Premier Inc (PINC) 2025 Q4 法說會逐字稿

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

早上好，歡迎參加總理 2025 財年第四季和全年電話會議。（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 fourth quarter and full year 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 財年第四季和全年電話會議。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在我們網站 investors.premierinc.com 的「投資者」板塊查閱。請注意，管理階層今天的發言包含某些前瞻性陳述，例如有關我們策略、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。

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 fiscal 2025 Form 10-K, 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，包括我們預計很快就會提交的 2025 財年 10-K 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.

此外，在本次示範中，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。

Information on our non-GAAP financial measures will also be included in our fiscal 2025 Form 10-K and our earnings Form 8-K, both of which we expect to file soon.

有關我們的非 GAAP 財務指標的資訊也將包含在我們的 2025 財年 10-K 表和收益 8-K 表中，我們預計很快就會提交這兩項報告。

I will now turn the call over to Mike Alkire.

現在我將電話轉給 Mike Alkire。

Thanks, Ben. Good morning, everyone, and thank you for joining us for Premier's fiscal year 2025 fourth quarter and full year earnings call. Glenn will share a more detailed review of our results later in the call.

謝謝，本。大家早安，感謝大家參加 Premier 2025 財年第四季和全年財報電話會議。格倫將在稍後的電話會議中分享我們結果的更詳細回顧。

But overall, I'm pleased with our strong finish to the year. Our overall revenue and profitability exceeded expectations, largely due to better-than-anticipated performance in the Supply Chain Services segment, where we continue to see better contract penetration and ramp-up of new member spend.

但總體而言，我對我們今年的出色表現感到滿意。我們的整體收入和獲利能力超出預期，這主要歸功於供應鏈服務部門的表現優於預期，我們繼續看到更好的合約滲透率和新會員支出的成長。

In addition, we also continue to return meaningful capital to stockholders through our quarterly cash dividend and the completion of our $200 million accelerated share repurchase program. From a macro perspective, we continue to see mounting financial pressures for many of our member hospitals and health systems, both in the current environment and looking ahead.

此外，我們也透過季度現金股利和完成 2 億美元加速股票回購計畫繼續向股東返還有有意義的資本。從宏觀角度來看，無論是在當前環境下還是展望未來，我們都看到許多成員醫院和衛生系統面臨越來越大的財務壓力。

These broader market dynamics are accelerating demand for the kind of value-based strategic support that we uniquely provide. Significant headwinds, such as reimbursement cuts, are forcing health systems to rethink their cost structures and long-term sustainability. Many of our members are proactively moving beyond short-term cost containment towards structural changes that strengthen operational resilience and unlock long-term value.

這些更廣泛的市場動態正在加速對我們獨特提供的基於價值的策略支援的需求。報銷削減等重大阻力正迫使醫療系統重新考慮其成本結構和長期可持續性。我們的許多成員正在積極地從短期成本控制轉向結構性變革，以增強營運彈性並釋放長期價值。

We are well positioned to help them on that journey. The breadth of our GPO portfolio, the depth of our advisory expertise and the promise of our technology are differentiating us in the market, enabling us to deliver measurable impact that scale and deepen our strategic partnerships across the health system landscape.

我們已做好準備，幫助他們實現這一目標。我們的 GPO 產品組合的廣度、我們諮詢專業知識的深度以及我們技術的前景使我們在市場上脫穎而出，使我們能夠提供可衡量的影響，擴大和深化我們在整個醫療系統領域的戰略合作夥伴關係。

This is evident in the fact that we recently signed four very large advisory deals and have a robust pipeline heading into fiscal 2026. As a result of our efforts to reinvigorate our Performance Services segment, and the new talent that we have brought into the company, we are seeing meaningful momentum in our advisory business, a strong validation of the differentiated expertise and capabilities we bring to our members. These health systems are turning to Premier for enterprise-wide transformation.

這從我們最近簽署了四項非常大的諮詢協議以及在 2026 財年擁有強大的管道這一事實中可見一斑。由於我們努力重振績效服務部門，並引進新的人才，我們的顧問業務出現了有意義的發展勢頭，這有力地證明了我們為會員帶來的差異化專業知識和能力。這些醫療系統正在轉向 Premier 進行企業範圍的轉型。

In June, we were excited to announce the acquisition of IllumiCare a strategic move that significantly strengthens our ability to deliver real-time insights at the point of care, leveraging our AI capabilities. This solution not only complements our existing clinical decision support offering, but also expands our addressable market, especially as providers face mounting pressure to improve clinical and financial performance simultaneously.

6 月，我們很高興地宣布收購 IllumiCare，這項策略性舉措顯著增強了我們利用人工智慧能力在護理點提供即時洞察的能力。該解決方案不僅補充了我們現有的臨床決策支援產品，而且擴大了我們的潛在市場，特別是在供應商面臨同時改善臨床和財務績效的越來越大的壓力的情況下。

Importantly, our pipeline continues to build, and we're encouraged by the level of strategic engagement we're seeing. These are not one-off projects. Our members are increasingly recognizing the need for fundamental change.

重要的是，我們的管道正在繼續建設，我們對所看到的策略參與程度感到鼓舞。這些不是一次性的項目。我們的成員越來越認識到根本變革的必要性。

In our Supply Chain Services segment, our core GPO business remains strong. We're seeing increased demand for members looking for margin improvement solutions amid ongoing cost pressures, reimbursement uncertainty and potential tariff impacts. We continue to focus on delivering stability and long-term value creation.

在我們的供應鏈服務領域，我們的核心 GPO 業務依然強勁。在持續的成本壓力、報銷不確定性和潛在關稅影響下，我們發現尋求利潤提高解決方案的會員需求不斷增加。我們持續致力於實現穩定性和長期價值創造。

Our pharmacy and food portfolio has continued to serve as key differentiators within our GPO. Both are delivering steady, meaningful growth, not only among our current members, but also by attracting nonpremier organizations seeking distinctive high-tax savings with built-in supply assurance.

我們的藥品和食品產品組合繼續成為我們 GPO 內的關鍵差異化因素。兩者都實現了穩定、有意義的成長，不僅在我們現有的會員中，而且還吸引了尋求具有內建供應保證的獨特高稅收節省的非頂級組織。

These categories are proving to be powerful entry points. And based on historical performance, we believe there are strong leading indicators of broader engagement across our portfolio. This momentum reinforces the critical value we deliver in helping members and future partners navigate today's operational and financial challenges.

事實證明，這些類別是強大的切入點。根據歷史表現，我們相信，我們的投資組合具有更廣泛的參與度的強勁領先指標。這一勢頭強化了我們在幫助會員和未來合作夥伴應對當今營運和財務挑戰方面所提供的關鍵價值。

Taken together, the strength of our business, the commitment of our team and the growing strategic needs of our members give us confidence in our ability to drive growth moving forward.

總而言之，我們業務的實力、團隊的承諾以及成員不斷增長的策略需求使我們對推動未來成長的能力充滿信心。

With that, I'll now turn the call over to Glenn for a deeper dive into our financial results and outlook for the year ahead.

說完這些，我現在將電話轉給格倫，讓他更深入地探討我們的財務表現和未來一年的前景。

Thanks, Mike. As a reminder, all results discussed during this call reflect continuing operations and do not reflect S2S Global, which was divested in October 2024. In addition, we continue to transition and 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're continuing to exclude the results of Contigo Health in our guidance, in our discussion of revenue and adjusted profitability for the fourth quarter and full year on today's call.

