Premier Inc (PINC) 2025 Q3 法說會逐字稿

Good morning, and welcome to Premier's Fiscal 2025 Third Quarter Conference Call. (Operator Instructions)

早安，歡迎參加 Premier 2025 財年第三季電話會議。（操作員指示）

Please note this event is being recorded. I would now like to turn the call over to Ben Krasinski, Senior Director, Investor Relations. Please go ahead.

請注意，此事件正在被記錄。現在我想將電話轉給投資者關係高級總監 Ben Krasinski。請繼續。

Thank you and welcome to Premier's Fiscal Year 2025 Third Quarter Conference Call. Our speakers this morning are Mike Alkire, Premier's President and CEO; and Glenn Coleman, our Chief Administrative and Financial Officer. 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.

謝謝您，歡迎參加 Premier 2025 財年第三季電話會議。今天早上的演講者是 Premier 總裁兼執行長 Mike Alkire；以及我們的首席行政和財務長 Glenn Coleman。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。

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. 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 Form 10-Q for the quarter, which we expect to file soon.

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、前景預期和未來業績的陳述，實際結果可能與今天討論的結果有重大差異。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，包括我們最新的季度 10-K 表和 10-Q 表，我們預計很快就會提交這些報告。

We encourage you to review the detailed forward-looking statements and risk factor disclosures in these reports. 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. I will now turn the call over to Mike Alkire.

我們鼓勵您查看這些報告中詳細的前瞻性陳述和風險因素揭露。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 財務指標的對賬信息，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。現在我將電話轉給 Mike Alkire。

Thank you, Ben. Good morning, everyone, and thank you for joining us for Premier fiscal year 2025 Third Quarter Earnings Call. Glenn and I are pleased to share strong Q3 results, which reflect the continued execution of our strategy to technology-enabled differentiated performance improvement and supply chain excellence across health care. This quarter's results reflect the growing impact our strategy is having in delivering meaningful value to our members, other customers and stockholders.

謝謝你，本。大家早安，感謝大家參加 Premier 2025 財年第三季財報電話會議。格倫和我很高興分享強勁的第三季業績，這反映了我們繼續執行透過技術支援的差異化績效改善和醫療保健領域供應鏈卓越的策略。本季的業績反映了我們的策略在為我們的會員、其他客戶和股東提供有意義的價值方面所產生的日益增長的影響。

Our overall revenue and profitability for the third quarter experienced meaningful sequential growth and exceeded our expectations, most notably in our Supply Chain Services segment. As a result, we are increasing our full year guidance for adjusted EBITDA and adjusted EPS and reaffirming the midpoint of our consolidated revenue guidance.

我們第三季的整體收入和獲利能力實現了有意義的連續成長，超出了我們的預期，尤其是在我們的供應鏈服務部門。因此，我們提高了全年調整後 EBITDA 和調整後 EPS 的預期，並重申了合併收入預期的中點。

In addition, we continue to return value to stockholders through our quarterly cash dividend, and we initiated a $200 million accelerated share repurchase program during the quarter. In a challenging environment marked by rising costs, workforce shortages and reimbursement challenges, health care providers are under intense pressure to deliver high-quality affordable care.

此外，我們繼續透過季度現金股利向股東返還價值，並在本季啟動了一項 2 億美元的加速股票回購計畫。在成本上升、勞動力短缺和報銷挑戰等嚴峻的環境中，醫療保健提供者面臨著提供高品質、可負擔醫療服務的巨大壓力。

Increasingly, existing and prospective members are turning to Premier as a strategic partner, leveraging our expertise to co-develop integrated solutions that address their most critical operational and clinical needs.

越來越多的現有和潛在會員將 Premier 視為策略合作夥伴，利用我們的專業知識共同開發滿足其最關鍵的營運和臨床需求的綜合解決方案。

Our platform is uniquely positioned to support providers as they navigate the evolving landscape, from data and insights to AI-enabled decision support in the workflow. Premier's technology closes the loop on comprehensive performance improvement. In Supply Chain Services, tariffs remain top of mind for our members and suppliers due to the potential impact on care delivery.

我們的平台具有獨特的優勢，能夠支援供應商應對不斷變化的環境，從數據和見解到工作流程中支援人工智慧的決策支援。Premier 的技術實現了全面性能改進的閉環。在供應鏈服務中，由於關稅可能會對醫療服務產生影響，因此它仍然是我們的會員和供應商最關心的問題。

Premier is leading the charge, actively monitoring developments, advocating in Washington, and leveraging our proactive member-driven contracting strategies. Due to our member-led process and our supply chain resiliency efforts, to date, we've seen no material disruption across our GPO portfolio, but would note that it is a fluid situation that will require continued monitoring.

Premier 正在發揮主導作用，積極監測事態發展，在華盛頓進行宣傳，並利用我們積極主動的、以成員為主導的承包策略。由於我們的會員主導流程和供應鏈彈性努力，到目前為止，我們尚未看到 GPO 產品組合出現重大中斷，但需要注意的是，這是一個不穩定的情況，需要持續監控。

In addition, we remain the only health care company offering a fully integrated digital supply chain solution from sourcing to purchasing to payments. Our tech-first model is delivering real value to members by enabling faster, smarter, data-driven decisions that improve margins and support quality care delivery.

此外，我們仍然是唯一一家提供從採購到購買再到支付的完全整合數位供應鏈解決方案的醫療保健公司。我們的技術優先模式透過更快、更聰明、數據驅動的決策來提高利潤率並支援優質醫療服務，為會員提供真正的價值。

In Performance Services, we're taking aggressive steps to reinvigorate the business amid short-term headwinds. We've recruited some of the industry's most seasoned operators leaders with track records of delivering enterprise-wide transformation with a focus on supply chain, labor reduction and quality improvement at some of the largest and most complex health systems in the nation.

在績效服務方面，我們正在採取積極措施，在短期逆風中重振業務。我們招募了一些業內最有經驗的營運商領導者，他們在全國一些最大、最複雜的醫療系統中擁有實現企業範圍轉型的良好記錄，重點是供應鏈、減少勞動力和提高品質。

With investments in people and technology, we are evolving our solutions to take on a broader set of challenges faced by health care providers. You'll see us roll out more comprehensive solutions that leverage AI and machine learning and automation to drive impact across supply chain optimization, workforce planning and productivity, clinical transformation, strategy and growth.

