree during and at all times after my employment with the Company, not to defame, misrepresent, or otherwise make any intentionally false and disparaging statements about the Company, including any of its products, services or practices, or any of its affiliates, directors, officers, agents, representatives, stockholders or affiliates, either orally or in writing. I also agree not to disparage or denigrate the Company’s employees.
5.6Cooperation. I agree that during and for a period of twenty four (24) months after my employment with the Company to remain available to cooperate with the Company with respect to any matters that occurred during my employment with the Company, including, without limitation, providing truthful and complete cooperation in litigation matters relating to the Company, the Related Companies or any other affiliates and about which I have knowledge, whether or not such matters have been commenced as of the termination of my employment.
5.7Other Commitments. I represent and warrant to the Company that prior to and during my current employment/engagement with the Company: (a) if I am an employee of the Company, I have terminated employment with all my prior employers; and (b) my employment/engagement with the Company will not breach any confidentiality, non-compete, non-solicitation or other contract that I may have with any current or former employer, contracting entity or other third party.
5.8Related Companies. For purposes of the restrictions and commitments in Section 3 (Conflicts of Interest), 4 (Confidential Information and Intellectual Property), 5 (Non-Compete and Non-Interference / Raiding) and 6 (Reasonableness), “the Company” shall include the Company or any successor and any “Related Company” (as defined below) for or with whom I performed or supervised any services at any time during the last 12 months of my employment with the Company and/or its Related Companies.
“Related Company” means, with respect to the Company, any parent company, subsidiary company, sister company or joint venture, or related subsidiary company of such entities.
6REASONABLENESS OF RESTRICTIONS
I have carefully read and considered the provisions of this Agreement and, having done so, agree that the restrictions set forth in it are fair, reasonable, and necessary to protect the Company’s legitimate business interests. In addition, I acknowledge and agree that the restrictions in this Agreement do not unreasonably restrict or affect my ability to obtain employment should my employment with the Company end. Thus, although the Company and I acknowledge and agree that I retain the right to contest the application or interpretation of Sections 3-5 of this Agreement to particular facts/circumstances, I agree not to contest the general validity or enforceability of Sections 3-5 before any court, arbitration panel or other body.
Further, I agree that I shall notify any prospective employer, entity or individual with whom I seek to be employed or provide independent contractor services of the non-competition, non-interference, confidentiality and other requirements set forth in Sections 3-5 of this Agreement during the applicable term for each, and the Company may likewise provide such notice during the same period to any prospective employer, entity or individual with whom I seek to be employed or provide independent contractor services.
7OBLIGATIONS CONCERNING PRIOR BUSINESS RELATIONSHIPS
7.1Former Employment/Engagements. I represent and warrant to the Company that: (a) I am not working for or engaged by any other person or entity as an employee, independent contractor or consultant; and (b) I have provided the Company with a copy of any and all agreements with third parties that may limit or attempt to limit my right to be employed by the Company or its Related Companies, to perform any activities for the Company or a Related Company, or to disclose to the Company or a Related Company any ideas, inventions, discoveries or other information.
7.2No Disclosure or Use of Confidential Information of Others. I represent and warrant to the Company that I have not brought and will not bring with me to the Company, disclose to the Company or use in the performance of my duties for the Company any materials, data, software, technology, trade secrets, intellectual property, confidential or proprietary information, or documents belonging to a third party that are not generally available to the public, unless I have obtained written authorization to do so from the third party and provided the Company with a copy of it. I understand and agree that, in my employment with the Company, I am not to breach any obligation of confidentiality that I have to former employers or other third parties, and I agree that I shall fulfill all such obligations during my employment with the Company.
8GENERAL PROVISIONS
8.1Breach of Agreement. I acknowledge that my breach of this Agreement, particularly Sections 3-6, will cause immediate and irreparable damage to the Company and its Related Companies and that such damages will be exceedingly difficult to measure in full. Therefore, I acknowledge that the payment of damages in an action at law for breach of this Agreement would not adequately compensate the Company or its Related Companies for the damages suffered. In addition, the short duration of the covenants contained in this Agreement makes essential the enforcement of this Agreement by injunctive relief. The Company and I therefore agree that this Agreement may be enforced through temporary, preliminary and permanent injunctive relief, and that all other available remedies at law or in equity including, but not limited to, money damages, may be pursued for breach of this Agreement.
Moreover, I agree that, in addition to any other remedies available to the Company and/or its Related Companies by operation of law or otherwise, if I breach of any of the obligations contained in Sections 3-6, I shall: (a) forfeit at the time of the breach the right to any additional Severance Pay under Section 2 of this Agreement; (b) forfeit the right to all further unpaid / unawarded, amounts that may otherwise be payable under the terms of any amounts described in Section 1.3 and 1.4 hereof, or any other compensation plan in which I participate and to which I might otherwise then be entitled by virtue thereof at the time of the breach, if any, notwithstanding any provisions of this Agreement or such plans or programs to the contrary; and (c) be required to refund to the Company and its Related Companies, and the Company and its Related Companies shall be entitled to recover of me, the amount of any and
all such Severance Pay, amounts described in Section 1.3 and 1.4 hereof, or other compensation plan or awards already paid or provided to or on behalf of me by the Company and/or its Related Companies following the initial breach, if any, notwithstanding any provisions of this Agreement or such plans or programs to the contrary.
In addition, the Company and I agree that the prevailing party in any legal action to enforce the terms of this Agreement, including but not limited to Sections 3-6, shall be entitled to costs and attorneys’ fees related to any such proceeding as allowed by law. Further, the time period for the covenants in Sections 4-6 shall be tolled during any period of time in which I am violating those Sections.
The restrictions and obligations in Sections 4-6 shall survive my last day of employment with the Company and shall be in addition to any restrictions imposed on me by statute, at common law, or other agreements. The restrictions and obligations in Sections 4-6 shall continue to be enforceable regardless of whether there is a subsequent dispute between me and the Company concerning any alleged breach of this Agreement.
8.2Judicial Modification and Severability. If a court determines that any provision of this Agreement is invalid, then the Company and I request that the court “blue-pencil” or otherwise modify such provision in order to render the provision not invalid and enforce the provision as modified. In such a case, all other provisions contained in this Agreement shall remain in full force and effect. In addition, each provision of this Agreement is severable from each other provision.
8.3Section 409A.
a.Section 409A Compliance. The Company and I intend that any amounts payable hereunder that could constitute “deferred compensation” within the meaning of Section 409A (“Section 409A”) of the Internal Revenue Code (the “Code”) will be compliant with Section 409A. If the Company shall determine that any provision of this Agreement does not comply with the requirements of Section 409A, the Company shall amend the Agreement to the extent necessary (including retroactively) in order to comply with Section 409A (which amendment shall not reduce the amounts payable to me under this Agreement). The Company shall also have the discretionary authority to take such other actions to correct any failures to comply in operation with the requirements of Section 409A. Such authority shall include the power to adjust the timing or other details relating to the awards and payments described in this Agreement (but not the amounts payable to me under this Agreement) if the Company determines that such adjustments are necessary in order to comply with or become exempt from the requirements of Section 409A. Notwithstanding the foregoing, to the extent that this Agreement or any payment or benefit (or portion thereof) under this Agreement or the plans referenced herein shall be deemed not to comply with Section 409A, then none of the Company, its Related Companies, the Board, the Compensation Committee of the Board, Premier, Inc. and its Related Companies’ shareholders, owners, board members, officers, employees, their designees and agents shall not be liable to me in any way.
b.Separation from Service. Notwithstanding anything in this Agreement to the contrary, no separation benefits, if applicable, deemed deferred compensation subject to Section 409A shall be payable pursuant to this Agreement unless my separation from employment constitutes a “separation from service” with the Company within the meaning of Section 409A and the Department of Treasury regulations and other guidance promulgated thereunder (a “Separation from Service”).
c.Specified Employee. Notwithstanding any provision to the contrary in this Agreement, if I am deemed by the Company at the time of my Separation from Service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any portion of the benefits to which I am entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of my benefits shall not be provided to me prior to the earlier of (i) the expiration of the six-month period measured from the date of my Separation from Service or (ii) the date of my death. Upon the first business day following the expiration of the applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this Section 8.3(c) shall be paid in a lump sum to me, and any remaining payments due under this Agreement shall be paid as otherwise provided herein.
d.Expense Reimbursements. To the extent that any reimbursements payable pursuant to this Agreement are subject to the provisions of Section 409A, any such reimbursements payable to me pursuant to this Agreement shall be paid to me no later than December 31 of the year following the year in which the expense was incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, and my right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit.
e.Installments. For purposes of Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), my right to receive the installment payments of Severance Pay under this Agreement shall be treated as a right to receive a series of separate payments and, accordingly, each such installment payment shall at all times be considered a separate and distinct payment. In the event that the timing of my signing the Release referenced in Section 2.1 could result in any portion of the Severance Pay that is deferred compensation subject to Section 49A being paid in an earlier or later calendar year, then such portion shall be paid in the later calendar year.
8.4Tax Penalty Protection. Notwithstanding any other provision in this Agreement to the contrary, any payment or benefit received or to be received by me in connection with a “change in ownership or control” as such term is defined under Section 280G of the Code (whether payable under the terms of this Agreement or any other plan, arrangement or agreement with the Company or its Related Companies, collectively, the “Payments”) would constitute a “parachute payment” within the meaning of Section 280G of the Code, it shall be reduced to the extent necessary so that no portion thereof shall be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), but only if, by reason of such reduction, the net after-tax benefit received by me shall exceed the net after-tax benefit that would be received by me if no such reduction was made. Whether and how the limitation under this Section 8.4 is applicable shall be determined under the Section 280G Rules set forth in Exhibit B hereto.
8.5Incentive-Based Compensation Clawback. In accordance with the terms and conditions of Premier, Inc.’s Compensation Recoupment Policy, as such policy may be established, modified, changed, replaced or terminated from time to time, I agree to repay any incentive or other compensation paid or otherwise made available to me by the Company or its Related Companies, as required by the terms of such policy. If I fail to return such compensation as required by the terms of the Compensation Recoupment Policy or applicable law, I hereby agree and authorize the Company and its Related Companies to, among other things as set forth in the policy: (a) deduct the amount of such identified compensation from any and all other compensation owed to me by the Company or is Related Companies (if any); and (b) adjust and reduce future compensation to me (if any). I acknowledge that the Company may take appropriate disciplinary action (up to, and including, Termination For Just Cause) if I fail to return / repay such identified compensation within the timeframe required by the Compensation Recoupment Policy. Further, the Company and I agree that the provisions of this Section 8.5 shall remain in effect indefinitely following my termination of employment.
8.6 Indemnification. The Company and I have entered into (or shall enter into concurrent with this Agreement) a separate indemnity agreement, consistent with the Company’s certificate of incorporation, by-laws and other corporate governance documents; provided that the entry into such an agreement shall not be a condition precedent to my right to be indemnified by the Company as provided in such corporate governance documents. The Company will indemnify me or cause me to be indemnified in my capacity as an officer, director or senior manager of any Related Company for which I serve as such, to the fullest extent permitted by the laws of the state of incorporation of such Related Company in effect from time to time, or the certificate of incorporation, by-laws or other corporate governance documents of such Related Company. The Company shall provide me with directors’ and officers’ insurance coverage to the same extent as provided to other senior executives of the Company from time to time.
8.7Governing Law, Forum, Jurisdiction. Except as prohibited by law, I agree (a) that this Agreement shall be governed by the laws of the State of North Carolina, regardless of where I may work for the Company and irrespective of conflict of law principles; (b) any litigation under this Agreement shall be brought by either me or the Company exclusively in Mecklenburg County, North Carolina, notwithstanding that I may not be a resident of North Carolina when the litigation is commenced and/or cannot be served process within North Carolina; and (c) as such, the Company and I irrevocably consent to the jurisdiction of the courts in Mecklenburg County, North Carolina (whether federal or state) for all
disputes related to this Agreement and irrevocably consent to service of process via nationally recognized overnight carrier, without limiting other service methods available under applicable law. Except as prohibited by law, the Company and I irrevocably waive any right to a trial by jury in any action related to this Agreement. Further, the Company and I agree that the terms in this Section are material provisions of this Agreement, that the Company’s headquarters is in Charlotte, Mecklenburg County, North Carolina, that this is a contract made in North Carolina, and that, except as prohibited by law, no party to this Agreement will contest the enforceability of the choice of law, exclusive venue, or other provisions of this Section. I acknowledge that nothing in this Agreement shall be construed as impairing my rights under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
8.8Entire Agreement, Amendment, Waiver, Assignment. This Agreement constitutes the entire agreement between me and the Company related to the subject matters contained in it and supersedes all previous written or oral agreements related to these subject matters, including any previous employment and similar agreements with the Company and its Related Companies, provided that it does not extinguish any post-employment obligations I may owe the Company or its Related Companies under other written or previous agreements. No amendment or attempted waiver of any of the provisions of this Agreement shall be binding unless reduced to writing and signed by me and the Company. Any waiver of any provision by either party shall not constitute a waiver of such provision or any other provision at a later time or in any other circumstance. The Company shall have the right to assign or transfer this Agreement to any affiliated entity or successor to all or part of its business, and I irrevocably consent to any such assignment or transfer. Further, the Company and I agree that the Company may disclose the compensation and other terms of this Agreement: (a) to Premier, Inc.’s shareholders/owners; and (b) in its proxy statements or other public securities filings as required by law.
EMPLOYEE
Agreed to and accepted:
Date: 9/26/2022
Employee Signature: /s/ Crystal Climer
Premier Healthcare Solutions, Inc.
Agreed to and accepted:
Date: 9/26/2022
Signature of Authorized Representative: /s/ Stacy Mason
Full Name:Stacy Mason
Title: VP, Employee Relations
TiiEA-21.1
Exhibit A
Protection of Confidential Information and Protected Health Information
I understand that during the course of my employment with the Company, I may see or hear confidential information or protected health information (“PHI”) and that the Company and its Related Companies have the legal obligation and ethical responsibility to maintain strict confidentiality as to the personal facts and circumstances of any applicant, employee, client, customer, patient or other individual or entity that is made available to the Company or its Related Companies in the course of their business (“Protected Entities”). I also understand that it is the policy of the Company and its Related Companies not to disclose personal facts and circumstances about any Protected Entity without such Protected Entity’s authorization or consent, except as required by applicable law or to fulfill the legitimate business responsibilities of the Company and its Related Companies.
By way of example, the types of PHI and other information that generally must be kept confidential includes applicant, employee, client, customer and patient names, social security numbers, dates of birth, addresses, telephone numbers, financial status and information, account or identification numbers issued by government agencies or private financial institutions, confidential business information, vital records information, and health information that identifies individuals. PHI that identifies an individual generally cannot be released unless properly authorized by the individual or its legal representative, or pursuant to the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”). The Family Privacy Protection Act and other local, state and federal laws may place additional limitations on the disclosure of personal information. Therefore, to the extent applicable to me during the course of my employment with the Company or any Related Company, I agree that during and at all times after my employment with the Company and any Related Company, I shall adhere to the requirements of the (a) U.S. Department of Health and Human Services issued regulations on “Standards for Privacy of Individually Identifiable Health Information,” which comprise 45 C.F.R. Parts 160 and 164, promulgated pursuant to HIPAA; (b) separate HIPAA Privacy and Security Standards issued by the Utilization Review Accreditation Commission; (c) Family Privacy Protection Act and other local, state and federal laws that may place additional limitations on disclosure of personal information, in each case with respect to the Protected Entities; and (d) and policies issued during my employment with the Company or any related Company regarding PHI.
As part of my obligation to protect confidential information and PHI of the Protected Entities, and except as (i) expressly authorized by such Protected Entities or their legal representatives, (ii) required to carry out my properly assigned duties with the Company or any Related Company, or (iii) required or permitted by applicable law, I also understand and agree that:
•I will not access or view any such information;
•I will not make inquiries about such information on behalf of any individual who does not have proper authorization to access such information;
•I will not make any unauthorized copy or disclosure of such information, or disseminate, remove or transfer such information to any unauthorized location;
•I will not discuss such information with any person who is not authorized to access such information;
•I will not engage in conversation about such information outside the office of the Company or its Related Companies (including, without limitation in hallways, on elevators, or in my home);
•I will take care to safeguard any password(s) I am issued by the Company, any Related Company or any other entity designed to protect such information;
•If I have any questions about whether I need access to certain information, or whether certain information should be disclosed, I will promptly ask my supervisor for clarification; and
•I will immediately report to my supervisor and other designated Company personnel any unauthorized disclosure of such information, including by myself or any third party.
I understand all Company computer access is subject to audit at any time by the Company, including to ensure compliance with my obligation to protect and safeguard PHI and confidential information. I also agree to comply with any other Company and Related Company policies regarding the protection and safeguarding of PHI and confidential information. Upon termination of my employment for any reason, I will return any documents or other items in my possession that contain confidential information or PHI.