謝謝，麥克。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 月剝離的 S2S Global。此外，我們將在今年年底前繼續過渡並逐步減少剩餘的 Contigo Health 資產。因此，本季的實際業績包括了 Contigo Health 業務的貢獻。然而，在今天的電話會議上，我們在討論第四季度和全年的收入和調整後盈利能力時，仍然將 Contigo Health 的業績排除在我們的指導之外。

Now turning to our financial results. Total full year revenue, adjusted EBITDA and adjusted EPS exceeded our expectations. We closed our fiscal year 2025 on a positive note, with net revenue of $986 million, being $11 million above the midpoint of the guidance range, while adjusted EPS of $1.54 was $0.11 above the high end of our guidance range.

現在來談談我們的財務結果。全年總收入、調整後 EBITDA 和調整後 EPS 均超出我們的預期。我們以積極的態度結束了 2025 財年，淨收入為 9.86 億美元，比指導範圍的中點高出 1100 萬美元，而調整後的每股收益為 1.54 美元，比指導範圍的高端高出 0.11 美元。

Moving to our fourth quarter results. Net revenue of $258 million increased 1% on a sequential basis, but declined from the prior year period, largely driven by higher fee share from contract renewals, which are now mostly completed.

轉向我們的第四季業績。淨收入為 2.58 億美元，季增 1%，但較去年同期有所下降，主要原因是合約續約費用份額增加，目前合約續約已基本完成。

GAAP net income and EPS from continuing operations of $18 million or $0.22 per share decrease from the prior year period mainly due to lower revenue in the current year quarter. Adjusted EBITDA of $71 million was flat on a sequential basis and translated to a margin of 27.6%. This was better than expected as the revenue outperformance in Supply Chain Services had high margin flow-through to profitability.

持續經營產生的 GAAP 淨收入和 EPS 為 1,800 萬美元或每股 0.22 美元，較去年同期下降，主要原因是本季收入下降。調整後的 EBITDA 為 7,100 萬美元，與上一季持平，利潤率為 27.6%。這比預期要好，因為供應鏈服務的收入表現優異，利潤率較高，從而轉化為獲利能力。

Adjusted EPS of $0.46 was well ahead of our expectations, due to better-than-expected revenue in our Supply Chain Services segment and a lower share count. In mid-August, we completed our $200 million accelerated share repurchase program bringing the total amount of common stock repurchased to $800 million under our $1 billion authorization, which expired on June 30.

調整後的每股盈餘為 0.46 美元，遠高於我們的預期，這得益於我們供應鏈服務部門的收入優於預期，且股票數量較少。8 月中旬，我們完成了 2 億美元的加速股票回購計劃，使回購的普通股總額達到 8 億美元，而我們的 10 億美元授權將於 6 月 30 日到期。

Turning to segment results. Supply Chain Services continued to perform above expectations despite the increase in the aggregate blended fee share in the quarter. This increase was partially offset by continued growth in gross administrative fees which grew over 3% in fiscal year 2025 driven by higher contract penetration with existing members and onboarding of new members.

轉向細分結果。儘管本季總混合費用份額有所增加，但供應鏈服務的表現仍超出預期。這一增長被總管理費用的持續增長部分抵消，由於現有會員的合約滲透率提高和新會員的加入，總管理費用在 2025 財年增長了 3% 以上。

In addition, we continue to see broad growth across key categories such as MedSurg, pharmacy, food and purchase services. We've also made meaningful progress in contract negotiations with GPO members that were part of the August 2020 restructure.

此外，我們繼續看到醫療外科、藥房、食品和採購服務等主要類別的廣泛增長。作為 2020 年 8 月重組的一部分，我們在與 GPO 成員的合約談判中也取得了有意義的進展。

As of June 30, contracts representing less than 20% of Business Group's fees remain with the majority expected to be addressed in fiscal year 2026. As such, we anticipate fee share will increase to the mid-60% range in fiscal year 2026 and it will stabilize in the high 60s on an annualized basis once we've addressed all renewals.

截至 6 月 30 日，剩餘的合約僅佔商業集團費用的不到 20%，其中大部分預計將在 2026 財年處理。因此，我們預計費用份額將在 2026 財年增至 60% 左右，一旦我們解決了所有續約問題，費用份額將穩定在 60% 左右的年化水準。

Lastly, given we are on the back end of renewals, this will be our final report on the process. Also in this segment, other Supply Chain Services revenue was driven by 17% growth in our Supply Chain co management business, resulting from new engagements with members. In addition, our digital supply chain business grew 15% due to further expansion of our solutions to providers and suppliers. Both of these areas represent growth opportunities for us in fiscal year 2026 and beyond.

最後，鑑於我們正處於續約的後期，這將是我們關於該過程的最終報告。此外，在這一領域，其他供應鏈服務收入也受到我們供應鏈共同管理業務 17% 成長的推動，這得益於與會員的新合作。此外，由於我們進一步向供應商和供貨商擴展解決方案，我們的數位供應鏈業務成長了 15%。這兩個領域都代表著我們在 2026 財年及以後的成長機會。

Moving to the Performance Services segment. We delivered another quarter of sequential improvement in our advisory business. However, it was lower compared to the prior year period as we're still working to rebuild our sales funnel, but are very encouraged by the large engagements that we've recently won. We also have a robust pipeline of additional opportunities that we're working to close and expect our advisory business to return to double-digit growth in fiscal year 2026.

轉向性能服務部分。我們的諮詢業務又實現了一個季度的連續成長。然而，由於我們仍在努力重建銷售管道，因此與去年同期相比，這一數字有所下降，但我們最近贏得的大量訂單讓我們感到非常鼓舞。我們還擁有大量其他機會，我們正在努力抓住這些機會，並預計我們的諮詢業務將在 2026 財年恢復兩位數成長。

In the fourth quarter, we also had lower enterprise license revenue due to a tough comp to the prior year quarter. Shifting to the balance sheet. In fiscal year 2025, Free cash flow was above our expectations amounting to $181 million, which translated to a free cash flow conversion of 69%. Year-over-year, free cash flow decreased $48 million, mainly due to higher performance-related compensation payments and the timing of payments to Omnia. These were partially offset by cash received from the derivative lawsuit settlement and a dividend distribution from one of our minority investments in the current year.

第四季度，由於與去年同期相比業績不佳，我們的企業授權收入也有所下降。轉向資產負債表。2025 財年，自由現金流超出我們的預期，達到 1.81 億美元，相當於自由現金流轉換率為 69%。與去年同期相比，自由現金流減少了 4,800 萬美元，主要原因是與績效相關的薪資支付增加以及向 Omnia 付款的時間。這些收入被本年度衍生訴訟和解所收到的現金以及我們一項少數股權投資的股息分配部分抵消。

In fiscal year 2026, we expect free cash flow conversion in the range of 70% to 80%, and we continue to anticipate that our cash tax rate will be less than 5% over the next five years. Cash and cash equivalents totaled $84 million as of June 30, and we ended the quarter with an outstanding balance of $280 million on our credit facility.

在2026財年，我們預計自由現金流轉換率將在70%至80%之間，我們繼續預期未來五年我們的現金稅率將低於5%。截至 6 月 30 日，現金及現金等價物總額為 8,400 萬美元，本季末我們的信貸額度未償還餘額為 2.8 億美元。

With respect to capital deployment, we continue to remain disciplined and focused on taking a balanced approach. As I mentioned earlier, we recently completed the $200 million accelerated share repurchase program. In fiscal year 2025, our quarterly dividends totaled $77 million and represented a nearly 4% dividend yield.

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法。正如我之前提到的，我們最近完成了 2 億美元的加速股票回購計畫。2025 財年，我們的季度股息總額為 7,700 萬美元，股息殖利率接近 4%。

Going forward, 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. As Mike mentioned earlier, we recently acquired IllumiCare to further expand our clinical decision support capabilities.

展望未來，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。正如 Mike 之前提到的，我們最近收購了 IllumiCare，以進一步擴展我們的臨床決策支援能力。

Lastly, we made the final payment associated with the termination of the tax receivable agreement in connection with our August 2020 restructure. These payments have been approximately $100 million per year and beginning July 1, 2025, they no longer negatively impact our free cash flow, providing us more capacity to support our long-term growth plans.