透過對人才和技術的投資，我們正在改進我們的解決方案，以應對醫療保健提供者面臨的更廣泛的挑戰。您將看到我們推出更全面的解決方案，利用人工智慧、機器學習和自動化來推動供應鏈優化、勞動力規劃和生產力、臨床轉型、策略和成長方面的影響。

One example of this momentum is our recently announced strategic partnership with Epic. Premier's documentation and coding solution is expected to go live in late 2025. And making it available to Epic's vast customer base. This will be a meaningful milestone for us and a clear validation of our tech forward approach to helping providers improve their clinical and financial performance.

這種勢頭的一個例子是我們最近宣布與 Epic 建立戰略合作夥伴關係。Premier 的文檔和編碼解決方案預計將於 2025 年底上線。並將其提供給 Epic 的龐大客戶群。這對我們來說是一個有意義的里程碑，也清楚地證明了我們採用技術前瞻性方法來幫助供應商改善臨床和財務表現。

In Applied Sciences, we continue to see strong and growing interest in Premier's real-world data and real-world evidence, particularly from life science and med tech manufacturers aiming to bring clinically effective and financially sustainable products to market. Building on this momentum, we're expanding our advisory capabilities to help partners more effectively harness these insights and drive greater impact.

在應用科學領域，我們繼續看到人們對 Premier 的真實世界數據和真實世界證據的強烈且日益增長的興趣，特別是來自生命科學和醫療技術製造商的興趣，他們旨在將臨床有效且財務可持續的產品推向市場。基於這一勢頭，我們正在擴展我們的諮詢能力，以幫助合作夥伴更有效地利用這些見解並產生更大的影響。

Finally, to further enhance our sales function, we've invested in and retooled our account management team following a similar path to our advisory business to include recruiting new talent and leadership. Looking ahead, we are committed to continued investment in our people and core capabilities, including our advisory services, technology and supply chain solutions with a disciplined road map that includes both organic development and potential tuck-in acquisitions. AI will remain central to our approach, ensuring the right insights reach the right health care decision maker on the right platform at the right time.

最後，為了進一步增強我們的銷售功能，我們對客戶管理團隊進行了投資和重組，採取了與諮詢業務類似的方式，包括招募新的人才和領導。展望未來，我們致力於繼續投資於我們的人才和核心能力，包括我們的諮詢服務、技術和供應鏈解決方案，並制定包含有機發展和潛在收購的嚴謹路線圖。人工智慧仍將是我們方法的核心，確保正確的見解在正確的時間透過正確的平台傳達給正確的醫療保健決策者。

Before I turn this call over to Glenn, I want to recognize the outstanding hospitals named to our 2025 Premier 100 Top Hospitals list. This fully transparent, data-driven program is not just a recognition tool. It's a road map for how hospitals can lead across a balanced scorecard of quality, cost and outcomes. With that, I'll now turn the call over to Glenn for a deeper dive into our financial results.

在我將這個電話轉給格倫之前，我想先表彰一下我們 2025 年百大醫院名單中的優秀醫院。這個完全透明、數據驅動的程式不僅僅是一個識別工具。這是醫院如何在品質、成本和結果之間實現平衡記分卡的路線圖。說完這些，我現在將電話轉給格倫，讓他更深入地了解我們的財務表現。

Thanks, Mike, and good morning, everyone. As a reminder, all results discussed during this call reflect continuing operations and do not reflect S2S Global, which is divested on October 1, 2024.

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，並不反映將於 2024 年 10 月 1 日剝離的 S2S Global。

In addition, we're working to transition to partners or wind down the remaining Contigo Health assets by the end of this calendar year. As such, actual results for the quarter include contributions from the Contigo Health business. However, we are continuing to exclude the results of Contigo Health in our guidance.

此外，我們正在努力在今年年底前將剩餘的 Contigo Health 資產過渡到合作夥伴或逐步減少。因此，本季的實際業績包括了 Contigo Health 業務的貢獻。然而，我們將繼續在我們的指導中排除 Contigo Health 的結果。

Now turning to third quarter financial results. Revenue, adjusted EBITDA and adjusted EPS saw a significant sequential growth from Q2 to Q3 in both of our business segments and it exceeded our expectations for the third quarter.

現在來看看第三季的財務表現。我們兩個業務部門的收入、調整後的 EBITDA 和調整後的 EPS 從第二季到第三季均實現了顯著的連續成長，並且超出了我們對第三季的預期。

Net revenue of $261 million for the third quarter grew $21 million on a sequential basis but declined by $25 million from the prior year period, largely driven by higher fee share from contract renewals, which is now mostly completed.

第三季淨收入為 2.61 億美元，比上一季成長 2,100 萬美元，但比去年同期下降 2,500 萬美元，主要原因是合約續約費用份額增加，目前合約續約工作已基本完成。

GAAP net income from continuing operations of $28 million increased $76 million compared to the prior year period, mainly due to asset impairment charges related to Contigo Health in the third quarter of fiscal year 2024.

以美國通用會計準則計算的持續淨營運收入為 2,800 萬美元，較去年同期增加 7,600 萬美元，主要由於 2024 財年第三季與 Contigo Health 相關的資產減損費用。

Adjusted EBITDA, excluding Contigo Health of $73 million represented a sequential improvement of $21 million in the second quarter and translated to our highest quarterly margin of this fiscal year at 28.4%.

調整後的 EBITDA（不包括 Contigo Health）為 7,300 萬美元，比第二季度環比增長 2,100 萬美元，並轉化為我們本財年最高的季度利潤率 28.4%。

Adjusted EPS, excluding Contigo Health, of $0.46 was well ahead of our expectations due to better-than-expected revenue and a lower share count. As of March 2025, we repurchased over 38 million shares of Class A common stock under our $1 billion authorization.

調整後的每股盈餘（不包括 Contigo Health）為 0.46 美元，由於收入優於預期且股數較少，遠高於我們的預期。截至 2025 年 3 月，我們根據 10 億美元的授權回購了超過 3,800 萬股 A​​ 類普通股。

Turning to segment results. Our Supply Chain Services segment continued to perform above expectations despite lower net administrative fees revenue driven by the expected increase in the aggregate blended fee share in the quarter. Gross administrative fees continued to grow, driven by higher contract penetration with existing members and onboarding of new members.

轉向細分結果。儘管由於本季混合費用總額份額預計增加，導致淨管理費收入下降，但我們的供應鏈服務部門的表現仍超出預期。由於現有會員的合約滲透率提高以及新會員的加入，總管理費用持續增長。

For the first 9 months of fiscal year 2025, gross administrative fees grew 3.5% over the prior year period, with broad growth across key categories such as MedSurg, Diagnostics, Food and Pharmacy. As of March 31, we've made very good progress in contract negotiations with the GPO members that were part of the August 2020 restructure.

