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 2020-12-31 Filed 2021-02-02
10-Q 2020-09-30 Filed 2020-11-03
10-K 2020-06-30 Filed 2020-08-25
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 2020-11-02
8-K 2020-09-09
8-K 2020-08-25
8-K 2020-08-05
8-K 2020-07-31
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 5. Other Information
Item 6. Exhibits
EX-10.1 ex101-pincxfy21x1231.htm
EX-31.1 ex311-pincxfy21x1231.htm
EX-31.2 ex312-pincxfy21x1231.htm
EX-32.1 ex321-pincxfy21x1231.htm
EX-32.2 ex322-pincxfy21x1231.htm

Premier Earnings 2020-12-31

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

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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 December 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 classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.01 Par ValuePINCNASDAQ 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 filerNon-accelerated filer
Smaller reporting companyEmerging 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 January 28, 2021, there were 122,238,737 shares of the registrant’s Class A common stock, par value $0.01 per share outstanding.



TABLE OF CONTENTS
Page
Item 5.
Exhibits




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 pandemic or other pandemics;
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 impact on us 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;
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 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 non-controlling investments in other businesses or other joint ventures 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;
inventory risk we face in the event of a potential material price decline for the personal protective equipment products we may have purchased at elevated market prices;
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, anticipated tax benefits, deferred tax assets, cash flows and profitability;
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;
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 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 members or between us and our members;
the ability of our members to exercise significant influence over us;
the terms of agreements between us and our members;
the impact of payments required under the Unit Exchange and Tax Receivable Acceleration Agreements (the “Unit Exchange Agreements”) on our overall cash flow and our ability to fully realize the expected tax benefits to match such fixed payment obligations under the Unit Exchange Agreements;
provisions in our certificate of incorporation and bylaws 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 impact to us or 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 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, 2020 (the “2020 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 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 or future events or otherwise. Furthermore, we cannot guarantee future results, events, levels of activity, performance or achievements.
4


Certain Definitions
For periods prior to August 11, 2020, references in this Quarterly Report to “member owners” are to the participants in our GPO program that were also limited partners of Premier LP that held Class B Common Units of Premier LP and shares of our Class B Common Stock. For periods on or after August 11, 2020, references in this Quarterly Report to “members” are to healthcare provider participants that participate in our GPO program or utilize any of our programs or services, some of which were formerly referred to as member owners.

5


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
PREMIER, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except share data)
December 31, 2020June 30, 2020
Assets
Cash and cash equivalents$109,013 $99,304 
Accounts receivable (net of $1,843 and $731 allowance for doubtful accounts, respectively)
166,438 135,063 
Contract assets239,139 215,660 
Inventory178,346 70,997 
Prepaid expenses and other current assets93,402 97,338 
Total current assets786,338 618,362 
Property and equipment (net of $486,689 and $452,609 accumulated depreciation, respectively)
220,569 206,728 
Intangible assets (net of $268,623 and $245,160 accumulated amortization, respectively)
395,581 417,422 
Goodwill942,263 941,965 
Deferred income tax assets825,668 430,025 
Deferred compensation plan assets55,035 49,175 
Investments in unconsolidated affiliates148,245 133,335 
Operating lease right-of-use assets52,890 57,823 
Other assets84,210 93,680 
Total assets$3,510,799 $2,948,515 
Liabilities, redeemable limited partners' capital and stockholders' equity
Accounts payable$94,523 $54,841 
Accrued expenses53,176 53,500 
Revenue share obligations203,763 145,777 
Limited partners' distribution payable 8,012 
Accrued compensation and benefits59,120 73,262 
Deferred revenue32,491 35,446 
Current portion of tax receivable agreements 13,689 
Current portion of notes payable to members95,069  
Line of credit and current portion of long-term debt105,798 79,560 
Other liabilities60,932 31,987 
Total current liabilities704,872 496,074 
Long-term debt, less current portion5,749 4,640 
Tax receivable agreements, less current portion 279,981 
Notes payable to members, less current portion347,201  
Deferred compensation plan obligations55,035 49,175 
Deferred tax liabilities 17,508 
Deferred consideration, less current portion83,700 112,917 
Operating lease liabilities, less current portion48,151 52,990 
Other liabilities93,675 75,658 
Total liabilities1,338,383 1,088,943 
Commitments and contingencies (Note 16)
Redeemable limited partners' capital 1,720,309 
6