最後，我們支付了 2020 年 8 月重組相關的終止稅收應收協議相關的最後一筆付款。這些付款每年約為 1 億美元，從 2025 年 7 月 1 日開始，它們不再對我們的自由現金流產生負面影響，為我們提供更多能力來支持我們的長期成長計畫。

Let me now turn to our outlook. At a high level, I would generally characterize fiscal year 2026 as a year of expected stabilization and transition as we finalize the GPO contract renewal process. As such, we expect to return to positive growth for total net revenue, adjusted EBITDA and adjusted EPS in fiscal year 2027.

現在讓我談談我們的展望。從高層次來看，隨著我們最終完成 GPO 合約續約流程，我通常會將 2026 財年描述為預期的穩定和過渡之年。因此，我們預計 2027 財年總淨收入、調整後 EBITDA 和調整後 EPS 將恢復正成長。

With that said, our fiscal year 2026 guidance ranges are as follows: Total net revenue of $940 million to $1 billion. Our segment guidance assumed in this range is Supply Chain Services revenue of $590 million to $620 million, and Performance Services revenue of $350 million to $380 million. We also expect adjusted EBITDA to be in the range of $230 million to $245 million an adjusted EPS of $1.33 to $1.43.

話雖如此，我們對 2026 財年的指導範圍如下：總淨收入為 9.4 億美元至 10 億美元。我們在此範圍內假設的分部指引是供應鏈服務收入為 5.9 億美元至 6.2 億美元，績效服務收入為 3.5 億美元至 3.8 億美元。我們也預計調整後的 EBITDA 將在 2.3 億美元至 2.45 億美元之間，調整後的 EPS 將在 1.33 美元至 1.43 美元之間。

In terms of operating expense, we took meaningful steps to reduce our expenses by $40 million on an annual run rate basis in the fourth quarter, which is expected to result in a slight year-over-year reduction in fiscal year 2026 operating expenses despite reinvesting some of these savings back into faster growing areas of our business.

在營運費用方面，我們採取了有意義的措施，在第四季度按年運行率減少了 4000 萬美元的營運費用，儘管我們將其中一部分節省下來的資金重新投資到我們業務增長較快的領域，但預計這將導致 2026 財年的營運費用同比略有減少。

In terms of our quarterly cadence. We expect lower revenue and profitability in the first half of the year, mainly due to the ramp-up of head count to support the recent success of our advisory business. Importantly, we anticipate this impact will be transitory, and that margins will improve as we begin to recognize the associated revenue later in the year.

就我們的季度節奏而言。我們預計上半年的收入和盈利能力將有所下降，主要原因是為支持我們諮詢業務近期的成功而增加員工人數。重要的是，我們預計這種影響將是暫時的，隨著我們在今年稍後開始確認相關收入，利潤率將會提高。

Although we don't typically provide quarterly guidance, given this dynamic, we're providing the following guidance for Q1. Total net revenue of between $230 million and $245 million, adjusted EBITDA of $45 million to $50 million and adjusted EPS of $0.27 to $0.32.

雖然我們通常不提供季度指導，但鑑於這種動態，我們為第一季提供以下指導。總淨收入在 2.3 億美元至 2.45 億美元之間，調整後 EBITDA 在 4,500 萬美元至 5,000 萬美元之間，調整後 EPS 在 0.27 美元至 0.32 美元之間。

In summary, we finished the year on a positive note as overall revenue and profitability exceeded our expectations for the year. This provides us momentum heading into fiscal year 2026. Second, Supply Chain Services continued to perform better than expected, and we're on the back end of the contract renewals for GPL members. We also continue to execute our plan to reinvigorate performance services with significant contract wins in advisory services and are building a robust pipeline of future opportunities. Third, we expect an inflection back to growth in key consolidated financial metrics in fiscal year 2027.

總而言之，我們以積極的態度結束了這一年，因為整體收入和盈利能力超出了我們對這一年的預期。這為我們邁向 2026 財年提供了動力。其次，供應鏈服務的表現持續優於預期，我們正處於 GPL 成員合約續約的後期。我們還將繼續執行我們的計劃，透過在諮詢服務領域贏得重大合約來重振績效服務，並正在建立強大的未來機會管道。第三，我們預計2027財年主要合併財務指標將恢復成長。

In closing, we have a flexible balance sheet and meaningful cash flow that provides us with the ability to continue to grow our business and return value to stockholders.

最後，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。

We appreciate your time today, and we'll now open the call for questions.

感謝您今天抽出時間，我們現在開始提問。

(Operator instructions) Michael Cherny, Leerink Partners.

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

This is Dan Clark on for Mike. First question, just wanted to ask about customer buying behavior you saw in the Supply Chain Services segment in the quarter. Was there any changes or any pull forward ahead of potential tariffs that you observed? And what are you kind of seeing here generally?

我是丹‧克拉克 (Dan Clark)，代替麥克 (Mike)。第一個問題，我只是想詢問一下您在本季在供應鏈服務部門看到的客戶購買行為。您是否觀察到任何變化或潛在關稅的提前發生？您在這裡通常看到什麼？

This is Mike Alkire. We did not see a significant pull forward of any buying behavior in certain areas, you might have seen some increases, but that was primarily due to some regional issues and things like that, but nothing significant due to the tariffs.

我是麥克·阿爾凱爾。我們沒有看到某些地區的購買行為明顯提前，你可能看到了一些增長，但這主要是由於一些地區問題之類的原因，而沒有因為關稅而出現重大變化。

Great. And then just a second question on the momentum in the advisory business. Can you just talk about a little more what's driving that? Is it -- how much of it is execution on your end, the collection of kind of the services that you offer and how much of it is just sort of market driven?

偉大的。然後第二個問題是關於諮詢業務的發展動能。您能否再多談造成這現象的原因？請問－其中有多少是您自己執行的，有多少是您所提供的服務種類的集合，又有多少是市場驅動的？

Yes. So I'm going to introduce Dave Zito here in just a second. So Dave on the call. So Dave is the -- obviously the leader of Performance Services. But let me just start by saying I think the number one thing that's driving it is, obviously, we've hired Dave and Dave has got a long history of a lot of success in advisory -- and with all that success and with what's happening with the market, the dynamics happening with the cost pressures, the labor issues, some of these issues associated with potential cuts in Medicaid and those kinds of things.

是的。所以我馬上就要介紹戴夫‧齊托 (Dave Zito)。戴夫在打電話。所以戴夫顯然是績效服務的領導者。但首先我要說的是，我認為推動這一進程的首要因素顯然是我們聘請了戴夫，戴夫在諮詢領域有著豐富的成功經驗——憑藉這些成功以及市場動態、成本壓力、勞動力問題、與醫療補助潛在削減相關的一些問題等等。

It's a market that needs some very strong solutions to help these health systems transform. So the market is there. We've got a strong team led by Dave and these guys have recently signed four very large deals. But with that, Dave, I'll turn it over to you for some color.

這個市場需要一些非常強大的解決方案來幫助這些醫療系統轉型。所以市場就在那裡。我們擁有一支由戴夫領導的強大團隊，這些傢伙最近簽署了四份非常大的合約。但是，戴夫，我會把它交給你，讓你講解一下。

Thank you. I would just echo Mike's comments. I think it's -- one is market for sure. I think people are concerned about the impacts of the one big beautiful bill from a Medicaid perspective on both top and bottom line, so they're trying to prepare for that.