2025 財年前 9 個月，總管理費用比去年同期增加 3.5%，其中醫療外科、診斷、食品和藥品等主要類別均出現廣泛增長。截至 3 月 31 日，我們與 2020 年 8 月重組中的 GPO 成員的合約談判取得了非常良好的進展。

We've now addressed members representing over 3/4 of this group's fees, and we expect to end the fiscal year with less than 20% remaining, the majority of which are expected to be addressed in fiscal year 2026.

目前，我們已經解決了佔該團體費用 3/4 以上的會員問題，預計本財年結束時剩餘費用將不到 20%，其中大部分預計將在 2026 財年解決。

Based on our contract renewals to date, we continue to expect our aggregate blended fee share to be in the low 60% range for the full fiscal year 2025 and that it will likely stabilize in the high 60s once we've completed all of the renewals.

根據迄今為止的合約續約情況，我們繼續預計，到 2025 年全年，我們的總混合費用份額將在 60% 左右，一旦我們完成所有續簽，該份額可能會穩定在 60% 左右。

Lastly, we experienced growth in other supply chain services revenue driven by continued growth from new engagements in our supply chain comanagement business and further expansion of our digital supply chain solutions to providers and suppliers.

最後，由於我們的供應鏈共同管理業務的新業務持續成長以及我們的數位供應鏈解決方案進一步擴展到供應商和供應商，我們的其他供應鏈服務收入也實現了成長。

Moving to the Performance Services segment. We saw notable sequential revenue and adjusted EBITDA improvement from Q2. However, we experienced lower consulting revenue compared to the prior year period, which was partially offset by better performance in the Applied Sciences business.

轉向性能服務部分。我們看到第二季的營收和調整後的 EBITDA 有顯著的連續改善。然而，與去年同期相比，我們的諮詢收入有所下降，但應用科學業務的表現較好部分抵消了這一影響。

As Mike mentioned earlier, we recruited meaningful new talent, which has accelerated our efforts to rebuild our sales pipeline in this business, launching new go-to-market solutions, and we're already seeing early positive signs in our sales funnel. Shifting to the balance sheet.

正如麥克之前提到的，我們招募了有意義的新人才，這加速了我們重建該業務銷售管道的努力，推出了新的上市解決方案，並且我們已經在銷售管道中看到了早期的積極跡象。轉向資產負債表。

In the first 9 months of fiscal year 2025, free cash flow of $130 million decreased $13 million from the prior year period, mainly due to the timing of payments to Omnia under our channel partnership arrangement related to nonhealth care customers. Cash and cash equivalents totaled $71 million as of March 31, and we ended the quarter with an outstanding balance of $255 million on our credit facility of which $70 million was repaid in April.

2025 財年前 9 個月，自由現金流為 1.3 億美元，較去年同期減少 1,300 萬美元，主要原因是我們根據與非醫療保​​健客戶相關的管道合作安排向 Omnia 付款的時間。截至 3 月 31 日，現金及現金等價物總額為 7,100 萬美元，本季末我們的信貸額度未償還餘額為 2.55 億美元，其中 7,000 萬美元已於 4 月償還。

The increase in borrowings is primarily to fund share repurchases. 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.

借款增加主要是為了資助股票回購。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。

Notably, we completed $200 million of market share repurchases in January 2025. We also initiated a new $200 million accelerated share repurchase program in February 2025, and which resulted in the initial receipt of 9 million shares, and we continue to expect the final settlement to occur by the end of the first quarter of fiscal year 2026. We also continue to return capital through our quarterly dividend, which totaled $60 million in the first 9 months of fiscal year 2025 and represented a 4% yield over the 12-month period ended March 31.

值得注意的是，我們在 2025 年 1 月完成了 2 億美元的市佔率回購。我們也於 2025 年 2 月啟動了一項新的 2 億美元加速股票回購計劃，最初收到 900 萬股，我們仍然預計最終結算將在 2026 財年第一季末完成。我們也繼續透過季度股息返還資本，2025 財年前 9 個月的股息總額為 6,000 萬美元，截至 3 月 31 日的 12 個月期間的收益率為 4%。

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

此外，我們的董事會最近宣布將於 6 月派發每股 0.21 美元的股息。未來，我們的資本配置重點將是透過有機投資以及潛在的補充收購來推動收入成長，以進一步增強我們在市場上的核心產品。

Lastly, as a reminder, we will make the final payment associated with the termination of the tax receivable agreement in connection with our August 2020 restructure by the end of this fiscal year.

最後，提醒一下，我們將在本財政年度結束前支付與 2020 年 8 月重組相關的終止稅收應收協議相關的最後一筆款項。

These payments have been around $100 million per year and will no longer negatively impact our free cash flow starting on July 1, 2025. Turning to guidance. Based on our actual performance for the first 9 months of fiscal year 2025, which was ahead of our overall expectations, and outlook for the remainder of the year.

這些付款每年約為 1 億美元，從 2025 年 7 月 1 日起將不再對我們的自由現金流產生負面影響。轉向指導。根據我們 2025 財年前 9 個月的實際表現（超出了我們的整體預期）以及對今年剩餘時間的展望。

We're increasing our adjusted EBITDA range by $6 million and our adjusted EPS range by $0.10 due to better performance in Supply Chain Services and the impact of the February accelerated share repurchase program.

由於供應鏈服務表現較好以及二月加速股票回購計畫的影響，我們將調整後的 EBITDA 範圍提高了 600 萬美元，調整後的 EPS 範圍提高了 0.10 美元。

We're also reaffirming the midpoint of our consolidated revenue guidance range of $955 million to $995 million, and expect Supply Chain Services revenue to be above the midpoint of its range, and Performance Services to be below the midpoint of its range.

我們也重申了合併收入指導範圍的中點，即 9.55 億美元至 9.95 億美元，並預計供應鏈服務收入將高於其範圍的中點，而績效服務收入將低於其範圍的中點。

In summary, revenue and profitability saw a significant sequential improvement and exceeded our expectations for the third quarter as well as for the first 9 months of fiscal year 2025. Supply Chain Services performed better than expected, and we're now on the back end of contract renewals for GPO members.

