Premier, Inc. (NASDAQ: PINC), a leading technology-driven
healthcare improvement company, today reported financial results
for the fiscal year 2024 first quarter ended September 30,
2023.
"Our first quarter results reflect continued progress in
advancing our strategy to technology-enable better, smarter
healthcare as we continue to innovate with our members and other
customers," said Michael J. Alkire, Premier's President and CEO.
"We performed better than anticipated in terms of profitability as
we continued to actively manage our businesses in a challenging
macroeconomic environment. Year over year consolidated net revenue
growth was driven by strong growth in our Performance Services
segment."
Consolidated Financial
Highlights
Three Months Ended September
30,
(in thousands, except per share data)
2023
2022
% Change
Net revenue:
Supply Chain Services:
Net administrative fees
$
149,027
$
150,006
(1
%)
Software licenses, other services and
support
11,186
10,826
3
%
Services and software licenses
160,213
160,832
—
%
Products
50,585
58,861
(14
%)
Total Supply Chain Services
210,798
219,693
(4
%)
Performance Services
108,006
94,189
15
%
Total segment net revenue
318,804
313,882
2
%
Eliminations
(52
)
(9
)
478
%
Net revenue
$
318,752
$
313,873
2
%
Net income
$
42,410
$
42,959
(1
%)
Net income attributable to
stockholders
$
44,761
$
42,716
5
%
Diluted earnings per share attributable to
stockholders
$
0.37
$
0.36
3
%
Consolidated Financial
Highlights
Three Months Ended September
30,
(in thousands, except per share data)
2023
2022
% Change
NON-GAAP FINANCIAL MEASURES*:
Adjusted EBITDA:
Supply Chain Services
$
114,974
$
113,187
2
%
Performance Services
21,774
19,132
14
%
Total segment adjusted EBITDA
136,748
132,319
3
%
Corporate
(31,009
)
(31,182
)
1
%
Total
$
105,739
$
101,137
5
%
Adjusted net income
$
64,887
$
56,232
15
%
Adjusted earnings per share
(EPS)
$
0.54
$
0.47
15
%
* Refer to Premier's Use and Definition of
Non-GAAP Measures below and the supplemental financial information
at the end of this release for information on the company's use of
non-GAAP measures and a reconciliation of reported GAAP results to
non-GAAP results.
Results of Operations for the Three Months Ended September
30, 2023
(As compared with the three months ended September 30, 2022)
GAAP net revenue of $318.8 million increased 2% from $313.9
million in the prior-year period. GAAP net revenue was driven by an
increase in Performance Services segment revenue partially offset
by a decline in direct sourcing products revenue. Refer to Supply
Chain Services and Performance Services sections below for further
discussion on the factors that impacted each segment during the
quarter.
GAAP net income of $42.4 million decreased 1% from $43.0 million
in the prior-year period primarily due to an increase in operating
expenses and lower equity earnings in the current-year period
offset by an increase in gross profit, primarily driven by lower
logistics and products costs in the company's direct sourcing
products business, and a decrease in estimated effective income tax
rate compared to the prior-year period.
GAAP diluted EPS of $0.37 increased 3% from $0.36 in the
prior-year period due to a decrease in the portion of net income
attributable to non-controlling interests as well as the
aforementioned drivers affecting GAAP net income
quarter-over-quarter.
Adjusted EBITDA of $105.7 million increased 5% from $101.1
million in the prior-year period primarily due to increases in each
segment's adjusted EBITDA. Refer to Supply Chain Services and
Performance Services sections below for further discussion on the
factors that impacted each segment during the quarter.
Adjusted net income of $64.9 million increased 15% from $56.2
million in the prior-year period. Adjusted EPS of $0.54 increased
15% from $0.47 in the prior-year period primarily as a result of
the same factors that impacted adjusted EBITDA as well as a
decrease in depreciation and amortization expense and an increase
in interest income partially offset by an increase in the non-GAAP
estimated effective income tax rate from 26% to 27%.
Segment Results
(For the fiscal first quarter of 2024 as compared with the
fiscal first quarter of 2023)
Supply Chain Services
Supply Chain Services segment net revenue of $210.8 million
decreased 4% from $219.7 million in the prior-year period,
primarily reflecting lower products revenue in the first quarter of
fiscal 2024, as described below.