謝謝。我只是想附和麥克的評論。我認為——肯定有一個市場。我認為人們擔心從醫療補助的角度來看這項龐大而美麗的法案會對頂線和底線產生影響，所以他們正在為此做好準備。

And secondly, I think it's -- we have the right capabilities, breadth and depth of resources, the technology enablement. The Premier's invested in over time is a differentiator. And probably most importantly, is that Premier is a trusted brand in the market in terms of delivering results for customers. So they look to us, they trust that will help them address their concerns. So I think it's a combination of all those things that's allowing us to be successful.

其次，我認為——我們擁有適當的能力、廣泛而深入的資源以及技術支援。總理長期以來的投資是一個差異化因素。也許最重要的是，Premier 在為客戶提供成果方面是市場上值得信賴的品牌。因此他們向我們尋求幫助，相信我們會幫助他們解決他們的擔憂。所以我認為所有這些因素的結合才使我們獲得了成功。

Eric Percher, Nephron Research.

Eric Percher，Nephron Research。

It's good to hear the progress on the advance renewal now being below 20% for that August '20 group. Given that you said it's a final report you'd like to give here, can you provide us with a bit of color on the cadence over the year as you get to the stabilization level in the high 60s. Is it fair to expect that we may see more of that in the first half of the year versus second half? And then also, can you tell us what the underlying admin fee for growth assumption is for fiscal year '26?

很高興聽到 20 年 8 月組的提前續約進度目前低於 20%。鑑於您說這是您想在此處提供的最終報告，您能否向我們提供一些有關今年節奏的詳細信息，因為您已經達到了 60 多度的穩定水平。我們是否可以預期，今年上半年會出現比下半年更多的此類情況？另外，您能告訴我們 26 財年成長假設的基本管理費是多少嗎？

Yes, Eric, this is Glenn. Thanks for the questions. Before I get into that, I just first want to highlight the outstanding quarter we had in supply chain services. We actually beat our guidance midpoint by about $21 million on the top line, and that drove a significant beat on both our EBITDA and EPS. So we were very pleased overall with how we ended up the year with Supply Chain Services, which was pretty consistent throughout the year.

是的，艾瑞克，這是格倫。感謝您的提問。在深入探討這個問題之前，我首先想強調我們在供應鏈服務方面表現出色的一個季度。實際上，我們的營業收入超出預期中位數約 2,100 萬美元，這顯著提高了我們的 EBITDA 和 EPS。因此，我們對今年的供應鏈服務表現整體非常滿意，全年的供應鏈服務表現相當穩定。

If I look at the components of our fee share, our gross administrative fees grew about 3% on a full year basis. We saw growth year-over-year in all four quarters. with the largest being in the fourth quarter. And we also saw growth in both acute and non-acute. So the growth we're seeing across our portfolio, food, pharmacy, med-surg, acute, non-acute, very broad-based growth, and we're expecting that to continue heading into fiscal year 2026.

如果我看一下我們的費用份額的組成部分，我們的總管理費用全年增長了約 3%。我們看到四個季度的同比增長，其中第四季度的增幅最大。我們也看到急性和非急性病例均有所增長。因此，我們看到我們的產品組合、食品、藥品、內外科、急性、非急性等廣泛的成長，我們預計這種成長將持續到 2026 財年。

So I would say on the gas side, with the increase we're seeing in contract penetration, more uptake on our SURPASS contracts, we're expecting that 3% number to go up in 2026. So think of that as a 4% type number. On the fee share, we ended the year in 2025 in the low 60% range. That was consistent with our guidance.

因此我想說，在天然氣方面，隨著合約滲透率的提高，以及 SURPASS 合約的增加，我們預計 2026 年這一數字將上升 3%。所以可以將其視為 4% 類型的數字。就費用份額而言，到 2025 年底，我們的費用份額將處於 60% 的低點。這與我們的指導一致。

Based upon our 2026 guidance numbers, we're anticipating the fee share amount to go in the mid-60s range, and that will ramp up throughout 2026. So expect to see the slight increase throughout the year. And then by the end of 2026, we should be essentially complete with all of the 2020 restructured contracts. So maybe a couple still out there.

根據我們 2026 年的指導數字，我們預計費用分攤金額將達到 60% 左右，並且將在 2026 年全年上升。因此預計全年將出現小幅成長。到 2026 年底，我們應該基本上完成所有 2020 年重組的合約。所以也許還有一對在那裡。

But we're now on the back end of this, we're going to be done for the majority of these contracts by the end of '26, and that's why we know we're going to give specific numbers on our fee share percentages moving forward. If anything changes in a significant way, obviously, we would call that out. But hopefully that -- gives you to give you a sense about where we're at.

但現在我們已經到了最後階段，我們將在 26 年底之前完成大部分合同，這就是為什麼我們知道我們將在未來的費用分成百分比上給出具體的數字。如果發生任何重大變化，顯然我們會指出。但希望這能讓您了解我們目前的狀況。

Yes, that's helpful. I think what I'm trying to get is the segment EBITDA levels based on what you stated it appears that PS will be down. I think you just gave us why. But we should assume the pull-through on the admin fee in supply chain look similar to what we saw this quarter as we're modeling next year. Is that fair?

是的，這很有幫助。我想我想要獲得的是分部 EBITDA 水平，根據您所述，PS 似乎會下降。我想你剛剛告訴了我們原因。但我們應該假設供應鏈中管理費的拉力與我們本季看到的類似，因為我們正在模擬明年的情況。這樣公平嗎？

Well, again, we're not going to give specific segment guidance for EBITDA. I would just directionally tell you, I'm expecting to see a nice EBITDA margin expansion in our Performance Services business. That's largely driven by the fact that advisory services is expected to ramp. We talked about the meaningful contracts that we've won recently. There's four of them. We've got a robust pipeline of additional opportunities.

好吧，再說一次，我們不會為 EBITDA 提供具體的分部指導。我只是想直接告訴你，我預計我們的績效服務業務的 EBITDA 利潤率將大幅擴大。這主要是因為諮詢服務預計將會增加。我們談論了最近贏得的有意義的合約。一共有四個。我們擁有大量額外的機會。

So even with some of our software business declining in 2026, we're expecting EBITDA margin expansion because of better productivity largely coming from our advisory business. So I'm really excited about that turnaround.

因此，即使我們的部分軟體業務在 2026 年下滑，我們仍預期 EBITDA 利潤率將會擴大，因為生產力的提高主要來自於我們的顧問業務。所以我對這種轉變感到非常興奮。

On the Supply Chain Services side, we would expect to see a decline in our EBITDA margins because we're not through the fee share reset yet. So even with the GAAP growth I talked about, overall, I'm expecting our EBITDA margins to go down in Supply Chain Services.

在供應鏈服務方面，我們預期 EBITDA 利潤率會下降，因為我們尚未完成費用份額重置。因此，即使我談到了 GAAP 成長，總體而言，我預計我們的供應鏈服務 EBITDA 利潤率將會下降。

And then obviously, as we get to 2027, we would expect the overall business to show an improvement and I think for the first time now, we've got good line of sight to say we feel good we're going to be growing across all of our key financial metrics in 2027.

顯然，到了 2027 年，我們預計整體業務將會有所改善，而且我認為，現在我們第一次有了很好的預期，我們可以放心地說，2027 年我們所有關鍵財務指標都將實現成長。

Eric Coldwell, Baird.

埃里克·科德威爾，貝爾德。

I was hoping you could help us with sizing on IllumiCare in terms of both revenue and EBITDA profile. And then secondarily, I know you're guiding fiscal '26 without Contigo, but could you let us know what you’re thinking results might look like if we continue to model that from what's left on revenue in EBITDA.

我希望您能幫助我們從收入和 EBITDA 兩個方面對 IllumiCare 進行規模評估。其次，我知道您在指導 26 財年時沒有考慮 Contigo，但是如果我們繼續根據 EBITDA 中剩餘的收入進行建模，您認為結果會是什麼樣子？

Sure. But let me start real quick on IllumiCare because I want to make sure everybody understands the asset that we've acquired. First of all, IllumiCare solves a very critical member pain point. It addresses the concerns that we've been speaking about, which is margin compression. And so all these things that both Dave Zito and I have talked about with labor shortages, reimbursement cuts, rising costs and those kinds of things.