綜上所述，營收和獲利能力較上季大幅提升，超出了我們對第三季以及2025財年前9個月的預期。供應鏈服務的表現優於預期，目前我們正處於 GPO 成員合約續約的後期階段。

We continue to execute our 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 provide us the ability to continue to grow our business and return value to stockholders. We appreciate your time today. I will now open the call for questions.

我們將繼續執行重振績效服務的計畫。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，這使我們能夠繼續發展業務並為股東帶來回報。感謝您今天抽出時間。我現在開始提問。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員指示）

Kevin Caliendo, UBS.

瑞銀的 Kevin Caliendo。

Thanks for taking my question guys. Congrats on a really nice quarter. So I guess I want to understand, you say you're beating expectations in both segments. And I'm wondering if this is related in any way to you guys taking share, is it related in an increase in demand and utilization from your customers? Is it in any way customers acting in anticipation of tariffs? Can you just maybe talk a little bit about what's happening in the macro that's sort of driving the outperformance that you saw?

謝謝你們回答我的問題。恭喜您度過了一個非常愉快的季度。所以我想我想了解一下，您說您在兩個領域都超出了預期。我想知道這是否與你們的份額成長有關，是否與客戶需求和利用率的增加有關？顧客是否在某種程度上是在預期關稅？您能否稍微談談宏觀層面上發生了什麼，從而推動了您所看到的優異表現？

I think, Kevin, this is Mike. I think, first of all, it's a little bit of everything. So obviously, there's a lot of pressure on the health care systems today just based on some of the impending changes from a reimbursement standpoint. We already know there's a lot of pressure on the health systems from some of the labor shortages that are still left over from COVID. And then obviously, some of these tariffs are putting pressure on the health system.

我想，凱文，這是麥克。我認為，首先，一切都有一點。顯然，從報銷的角度來看，一些即將發生的變化給當今的醫療保健系統帶來了巨大的壓力。我們已經知道，由於新冠疫情遺留下來的一些勞動力短缺問題，衛生系統面臨很大的壓力。顯然，其中一些關稅給衛生系統帶來了壓力。

So I think all of that sort of leads to us providing a different level of service in terms of helping them continue to look at ways to bend their cost curves. And with the addition of Dave Zito and his team, we're able to get some folks out there in front of these executives that can talk about some of the significant change that's going to be required and implement some of that change, as these health care systems continue to face some of these mounting pressures. But I think to answer your question from a macro standpoint, I think it's labor, I think it's tariffs and the threat of more tariffs. And then I also think it's also just the potential of some of these impending federal changes to revenue. Glenn, did you have some additional comments?

所以我認為這一切都促使我們提供不同層次的服務，幫助他們繼續尋找降低成本曲線的方法。隨著戴夫·齊托 (Dave Zito) 及其團隊的加入，我們能夠讓一些人走到這些高管面前，討論一些需要進行的重大變革，並實施其中的一些變革，因為這些醫療保健系統繼續面臨著一些日益增加的壓力。但我認為從宏觀角度回答你的問題，我認為是勞動力，我認為是關稅以及更多關稅的威脅。然後我還認為這也只是聯邦政府即將採取的一些稅收改革措施的潛在影響。格倫，您還有其他評論嗎？

Yes, I would just add a couple of things in terms of the outperformance here in Q3, especially around revenue. So largely driven by supply chain services. And I would say two things. One, we're continuing to do a good job on negotiating the fee share arrangements, and we're continuing to see really nice uptick on contract penetration. We've been pretty conservative in some of our modeling on the gross administrative fee growth we're expecting in the back half of the year, and we've been outperforming that.

是的，我只想補充幾點關於第三季優異表現的內容，尤其是營收方面。因此很大程度上受到供應鏈服務的推動。我想說兩件事。首先，我們在費用分攤安排的談判上繼續做得很好，而且我們繼續看到合約滲透率的良好上升。我們對下半年行政管理費用總額成長的預測模型相當保守，但我們的表現已經超越了這個水準。

And I mentioned it's pretty broad-based. When I look at diagnostics, food, pharmacy, MedSurg, all growing very nicely in the 4% or higher range.

我提到它的基礎相當廣泛。當我看到診斷、食品、藥房、MedSurg 時，它們都在 4% 或更高的範圍內實現了良好的成長。

And so Supply Chain Services continues to do well here and it's becoming more and more stable as we get through these negotiations. I would also say that we saw a bit of a rebound in Performance Services, a nice sequential improvement there as well.

因此，供應鏈服務在這裡繼續表現良好，並且隨著我們完成這些談判，它變得越來越穩定。我還想說，我們看到效能服務出現了一些反彈，並且也取得了不錯的連續改善。

And that was largely driven by higher enterprise license agreements that we signed in the quarter, along with software licenses. You probably remember, Kevin, last quarter, we had a bit of a dip in this area. We said some of it was timing, and we actually had signed a couple of deals in January. So that was obviously stronger here in Q3.

這主要是由於我們在本季度簽署的更高的企業許可協議以及軟體許可。凱文，你可能還記得，上個季度，我們在這個領域出現了一些下滑。我們說部分原因是時機問題，實際上我們在一月已經簽署了幾項協議。因此，第三季的表現顯然更為強勁。

And the other thing I'd highlight is we have made an investment in our advisory services business. We brought in a number of new talented people. We're actually now seeing a very healthy sales funnel, and we're seeing an uptick in new bookings, and we actually had sequential revenue growth.

我想強調的另一件事是我們對諮詢服務業務進行了投資。我們引進了許多新的人才。實際上，我們現在看到了一個非常健康的銷售管道，我們看到新預訂量上升，而且我們的收入實際上實現了連續增長。

We had modeled it to be flat and we're actually now seeing that uptick in consulting services, and I'm expecting another uptick here in the fourth quarter sequentially. So those investments, we're expecting are going to have a nice payback for us as we move forward.

我們之前將其建模為持平，但實際上我們現在看到諮詢服務出現了上升趨勢，我預計第四季度將再次出現上升趨勢。因此，我們預計這些投資將在未來為我們帶來豐厚的回報。

But really, those are the areas of outperformance.

但事實上，這些都是表現優異的領域。

And as you know, when we have higher revenues, we have a pretty much a fixed cost infrastructure when you talk about supply chain services and these enterprise license deals and software, which have very high margins. So all of that flowed through to the bottom line and resulted in a significant beat in the quarter on profitability.

