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  "documentTitle": "Premier, Inc. (PINC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2019-09-25 00:00:00",
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  "notes": "The slide uses a stacked bar chart to show revenue composition over three fiscal years.",
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      "text": "Administrative Fees regularly represent over 50% of Premier revenue (after adjusting for discontinued specialty pharmacy business)",
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      "text": "Revenue: 54.4%",
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      "text": "As a group-purchasing organization (GPO), Premier secures vendor discounts for its hospital members through the force of their collective purchasing power: per its 10-K, Premier represents more than 4,000 U.S. hospitals and health systems and over 175,000 other organizations as a GPO. As do other GPOs, Premier also generates revenue of its own by charging vendors an “administrative fee” of roughly 1.0% to 3.0% on product purchases. After returning a percentage of these fees to member hospitals as a “shareback,” or revenue sharing payment, the remainder is retained as GPO revenue. Premier also generates revenue through various other channels, including supply chain management, SaaS informatics offerings, and other consulting services (and, until recently, specialty pharmacy). Even then, following the recent divestiture of its specialty pharmacy business, administrative fees represent Premier’s most significant source of revenue by a meaningful margin, driving over 50% of sales ex-specialty pharmacy.",
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      "text": "Source: PINC FY19 10-K. Historical financials presented as restated in FY19 following discontinuation of specialty pharmacy business.",
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      "text": "A Brief Primer On GPO Economics",
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