Premier Inc (PINC) 2025 Q2 法說會逐字稿

Good morning, and welcome to Premier's fiscal 2025 second quarter conference call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加 Premier 2025 財年第二季電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Ben Krasinski, Senior Director, Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係高級總監 Ben Krasinski。請繼續。

Thank you. and welcome to Premier's fiscal 2025 second quarter conference call. Our speakers this morning are Mike Alkire, Premier's President and CEO, and Glenn Coleman, our Chief Administrative and Financial Officer.

謝謝。歡迎參加 Premier 2025 財年第二季電話會議。今天早上的演講者是 Premier 總裁兼執行長 Mike Alkire 和首席行政和財務長 Glenn Coleman。

Before we get started, I want to remind everyone that our earnings release and the supplemental presentation accompanying this call are available in the Investors section of our website at investors.premierinc.com. Please be advised that management's remarks today contain certain forward-looking statements such as statements regarding our strategies, plans, prospects, expectations, and future performance and actual results could differ materially from those discussed today.

在我們開始之前，我想提醒大家，我們的收益報告和本次電話會議的補充簡報可以在我們網站的投資者部分找到，網址為 investors.premierinc.com。請注意，管理層今天的言論包含某些前瞻性陳述，例如有關我們的策略、計劃、前景、期望和未來業績的陳述，實際結果可能與今天討論的結果有重大差異。

These forward-looking statements speak as of today, and we undertake no obligation to update them. Factors that might affect future results are discussed in our filings with the SEC, including our most recent Form 10-K and our Form 10-Q for the quarter, which we expect to file soon. We encourage you to review the detailed forward-looking statement and risk factor disclosures in these reports.

這些前瞻性陳述僅代表今日的觀點，我們不承擔更新這些陳述的義務。我們向美國證券交易委員會提交的文件中討論了可能影響未來結果的因素，包括我們最新的 10-K 表格和本季度的 10-Q 表格，我們預計很快就會提交這些表格。我們鼓勵您查看這些報告中詳細的前瞻性聲明和風險因素揭露。

Also, during this presentation, we will refer to adjusted and other non-GAAP financial measures, including free cash flow to evaluate our business. Information on why we use these measures in addition to GAAP financial measures and reconciliations of these measures to our GAAP financial measures are included in our earnings release and in the appendix of the supplemental presentation accompanying this call. Information on our non-GAAP financial measures will also be included in our Form 10-Q for the quarter and our earnings Form 8-K, both of which we expect to file soon.

此外，在本次簡報中，我們將參考調整後和其他非公認會計準則財務指標（包括自由現金流量）來評估我們的業務。有關我們為何除了 GAAP 財務指標之外還使用這些指標以及這些指標與我們的 GAAP 財務指標的對帳的信息，都包含在我們的收益報告和本次電話會議的補充報告附錄中。有關我們非公認會計準則財務指標的資訊也將包含在本季度的 10-Q 表和 8-K 收益表中，我們預計很快就會提交這兩項報告。

Now, turning the call over to Mike Alkire.

現在，將電話轉給 Mike Alkire。

Thanks, Ben. Good morning and thank you for joining us for our fiscal 2025 second quarter earnings call. This morning, I'll spend a few minutes giving you an update on our business strategy and performance, then pass it over to Glenn for a more detailed review of our financials.

謝謝，本。早安，感謝您參加我們的 2025 財年第二季財報電話會議。今天早上，我將花幾分鐘時間向您介紹我們的業務策略和業績，然後將其交給 Glenn 對我們的財務狀況進行更詳細的審查。

As a preview, overall revenue and profitability for the first half of fiscal 2025 were in line with our expectations resulting from better-than-expected results in our Supply Chain Services segment. As a result, we are reaffirming total net revenue guidance and increasing our adjusted earnings per share guidance despite not achieving our objectives in the Performance Services segment.

作為預覽，由於我們的供應鏈服務部門的表現優於預期，2025 財年上半年的整體營收和獲利能力符合我們的預期。因此，儘管我們在績效服務部門未能達成目標，我們仍重申總淨收入指引，並提高調整後每股盈餘指引。

Overall, the team continues to execute and deliver on our long-term vision of technology-enabling performance improvement and supply chain excellence for healthcare. In the second quarter, we continue to make the progress advancing our strategies and remain committed to our goal of enabling better, smarter and faster healthcare.

總體而言，該團隊將繼續執行並實現我們的長期願景，透過技術支援醫療保健領域的績效改進和供應鏈卓越。在第二季度，我們繼續推進我們的策略，並繼續致力於實現更好、更聰明、更快捷的醫療保健的目標。

In the Supply Chain Services segment, we are excited to announce the successful transition of our digital supply chain strategy beyond the pilot phase marked by the signing of our first agreement with a major partner. This partner is one of many in our pipeline that will leverage our unique clinical and supply chain data sets for innovation across research, development, clinical utilization and supply chain resiliency.

在供應鏈服務領域，我們很高興地宣布，我們的數位供應鏈策略已成功完成試點階段，並與主要合作夥伴簽署了第一份協議。該合作夥伴是我們眾多合作夥伴之一，將利用我們獨特的臨床和供應鏈資料集在研究、開發、臨床利用和供應鏈彈性方面進行創新。

As we have shared previously, the digitization of invoicing and payables for healthcare providers is a critical step towards creating a more transparent and efficient healthcare supply chain. Our strategy encompasses the following key areas. First, we are AI-enabling manual back-office processes for providers and suppliers delivering significant time improvement and cost savings. Second, we are enhancing our data to deliver a comprehensive view of total non-labor healthcare spend to further enable actionable performance improvement insights for providers. Third, we are leveraging our extensive data set to embed evidence-based decision-making into workflows, ensuring the right product is available for the right patient at the right time. And finally, by enhancing supply chain transparency, we are helping the industry anticipate and address potential shortages before they impact patient care.

正如我們之前所分享的，醫療保健提供者的發票和應付款項數位化是創建更透明和高效的醫療保健供應鏈的關鍵一步。我們的策略涵蓋以下關鍵領域。首先，我們為供應商和供貨商提供人工智慧手動後台流程，從而顯著縮短時間並節省成本。其次，我們正在增強數據，以全面了解非勞動力醫療保健總支出，從而進一步為服務提供者提供可行的績效改進見解。第三，我們利用廣泛的數據集將基於證據的決策嵌入工作流程中，確保在正確的時間為正確的患者提供正確的產品。最後，透過提高供應鏈透明度，我們可以幫助產業預測並解決潛在的短缺問題，以免影響病患照護。

On the topic of shortages, we are encouraged by the growing demand for Premier's provider-focused data, market intelligence and expertise in objectively navigating the 503B program, which is a key differentiator for us in the market. As background, suppliers typically rely on the FDA drug shortage list to target which drugs to manufacture, but often lack the actionable insights to act quickly. However, they can leverage our market-leading capabilities to shorten the time it takes to bring new supply to market, providing much needed relief to healthcare providers experiencing shortages.