如你所知，當我們的收入較高時，當你談到供應鏈服務和這些企業授權交易和軟體時，我們有一個相當固定成本的基礎設施，這些都有很高的利潤率。因此，所有這些都影響到了利潤，並導致本季獲利能力大幅下降。

That's super helpful. Can I ask a quick follow-up? I don't know how quick it is, but -- we've heard from a lot of the health systems that they have a lot of fixed contracts and the cost of tariffs, at least from the large public companies are not something that is going to be overly onerous to them. But you made comments that there's already increasing costs and you're seeing it, and it could get worse.

這非常有幫助。我可以快速問後續問題嗎？我不知道它有多快，但是——我們從許多醫療系統聽說，他們有很多固定合約和關稅成本，至少來自大型上市公司的關稅成本不會對他們造成過於繁重的負擔。但您評論說成本已經在增加，而且您已經看到了這一點，而且情況可能會變得更糟。

How is this actually going to play out for your customers? And how do you -- what sort of -- what are you being asked to do to offset? Like where is this cost -- the higher tariff cost of products coming in, who's going to end up paying for that? And how do you guys benefit? Or how do you guys work with your customers to reduce those costs?

這實際上會對您的客戶帶來什麼影響？那麼你如何——什麼樣的——你被要求做什麼來抵消？例如，這些成本在哪裡──進口產品的關稅成本更高，最終誰來支付？你們如何受益？或者你們如何與客戶合作來降低這些成本？

Yes. So first of all, let me just say that the health care system of large cannot absorb any meaningful tariffs without having, obviously, a dramatic impact on their already pretty tight margins. The full impact, though, of any of these tariffs or any additional tariffs are going to obviously depend on the countries that the tariffs are levied on tariff rates and obviously, any final policy.

是的。首先，我只想說，大型醫療保健系統無法承受任何有意義的關稅，因為這顯然會對其本已相當緊張的利潤產生巨大影響。不過，這些關稅或任何額外關稅的全部影響顯然將取決於徵收關稅的國家的關稅稅率，以及最終政策。

And then as far as Premier goes, most of the contracts that we have written for tariffs are sort of that firm for the term pricing. So meaning that at least during the time of the contract, that should lessen the issue of the tariff.

就 Premier 而言，我們為關稅簽訂的大多數合約都是那種定期定價的合約。這意味著至少在合約期間，關稅問題應該會減少。

And then obviously, we've been working pretty diligently at creating a modeling tool that uses algorithms that allow users to understand what the issues are with tariffs by category. And that's important so that we can begin to look at other products within a category and look at where those products might not have the significant issues that some that are going to be burdened with tariffs are going to have from a pricing standpoint.

顯然，我們一直在努力創建一個建模工具，該工具使用演算法讓用戶了解按類別劃分的關稅問題。這很重要，這樣我們就可以開始研究同一類別中的其他產品，看看這些產品在定價方面可能不存在一些將要承受關稅負擔的產品所面臨的重大問題。

And then finally, I think you're aware of this, but as you think about Premier, you asked the question, all of the decisions that are made from a contracting process or member led -- and so obviously, there's a ton of member involvement in the decision process around these tariffs, obviously informed by all of our data and the contracts that we write. But it's really a member-led process that actually drives the strategy associated with how we continue to manage these tariffs.

最後，我想你已經意識到了這一點，但當你想到 Premier 時，你問了這個問題，所有的決定都是透過簽約過程或成員主導的——所以很明顯，有大量成員參與了這些關稅的決策過程，顯然，這是根據我們所有的數據和我們簽訂的合約做出的。但它實際上是一個由成員國主導的進程，它實際上推動了與我們如何繼續管理這些關稅相關的策略。

Thank you guys so much. Super helpful.

非常感謝你們。超有幫助。

Thank you.

謝謝。

Eric Percher, Nephron Research.

Eric Percher，Nephron Research。

Thank you.I want to start by maybe a little bit more of a double click on Kevin's question. And my question for you would be, what are you seeing customers do so far to date given firm for the term and the -- what you have in place in the contracting? Are you seeing active stock up any changes in inventory? And are you seeing and expecting that there is more impact in low value consumables that may be balanced towards countries with particularly high tariffs versus higher value products? If you can help us with what they're doing today and then where the impact may be most impactful.

謝謝。首先我想稍微雙擊一下凱文的問題。我想問您一下，到目前為止，您看到客戶在確定期限後做了什麼？以及您在合約中做了哪些安排？您是否看到活躍庫存有任何變化？您是否看到並預期低價值消費品受到的影響會更大，而這些影響可能會在關稅特別高的國家與高價值產品之間取得平衡？如果您能幫助我們了解他們今天正在做的事情以及影響可能最大的地方。

I think it's a great question, and this -- again, it's Mike. So this issue associated with tariffs, obviously, the strategy to manage tariffs that's been in place since COVID, right? And where we started to work down the path of creating more resiliency in the supply chain where we actually diversified products and contracts with companies outside of China or one country to lessen the impact from the COVID days.

我認為這是一個很好的問題，而且——再說一次，是麥克。因此，與關稅相關的這個問題顯然是自 COVID 以來就一直存在的關稅管理策略，對嗎？我們開始致力於提高供應鏈的彈性，我們實際上實現了產品多元化，並與中國或某個國家以外的公司簽訂合同，以減輕新冠疫情的影響。

And so what have these health systems have been doing. They've been sitting now with us, working through strategies around if a tariff gets levied here, what are our strategies in these specific categories, right? And so there might be categories where there's just a few players.

那麼這些衛生系統一直在做什麼呢？他們現在正和我們坐在一起，研究如果這裡徵收關稅的策略，我們在這些特定類別中的策略是什麼，對嗎？因此，有些類別中可能只有少數玩家。

So we have to be really thoughtful around how do we work in those markets, how can we get additional suppliers in those markets and those kinds of things. On the other hand, there might be organizations that are going to be less exposed to tariffs that we might have to leverage more of to actually ensure that the tariffs are negligible on the price of the products.

因此，我們必須認真考慮如何在這些市場開展工作，如何在這些市場獲得更多供應商等等。另一方面，有些組織可能較少受到關稅的影響，我們可能必須利用更多資源來真正確保關稅對產品價格的影響可以忽略不計。

Finally, I'll tell you, we've been working with them, and we created this concept called dynamic pricing model, which allows for the health systems to understand where there's best-in-class pricing. And so now we have all this data. We have all these technologies that we can actually begin to model out and build out models to help these health systems ensure that they're truly finding products at the lowest price that will have the least amount of impact on tariffs.