December 31, 2020June 30, 2020
Stockholders' equity:
Class A common stock, $0.01 par value, 500,000,000 shares authorized; 122,228,635 shares issued and outstanding at December 31, 2020 and 71,627,462 shares issued and outstanding at June 30, 2020
1,222 716 
Class B common stock, $0.000001 par value, 600,000,000 shares authorized; 0 and 50,213,098 shares issued and outstanding at December 31, 2020 and June 30, 2020, respectively
  
Additional paid-in-capital2,029,604 138,547 
Retained earnings141,590  
Total stockholders' equity2,172,416 139,263 
Total liabilities, redeemable limited partners' capital and stockholders' equity$3,510,799 $2,948,515 
See accompanying notes to the unaudited condensed consolidated financial statements.
7


PREMIER, INC.
Condensed Consolidated Statements of Income and Comprehensive Income
(Unaudited)
(In thousands, except per share data)
Three Months EndedSix Months Ended
December 31,December 31,
2020201920202019
Net revenue:
Net administrative fees$145,339 $172,114 $277,984 $344,517 
Other services and support97,818 89,452 196,645 171,338 
Services243,157 261,566 474,629 515,855 
Products179,670 58,040 295,085 106,161 
Net revenue422,827 319,606 769,714 622,016 
Cost of revenue:
Services40,122 47,422 78,872 94,958 
Products171,722 52,819 285,150 96,294 
Cost of revenue211,844 100,241 364,022 191,252 
Gross profit210,983 219,365 405,692 430,764 
Operating expenses:
Selling, general and administrative129,997 86,093 253,951 200,022 
Research and development722 801 1,298 1,180 
Amortization of purchased intangible assets10,260 11,938 23,464 24,982 
Operating expenses140,979 98,832 278,713 226,184 
Operating income70,004 120,533 126,979 204,580 
Equity in net income of unconsolidated affiliates4,572 2,989 10,499 6,596 
Interest and investment (loss) income, net(3,398)(359)(5,517)117 
(Loss) gain on FFF put and call rights(14,507)30,222 (16,426)22,383 
Other income4,890 2,747 8,573 3,009 
Other (expense) income, net(8,443)35,599 (2,871)32,105 
Income before income taxes61,561 156,132 124,108 236,685 
Income tax expense (benefit)16,657 64,557 (101,481)74,171 
Net income from continuing operations44,904 91,575 225,589 162,514 
Income from discontinued operations, net of tax 614  1,004 
Net income44,904 92,189 225,589 163,518 
Net income from continuing operations attributable to non-controlling interest(935)(55,424)(12,780)(97,134)
Net income from discontinued operations attributable to non-controlling interest (280) (477)
Net income attributable to non-controlling interest(935)(55,704)(12,780)(97,611)
Adjustment of redeemable limited partners' capital to redemption amount (480,153)(26,685)214,156 
Net income attributable to stockholders$43,969 $(443,668)$186,124 $280,063 
Comprehensive income:
Net income44,904 92,189 225,589 163,518 
Less: comprehensive income attributable to non-controlling interest(935)(55,704)(12,780)(97,611)
Comprehensive income attributable to stockholders$43,969 $36,485 $212,809 $65,907 
Weighted average shares outstanding:
Basic122,127 64,552 110,851 63,668 
Diluted122,919 64,552 111,573 124,831 
8


Three Months EndedSix Months Ended
December 31,December 31,
2020201920202019
Earnings per share attributable to stockholders:
Basic earnings per share attributable to stockholders$0.36 $(6.87)$1.68 $4.40 
Diluted earnings per share attributable to stockholders$0.36 $(6.87)$1.67 $1.13 
See accompanying notes to the unaudited condensed consolidated financial statements.
9


