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Premier, Inc. (PINC) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Premier, Inc.

CIK: 1577916 Ticker: PINC

Exhibit 99.1

 

LOGO

FOR IMMEDIATE RELEASE

PREMIER INC. REPORTS FISCAL 2020 SECOND-QUARTER RESULTS

CHARLOTTE, N.C., Feb. 4, 2020 – Premier Inc. (NASDAQ: PINC) today reported financial results for the fiscal 2020 second quarter ended Dec. 31, 2019.

All results presented in this press release reflect continuing operations following completion of the sale and exit of the Specialty Pharmacy business on June 7, 2019.

Q2 2020 Highlights:

 

   

GAAP net revenue increased 4% to $319.6 million from $307.6 million a year ago; Supply Chain Services segment revenue increased 9% to $232.6 million from $212.7 million a year ago; and Performance Services segment revenue decreased 8% to $87.0 million from $94.9 million a year ago.

 

   

GAAP net income was $91.6 million, compared with $105.8 million a year ago; diluted loss per share was $6.88 compared with income of $0.70 per share a year ago.

 

   

Non-GAAP adjusted EBITDA* increased 4% to $148.4 million from $142.9 million a year ago.

 

   

Non-GAAP adjusted fully distributed net income* increased 2% to $90.8 million from $89.2 million a year ago and non-GAAP adjusted fully distributed earnings per share increased 10% to $0.74 from $0.67.

 

   

During the six months ended Dec. 31, 2019, Premier repurchased approximately 4.6 million shares of Class A common stock at an average price of $32.25 per share as part of its previously authorized $300.0 million Class A stock repurchase program.

 

   

Premier separately announced today that it has entered into a definitive agreement to acquire substantially all the assets and certain liabilities of Acurity, Inc. and Nexera, Inc., two indirect wholly owned subsidiaries of the Greater New York Hospital Association, for total consideration of approximately $291.5 million. A contingent payment to the sellers of up to $30.0 million may be made in FY2025 based on Premier’s achievement of a range of member renewals on terms to be agreed to by Premier and the sellers based on prevailing market conditions in December 2023. Acurity is a regional group purchasing organization (GPO) serving more than 300 hospitals and 2,700 health-related facilities in the New York tri-state area. Nexera is a hospital financial improvement consulting firm that also manages and co-manages supply chain operations for a number of Acurity clients.

 

*

Descriptions of non-GAAP financial measures are provided below under “Use and Definition of Non-GAAP Financial Measures,” and reconciliations are provided in the tables at the end of this release.

“We again achieved solid performance in the fiscal second quarter, underscored by steady growth in our Supply Chain Services segment that more than offset continued softness in the Performance Services segment,” said Susan DeVore, chief executive officer. “As anticipated, Performance Services continued to be impacted by reduced revenue from our CMS government contract, investments in our new strategies and the ongoing political and regulatory uncertainty impacting other areas of the business.


The following information was filed by Premier, Inc. (PINC) on Thursday, February 6, 2020 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-Q Quarterly 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 2020 10-K Annual Report includes:

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Inside Premier, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statement Of Stockholders' Equity (Deficit) (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Income (Unaudited)
Business Acquisitions
Business Acquisitions - Narrative (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Contract Balances
Contract Balances - Contract Assets, Deferred Revenue And Capitalized Contract Costs (Details)
Contract Balances - Remaining Performance Obligation (Details)
Debt
Debt (Tables)
Debt - Credit Facility (Narrative) (Details)
Debt - Notes Payable (Narrative) (Details)
Debt - Schedule Of Long-Term Debt (Details)
Discontinued Operations And Exit Activities
Discontinued Operations And Exit Activities (Tables)
Discontinued Operations And Exit Activities - Narrative (Details)
Discontinued Operations And Exit Activities - Schedule Of Major Classes Of Assets And Liabilities (Details)
Discontinued Operations And Exit Activities - Schedule Of Major Components Of Net Income (Loss) From Discontinued Operations (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Calculation Of Net Income From Continuing Operations (Details)
Earnings Per Share - Reconciliation Of The Numerator And Denominator Used For Basic And Diluted Earnings (Loss) Per Share (Details)
Earnings Per Share - Schedule Of Exchange Agreement (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Narrative (Details)
Fair Value Measurements - Reconciliation Of Earn-Out Liabilities And Fff Put And Call Rights (Details)
Fair Value Measurements - Schedule Of Financial Assets And Liabilities (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Details)
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Schedule Of Goodwill (Details)
Income Taxes
Income Taxes (Details)
Investments
Investments (Tables)
Investments - Narrative (Details)
Investments - Schedule Of Investments In Unconsolidated Affiliates (Details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Tables)
Organization And Basis Of Presentation - Acquisitions And Divestitures (Details)
Organization And Basis Of Presentation - Basis Of Presentation (Narrative) (Details)
Organization And Basis Of Presentation - Organization (Narrative) (Details)
Organization And Basis Of Presentation - Schedule Of Assets And Liabilities Of Premier Lp (Details)
Organization And Basis Of Presentation - Schedule Of Net Income Attributable To Premier Lp (Details)
Organization And Basis Of Presentation - Schedule Of Premier Lp's Cash Flows (Details)
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)
Redeemable Limited Partners' Capital - Schedule Of Common Stock Units Quarterly Exchanges (Details)
Redeemable Limited Partners' Capital - Schedule Of Quarterly Distributions To Limited Partners (Details)
Related Party Transactions
Related Party Transactions (Details)
Segments
Segments (Tables)
Segments - Narrative (Details)
Segments - Reconciliation Of Income Before Income Taxes To Segment Adjusted Ebitda (Details)
Segments - Schedule Of Segment Information (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies - Impact Of Adopting Topic 842 On Condensed Consolidated Balance Sheets (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Schedule Of Aggregate Intrinsic Value Of Stock Options (Details)
Stock-Based Compensation - Schedule Of Information Related To Restricted Stock, Performance Share Awards And Stock Options (Details)
Stock-Based Compensation - Schedule Of Stock-Based Compensation Expense And Resulting Tax Benefits (Details)
Stock-Based Compensation - Schedule Of Unrecognized Stock-Based Compensation Expense (Details)
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Details)
Subsequent Events
Subsequent Events - Narrative (Details)

Material Contracts, Statements, Certifications & more

Premier, Inc. provided additional information to their SEC Filing as exhibits

Ticker: PINC
CIK: 1577916
Form Type: 10-Q Quarterly Report
Accession Number: 0001577916-20-000009
Submitted to the SEC: Tue May 05 2020 7:04:09 PM EST
Accepted by the SEC: Wed May 06 2020
Period: Tuesday, March 31, 2020
Industry: Management Services

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