Company Quick10K Filing
Premier
Price29.20 EPS2
Shares127 P/E14
MCap3,698 P/FCF9
Net Debt-117 EBIT306
TEV3,581 TEV/EBIT12
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-06
10-Q 2019-12-31 Filed 2020-02-05
10-Q 2019-09-30 Filed 2019-11-05
10-K 2019-06-30 Filed 2019-08-23
10-Q 2019-03-31 Filed 2019-05-07
10-Q 2018-12-31 Filed 2019-02-06
10-Q 2018-09-30 Filed 2018-11-07
10-K 2018-06-30 Filed 2018-08-23
10-Q 2018-03-31 Filed 2018-05-08
10-Q 2017-12-31 Filed 2018-02-06
10-Q 2017-09-30 Filed 2017-11-07
10-K 2017-06-30 Filed 2017-08-23
10-Q 2017-03-31 Filed 2017-05-10
10-Q 2016-12-31 Filed 2017-02-07
10-Q 2016-09-30 Filed 2016-11-08
10-K 2016-06-30 Filed 2016-08-26
10-Q 2016-03-31 Filed 2016-05-10
10-Q 2015-12-31 Filed 2016-02-09
10-Q 2015-09-30 Filed 2015-11-09
10-K 2015-06-30 Filed 2015-08-26
10-Q 2015-03-31 Filed 2015-05-12
10-Q 2014-12-31 Filed 2015-02-10
10-Q 2014-09-30 Filed 2014-11-12
10-K 2014-06-30 Filed 2014-09-04
10-Q 2014-03-31 Filed 2014-05-13
10-Q 2013-12-31 Filed 2014-02-14
10-Q 2013-09-30 Filed 2013-11-12
8-K 2020-05-05
8-K 2020-04-24
8-K 2020-02-28
8-K 2020-02-04
8-K 2020-02-04
8-K 2020-01-31
8-K 2020-01-23
8-K 2020-01-14
8-K 2019-12-06
8-K 2019-11-05
8-K 2019-10-31
8-K 2019-10-24
8-K 2019-09-04
8-K 2019-08-20
8-K 2019-08-05
8-K 2019-07-31
8-K 2019-06-14
8-K 2019-06-06
8-K 2019-05-07
8-K 2019-05-06
8-K 2019-04-26
8-K 2019-02-05
8-K 2019-01-31
8-K 2019-01-09
8-K 2018-12-07
8-K 2018-11-09
8-K 2018-11-06
8-K 2018-10-31
8-K 2018-08-21
8-K 2018-07-31
8-K 2018-07-05
8-K 2018-05-07
8-K 2018-04-30
8-K 2018-02-05
8-K 2018-02-02
8-K 2018-01-31
8-K 2018-01-09

PINC 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 ex311-pincxfy20x0331.htm
EX-31.2 ex312-pincxfy20x0331.htm
EX-32.1 ex321-pincxfy20x0331.htm
EX-32.2 ex322-pincxfy20x0331.htm

Premier Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
2.72.21.61.10.50.02012201420172020
Assets, Equity
0.50.40.30.20.10.02012201420172020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

Document
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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 March 31, 2020
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)
(704357-0022
(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, 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
 
(Do not check if a smaller reporting 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 May 1, 2020, there were 71,574,119 shares of the registrant's Class A common stock, par value $0.01 per share, and 50,213,098 shares of the registrant's Class B common stock, par value $0.000001 per share, outstanding.