I understand that my violation of this Protection of Confidential Information and PHI or any other Company or Related Company policy regarding the safeguarding of confidential information or PHI may
result in the termination of my work relationship or be the grounds for disciplinary action, fines, penalties, imprisonment or cause civil suit to be brought against me.
exha-21.1
Exhibit B
Section 280G Rules
The following rules shall apply for purposes of determining whether and how the limitations provided under Section 8.4 of this Agreement are applicable to me.
1.The “net after-tax benefit” shall mean (a) the Payments (as defined in Section 8.4) which I receive or am then entitled to receive from the Company or a subsidiary or affiliate that would constitute “parachute payments” within the meaning of Code Section 280G, less (b) the amount of all federal, state and local income and employment taxes payable by me with respect to the foregoing calculated at the highest marginal income tax rate for each year in which the foregoing shall be paid to me (based on the rate in effect for such year as set forth in the Code as in effect at the time of the first payment of the foregoing), less (c) the amount of Excise Tax imposed with respect to the payments and benefits described in (a) above.
2.All determinations under Section 8.4 of this Agreement and this Exhibit B will be made by an accounting firm or law firm that is selected for this purpose by the Company prior to a change in control, within the meaning of Code Section 280G (the “280G Firm”). All fees and expenses of the 280G Firm shall be borne by the Company. The Company will direct the 280G Firm to submit any determination it makes under Section 8.4 of this Agreement and this Exhibit B and supporting calculations to both me and the Company as soon as reasonably practicable.
3.If the 280G Firm determines that one or more reductions are required under Section 8.4 of this Agreement, the 280G Firm shall also determine which Payments shall be reduced (first from cash payments and then from non-cash benefits) to the extent necessary so that no portion thereof shall be subject to the excise tax imposed by Section 4999 of the Code, and the Company shall pay such reduced amount to me. The 280G Firm shall make reductions required under Section 8.4 of this Agreement in a manner that maximizes the net after-tax amount payable to me.
4.As a result of the uncertainty in the application of Section 280G at the time that the 280G Firm makes its determinations under this provision, it is possible that amounts will have been paid or distributed to me that should not have been paid or distributed (collectively, the “Overpayments”), or that additional amounts should be paid or distributed to me (collectively, the “Underpayments”). If the 280G Firm determines, based on the assertion of a deficiency by the Internal Revenue Service against the Company or me, which assertion the 280G Firm believes has a high probability of success or controlling precedent or substantial authority, that an Overpayment has been made, I must repay the Overpayment amount promptly to the Company, without interest; provided, however, that no loan will be deemed to have been made and no amount will be payable by me to the Company unless, and then only to the extent that, the deemed loan and payment would either reduce the amount on which I am subject to tax under Section 4999 of the Code or generate a refund of tax imposed under Section 4999 of the Code. If the 280G Firm determines, based upon controlling precedent or substantial authority, that an Underpayment has occurred, the 280G Firm will notify me and the Company of that determination, and the Underpayment amount will be paid to me promptly by the Company.
5.I will provide the 280G Firm access to, and copies of, any books, records and documents in my possession as reasonably requested by the 280G Firm, and otherwise cooperate with the 280G Firm in connection with the preparation and issuance of the determinations and calculations contemplated by Section 8.4 of this Agreement.
CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Michael J. Alkire, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Premier, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 7, 2023
| | | | | | | | |
| | /s/ Michael J. Alkire |
| | Michael J. Alkire |
| | President and Chief Executive Officer |
CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Craig S. McKasson, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Premier, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 7, 2023
| | | | | | | | |
| | /s/ Craig S. McKasson |
| | Craig S. McKasson |
| | Chief Administrative and Financial Officer and Senior Vice President |
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Premier, Inc. (“Premier”) on Form 10-Q for the period ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael J. Alkire, President and Chief Executive Officer of Premier, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:
1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of
1934; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of Premier.
| | | | | | | | |
| | |
| | /s/ Michael J. Alkire |
| | Michael J. Alkire |
| | President and Chief Executive Officer |
| | |
| | November 7, 2023 |
A signed original of this written statement required by Section 906 has been provided to Premier, Inc. and will be retained by Premier, Inc. and furnished to the Securities and Exchange Commission or its staff upon request. This written statement shall not be deemed filed by Premier, Inc. for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to liability under that section, and will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that Premier, Inc. specifically incorporates it by reference.
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Premier, Inc. (“Premier”) on Form 10-Q for the period ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Craig S. McKasson, Chief Administrative and Financial Officer and Senior Vice President of Premier, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:
1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of
1934; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of Premier.
| | | | | | | | |
| | |
| | /s/ Craig S. McKasson |
| | Craig S. McKasson |
| | Chief Administrative and Financial Officer and Senior Vice President |
| | |
| | November 7, 2023 |
A signed original of this written statement required by Section 906 has been provided to Premier, Inc. and will be retained by Premier, Inc. and furnished to the Securities and Exchange Commission or its staff upon request. This written statement shall not be deemed filed by Premier, Inc. for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to liability under that section, and will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that Premier, Inc. specifically incorporates it by reference.
v3.23.3
Cover - shares
|
3 Months Ended |
|
Sep. 30, 2023 |
Nov. 02, 2023 |
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true
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Sep. 30, 2023
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false
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001-36092
|
|
| Entity Registrant Name |
Premier, Inc.
|
|
| Entity Incorporation, State or Country Code |
DE
|
|
| Entity Tax Identification Number |
35-2477140
|
|
| Entity Address, Address Line One |
13034 Ballantyne Corporate Place
|
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Charlotte,
|
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NC
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28277
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704
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357-0022
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| Title of 12(b) Security |
Class A Common Stock, $0.01 Par Value
|
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PINC
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NASDAQ
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v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
| Assets |
|
|
| Cash and cash equivalents |
$ 453,261
|
$ 89,793
|
| Accounts receivable (net of $1,970 and $2,878 allowance for credit losses, respectively) |
102,122
|
115,295
|
| Contract assets (net of $1,079 and $885 allowance for credit losses, respectively) |
311,557
|
299,219
|
| Inventory |
69,868
|
76,932
|
| Prepaid expenses and other current assets |
65,566
|
60,387
|
| Total current assets |
1,002,374
|
641,626
|
| Property and equipment (net of $682,882 and $662,554 accumulated depreciation, respectively) |
210,519
|
212,308
|
| Intangible assets (net of $278,372 and $265,684 accumulated amortization, respectively) |
417,342
|
430,030
|
| Goodwill |
1,012,355
|
1,012,355
|
| Deferred income tax assets |
797,064
|
653,629
|
| Deferred compensation plan assets |
44,029
|
50,346
|
| Investments in unconsolidated affiliates |
230,080
|
231,826
|
| Operating lease right-of-use assets |
26,871
|
29,252
|
| Other assets |
108,938
|
110,115
|
| Total assets |
3,849,572
|
3,371,487
|
| Liabilities and stockholders' equity |
|
|
| Accounts payable |
48,545
|
54,375
|
| Accrued expenses |
46,193
|
47,113
|
| Revenue share obligations |
265,832
|
262,288
|
| Accrued compensation and benefits |
45,807
|
60,591
|
| Deferred revenue |
20,730
|
24,311
|
| Line of credit and current portion of long-term debt |
1,199
|
216,546
|
| Current portion of liability related to the sale of future revenues |
32,827
|
0
|
| Other current liabilities |
209,263
|
50,574
|
| Total current liabilities |
770,526
|
815,463
|
| Liability related to the sale of future revenues, less current portion |
541,834
|
0
|
| Deferred compensation plan obligations |
44,029
|
50,346
|
| Operating lease liabilities, less current portion |
18,916
|
21,864
|
| Other liabilities |
45,245
|
47,202
|
| Total liabilities |
1,496,867
|
1,037,132
|
| Commitments and contingencies (Note 14) |
|
|
| Stockholders' equity: |
|
|
| Treasury stock, at cost; 6,429,375 shares at both September 30, 2023 and June 30, 2023 |
(250,129)
|
(250,129)
|
| Additional paid-in capital |
2,177,324
|
2,178,134
|
| Retained earnings |
424,260
|
405,102
|
| Accumulated other comprehensive loss |
(11)
|
(8)
|
| Total stockholders' equity |
2,352,705
|
2,334,355
|
| Total liabilities and stockholders' equity |
3,849,572
|
3,371,487
|
| Related Party |
|
|
| Liabilities and stockholders' equity |
|
|
| Current portion of notes payable to former limited partners |
100,130
|
99,665
|
| Long-term debt, less current portion and Notes payable to former limited partners, less current portion |
76,317
|
101,523
|
| Nonrelated Party |
|
|
| Liabilities and stockholders' equity |
|
|
| Long-term debt, less current portion and Notes payable to former limited partners, less current portion |
0
|
734
|
| Class A Common Stock |
|
|
| Stockholders' equity: |
|
|
| Class A common stock, $0.01 par value, 500,000,000 shares authorized; 126,101,826 shares issued and 119,672,451 shares outstanding at September 30, 2023 and 125,587,858 shares issued and 119,158,483 shares outstanding at June 30, 2023 |
$ 1,261
|
$ 1,256
|
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-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 15
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 15
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 15
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-5
Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1
Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17
Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20
Reference 29: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-11
Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3
Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-3
Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 38: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 40: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 41: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-15
Reference 42: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-16
Reference 43: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4I
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-Name Accounting Standards Codification
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.23.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
| Allowance for doubtful accounts |
$ 1,970
|
$ 2,878
|
| Allowance for credit losses |
1,079
|
885
|
| Accumulated depreciation |
682,882
|
662,554
|
| Accumulated amortization |
$ 278,372
|
$ 265,684
|
| Treasury stock, shares (in shares) |
6,429,375
|
6,429,375
|
| Class A Common Stock |
|
|
| Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
| Common stock, shares authorized (in shares) |
500,000,000
|
500,000,000
|
| Common stock, shares issued (in shares) |
126,101,826
|
125,587,858
|
| Common stock outstanding (in shares) |
119,672,451
|
119,158,483
|
| X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
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-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(14))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
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-Topic 210
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-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479344/326-20-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-4
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-Topic 210
-SubTopic 10
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-Section S99
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-Topic 946
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Topic 326
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 210
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 45
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v3.23.3
Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Net revenue: |
|
|
| Net revenue |
$ 318,752
|
$ 313,873
|
| Cost of revenue: |
|
|
| Cost of revenue |
108,170
|
111,888
|
| Gross profit |
210,582
|
201,985
|
| Operating expenses: |
|
|
| Selling, general and administrative |
138,060
|
132,050
|
| Research and development |
863
|
975
|
| Amortization of purchased intangible assets |
12,688
|
10,452
|
| Operating expenses |
151,611
|
143,477
|
| Operating income |
58,971
|
58,508
|
| Equity in net (loss) income of unconsolidated affiliates |
(1,726)
|
8,243
|
| Interest income (expense), net |
195
|
(2,859)
|
| Other expense, net |
(1,092)
|
(2,164)
|
| Other (expense) income, net |
(2,623)
|
3,220
|
| Income before income taxes |
56,348
|
61,728
|
| Income tax expense |
13,938
|
18,769
|
| Net income |
42,410
|
42,959
|
| Net loss (income) attributable to non-controlling interest |
2,351
|
(243)
|
| Net income attributable to stockholders |
44,761
|
42,716
|
| Comprehensive income: |
|
|
| Net income |
42,410
|
42,959
|
| Comprehensive loss (income) attributable to non-controlling interest |
2,351
|
(243)
|
| Foreign currency translation loss |
(3)
|
(10)
|
| Comprehensive income attributable to stockholders |
$ 44,758
|
$ 42,706
|
| Weighted average shares outstanding: |
|
|
| Basic (in shares) |
119,344
|
118,351
|
| Diluted (in shares) |
120,133
|
120,033
|
| Earnings per share attributable to stockholders: |
|
|
| Basic (in dollars per share) |
$ 0.38
|
$ 0.36
|
| Diluted (in dollars per share) |
$ 0.37
|
$ 0.36
|
| Services and software licenses |
|
|
| Net revenue: |
|
|
| Net revenue |
$ 268,167
|
$ 255,012
|
| Cost of revenue: |
|
|
| Cost of revenue |
64,132
|
54,014
|
| Net administrative fees |
|
|
| Net revenue: |
|
|
| Net revenue |
149,027
|
150,006
|
| Software licenses, other services and support |
|
|
| Net revenue: |
|
|
| Net revenue |
119,140
|
105,006
|
| Products |
|
|
| Net revenue: |
|
|
| Net revenue |
50,585
|
58,861
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v3.23.3
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands |
Total |
Class A Common Stock |
Common Stock
Class A Common Stock
|
Treasury Stock |
Additional Paid-In Capital |
Retained Earnings |
Accumulated Other Comprehensive Loss |
| Beginning balance (in shares) at Jun. 30, 2022 |
|
|
118,052,000
|
|
|
|
|
| Beginning balance at Jun. 30, 2022 |
$ 2,248,850
|
|
$ 1,245
|
$ (250,129)
|
$ 2,166,047
|
$ 331,690
|
$ (3)
|
| Treasury stock, beginning balance (in shares) at Jun. 30, 2022 |
|
|
|
6,429,000
|
|
|
|
| Increase (Decrease) in Stockholders' Equity |
|
|
|
|
|
|
|
| Issuance of Class A common stock under equity incentive plan (in shares) |
|
|
694,000
|
|
|
|
|
| Issuance of Class A common stock under equity incentive plan |
644
|
|
$ 7
|
|
637
|
|
|
| Stock-based compensation expense |
7,136
|
|
|
|
7,136
|
|
|
| Repurchase of vested restricted units for employee tax-withholding |
(13,089)
|
|
|
|
(13,089)
|
|
|
| Net income |
42,959
|
|
|
|
|
42,959
|
|
| Net income attributable to non-controlling interest |
0
|
|
|
|
243
|
(243)
|
|
| Change in ownership of consolidated entity |
26
|
|
|
|
26
|
|
|
| Dividends |
(25,097)
|
|
|
|
|
(25,097)
|
|
| Foreign currency translation adjustment |
(10)
|
|
|
|
|
|
(10)
|
| Ending balance (in shares) at Sep. 30, 2022 |
|
|
118,746,000
|
|
|
|
|
| Ending balance at Sep. 30, 2022 |
2,261,419
|
|
$ 1,252
|
$ (250,129)
|
2,161,000
|
349,309
|
(13)
|
| Treasury stock, ending balance (in shares) at Sep. 30, 2022 |
|
|
|
6,429,000
|
|
|
|
| Beginning balance (in shares) at Jun. 30, 2023 |
|
119,158,483
|
119,158,000
|
|
|
|
|
| Beginning balance at Jun. 30, 2023 |
$ 2,334,355
|
|
$ 1,256
|
$ (250,129)
|
2,178,134
|
405,102
|
(8)
|
| Treasury stock, beginning balance (in shares) at Jun. 30, 2023 |
6,429,375
|
|
|
6,429,000
|
|
|
|
| Increase (Decrease) in Stockholders' Equity |
|
|
|
|
|
|
|
| Issuance of Class A common stock under equity incentive plan (in shares) |
|
|
514,000
|
|
|
|
|
| Issuance of Class A common stock under equity incentive plan |
$ 5
|
|
$ 5
|
|
0
|
|
|
| Stock-based compensation expense |
6,692
|
|
|
|
6,692
|
|
|
| Repurchase of vested restricted units for employee tax-withholding |
(5,178)
|
|
|
|
(5,178)
|
|
|
| Net income |
42,410
|
|
|
|
|
42,410
|
|
| Net income attributable to non-controlling interest |
0
|
|
|
|
(2,351)
|
2,351
|
|
| Change in ownership of consolidated entity |
27
|
|
|
|
27
|
|
|
| Dividends |
(25,603)
|
|
|
|
|
(25,603)
|
|
| Foreign currency translation adjustment |
(3)
|
|
|
|
|
|
(3)
|
| Ending balance (in shares) at Sep. 30, 2023 |
|
119,672,451
|
119,672,000
|
|
|
|
|
| Ending balance at Sep. 30, 2023 |
$ 2,352,705
|
|
$ 1,261
|
$ (250,129)
|
$ 2,177,324
|
$ 424,260
|
$ (11)
|
| Treasury stock, ending balance (in shares) at Sep. 30, 2023 |
6,429,375
|
|
|
6,429,000
|
|
|
|
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Operating activities |
|
|
| Net income |
$ 42,410
|
$ 42,959
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
33,016
|
33,891
|
| Equity in net loss (income) of unconsolidated affiliates |
1,726
|
(8,243)
|
| Deferred income taxes |
(143,435)
|
2,156
|
| Stock-based compensation |
6,692
|
7,136
|
| Other, net |
3,459
|
10,035
|
| Changes in operating assets and liabilities, net of the effects of acquisitions: |
|
|
| Accounts receivable |
13,173
|
8,903
|
| Contract assets |
(16,838)
|
(11,856)
|
| Inventory |
7,064
|
(4,229)
|
| Prepaid expenses and other assets |
9,216
|
17,821
|
| Accounts payable |
(3,099)
|
15,172
|
| Revenue share obligations |
3,544
|
2,435
|
| Accrued expenses, deferred revenue and other liabilities |
124,948
|
(41,429)
|
| Net cash provided by operating activities |
81,876
|
74,751
|
| Investing activities |
|
|
| Purchases of property and equipment |
(21,270)
|
(18,930)
|
| Other |
0
|
(1,300)
|
| Net cash used in investing activities |
(21,270)
|
(20,230)
|
| Financing activities |
|
|
| Payments on notes payable |
(25,823)
|
(26,387)
|
| Proceeds from credit facility |
0
|
100,000
|
| Payments on credit facility |
(215,000)
|
0
|
| Proceeds from sale of future revenues |
578,983
|
0
|
| Payments on liability related to the sale of future revenues |
(4,322)
|
0
|
| Cash dividends paid |
(25,827)
|
(25,218)
|
| Other, net |
(5,146)
|
(12,419)
|
| Net cash provided by financing activities |
302,865
|
35,976
|
| Effect of exchange rate changes on cash flows |
(3)
|
(10)
|
| Net increase in cash and cash equivalents |
363,468
|
90,487
|
| Cash and cash equivalents at beginning of period |
89,793
|
86,143
|
