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  "documentTitle": "Premier, Inc. (PINC)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-25 00:00:00",
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  "notes": "The slide uses a combination of a line chart and qualitative expert quotes to build a case for margin compression.",
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      "kind": "callout",
      "text": "What might average shareback rates look like today given reports that sharebacks have consistently risen through the past several years?",
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      "kind": "chart",
      "text": "Exhibit 1 - Percentage Of Total Fees Received From Vendors That Were Shared With Customers",
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      "text": "shareback rate: 60-75%",
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      "text": "Industry experts and published studies confirm that the market shareback rate is in the 60-75% range. Some experts claim to see shareback rates as high as 80% in some regions. Importantly, they also believe that Premier will experience extreme pressure to match market rates once member owners' existing deals expire.",
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      "text": "We need to keep Premier honest. I wouldn't be surprised if we got closer to 80%.... - Former Senior Employee, Premier",
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      "text": "GPOs are using rebates as the fulcrum to win new business. It will be higher than 65% once [Premier renewals] come up. - Former Senior Employee, Premier",
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      "text": "The average Joes and below – 70 / 30 is what they expect. - Former Senior Employee, Premier and Vizient",
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      "text": "\"The average Joes and below - 70 / 30 is what they expect.\" — Former Senior Employee, Premier and Vizient; \"GPOs are using rebates as the fulcrum to win new business. It will be higher than 65% once [Premier renewals] come up.\" — Former Senior Employee, Premier; \"We need to keep Premier honest. I wouldn't be surprised if we got closer to 80%....\" — Former Senior Employee, Premier",
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      "text": "Industry Sources Confirm Market Shareback Rate Of 60-75%",
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