關於短缺問題，我們對 Premier 以提供者為中心的數據、市場情報和客觀引導 503B 計劃的專業知識的需求不斷增長感到鼓舞，這是我們在市場上的一個關鍵區別因素。背景是，供應商通常依靠 FDA 藥品短缺清單來確定生產哪些藥品，但往往缺乏快速採取行動的可行見解。然而，他們可以利用我們市場領先的能力來縮短將新供應推向市場的時間，為面臨短缺的醫療保健提供者提供急需的救濟。

In the Performance Services segment, we remain confident in our long-term strategy to deliver technology-enabled services that enhance care delivery and optimize total cost of care for providers, payers, and suppliers. We are thrilled to welcome David Zito as our new President of Performance Services. Dave brings an impressive 40 years of healthcare consulting expertise with deep experience and financial turnaround and revenue diversification strategies for providers. His leadership and insights will be invaluable as we continue to innovate and grow. We also continue to strongly believe in the transformative potential of automation and AI-enabled guidance to streamline workflows and enhance satisfaction for providers. This will ultimately lead to better care for patients.

在績效服務領域，我們對我們的長期策略充滿信心，即提供技術支援的服務，以增強醫療服務並優化提供者、付款人和供應商的總醫療成本。我們非常高興地歡迎 David Zito 擔任我們的新績效服務總裁。Dave 擁有令人印象深刻的 40 年醫療保健諮詢專業知識，為供應商提供豐富的經驗和財務扭虧為盈和收入多元化策略。隨著我們不斷創新和發展，他的領導力和見解將發揮無價的作用。我們也持續堅信自動化和人工智慧指導的變革潛力，可以簡化工作流程並提高供應商的滿意度。這最終將為患者提供更好的護理。

In addition, our pipeline of providers eager to modernize through digitization remains robust. Both Glenn and Dave joined me at the JPMorgan Healthcare Conference last month, where we participated in over two dozen meetings with investors, customers, and key prospects. Their feedback was overwhelmingly positive, reinforcing Premier's ability to harness our healthcare data to drive provider performance improvements and deliver real-world evidence that drives appropriate utilization of the most efficacious products at the right price for the right patients.

此外，我們渴望透過數位化實現現代化的供應商管道依然強勁。上個月，Glenn 和 Dave 和我一起參加了摩根大通醫療保健會議，我們參加了與投資者、客戶和主要潛在客戶的二十多次會議。他們的回饋非常積極，增強了 Premier 利用我們的醫療保健數據來推動提供者績效改進和提供真實世界證據的能力，從而推動以合適的價格為合適的患者適當使用最有效的產品。

I remain confident in our team's ability to deliver strong results and navigate the dynamic healthcare landscape effectively. With our strategic direction and talented leadership team, we are well positioned for continued success.

我仍然相信我們的團隊有能力取得優異的成果並有效地駕馭動態的醫療保健格局。憑藉我們的策略方向和優秀的領導團隊，我們已準備好繼續取得成功。

With that, I'll now turn the call over to Glenn.

說完這些，我現在將電話轉給格倫。

Thanks, Mike. Good morning, everyone. As a reminder, all results discussed during this call reflect continuing operations and do not reflect S2S Global which was divested on October 1, 2024. I'm also pleased to report that we completed the sale of the network assets of Contigo Health in January of 2025. And we continue to work towards divesting the remaining assets before the end of this fiscal year. As such, actual results for the quarter include contributions from Contigo business. However, we are continuing to exclude the results in our guidance.

謝謝，麥克。大家早安。提醒一下，本次電話會議中討論的所有結果均反映持續經營情況，並不反映 2024 年 10 月 1 日剝離的 S2S Global。我還很高興地報告，我們在 2025 年 1 月完成了 Contigo Health 網路資產的出售。我們將繼續努力在本財年結束前剝離剩餘資產。因此，本季的實際業績包括了 Contigo 業務的貢獻。然而，我們仍將繼續在我們的指導中排除這些結果。

Now, turning to second quarter consolidated results. Our second quarter revenue and adjusted EBITDA were below our expectations. However, for the first six months of fiscal year 2025, we are on track with these metrics and ahead of our expectations for adjusted EPS. Net revenue of $240 million for the quarter decreased from the prior year period, driven by a decline in net administrative fees revenue in Supply Chain Services.

現在，我們來看看第二季的綜合業績。我們第二季的營收和調整後的 EBITDA 低於我們的預期。然而，對於 2025 財年的前六個月，我們的這些指標都達到了預期，並且超出了我們對調整後每股盈餘的預期。本季淨收入為 2.4 億美元，較去年同期下降，原因是供應鏈服務淨管理費收入下降。

In addition, we experienced lower revenue in consulting services and an unfavorable product mix in applied sciences within the Performance Services segment. GAAP net loss from continuing operations of $46 million was mainly due to an impairment charge to goodwill of $127 million related to our data and technology business in the Performance Services segment. This was partially offset by profitability from continuing operations, which included an $18 million cash distribution from of our minority investments.

此外，我們在諮詢服務方面的收入有所下降，並且在性能服務部門的應用科學產品組合方面也表現不佳。根據美國通用會計準則，持續經營淨虧損 4,600 萬美元，主要由於績效服務部門的數據和技術業務相關的商譽減損支出 1.27 億美元。這被持續經營的盈利部分抵消，其中包括來自我們少數股權投資的 1800 萬美元現金分配。

Adjusted EBITDA was $50 million, translating to a margin of 20.8% and declined largely due to lower revenue. Adjusted earnings per share is $0.25, and excluding the impact of Contigo Health was $0.27 and in line with our expectations. Adjusted EPS benefited from a lower weighted average share count as a result of the share repurchases under our $1 billion authorization. As of January 2025, we repurchased over 29 million shares of Class A common stock for $600 million.

調整後的 EBITDA 為 5,000 萬美元，利潤率為 20.8%，主要因收入下降而下降。調整後每股收益為 0.25 美元，不包括 Contigo Health 的影響則為 0.27 美元，符合我們的預期。由於我們根據 10 億美元授權進行了股票回購，調整後的每股盈餘受益於較低的加權平均股數。截至 2025 年 1 月，我們以 6 億美元回購了超過 2,900 萬股 A​​ 類普通股。

Turning to segment results. In our Supply Chain Services segment, lower net administrative fees revenue was driven by the expected increase in the aggregate blended fee share to the low 60% level in the quarter. However, gross administrative fees grew as existing members continued to increase penetration of contract spend and as we recruit and onboard new members.

轉向細分結果。在我們的供應鏈服務部門，淨管理費收入下降是由於本季混合費用總額份額預計增加至 60% 的低水準。然而，隨著現有會員繼續增加合約支出的滲透率以及我們招募和接納新會員，總管理費用有所增加。

The group of GPO members that were part of the August 2020 restructure represent approximately 70% of our total gross administrative fees. As of December 31, we've addressed members representing approximately 69% of this group's fees, and we expect to address greater than 75% by the end of fiscal year 2025 and with the majority of the remainder occurring in fiscal 2026.

參與 2020 年 8 月重組的 GPO 成員團體約占我們總管理費用的 70%。截至 12 月 31 日，我們已解決了佔該集團費用約 69% 的會員問題，預計到 2025 財年末將解決 75% 以上的費用，其餘大部分費用將在 2026 財年解決。

In addition, we continue to expect our aggregate funded fee share to be in the low 60% range for the full fiscal year 2025. And that it will be stabilized in the high 60s once we've completed the renewal process. To date, while the increase in our aggregate funded fee share has negatively impacted our year-over-year results, it has been less of a headwind versus our expectations, and as a result, is one of the reasons we're increasing our revenue guidance for Supply Chain Services.