| Cash and cash equivalents at end of period |
$ 453,261
|
$ 176,630
|
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v3.23.3
ORGANIZATION AND BASIS OF PRESENTATION
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| ORGANIZATION AND BASIS OF PRESENTATION |
(1) ORGANIZATION AND BASIS OF PRESENTATION Organization Premier, Inc. (“Premier” or the “Company”) is a publicly held, for-profit Delaware corporation located in the United States. The Company is a holding company with no material business operations of its own. The Company’s primary asset is its equity interest in its wholly owned subsidiary Premier Healthcare Solutions, Inc., a Delaware corporation (“PHSI”). The Company conducts substantially all of its business operations through PHSI and its other consolidated subsidiaries. The Company, together with its subsidiaries and affiliates, is a leading technology-driven healthcare improvement company that unites hospitals, health systems, physicians, employers, product suppliers, service providers, and other healthcare providers and organizations to improve and innovate in the clinical, financial and operational areas of their businesses to meet the demands of a rapidly evolving healthcare industry and continues to expand its capabilities to more fully address and coordinate care improvement and standardization in the employer, payer and life sciences markets. Additionally, the Company also provides some of the various products and services noted above to non-healthcare businesses, including through its direct sourcing activities as well as continued access to its group purchasing organization (“GPO”) programs for non-healthcare members whose contracts were sold to OMNIA Partners, LLC (“OMNIA”) (see Note 9 - Liability Related to the Sale of Future Revenues). The Company’s business model and solutions are designed to provide its members and other customers access to scale efficiencies, spread the cost of their development, provide actionable intelligence derived from anonymized data in the Company’s enterprise data warehouse, mitigate the risk of innovation and disseminate best practices to help the Company’s members and other customers succeed in their transformation to higher quality and more cost-effective healthcare. The Company, together with its subsidiaries and affiliates, delivers its integrated platform of solutions through two business segments: Supply Chain Services and Performance Services. See Note 15 - Segments for further information related to the Company’s reportable business segments. The Company has no significant foreign operations or revenues. The Supply Chain Services segment includes one of the largest national healthcare GPO programs in the United States and provides supply chain co-management, purchased services and direct sourcing activities. The Performance Services segment consists of three sub-brands: PINC AITM, the Company’s technology and services platform with offerings that help optimize performance in three main areas – clinical intelligence, margin improvement and value-based care – using advanced analytics to identify improvement opportunities, consulting and managed services for clinical and operational design, and workflow solutions to hardwire sustainable change in the provider, payer and life sciences markets; Contigo Health®, the Company’s direct-to-employer business which provides third-party administrator services and management of health-benefit programs that enable healthcare providers that are also payers (e.g., payviders) and employers to contract directly with healthcare providers as well as partner with healthcare providers to provide employers access to a specialized care network through Contigo Health’s centers of excellence program and cost containment and wrap network; and Remitra®, the Company’s digital invoicing and payables automation business which provides financial support services to healthcare suppliers and providers. Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC and in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries over which the Company exercised control and when applicable, entities for which the Company had a controlling financial interest or was the primary beneficiary. All intercompany transactions have been eliminated upon consolidation. Accordingly, certain information and disclosures normally included in annual financial statements have been condensed or omitted. The accompanying condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of results of operations and financial condition for the interim periods shown, consisting of normal recurring adjustments, unless otherwise disclosed. Certain amounts in prior periods have been reclassified to conform to the current period presentation. The Company believes that the disclosures are adequate to make the information presented not misleading and should be read in conjunction with the audited consolidated financial statements and related footnotes contained in the 2023 Annual Report. Supplementary Cash Flows Information The following table presents supplementary cash flows information for the three months ended September 30, 2023 and 2022 (in thousands): | | | | | | | | | | | | | Three Months Ended September 30, | | 2023 | | 2022 | | | | | | | | | | | | | | Supplemental schedule of non-cash investing and financing activities: | | | | | | | | | | | | | Accrued dividend equivalents | $ | 472 | | | $ | 156 | |
Use of Estimates in the Preparation of Financial Statements The preparation of the Company’s condensed consolidated financial statements in accordance with GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. Significant estimates are evaluated on an ongoing basis, including, but not limited to, estimates for net administrative fees revenue, software licenses, other services and support revenue, contract assets, deferred revenue, contract costs, allowances for credit losses, reserves for net realizable value of inventory, obsolete inventory, useful lives of property and equipment, stock-based compensation, deferred tax balances including valuation allowances on deferred tax assets, uncertain tax positions, values of investments not publicly traded, projected future cash flows used in the evaluation of asset impairments, values of call rights, values of earn-out liabilities and the allocation of purchase prices. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
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v3.23.3
SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| SIGNIFICANT ACCOUNTING POLICIES |
(2) SIGNIFICANT ACCOUNTING POLICIES There have been no material changes to the Company’s significant accounting policies as described in the 2023 Annual Report, except as described below. Liability Related to the Sale of Future Revenues The Company accounts for the sale of future revenues as a liability, with both current and non-current portions. In order to determine the timing of the reduction in debt associated with the sale of future revenues, the Company estimates the total future revenues expected to be remitted to the purchaser. The Company recognizes interest expense based on an estimated effective annual interest rate. The Company determines the effective interest rate based on recognized and expected future revenue and maintains a consistent interest rate throughout the life of the agreement. This estimate contains significant assumptions that impact both the amount of debt and the interest expense recorded over the life of the agreement. To the extent the amount or timing of future payments varies materially from the original estimate, the Company will make a cumulative adjustment to the carrying amount of the debt, which will be recorded as a non-cash gain or loss in other income in the Condensed Consolidated Statements of Income and Comprehensive Income
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v3.23.3
BUSINESS ACQUISITIONS
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Business Combination and Asset Acquisition [Abstract] |
|
| BUSINESS ACQUISITIONS |
(3) BUSINESS ACQUISITIONS Acquisition of TRPN Direct Pay, Inc. and Devon Health, Inc. Assets On October 13, 2022, the Company, through its consolidated subsidiary Contigo Health, LLC (“Contigo Health”), acquired certain assets (the “TRPN Transferred Assets”) of TRPN Direct Pay, Inc. and Devon Health, Inc. (collectively, “TRPN”), including contracts with more than 900,000 providers (collectively, the “Assumed Contracts”), and agreed to assume certain liabilities and obligations of TRPN with regard to the Assumed Contracts (referred to as the “TRPN acquisition”). The TRPN Transferred Assets relate to businesses of TRPN focused on improving access to quality healthcare and reducing the cost of medical claims through pre-negotiated discounts with network providers, including acute care hospitals, surgery centers, physicians and other continuum of care providers in the United States. Contigo Health also agreed to license proprietary cost containment technology of TRPN. The purchase price paid by the Company to complete the TRPN acquisition consisted of cash of $177.5 million, funded with borrowings under the Company’s Credit Facility (as defined in Note 8 - Debt and Notes Payable) and cash on hand, of which $17.8 million was placed in escrow to satisfy indemnification obligations of TRPN to Contigo Health and its affiliates and other parties related thereto under the purchase agreement governing the TRPN acquisition. The Company has accounted for the TRPN acquisition as a business combination whereby the purchase price was allocated to tangible and intangible assets acquired and liabilities assumed based on their fair values. The total fair value assigned to intangible assets acquired was $116.6 million, consisting primarily of the provider network. The TRPN acquisition resulted in the initial recognition of $60.9 million of goodwill attributable to the anticipated profitability of TRPN, based on the purchase price paid in the acquisition compared to the fair value of the net assets acquired. The TRPN acquisition was considered an asset acquisition for income tax purposes. Accordingly, the Company expects tax goodwill to be deductible for tax purposes. TRPN has been integrated within Premier under Contigo Health and is reported as part of the Performance Services Segment. In fiscal year 2023, the Company recorded a pre-tax goodwill impairment charge of $54.4 million related to the Contigo Health reporting unit including goodwill recognized as a result of the TRPN acquisition. Pro forma results of operations for the acquisition have not been presented because the effects on revenue and net income were not material to the Company’s historical consolidated financial statements.
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v3.23.3
INVESTMENTS
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Equity Method Investments and Joint Ventures [Abstract] |
|
| INVESTMENTS |
(4) INVESTMENTS Investments in Unconsolidated Affiliates The Company’s investments in unconsolidated affiliates consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Equity in Net Income | | | | Three Months Ended | | | | Carrying Value | | September 30, | | | | September 30, 2023 | | June 30, 2023 | | 2023 | | 2022 | | | | | | FFF | $ | 136,080 | | | $ | 136,080 | | | $ | — | | | $ | 7,187 | | | | | | | Exela | 31,487 | | | 32,905 | | | (1,419) | | | 138 | | | | | | | Qventus | 16,000 | | | 16,000 | | | — | | | — | | | | | | | Prestige | 15,623 | | | 15,503 | | | 119 | | | 180 | | | | | | | Other investments | 30,890 | | | 31,338 | | | (426) | | | 738 | | | | | | | Total investments | $ | 230,080 | | | $ | 231,826 | | | $ | (1,726) | | | $ | 8,243 | | | | | |
The Company, through its indirect, wholly owned subsidiary Premier Supply Chain Improvement, Inc. (“PSCI”), held a 49% interest in FFF Enterprises, Inc. (“FFF”) through its ownership of stock of FFF at September 30, 2023 and June 30, 2023. On March 3, 2023, the Company and the majority shareholder of FFF amended the FFF shareholders’ agreement and as of the date of the amendment, the Company accounts for its investment in FFF at cost less impairments, if any, plus or minus any observable changes in fair value (refer to the 2023 Annual Report for additional information and details regarding the March 2023 amendment). The Company accounts for its investment in FFF as part of the Supply Chain Services segment. The Company, through its consolidated subsidiary, ExPre Holdings, LLC (“ExPre”), held an approximate 6% interest in Exela Holdings, Inc. (“Exela”) through its ownership of Exela Class A common stock at September 30, 2023. At September 30, 2023, the Company owned approximately 15% of the membership interest of ExPre, with the remainder of the membership interests held by 11 member health systems or their affiliates. The Company, through its consolidated subsidiary, PRAM Holdings, LLC (“PRAM”), held an approximate 20% interest in Prestige Ameritech Ltd. (“Prestige”) through its ownership of Prestige limited partnership units at September 30, 2023. At September 30, 2023, the Company owned approximately 26% of the membership interest of PRAM, with the remainder of the membership interests held by 16 member health systems or their affiliates. The Company accounts for its investments in Exela and Prestige using the equity method of accounting and includes each investment as part of the Supply Chain Services segment. The Company, through PHSI, purchased an approximate 7% interest in Qventus, Inc. (“Qventus”) through its ownership of Qventus Series C preferred stock. The Company accounts for its investment in Qventus at cost less impairments, if any, plus or minus any observable changes in fair value. The Company includes Qventus as part of the Performance Services segment.
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v3.23.3
FAIR VALUE MEASUREMENTS
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Fair Value Disclosures [Abstract] |
|
| FAIR VALUE MEASUREMENTS |
(5) FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The following table represents the Company’s financial assets and liabilities, which are measured at fair value on a recurring basis (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value of Financial Assets and Liabilities | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs
(Level 3) | | September 30, 2023 | | | | | | | | | Cash equivalents | $ | 232,342 | | | $ | 232,342 | | | $ | — | | | $ | — | | | Deferred compensation plan assets | 49,911 | | | 49,911 | | | — | | | — | | | Total assets | 282,253 | | | 282,253 | | | — | | | — | | | | | | | | | | | Earn-out liabilities | 29,861 | | | — | | | — | | | 29,861 | | | | | | | | | | | Total liabilities | $ | 29,861 | | | $ | — | | | $ | — | | | $ | 29,861 | | | | | | | | | | | June 30, 2023 | | | | | | | | | Cash equivalents | $ | 77 | | | $ | 77 | | | $ | — | | | $ | — | | | Deferred compensation plan assets | 55,566 | | | 55,566 | | | — | | | — | | | Total assets | 55,643 | | | 55,643 | | | — | | | — | | | | | | | | | | | Earn-out liabilities | 26,603 | | | — | | | — | | | 26,603 | | | | | | | | | | | Total liabilities | $ | 26,603 | | | $ | — | | | $ | — | | | $ | 26,603 | |
Deferred compensation plan assets consisted of highly liquid mutual fund investments, which were classified as Level 1. The current portion of deferred compensation plan assets ($5.9 million and $5.2 million at September 30, 2023 and June 30, 2023, respectively) was included in prepaid expenses and other current assets in the accompanying Condensed Consolidated Balance Sheets. Financial Instruments Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) Earn-out liabilities Earn-out liabilities have been established in connection with certain acquisitions, including the acquisition of substantially all of the assets and certain liabilities of Acurity, Inc. and Nexera, Inc. (the “Acurity and Nexera asset acquisition”) in February 2020 as well as other immaterial acquisitions. The earn-out liability related to the Acurity and Nexera asset acquisition was based upon the Company’s achievement of a range of member renewals on terms to be agreed to by the Company and Greater New York Hospital Association based on prevailing market conditions in December 2023. Earn-out liabilities are classified as Level 3 of the fair value hierarchy. Acurity and Nexera Earn-out (a) The earn-out liability arising from expected earn-out payments related to the Acurity and Nexera asset acquisition was measured on the acquisition date using a probability-weighted expected payment model and is remeasured periodically due to changes in management’s estimates of the number of transferred member renewals and market conditions. In determining the fair value of the contingent liabilities, management reviews the current results of the acquired business, along with projected results for the remaining earn-out period, to calculate the expected earn-out payment to be made based on the contractual terms set out in the acquisition agreement. The Acurity and Nexera earn-out liability utilized a credit spread of 1.4% at September 30, 2023 and 1.6% at June 30, 2023. As of September 30, 2023 and June 30, 2023, the undiscounted range of outcomes is between $0 and $30.0 million. A significant decrease in the probability could result in a significant decrease in the value of the earn-out liability. The fair value of the Acurity and Nexera earn-out liability at September 30, 2023 and June 30, 2023 was $23.5 million and $23.1 million, respectively. | | | | | | | | | | | | | Input assumptions | As of September 30, 2023 | | As of June 30, 2023 | | Probability of transferred member renewal percentage < 50% | 5.0 | % | | 5.0 | % | | Probability of transferred member renewal percentage between 50% and 65% | 10.0 | % | | 10.0 | % | | Probability of transferred member renewal percentage between 65% and 80% | 25.0 | % | | 25.0 | % | | Probability of transferred member renewal percentage > 80% | 60.0 | % | | 60.0 | % | | Credit spread | 1.4 | % | | 1.6 | % |
_________________________________ (a)The Acurity and Nexera earn-out liability was initially valued as of February 28, 2020. A reconciliation of the Company’s earn-out liabilities is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Beginning Balance | | Purchases (Settlements) | | (Gain)/Loss (a) | | Ending Balance | | Three Months Ended September 30, 2023 | | | | | | | | | Earn-out liabilities | $ | 26,603 | | | $ | — | | | $ | 3,258 | | | $ | 29,861 | | | | | | | | | | | Total Level 3 liabilities | $ | 26,603 | | | $ | — | | | $ | 3,258 | | | $ | 29,861 | | | | | | | | | | | Three Months Ended September 30, 2022 | | | | | | | | | Earn-out liabilities | $ | 22,789 | | | $ | — | | | $ | (428) | | | $ | 22,361 | | | | | | | | | | | Total Level 3 liabilities | $ | 22,789 | | | $ | — | | | $ | (428) | | | $ | 22,361 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
_________________________________ (a)Gains on level 3 liability balances will decrease the liability ending balance, and losses on level 3 liability balances will increase the liability ending balance. Non-Recurring Fair Value Measurements As a result of the August 2020 Restructuring, the Company recorded non-interest bearing notes payable to former limited partners during the three months ended September 30, 2020. Although these notes are non-interest bearing, they include a Level 2 input associated with an implied fixed annual interest rate of 1.8% (see Note 8 - Debt and Notes Payable). As of September 30, 2023 and June 30, 2023, the notes payable to former limited partners were recorded net of discounts of $3.3 million and $4.2 million, respectively. During the three months ended September 30, 2023, no non-recurring fair value measurements were required relating to the measurement of goodwill and intangible assets for impairment. Financial Instruments For Which Fair Value Only is Disclosed The fair values of non-interest bearing notes payable, classified as Level 2, were equal to the carrying value at both September 30, 2023 and June 30, 2023 based on an assumed market interest rate of 1.6%. Other Financial Instruments The fair values of cash, accounts receivable, accounts payable, accrued liabilities and the Credit Facility (as defined in Note 8 - Debt and Notes Payable) approximated carrying value due to the short-term nature of these financial instruments.
