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Premier, Inc. (PINC) SEC Filing 10-K Annual Report for the fiscal year ending Friday, June 30, 2023

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Premier, Inc.

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CIK: 1577916 Ticker: PINC

Exhibit 99.1

LOGO

Premier, Inc. Reports Fiscal-Year 2023 Third-Quarter Results

Updates Fiscal-Year 2023 Guidance

CHARLOTTE, N.C., May 2, 2023 - Premier, Inc. (NASDAQ: PINC), a leading technology-driven healthcare improvement company, today reported financial results for the fiscal year 2023 third quarter ended March 31, 2023 and provided updates to its fiscal 2023 guidance.

“We continue to make progress in advancing our longer-term strategy while supporting our members and other customers in a challenging and uncertain environment. During the fiscal 2023 third quarter, our group purchasing organization business performed in line with our expectations, with our non-acute, or Continuum of Care, GPO business producing mid-single digit growth in the quarter. Our direct sourcing business continues to be impacted by excess market supply and member inventory levels which contribute to lower demand and pricing,” said Michael J. Alkire, Premier’s President and CEO. “Our Performance Services segment grew nine percent quarter over quarter, driven by continued growth in our adjacent markets businesses collectively and our consulting services business.”

“Importantly, our business is built on a stable foundation anchored by a strong, flexible balance sheet and significant cash flows. As we look ahead, we remain focused on executing our multi-year growth strategy by partnering with our members and other customers and leveraging our assets to create innovative healthcare solutions and deliver long-term value for our stakeholders.”

Consolidated Financial Highlights

 

     Three Months Ended March 31,     Nine Months Ended March 31,  
(in thousands, except per share data)    2023     2022     % Change     2023     2022     % Change  

Net Revenue:

             

Supply Chain Services:

             

Net administrative fees

    $ 148,441     $ 148,396       —   %    $ 452,870     $ 448,261       1 % 

Software licenses, other services and support

      11,032       8,914       24 %      35,963       27,165       32 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Services and software licenses

      159,473       157,310       1 %      488,833       475,426       3 % 

Products

      57,212       93,629       (39 %)      183,066       323,825       (43 %) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Supply Chain Services

      216,685       250,939       (14 %)      671,899       799,251       (16 %) 

Performance Services

      105,556       96,903       9 %      323,860       292,962       11 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total segment net revenue

      322,241       347,842       (7 %)      995,759       1,092,213       (9 %) 

Eliminations

      (9 )      (9 )      —   %      (28 )      (18 )      56 % 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net revenue

    $ 322,232     $ 347,833       (7 %)    $ 995,731     $ 1,092,195       (9 %) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income

    $ 48,649     $ 39,069       24 %    $ 155,982     $ 237,607       (34 %) 

Net income attributable to stockholders

    $ 46,801     $ 38,415       22 %    $ 153,563     $ 235,964       (35 %) 

Diluted earnings per share attributable to stockholders

    $ 0.39     $ 0.32       22 %    $ 1.28     $ 1.94       (34 %) 

 

1

The following information was filed by Premier, Inc. (PINC) on Wednesday, May 3, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Premier, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:

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Inside Premier, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Cash Flows
Consolidated Statements Of Income And Comprehensive Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Business Acquisitions
Business Acquisitions (Narrative) (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Contract Balances
Contract Balances - Narrative (Details)
Contract Balances - Remaining Performance Obligation (Details)
Debt And Notes Payable
Debt And Notes Payable (Tables)
Debt And Notes Payable - Credit Facility (Narrative) (Details)
Debt And Notes Payable - Notes Payable (Narrative) (Details)
Debt And Notes Payable - Principal Payments Of Notes Payable (Details)
Debt And Notes Payable - Schedule Of Long-Term Debt (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Calculation Of Net Income From Continuing Operations (Details)
Earnings Per Share - Reconciliation Of Common Shares Used For Earnings (Loss) Per Share (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Fair Value Measurement Input Assumptions (Details)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Reconciliation Of Earn-Out Liabilities And Fff Put And Call Rights (Details) (Details)
Fair Value Measurements - Schedule Of Assets At Fair Value On A Recurring Basis (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Components Of Goodwill (Details)
Goodwill And Intangible Assets - Narrative (Details)
Goodwill And Intangible Assets - Schedule Of Estimated Aggregate Amortization Expense (Details)
Goodwill And Intangible Assets - Schedule Of Finite-Lived Intangible Assets (Details)
Goodwill And Intangible Assets - Schedule Of Net Carrying Value Of Intangible Assets By Segment (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Components Of Income Tax Expense (Benefit) (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Schedule Of Unrecognized Tax Benefits (Details)
Investments
Investments - (Tables)
Investments - Balance Sheet (Details)
Investments - Income Statement (Details)
Investments - Narrative (Details)
Investments - Schedule Of Investments In Unconsolidated Affiliates (Details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Details)
Organization And Basis Of Presentation (Tables)
Organization And Basis Of Presentation - Supplemental Cash Flow Information (Details)
Post-Retirement Benefits
Post-Retirement Benefits (Details)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Details)
Quarterly Financial Data (Unaudited) (Tables)
Redeemable Limited Partners' Capital
Redeemable Limited Partners' Capital (Tables)
Redeemable Limited Partners' Capital - Changes In Redeemable Limited Partners' Capital (Details)
Redeemable Limited Partners' Capital - Narrative (Details)
Related Party Transactions
Related Party Transactions (Details)
Schedule Ii Valuation And Qualifying Accounts
Schedule Ii Valuation And Qualifying Accounts (Details)
Segments
Segments (Tables)
Segments - Narrative (Details)
Segments - Reconciliation Of Net Revenue And Ebitda (Details)
Segments - Reconciliation Of Segment Adjusted Ebitda To Operating Income (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies - Advertising Costs (Narrative) (Details)
Significant Accounting Policies - Deferred Compensation Plan Assets And Related Liabilities (Narrative) (Details)
Significant Accounting Policies - Goodwill (Narrative) (Details)
Significant Accounting Policies - Inventory (Narrative) (Details)
Significant Accounting Policies - Property And Equipment, Net (Narrative) (Details)
Significant Accounting Policies - Revenue Recognition (Narrative) (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Schedule Of Performance Share Awards (Details)
Stock-Based Compensation - Schedule Of Restricted Stock Units (Details)
Stock-Based Compensation - Schedule Of Stock Options Awards (Details)
Stock-Based Compensation - Schedule Of Stock-Based Compensation Expense And Resulting Deferred Tax Benefits (Details)
Stock-Based Compensation - Unrecognized Stock-Based Compensation (Details)
Stockholders' Equity
Stockholders' Equity (Details)
Subsequent Events
Subsequent Events - Narrative (Details)
Supplemental Balance Sheet Information
Supplemental Balance Sheet Information (Tables)
Supplemental Balance Sheet Information - Accounts Receivable, Net (Details)
Supplemental Balance Sheet Information - Other Long-Term Assets (Details)
Supplemental Balance Sheet Information - Other Long-Term Liabilities (Details)
Supplemental Balance Sheet Information - Property And Equipment, Net (Details)
Ticker: PINC
CIK: 1577916
Form Type: 10-K Annual Report
Accession Number: 0001577916-23-000014
Submitted to the SEC: Tue Aug 22 2023 7:06:38 PM EST
Accepted by the SEC: Wed Aug 23 2023
Period: Friday, June 30, 2023
Industry: Management Services

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