最後，我要告訴你，我們一直在與他們合作，我們創建了這個稱為動態定價模型的概念，它可以讓醫療系統了解哪裡有最佳的定價。現在我們有了所有這些數據。我們擁有所有這些技術，我們實際上可以開始建模並建立模型來幫助這些醫療系統確保他們真正找到對關稅影響最小的最低價格產品。

So that's, for the most part, what they're up to and what they're focused on. In terms of the other things that you talk about, we've not seen any big shifts in purchasing, in anticipation of some of those things because, as you know, during COVID, what that does is drive up the price of products unnecessarily. And so people are really leveraging data and analytics this time around to understand these impacts and truly understand supply signals so that they can make the best informed decisions.

所以，在大多數情況下，這就是他們在做什麼以及他們關注的重點。至於您談到的其他事情，我們並沒有看到購買方面出現任何重大轉變，因為正如您所知，在 COVID 期間，這種預期會不必要地推高產品價格。因此，人們這次真正利用數據和分析來了解這些影響並真正理解供應訊號，以便他們能夠做出最佳的明智決策。

Mike, I would just add. Well, most of our contracts have this firm for the term pricing, as we call it, our members have now a member-led contracting process that allows, and we've used all supplier request for price increases due to these tariffs. So suppliers are required now to provide transparency regarding the need for any price increases and -- if they're going to accept those, it goes through this special committee that we've established, and it's really decided upon by our members. And obviously, we want to make sure we've got critical health care supplies remaining in the market, and that's the reason why we've set up the special committee as well.

麥克，我只想補充一下。嗯，我們的大多數合約都有這個固定的期限定價，正如我們所說的那樣，我們的成員現在有一個由成員主導的合約流程，並且我們已經使用了所有供應商因這些關稅而要求提高價格的請求。因此，現在要求供應商對任何價格上漲的必要性提供透明度，並且 - 如果他們要接受這些上漲，那就需要通過我們設立的這個特別委員會，並由我們的成員真正決定。顯然，我們希望確保市場上仍有關鍵的醫療用品，這也是我們成立特別委員會的原因。

Thank you, Glenn.

謝謝你，格倫。

That's helpful. And can you just remind us how significant pharmaceuticals are across your book? And any particular concerns, particularly sterile injectables.

這很有幫助。您能否提醒我們一下藥品在您的書中有多重要？以及任何特別的顧慮，特別是無菌注射劑。

We're going to have to get back to you on specifically what we're doing there. So yes, we'll have to get back to you specifically on the impact on the pharmaceuticals. But I would tell you, it falls under the same guide as what we've been talking about for Med surgery stuff. But we'll get you the exact numbers as a percent of the overall revenue.

我們將向您報告我們在那裡具體做了什麼。是的，我們必須具體地回覆您有關對藥品的影響的問題。但我想告訴你，它與我們一直在討論的醫學外科手術屬於同一指南。但我們會以佔總收入的百分比形式向您提供準確的數字。

Okay, thank you.

好的，謝謝。

Thanks Eric.

謝謝埃里克。

Michael Cherny, Leerink Partners.

Michael Cherny，Leerink Partners。

Good morning guys. Congrats on a nice quarter. Maybe if you could just talk a little bit more about the fee share dynamic. No surprise. Obviously, you've been very local and transparent about the transition going on over the course of the year. In terms of what developed in the quarter, anything off of your expectations?

大家早安。恭喜本季取得良好業績。也許您可以再多談談費用分攤動態。毫不奇怪。顯然，你們對這十年來的過渡過程非常本地化和透明化。就本季的發展而言，有什麼事情與您的預期不符嗎？

And clearly, the performance on the net admin fees was incredibly strong. But are you seeing any differences in discussions versus what you would anticipate as you go through the recontracting cycle this year?

顯然，淨管理費的表現非常強勁。但是，當您在今年經歷重新簽約週期時，您是否發現討論內容與您預期的內容有任何不同？

Yes. The only thing I would say that's different from the previous discussions, and this is favorable to us as we've gotten further along in the actual renegotiation process. So as we sit here today, we're above 75% complete now. And we expect to be above 80% by the end of the fiscal year. If you go back to what we said previously, we thought it'd be around 75%.

是的。我想說的唯一一點是，這與之前的討論不同，這對我們有利，因為我們在實際的重新談判過程中取得了進一步的進展。所以當我們今天坐在這裡時，我們已經完成了 75% 以上。我們預計到本財年末這一比例將超過 80%。如果回顧我們之前所說的，我們認為這個比例大約是 75%。

So I think the good news is we're further along into the renegotiations and getting these things finalized. As it relates to the actual fee share percentages, things are very much in line with what we thought.

所以我認為好消息是我們在重新談判方面取得了進一步進展，並最終確定了這些事情。就實際費用分攤百分比而言，事情與我們的想法非常一致。

Helpful, Glenn. And then maybe just another. You used the term partnership and expanding partnerships, it's not something that's new to Premier. But as you sit here today and obviously, the theme of this call is tariff mitigation, how much of the expansion of the partnership is being driven, call it, defensively, that dynamic of looking for other offsets given the uncertainty of tariffs. And is there anything along that side that you're looking to partner on that's call it, difference than what you've done previously for your members and your customers?

很有幫助，格倫。然後也許只是另一個。您使用了合作夥伴關係和擴大合作夥伴關係這兩個術語，這對 Premier 來說並不是什麼新鮮事。但是，今天大家坐在這裡，顯然，這次通話的主題是降低關稅，在關稅不確定的情況下，夥伴關係的擴大在多大程度上受到推動，從防禦的角度來說，可以稱之為尋找其他抵消措施的動力。您是否希望與合作夥伴在這方面開展一些與以前為會員和客戶所做的事情不同的工作？

Yes. So I'll take this one. So a couple of things. First of all, yes. They are not only looking at us to put strategies in place to support them on the tariffs.

是的。所以我會選擇這個。有幾件事。首先，是的。他們不僅希望我們制定策略來支持他們的關稅政策。

But this calls into sort of broader cost reduction opportunities. So just think stay in supply chain for a second, people very much interested in how they potentially are utilizing products at the right levels ensuring that if there are opportunities to switch to clinically comparative products, they're beginning to sort of look at those opportunities because the tariffs, obviously, are bringing those questions into play.

