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  "documentTitle": "Premier, Inc. (PINC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-25 00:00:00",
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  "notes": "Uses S-1 filing data to calculate the implied shareback percentage for non-owner members.",
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      "kind": "callout",
      "text": "Non-Owner Members: 23% of Gross Admin Fees as of FY13 ($144M, Adj.); 66% Admin Fee Shareback to Hospital",
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      "text": "Member Owners: 77% of Gross Admin Fees as of FY13 ($471M); ~70% Effective Admin Fee Shareback to Hospital",
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      "text": "Before going public, Premier offered its member hospitals administrative fee sharebacks which, according to our research, were generally in-line with the industry's market rate of 60-70%.",
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      "text": "Source: PINC S-1",
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      "text": "Premier Sharebacks: Non-Owner Member Hospitals table showing Gross Admin Fees, Revenue Share, and Implied Aggregate Shareback of 66.4%.",
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      "text": "Premier's Pre-IPO Sharebacks At Parity With Market Rates",
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