PREMIER, INC.
Condensed Consolidated Statements of Stockholders' Equity (Deficit)
Six Months Ended December 31, 2020 and 2019
(Unaudited)
(In thousands)
Class A
Common Stock
Class B
Common Stock
Treasury StockAdditional Paid-In CapitalRetained Earnings / (Accumulated Deficit)Total Stockholders' Equity
SharesAmountSharesAmountSharesAmount
Balance at June 30, 202071,627 $716 50,213 $  $ $138,547 $ $139,263 
Balance at July 1, 202071,627 716 50,213    138,547  139,263 
Impact of change in accounting principle— — — — — — — (1,228)(1,228)
Adjusted balance at July 1, 202071,627 716 50,213    138,547 (1,228)138,035 
Exchange of Class B common units for Class A common stock by member owners70 1 (70)— — — 2,436 — 2,437 
Increase in additional paid-in capital related to quarterly exchange by member owners, including associated TRA revaluation— — — — — — 37,319 — 37,319 
Increase in additional paid-in capital related to final exchange by member owners, including TRA termination— — — — — — 517,526 — 517,526 
Issuance of Class A common stock under equity incentive plan241 2 — — — — 642 — 644 
Stock-based compensation expense— — — — — — 7,229 — 7,229 
Repurchase of vested restricted units for employee tax-withholding— — — — — — (3,023)— (3,023)
Net income— — — — — — — 180,685 180,685 
Net income attributable to non-controlling interest— — — — — — — (11,845)(11,845)
Adjustment of redeemable limited partners' capital to redemption amount— — — — — — — (26,685)(26,685)
Reclassification of redeemable limited partners' capital to permanent equity— — — — — — 1,750,840 3,767 1,754,607 
Final exchange of Class B common units for Class A common stock by member owners50,143 502 (50,143)— — — (502)—  
Early Termination Payments to members— — — — — — (438,967)— (438,967)
Dividends ($0.19 per share)
— — — — — — — (23,381)(23,381)
Balance at September 30, 2020122,081 1,221     2,012,047 121,313 2,134,581 
Issuance of Class A common stock under equity incentive plan102 1 — — — — 1,770 — 1,771 
Issuance of Class A common stock under employee stock purchase plan45  — — — — 1,597 — 1,597 
Stock-based compensation expense— — — — — — 7,316 — 7,316 
Repurchase of vested restricted units for employee tax-withholding— — — — — — (28)— (28)
Net income— — — — — — — 44,904 44,904 
Net income attributable to non-controlling interest— — — — — — 935 (935) 
Dividends ($0.19 per share)
— — — — — — — (23,374)(23,374)
Adjustment in additional paid-in capital related to consolidated investment— — — — — — 318 (318) 
Capital Contributions— — — — — — 1,959 — 1,959 
Non-controlling interest in consolidated investments— — — — — — 3,690 — 3,690 
Balance at December 31, 2020122,228 $1,222  $  $ $2,029,604 $141,590 $2,172,416 

10


Class A
Common Stock
Class B
Common Stock
Treasury StockAdditional Paid-In CapitalAccumulated DeficitTotal Stockholders’ Deficit
SharesAmountSharesAmountSharesAmount
Balance at June 30, 201961,938 $644 64,548 $ 2,419 $(87,220)$ $(775,674)$(862,250)
Balance at July 1, 201961,938 644 64,548  2,419 (87,220) (775,674)(862,250)
Impact of change in accounting principle— — — — — — — (899)(899)
Adjusted balance at July 1, 201961,938 644 64,548  2,419 (87,220) (776,573)(863,149)
Exchange of Class B common units for Class A common stock by member owners1,311 — (1,311)— (1,311)47,258 3,534 — 50,792 
Redemption of limited partners— — (782)— — — — —  
Increase in additional paid-in capital related to quarterly exchange by member owners, including associated TRA revaluation— — — — — — 12,272 — 12,272 
Issuance of Class A common stock under equity incentive plan485 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, 201962,679 649 62,455  2,163 (75,611) (39,894)(114,856)
Exchange of Class B units for Class A common stock by member owners6,873 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 plan146 1 — — — — 4,243 — 4,244 
Issuance of Class A common stock under employee stock purchase plan40  — — — — 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— — — — — — — (