但這需要更廣泛的成本削減機會。因此，試想一下，在供應鏈中，人們非常感興趣的是他們如何潛在地以正確的水平利用產品，確保如果有機會轉向臨床比較產品，他們就會開始考慮這些機會，因為關稅顯然正在引發這些問題。

And so some of the harder things that you have to do from a supply chain standpoint to bring down costs -- those are definitely engagements and conversations that are being delivered as we speak. So that's number one. And then outside of supply chain, obviously, as these health systems feel this pressure on trying to maintain the margins, the limited margins that they have.

因此，從供應鏈的角度來看，為了降低成本你必須做一些更困難的事情——這些肯定是我們正在進行的接觸和對話。這是第一點。然後在供應鏈之外，顯然，這些醫療系統在試圖維持利潤，即有限的利潤時感受到了這種壓力。

Obviously, the labor and productivity and those kinds of opportunities are sort of coming into play. And then with Dave being here, his focus also on how are we making sure that we're bringing in the appropriate not of revenue from a health system standpoint and looking at the different models to ensure maximization from that standpoint.

顯然，勞動力、生產力和諸如此類的機會正在發揮作用。然後，戴夫在這裡，他的重點還在於我們如何確保從醫療系統的角度帶來適當的收入，並從這個角度研究不同的模型以確保最大化。

So anyway, they're looking at a holistic sort of performance improvement now given this pressure.

所以無論如何，考慮到這種壓力，他們現在正在尋求一種整體的績效改進。

Thank you. Appreciate it.

謝謝。非常感謝。

Thank you very much, Michael.

非常感謝，麥可。

Jessica Tassan, Piper Sandler.

傑西卡·塔桑、派珀·桑德勒。

Hi guys, thanks so much for the for the question. Congratulations on the results. I wanted to Yes. I wanted to ask, is there a difference between hospital's ability to absorb tariffs on consumables versus operating expenses -- or sorry, on consumables and operating expenses versus on capital purchases, and then maybe of the volume that comprises operating expense, how much of that volume you able to source domestically? And are you able to give us a rough sense of kind of the purchasing volume that you'd consider OpEx versus capital? And then within OpEx, maybe the mix of labor?

大家好，非常感謝您的提問。恭喜你取得這樣的成績。我想是的。我想問一下，醫院吸收消耗品關稅和運營費用的能力之間是否存在差異 - 或者抱歉，消耗品和運營費用與資本購買之間的差異，然後也許在構成運營費用的數量中，您能夠在國內採購多少？您能否粗略地告訴我們您認為的營運支出與資本的購買量是多少？然後在 OpEx 中，也許是勞動力的組合？

Look, I think it's -- by the way, those are awesome questions. All of them are very, very important. But I will tell you, on both OpEx and capital Obviously, from an OpEx standpoint, that's for the most part, that's all the tariff conversation we've been having in the call is really focused on that -- the only difference on capital is that we get a little bit more time to actually create strategies to think through what's the right capital deployment strategy and those kinds of things.

瞧，我認為——順便說一句，這些都是很棒的問題。所有這些都非常非常重要。但我會告訴你，無論是營運支出還是資本，顯然，從營運支出的角度來看，這在很大程度上是，我們在電話會議中進行的所有關稅對話都真正集中於此 - 資本上的唯一區別是我們有更多的時間來實際制定戰略，思考什麼是正確的資本部署戰略和諸如此類的事情。

So I will just say tariffs affect both, they're going to affect your OpEx they're going to affect your capital depending on where a lot of these products are being manufactured. And it's just a matter of truly putting a strategy in place to manage both sides of that equation.

所以我只想說關稅會影響兩者，它們會影響你的營運支出，也會影響你的資本，這取決於這些產品的生產地。這只是一個真正制定策略來管理等式兩邊的問題。

Got it. And are you able to just give us a sense of your purchasing volume in a year? is the mix of OpEx versus capital expense? And then maybe within OpEx, the mix of labor?

知道了。您能否告訴我們您一年的採購量是多少？營運支出與資本支出的比例是多少？那麼也許在 OpEx 中，勞動力的組合呢？

Obviously, we'll have to get back, with some of the specifics on how that sort of plays out because it's very dynamic. There are some years -- man, I could remember post-COVID where you had outsized capital growth -- there are some years -- and it just depends on the economics of what's happening within health care because that constantly shifts. I will tell you when there's a lot of pressure on health care systems financial, obviously, it's going to be years where capital expenditures are going to be less, right?

顯然，我們必須回顧一下這種情況如何發生的具體細節，因為它非常動態。有些年份——夥計，我記得在新冠疫情之後，資本增長非常快——有些年份——這僅僅取決於醫療保健領域的經濟狀況，因為它不斷變化。我會告訴你，當醫療保健系統面臨很大的財務壓力時，顯然，未來幾年資本支出將會減少，對嗎？

Because they're less comfortable with the predictability of what their profitability looks like. So it's just -- those are very, very dynamic questions. And as soon as I answer it one way, it will surely be different within the next couple of quarters.

因為他們對於自己的獲利能力的可預測性不太放心。所以這只是──這些都是非常非常動態的問題。一旦我以某種方式回答這個問題，那麼在接下來的幾個季度中，情況肯定會有所不同。

Okay. That makes sense. And then I'm just interested maybe if, first off, was there anything onetime in the net admin fee revenue? And then secondly, can you just give us some context for kind of why you were able to complete these renewals ahead of schedule. Was that a customer-initiated acceleration?

好的。這很有道理。然後我只是感興趣，也許首先，淨管理費收入中是否有一次性收入？其次，您能否向我們解釋為什麼您能夠提前完成這些續約？這是客戶發起的加速嗎？

Or was it just execution? Any is context there would be helpful. Thanks again.

或者這只是執行？任何背景資訊都會有幫助。再次感謝。

Yes. There was no onetime items in our net administrative fees this quarter, and it's just about execution and getting the negotiations complete sooner than we had previously modeled. And we've tried to be conservative on all of our assumptions around this. So we are moving forward at a good pace, and hopefully, we'll continue to get these things done almost entirely, I would say, or at least the majority in 2026. So we're almost at the finish line on it.

是的。本季度我們的淨管理費用中沒有一次性項目，而只是與執行有關，並且比我們之前預計的更快地完成談判。我們試圖對所有與此相關的假設都保持保守態度。因此，我們正在以良好的速度前進，希望我們能夠繼續幾乎完全完成這些事情，或至少在 2026 年完成大部分工作。所以我們幾乎已經到達終點了。

Got it. Thank you.