此外，我們繼續預計，到 2025 年全年，我們的總資助費用份額將保持在 60% 的低點。一旦我們完成更新過程，它就會穩定在 60 多度。到目前為止，雖然我們的總資助費用份額的增加對我們的同比業績產生了負面影響，但與我們的預期相比，這並沒有帶來太大的阻力，因此，這也是我們提高供應鏈服務收入預期的原因之一。

Also, we experienced growth in other supply chain services revenue, driven by new agreements in our supply chain co-management business where members continue to express interest in leveraging Premier's expertise to help manage their end-to-end supply chain operations.

此外，受供應鏈共同管理業務新協議的推動，我們其他供應鏈服務收入也實現了成長，其中成員繼續表示有興趣利用 Premier 的專業知識來幫助管理其端到端供應鏈營運。

Moving to the Performance Services segment. The revenue decline of 19% was due to lower demand in consulting services and product mix in Applied Sciences. In addition, we began to see a gradual shift in member interest favoring SaaS subscription engagements versus license agreements.

轉向性能服務部分。收入下降 19% 是由於諮詢服務和應用科學產品組合的需求下降。此外，我們開始看到會員興趣逐漸轉向 SaaS 訂閱協議而非授權協議。

To echo what Mike said, despite these current short-term headwinds and timing-related items, we remain confident in our long-term strategy and under Dave's leadership, we plan to reinvigorate this business by recruiting new talent with a strong track record of delivering broad-based performance improvement at large health systems, refocusing our solutions and go-to-market strategy around key areas of differentiation, leveraging our performance improvement collaboratives more broadly in the market and extending our unique AI capabilities to new use cases while continuing to further penetrate the market in the areas we already serve.

與 Mike 所說的一致，儘管目前存在這些短期不利因素和與時間相關的項目，但我們仍然對我們的長期戰略充滿信心，在 Dave 的領導下，我們計劃通過招募具有在大型醫療系統中提供廣泛績效改進的良好記錄的新人才來重振這項業務，重新調整我們的解決方案和圍繞關鍵差異化領域的市場進入戰略，在市場上更廣泛地利用我們的績效發展到新領域的績效

Shifting to the balance sheet. In the first half of fiscal year 2025, free cash flow of $74 million increased by $33 million from the prior year period. This improvement was largely driven by cash received from the derivative lawsuit settlement and the distribution from a minority investment. These are partially offset by the timing of payments to OMNIA and higher performance-related compensation payments. Cash and cash equivalents totaled $86 million as of December 31, 2024. We ended the quarter with an outstanding balance of $100 million on our $1 billion revolving credit facility, of which, $65 million will be paid in January.

轉向資產負債表。2025財年上半年，自由現金流為7,400萬美元，較去年同期增加3,300萬美元。這項改善主要得益於衍生訴訟和解所收到的現金以及少數股權投資的分配。這些費用被向 OMNIA 付款的時間和更高的績效相關補償金部分抵消。截至 2024 年 12 月 31 日，現金及現金等價物總額為 8,600 萬美元。本季末，我們的 10 億美元循環信貸額度中未償還餘額為 1 億美元，其中 6,500 萬美元將於 1 月支付。

With respect to capital deployment, we continue to remain disciplined and focused on taking a balanced approach and returning capital to stockholders in the near term. We completed the $200 million share repurchase in early January of 2025. We also continued to return capital through our quarterly dividend, which totaled $42 million in the first half of fiscal year 2025 and represented a 4% yield in calendar year 2024.

在資本配置方面，我們繼續保持紀律，並專注於採取平衡的方式並在短期內向股東返還資本。我們在 2025 年 1 月初完成了 2 億美元的股票回購。我們也繼續透過季度股息返還資本，2025 財年上半年的股息總額為 4,200 萬美元，2024 年曆年的收益率為 4%。

In addition, our Board recently declared a dividend of $0.21 per share payable in March. Our priority in capital deployment will be driving revenue growth through organic investments as well as potential tuck-in acquisitions to differentiate our core offerings in the marketplace.

此外，我們的董事會最近宣布將於 3 月派發每股 0.21 美元的股息。我們的資本配置重點是透過有機投資以及潛在的補充收購來推動收入成長，以在市場上區分我們的核心產品。

Turning to guidance. Based on actual performance for the first half of fiscal year 2025, which was in line with our overall expectations and the outlook for the remainder of the year, we're reaffirming the midpoint of our consolidated revenue guidance range updating the underlying segment expectations and tightening all ranges.

轉向指導。根據 2025 財年上半年的實際表現（符合我們的整體預期和今年剩餘時間的展望），我們重申合併收入指導範圍的中點，更新基礎部門預期並收緊所有範圍。

In Supply Chain Services, we're increasing the midpoint of our revenue guidance range by $25 million to reflect higher net administrative fees resulting from a favorable blended fee share. In addition, we've added new members, including Aspire Health Partners and a recent competitive GPO win. Lastly, we expect the payment in the fourth quarter from a member that entered into a joint venture with another health system, which will require a phased termination of their agreement through fiscal 2028.

在供應鏈服務方面，我們將收入預期範圍的中點提高了 2,500 萬美元，以反映有利的混合費用份額導致的更高的淨管理費用。此外，我們還增加了新成員，包括 Aspire Health Partners 和最近在 GPO 中獲勝的競爭對手。最後，我們預計與另一家醫療系統建立合資企業的成員將在第四季度收到付款，這將需要在 2028 財年之前分階段終止其協議。

In Performance Services, we're lowering the midpoint of our revenue guidance range by $25 million, resulting from the previously discussed short-term headwinds that we're experiencing.

在績效服務方面，我們將收入預期範圍的中點降低了 2500 萬美元，這是由於我們之前討論過的我們正在經歷的短期逆風。

In terms of profitability, we are tightening our ranges as well as reaffirming the midpoint of our adjusted EBITDA guidance due to better performance in Supply Chain Services, an increase in the midpoint of our adjusted earnings per share guidance by $0.08 to reflect the favorable impact of the $200 million share repurchase completed in early January.

在獲利能力方面，由於供應鏈服務表現更好，我們正在收緊我們的範圍並重申調整後的 EBITDA 指導的中點，調整後的每股收益指導中點增加了 0.08 美元，以反映 1 月初完成的 2 億美元股票回購的有利影響。

For the second half of the year, we expect our GPO business to have flat to slightly higher net administrative fees in the third quarter as compared to the second quarter. Then in the fourth quarter, we anticipate a sequential increase resulting from the expected member payment and ramping up of new member spend.

對於下半年，我們預計第三季的GPO業務淨管理費用將與第二季持平或略有上升。然後，在第四季度，我們預計由於預期會員付款和新會員支出的增加，將持續成長。

In Performance Services, we anticipate our revenue will be more back-end weighted in the fourth quarter. For profitability, we expect adjusted EBITDA and adjusted earnings per share to be slightly more fourth quarter weighted, mainly due to the timing and mix of revenue.

在性能服務方面，我們預計第四季度我們的收入將更多來自後端。就獲利能力而言，我們預計調整後的 EBITDA 和調整後的每股盈餘在第四季度的權重將略高，這主要歸因於收入的時間和組合。

In summary, we remain on track for the year. Supply Chain Services is doing better than expected. We have an action plan to reinvigorate performance services. We believe we have the right strategy and differentiation in the market. And we have a flexible balance sheet and meaningful cash flow that provides us with the ability to continue to grow our business in a net value to stockholders.