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v3.23.3
CONTRACT BALANCES
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| CONTRACT BALANCES |
(6) CONTRACT BALANCES Deferred Revenue Revenue recognized during the three months ended September 30, 2023 that was included in the opening balance of deferred revenue at June 30, 2023 was $13.8 million, which is a result of satisfying certain performance obligations. Performance Obligations A performance obligation is a contractual obligation to transfer a distinct good or service to a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Contracts may have a single performance obligation as the agreement to transfer individual goods or services is not separately identifiable from other contractual obligations and, therefore, not distinct, while other contracts may have multiple performance obligations, most commonly due to the contract covering multiple phases or deliverable arrangements (licensing fees, SaaS subscription fees, maintenance and support fees, and professional fees for consulting services). Refer to the Company’s significant accounting policies in the 2023 Annual Report for discussion of revenue recognition on contracts with customers. Net revenue of $5.3 million was recognized during the three months ended September 30, 2023 from certain performance obligations that were satisfied or partially satisfied in prior periods. The net revenue recognized was driven by an increase of $3.8 million associated with revised forecasts from underlying contracts that include variable consideration components and additional fluctuations due to input method contracts which occur in the normal course of business and an increase of $1.5 million in net administrative fees revenue related to under-forecasted cash receipts received in the current period. Net revenue of $3.0 million was recognized during the three months ended September 30, 2022 from certain performance obligations that were satisfied or partially satisfied in prior periods. The net revenue recognized was driven by an increase of $4.7 million in net administrative fees revenue related to under-forecasted cash receipts received in the current period partially offset by a reduction of $1.7 million associated with revised forecasts from underlying contracts that include variable consideration components as well as additional fluctuations due to input method contracts which occur in the normal course of business. Remaining performance obligations represent the portion of the transaction price that has not yet been satisfied or achieved. As of September 30, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $705.8 million. The Company expects to recognize approximately 41% of the remaining performance obligations over the next twelve months and an additional 24% over the following twelve months, with the remainder recognized thereafter.
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v3.23.3
GOODWILL AND INTANGIBLE ASSETS
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| GOODWILL AND INTANGIBLE ASSETS |
(7) GOODWILL AND INTANGIBLE ASSETS Goodwill At both September 30, 2023 and June 30, 2023, the Company had goodwill balances recorded at Supply Chain Services and Performance Services of $386.2 million and $626.1 million, respectively. At both September 30, 2023 and June 30, 2023, the Company had accumulated impairment losses to goodwill at Supply Chain Services and Performance Services of $2.3 million and $54.4 million, respectively. Fiscal 2023 Goodwill Impairment During the year ended June 30, 2023, the Company recorded pre-tax goodwill impairment charges of $54.4 million and $2.3 million related to the Contigo Health and Direct Sourcing reporting units, respectively. No events or circumstances occurred during the three months ended September 30, 2023 that would suggest there are additional indicators of impairment, and accordingly, the Company determined that goodwill impairment testing was not needed at September 30, 2023. Intangible Assets, Net Intangible assets, net consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | June 30, 2023 | | Useful Life | | Gross | | Accumulated Amortization | | Net | | Gross | | Accumulated Amortization | | Net | | Member relationships | 14.7 years | | $ | 386,100 | | | $ | (143,291) | | | $ | 242,809 | | | $ | 386,100 | | | $ | (136,751) | | | $ | 249,349 | | | Provider network | 15.0 years | | 106,500 | | | (6,804) | | | 99,696 | | | 106,500 | | | (5,029) | | | 101,471 | | | Technology | 7.1 years | | 99,317 | | | (69,203) | | | 30,114 | | | 99,317 | | | (67,581) | | | 31,736 | | | Customer relationships | 9.4 years | | 57,930 | | | (33,070) | | | 24,860 | | | 57,930 | | | (31,846) | | | 26,084 | | | Trade names | 6.7 years | | 18,920 | | | (12,506) | | | 6,414 | | | 18,920 | | | (11,983) | | | 6,937 | | | Non-compete agreements | 5.2 years | | 17,715 | | | (10,439) | | | 7,276 | | | 17,715 | | | (9,738) | | | 7,977 | | Other (a) | 9.3 years | | 9,232 | | | (3,059) | | | 6,173 | | | 9,232 | | | (2,756) | | | 6,476 | | | Total | | | $ | 695,714 | | | $ | (278,372) | | | $ | 417,342 | | | $ | 695,714 | | | $ | (265,684) | | | $ | 430,030 | |
_________________________________ (a)Includes a $1.0 million indefinite-lived asset. The net carrying value of intangible assets by segment was as follows (in thousands): | | | | | | | | | | | | | September 30, 2023 | | June 30, 2023 | | Supply Chain Services | $ | 261,779 | | | $ | 269,710 | | Performance Services (a) | 155,563 | | | 160,320 | | | Total intangible assets, net | $ | 417,342 | | | $ | 430,030 | |
_________________________________ (a)Includes a $1.0 million indefinite-lived asset. The estimated amortization expense for each of the next five fiscal years and thereafter is as follows (in thousands): | | | | | | 2024 (a) | $ | 37,074 | | 2025 | 48,136 | | 2026 | 46,892 | | 2027 | 44,240 | | 2028 | 39,197 | | | Thereafter | 200,803 | | | Total amortization expense | $ | 416,342 | |
(a)As of September 30, 2023, estimated amortization expense is for the period from October 1, 2023 to June 30, 2024.
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v3.23.3
DEBT AND NOTES PAYABLE
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Debt Disclosure [Abstract] |
|
| DEBT AND NOTES PAYABLE |
(8) DEBT AND NOTES PAYABLE Long-term debt and notes payable consisted of the following (in thousands): | | | | | | | | | | | | | September 30, 2023 | | June 30, 2023 | Credit Facility | $ | — | | | $ | 215,000 | | Notes payable to former limited partners, net of discount | 176,447 | | | 201,188 | | | Other notes payable | 1,199 | | | 2,280 | | | Total debt and notes payable | 177,646 | | | 418,468 | | | Less: current portion | (101,329) | | | (316,211) | | | Total long-term debt and notes payable | $ | 76,317 | | | $ | 102,257 | |
Credit Facility PHSI, along with its consolidated subsidiaries, Premier LP and PSCI (“Co-Borrowers”), and certain domestic subsidiaries of the Co-Borrowers, as guarantors, entered into a senior unsecured Amended and Restated Credit Agreement, dated as of December 12, 2022 (the “Credit Facility”). The Credit Facility has a maturity date of December 12, 2027, subject to up to two one-year extensions, and provides for borrowings of up to $1.0 billion with (i) a $50.0 million sub-facility for standby letters of credit and (ii) a $100.0 million sub-facility for swingline loans. The Credit Facility also provides that Co-Borrowers may from time to time (i) incur incremental term loans and (ii) request an increase in the revolving commitments under the Credit Facility, together up to an aggregate of $350.0 million, subject to the approval of the lenders providing such term loans or revolving commitment increase. The Credit Facility contains an unconditional and irrevocable guaranty of all obligations of Co-Borrowers under the Credit Facility by the current and future guarantors. Premier is not a guarantor under the Credit Facility. At September 30, 2023, the Company had no outstanding borrowings under the Credit Facility with $995.0 million of available borrowing capacity after reductions for outstanding letters of credit. At June 30, 2023, the Company had $215.0 million in outstanding borrowings under the Credit Facility with $785.0 million of available borrowing capacity after reductions for outstanding borrowings and outstanding letters of credit. For the three months ended September 30, 2023, the Company had no new borrowings and repaid $215.0 million of outstanding borrowings under the Credit Facility. At September 30, 2023, the annual commitment fee, based on the actual daily unused amount of commitments under the Credit Facility, was 0.125%. At June 30, 2023, the weighted average interest rate on outstanding borrowings under the Credit Facility was 6.470%. The Company was in compliance with all covenants at September 30, 2023 and June 30, 2023. Notes Payable Notes Payable to Former Limited Partners At September 30, 2023, the Company had $176.4 million of notes payable to former LPs, net of discounts on notes payable of $3.3 million, of which $100.1 million was recorded to current portion of notes payable to former limited partners in the accompanying Condensed Consolidated Balance Sheets. At June 30, 2023, the Company had $201.2 million of notes payable to former LPs, net of discounts on notes payable of $4.2 million, of which $99.7 million was recorded to current portion of notes payable to former limited partners in the accompanying Condensed Consolidated Balance Sheets. The notes payable to former LPs were issued in connection with the early termination of the TRA as part of the August 2020 Restructuring. Although the notes payable to former LPs are non-interest bearing, pursuant to GAAP requirements, they were recorded net of imputed interest at a fixed annual rate of 1.8%. Other At September 30, 2023 and June 30, 2023, the Company had $1.2 million and $2.3 million in other notes payable, respectively, of which $1.2 million and $1.5 million, respectively, were included in current portion of long-term debt in the accompanying Condensed Consolidated Balance Sheets. Other notes payable do not bear interest and generally have stated maturities of three to five years from their date of issuance.
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v3.23.3
LIABILITY RELATED TO THE SALE OF FUTURE REVENUES
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Other Liabilities Disclosure [Abstract] |
|
| Liability Related To The Sale Of Future Revenues |
(9) LIABILITY RELATED TO THE SALE OF FUTURE REVENUES Sale of Non-Healthcare GPO Member Contracts On July 25, 2023 (the “Closing Date”), the Company sold the equity interest in its wholly-owned subsidiary, Non-Healthcare Holdings, LLC, pursuant to an equity purchase agreement with OMNIA (“Equity Purchase Agreement”) for a purchase price estimated to be between $750.0 million and $800.0 million, subject to certain adjustments. As of September 30, 2023, the Company has received $689.2 million in cash consideration which includes $110.2 million remaining in escrow subject to release upon certain members agreeing to certain consents. In October 2023, the Company received $35.8 million that was released from escrow. The cash consideration includes a true-up adjustment to the purchase price to be paid within approximately eight months following the Closing Date. See Note 13 - Income Taxes for further income tax considerations on cash proceeds received as of September 30, 2023. Pursuant to the terms of the Equity Purchase Agreement, OMNIA acquired Premier’s non-healthcare GPO member agreements which includes the associated net cash flows generated from administrative fees from purchasing on supplier contracts. In conjunction with the execution of the Equity Purchase Agreement, the Company and OMNIA entered into a 10 year channel partnership agreement (the “Channel Agreement”) pursuant to which OMNIA’s existing and newly acquired members will have access to Premier’s supplier portfolio in which 100% of the administrative fees generated will be remitted to OMNIA. Under the terms of the Channel Agreement, although the Company sold the rights to retain future net administrative fees from the non-healthcare GPO member agreements, the Company continues to maintain significant involvement in the generation of the gross administrative fees through its supplier portfolio. Additionally, the Company has the right to retain an “Access Fee” over the term of the Channel Agreement based on the continued growth of the non-healthcare GPO member agreements. Due to the Company’s continued involvement, the Company will continue to record net administrative fees from the non-healthcare agreements as revenue. The Company recorded the net proceeds from this transaction as a liability related to the sale of future revenues on the accompanying Condensed Consolidated Balance Sheets, which will be amortized using the effective interest method over the remaining contractual life of the Channel Agreement. The Company has no obligation to pay OMNIA any principal or interest balance on the sale of future revenues liability outside of the cash flows generated for administrative fees from the Channel Agreement. As payments for administrative fees are remitted to OMNIA, the balance or Premier’s obligation will effectively be repaid over the term of the Channel Agreement. To determine the amortization of the liability related to the sale of future revenues, the Company estimated the total future revenues expected to be remitted over the life of the Channel Agreement less any Access Fees retained by the Company. Future payments will result in the reduction of the liability related to the sale of future revenues less interest expense. The Company calculated the effective interest rate based on future expected revenue, which resulted in an effective annual interest rate of 2.5%. The Company will maintain a consistent interest rate throughout the life of the Channel Agreement. This estimate contains significant assumptions that impact both the amount of liability and interest expense recorded over the life of the Channel Agreement. The Company will assess the estimated future cash flows related to the sale of future revenues for material changes at each reporting period. There are several factors that could materially affect the amount and timing of payments to OMNIA, and correspondingly, the amount of interest expense recorded, most of which are outside the Company’s control. Such factors include, but are not limited to, retention by OMNIA of the non-healthcare GPO members, growing the existing portfolio of non-healthcare members and general competition of GPOs. Changes to any of these factors could result in an increase or decrease to expected future revenue and interest expense related to the sale of future revenues. To the extent the amount or timing of future payments varies materially from the original estimate, the Company will make a cumulative adjustment to the carrying amount of the liability, which will be recorded as a non-cash gain or loss in other income in the Condensed Consolidated Statements of Income and Comprehensive Income. At September 30, 2023, the Company had $574.7 million of debt related to the sale of non-healthcare GPO member contracts and associated future revenues, of which $32.8 million was recorded to current portion of sales of future revenues in the accompanying Condensed Consolidated Balance Sheets. For the three months ended September 30, 2023, the Company recorded $11.7 million in revenue that was sold to OMNIA and $2.5 million in interest expense related to the sale of future revenues in net administrative fees and interest expense, net, respectively, in the Condensed Consolidated Statements of Income and Comprehensive Income. The following table shows the activity of the liability related to the sale of future revenues since the transaction inception through September 30, 2023 (in thousands): | | | | | | | September 30, 2023 | | Proceeds from the sale of future revenues | $ | 523,198 | | | Proceeds from the release of escrow funds | 55,785 | | | Imputed interest expense associated with the sale of future revenues | 2,533 | | | Payments against the liability related to the sale of future revenues | (6,855) | | | Liability related to the sale of future revenues | $ | 574,661 | |
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v3.23.3
STOCKHOLDERS' EQUITY
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Equity [Abstract] |
|
| STOCKHOLDERS' EQUITY |
(10) STOCKHOLDERS' EQUITY As of September 30, 2023, there were 119,672,451 shares of the Company’s Class A common stock, par value $0.01 per share, outstanding. During the three months ended September 30, 2023, the Company paid cash dividends of $0.21 per share on outstanding shares of Class A common stock to stockholders on September 15, 2023. On October 26, 2023, the Board of Directors declared a quarterly cash dividend of $0.21 per share, payable on December 15, 2023 to stockholders of record on December 1, 2023.
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-Subparagraph (SX 210.3-04)
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-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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-Section 50
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-Subparagraph (g)
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v3.23.3
EARNINGS PER SHARE
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Earnings Per Share [Abstract] |
|
| EARNINGS PER SHARE |
(11) EARNINGS PER SHARE Basic earnings per share is computed by dividing net income attributable to stockholders by the weighted average number of shares of common stock outstanding for the period. Except when the effect would be anti-dilutive, the diluted earnings per share calculation, which is calculated using the treasury stock method, includes the impact of all potentially issuable dilutive shares of Class A common stock. The following table provides a reconciliation of the numerator and denominator used for basic and diluted earnings per share (in thousands, except per share amounts): | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | | | 2023 | | 2022 | | | | | Numerator for basic and diluted earnings per share: | | | | | | | | Net income attributable to stockholders (a) | $ | 44,761 | | | $ | 42,716 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Denominator for earnings per share: | | | | | | | | Basic weighted average shares outstanding | 119,344 | | | 118,351 | | | | | | Effect of dilutive securities: (b) | | | | | | | | | Stock options | — | | | 146 | | | | | | Restricted stock units | 534 | | | 563 | | | | | | | Performance share awards | 255 | | | 973 | | | | | | Diluted weighted average shares | 120,133 | | | 120,033 | | | | | | | | | | | | | | | Earnings per share attributable to stockholders: | | | | | | | | | Basic | $ | 0.38 | | | $ | 0.36 | | | | | | | Diluted | $ | 0.37 | | | $ | 0.36 | | | | | |
_________________________________ (a)Net income attributable to stockholders was calculated as follows (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | | | 2023 | | 2022 | | | | | | Net income | $ | 42,410 | | | $ | 42,959 | | | | | | | Net loss (income) attributable to non-controlling interest | 2,351 | | | (243) | | | | | | | Net income attributable to stockholders | $ | 44,761 | | | $ | 42,716 | | | | | |
(b)For the three months ended September 30, 2023, the effect of 1.3 million stock options and restricted stock units were excluded from diluted weighted average shares outstanding as it had an anti-dilutive effect. Additionally, for the three months ended September 30, 2023, the effect of 0.2 million performance share awards was excluded from diluted weighted average shares outstanding as the awards had not satisfied the applicable performance criteria at the end of the period. For the three months ended September 30, 2022, the effect of 0.2 million stock options and restricted stock units was excluded from diluted weighted average shares outstanding as it had an anti-dilutive effect. Additionally, the effect of 0.1 million performance share awards was excluded from diluted weighted average shares outstanding as the awards had not satisfied the applicable performance criteria at the end of the period.
