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  "docSlug": "49a0a0f158f5",
  "documentTitle": "Premier, Inc. (PINC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-25 00:00:00",
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  "pageNumber": 9,
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  "notes": "The slide uses a 'before-after' style comparison table to expose how the company artificially inflates earnings by under-paying member owners.",
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      "text": "Setting member owner shareback rates at par with non-owner shareback rates would have slashed Premier's FY19 operating income by a whopping 86%.",
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      "text": "Operating Income: -86%",
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      "text": "As admin fees carry 100% incremental margins, changes in net admin fee revenue flow directly to Premier’s bottom line. Accordingly, cutting sharebacks to member owners from 60-70% to 30% has a dramatic effect on Company earnings. Setting member owner shareback rates at par with non-owner shareback rates would have slashed Premier’s FY19 operating income by a whopping 86%.",
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      "text": "1. Gross Admin Fees estimated from Company-disclosed blended shareback of ~35%, member owner shareback of 30%, and non-owner shareback of ~66%. Reflects no immediate cost adjustments.",
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      "kind": "title",
      "text": "Company-Friendly Shareback Shifts GPO Economics Dramatically",
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