總而言之，今年我們的工作仍按計劃進行。供應鏈服務表現優於預期。我們有一個重振績效服務的行動計畫。我們相信我們在市場上擁有正確的策略和差異化。我們擁有靈活的資產負債表和有意義的現金流，這使我們能夠繼續為股東帶來淨值成長業務。

We appreciate your time today, and now we'll open the call for questions. We will now begin the question-and-answer session.

感謝您今天抽出時間，現在我們將開始提問。我們現在開始問答環節。

(Operator Instructions) Michael Cherny, Leerink Partners.

（操作員指示）Michael Cherny，Leerink Partners。

Good morning and Thanks for taking the question. Maybe just a big picture question for Mike first. Obviously, we had a lot of discussion debate over the weekend and yesterday regarding tariffs, which I know are not off of the radar, what are the discussions that you're having with your customers now to potentially prepare for a world of tariffs given some of the supply constraints or supply components that come from areas that would be affected by tariffs? And I guess, what can you do or what are you doing proactively now to make sure that your customers have the best purchasing leverage, most opportunity for savings as possible?

早上好，感謝您回答這個問題。也許首先對麥克來說這只是一個大問題。顯然，我們在周末和昨天就關稅問題進行了大量討論，我知道關稅問題並非沒有引起人們的關注，考慮到一些供應限製或供應部件來自可能受到關稅影響的地區，您現在與客戶進行了哪些討論，以便為全球關稅做好準備？我想，您現在可以做什麼或您正在積極做什麼來確保您的客戶擁有最佳的購買槓桿和盡可能多的節省機會？

Thank you, Michael. And I think the number one thing we've got to continue to focus on is just continuing to build the resiliency and diversification of the suppliers in the supply chain. So obviously, like you all, I've been -- we have been following this issue incredibly closely. I mean, it is constantly changing. I've read about what's happened in Canada and what happened in Mexico and the potential of tariffs and maybe not having tariffs.

謝謝你，麥可。我認為我們必須繼續關注的首要事情是繼續增強供應鏈中供應商的彈性和多樣化。顯然，和大家一樣，我一直非常密切地關注這個問題。我的意思是，它正在不斷變化。我讀過有關加拿大和墨西哥發生的事情以及徵收關稅和可能不徵收關稅的報導。

I think at the end of the day, and you know this, the full impact of the tariffs are going to depend on the countries that have the tariffs. And so we obviously are being very, very focused on trying to understand that. In general, as it relates to us, most of our contracts have firm for the term pricing, which includes protections against taxes and tariffs to help mitigate any short-term impacts on the healthcare providers. So that's number one.

我認為，歸根結底，關稅的全部影響將取決於徵收關稅的國家。因此，我們顯然非常非常專注於嘗試理解這一點。總體而言，就我們而言，我們的大多數合約都具有固定的定期定價，其中包括稅收和關稅保護，以幫助減輕對醫療保健提供者的任何短期影響。這是第一點。

Number two, and I think, again, as you've heard over the years for me, our focus has really been how we're diversifying, not having an overreliance on a country in Southeast Asia, but truly being able to spread some of that, if not most of that production to other countries. We think that by doing that, that it will lessen the potential for tariffs and so there's a number of things that obviously we're doing to ensure that the healthcare systems are not impacted truly to ensure we're providing contracts that are firm for the term. and that we're also creating as much diversification in the supply chain as possible.

第二，我想，正如大家多年來聽到的，我們的重點實際上是如何實現多元化，不是過度依賴東南亞的某個國家，而是真正能夠將部分（如果不是大部分）生產擴展到其他國家。我們認為這樣做可以減少關稅的可能性，因此我們顯然正在採取一些措施來確保醫療保健系統不會受到真正的影響，以確保我們提供的合約期限固定。我們也正在盡可能地實現供應鏈的多樣化。

Thanks, Mike. I appreciate that given your broad view of the world. And then maybe just as a secondary question on the dynamics behind the administrative fees, Glenn, you mentioned you came out a little better than you had anticipated to start the year. Obviously, a lot going on with the broad-based recontracting. Can you give us a little sense as to the drivers that led you to that point as we work our way through the finalization of this recontracting effort?

謝謝，麥克。我很欣賞你對世界的廣闊視野。然後，也許只是關於管理費用背後動態的第二個問題，格倫，你提到你的表現比你預期的年初要好一些。顯然，廣泛的重組正在發生很多事情。在我們努力完成這項重新簽約工作的過程中，您能否向我們稍微介紹一下促使您做出這項決定的因素？

Yes. Thanks for the question, Mike. And overall, we are very happy with the performance of Supply Chain Services. So I want to give you a couple of pieces in addition to the net administrative fees -- we continue to see really good growth in our gross administrative fees.

是的。謝謝你的提問，麥克。整體而言，我們對供應鏈服務的表現非常滿意。因此，除了淨管理費用之外，我還想告訴大家一些資訊——我們的總管理費用持續呈現良好的成長動能。

So if you remember last quarter, Craig had highlighted this as a positive. So that continued into the second quarter. We actually grew close to 4% overall on the gross administrative fees, which puts us close to 5% year-to-date, and it's pretty broad-based. If I look at food, pharmacy, diagnostics, medical surgical construction facilities, all categories that were growing. So that was a very positive sign for us.

所以如果你還記得上個季度，克雷格曾強調這是一件正面的事。這種情況一直持續到第二季​​。實際上，我們的管理費用總額整體成長了近 4%，這使得年初至今的成長率接近 5%，而且成長範圍相當廣泛。如果我看一下食品、藥品、診斷、醫療外科建設設施，所有類別都在成長。所以這對我們來說是一個非常積極的信號。

When we look at the fee share situation, obviously, we're going through the renegotiation. We're actually 69% of the way through now, which is also a positive. And I did highlight also that the remainder should pretty much be complete by the end of fiscal 2026. So trying to get those wrapped up by the end of fiscal year 2026.

當我們審視費用分攤情況時，顯然我們正在重新進行談判。實際上，我們現在已經完成了 69%，這也是一個積極的方面。我也強調，剩餘部分應該在 2026 財政年度結束時基本完成。因此，我們試圖在 2026 財年結束前完成這些工作。

But we're making good progress. And so far, I would say relative to what we had laid out as a budget in our expectations, we're seeing some few favorable fee share impacts. And so those are the key drivers about why we're confident in terms of raising our numbers for supply chain services. Coupled with the fact, we're now going to see some upticks in additional members coming on Board.

但我們正在取得良好進展。到目前為止，我想說，相對於我們在預期中製定的預算，我們看到了一些有利的費用分攤影響。這些就是我們有信心提高供應鏈服務數量的關鍵驅動因素。再加上這一事實，我們現在將會看到越來越多的新成員加入董事會。

We talked previously about the big AllSpire win that's now kicking in January 1, so that's going to help us here in the back half of the year. And then we also had another new member win that we're not disclosing the name of the member, but that's going to help us as well. So on the whole, while the numbers are down year-over-year, things are trending in a positive direction when you look at our Supply Chain Services business.

我們之前談到了將於 1 月 1 日開始的 AllSpire 大勝利，這將對我們下半年的工作有所幫助。然後我們還贏得了另一位新成員，我們不會透露該成員的姓名，但這也會對我們有所幫助。因此，總體而言，雖然數字同比有所下降，但從我們的供應鏈服務業務來看，情況正在朝著積極的方向發展。

Eric Percher, Nephron Research.