當然。但讓我快速開始介紹 IllumiCare，因為我想確保每個人都了解我們所獲得的資產。首先，IllumiCare解決了一個非常關鍵的會員痛點。它解決了我們一直在談論的問題，即利潤壓縮。我和戴夫·齊托談論的所有這些事情包括勞動力短缺、報銷削減、成本上升等等。

IllumiCare is going to be a proven lever to actually drive value there. It drives demonstratable difference in terms of delivering about $100 savings per patient discharge. So I think it has a huge opportunity to have significant penetration in our health systems and importantly can really help our health care systems perform in a very difficult time. It also has some wonderful real-time clinical decision support capability that actually works across all EMRs or the significant chunk of EMRs.

IllumiCare 將成為真正推動價值的槓桿。它為每位出院患者節省了約 100 美元，帶來了顯著的差異。因此，我認為它有很大機會深入滲透到我們的醫療系統中，而且重要的是，它能夠真正幫助我們的醫療系統在非常困難的時期發揮作用。它還具有一些出色的即時臨床決策支援功能，實際上適用於所有 EMR 或大量 EMR。

So we're very excited about that. And then obviously, we think it's going to be a really nice addition to our Stanson Health capability, and it's going to be a very robust solution using AI, machine learning and clinical decision support.

所以我們對此感到非常興奮。顯然，我們認為這將是對我們 Stanson Health 能力的一個很好的補充，並且它將是一個使用人工智慧、機器學習和臨床決策支援的非常強大的解決方案。

But with that, Glenn, I'll flip it over to you to get into the details on the numbers.

但是，格倫，我會把它交給你，讓你了解數字的細節。

Yes, I would just add to your comments on the $100 per discharge savings, it's a 10:1 return on investment for our customers, which is a meaningful return that they get almost immediate. So we're really excited about that acquisition. In terms of the size of the numbers, IllumiCare, you can think of it as an $8 million to $10 million revenue business for us in fiscal year '26 and breakeven on the bottom line.

是的，我只是想補充您關於每次排放節省 100 美元的評論，這對我們的客戶來說是 10：1 的投資回報率，這是他們幾乎可以立即獲得的有意義的回報。所以我們對這次收購感到非常興奮。就數位規模而言，IllumiCare，你可以把它看作是我們 26 財年收入 800 萬至 1000 萬美元的業務，並且實現盈虧平衡。

So no impact to our adjusted EPS or adjusted EBITDA and obviously, we're expecting this to be 1 of the growth engines for us going forward as it integrates with our Stanson business. So between the clinical decision support and financial decision support now, we have a really nice synergistic business that we're expecting to generate double-digit growth moving forward.

因此，這不會對我們的調整後每股收益或調整後息稅折舊攤銷前利潤產生影響，而且顯然，我們預計這將成為我們未來的成長引擎之一，因為它與我們的 Stanson 業務相結合。因此，現在在臨床決策支援和財務決策支援之間，我們擁有非常好的協同業務，我們預計未來將實現兩位數的成長。

As it relates to Contigo Health, I would just say we're winding that business down. Right now, we've modeled about $9 million of revenue in 2026 and a $6 million EBITDA loss.

就其與 Contigo Health 的關係而言，我只想說我們正在逐步結束這項業務。目前，我們預測 2026 年的營收約為 900 萬美元，EBITDA 損失為 600 萬美元。

Jessica Tassan, Piper Sandler.

傑西卡·塔桑、派珀·桑德勒。

Congrats on the really strong fourth quarter and fiscal '25. You all have an interesting -- yes. So you guys have an interesting perspective because I think the group -- and you mentioned this in your prepared remarks, the group purchasing portfolio includes food and perishable items.

恭喜您在 2025 年第四季和財政年度取得強勁業績。你們都很有趣——是的。所以你們有一個有趣的觀點，因為我認為這個團體——你在準備好的發言中提到了這一點，團體採購組合包括食物和易腐爛物品。

I guess, are you observing any divergence in kind of typical food purchasing patterns versus med surg purchasing patterns that would indicate increased intensity per unit of care delivered in FY25, either because of kind of deliberate hospital actions or because patients are preparing to lose coverage in '26. Just any color on trends and intensity per unit of care that you might be able to glean based on just MedSurg versus food purchasing.

我想，您是否觀察到典型的食品購買模式與醫療外科購買模式之間存在任何差異，這表明 25 財年每單位護理的強度有所增加，這要么是因為醫院採取了某種刻意行動，要么是因為患者準備在 26 年失去保險。您僅根據 MedSurg 與食品購買情況就可能了解到每個護理單位的趨勢和強度。

That's a great question. It's very tough to glean it out of those two portfolios. We look at -- we have all the data on other measures from a clinical standpoint. Lab values and those kinds of things that we can understand and lean that a little bit more effectively. And I would tell you, there's nothing that's we see that significantly changing from a dynamic that you're speaking about.

這是一個很好的問題。從這兩個投資組合中獲取這些資訊非常困難。我們來看——從臨床角度來看，我們擁有其他措施的所有數據。實驗室價值以及我們可以更有效地理解和掌握的那些東西。我想告訴你，我們沒有看到任何與你所說的動態有顯著變化的事情。

From a food standpoint, as just a quick reminder, our food program is truly differentiated in the industry. We use it as sort of a pointing into the spear in terms of getting access into accounts that might not be premier accounts. So you heard me talk a little bit about that in those opening remarks. We want to continue to do that just because that program continues to grow and evolve and drive a significant amount of value to these health systems, especially when there's a lot of fiscal pressures they're facing.

從食品的角度來看，只需快速提醒一下，我們的食品計劃在行業中確實是與眾不同的。我們用它作為一種指引，來獲取那些可能不是首要帳戶的帳戶的存取權限。你們在開場白中聽到我談論了這一點。我們希望繼續這樣做，因為該計劃不斷發展和演變，並為這些醫療系統帶來巨大的價值，特別是在他們面臨巨大財政壓力的時候。

Got it. That's helpful. And then just my second question is how big is the advisory business within -- and apologies if I missed this. How big is advisory within Performance Services -- and then I think you mentioned that business is expected to grow double digits in FY26. So those four big contracts get you there? Or just how much visibility do you have into that double-digit growth?

知道了。這很有幫助。我的第二個問題是諮詢業務的規模有多大——如果我沒有註意到這一點，請原諒。績效服務中的諮詢業務規模有多大？然後我想您提到，預計 26 財年業務將實現兩位數成長。那麼這四份大合約能讓你達成這個目標嗎？或者您對這兩位數的成長有多大了解？

Yes. Thanks for the question. We don't break out advisory in Performance Services, but I'll just give you a rough sizing. It's about $50 million to $100 million. And I talked about double-digit growth. I would say we're expecting the growth to be above 25% in fiscal year '26. A lot of these contracts, keep in mind, or multiyear contracts.

是的。謝謝你的提問。我們不會在效能服務中提供詳細的建議，但我只會給你一個粗略的規模。大約是5000萬到1億美元。我談到了兩位數的成長。我想說我們預計26財年的成長率將超過25%。請記住，很多這樣的合約都是多年期合約。

So we will recognize that revenue over in many cases, 18 to 24 months, but I'm expecting at least 25% growth coming from advisory largely coming from these four deals. If we get more deals closed, it could even be greater upside to our numbers. But right now, we feel very confident given what we've closed.