TABLE OF CONTENTS
 
 
Page
 
 
 
 
 
 
 




CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Statements made in 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:
the impact of the continuing financial and operational uncertainty due to the coronavirus ("COVID-19") pandemic, including its impact on the overall economy, our sales, operations and supply chains, our members, workforce and suppliers, and countries, and the interpretation and enforcement of current or future government regulations impacting suppliers' ability to bring drugs and devices to market as well as reimbursement to healthcare providers;
competition which could limit our ability to maintain or expand market share within our industry;
consolidation in the healthcare industry;
potential delays recognizing or increasing revenue if the sales cycle or implementation period takes longer than expected;
the terminability of member participation in our group purchasing organization ("GPO") programs with limited or no notice, or the failure of a significant number of members to renew their GPO participation agreements on substantially similar terms or at all;
the rate at which the markets for our software as a service ("SaaS") informatics products and services develop;
the dependency of our members on payments from third-party payers;
our reliance on administrative fees that we receive from GPO suppliers;
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 revenues we receive from our largest members;
risks and expenses related to future acquisition opportunities and integration of acquisitions;
financial and operational risks associated with investments in or loans to businesses that we do not control, particularly early stage companies;
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 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;
our ability to attract, hire, integrate and retain key personnel;

3



adequate protection of our intellectual property and potential claims against our use of the intellectual property of third parties;
potential sales and use tax liability in certain jurisdictions;
changes in tax laws that materially impact our tax rate, income tax expense, cash flows or tax receivable agreement ("TRA") liabilities;
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 maturity;
fluctuation of our quarterly cash flows, revenues and results of operations;
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, collectively referred to as the "ACA";
our compliance with complex international, federal and state laws 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 and state privacy, security and breach notification laws;
compliance with current or future laws, rules or regulations adopted by the Food & Drug Administration ("FDA") applicable to our software applications that may be considered medical devices;
our holding company structure and dependence on distributions from Premier Healthcare Alliance, L.P. ("Premier LP");
different interests among our member owners or between us and our member owners;
the ability of our member owners to exercise significant control over us, including through the election of all of our directors;
our ability to comply with the NASDAQ corporate governance guidelines triggered by the loss of our "controlled company" status in a timely manner;
the terms of agreements between us and our member owners;
payments made under the TRAs to Premier LP's limited partners and our ability to realize the expected tax benefits related to the acquisition of Class B common units of Premier LP (the "Class B common units") from Premier LP's limited partners;
changes to Premier LP's allocation methods or examinations or changes in interpretation of applicable tax laws and regulations by various taxing authorities that may increase a tax-exempt limited partner's risk that some allocated income is unrelated business taxable income;
provisions in our certificate of incorporation and bylaws and the Amended and Restated Limited Partnership Agreement of Premier LP (as amended, the "LP Agreement") and provisions of Delaware law that discourage or prevent strategic transactions, including a takeover of us;
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 number of shares of Class A common stock that will be eligible for sale or exchange in the near future and the dilutive effect of such issuances;
our lack of cash dividends on our Class A common stock;
the timing and number of shares of Class A common stock re-purchased by the Company, if any, pursuant to our current or any future Class A common stock repurchase program;
possible future issuances of common stock, preferred stock, limited partnership units or debt securities and the dilutive effect of such issuances; 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, 2019 (the "2019 Annual Report"), filed with the Securities and Exchange Commission ("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

4



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/. 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.

5



PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
PREMIER, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except share data)
 
March 31, 2020
June 30, 2019
Assets
 
 
Cash and cash equivalents
$
241,734

$
141,055

Accounts receivable (net of $1,125 and $739 allowance for doubtful accounts, respectively)
139,902

168,115

Contract assets
234,467

205,509

Inventory
48,522

51,032

Prepaid expenses and other current assets
87,746

23,765

Current assets of discontinued operations

24,568

Total current assets
752,371

614,044

Property and equipment (net of $431,633 and $359,235 accumulated depreciation, respectively)
203,512

205,108

Intangible assets (net of $233,888 and $197,858 accumulated amortization, respectively)
420,104

270,722

Goodwill
929,615

880,709

Deferred income tax assets
436,047

422,014

Deferred compensation plan assets
42,780

45,466

Investments in unconsolidated affiliates
120,642

99,636

Operating lease right-of-use assets
59,901


Other assets
98,097

31,868

Total assets
$
3,063,069

$
2,569,567

 
 