Net administrative fees revenue of $149.0 million decreased 1%
from $150.0 million in the prior-year period driven by a decline in
the non-acute, or "Continuum of Care", group purchasing
organization ("GPO") program due to lower than anticipated member
purchasing in certain categories partially offset by a slight
increase in purchasing in the acute GPO program. As the company
anticipated, the overall group purchasing program was impacted by
an increase in aggregate blended administrative fee share due to
current market dynamics.
Products revenue of $50.6 million decreased 14% from $58.9
million in the prior-year period primarily due to continued excess
market supply and members' and other customers' inventory levels
which contributed to lower demand and pricing in the current year
period.
Segment adjusted EBITDA of $115.0 million increased 2% from
$113.2 million in the prior-year period primarily due to higher
profit margin in the company's direct sourcing business compared to
the prior-year period driven by lower logistics and product costs
partially offset by an increase in expenses in support of the GPO
program and supply chain co-management business.
Performance Services
Performance Services segment net revenue of $108.0 million
increased 15% from $94.2 million in the prior-year period,
primarily due to an increase in revenue from enterprise license
agreements in the current-year period compared with the prior-year
period as well as growth in the company's consulting services and
certain of its adjacent markets businesses, including revenue
contributions from the company's acquisition of TRPN Direct Pay,
Inc. and Devon Health, Inc. (collectively, "TRPN") in October
2022.
Segment adjusted EBITDA of $21.8 million increased 14% from
$19.1 million in the prior year period mainly due to the
aforementioned increase in revenue partially offset by higher cost
of sales for related revenues as well as an increase in expenses as
the company continued to invest in certain of its adjacent markets
businesses.
Cash Flows and Liquidity
Net cash provided by operating activities ("operating cash
flow") for the three months ended September 30, 2023 of $81.9
million increased from $74.8 million in the prior-year period
primarily due to an increase in cash receipts as a result of higher
revenue and collections in the current-year period and a decrease
in payments for fiscal 2023 performance-related compensation
compared to payments in the prior-year period. These increases were
partially offset by a one-time dividend received from a minority
investment in the prior-year period.
Net cash used in investing activities and net cash provided by
financing activities for the three months ended September 30, 2023,
were $21.3 million and $302.9 million, respectively. As of
September 30, 2023, cash and cash equivalents were $453.3 million
compared with $89.8 million as of June 30, 2023, and the company's
five-year, $1.0 billion revolving credit facility had no
outstanding balance. The increase in cash and cash equivalents was
primarily due to proceeds from the previously announced sale of the
company's non-healthcare GPO operations.
Free cash flow for the three months ended September 30, 2023 of
$35.9 million increased from $31.5 million in the prior-year
period. The increase was primarily due to the same factors that
impacted operating cash flow partially offset by an increase in
purchases of property and equipment. Free cash flow is a non-GAAP
measure. Refer to Premier's Use and Definition of Non-GAAP Measures
below and the supplemental financial information at the end of this
release for information on the company's use of non-GAAP measures
and a reconciliation of reported GAAP results to non-GAAP
results.
During the first three months of fiscal 2024, the company paid
aggregate dividends of $25.8 million to holders of its Class A
common stock.
Fiscal Year 2024 Guidance
As previously announced and considering its ongoing strategic
review, the company will not be providing fiscal year 2024 guidance
at this time.
Conference Call and Webcast
Premier will host a conference call to provide additional detail
around the company's performance and outlook today at 8:00 a.m. ET.
The call will be webcast live from the company's website and, along
with the accompanying presentation, will be available at the
following link: Premier Events. The webcast should be accessed 10
minutes prior to the conference call start time. A replay of the
webcast will be available for one year following the conclusion of
the live broadcast and will be accessible on the company's website
at https://investors.premierinc.com.
For those parties who do not have internet access, the
conference call may be accessed by calling one of the below
telephone numbers and asking to join the Premier, Inc. call:
Domestic participant dial-in number
(toll-free):
(833) 953-2438
International participant dial-in
number:
(412) 317-5767
About Premier, Inc.
