{
  "docId": "019dd923-622c-750b-8b98-bbf01cbdce4e",
  "docSlug": "49a0a0f158f5",
  "documentTitle": "Premier, Inc. (PINC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-25 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 11,
  "pageCount": 29,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "scenario_table",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 48,
  "notes": "The table models three scenarios: increased sharebacks, total departure from GPO, and total departure from GPO plus other services.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-bbf01cbdce4e/11",
  "deckHref": "/decks/019dd923-622c-750b-8b98-bbf01cbdce4e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-bbf01cbdce4e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-bbf01cbdce4e#slide-11",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.05,
        "y": 0.88
      },
      "kind": "callout",
      "text": "Spruce Point believes that there is a high probability that, come next week, these two hospitals will elect not to renew their current terms beyond Sep 2020, and will instead demand higher sharebacks from Premier or elect for another GPO entirely.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c0c71fb7-e018-4b91-823c-50ac145a3eff",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA: -21.9%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0393-73a7-a0ab-f9b4408205b8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "Premier discloses that its two largest member owner hospital groups (GNYHA and Yankee Alliance), which were together responsible for 13% of Premier's gross administrative fees as of FY19, committed to seven-year GPO contracts following the reorganization.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "43f38d51-67ad-476e-b965-7abfa043890b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.9,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "1. Takes only GNYHA, whose total segment-wise revenue contribution is disclosed, into account. Assumes segment-wise revenue growth through FY21 in-line with consensus, and adjust COGS based on adj. gross margin. 2. Assumes Gross Admin Fee growth in line with consensus revenue growth estimates",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4bc53107-4887-4fb1-8c9e-e8df02329bf3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.9,
        "x": 0.05,
        "y": 0.26
      },
      "kind": "table",
      "text": "Impact of Changes Among Top Two Hospitals on Consensus FY21 Results",
      "attrs": null,
      "subkind": "scenario",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a4fd5c8a-07e2-4595-8dac-bca0c58ab0db",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.02
      },
      "kind": "title",
      "text": "Upcoming Expiry Of Long-Term Contracts Could Be The First Crack In The Model",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c094262b-38a6-481d-8ac7-54abeed8be77",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "scenario_table",
      "slug": null,
      "matchId": "c3f3f8c6-7868-4fa4-8a23-73d3c9ca1383",
      "evidence": "The slide presents a base case (consensus) and three alternative scenarios for financial outcomes.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}