 
Liabilities, redeemable limited partners' capital and stockholders' equity (deficit)
 
 
Accounts payable
$
62,304

$
54,540

Accrued expenses
67,289

82,476

Revenue share obligations
149,976

137,359

Limited partners' distribution payable
9,314

13,202

Accrued compensation and benefits
56,208

70,799

Deferred revenue
38,042

35,623

Current portion of tax receivable agreements
18,118

17,505

Line of credit and current portion of long-term debt
254,745

27,608

Other liabilities
30,187

7,113

Current liabilities of discontinued operations

11,797

Total current liabilities
686,183

458,022

Long-term debt, less current portion
4,828

6,003

Tax receivable agreements, less current portion
276,739

326,607

Deferred compensation plan obligations
42,780

45,466

Deferred tax liabilities
13,140

4,766

Deferred consideration
112,917


Operating lease liabilities, less current portion
55,336


Other liabilities
71,265

67,683

Total liabilities
1,263,188

908,547

 
 
 
Redeemable limited partners' capital
1,658,419

2,523,270

Stockholders' equity (deficit):
 
 

6



 
March 31, 2020
June 30, 2019
Class A common stock, $0.01 par value, 500,000,000 shares authorized; 71,070,617 shares issued and outstanding at March 31, 2020 and 64,357,305 shares issued and 61,938,157 shares outstanding at June 30, 2019
711

644

Class B common stock, $0.000001 par value, 600,000,000 shares authorized; 50,715,564 and 64,548,044 shares issued and outstanding at March 31, 2020 and June 30, 2019, respectively


Treasury stock, at cost; 0 and 2,419,148 shares at March 31, 2020 and June 30, 2019, respectively

(87,220
)
Additional paid-in-capital
140,751


Accumulated deficit

(775,674
)
Total stockholders' equity (deficit)
141,462

(862,250
)
Total liabilities, redeemable limited partners' capital and stockholders' equity (deficit)
$
3,063,069

$
2,569,567

See accompanying notes to the unaudited condensed consolidated financial statements.

7



PREMIER, INC.
Condensed Consolidated Statements of Income
(Unaudited)
(In thousands, except per share data)
 
Three Months Ended
Nine Months Ended
 
March 31,
March 31,
 
2020
2019
2020
2019
Net revenue:
 
 
 
 
Net administrative fees
$
174,049

$
164,534

$
518,566

$
492,229

Other services and support
99,591

95,111

270,929

279,734

Services
273,640

259,645

789,495

771,963

Products
61,183

41,568

167,344

129,441

Net revenue
334,823

301,213

956,839

901,404

Cost of revenue:
 

 
 
Services
49,007

46,545

143,965

133,107

Products
54,121

39,496

150,415

124,024

Cost of revenue
103,128

86,041

294,380

257,131

Gross profit
231,695

215,172

662,459

644,273

Operating expenses:
 
 
 
 
Selling, general and administrative
115,289

113,336

315,311

320,198

Research and development
628

296

1,808

928

Amortization of purchased intangible assets
13,966

13,572

38,948

39,787

Operating expenses
129,883

127,204

356,067

360,913

Operating income
101,812

87,968

306,392

283,360

Equity in net income of unconsolidated affiliates
4,442

553

11,038

4,687

Interest and investment loss, net
(9,966
)
(1,081
)
(9,849
)
(2,628
)
(Loss) gain on FFF put and call rights
(13,906
)
(4,109
)
8,477

3,458

Other (expense) income
(5,005
)
3,671

(1,996
)
1,362

Other (expense) income, net
(24,435
)
(966
)
7,670

6,879

Income before income taxes
77,377

87,002

314,062

290,239

Income tax expense
4,165

11,737

78,336

25,791

Net income from continuing operations
73,212

75,265

235,726

264,448

Income (loss) from discontinued operations, net of tax
5

(1,463
)
1,009

(3,862
)
Net income
73,217

73,802

236,735

260,586

Net income from continuing operations attributable to noncontrolling interest
(35,055
)
(44,135
)
(132,189
)
(163,230
)
Net (income) loss from discontinued operations attributable to noncontrolling interest
(3
)
747