Premier, Inc. (NASDAQ: PINC) is a leading healthcare improvement
company, uniting an alliance of more than 4,350 U.S. hospitals and
health systems and approximately 300,000 other providers and
organizations to transform healthcare. With integrated data and
analytics, collaboratives, supply chain solutions, and consulting
and other services, Premier enables better care and outcomes at a
lower cost. Premier plays a critical role in the rapidly evolving
healthcare industry, collaborating with members to co-develop
long-term innovations that reinvent and improve the way care is
delivered to patients nationwide. Headquartered in Charlotte, N.C.,
Premier is passionate about transforming American healthcare.
Please visit Premier’s news and investor sites on
www.premierinc.com, as well as X, Facebook, LinkedIn, YouTube,
Instagram and Premier’s blog for more information about the
company.
Premier’s Use and Definition of Non-GAAP Measures
Premier uses EBITDA, adjusted EBITDA, segment adjusted EBITDA,
adjusted net income, adjusted earnings per share, and free cash
flow. These are non-GAAP financial measures that are not in
accordance with, or an alternative to, GAAP, and may be different
from non-GAAP financial measures used by other companies. We
include these non-GAAP financial measures to facilitate a
comparison of the company’s operating performance on a consistent
basis from period to period and to provide measures that, when
viewed in combination with its results prepared in accordance with
GAAP, we believe allow for a more complete understanding of factors
and trends affecting the company’s business than GAAP measures
alone. Management believes EBITDA, adjusted EBITDA and segment
adjusted EBITDA assist the company’s board of directors, management
and investors in comparing the company’s operating performance on a
consistent basis from period to period by removing the impact of
the company’s asset base (primarily depreciation and amortization)
and items outside the control of management (taxes), as well as
other non-cash (impairment of intangible assets and purchase
accounting adjustments) and non-recurring items, from operating
results. Adjusted EBITDA and segment adjusted EBITDA are
supplemental financial measures used by the company and by external
users of the company’s financial statements.
Management considers adjusted EBITDA an indicator of the
operational strength and performance of the company’s business.
Adjusted EBITDA allows management to assess performance without
regard to financing methods and capital structure and without the
impact of other matters that management does not consider
indicative of the operating performance of the business. Segment
adjusted EBITDA is the primary earnings measure used by management
to evaluate the performance of the company’s business segments.
Management believes free cash flow is an important measure
because it represents the cash that the company generates after
payment of tax distributions to limited partners, payments to
certain former limited partners that elected to execute a Unit
Exchange and Tax Receivable Agreement (“Unit Exchange Agreement")
in connection with our August 2020 restructuring and purchases of
property and equipment 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. Free cash
flow is important because it enables the company to seek
enhancement of stockholder value through acquisitions,
partnerships, joint ventures, investments in related or
complimentary businesses and/or debt reduction.
Non-recurring items are 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 stock-based compensation, acquisition-
and disposition-related expenses, strategic initiative- and
financial restructuring-related expenses, remeasurement of TRA
liabilities, loss on disposal of long-live assets, gain or loss on
FFF put and call rights, income and expense that has been
classified as discontinued operations and other expense.
Non-operating items include gains or losses on the
disposal of assets and interest and investment income or
expense.
EBITDA is defined 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.
Adjusted EBITDA is defined as EBITDA before merger and
acquisition-related expenses and non-recurring, non-cash or
non-operating items.
Segment adjusted EBITDA is defined 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.
Adjusted net income is defined 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.
Adjusted earnings per share is Adjusted Net Income
divided by diluted weighted average shares.
Free cash flow is defined as net cash provided by
operating activities from continuing operations less distributions
and Tax Receivable Agreement payments to limited partners, early
termination payments to certain former limited partners that
elected to execute a Unit Exchange Agreement in connection with our
August 2020 restructuring and 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.
To properly and prudently evaluate our business, readers are
urged to review the reconciliation of these non-GAAP financial
measures, as well as the other financial tables, included at the
end of this release. Readers should not rely on any single
financial measure to evaluate the company’s business. In addition,
the non-GAAP financial measures used in this release are
susceptible to varying calculations and may differ from, and may
therefore not be comparable to, similarly titled measures used by
other companies.