知道了。謝謝。

Thank you, Jessica. I appreciate the questions. Hey, real quick, I did want to get an answer on the record. So Eric had asked, Eric Percher had asked what percent of our gross admin fees comes from pharma spend, and it's about 18.5%. So that's Q1 through Q3, about 18.5% comes from pharmaceuticals.

謝謝你，潔西卡。我很感謝你們提出這些問題。嘿，真的很快，我確實想得到記錄上的答案。因此 Eric 詢問，Eric Percher 詢問我們的總管理費中有多少百分比來自製藥支出，答案大約是 18.5%。從第一季到第三季度，約有 18.5% 來自藥品。

And then he asked, is there anything specific on what's happening from a macro standpoint on sterile injectables.

然後他問道，從宏觀角度來看，無菌注射劑方面有什麼具體情況嗎？

And there was an EO that I believe came out earlier this week that was focused on expanding our expediting domestic drug manufacturing. And so obviously, I think, hopefully, as that EO gets put in place, that will inform a number of manufacturers to highly consider doing more production domestically. So with that, operator, we can open it up to the next question.

我相信本週稍早已經發布了一項行政命令，重點是擴大我們加快國內藥品生產的速度。因此，顯然，我認為，隨著該行政命令的實施，希望能促使許多製造商認真考慮在國內進行更多生產。接線員，有了這個，我們就可以開始下一個問題了。

Allen Lutz, Bank of America.

美國銀行的艾倫·盧茨。

Good morning and thanks for taking the questions. One for either Mike or Glenn. Given the strength in 3Q, would you expect your health system customers to think the same way in 4Q? Trying to get a sense of what your expectations are on their behavior as we go from what was really nice 3Q into fiscal 4Q? Thanks.

早上好，感謝您回答問題。一個給麥克，一個給格倫。鑑於第三季的強勁表現，您是否認為您的醫療系統客戶在第四季也會有同樣的想法？想了解一下，當我們從非常好的第三季進入第四季時，您對他們的行為有何期望？謝謝。

Yes. Thank you, Allen. So just very quickly, I think the health systems or at least the ones I've been having conversations with over the last few weeks, I think there's just a lot of pressure on them with some of these potentially impending changes. So I don't know if they necessarily have significantly positive outlooks just because I think they're obviously worried on the -- how this tariff thing is going to play out.

是的。謝謝你，艾倫。所以，我認為，對於衛生系統，或至少是我過去幾週一直在交談的那些系統來說，由於一些潛在的即將發生的變化，它們面臨著很大的壓力。所以我不知道他們是否一定有非常積極的展望，因為我認為他們顯然擔心關稅問題將如何發展。

They're worried about what's happening with these labor markets. And again, they're worried about some of the potential federal funding changes. So I will tell you, I just think it's -- that plays into an executive psyche in terms of how they're thinking about their business from a long-term perspective.

他們擔心勞動市場正在發生的事情。他們再次擔心一些潛在的聯邦資金變化。所以我會告訴你，我只是認為這會影響高階主管心理，讓他們從長遠角度考慮自己的業務。

That's really helpful. And then really around that it might be a little bit more difficult this quarter to have a sense of what utilization has been within your customer base, but curious what you have observed from I guess, fiscal 2Q or calendar 4Q into that fiscal 3Q calendar 1Q? And if you can kind of tease out that you've noticed there. Thnak you, guys.

這真的很有幫助。那麼實際上，本季可能有點難以了解您的客戶群的使用率，但我很好奇您從財政年度第二季或日曆第四季到財政年度第三季或日曆第一季度觀察到了什麼？如果您能弄清楚您注意到了什麼的話。謝謝你們，夥計們。

Yes. Thank you very much, Allen. Yes, obviously, we've got some fantastic data that kind of shows us what's happening from a utilization standpoint. So through end of December, our data is typically about a quarter behind. But through the end of December, we're showing low single digits sort of increase from acute, and then as is usual, the non-acute is growing faster than the acute side of the business.

是的。非常感謝，艾倫。是的，顯然，我們獲得了一些出色的數據，這些數據可以從利用率的角度向我們展示正在發生的事情。因此到 12 月底，我們的數據通常會落後約四分之一。但截至 12 月底，我們顯示出急性病例的低個位數增長，然後像往常一樣，非急性病例的增長速度快於急性病例。

All right. Operator, I think we're ready for the last one.

好的。接線員，我想我們已經準備好進行最後一次通話了。

Jay Lewis, Robert W. Baird.

傑伊·劉易斯、羅伯特·W·貝爾德。

Hi, thanks for taking my question. I had two quick ones. One, you said there were no one-timers in the quarter. That was to say there were no cancellation payments in the quarter either.

你好，謝謝你回答我的問題。我很快就吃了兩個。第一，您說本季沒有一次性事件。也就是說本季也沒有取消付款。

That's correct.

沒錯。

And are you still expecting the $10 million payment in the fourth quarter?

您還期待第四季支付 1000 萬美元嗎？

We didn't quantify that payment. So we do expect it in the fourth quarter, but we have not quantified how much that payment is.

我們沒有量化該付款。因此，我們確實預計在第四季度會有付款，但我們尚未量化付款金額。

All right, thanks. And then on the Performance Services outlook. You've had a lot of positive comments. It sounds really good, but in a macro environment like this where things are really difficult and hospitals are watching their cost, we would historically see lower demand and a little bit of delayed investment. Could you talk more about why you think that might not be the case or what you're seeing with your customers?

好的，謝謝。然後討論性能服務展望。您收到了很多正面的評論。這聽起來確實不錯，但在像這樣的宏觀環境下，情況真的很困難，醫院正在關注成本，從歷史上看，我們會看到需求下降和投資略有延遲。您能否進一步談談為什麼您認為情況可能並非如此，或者您在客戶身上看到了什麼？

Yes. Typically, when there's financial pressures on health systems, there's typically more of a demand for services and technology to automate processes, obviously, to see if there's ways they can bend labor cost curves and those kinds of things. So -- when there's financial pressures on the health systems, I think that's when they're more engaging in terms of understanding where those opportunities for performance improvement are.

是的。通常，當醫療系統面臨財務壓力時，對服務和技術的需求通常會更大，以實現流程自動化，顯然是為了看看是否有辦法改變勞動成本曲線等等。所以——當醫療體系面臨財務壓力時，我認為他們就會更積極地去了解績效改善的機會在哪裡。

All right, thank you.

好的，謝謝。

This concludes our question-and-answer session and Premier's Fiscal 2025 Third Quarter Conference Call. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節和 Premier 2025 財年第三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。