因此，在許多情況下，我們會在 18 到 24 個月內確認收入，但我預計來自顧問業務的收入至少會達到 25%，這主要來自這四筆交易。如果我們達成更多交易，我們的業績可能會有更大的提升。但就目前而言，考慮到我們已經完成的事情，我們感到非常有信心。

And obviously, we've got to execute on these deals to get that revenue. But really nice turnaround in our advisory business, and it's not going to be a onetime blip. We're really creating a sustainable long-term business that we expect to grow meaningfully over the next five years.

顯然，我們必須執行這些交易才能獲得收入。但我們的顧問業務確實出現了良好的轉機，而且這不會是曇花一現。我們確實在創建一個可持續的長期業務，我們預計它在未來五年內將實現有意義的成長。

Kevin Caliendo, UBS.

瑞銀的 Kevin Caliendo。

Glenn, on the free cash flow guidance, I appreciate the color on that. It's always helpful. I'm just wondering how the TRA plays into that? Like is that included in the free cash flow conversion? Or should we think about the TRA as incremental for fiscal '26 free cash flow?

格倫，關於自由現金流指導，我很欣賞這一點。它總是有幫助的。我只是想知道《中國電信與資訊服務法》在其中扮演什麼角色？這是否包括在自由現金流轉換中？或者我們應該將 TRA 視為 26 財年自由現金流的增量？

It's included in our free cash flow guidance. Overall, our free cash flows, if you look at the numbers year-to-year are pretty flat. So -- there's a couple of dynamics in place here. Number one, we've got the positive $100 million TRA benefit, but there was a couple of items in fiscal year '25 that helped us as well. That's onetime in nature.

它包含在我們的自由現金流指導中。總體而言，如果你逐年查看我們的自由現金流數據，你會發現它們相當平穩。所以——這裡存在一些動態。首先，我們獲得了 1 億美元的 TRA 收益，但 2025 財年的一些專案也對我們有幫助。這在本質上是一次性的。

So the derivative lawsuit that I mentioned, along with this minority investment dividend that received pretty much offset that year-over-year. So that's why you don't see the big pop in free cash flow. But going forward, we expect now not to have this $100 million headwind, which is a big positive for us.

因此，我提到的衍生訴訟以及這筆少數股權投資股利與去年同期相比基本上抵銷了。這就是為什麼你看不到自由現金流大幅成長的原因。但展望未來，我們預計不會再面臨這 1 億美元的逆風，這對我們來說是一個很大的利多。

Got it. And I know you guys said there wasn't any forward buying around tariffs and the like. But was there any activity, services activity, other activity that you found because of the fear of tariffs and the changes that were taking place that were a benefit or continuing to be a benefit?

知道了。我知道你們說過，在關稅等方面沒有任何預付款購買。但是，您是否發現，由於對關稅的擔憂以及正在發生的變化，某些活動、服務活動或其他活動是有益的或將繼續有益的？

Like how should we think about -- because it obviously occupied a ton of our mental well-being. But I'm just wondering how the -- how customers behave. And if that continued or carried momentum or if it was a benefit in fiscal '25, that wouldn't be a benefit fiscal '26?

例如我們該如何思考——因為它顯然佔據了我們大量的心理健康。但我只是想知道顧客的行為如何。如果這種趨勢持續下去或保持下去，或者如果這對 25 財年來說是一種好處，那麼對 26 財年來說就沒有什麼好處了？

Yes, it's a little bit -- I would characterize it as more a focus on like the psyche of what's happening. So obviously, tariffs are incredibly dynamic. As you are well aware and everybody on the call is well aware. As we've said in the past, our tariffs are firm for the term -- I'm sorry, our contracts are firm for the term. So that means that for the most part, there's not necessarily going to be significant impacts from tariffs. We have this member-led contracting process as we have spoken about in the past.

是的，有一點——我認為它更關注的是正在發生的事情的心理。顯然，關稅是極具動態的。正如您和電話會議中的每個人都清楚的那樣。正如我們過去所說的那樣，我們的關稅是固定的——抱歉，我們的合約是固定的。所以這意味著在大多數情況下，關稅不一定會產生重大影響。正如我們過去談到的，我們有這個由成員主導的承包流程。

So this -- when we talk about this, it doesn't mean that suppliers are coming and saying, hey, we've got issues with tariffs. We might want some price increase, those kinds of things. But the member bid contracting process is really what dictates whether or not we decide to have a tariff or not.

所以——當我們談論這個問題時，並不意味著供應商會過來說，嘿，我們在關稅方面遇到了問題。我們可能希望價格上漲，諸如此類的事情。但會員投標承包過程才是真正決定我們是否制定關稅的因素。

And I think that comes down to obviously what -- if we have a healthy market, if there's multiple suppliers in the market and -- many of them are not asking for tariff relief or any of that stuff. Obviously, then you're not -- the tariffs are going to have a de-minimis impact on the business.

我認為這顯然取決於——如果我們有一個健康的市場，如果市場上有多個供應商，並且——他們中的許多人並沒有要求減免關稅或任何類似的東西。顯然，關稅對企業的影響微乎其微。

So I will just say that so far, things are pretty stable as it relates to tariffs. That does not mean there's not a lot of work that's actually happening in concert with our suppliers in concert with our members to minimize the impacts of these tariffs. So there is a lot of work happening under the sort of under the water level, if you will. But so far, the teams are working through these without having a significant impact on the health care systems.

所以我只想說，到目前為止，關稅情況相當穩定。這並不意味著我們實際上沒有與供應商和會員共同進行大量工作來盡量減少這些關稅的影響。所以如果你願意的話，在水下有很多工作正在進行中。但到目前為止，各團隊正在努力解決這些問題，但尚未對醫療保健系統產生重大影響。

Allen Lutz, Bank of America.

美國銀行的艾倫·盧茨。

Glenn, you mentioned that you expect to return to revenue and EBITDA growth in fiscal '27. I know you talked about the increasing contract penetration and maybe a stabilization of revenue share backs. What is embedded or what needs to happen in fiscal '27 for revenue and EBITDA to increase. Can you just provide some high-level framing of what utilization has to do with revenue share back? Just any high-level thoughts would be helpful.

格倫，您提到您預計 27 財年收入和 EBITDA 將恢復成長。我知道您談到了合約滲透率的提高以及收入分成的穩定。為了增加收入和 EBITDA，27 財政年度需要做什麼或發生什麼。您能否提供一些關於利用率與收入分成之間關係的高階架構？任何高層次的想法都會有幫助。

Yes, sure. I'll give you a couple of points on why we're confident in the recovery to growth in '27. So I think first and foremost, when we look at our enterprise license agreements and our software deals, we have a bit of a trough here in '26. We have fewer renewals coming due just based upon timing. That's going to pick up in 2027.

是的，當然。我來談談我們為何對 2027 年經濟復甦充滿信心的幾點看法。因此，我認為首先，當我們審視我們的企業授權協議和軟體交易時，我們會發現我們在 26 年陷入了低谷。僅從時間角度來看，我們到期的續約數量較少。到 2027 年，這一數字將會回升。

And so we're expecting an increase in our software business starting in 2027. Advisory, as we talked about, is going to continue to ramp into fiscal year '27. And I think we're expecting to see some good double-digit growth coming from the synergies of our clinical decision support business in IllumiCare. So those are areas, I would say, of growth that will continue to help us moving forward.

因此，我們預計從 2027 年開始我們的軟體業務將會成長。正如我們所討論的，諮詢業務將在 2027 財年繼續成長。我認為，我們有望看到 IllumiCare 臨床決策支援業務的協同效應帶來良好的兩位數成長。所以我想說，這些都是成長領域，將繼續幫助我們前進。

On the Supply Chain Services side, this gas growth should continue receiving great momentum in our food and pharmacy portfolios. So 3% this year, we're expecting faster growth in '26. That should continue into 2027. So there's good momentum on our gross administrative fees. Both our digital supply chain and co-management business are growing double digits. That should continue as we go into 2027.