The Company has revised the definitions for Adjusted EBITDA,
Segment Adjusted EBITDA and Adjusted Net Income from the
definitions reported in the 2023 Annual Report. Adjusted EBITDA and
segment Adjusted EBITDA definitions were revised to exclude the
impact of equity earnings in unconsolidated affiliates. The
Adjusted Net Income definition was revised (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 non-GAAP financial measures are
presented based on the current definitions in the above
section.
Further information on Premier’s use of non-GAAP financial
measures is available in the “Our Use of Non-GAAP Financial
Measures” section of Premier’s Form 10-K for the year ended June
30, 2024, filed with the Securities and Exchange Commission (SEC),
as may be updated in subsequent filings with the SEC.
Cautionary Note Regarding Forward-Looking Statements
Statements made in this release that are not statements of
historical or current facts, including, but not limited to those
related to our ability to advance our long-term strategies and
develop innovations for and transform healthcare and our expected
effective income tax rate, 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 the actual
results, performance or achievements of Premier to be materially
different from historical results or from any future results or
projections expressed or implied by such forward-looking
statements. Accordingly, readers should not place undue reliance on
any forward-looking statements. In addition to statements that
explicitly describe such risks and uncertainties, readers are urged
to consider statements in the 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 Premier’s beliefs and expectations as to future events and
trends affecting its business and are necessarily subject to
uncertainties, many of which are outside Premier’s control. More
information on potential factors that could affect Premier’s
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” sections of Premier’s periodic and current
filings with the SEC, including those discussed under the “Risk
Factors” and “Cautionary Note Regarding Forward-Looking Statements”
section of Premier’s Form 10-K for the year ended June 30, 2023 as
well as the Form 10-Q for the quarter ended September 30, 2023,
expected to be filed with the SEC shortly after the date of this
release, and also made available on Premier’s website at
investors.premierinc.com. Forward-looking statements speak only as
of the date they are made, and Premier undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information or future events that occur after
that date, or otherwise.
Condensed Consolidated
Statements of 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
Calculation of GAAP Earnings per
Share
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
119,344
118,351
Effect of dilutive securities:
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
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
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
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
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
—
(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
)
—
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
year
89,793
86,143
Cash and cash equivalents at end of
period
$
453,261
$
176,630
Supplemental Financial
Information
Reconciliation of Net Cash
Provided by Operating Activities to Free Cash Flow
(Unaudited)
(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
)
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 Premier's August 2020 restructuring
are presented in the Condensed Consolidated Statements of Cash
Flows under “Payments made on notes payable." During the three
months ended September 30, 2023, the company 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, the company paid $25.7
million to members, including imputed interest of $1.4 million
which is included in net cash provided by operating activities.
Supplemental Financial
Information
Reconciliation of Net Income
from Continuing Operations to Adjusted EBITDA
Reconciliation of Operating
Income to Segment Adjusted EBITDA
Reconciliation of Net Income
Attributable to Stockholders to Adjusted Net Income
(Unaudited)
(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
—
(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
33
79
Adjusted EBITDA
$
105,739
$
101,137
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
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
929
1,267
Adjusted income before income taxes
88,886
75,990
Income tax expense on adjusted income
before income taxes
23,999
19,758
Adjusted Net Income
$
64,887
$
56,232
Supplemental Financial
Information
Reconciliation of GAAP EPS to
Adjusted EPS
(Unaudited)
(In thousands, except per
share data)
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
929
1,267
Adjusted income before income taxes
88,886
75,990
Income tax expense on adjusted income
before income taxes
23,999
19,758
Adjusted Net Income
$
64,887
$
56,232
Weighted average:
Basic weighted average shares
outstanding
119,344
118,351
Dilutive shares
789
1,682
Weighted average shares outstanding -
diluted
120,133
120,033
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
—
0.01
Impact of corporation taxes
(0.20
)
(0.17
)
Adjusted EPS
$
0.54
$
0.47
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231107029928/en/
Investor contact: Ben Krasinski Senior Director, Investor
Relations 704.816.5644 ben_krasinski@premierinc.com
Media contact: Amanda Forster Vice President, Public
Relations 202.879.8004 amanda_forster@premierinc.com
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