Eric Percher，Nephron Research。

Thanks for the detail, Glenn. I'd like to go a little bit further on that, which is I'm looking out at fiscal year '26 and there's a wide range of guidance. And my concern is that in the commentary around stabilizing in the high 60s, maybe leaving us a little bit ahead of ourselves. Can I ask you, when you look at this year and where you progressed so far, how does that -- what's your expectation as you get into Q3 and Q4?

謝謝你的詳細說明，Glenn。我想就此進一步闡述一下，我正在展望 26 財年，並且有廣泛的指導。我擔心的是，關於穩定在 60 多度的評論可能會讓我們有點超前。我可以問一下，當您回顧今年以及迄今為止的進展時，您對進入第三季度和第四季度有何期望？

And then as you step off from that, the high 60s target, how much of that is because you see lower retention falling off and any commentary you can give us on the kind of absolute value, we should be looking for in the future versus kind of netting any groups leaving versus the new members you've announced?

然後，當您偏離 60 多歲的高目標時，其中有多少是因為您看到較低的保留率下降，以及您能否就我們未來應該尋找的絕對值給我們提供任何評論，而不是將任何團體的離開與您宣布的新成員進行比較？

Yes. Thank you for the question, Eric. I think first and foremost, we do expect to see higher contract penetration on all of our contracts. So as we look at the situation with Supply Chain Services going into next year. I'm encouraged by the momentum we have in terms of our contract penetration. And there's even some really nice growth areas on the nonacute side, seeing some really good growth the non-acute category. So that's encouraging.

是的。謝謝你的提問，艾瑞克。我認為首先，我們確實希望看到所有合約的滲透率更高。因此，我們來看看明年供應鏈服務的情況。我們在合約滲透方面的勢頭令我感到鼓舞。非急性方面也有一些非常好的成長領域，非急性類別的成長確實很好。這令人鼓舞。

On the fee share piece of it, I would just tell you from Q1 to Q2, it's relatively stable. So we didn't see a big uptick. I would expect some increase in the fee share as we get into the back half of the year, albeit very modest. And then we'll have to see where it ends up in fiscal year 2026.

關於費用分成部分，我只想告訴你，從第一季到第二季度，它相對穩定。因此，我們沒有看到大幅上漲。我預計，進入下半年，費用份額會增加，儘管增幅很小。然後我們必須看看它在 2026 財年的結果如何。

But in my prepared remarks, I did mention we expect it to end in the high 60s and I don't think our view has changed around that. Is it possible it could be a little bit better given where we are today? It's possible. But until we get through all the negotiations, going to be careful on setting an expectation that's anything other than the high 60s for the moment.

但在我準備好的發言中，我確實提到我們預計它會在 60 年代後期結束，我認為我們的觀點沒有改變。考慮到我們目前的狀況，情況有可能變得更好嗎？這是有可能的。但在我們完成所有談判之前，我們會謹慎設定預期，目前預期值不得超過 60 多度。

And Eric, this is Mike. Just real quickly, we've been making some pretty significant investment in the technology enablement of the supply chain and what does that mean? It means that we're getting really after all of the spend from a technology standpoint. And so having that as the opportunity to continue to build contracts and design models that can drive additional value from an ad fee perspective. We think that, obviously, that's going to be a very significant tailwind at least to the gross admin fees.

埃里克，這是麥克。很快，我們就對供應鏈的技術支援進行了相當大的投資，這意味著什麼？這意味著從技術角度來看，我們確實獲得了應有的回報。因此，我們有機會繼續建立合約並設計模型，從廣告費的角度來創造額外的價值。我們認為，這顯然將對管理費總額產生非常顯著的推動作用。

And to put a fine point on that, you're saying high 60s is through addition of opportunity, not through some traction of lower retention customers.

更準確地說，您說的 60 多歲是透過增加機會來實現的，而不是透過吸引一些保留率較低的客戶來實現的。

Say that one more time?

再說一次？

Yes. I was saying that it's coming through addition of -- it's getting to a higher share of the customers you have today, not that you're seeing the roll-off of lower return customers.

是的。我說的是，這是透過增加現有客戶份額來實現的，而不是透過減少回頭客來實現的。

Yes, I think it's a fair assessment.

是的，我認為這是一個公平的評價。

Kevin Caliendo, UBS.

瑞銀的 Kevin Caliendo。

Good morning. The Performance Services, Glenn, you mentioned it's going to be a little bit more fourth quarter weighted. I just want to maybe just understand sort of where the confidence lives and the improvement in that segment. Is it related to the new business win or AllSpire? Or is there just something around the seasonality of that just some comfort around the sort of ramp to get to guidance there?

早安.績效服務部，格倫，您提到它將在第四季度有更多權重。我只是想了解信心所在以及該領域的進步。這與新業務勝利或 AllSpire 有關嗎？還是只是因為季節性因素，才使得人們對於獲得指導感到安心？

Yes, sure. And some of my comments is going to play into why Q2 was a soft quarter and why we think the second half of the year is actually going to be stronger. So if I look at the different parts of our Performance Services business, I'll start off with Applied Sciences.

是的，當然。我的一些評論將會解釋為什麼第二季表現疲軟，以及為什麼我們認為下半年的表現實際上會更加強勁。因此，如果我看一下我們的效能服務業務的不同部分，我將從應用科學開始。

Yes, December is typically a very strong quarter. It's the biggest quarter usually for Life Sciences companies in the market overall, and we didn't see that this year. It was a softer market in Q4 calendar year than was typical. And so, we have an actual really strong funnel in Applied Sciences, and we think that we'll see some of those deals come to fruition in our fiscal Q3 and fiscal Q4. So with a strong funnel, the fact we didn't see the uptick at the end of the calendar year, we actually feel pretty good about the momentum going into calendar year 2025.

是的，十二月通常是一個非常強勁的季度。這通常是整個市場上生命科學公司業績最好的一個季度，但今年我們卻沒有看到這種情況。第四季的市場比往年要疲軟。因此，我們在應用科學領域擁有真正強大的管道，我們認為我們將在第三財季和第四財季看到其中一些交易取得成果。因此，由於漏斗強勁，儘管我們在年底沒有看到上升趨勢，但我們對進入 2025 年的勢頭實際上感覺相當樂觀。

The other thing that we're seeing in Applied Sciences is a shift in some of these deals that were typically licensed deals where we sell rollout data or customized data moving more towards the data access type engagement, and this is more akin to a subscription model. So we actually have won a couple of deals where the revenue is going to be spread out over multiple periods versus upfront. And so that gives us some confidence that we'll see some of that come through later this year.

我們在應用科學領域看到的另一件事是，一些交易發生了轉變，這些交易通常是許可交易，我們出售推出的數據或自訂數據，而現在更多地轉向數據存取類型的參與，這更類似於訂閱模式。因此，我們實際上已經贏得了幾筆交易，這些交易的收入將分攤到多個時期，而不是預先支付。這讓我們有信心，我們將在今年晚些時候看到其中一些成果。

On the enterprise license agreements in our performance improvement technology area, we did see some of these deals shift from our fiscal Q2 into fiscal Q3 and Q4, we actually just closed one of them in the month of January that was supposed to happen last quarter. So some of it is timing around these enterprise license deals and when they get completed.

在我們的績效改善技術領域的企業授權協議方面，我們確實看到其中一些交易從我們的財政第二季度轉移到財政第三季度和第四季度，實際上我們在一月份剛剛完成了其中一項交易，而這原本應該在上個季度完成。因此，其中一些是圍繞這些企業許可交易的時間以及它們完成的時間。

And obviously, we're really focusing very hard with Dave's leadership on building out a significant funnel of opportunities in new logos and new customers. And so that's a big focus for us right now to continue to better momentum in the second half of the year. I don't know, Mike do you have anything?