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v3.23.3
STOCK-BASED COMPENSATION
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| STOCK-BASED COMPENSATION |
(12) STOCK-BASED COMPENSATION Stock-based compensation expense is recognized over the requisite service period, which generally equals the stated vesting period. The associated deferred tax benefit was calculated at a tax rate of 25% and 26% for the three months ended September 30, 2023 and 2022, respectively, which represents the expected effective income tax rate at the time of the compensation expense deduction and differs from the Company’s current effective income tax rate. See Note 13 - Income Taxes for further information related to income taxes. Stock-based compensation expense and the resulting deferred tax benefits were as follows (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | | | 2023 | | 2022 | | | | | | Pre-tax stock-based compensation expense | $ | 6,692 | | | $ | 7,136 | | | | | | Less: deferred tax benefit (a) | 1,544 | | | 947 | | | | | | | Total stock-based compensation expense, net of tax | $ | 5,148 | | | $ | 6,189 | | | | | |
_________________________________ (a)For the three months ended September 30, 2023 and 2022, the deferred tax benefit was reduced by $0.2 million and $0.9 million, respectively, attributable to stock-based compensation expense that is nondeductible for tax purposes pursuant to Section 162(m) as amended by the Tax Cuts and Jobs Act of 2017. Premier 2013 Equity Incentive Plan The Premier 2013 Equity Incentive Plan, as amended and restated (and including any further amendments thereto, the “2013 Equity Incentive Plan”) provides for grants of up to 14.8 million shares of Class A common stock, all of which are eligible to be issued as non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units or performance share awards. On September 24, 2023, the 2013 Equity Incentive Plan expired; no new grants will be issued under the plan. The following table includes information related to restricted stock, performance share awards and stock options for the three months ended September 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Restricted Stock | | Performance Share Awards | | Stock Options | | Number of Awards | | Weighted Average Fair Value at Grant Date | | Number of Awards | | Weighted Average Fair Value at Grant Date | | Number of Options | | Weighted Average Exercise Price | | Outstanding at June 30, 2023 | 1,847,790 | | | $ | 33.11 | | | 1,470,824 | | | $ | 33.08 | | | 465,322 | | | $ | 33.15 | | | Granted | 1,037,170 | | | 21.64 | | | 684,026 | | | 18.70 | | | — | | | — | | | Vested/exercised | (292,292) | | | 31.53 | | | (458,905) | | | 29.18 | | | — | | | — | | | Forfeited | (84,292) | | | 31.34 | | | (50,298) | | | 35.12 | | | (2,458) | | | 33.98 | | | Outstanding at September 30, 2023 | 2,508,376 | | | $ | 28.61 | | | 1,645,647 | | | $ | 28.13 | | | 462,864 | | | $ | 33.15 | | | | | | | | | | | | | | | Stock options outstanding and exercisable at September 30, 2023 | | | | | | 462,864 | | | $ | 33.15 | |
Prior to June 1, 2023, restricted stock units and restricted stock awards issued and outstanding generally vest over a three-year period for employees and a one-year period for directors. Beginning June 1, 2023, restricted stock units and restricted stock awards issued and outstanding for employees generally vest ratably over the service period. Performance share awards issued and outstanding generally vest over a three-year period if performance targets are met. Stock options generally vest in equal annual installments over three years. Stock options have a term of ten years from the date of grant. Vested stock options will generally expire either twelve months after an employee’s termination with the Company or 90 days after an employee’s termination with the Company, depending on the termination circumstances. Unrecognized stock-based compensation expense at September 30, 2023 was as follows (in thousands): | | | | | | | | | | | | | Unrecognized Stock-Based Compensation Expense | | Weighted Average Amortization Period | | Restricted stock | $ | 49,350 | | | 2.5 years | | Performance share awards | 24,112 | | | 2.4 years | | Total unrecognized stock-based compensation expense | $ | 73,462 | | | 2.4 years |
At September 30, 2023, there was no unrecognized stock-based compensation expense for outstanding stock options. There were no options exercised during the three months ended September 30, 2023, and the stock options outstanding and exercisable at September 30, 2023 had zero aggregate intrinsic value.
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v3.23.3
INCOME TAXES
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Income Tax Disclosure [Abstract] |
|
| INCOME TAXES |
(13) INCOME TAXES Income tax expense for the three months ended September 30, 2023 and 2022 was $13.9 million and $18.8 million, respectively, which reflects effective tax rates of 25% and 30%, respectively. The change in the effective tax rate for the three months ended September 30, 2023 compared to the prior year period is primarily related to changes in stock-based compensation expense, state law repricing and statute of limitation release on uncertain tax positions. As of September 30, 2023, total tax liabilities included $155.2 million within other current liabilities in the accompanying Condensed Consolidated Balance Sheets. During the three months ended September 30, 2023, the Company recorded a $143.9 million cash tax obligation associated with the sale of non-healthcare GPO member contracts and associated future revenues to OMNIA, which is expected to be paid in the second quarter of fiscal year 2024. Additionally, the Company recorded an offsetting deferred tax asset of $144.3 million to be released to income tax expense as the Company recognizes revenue associated with non-healthcare GPO member contracts.
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-Section S99
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v3.23.3
COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| COMMITMENTS AND CONTINGENCIES |
(14) COMMITMENTS AND CONTINGENCIES Operating Leases Operating lease expense for the three months ended September 30, 2023 and 2022 was $2.4 million and $2.5 million, respectively. As of September 30, 2023, the weighted average remaining lease term was 2.6 years, and the weighted average discount rate was 4%. Future minimum lease payments under noncancellable operating leases with initial lease terms in excess of one year were as follows (in thousands): | | | | | | | | | | | | | September 30, 2023 | | June 30, 2023 | 2024 (a) | $ | 9,319 | | | $ | 12,381 | | 2025 | 12,389 | | | 12,389 | | 2026 | 9,005 | | | 9,005 | | 2027 (b) | 1,324 | | | 1,324 | | | | | | | Total future minimum lease payments | 32,037 | | | 35,099 | | | Less: imputed interest | 1,633 | | | 1,947 | | Total operating lease liabilities (c) | $ | 30,404 | | | $ | 33,152 | |
_________________________________ (a)As of September 30, 2023, future minimum lease payments are for the period from October 1, 2023 to June 30, 2024. (b)There are no future lease payment obligations after 2027. (c)As of September 30, 2023, total operating lease liabilities included $11.5 million within other current liabilities in the Condensed Consolidated Balance Sheets. Other Matters The Company is not currently involved in any litigation it believes to be material. The Company is periodically involved in litigation, arising in the ordinary course of business or otherwise, which from time to time may include stockholder derivative or other similar litigation, claims relating to commercial, product liability, tort and personal injury, employment, antitrust, intellectual property, or other regulatory matters. If current or future government regulations, including but not limited to those with respect to antitrust or healthcare laws, are interpreted or enforced in a manner adverse to the Company or its business, the Company may be subject to regulatory inquiries or investigations, enforcement actions, penalties and other material limitations which could have a material adverse effect on the Company’s business, financial condition and results of operations.
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v3.23.3
SEGMENTS
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Segment Reporting [Abstract] |
|
| SEGMENTS |
(15) SEGMENTS The Company delivers its solutions and manages its business through two reportable business segments, the Supply Chain Services segment and the Performance Services segment. The Supply Chain Services segment includes the Company’s GPO, supply chain co-management, purchased services and direct sourcing activities. The Performance Services segment consists of three sub-brands: PINC AI, the Company’s technology and services platform; Contigo Health, the Company’s direct-to-employer business; and Remitra, the Company’s digital invoicing and payables automation business. The following table presents disaggregated revenue by business segment and underlying source (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | | | 2023 | | 2022 | | | | | | Net revenue: | | | | | | | | | Supply Chain Services | | | | | | | | | Net administrative fees | $ | 149,027 | | | $ | 150,006 | | | | | | | Software licenses, other services and support | 11,186 | | | 10,826 | | | | | | | Services and software licenses | 160,213 | | | 160,832 | | | | | | | Products | 50,585 | | | 58,861 | | | | | | Total Supply Chain Services (a) | 210,798 | | | 219,693 | | | | | | | Performance Services | | | | | | | | | Software licenses, other services and support | | | | | | | | | SaaS-based products subscriptions | 45,340 | | | 47,767 | | | | | | | Consulting services | 23,768 | | | 17,615 | | | | | | | Software licenses | 14,941 | | | 5,992 | | | | | | Other(b) | 23,957 | | | 22,815 | | | | | | Total Performance Services (a) | 108,006 | | | 94,189 | | | | | | | Total segment net revenue | 318,804 | | | 313,882 | | | | | | Eliminations (a) | (52) | | | (9) | | | | | | | Net revenue | $ | 318,752 | | | $ | 313,873 | | | | | |
_________________________________ (a)Includes intersegment revenue that is eliminated in consolidation. Intersegment revenue is not separately identified in Segments as the amounts are not material. (b)Includes revenue from Contigo Health, Remitra and other PINC AI revenue. Additional segment information related to depreciation and amortization expense, capital expenditures and total assets was as follows (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | | | 2023 | | 2022 | | | | | Depreciation and amortization expense (a): | | | | | | | | | Supply Chain Services | $ | 13,573 | | | $ | 14,250 | | | | | | | Performance Services | 17,342 | | | 17,416 | | | | | | | Corporate | 2,101 | | | 2,225 | | | | | | | Total depreciation and amortization expense | $ | 33,016 | | | $ | 33,891 | | | | | | | | | | | | | | | Capital expenditures: | | | | | | | | | Supply Chain Services | $ | 10,914 | | | $ | 6,735 | | | | | | | Performance Services | 9,441 | | | 12,186 | | | | | | | Corporate | 915 | | | 9 | | | | | | | Total capital expenditures | $ | 21,270 | | | $ | 18,930 | | | | | |
| | | | | | | | | | | | | September 30, 2023 | | June 30, 2023 | | Total assets: | | | | | Supply Chain Services | $ | 1,731,559 | | | $ | 1,317,076 | | | Performance Services | 1,218,406 | | | 1,209,353 | | | Corporate | 899,536 | | | 845,062 | | | Total assets | 3,849,501 | | | 3,371,491 | | Eliminations (b) | 71 | | | (4) | | | Total assets, net | $ | 3,849,572 | | | $ | 3,371,487 | |
_________________________________ (a)Includes amortization of purchased intangible assets. (b)Includes eliminations of intersegment transactions which occur during the ordinary course of business. The Company uses Segment Adjusted EBITDA (a financial measure not determined in accordance with generally accepted accounting principles (“Non-GAAP”)) as its primary measure of profit or loss to assess segment performance and to determine the allocation of resources. The Company also uses Segment Adjusted EBITDA to facilitate the comparison of the segment operating performance on a consistent basis from period to period. The Company defines Segment Adjusted EBITDA as the segment’s net revenue less cost of revenue and operating expenses directly attributable to the segment excluding depreciation and amortization, amortization of purchased intangible assets, merger and acquisition-related expense and non-recurring or non-cash items. Operating expenses directly attributable to the segment include expenses associated with sales and marketing, general and administrative and product development activities specific to the operation of each segment. General and administrative corporate expenses that are not specific to a particular segment are not included in the calculation of Segment Adjusted EBITDA. Segment Adjusted EBITDA also excludes any income and expense that has been classified as discontinued operations. The Company has revised the definition for Segment Adjusted EBITDA from the definition reported in the 2023 Annual Report to exclude the impact of equity earnings in unconsolidated affiliates. For comparability purposes, prior year non-GAAP measures are presented based on the current definition. For more information on Segment Adjusted EBITDA and the use of Non-GAAP financial measures, see “Our Use of Non-GAAP Financial Measures” within Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations. A reconciliation of income before income taxes to unaudited Segment Adjusted EBITDA, a Non-GAAP financial measure, is as follows (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | | | 2023 | | 2022 | | | | | | Income before income taxes | $ | 56,348 | | | $ | 61,728 | | | | | | Equity in net income of unconsolidated affiliates (a) | 1,726 | | | (8,243) | | | | | | | Interest expense, net | (195) | | | 2,859 | | | | | | | | | | | | | | | Other expense, net | 1,092 | | | 2,164 | | | | | | | Operating income | 58,971 | | | 58,508 | | | | | | | Depreciation and amortization | 20,328 | | | 23,439 | | | | | | | Amortization of purchased intangible assets | 12,688 | | | 10,452 | | | | | | Stock-based compensation (b) | 6,893 | | | 7,349 | | | | | | | Acquisition- and disposition-related expenses | 6,205 | | | 2,160 | | | | | | | Strategic initiative and financial restructuring-related expenses | 1,746 | | | 1,520 | | | | | | Deferred compensation plan income (c) | (1,125) | | | (2,370) | | | | | | | Other reconciling items, net | 33 | | | 79 | | | | | | Non-GAAP Adjusted EBITDA (d) | $ | 105,739 | | | $ | 101,137 | | | | | | | | | | | | | | | Segment Non-GAAP Adjusted EBITDA: | | | | | | | | Supply Chain Services (e) | $ | 114,974 | | | $ | 113,187 | | | | | | Performance Services (e) | 21,774 | | | 19,132 | | | | | | | Corporate | (31,009) | | | (31,182) | | | | | | | Non-GAAP Adjusted EBITDA | $ | 105,739 | | | $ | 101,137 | | | | | |
_________________________________ (a)Refer to Note 4 - Investments for more information. (b)Includes non-cash employee stock-based compensation expense and stock purchase plan expense of $0.2 million for both the three months ended September 30, 2023 and 2022. (c)Represents changes in deferred compensation plan liabilities resulting from realized and unrealized gains and losses and dividend income on deferred compensation plan assets. (d)The definition for Non-GAAP Adjusted EBITDA was revised from the definition reported in the 2023 Annual Report to exclude the impact of equity earnings in unconsolidated affiliates. For comparability purposes, prior year non-GAAP financial measures are presented based on the current definition. (e)Includes intersegment revenue which is eliminated in consolidation.
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v3.23.3
SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| Principles of Consolidation |
Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC and in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries over which the Company exercised control and when applicable, entities for which the Company had a controlling financial interest or was the primary beneficiary. All intercompany transactions have been eliminated upon consolidation. Accordingly, certain information and disclosures normally included in annual financial statements have been condensed or omitted. The accompanying condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of results of operations and financial condition for the interim periods shown, consisting of normal recurring adjustments, unless otherwise disclosed. Certain amounts in prior periods have been reclassified to conform to the current period presentation. The Company believes that the disclosures are adequate to make the information presented not misleading and should be read in conjunction with the audited consolidated financial statements and related footnotes contained in the 2023 Annual Report.
|
| Use of Estimates in the Preparation of Financial Statements |
Use of Estimates in the Preparation of Financial Statements The preparation of the Company’s condensed consolidated financial statements in accordance with GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. Significant estimates are evaluated on an ongoing basis, including, but not limited to, estimates for net administrative fees revenue, software licenses, other services and support revenue, contract assets, deferred revenue, contract costs, allowances for credit losses, reserves for net realizable value of inventory, obsolete inventory, useful lives of property and equipment, stock-based compensation, deferred tax balances including valuation allowances on deferred tax assets, uncertain tax positions, values of investments not publicly traded, projected future cash flows used in the evaluation of asset impairments, values of call rights, values of earn-out liabilities and the allocation of purchase prices. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
|
| Liability Related to the Sale of Future Revenues |
Liability Related to the Sale of Future RevenuesThe Company accounts for the sale of future revenues as a liability, with both current and non-current portions. In order to determine the timing of the reduction in debt associated with the sale of future revenues, the Company estimates the total future revenues expected to be remitted to the purchaser. The Company recognizes interest expense based on an estimated effective annual interest rate. The Company determines the effective interest rate based on recognized and expected future revenue and maintains a consistent interest rate throughout the life of the agreement. This estimate contains significant assumptions that impact both the amount of debt and the interest expense recorded over the life of the agreement. To the extent the amount or timing of future payments varies materially from the original estimate, the Company will make a cumulative adjustment to the carrying amount of the debt, which will be recorded as a non-cash gain or loss in other income in the Condensed Consolidated Statements of Income and Comprehensive Income.