(480
)
2,098

Net income attributable to non-controlling interest in Premier LP
(35,058
)
(43,388
)
(132,669
)
(161,132
)
Adjustment of redeemable limited partners' capital to redemption amount
302,569

235,394

516,725

178,910

Net income attributable to stockholders
$
340,728

$
265,808

$
620,791

$
278,364

 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
Basic
69,451

62,020

65,582

58,346

Diluted
122,470

129,072

124,030

132,249

 
 
 
 
 

8



 
Three Months Ended
Nine Months Ended
 
March 31,
March 31,
 
2020
2019
2020
2019
Earnings per share attributable to stockholders:
 
 
 
 
Basic (loss) earnings per share:
 
 
 
 
Continuing operations
$
4.91

$
4.30

$
9.46

$
4.80

Discontinued operations

(0.01
)
0.01

(0.03
)
Basic earnings per share attributable to stockholders
$
4.91

$
4.29

$
9.47

$
4.77

 
 
 
 
 
Diluted (loss) earnings per share:
 
 
 
 
Continuing operations
$
0.54

$
0.49

$
1.66

$
1.71

Discontinued operations

(0.01
)

(0.03
)
Diluted earnings per share attributable to stockholders
$
0.54

$
0.48

$
1.66

$
1.68

See accompanying notes to the unaudited condensed consolidated financial statements.

9



PREMIER, INC.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
(In thousands)
 
Three Months Ended
Nine Months Ended
 
March 31,
March 31,
 
2020
2019
2020
2019
Net income
$
73,217

$
73,802

$
236,735

$
260,586

Less: comprehensive income attributable to non-controlling interest
(35,058
)
(43,388
)
(132,669
)
(161,132
)
Comprehensive income attributable to stockholders
$
38,159

$
30,414

$
104,066

$
99,454

See accompanying notes to the unaudited condensed consolidated financial statements.

10



PREMIER, INC.
Condensed Consolidated Statement of Stockholders' Equity (Deficit)
Nine Months Ended March 31, 2020
(Unaudited)
(In thousands)
 
Class A
Common Stock
Class B
Common Stock
Treasury Stock
Additional Paid-In Capital
Accumulated Deficit
Total Stockholders' Equity (Deficit)
 
Shares
Amount
Shares
Amount
Shares
Amount
Balance at June 30, 2019
61,938

$
644

64,548

$

2,419

$
(87,220
)
$

$
(775,674
)
$
(862,250
)
Balance at July 1, 2019
61,938

644

64,548


2,419

(87,220
)

(775,674
)
(862,250
)
Impact of change in accounting principle







(899
)
(899
)
Adjusted balance at July 1, 2019
61,938

644

64,548


2,419

(87,220
)

(776,573
)
(863,149
)
Exchange of Class B units for Class A common stock by member owners
1,311


(1,311
)

(1,311
)
47,258

3,534


50,792

Redemption of limited partners


(782
)






Increase in additional paid-in capital related to departures and quarterly exchange by member owners, including associated TRA revaluation






12,272


12,272

Issuance of Class A common stock under equity incentive plan
485

5





1,749


1,754

Treasury stock
(1,055
)



1,055

(35,649
)


(35,649
)
Stock-based compensation expense






3,704


3,704

Repurchase of vested restricted units for employee tax-withholding






(8,311
)

(8,311
)
Net income







71,329

71,329

Net income attributable to non-controlling interest in Premier LP







(41,907
)
(41,907
)
Adjustment of redeemable limited partners' capital to redemption amount