顯然，在戴夫的領導下，我們確實非常致力於在新的標誌和新客戶中建立大量的機會。因此，這是我們目前的重點，以便在下半年繼續保持更好的發展勢頭。我不知道，麥克，你有什麼嗎？

Yes, just a couple of other things, right? Dave has been on Board here for a couple of months now. I will tell you; he has a much stronger focus on really building out our collaborative capability. So it's something that, historically, Premier has had a very, very significant focus on. And for us, obviously, it's an opportunity for us to work with health systems help them benchmark against each other drive improvements.

是的，還有其他幾件事，對嗎？戴夫已經在這裡工作幾個月了。我會告訴你；他更專注於真正增強我們的協作能力。因此，從歷史上看，這是 Premier 一直非常重視的事情。對我們來說，這顯然是一個與醫療系統合作的機會，幫助他們相互比較，推動改善。

And then also for those that are interested, potentially use more capabilities for Premier, like one on an advisory and those kinds of things. So excited about getting that really refocused around and that's -- again, that's the collaborative I also think, obviously, with Dave's background, he's a very experienced industry veteran.

對於有興趣的人，可能會使用 Premier 的更多功能，例如諮詢功能等。我很高興能夠重新關注這一點，而且 — — 再次強調，這是合作，我還認為，顯然，憑藉戴夫的背景，他是一位非常有經驗的行業資深人士。

I think his focus is how are we going to continue to build up capability in our advisory business. And that will only help us with the ability to sell additional technologies and additional services and those kind of things. So really excited to see what happens here over the next couple of months as Dave gets his feet under.

我認為他的重點是我們如何繼續增強我們的諮詢業務能力。這只會幫助我們銷售以外的技術、額外的服務以及諸如此類的東西。所以真的很興奮地看到戴夫在接下來的幾個月裡在這裡會發生什麼。

That's great. If I could ask a follow-up on the tariffs. I kind of don't understand how this would all work. If the tariffs were let's just say, kicked in on February 1, right, can you just sort of take me through how it impacts the channel, like who actually gets impacted as a product that costs $100 would have then cost $125? Like whom takes on that responsibility, where does that cost end up from you from a sourcing perspective, the distributor that might have the product, the provider that might have to use that product or the insurer that would have to reimburse the product or the consumer? Like where does that extra money, who gets affected by that? It's somewhat unclear now.

那太棒了。我是否可以詢問有關關稅的後續問題？我有點不明白這一切是如何運作的。如果關稅在 2 月 1 日生效，您能否簡單介紹一下它對通路的影響，例如誰會真正受到影響，因為原本售價 100 美元的產品現在售價會是 125 美元？例如誰來承擔這個責任，從採購的角度來看，這個成本最終來自哪裡，是擁有該產品的經銷商，還是必須使用該產品的供應商，還是必須向產品或消費者償還的保險公司？例如，這些額外的錢去了哪裡，誰會受到影響？現在有點不清楚。

So just look, it depends on how the tariff is actually implemented. So I'm going to answer it with a bit of a comment that sort of covers my answer. So it depends on how the tariff actually gets implemented. That's number one.

所以看看吧，這取決於關稅的實際實施方式。因此我將用一些評論來回答這個問題，這些評論可以涵蓋我的答案。所以這取決於關稅的實際實施方式。這是第一點。

Number two, if a tariff actually gets applied to a product, and you know this, even if there's political commentary about how we're going to do a tariff on a country. There's always this subtext of, well, maybe it doesn't apply to medical devices or medical spend or different things. So you have to really pay attention to the detail of what actually is going to be included in the tariffs.

第二，如果關稅真的對某種產品徵收，而且你知道這一點，即使有關於如何對某個國家徵收關稅的政治評論。總有這樣的潛台詞：也許它不適用於醫療設備或醫療支出或其他事物。所以你必須真正關注關稅中實際包含的內容的細節。

Having said that, a tariff is just like you would think, if there's a 10% tariff on a product that's $1, the net product is going to be $1.10 to the consumer, to the seller of that product. And so, for example, if somebody has a product that gets manufactured partially in China, their cost to actually produce that product is going to go up, that commits or amount. That's the reason that it is really important that we have these firm for term pricing in our agreements so that price as much as possible, as much as possible does not end up with having the health systems, the hospitals and the providers pay for that given that they're not getting increased reimbursement to cover that cost.

話雖如此，關稅就像你所想的那樣，如果對價值 1 美元的產品徵收 10% 的關稅，那麼對於消費者，對於該產品的賣家來說，淨產品價值將是 1.10 美元。舉例來說，如果某人的產品部分在中國製造，那麼他們實際生產該產品的成本就會上升，也就是承諾的金額。這就是為什麼我們在協議中對這些定期定價進行嚴格規定非常重要，這樣價格才盡可能低，最終不會以醫療系統、醫院和醫療服務提供者為代價，因為他們沒有得到增加的報銷來支付這筆費用。

So those contracts do matter in terms of how you contract those. But that's the best I can give you an answer around just because it's such a -- it's a volatile sort of situation in terms of what's really happening and how these things get applied.

因此，就簽訂合約的方式而言，這些合約確實很重要。但這是我能給你的最好的答案，因為就實際情況和這些事情如何應用而言，情況非常不穩定。

Eric Coldwell, Robert W. Baird.

艾瑞克·科德威爾、羅伯特·W·貝爾德。

Thanks very much. I have two or three, if you don't mind. First one coming in from an investor and something we were curious about as well. The $17.6 million distribution from the minority investment. Was that OMNIA or something else? And could you talk about its recurring or onetime nature? And then most specifically, is that included in adjusted EBITDA, net income or earnings, there was a little bit of confusion about where the distribution wound up in your adjusted numbers or how it's embedded in your guidance going forward?

非常感謝。如果你不介意的話，我有兩三個。第一個來自投資人的消息，也是我們很好奇的事。少數股權投資分配1760萬美元。那是 OMNIA 還是別的？您能談談它的重複性或一次性性質嗎？然後最具體地說，這是否包括在調整後的 EBITDA、淨收入或收益中，對於分配最終在調整後的數字中的位置或它如何嵌入到您未來的指導中存在一些困惑？

Yes. So that distribution came from one of our minority partners. It did not come from OMNIA. It is really onetime. I say onetime, it could happen every couple of years, but it's not an annual type distribution. And we did adjust it out of our numbers. So it's not included in our results.

是的。因此，該分配來自我們的一位少數合夥人。它不是來自 OMNIA。這確實是一次性的。我說一次，它可能每隔幾年發生一次，但它不是年度分佈。我們確實根據我們的數字進行了調整。所以它不包括在我們的結果中。

Perfect. Thanks very much. And then for me, more specifically, there was a mention of -- in the end of the prepared remarks, there was a mention of a number member departure that's going to be phased over multiple years, it sounds. Could you provide any more detail on that and why it's a multiyear phase out? And then were there onetime payments associated with that departure? Or will there be in the future?

完美的。非常感謝。然後對我來說，更具體地說，在準備好的發言的最後提到，一些成員的離職將在幾年內分階段進行。您能否提供更多有關該問題的細節以及為什麼要花多年時間逐步淘汰該問題？那麼，此次離職是否涉及一次性付款？或是將來會有嗎？

Yes. This is Mike. So a couple of things that obviously, that scenario is still kind of moving around as well. So that partnership that occurred, we are still providing services in there. So that's the reason you saw that part -- that multiyear sort of comment.