在供應鏈服務方面，天然氣的成長應該會繼續在我們的食品和藥品投資組合中獲得強勁的勢頭。因此，今年的成長率為 3%，我們預計 26 年的成長速度會更快。這種狀況應該會持續到 2027 年。因此，我們的行政管理費用總額成長動能良好。我們的數位供應鏈和共同管理業務均達到兩位數成長。進入 2027 年，這種情況應該會持續下去。

And then most importantly, you're going to have lower fee share headwinds, right? We'll be through the 2026 negotiations and those headwinds and still probably be a slight headwind in '27 will be much less than what we've seen in 2025 and 2026. So those are the key items. And as we look at our plans for 2027, now we're saying we expect to see a rebound back to growth across all of our key financial metrics.

然後最重要的是，您將面臨更低的費用份額阻力，對嗎？我們將度過 2026 年的談判，儘管這些阻力在 2027 年可能仍會輕微增加，但比起 2025 年和 2026 年，將要小得多。這些就是關鍵項目。當我們審視 2027 年的計畫時，我們現在表示，我們預計所有關鍵財務指標都將反彈成長。

Thanks for the question.

謝謝你的提問。

That's helpful. And then you mentioned last quarter, you were expecting a client termination payment in 4Q. Did that take place? And is there any way to size that?

這很有幫助。然後您提到上個季度，您預計在第四季度收到客戶終止付款。那件事發生了嗎？有沒有辦法可以確定其大小？

Yes. So it did take place. We received the cash as well, and the sizing was previously given several quarters ago as part of our guidance increase for Supply Chain Services back at that point in time, I believe we raised our guidance by $15 million, and it was one of the components of the $15 million raise. So that just gives you a general idea about what that could be, but there's other areas as well. But -- it was consistent with our expectations, and that was all booked and cash received in Q4.

是的。事實確實如此。我們也收到了現金，而且這個規模在幾個季度前就已經給出了，作為當時我們對供應鏈服務的指導增加的一部分，我相信我們將指導增加了 1500 萬美元，這是 1500 萬美元加薪的組成部分之一。這只是給你一個大概的概念，但還有其他領域。但是 - 這與我們的預期一致，並且全部已入帳並在第四季度收到現金。

Richard Close, Canaccord Annuity.

理查克洛斯 (Richard Close)，Canaccord Annuity。

A lot of the questions I had on advisory were asked. But I'm curious, just the magnitude, the head count additions. Can you give any color there? And just curious how long those people take the ramp-up to be in productive?

我所諮詢的很多問題都被問到了。但我很好奇，只是規模和人數的增加。你能給出任何顏色嗎？我只是好奇這些人需要多長時間才能投入生產？

Yes. I'll start here and Dave Zito. I think you're still on, if you can maybe add some color. I think first and foremost, the reason why we're winning is the deep subject matter expertise we're building in our advisory business along with our tech enablement.

是的。我和 Dave Zito 將從這裡開始。我認為你還在，如果你可以添加一些顏色的話。我認為，首先，我們之所以能夠取得成功，是因為我們在諮詢業務中累積了深厚的專業知識，並且具備技術支援。

And we have ramped resources. We pretty much added roughly 10 senior leaders across our business. We've got more people we're going to be adding here based upon the support needed for these advisory wins and what we're seeing in the funnel.

我們已經增加了資源。我們在整個業務中增加了大約 10 名高階領導。根據這些諮詢勝利所需的支援以及我們在頻道中看到的情況，我們將在這裡增加更多的人員。

But I would expect probably another 20 people or so will be at it in the not-too-distant future. And these engagements, I would say, range everywhere from cost reduction, margin improvement to revenue opportunities. So it's everything from revenue optimization, to clinical delivery, workforce optimization, supply chain optimization and those are areas that we're going after.

但我預計不久的將來大概還會有另外 20 人左右參與其中。我想說的是，這些合作涉及方方面面，從降低成本、提高利潤率到創造收入機會。因此，從收入優化到臨床交付、勞動力優化、供應鏈優化，這些都是我們追求的領域。

But Dave, did you want to add any more color?

但是戴夫，你想添加更多顏色嗎？

Yes. I would -- just a couple of things. We've been making the investments since the beginning of the calendar year. And the additions of those 10 people that were referenced really helped drive, again, partnering with the team -- Premier team that was here to build that pipeline and close those deals. So the people we're hiring now are really going to be deployed immediately to work.

是的。我會——只有幾件事。我們從今年年初就開始進行投資。提到的這 10 個人的加入確實有助於推動與團隊的合作——Premier 團隊來此建立管道並完成這些交易。因此，我們現在僱用的人員實際上將立即部署到工作中。

We're really stopping. As people come on board, we are deploying them right to project work. So ramp-up will not be an issue as we move forward. So right now, we're really trying to fill gaps in our capacity to deliver the work that we have sold. So ramp-up will be very positive.

我們確實要停下來。當人們加入後，我們就會直接將他們部署到專案工作中。因此，隨著我們不斷前進，提升將不再是一個問題。因此現在，我們正在努力填補交付已售作品的能力方面的空白。因此，成長將是非常積極的。

Okay. As a follow-up, maybe on the tech side of the Performance Services, I'm just curious how you're viewing demand, I guess, post July 4 and the signing of the big beautiful bill. I'm just curious with respect to maybe the SaaS offerings and then enterprise. I know you said there's not going to be many renewals here in fiscal '26 on the enterprise license. But -- just any changes in demand since July 4? Or anything you can provide would be helpful.

好的。作為後續問題，也許在績效服務的技術方面，我只是好奇您如何看待 7 月 4 日之後和簽署這份美麗的大法案之後的需求。我只是對 SaaS 產品和企業感到好奇。我知道您說過 26 財年企業許可證的續約不會很多。但是——自 7 月 4 日以來需求有任何變化嗎？或者您提供的任何內容都會有所幫助。

Yes. A couple of thoughts on that. And then again, Dave Zito if you'd like to add in, please do. So in general, I will tell you, there's still a lot of interest in our clinical decision support capability. So think of things around prior authorization, clinical coding and documentation and those kinds of things.

是的。對此我有一些想法。再說一次，戴夫·齊托 (Dave Zito)，如果你想加入，請添加。所以總的來說，我會告訴你，人們仍然對我們的臨床決策支援能力很感興趣。因此，請考慮有關事先授權、臨床編碼和文件等事項。

So because of the investments we've made, with Stanson and the additional capital outlay, those technologies are still doing -- are still having a phenomenal or getting phenomenal interest in the market. And so -- just as a quick reminder, AI-enabled machine learning, natural language processing. It's in a very efficient way to help these health systems with prior authorization and coding and documentation.

因此，由於我們對 Stanson 和額外資本支出所做的投資，這些技術仍然在市場上引起或獲得極大的興趣。所以——只是快速提醒一下，人工智慧支援機器學習、自然語言處理。這是一種非常有效的方式，可以幫助這些衛生系統事先授權、編碼和記錄。

I think Dave and team are looking to continue to expand those capabilities given the success they've had so far. But I sense that there's a significant interest in a lot of that activity just because of the dynamics of the market with some of the slow pay stuff coming from payers and those kinds of things. And our capabilities really help offset that.

我認為，鑑於迄今為止所取得的成功，戴夫和他的團隊正在尋求繼續擴展這些能力。但我感覺到，人們對這類活動非常感興趣，只是因為市場的動態，以及一些來自付款人的緩慢付款之類的事情。我們的能力確實有助於抵消這一點。

Secondarily, I will say that what's unique about Premier is that not only can we work with our health systems and benchmark their performance and have them understand how they're performing. But we've got this fantastic ability with advisory to drive significant change for those health systems.