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v3.23.3
INVESTMENTS (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Equity Method Investments and Joint Ventures [Abstract] |
|
| Schedule of Investments in Unconsolidated Affiliates |
The Company’s investments in unconsolidated affiliates consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Equity in Net Income | | | | Three Months Ended | | | | Carrying Value | | September 30, | | | | September 30, 2023 | | June 30, 2023 | | 2023 | | 2022 | | | | | | FFF | $ | 136,080 | | | $ | 136,080 | | | $ | — | | | $ | 7,187 | | | | | | | Exela | 31,487 | | | 32,905 | | | (1,419) | | | 138 | | | | | | | Qventus | 16,000 | | | 16,000 | | | — | | | — | | | | | | | Prestige | 15,623 | | | 15,503 | | | 119 | | | 180 | | | | | | | Other investments | 30,890 | | | 31,338 | | | (426) | | | 738 | | | | | | | Total investments | $ | 230,080 | | | $ | 231,826 | | | $ | (1,726) | | | $ | 8,243 | | | | | |
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v3.23.3
FAIR VALUE MEASUREMENTS (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of Financial Assets and Liabilities |
The following table represents the Company’s financial assets and liabilities, which are measured at fair value on a recurring basis (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value of Financial Assets and Liabilities | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs
(Level 3) | | September 30, 2023 | | | | | | | | | Cash equivalents | $ | 232,342 | | | $ | 232,342 | | | $ | — | | | $ | — | | | Deferred compensation plan assets | 49,911 | | | 49,911 | | | — | | | — | | | Total assets | 282,253 | | | 282,253 | | | — | | | — | | | | | | | | | | | Earn-out liabilities | 29,861 | | | — | | | — | | | 29,861 | | | | | | | | | | | Total liabilities | $ | 29,861 | | | $ | — | | | $ | — | | | $ | 29,861 | | | | | | | | | | | June 30, 2023 | | | | | | | | | Cash equivalents | $ | 77 | | | $ | 77 | | | $ | — | | | $ | — | | | Deferred compensation plan assets | 55,566 | | | 55,566 | | | — | | | — | | | Total assets | 55,643 | | | 55,643 | | | — | | | — | | | | | | | | | | | Earn-out liabilities | 26,603 | | | — | | | — | | | 26,603 | | | | | | | | | | | Total liabilities | $ | 26,603 | | | $ | — | | | $ | — | | | $ | 26,603 | |
|
| Schedule of Fair Value Measurement Inputs and Valuation Assumptions |
| | | | | | | | | | | | | Input assumptions | As of September 30, 2023 | | As of June 30, 2023 | | Probability of transferred member renewal percentage < 50% | 5.0 | % | | 5.0 | % | | Probability of transferred member renewal percentage between 50% and 65% | 10.0 | % | | 10.0 | % | | Probability of transferred member renewal percentage between 65% and 80% | 25.0 | % | | 25.0 | % | | Probability of transferred member renewal percentage > 80% | 60.0 | % | | 60.0 | % | | Credit spread | 1.4 | % | | 1.6 | % |
_________________________________ (a)The Acurity and Nexera earn-out liability was initially valued as of February 28, 2020.
|
| Schedule of Reconciliation of Earn-out Liabilities |
A reconciliation of the Company’s earn-out liabilities is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Beginning Balance | | Purchases (Settlements) | | (Gain)/Loss (a) | | Ending Balance | | Three Months Ended September 30, 2023 | | | | | | | | | Earn-out liabilities | $ | 26,603 | | | $ | — | | | $ | 3,258 | | | $ | 29,861 | | | | | | | | | | | Total Level 3 liabilities | $ | 26,603 | | | $ | — | | | $ | 3,258 | | | $ | 29,861 | | | | | | | | | | | Three Months Ended September 30, 2022 | | | | | | | | | Earn-out liabilities | $ | 22,789 | | | $ | — | | | $ | (428) | | | $ | 22,361 | | | | | | | | | | | Total Level 3 liabilities | $ | 22,789 | | | $ | — | | | $ | (428) | | | $ | 22,361 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
_________________________________ (a)Gains on level 3 liability balances will decrease the liability ending balance, and losses on level 3 liability balances will increase the liability ending balance.
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v3.23.3
GOODWILL AND INTANGIBLE ASSETS (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Schedule of Finite-Lived Intangible Assets |
Intangible assets, net consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | June 30, 2023 | | Useful Life | | Gross | | Accumulated Amortization | | Net | | Gross | | Accumulated Amortization | | Net | | Member relationships | 14.7 years | | $ | 386,100 | | | $ | (143,291) | | | $ | 242,809 | | | $ | 386,100 | | | $ | (136,751) | | | $ | 249,349 | | | Provider network | 15.0 years | | 106,500 | | | (6,804) | | | 99,696 | | | 106,500 | | | (5,029) | | | 101,471 | | | Technology | 7.1 years | | 99,317 | | | (69,203) | | | 30,114 | | | 99,317 | | | (67,581) | | | 31,736 | | | Customer relationships | 9.4 years | | 57,930 | | | (33,070) | | | 24,860 | | | 57,930 | | | (31,846) | | | 26,084 | | | Trade names | 6.7 years | | 18,920 | | | (12,506) | | | 6,414 | | | 18,920 | | | (11,983) | | | 6,937 | | | Non-compete agreements | 5.2 years | | 17,715 | | | (10,439) | | | 7,276 | | | 17,715 | | | (9,738) | | | 7,977 | | Other (a) | 9.3 years | | 9,232 | | | (3,059) | | | 6,173 | | | 9,232 | | | (2,756) | | | 6,476 | | | Total | | | $ | 695,714 | | | $ | (278,372) | | | $ | 417,342 | | | $ | 695,714 | | | $ | (265,684) | | | $ | 430,030 | |
_________________________________ (a)Includes a $1.0 million indefinite-lived asset. The net carrying value of intangible assets by segment was as follows (in thousands): | | | | | | | | | | | | | September 30, 2023 | | June 30, 2023 | | Supply Chain Services | $ | 261,779 | | | $ | 269,710 | | Performance Services (a) | 155,563 | | | 160,320 | | | Total intangible assets, net | $ | 417,342 | | | $ | 430,030 | |
_________________________________ (a)Includes a $1.0 million indefinite-lived asset.
|
| Schedule of Indefinite-Lived Intangible Assets |
Intangible assets, net consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | June 30, 2023 | | Useful Life | | Gross | | Accumulated Amortization | | Net | | Gross | | Accumulated Amortization | | Net | | Member relationships | 14.7 years | | $ | 386,100 | | | $ | (143,291) | | | $ | 242,809 | | | $ | 386,100 | | | $ | (136,751) | | | $ | 249,349 | | | Provider network | 15.0 years | | 106,500 | | | (6,804) | | | 99,696 | | | 106,500 | | | (5,029) | | | 101,471 | | | Technology | 7.1 years | | 99,317 | | | (69,203) | | | 30,114 | | | 99,317 | | | (67,581) | | | 31,736 | | | Customer relationships | 9.4 years | | 57,930 | | | (33,070) | | | 24,860 | | | 57,930 | | | (31,846) | | | 26,084 | | | Trade names | 6.7 years | | 18,920 | | | (12,506) | | | 6,414 | | | 18,920 | | | (11,983) | | | 6,937 | | | Non-compete agreements | 5.2 years | | 17,715 | | | (10,439) | | | 7,276 | | | 17,715 | | | (9,738) | | | 7,977 | | Other (a) | 9.3 years | | 9,232 | | | (3,059) | | | 6,173 | | | 9,232 | | | (2,756) | | | 6,476 | | | Total | | | $ | 695,714 | | | $ | (278,372) | | | $ | 417,342 | | | $ | 695,714 | | | $ | (265,684) | | | $ | 430,030 | |
_________________________________ (a)Includes a $1.0 million indefinite-lived asset. The net carrying value of intangible assets by segment was as follows (in thousands): | | | | | | | | | | | | | September 30, 2023 | | June 30, 2023 | | Supply Chain Services | $ | 261,779 | | | $ | 269,710 | | Performance Services (a) | 155,563 | | | 160,320 | | | Total intangible assets, net | $ | 417,342 | | | $ | 430,030 | |
_________________________________ (a)Includes a $1.0 million indefinite-lived asset.
|
| Schedule of Estimated Aggregate Amortization Expense |
The estimated amortization expense for each of the next five fiscal years and thereafter is as follows (in thousands): | | | | | | 2024 (a) | $ | 37,074 | | 2025 | 48,136 | | 2026 | 46,892 | | 2027 | 44,240 | | 2028 | 39,197 | | | Thereafter | 200,803 | | | Total amortization expense | $ | 416,342 | |
(a)As of September 30, 2023, estimated amortization expense is for the period from October 1, 2023 to June 30, 2024.
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v3.23.3
DEBT AND NOTES PAYABLE (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Long-Term Debt and Notes Payable |
Long-term debt and notes payable consisted of the following (in thousands): | | | | | | | | | | | | | September 30, 2023 | | June 30, 2023 | Credit Facility | $ | — | | | $ | 215,000 | | Notes payable to former limited partners, net of discount | 176,447 | | | 201,188 | | | Other notes payable | 1,199 | | | 2,280 | | | Total debt and notes payable | 177,646 | | | 418,468 | | | Less: current portion | (101,329) | | | (316,211) | | | Total long-term debt and notes payable | $ | 76,317 | | | $ | 102,257 | |
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v3.23.3
LIABILITY RELATED TO THE SALE OF FUTURE REVENUES (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Other Liabilities Disclosure [Abstract] |
|
| Schedule of Activity of Liability Related to the Sale of Future Revenues |
The following table shows the activity of the liability related to the sale of future revenues since the transaction inception through September 30, 2023 (in thousands): | | | | | | | September 30, 2023 | | Proceeds from the sale of future revenues | $ | 523,198 | | | Proceeds from the release of escrow funds | 55,785 | | | Imputed interest expense associated with the sale of future revenues | 2,533 | | | Payments against the liability related to the sale of future revenues | (6,855) | | | Liability related to the sale of future revenues | $ | 574,661 | |
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v3.23.3
EARNINGS PER SHARE (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Earnings Per Share [Abstract] |
|
| Schedule of Reconciliation of Common Shares Used for Earnings Per Share |
The following table provides a reconciliation of the numerator and denominator used for basic and diluted earnings per share (in thousands, except per share amounts): | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | | | 2023 | | 2022 | | | | | Numerator for basic and diluted earnings per share: | | | | | | | | Net income attributable to stockholders (a) | $ | 44,761 | | | $ | 42,716 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Denominator for earnings per share: | | | | | | | | Basic weighted average shares outstanding | 119,344 | | | 118,351 | | | | | | Effect of dilutive securities: (b) | | | | | | | | | Stock options | — | | | 146 | | | | | | Restricted stock units | 534 | | | 563 | | | | | | | Performance share awards | 255 | | | 973 | | | | | | Diluted weighted average shares | 120,133 | | | 120,033 | | | | | | | | | | | | | | | Earnings per share attributable to stockholders: | | | | | | | | | Basic | $ | 0.38 | | | $ | 0.36 | | | | | | | Diluted | $ | 0.37 | | | $ | 0.36 | | | | | |
_________________________________ (a)Net income attributable to stockholders was calculated as follows (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | | | 2023 | | 2022 | | | | | | Net income | $ | 42,410 | | | $ | 42,959 | | | | | | | Net loss (income) attributable to non-controlling interest | 2,351 | | | (243) | | | | | | | Net income attributable to stockholders | $ | 44,761 | | | $ | 42,716 | | | | | |
(b)For the three months ended September 30, 2023, the effect of 1.3 million stock options and restricted stock units were excluded from diluted weighted average shares outstanding as it had an anti-dilutive effect. Additionally, for the three months ended September 30, 2023, the effect of 0.2 million performance share awards was excluded from diluted weighted average shares outstanding as the awards had not satisfied the applicable performance criteria at the end of the period. For the three months ended September 30, 2022, the effect of 0.2 million stock options and restricted stock units was excluded from diluted weighted average shares outstanding as it had an anti-dilutive effect. Additionally, the effect of 0.1 million performance share awards was excluded from diluted weighted average shares outstanding as the awards had not satisfied the applicable performance criteria at the end of the period.
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v3.23.3
STOCK-BASED COMPENSATION (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Stock-Based Compensation Expense and Resulting Tax Benefits |
Stock-based compensation expense and the resulting deferred tax benefits were as follows (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | | | 2023 | | 2022 | | | | | | Pre-tax stock-based compensation expense | $ | 6,692 | | | $ | 7,136 | | | | | | Less: deferred tax benefit (a) | 1,544 | | | 947 | | | | | | | Total stock-based compensation expense, net of tax | $ | 5,148 | | | $ | 6,189 | | | | | |
_________________________________ (a)For the three months ended September 30, 2023 and 2022, the deferred tax benefit was reduced by $0.2 million and $0.9 million, respectively, attributable to stock-based compensation expense that is nondeductible for tax purposes pursuant to Section 162(m) as amended by the Tax Cuts and Jobs Act of 2017.
|
| Schedule of Information Related to Restricted Stock |
The following table includes information related to restricted stock, performance share awards and stock options for the three months ended September 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Restricted Stock | | Performance Share Awards | | Stock Options | | Number of Awards | | Weighted Average Fair Value at Grant Date | | Number of Awards | | Weighted Average Fair Value at Grant Date | | Number of Options | | Weighted Average Exercise Price | | Outstanding at June 30, 2023 | 1,847,790 | | | $ | 33.11 | | | 1,470,824 | | | $ | 33.08 | | | 465,322 | | | $ | 33.15 | | | Granted | 1,037,170 | | | 21.64 | | | 684,026 | | | 18.70 | | | — | | | — | | | Vested/exercised | (292,292) | | | 31.53 | | | (458,905) | | | 29.18 | | | — | | | — | | | Forfeited | (84,292) | | | 31.34 | | | (50,298) | | | 35.12 | | | (2,458) | | | 33.98 | | | Outstanding at September 30, 2023 | 2,508,376 | | | $ | 28.61 | | | 1,645,647 | | | $ | 28.13 | | | 462,864 | | | $ | 33.15 | | | | | | | | | | | | | | | Stock options outstanding and exercisable at September 30, 2023 | | | | | | 462,864 | | | $ | 33.15 | |
|
| Schedule of Information Related to Performance Share Awards |
The following table includes information related to restricted stock, performance share awards and stock options for the three months ended September 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Restricted Stock | | Performance Share Awards | | Stock Options | | Number of Awards | | Weighted Average Fair Value at Grant Date | | Number of Awards | | Weighted Average Fair Value at Grant Date | | Number of Options | | Weighted Average Exercise Price | | Outstanding at June 30, 2023 | 1,847,790 | | | $ | 33.11 | | | 1,470,824 | | | $ | 33.08 | | | 465,322 | | | $ | 33.15 | | | Granted | 1,037,170 | | | 21.64 | | | 684,026 | | | 18.70 | | | — | | | — | | | Vested/exercised | (292,292) | | | 31.53 | | | (458,905) | | | 29.18 | | | — | | | — | | | Forfeited | (84,292) | | | 31.34 | | | (50,298) | | | 35.12 | | | (2,458) | | | 33.98 | | | Outstanding at September 30, 2023 | 2,508,376 | | | $ | 28.61 | | | 1,645,647 | | | $ | 28.13 | | | 462,864 | | | $ | 33.15 | | | | | | | | | | | | | | | Stock options outstanding and exercisable at September 30, 2023 | | | | | | 462,864 | | | $ | 33.15 | |
|
| Schedule of Information Related to Stock Options |
The following table includes information related to restricted stock, performance share awards and stock options for the three months ended September 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Restricted Stock | | Performance Share Awards | | Stock Options | | Number of Awards | | Weighted Average Fair Value at Grant Date | | Number of Awards | | Weighted Average Fair Value at Grant Date | | Number of Options | | Weighted Average Exercise Price | | Outstanding at June 30, 2023 | 1,847,790 | | | $ | 33.11 | | | 1,470,824 | | | $ | 33.08 | | | 465,322 | | | $ | 33.15 | | | Granted | 1,037,170 | | | 21.64 | | | 684,026 | | | 18.70 | | | — | | | — | | | Vested/exercised | (292,292) | | | 31.53 | | | (458,905) | | | 29.18 | | | — | | | — | | | Forfeited | (84,292) | | | 31.34 | | | (50,298) | | | 35.12 | | | (2,458) | | | 33.98 | | | Outstanding at September 30, 2023 | 2,508,376 | | | $ | 28.61 | | | 1,645,647 | | | $ | 28.13 | | | 462,864 | | | $ | 33.15 | | | | | | | | | | | | | | | Stock options outstanding and exercisable at September 30, 2023 | | | | | | 462,864 | | | $ | 33.15 | |
|
| Schedule of Unrecognized Stock-Based Compensation Expense |
Unrecognized stock-based compensation expense at September 30, 2023 was as follows (in thousands): | | | | | | | | | | | | | Unrecognized Stock-Based Compensation Expense | | Weighted Average Amortization Period | | Restricted stock | $ | 49,350 | | | 2.5 years | | Performance share awards | 24,112 | | | 2.4 years | | Total unrecognized stock-based compensation expense | $ | 73,462 | | | 2.4 years |
|
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v3.23.3
COMMITMENTS AND CONTINGENCIES (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Schedule of Future Minimum Rental Payments for Operating Leases |
Future minimum lease payments under noncancellable operating leases with initial lease terms in excess of one year were as follows (in thousands): | | | | | | | | | | | | | September 30, 2023 | | June 30, 2023 | 2024 (a) | $ | 9,319 | | | $ | 12,381 | | 2025 | 12,389 | | | 12,389 | | 2026 | 9,005 | | | 9,005 | | 2027 (b) | 1,324 | | | 1,324 | | | | | | | Total future minimum lease payments | 32,037 | | | 35,099 | | | Less: imputed interest | 1,633 | | | 1,947 | | Total operating lease liabilities (c) | $ | 30,404 | | | $ | 33,152 | |
_________________________________ (a)As of September 30, 2023, future minimum lease payments are for the period from October 1, 2023 to June 30, 2024. (b)There are no future lease payment obligations after 2027. (c)As of September 30, 2023, total operating lease liabilities included $11.5 million within other current liabilities in the Condensed Consolidated Balance Sheets.