(12,948
)
707,257

694,309

Balance at September 30, 2019
62,679

$
649

62,455

$

2,163

$
(75,611
)
$

$
(39,894
)
$
(114,856
)
Exchange of Class B units for Class A common stock by member owners
6,873

19

(6,873
)

(5,031
)
164,810

59,117


223,946

Increase in additional paid-in capital related to departure and quarterly exchange by member owners, including associated TRA revaluation






1,103


1,103

Issuance of Class A common stock under equity incentive plan
146

1





4,243


4,244

Issuance of Class A common stock under employee stock purchase plan
40






1,540


1,540

Treasury stock
(3,549
)



3,549

(112,917
)


(112,917
)
Stock-based compensation expense






7,775


7,775

Repurchase of vested restricted units for employee tax-withholding






(47
)

(47
)
Net income







92,189

92,189

Net income attributable to non-controlling interest in Premier LP







(55,704
)
(55,704
)
Adjustment of redeemable limited partner's capital to redemption amount






(73,731
)
(406,422
)
(480,153
)
Balance at December 31, 2019
66,189

$
669

55,582

$

681

$
(23,718
)
$

$
(409,831
)
$
(432,880
)
Exchange of Class B units for Class A common stock by member owners
4,866

41

(4,866
)

(723
)
25,245

143,908


169,194

Increase in additional paid-in capital related to departure and quarterly exchange by member owners, including associated TRA revaluation






58,193


58,193

Issuance of Class A common stock under equity incentive plan
58

1





308


309

Treasury stock
(42
)



42

(1,527
)


(1,527
)
Stock-based compensation expense






7,568


7,568

Repurchase of vested restricted units for employee tax-withholding






(123
)

(123
)
Net income







73,217

73,217

Net income attributable to non-controlling interest in Premier LP







(35,058
)
(35,058
)
Adjustment of redeemable limited partner's capital to redemption amount






(69,103
)
371,672

302,569

Balance at March 31, 2020
71,071

$
711

50,716

$


$

$
140,751

$

$
141,462

See accompanying notes to the unaudited condensed consolidated financial statements.

11



PREMIER, INC.
Condensed Consolidated Statement of Stockholders' Equity (Deficit)
Nine Months Ended March 31, 2019
(Unaudited)
(In thousands)
 
Class A
Common Stock
Class B
Common Stock
Treasury Stock
Additional Paid-In Capital
Accumulated Deficit
Total Stockholders' Deficit
 
Shares
Amount
Shares
Amount
Shares
Amount
Balance at June 30, 2018
52,761

$
575

80,336

$

4,769

$
(150,058
)
$

$
(1,277,581
)
$
(1,427,064
)
Balance at July 1, 2018
52,761

575

80,336


4,769

(150,058
)

(1,277,581
)
(1,427,064
)
Impact of change in accounting principle







121,945

121,945

Adjusted balance at July 1, 2018
52,761

$
575

80,336

$

4,769

$
(150,058
)
$

$
(1,155,636
)
$
(1,305,119
)
Exchange of Class B units for Class A common stock by member owners
817


(817
)

(817
)
25,974

4,562


30,536

Increase in additional paid-in capital related to quarterly exchange by member owners, including associated TRA revaluation






373


373

Issuance of Class A common stock under equity incentive plan
547

5





7,467


7,472

Treasury stock
(335
)



335

(12,313
)


(12,313
)
Stock-based compensation expense






6,195


6,195

Repurchase of vested restricted units for employee tax-withholding






(6,948
)

(6,948
)
Net income







81,973

81,973

Net income attributable to non-controlling interest in Premier LP







(55,113
)
(55,113
)
Adjustment of redeemable limited partners' capital to redemption amount






(11,649
)
(696,544
)
(708,193
)
Balance at September 30, 2018
53,790

$
580

79,519

$

4,287

$
(136,397
)
$

$
(1,825,320
)
$
(1,961,136
)
Exchange of Class B units for Class A common stock by member owners
9,807

55

(9,807
)

(