其次，我想說的是，Premier 的獨特之處在於，我們不僅可以與我們的醫療系統合作，對其績效進行基準測試，還可以讓他們了解自己的表現。但我們擁有優秀的諮詢能力，可以推動這些醫療系統的重大變革。

And then we can use this technology really to sort of codify or leave as an artifact within the record, within the workflow, all the change that we've driven. So it's very unique. Some of the things that we can do to help drive performance improvement for these health systems.

然後，我們可以真正使用這項技術，將我們所推動的所有變革編纂成法，或將其保留為記錄、工作流程中的工件。所以它非常獨特。我們可以做一些事情來幫助推動這些衛生系統的性能改善。

Dave, I'm not sure if you have any other builds.

戴夫，我不確定你是否還有其他版本。

I would just -- I'd echo the last thing you said. Basically, if you look at the way we've developed and deployed technology is to drive performance improvement. So we view the tools and I think as customers need to improve performance. They're looking for and we're deploying technology that will enable change as well as -- so it's actually a driver of demand, not a -- the current environment is a driver of demand, not a deterrent. And as long as we can demonstrate how tech drives and supports enables change I think that our demand will increase.

我只是——重複你最後說的話。基本上，如果你看看我們開發和部署技術的方式，你會發現它是為了推動效能的提升。因此，我們認為這些工具和客戶一樣，需要提高效能。他們正在尋找並且我們正在部署能夠實現變革的技術——所以它實際上是需求的驅動力，而不是——當前環境是需求的驅動力，而不是威懾力。只要我們能夠證明科技如何推動和支持變革，我認為我們的需求就會增加。

Eric Coldwell, Baird.

埃里克·科德威爾，貝爾德。

Your good answers to my first questions enticed to me to get back on and ask some more. So on the advisory deals, would we be thinking about something in the ballpark of $5 million a year on average is a typical sizing for what you would consider a large deal and -- ?

您對我的第一個問題的良好回答吸引我繼續提問。那麼，在諮詢交易方面，我們是否會考慮平均每年約 500 萬美元的交易，這是您認為的大型交易的典型規模，-- ？

Higher than that.

比那還高。

Okay. So the 25% growth in advisory off of $50 million to $100 million, the reason you're that makes sense. So other areas of the business may be a bit weaker, so these are bigger deals that help offset challenges elsewhere it sounds.

好的。因此，諮詢費從 5,000 萬美元增長至 1 億美元，增長 25%，這是有道理的。因此，業務的其他領域可能會稍微弱一些，所以聽起來這些更大的交易有助於抵消其他方面的挑戰。

Correct. And just to be clear to the point, so we are expecting our enterprise license deals to be down in 2026 because of fewer renewals. Advisory is helping to offset that. And based upon the midpoint of our guidance for Performance Services as a total segment, we are expecting to grow in fiscal year 2026. But it's driven by the advisory deals.

正確的。為了明確這一點，我們預計 2026 年我們的企業許可證交易將會減少，因為續約數量將會減少。諮詢有助於抵消這一影響。根據我們對績效服務整體部門的指導中點，我們預計 2026 財年將會成長。但這是由諮詢交易推動的。

Yes. Okay. That's helpful. And then are there rev rec or profit triggers in these deals that we should be aware of, such as performance or milestone-based items or true-ups at the end of a fiscal year or a calendar year? Is there anything of that nature? Or is the billing and performance -- profit performance fairly ratable throughout the engagement.

是的。好的。這很有幫助。那麼，這些交易中是否存在我們應該注意的收入或利潤觸發因素，例如基於績效或里程碑的項目，或財政年度或日曆年度末的調整？有這種性質的事情嗎？或者在整個合作過程中，計費和績效－利潤績效是否公平地可評估。

No. There are milestones in these deals. And it's one of the reasons why the revenue recognition at least for fiscal year '26, will be more back-end loaded because we have to ramp the resources and as we hit the milestones, this will be later this year. we'll start to recognize the revenue. So that's one of the dynamics about why Q1 is going to be a lower quarter than the second half of the year.

不。這些交易具有里程碑意義。這也是為什麼至少在 26 財年收入確認將更加後端化的原因之一，因為我們必須增加資源，並且當我們達到里程碑時，這將在今年稍後。我們將開始確認收入。這就是為什麼第一季的銷售額將低於下半年的原因之一。

If I might, just one or two quick ones. So I'd really like to hear what you're doing. Could you give us some anecdotes of a unique advisory contract. And quite frankly, I've always struggled a bit with the difference between advisory and consulting. So maybe you could help parse out the nuance there between what maybe to less informed person like myself, what is the difference between a consulting engagement and an advisory engagement.

如果可以的話，我只想快速問一兩個問題。所以我真的很想聽聽你在做什麼。您能否為我們講一些有關獨特的諮詢合約的軼事？坦白說，我一直對諮詢和顧問之間的區別感到困惑。因此，也許您可以幫助分析出其中的細微差別，對於像我這樣不太了解的人來說，諮詢業務和顧問業務之間有什麼區別。

So Dave, I'm going to ask you to join in here just a second. I think people use those terms interchangeably. When we talk about advisory though and the broader scope, Glenn hit this. It's about revenue optimization, clinical delivery, it's workflow workforce and productivity and those kinds of things and then, obviously, all things supply chain.

所以戴夫，我請你稍等片刻加入。我認為人們可以互換使用這些術語。當我們談論諮詢和更廣泛的範圍時，格倫談到了這一點。它涉及收入優化、臨床交付、工作流程勞動力和生產力等事情，然後顯然還涉及所有供應鏈。

But Dave Zito any builds.

但 Dave Zito 沒有任何建樹。

No, I would -- answering the second part first. I would say consulting and advisory are the same. They're interchangeable in my mind. These are traditional consulting and their performance improvement. Clients have large they estimate what they need to -- how they need to improve their performance.

不，我會——先回答第二部分。我想說諮詢和顧問是一樣的。在我看來，它們是可以互換的。這些是傳統的諮詢及其績效改進。客戶對他們需要做什麼以及需要如何提高他們的績效有大致的估計。

They break it into categories, whether it's workforce or supplies or clinical or revenue cycle or strategic growth and then we develop strategies to achieve those -- help them achieve their expectations and goals, and we deploy resources to partner with them to drive that change. They're very comprehensive in nature as they try to transform their business and modify their cost structure to perform in a new revenue world. So it's really a strategic and operational transformation of their business.

他們將其分為幾類，無論是勞動力、供應、臨床、收入週期還是策略成長，然後我們制定策略來實現這些目標——幫助他們實現他們的期望和目標，我們部署資源與他們合作推動這項變革。他們在嘗試轉變業務和修改成本結構以適應新的收入環境時，本質上非常全面。所以這其實是他們業務的策略和營運轉型。

Dave that's helpful. Last one, we didn't seem to get any updates on the Life Sciences or pharma support businesses this quarter. Just curious what you're seeing on that front.

戴夫，這很有幫助。最後一點，本季我們似乎沒有收到任何關於生命科學或製藥支援業務的最新消息。只是好奇你在這方面看到了什麼。

Yes. I think overall, that business is performing as we had expected. It was not a key driver of our results in the quarter. And so that's why we haven't called it out. But there's lots of exciting growth opportunities in terms of how we leverage our data and sell into life sciences companies. And that's a plan for us moving forward. We do expect that business to be one of the areas of growth for us in 2026 and beyond.

是的。我認為整體而言，業務表現符合我們的預期。這不是我們本季業績的主要驅動因素。這就是我們沒有公開的原因。但就我們如何利用數據並向生命科學公司銷售產品而言，還有很多令人興奮的成長機會。這就是我們前進的計劃。我們確實預計該業務將成為我們 2026 年及以後的成長領域之一。

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

我們的問答環節以及 Premier 2025 財年第四季和全年電話會議都到此結束。感謝您參加今天的演講。您現在可以斷開連線。