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v3.23.3
SEGMENTS (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Segment Reporting [Abstract] |
|
| Schedule of Segment Information |
The following table presents disaggregated revenue by business segment and underlying source (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | | | 2023 | | 2022 | | | | | | Net revenue: | | | | | | | | | Supply Chain Services | | | | | | | | | Net administrative fees | $ | 149,027 | | | $ | 150,006 | | | | | | | Software licenses, other services and support | 11,186 | | | 10,826 | | | | | | | Services and software licenses | 160,213 | | | 160,832 | | | | | | | Products | 50,585 | | | 58,861 | | | | | | Total Supply Chain Services (a) | 210,798 | | | 219,693 | | | | | | | Performance Services | | | | | | | | | Software licenses, other services and support | | | | | | | | | SaaS-based products subscriptions | 45,340 | | | 47,767 | | | | | | | Consulting services | 23,768 | | | 17,615 | | | | | | | Software licenses | 14,941 | | | 5,992 | | | | | | Other(b) | 23,957 | | | 22,815 | | | | | | Total Performance Services (a) | 108,006 | | | 94,189 | | | | | | | Total segment net revenue | 318,804 | | | 313,882 | | | | | | Eliminations (a) | (52) | | | (9) | | | | | | | Net revenue | $ | 318,752 | | | $ | 313,873 | | | | | |
_________________________________ (a)Includes intersegment revenue that is eliminated in consolidation. Intersegment revenue is not separately identified in Segments as the amounts are not material. (b)Includes revenue from Contigo Health, Remitra and other PINC AI revenue. Additional segment information related to depreciation and amortization expense, capital expenditures and total assets was as follows (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | | | 2023 | | 2022 | | | | | Depreciation and amortization expense (a): | | | | | | | | | Supply Chain Services | $ | 13,573 | | | $ | 14,250 | | | | | | | Performance Services | 17,342 | | | 17,416 | | | | | | | Corporate | 2,101 | | | 2,225 | | | | | | | Total depreciation and amortization expense | $ | 33,016 | | | $ | 33,891 | | | | | | | | | | | | | | | Capital expenditures: | | | | | | | | | Supply Chain Services | $ | 10,914 | | | $ | 6,735 | | | | | | | Performance Services | 9,441 | | | 12,186 | | | | | | | Corporate | 915 | | | 9 | | | | | | | Total capital expenditures | $ | 21,270 | | | $ | 18,930 | | | | | |
| | | | | | | | | | | | | September 30, 2023 | | June 30, 2023 | | Total assets: | | | | | Supply Chain Services | $ | 1,731,559 | | | $ | 1,317,076 | | | Performance Services | 1,218,406 | | | 1,209,353 | | | Corporate | 899,536 | | | 845,062 | | | Total assets | 3,849,501 | | | 3,371,491 | | Eliminations (b) | 71 | | | (4) | | | Total assets, net | $ | 3,849,572 | | | $ | 3,371,487 | |
_________________________________ (a)Includes amortization of purchased intangible assets. (b)Includes eliminations of intersegment transactions which occur during the ordinary course of business.
|
| Schedule of Reconciliation of Income Before Income Taxes to Segment Adjusted EBITDA |
A reconciliation of income before income taxes to unaudited Segment Adjusted EBITDA, a Non-GAAP financial measure, is as follows (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | | | 2023 | | 2022 | | | | | | Income before income taxes | $ | 56,348 | | | $ | 61,728 | | | | | | Equity in net income of unconsolidated affiliates (a) | 1,726 | | | (8,243) | | | | | | | Interest expense, net | (195) | | | 2,859 | | | | | | | | | | | | | | | Other expense, net | 1,092 | | | 2,164 | | | | | | | Operating income | 58,971 | | | 58,508 | | | | | | | Depreciation and amortization | 20,328 | | | 23,439 | | | | | | | Amortization of purchased intangible assets | 12,688 | | | 10,452 | | | | | | Stock-based compensation (b) | 6,893 | | | 7,349 | | | | | | | Acquisition- and disposition-related expenses | 6,205 | | | 2,160 | | | | | | | Strategic initiative and financial restructuring-related expenses | 1,746 | | | 1,520 | | | | | | Deferred compensation plan income (c) | (1,125) | | | (2,370) | | | | | | | Other reconciling items, net | 33 | | | 79 | | | | | | Non-GAAP Adjusted EBITDA (d) | $ | 105,739 | | | $ | 101,137 | | | | | | | | | | | | | | | Segment Non-GAAP Adjusted EBITDA: | | | | | | | | Supply Chain Services (e) | $ | 114,974 | | | $ | 113,187 | | | | | | Performance Services (e) | 21,774 | | | 19,132 | | | | | | | Corporate | (31,009) | | | (31,182) | | | | | | | Non-GAAP Adjusted EBITDA | $ | 105,739 | | | $ | 101,137 | | | | | |
_________________________________ (a)Refer to Note 4 - Investments for more information. (b)Includes non-cash employee stock-based compensation expense and stock purchase plan expense of $0.2 million for both the three months ended September 30, 2023 and 2022. (c)Represents changes in deferred compensation plan liabilities resulting from realized and unrealized gains and losses and dividend income on deferred compensation plan assets. (d)The definition for Non-GAAP Adjusted EBITDA was revised from the definition reported in the 2023 Annual Report to exclude the impact of equity earnings in unconsolidated affiliates. For comparability purposes, prior year non-GAAP financial measures are presented based on the current definition. (e)Includes intersegment revenue which is eliminated in consolidation.
|
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v3.23.3
BUSINESS ACQUISITIONS (Details)
$ in Thousands |
Oct. 13, 2022
USD ($)
provider
|
Sep. 30, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
| Asset Acquisition, Contingent Consideration [Line Items] |
|
|
|
| Goodwill |
|
$ 1,012,355
|
$ 1,012,355
|
| TRPN Transferred Assets |
|
|
|
| Asset Acquisition, Contingent Consideration [Line Items] |
|
|
|
| Number of TRPN contracts | provider |
900,000
|
|
|
| Transferring cash |
$ 177,500
|
|
|
| Escrow account satisfy indemnification obligations |
17,800
|
|
|
| Fair value of intangible assets acquired |
116,600
|
|
|
| Goodwill |
$ 60,900
|
|
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v3.23.3
INVESTMENTS - Schedule of Investments in Unconsolidated Affiliates (Details) - USD ($)
$ in Thousands |
3 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
| Schedule of Equity Method Investments [Line Items] |
|
|
|
| Carrying Value |
$ 230,080
|
|
$ 231,826
|
| Equity in Net Income |
(1,726)
|
$ 8,243
|
|
| FFF |
|
|
|
| Schedule of Equity Method Investments [Line Items] |
|
|
|
| Carrying Value |
136,080
|
|
136,080
|
| Equity in Net Income |
0
|
7,187
|
|
| Exela |
|
|
|
| Schedule of Equity Method Investments [Line Items] |
|
|
|
| Carrying Value |
31,487
|
|
32,905
|
| Equity in Net Income |
(1,419)
|
138
|
|
| Qventus |
|
|
|
| Schedule of Equity Method Investments [Line Items] |
|
|
|
| Carrying Value |
16,000
|
|
16,000
|
| Equity in Net Income |
0
|
0
|
|
| Prestige |
|
|
|
| Schedule of Equity Method Investments [Line Items] |
|
|
|
| Carrying Value |
15,623
|
|
15,503
|
| Equity in Net Income |
119
|
180
|
|
| Other investments |
|
|
|
| Schedule of Equity Method Investments [Line Items] |
|
|
|
| Carrying Value |
30,890
|
|
$ 31,338
|
| Equity in Net Income |
$ (426)
|
$ 738
|
|
| X |
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v3.23.3
FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities (Details) - Recurring - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Cash equivalents |
$ 232,342
|
$ 77
|
| Deferred compensation plan assets |
49,911
|
55,566
|
| Total assets |
282,253
|
55,643
|
| Earn-out liabilities |
29,861
|
26,603
|
| Total liabilities |
29,861
|
26,603
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Cash equivalents |
232,342
|
77
|
| Deferred compensation plan assets |
49,911
|
55,566
|
| Total assets |
282,253
|
55,643
|
| Earn-out liabilities |
0
|
0
|
| Total liabilities |
0
|
0
|
| Significant Other Observable Inputs (Level 2) |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Cash equivalents |
0
|
0
|
| Deferred compensation plan assets |
0
|
0
|
| Total assets |
0
|
0
|
| Earn-out liabilities |
0
|
0
|
| Total liabilities |
0
|
0
|
| Significant Unobservable Inputs (Level 3) |
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
| Cash equivalents |
0
|
0
|
| Deferred compensation plan assets |
0
|
0
|
| Total assets |
0
|
0
|
| Earn-out liabilities |
29,861
|
26,603
|
| Total liabilities |
$ 29,861
|
$ 26,603
|
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v3.23.3
FAIR VALUE MEASUREMENTS - Narrative (Details)
$ in Thousands |
Sep. 30, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
Aug. 31, 2020 |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Assumed market interest rate (percent) |
1.60%
|
1.60%
|
|
| Notes payable to former limited partners, net of discount | Notes Payable, Other Payables |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Imputed interest (percent) |
|
|
1.80%
|
| Debt discount |
$ (3,300)
|
$ (4,200)
|
|
| Acurity, Inc. (“Acurity”) and Nexera, Inc. (“Nexera”) |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Earn-out liabilities |
23,500
|
23,100
|
|
| Acurity, Inc. (“Acurity”) and Nexera, Inc. (“Nexera”) | Minimum |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Earn-out liabilities |
$ 0
|
$ 30,000
|
|
| Acurity, Inc. (“Acurity”) and Nexera, Inc. (“Nexera”) | Credit spread | Valuation Technique, Estimated Future Earnings |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Earn-out input assumptions (percent) |
0.014
|
0.016
|
|
| Recurring |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Earn-out liabilities |
$ 29,861
|
$ 26,603
|
|
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Earn-out liabilities |
0
|
0
|
|
| Significant Other Observable Inputs (Level 2) |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Imputed interest (percent) |
|
|
1.80%
|
| Significant Other Observable Inputs (Level 2) | Recurring |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Earn-out liabilities |
0
|
0
|
|
| Prepaid Expenses and Other Current Assets | Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring |
|
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
| Current portion of deferred compensation plan assets |
$ 5,900
|
$ 5,200
|
|
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v3.23.3
FAIR VALUE MEASUREMENTS - Reconciliation of Earn-Out Liabilities and FFF Put and Call Rights (Details) - USD ($)
$ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation |
|
|
| Beginning Balance |
$ 26,603
|
$ 22,789
|
| Purchases (Settlements) |
0
|
0
|
| (Gain)/Loss |
3,258
|
(428)
|
| Ending Balance |
$ 29,861
|
$ 22,361
|
| Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] |
Nonoperating Income (Expense)
|
Nonoperating Income (Expense)
|
| Earn-out liabilities |
|
|
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation |
|
|
| Beginning Balance |
$ 26,603
|
$ 22,789
|
| Purchases (Settlements) |
0
|
0
|
| (Gain)/Loss |
3,258
|
(428)
|
| Ending Balance |
$ 29,861
|
$ 22,361
|
| X |
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v3.23.3
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v3.23.3
CONTRACT BALANCES - Remaining Performance Obligation (Details)
$ in Millions |
Sep. 30, 2023
USD ($)
|
| Revenue from Contract with Customer [Abstract] |
|
| Transaction price allocated to remaining performance obligation |
$ 705.8
|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 |
|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
| Remaining performance obligation to be satisfied (percent) |
41.00%
|
| Remaining performance obligation satisfaction period (in months) |
12 months
|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 |
|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
| Remaining performance obligation to be satisfied (percent) |
24.00%
|
| Remaining performance obligation satisfaction period (in months) |
12 months
|
| X |
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v3.23.3
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)
$ in Thousands |
12 Months Ended |
|
Jun. 30, 2023 |
Sep. 30, 2023 |
| Goodwill [Line Items] |
|
|
| Goodwill |
$ 1,012,355
|
$ 1,012,355
|
| Contigo Health Reporting Unit |
|
|
| Goodwill [Line Items] |
|
|
| Goodwill impairment |
54,400
|
|
| Direct Sourcing Reporting Unit |
|
|
| Goodwill [Line Items] |
|
|
| Goodwill impairment |
2,300
|
|
| Supply Chain Services |
|
|
| Goodwill [Line Items] |
|
|
| Goodwill |
386,200
|
386,200
|
| Accumulated impairment loss |
2,300
|
2,300
|
| Performance Services |
|
|
| Goodwill [Line Items] |
|
|
| Goodwill |
626,100
|
626,100
|
| Accumulated impairment loss |
$ 54,400
|
$ 54,400
|
| X |
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-Topic 852
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v3.23.3
GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Gross |
$ 695,714
|
$ 695,714
|
| Accumulated Amortization |
(278,372)
|
(265,684)
|
| Net |
$ 417,342
|
430,030
|
| Member relationships |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Useful Life |
14 years 8 months 12 days
|
|
| Gross |
$ 386,100
|
386,100
|
| Accumulated Amortization |
(143,291)
|
(136,751)
|
| Net |
$ 242,809
|
249,349
|
| Provider network |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Useful Life |
15 years
|
|
| Gross |
$ 106,500
|
106,500
|
| Accumulated Amortization |
(6,804)
|
(5,029)
|
| Net |
$ 99,696
|
101,471
|
| Technology |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Useful Life |
7 years 1 month 6 days
|
|
| Gross |
$ 99,317
|
99,317
|
| Accumulated Amortization |
(69,203)
|
(67,581)
|
| Net |
$ 30,114
|
31,736
|
| Customer relationships |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Useful Life |
9 years 4 months 24 days
|
|
| Gross |
$ 57,930
|
57,930
|
| Accumulated Amortization |
(33,070)
|
(31,846)
|
| Net |
$ 24,860
|
26,084
|
| Trade names |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Useful Life |
6 years 8 months 12 days
|
|
| Gross |
$ 18,920
|
18,920
|
| Accumulated Amortization |
(12,506)
|
(11,983)
|
| Net |
$ 6,414
|
6,937
|
| Non-compete agreements |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Useful Life |
5 years 2 months 12 days
|
|
| Gross |
$ 17,715
|
17,715
|
| Accumulated Amortization |
(10,439)
|
(9,738)
|
| Net |
$ 7,276
|
7,977
|
| Other |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Useful Life |
9 years 3 months 18 days
|
|
| Gross |
$ 9,232
|
9,232
|
| Accumulated Amortization |
(3,059)
|
(2,756)
|
| Net |
6,173
|
6,476
|
| Other |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Gross |
1,000
|
1,000
|
| Performance Services |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Net |
155,563
|
160,320
|
| Gross |
$ 1,000
|
$ 1,000
|
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v3.23.3
GOODWILL AND INTANGIBLE ASSETS - Intangible Assets by Segment (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Total intangible assets, net |
$ 417,342
|
$ 430,030
|
| Supply Chain Services |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Total intangible assets, net |
261,779
|
269,710
|
| Performance Services |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Total intangible assets, net |
155,563
|
160,320
|
| Gross |
$ 1,000
|
$ 1,000
|
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v3.23.3
DEBT AND NOTES PAYABLE - Schedule of Long-Term Debt and Notes Payable (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
| Debt Instrument [Line Items] |
|
|
| Total debt and notes payable |
$ 177,646
|
$ 418,468
|
| Less: current portion |
(101,329)
|
(316,211)
|
| Total long-term debt and notes payable |
76,317
|
102,257
|
| Credit Facility |
|
|
| Debt Instrument [Line Items] |
|
|
| Total debt and notes payable |
0
|
215,000
|
| Notes Payable | Notes payable to former limited partners, net of discount |
|
|
| Debt Instrument [Line Items] |
|
|
| Total debt and notes payable |
176,447
|
201,188
|
| Notes Payable | Other notes payable |
|
|
| Debt Instrument [Line Items] |
|
|
| Total debt and notes payable |
$ 1,199
|
$ 2,280
|
| X |
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-Section 50
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-Section S99
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v3.23.3
DEBT AND NOTES PAYABLE - Credit Facility (Narrative) (Details)
|
|
3 Months Ended |
10 Months Ended |
|
|
Dec. 12, 2022
USD ($)
extension
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
| Outstanding borrowings |
|
$ 177,646,000
|
|
$ 177,646,000
|
$ 418,468,000
|
| Proceeds from credit facility |
|
0
|
$ 100,000,000
|
|
|
| Payments on credit facility |
|
215,000,000
|
$ 0
|
|
|
| Credit Facility |
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
| Number of available extensions | extension |
2
|
|
|
|
|
| Duration of each available extension |
1 year
|
|
|
|
|
| Maximum borrowing capacity |
$ 1,000,000,000
|
|
|
|
|
| Additional borrowing capacity |
350,000,000
|
|
|
|
|
| Outstanding borrowings |
|
0
|
|
0
|
215,000,000
|
| Available borrowing capacity |
|
995,000,000
|
|
$ 995,000,000
|
$ 785,000,000
|
| Proceeds from credit facility |
|
0
|
|
|
|
| Payments on credit facility |
|
$ 215,000,000
|
|
|
|
| Credit facility, unused capacity commitment fee (percent) |
|
|
|
0.125%
|
|
| Weighted average interest rate |
|
|
|
|
6.47%
|
| Letters of Credit |
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
| Maximum borrowing capacity |
50,000,000
|
|
|
|
|
| Swing Line Loan |
|
|
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
|
|
| Maximum borrowing capacity |
$ 100,000,000
|
|
|
|
|
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|