是的。這是麥克。因此，顯然有幾件事，這種情況仍然在不斷變化。因此，在建立合作關係之後，我們仍會在那裡提供服務。這就是您看到那部分的原因——那種多年的評論。

Like, for example, there are parts of the portfolio they still want to leverage because they're the strongest in the industry. And so they want to leverage those as far as long, they can leverage those. So that's the reason that you're going to see this over time. And I still think it's very fluid. So we're still working through what that looks like. Having said that, yes, there was a onetime contractual -- Glenn, go ahead.

例如，他們仍然希望利用投資組合的某些部分，因為他們是業界最強大的。因此，只要他們能夠利用這些，他們就希望盡可能地利用這些。這就是你隨著時間的推移會看到這種情況的原因。我仍然認為它非常不穩定。所以我們仍在研究它看起來是什麼樣子的。話雖如此，是的，有一個一次性合約——格倫，說吧。

I would just say the onetime payment we haven't received yet. It's coming in the fourth quarter.

我只想說我們還沒有收到一次性付款。它將在第四季度推出。

How much -- Glenn, how much is that payment? And I assume that is embedded in the guidance.

多少錢——格倫，那筆付款是多少？我認為這已包含在指導中。

It's embedded in the guidance, and we are not disclosing the actual amount of payment. But it's in the guidance, and it's one of the reasons why we're taking our Supply Chain Services number up by $25 million at the midpoint.

它包含在指南中，我們不會透露實際支付金額。但它在指導範圍內，這也是我們將供應鏈服務數字中點提高 2500 萬美元的原因之一。

Okay. Thanks very much.

好的。非常感謝。

Jessica Tassan, Piper Sandler.

傑西卡·塔桑、派珀·桑德勒。

Hi, guys. Thank you for taking the questions and congrats on the strong results. I was just hoping to come back to just the firm for the term pricing comments. So can you just be clear on that, does that imply that Premier would be on the hook for tariffs and that the customers or your member organizations would be kind of isolated from pricing pressure? Or is the firm for the term embedded in your supplier contracts that Premier would maintain unchanged price guarantees for whatever period of time?

嗨，大家好。感謝您回答問題，並祝賀您取得的優異成績。我只是希望回到公司詢問期限定價意見。那麼，您能否明確地說明這一點，這是否意味著 Premier 將承擔關稅，而客戶或您的會員組織將免受定價壓力的影響？或者，您是否確信供應商合約中已包含一項條款，即 Premier 將在任意時間內維持價格保證不變？

No, good question. No, that is embedded in the contracts. So that's not something that Premier is on the hook for. That is a -- that's the supplier who provides those products, they are the ones that have to absorb those tariffs, not Premier. And then obviously, if it's firm for the term, not the health systems as well.

不，好問題。不，這是合約中規定的內容。所以這不是 Premier 需要承擔的責任。那就是——那是提供這些產品的供應商，他們必須承擔這些關稅，而不是 Premier。顯然，如果期限固定，那麼醫療系統也不會穩定。

Got it. That's really helpful. And then I wanted to ask just kind of in light of the tariff environment, can you comment on the extent to which you think that within gross purchasing volume, you saw any pull forward and then the extent to which guidance kind of contemplates that, that pull forward moderates with or without yes, moderates in the second half of your fiscal year?

知道了。這真的很有幫助。然後我想問一下，考慮到關稅環境，您能否評論一下您認為在總購買量中，您看到了多大程度的提前，然後指導意見認為這種提前的程度，無論是否有緩和，在您的財政年度下半年都會緩和？

I think the answer to that, Jessica, is it's too early to tell. I will have to get back to you with any specifics if, in fact, we felt any of that. But at this point, I think it's going to be too early to tell as to whether or not there was any substantial purchasing in light of people worried about a tariff.

傑西卡，我認為現在回答這個問題還為時過早。如果我們確實感覺到了這些，我會向您提供具體細節。但就目前而言，鑑於人們對關稅的擔憂，我認為現在判斷是否有大量購買還為時過早。

Okay. That's helpful. And then, I guess, maybe my last one. I think you mentioned just that in your prospecting conversations, the kind of 2 dozen you at JPMorgan, you guys were selling SCS digital supply chain services. Can you just remind us like how that is distinct from the initial offering or just what additional kind of wraparounds are provided there that are appealing to prospects?

好的。這很有幫助。我想，這也許是我的最後一次了。我想您在勘探談話中提到過這一點，摩根大通的 20 多人都在銷售 SCS 數位供應鏈服務。您能否提醒我們，這與初始產品有何不同，或者它提供了哪些吸引潛在客戶的額外包裝？

Sure. So I think the number one most appealing opportunity for our supplier partners is really focused around what Glenn was talking about, which is access to the data. And then we do a whole bunch of stuff, we're like around real-world evidence studies, which is really all about how to ensure that products that are being launched are actually driving the clinical value that they're supposed to be driving and that there really is true innovation that's actually happening.

當然。因此，我認為對於我們的供應商合作夥伴來說，最有吸引力的機會實際上集中在 Glenn 所談論的內容上，即獲取數據。然後我們做了很多事情，我們圍繞著真實世界證據研究，這實際上都是為了確保推出的產品確實能夠推動它們應該推動的臨床價值，並且確實存在真正的創新。

So then when you start to sort of layer in also some of the supply data, it also gives perspective on what's happening from a cost basis. So are there real-world evidence opportunities that also are having a dramatic impact on the cost associated with the category. So those are some of the nuances of what we're talking to these suppliers around, but it's really just combining the two different data cycles, so two different data points.

因此，當您開始對一些供應數據進行分層分析時，它也會從成本角度提供正在發生的事情的視角。那麼，是否存在現實世界的證據機會也會對與該類別相關的成本產生巨大影響。這些就是我們與這些供應商討論的一些細微差別，但實際上只是結合了兩個不同的資料週期，也就是兩個不同的資料點。

Thanks, again.

再次感謝。

Richard Close, Canaccord Genuity.

Canaccord Genuity 的 Richard Close。

Yes. Thanks for the question. Just curious to dig in a little bit more on the consulting services. It seems more negative than in the past, commenting on a turnaround here -- just if you could just dig in a little bit deeper on that. What exactly is going on in that business? And what are the proposed changes?

是的。謝謝你的提問。只是想進一步了解諮詢服務。現在看來，評論這裡的轉變似乎比過去更加消極——如果你能對此進行更深入的挖掘的話。那項業務到底發生了什麼事？提議的變更是什麼？

Yes. I think I hit it a little bit. I think a couple of things that when -- as we refresh the business, I think it's probably a better way to say that. There's still a significant need on behalf of the health systems from a performance improvement standpoint, obviously, significant opportunities around helping our health systems deal with issues associated with labor. Obviously, huge opportunities as our health systems are thinking through using advanced technology and the like.

是的。我覺得我有點擊中了。我認為有幾件事——當我們更新業務時，我認為這可能是更好的說法。從績效改善的角度來看，衛生系統仍然有很大的需求，顯然，在幫助我們的衛生系統處理與勞動力相關的問題方面有很大的機會。顯然，當我們的衛生系統正在考慮使用先進技術等時，我們將面臨巨大的機會。

We're just constantly looking at ways that we could refresh our advisory services capability to bring that additional value to the customer that's all-around performance improvement. What are those things that historically, especially those back-office functions that historically have been manual, are there ways that we can technology enable those things, are there ways that we can do co-management capabilities to obviously reduce the overall cost for these providers in a time where they're looking for any way to really reduce those cost curves.