| X |
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| Namespace Prefix: |
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| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| Namespace Prefix: |
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| Period Type: |
duration |
|
| X |
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| Namespace Prefix: |
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|
|
| X |
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|
|
| X |
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| Namespace Prefix: |
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|
v3.23.3
| X |
- DefinitionDebt Instrument, Imputed Interest
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|
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v3.23.3
LIABILITY RELATED TO THE SALE OF FUTURE REVENUES - Narrative (Details) - USD ($)
$ in Thousands |
|
1 Months Ended |
2 Months Ended |
3 Months Ended |
|
Jul. 25, 2023 |
Oct. 31, 2023 |
Sep. 30, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
| Current portion of liability related to the sale of future revenues |
|
|
$ 32,827
|
$ 32,827
|
$ 0
|
| Non-Healthcare Holdings, LLC |
|
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
| Consideration payment period |
8 months
|
|
|
|
|
| Aggregate consideration |
|
|
689,200
|
|
|
| Partnership agreement term |
10 years
|
|
|
|
|
| Administrative fees to be remitted (percent) |
100.00%
|
|
|
|
|
| Escrow deposit |
|
|
110,200
|
110,200
|
|
| Liability related to the sale of future revenues |
|
|
574,661
|
574,661
|
|
| Current portion of liability related to the sale of future revenues |
|
|
32,800
|
32,800
|
|
| Revenue |
|
|
|
11,700
|
|
| Imputed interest expense associated with the sale of future revenues |
|
|
$ 2,533
|
$ 2,500
|
|
| Non-Healthcare Holdings, LLC | Liability Related To The Sale Of Future Revenues |
|
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
| Interest rate (percent) |
2.50%
|
|
|
|
|
| Non-Healthcare Holdings, LLC | Subsequent Event |
|
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
| Aggregate consideration |
|
$ 35,800
|
|
|
|
| Minimum | Non-Healthcare Holdings, LLC |
|
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
| Cash purchase price estimated |
$ 750,000
|
|
|
|
|
| Maximum | Non-Healthcare Holdings, LLC |
|
|
|
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
| Cash purchase price estimated |
$ 800,000
|
|
|
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(1)(a))
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v3.23.3
LIABILITY RELATED TO THE SALE OF FUTURE REVENUES (Details) - Non-Healthcare Holdings, LLC
$ in Thousands |
2 Months Ended |
3 Months Ended |
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
| Proceeds from the sale of future revenues |
$ 523,198
|
|
| Proceeds from the release of escrow funds |
55,785
|
|
| Imputed interest expense associated with the sale of future revenues |
2,533
|
$ 2,500
|
| Payments against the liability related to the sale of future revenues |
(6,855)
|
|
| Liability related to the sale of future revenues |
$ 574,661
|
$ 574,661
|
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v3.23.3
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- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Section 50
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-Subparagraph (d)
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v3.23.3
EARNINGS PER SHARE - Reconciliation of the Numerator and Denominator Used for Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Numerator for basic and diluted earnings per share: |
|
|
| Net income attributable to stockholders |
$ 44,761
|
$ 42,716
|
| Denominator for earnings per share: |
|
|
| Basic weighted average shares outstanding (in shares) |
119,344
|
118,351
|
| Effect of dilutive securities: |
|
|
| Diluted weighted average shares (in shares) |
120,133
|
120,033
|
| Earnings per share attributable to stockholders: |
|
|
| Basic (in dollars per share) |
$ 0.38
|
$ 0.36
|
| Diluted (in dollars per share) |
$ 0.37
|
$ 0.36
|
| Net income |
$ 42,410
|
$ 42,959
|
| Net loss (income) attributable to non-controlling interest |
2,351
|
(243)
|
| Net income attributable to stockholders |
$ 44,761
|
$ 42,716
|
| Stock options |
|
|
| Effect of dilutive securities: |
|
|
| Effect of dilutive securities (in shares) |
0
|
146
|
| Restricted stock units |
|
|
| Effect of dilutive securities: |
|
|
| Effect of dilutive securities (in shares) |
534
|
563
|
| Performance share awards |
|
|
| Effect of dilutive securities: |
|
|
| Effect of dilutive securities (in shares) |
255
|
973
|
| Earnings per share attributable to stockholders: |
|
|
| Antidilutive securities excluded from computation of earnings per share (in shares) |
200
|
100
|
| Options and Restricted Stock Units |
|
|
| Earnings per share attributable to stockholders: |
|
|
| Antidilutive securities excluded from computation of earnings per share (in shares) |
1,300
|
200
|
| X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)
$ in Thousands, shares in Millions |
|
3 Months Ended |
May 31, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
| Expected effective income tax rate (percent) |
|
25.00%
|
26.00%
|
| 2013 Equity Incentive Plan |
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
| Number of awards authorized for grant (up to) (in shares) |
|
14.8
|
|
| Unrecognized Stock-Based Compensation Expense |
|
$ 73,462
|
|
| Options exercised in the period (in shares) |
|
0.0
|
|
| Intrinsic value of options outstanding and exercisable |
|
$ 0
|
|
| Restricted Stock | 2013 Equity Incentive Plan |
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
| Unrecognized Stock-Based Compensation Expense |
|
$ 49,350
|
|
| Performance share awards | 2013 Equity Incentive Plan |
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
| Award vesting period (in years) |
|
3 years
|
|
| Unrecognized Stock-Based Compensation Expense |
|
$ 24,112
|
|
| Stock options |
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
| Unrecognized Stock-Based Compensation Expense |
|
$ 0
|
|
| Stock options | 2013 Equity Incentive Plan |
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
| Award vesting period (in years) |
|
3 years
|
|
| Stock options, expiration period |
|
10 years
|
|
| Stock options | 2013 Equity Incentive Plan | Share-Based Payment Arrangement, Tranche One |
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
| Stock options, expiration period |
|
12 months
|
|
| Stock options | 2013 Equity Incentive Plan | Share-Based Payment Arrangement, Tranche Two |
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
| Stock options, expiration period |
|
90 days
|
|
| Employee | Restricted Stock | 2013 Equity Incentive Plan |
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
| Award vesting period (in years) |
3 years
|
|
|
| Director | Restricted Stock | 2013 Equity Incentive Plan |
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
| Award vesting period (in years) |
1 year
|
|
|
| X |
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| X |
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v3.23.3
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v3.23.3
STOCK-BASED COMPENSATION - Schedule of Information Related to Restricted Stock, Performance Share Awards and Stock Options (Details) - 2013 Equity Incentive Plan
|
3 Months Ended |
|
Sep. 30, 2023
$ / shares
shares
|
|---|
| Restricted Stock |
|
| Number of Awards |
|
| Outstanding, beginning balance (in shares) | shares |
1,847,790
|
| Granted (in shares) | shares |
1,037,170
|
| Vested/exercised (in shares) | shares |
(292,292)
|
| Forfeited (in shares) | shares |
(84,292)
|
| Outstanding, ending balance (in shares) | shares |
2,508,376
|
| Weighted Average Fair Value at Grant Date |
|
| Outstanding, beginning balance (in dollars per share) | $ / shares |
$ 33.11
|
| Granted (in dollars per share) | $ / shares |
21.64
|
| Vested/exercised (in dollars per share) | $ / shares |
31.53
|
| Forfeited (in dollars per share) | $ / shares |
31.34
|
| Outstanding, ending balance (in dollars per share) | $ / shares |
$ 28.61
|
| Performance Share Awards |
|
| Number of Awards |
|
| Outstanding, beginning balance (in shares) | shares |
1,470,824
|
| Granted (in shares) | shares |
684,026
|
| Vested/exercised (in shares) | shares |
(458,905)
|
| Forfeited (in shares) | shares |
(50,298)
|
| Outstanding, ending balance (in shares) | shares |
1,645,647
|
| Weighted Average Fair Value at Grant Date |
|
| Outstanding, beginning balance (in dollars per share) | $ / shares |
$ 33.08
|
| Granted (in dollars per share) | $ / shares |
18.70
|
| Vested/exercised (in dollars per share) | $ / shares |
29.18
|
| Forfeited (in dollars per share) | $ / shares |
35.12
|
| Outstanding, ending balance (in dollars per share) | $ / shares |
$ 28.13
|
| Stock options |
|
| Number of Options |
|
| Outstanding, beginning balance (in shares) | shares |
465,322
|
| Granted (in shares) | shares |
0
|
| Vested/exercised (in shares) | shares |
0
|
| Forfeited (in shares) | shares |
(2,458)
|
| Outstanding, ending balance (in shares) | shares |
462,864
|
| Stock options outstanding and exercisable (in shares) | shares |
462,864
|
| Weighted Average Exercise Price |
|
| Outstanding, beginning balance (in dollars per share) | $ / shares |
$ 33.15
|
| Granted (in dollars per share) | $ / shares |
0
|
| Vested/exercised (in dollars per share) | $ / shares |
0
|
| Forfeited (in dollars per share) | $ / shares |
33.98
|
| Outstanding, ending balance (in dollars per share) | $ / shares |
33.15
|
| Stock options outstanding and exercisable (in dollars per share) | $ / shares |
$ 33.15
|
| X |
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19,20)
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v3.23.3
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
$ in Thousands |
3 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
| Commitments and Contingencies Disclosure [Abstract] |
|
|
|
| Operating lease expense |
$ 2,400
|
$ 2,500
|
|
| Weighted average remaining lease term (in years) |
2 years 7 months 6 days
|
|
|
| Weighted average discount rate (percent) |
4.00%
|
|
|
| Lessee, Operating Lease, Liability, Payment, Due [Abstract] |
|
|
|
| Remainder of the year |
$ 9,319
|
|
|
| Year one |
12,389
|
|
$ 12,381
|
| Year two |
9,005
|
|
12,389
|
| Year three |
1,324
|
|
9,005
|
| Year four |
|
|
1,324
|
| Total future minimum lease payments |
32,037
|
|
35,099
|
| Less: imputed interest |
1,633
|
|
1,947
|
| Total operating lease liabilities |
$ 30,404
|
|
$ 33,152
|
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] |
Other current liabilities
|
|
Other current liabilities
|
| Operating lease liability included in other liabilities, current |
$ 11,500
|
|
|
| X |
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-Topic 842
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-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 842
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
| X |
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-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 18
-Publisher FASB
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v3.23.3
SEGMENTS - Schedule of Segment Information (Details) - USD ($)
$ in Thousands |
3 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
| Segment Reporting Information [Line Items] |
|
|
|
| Net revenue |
$ 318,752
|
$ 313,873
|
|
| Total depreciation and amortization expense |
33,016
|
33,891
|
|
| Total capital expenditures |
21,270
|
18,930
|
|
| Total assets |
3,849,572
|
|
$ 3,371,487
|
| Net administrative fees |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Net revenue |
149,027
|
150,006
|
|
| Software licenses, other services and support |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Net revenue |
119,140
|
105,006
|
|
| Services and software licenses |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Net revenue |
268,167
|
255,012
|
|
| Products |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Net revenue |
50,585
|
58,861
|
|
| Operating Segments |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Net revenue |
318,804
|
313,882
|
|
| Operating Segments | Supply Chain Services |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Net revenue |
210,798
|
219,693
|
|
| Total depreciation and amortization expense |
13,573
|
14,250
|
|
| Total capital expenditures |
10,914
|
6,735
|
|
| Total assets |
1,731,559
|
|
1,317,076
|
| Operating Segments | Performance Services |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Net revenue |
108,006
|
94,189
|
|
| Total depreciation and amortization expense |
17,342
|
17,416
|
|
| Total capital expenditures |
9,441
|
12,186
|
|
| Total assets |
1,218,406
|
|
1,209,353
|
| Operating Segments | Operating Segments and Corporate Non-segment |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Total assets |
3,849,501
|
|
3,371,491
|
| Operating Segments | Net administrative fees | Supply Chain Services |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Net revenue |
149,027
|
150,006
|
|
| Operating Segments | Software licenses, other services and support | Supply Chain Services |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Net revenue |
11,186
|
10,826
|
|
| Operating Segments | Services and software licenses | Supply Chain Services |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Net revenue |
160,213
|
160,832
|
|
| Operating Segments | Products | Supply Chain Services |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Net revenue |
50,585
|
58,861
|
|
| Operating Segments | SaaS-based products subscriptions | Performance Services |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Net revenue |
45,340
|
47,767
|
|
| Operating Segments | Consulting services | Performance Services |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Net revenue |
23,768
|
17,615
|
|
| Operating Segments | Software licenses | Performance Services |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Net revenue |
14,941
|
5,992
|
|
| Operating Segments | Other | Performance Services |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Net revenue |
23,957
|
22,815
|
|
| Corporate |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Total depreciation and amortization expense |
2,101
|
2,225
|
|
| Total capital expenditures |
915
|
9
|
|
| Total assets |
899,536
|
|
845,062
|
| Eliminations |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Net revenue |
(52)
|
$ (9)
|
|
| Eliminations |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Total assets |
$ 71
|
|
$ (4)
|
| X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
SEGMENTS - Reconciliation of Income Before Income Taxes to Segment Adjusted EBITDA (Details) - USD ($)
$ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Segment Reporting Information [Line Items] |
|
|
| Income before income taxes |
$ 56,348
|
$ 61,728
|
| Equity in net income of unconsolidated affiliates |
1,726
|
(8,243)
|
| Interest expense, net |
(195)
|
2,859
|
| Other expense, net |
1,092
|
2,164
|
| Operating income |
58,971
|
58,508
|
| Depreciation and amortization |
20,328
|
23,439
|
| Amortization of purchased intangible assets |
12,688
|
10,452
|
| Stock-based compensation |
6,893
|
7,349
|
| Acquisition- and disposition-related expenses |
6,205
|
2,160
|
| Strategic initiative and financial restructuring-related expenses |
1,746
|
1,520
|
| Deferred compensation plan income |
(1,125)
|
(2,370)
|
| Other reconciling items, net |
33
|
79
|
| Non-GAAP Adjusted EBITDA |
105,739
|
101,137
|
| Employee Stock Purchase Plan (ESPP) |
|
|
| Segment Reporting Information [Line Items] |
|
|
| Stock-based compensation |
200
|
200
|
| Operating Segments | Supply Chain Services |
|
|
| Segment Reporting Information [Line Items] |
|
|
| Non-GAAP Adjusted EBITDA |
114,974
|
113,187
|
| Operating Segments | Performance Services |
|
|
| Segment Reporting Information [Line Items] |
|
|
| Non-GAAP Adjusted EBITDA |
21,774
|
19,132
|
| Corporate |
|
|
| Segment Reporting Information [Line Items] |
|
|
| Non-GAAP Adjusted EBITDA |
$ (31,009)
|
$ (31,182)
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| Data Type: |
na |
| Balance Type: |
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| Period Type: |
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| X |
- Details
| Name: |
srt_ConsolidationItemsAxis=us-gaap_OperatingSegmentsMember |
| Namespace Prefix: |
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| Data Type: |
na |
| Balance Type: |
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| Period Type: |
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| X |
- Details
| Name: |
us-gaap_StatementBusinessSegmentsAxis=pinc_SupplyChainServicesMember |
| Namespace Prefix: |
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| Data Type: |
na |
| Balance Type: |
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| Period Type: |
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| X |
- Details
| Name: |
srt_ConsolidationItemsAxis=us-gaap_CorporateNonSegmentMember |
| Namespace Prefix: |
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| Data Type: |
na |
| Balance Type: |
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| Period Type: |
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Premier (NASDAQ:PINC)
Historical Stock Chart
From Apr 2024 to May 2024
Premier (NASDAQ:PINC)
Historical Stock Chart
From May 2023 to May 2024