我們一直在尋找方法來更新我們的諮詢服務能力，為客戶帶來全方位績效改進的額外價值。從歷史上看，特別是那些歷來都是手動完成的後台功能，我們是否有辦法透過技術實現這些功能，是否有辦法實現共同管理功能，從而在這些供應商尋求真正降低成本曲線的方法時明顯降低他們的總體成本。

So it's really all about building up those capabilities and making the appropriate investment in those so that for the long term, we've got a robust offering that's really meeting the needs of the market.

因此，這實際上是為了建立這些能力並對其進行適當的投資，以便從長遠來看，我們能夠提供真正滿足市場需求的強大產品。

Okay. And then, Glenn, maybe on Applied Sciences, you talked about license going to subscription. Is that the product mix you're talking about? Or is it something else?

好的。然後，格倫，也許在應用科學方面，您談到了許可證轉為訂閱。這就是您所說的產品組合嗎？還是其他什麼？

Yes, that's the product mix.

是的，這就是產品組合。

Okay. And then final question with respect to Contigo, can you talk a little bit about that sale? And then you said there's some additional assets ongoing? What's left? Any details there?

好的。關於 Contigo 的最後一個問題，您能談談那次銷售的情況嗎？然後您說還有一些額外的資產正在進行中？還剩下什麼？有詳細資料嗎？

Sure. So we did sell the network assets of Contigo in January for $15 million. It's obviously subject to normal working capital adjustments. So we've disclosed that in our 10-Q filing. We are still moving forward with selling the third-party administrative aspect of the business and COE or center of excellence. So that's still in process of being divested. I don't have an update on that at this point in time.

當然。因此，我們確實在一月份以 1500 萬美元的價格出售了 Contigo 的網路資產。顯然，這需要進行正常的營運資本調整。因此我們在 10-Q 文件中披露了這一點。我們仍在推動出售業務的第三方管理方面以及 COE 或卓越中心。因此，該業務仍處於剝離過程中。目前我還沒有關於此事的最新消息。

Thank you.

謝謝。

Allen Lutz, Bank of America.

美國銀行的艾倫·盧茨。

Good morning and thanks for taking the questions. One for Glenn. You talked about gross admin fees of about 5% year-to-date. Can you talk about what's embedded in the updated net MNP guide as it relates to gross MNP and then as we think about the utilization of business in the tail end of calendar '24 versus 2025, is there anything different you're expecting as we flip the calendar year? Thanks.

早上好，感謝您回答問題。一個給格倫。您談到今年迄今的總管理費約為 5%。您能否談談更新後的淨 MNP 指南中與總 MNP 相關的內容，然後當我們考慮 2024 年末與 2025 年末的業務利用率時，隨著日曆年的轉換，您是否期待有什麼不同？謝謝。

I think in terms of our guide, we're being a little bit conservative on our gross admin fees, meaning I'm assuming a slower or a lower number than what we saw in the first half of the year. Not based on anything in terms of what I'm seeing in the business, but more just to be a bit conservative. So there's an opportunity to potentially overachieve there.

我認為，就我們的指導而言，我們對總管理費用持有點保守的態度，這意味著我預計該數字會比今年上半年看到的更慢或更低。這並不是基於我所看到的業務情況，而只是有點保守。因此，存在著潛在超額完成任務的機會。

But in the guide, I would say we've got a lower number versus the 5% that we generated in the first half of the year. And then, obviously, when we look at kind of the '24 versus '25 numbers, we do have one time member pain that's coming in, in Q4 of this year.

但在指南中，我想說，與今年上半年的 5% 相比，我們的數字較低。然後，顯然，當我們查看 24 年與 25 年的數據時，我們確實會發現今年第四季會出現一次性會員痛苦。

Great. Thanks.

偉大的。謝謝。

Bill Sutherland, The Benchmark Company.

比爾·薩瑟蘭（Bill Sutherland），基準公司。

Thank you. Hey, good morning, guys. Thinking about the -- your sourcing percentages, have you all ever talked about kind of where you stand in terms of the geographies that you're sourcing from at this point?

謝謝。嘿，大家早安。考慮到你們的採購比例，你們是否都談過你們目前的採購地理分佈？

Yes. We don't get into specifics, but over time, you've heard us refer to having an overdependence on one specific country, for example, like China, and that our focus has been to create more diversity in that. And so yes, we don't get into specific numbers.

是的。我們不會談論具體細節，但隨著時間的推移，你會聽到我們提到對某個特定國家（例如中國）的過度依賴，而我們的重點是創造更多的多樣性。是的，我們不會提及具體的數字。

But like, for example, we are very supportive of moving example of production to Malaysia, for example, and isolation gowns to other countries in Southeast Asia and those kinds of things. But it has been a practice of ours for a number of years. certainly, sets COVID to create more diversity in the production of those products. So we will continue to look at all those kinds of things as that's really important to creating a healthy supply chain.

但是，例如，我們非常支持將生產轉移到馬來西亞，並將隔離服轉移到東南亞其他國家等等。但這是我們多年來的做法。毫無疑問，COVID 會使這些產品的生產更加多樣化。因此，我們將繼續關注所有這些事情，因為這對建立健康的供應鏈非常重要。

Right. And so, did you even talk as broadly as just AsiaPac, for instance?

正確的。那麼，您是否談論的範圍很廣，例如僅涉及亞太地區？

No. We don't spend a lot of time -- first of all, it moves very, very quickly. Somebody comes up with production of a product, and it could be a large percentage of a category, and then that potentially changes in a couple of years because we're able to get lower priced product somewhere else. So we're very thoughtful around how that movement occurs.

不。我們不會花太多時間——首先，它進展非常非常快。有人生產出一種產品，它可能佔據某一類別的很大一部分，但這種情況可能會在幾年後發生變化，因為我們能夠在其他地方獲得價格更低的產品。因此，我們非常認真地考慮這項運動是如何發生的。

I think the most important thing is that we want to make sure we have the capability to truly understand where that production capability is and then helping the suppliers who produce those products through those contract manufacturers point them in the right direction where they could get high-quality products to produce.

我認為最重要的是我們要確保我們有能力真正了解生產能力所在，然後幫助透過合約製造商生產這些產品的供應商為他們指明正確的方向，以便他們能夠生產出高品質的產品。

Okay. And on the firm for term, just wondering, is this a one-year contract typically that -- and are these continually being recontracted?

好的。關於公司期限，我只是想知道，這通常是一年期合約嗎 - 這些合約是否會不斷重新簽訂？

Yes. Typically, our contracts as soon as I say this, it won't be accurate. But typically, our contracts are three-year contracts. But we do have some contracts that are less than that. But for the most part, they're three-year agreements.

是的。通常，我們的合約一旦我這麼說，它就不會準確了。但通常我們的合約都是三年合約。但我們確實有一些低於這個數字的合約。但大多數情況下，都是三年協議。

Okay. Thanks, Mike.

好的。謝謝，麥克。

This concludes our question-and-answer session and Premier's fiscal 2025 second quarter conference call. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節和 Premier 2025 財年第二季電話會議到此結束。感謝您參加今天的演講。您現在可以斷開連線。