Premier, Inc.

Good morning and welcome to Premier's Fiscal Fourth Quarter and Full Year Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw from the question queue, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Ben Krasinski, Senior Director, Investor Relations. Please go ahead.

Thank you, and welcome to Premier's Fiscal 2023 Fourth Quarter and Full Year Conference Call. Our speakers this morning are Mike Alkire, Premier's President and CEO, and Craig McCaston, our Chief Administrative and Financial Officer. Before we get started, I want to remind everyone that our earnings release and the supplemental slides accompanying this conference call are available in the investor section of our website at investors.premierinc.com. Please be advised that management's remarks today contain certain forward-looking statements, and actual results could differ materially from those discussed today. These forward-looking statements speak as of today, and we undertake no obligation to update them. Factors that might affect future results are discussed in our filings with the SEC, including our Form 10-K, which we expect to file soon. We encourage you to review these detailed safe harbor and risk factor disclosures. Also, where appropriate, we will refer to adjusted or other non-GAAP financial measures, such as free cash flow, to evaluate our business. Reconciliation of non-GAAP financial measures to GAAP financial measures are included in our earnings release, in the appendix of the supplemental slides accompanying this presentation, and in our earnings form 8K, which we expect to furnish to the SEC soon. I will now turn the call over to Mike Alkire.

Thank you, Ben. Good morning, everyone, and thank you for joining us today. Today, we will highlight our progress in our fourth quarter and fiscal year 2023 and update you on our ongoing evaluation of strategic alternatives to unlock value for our stockholders. First, I am pleased to share that our team achieved total net revenue of $1.3 billion, adjusted EBITDA of $499.8 million, and $264.4 million in free cash flow that equated to 53% of adjusted EBITDA this fiscal year. These results reflect the agility and dedication of our people in an incredibly fluid healthcare environment. As a team, we are confident in our ability to effectively manage costs and grow Premier through the continued execution of our strategies to deliver technology-enabled, better, smarter healthcare. We are pleased with the continued strength of our member network this year. With a 98% GPO retention rate and the 94% technology or SAS institutional renewal rate, both evidence of the trusted long-term relationship we have with our members. Further, an overwhelming 99% of our C-suite members surveyed in recent months believe they are better positioned for the future with Premier by their side. We are moving forward with intention on our recent announcement that the board and management team are evaluating potential strategic alternatives to unlock value for our stakeholders. The recent sale of our non-healthcare GPO operations to Omnia Partners for approximately $800 million in cash demonstrates the underlying value of one of many premier businesses that, when leveraged, can create significant value that can be reinvested in high return solutions or to return value to stockholders. With the assistance of our outside advisors, our board and management team continue to evaluate other potential actions to unlock value for our stakeholders. For us, technology enabling healthcare isn't just a nice to have, and Premier continues to lead the market in AI-enabled healthcare technology solutions. I'm incredibly proud of the progress we have made this year And we are laser focused on making transformative strides in the future. We are ensuring on-time payments for suppliers and unlocking working capital for providers through AI enabling the entire purchasing to payments process with Remitra. It isn't a matter of if, but when the next pandemic may arise. So we have technology enabled the predictability of supply chain shortages with 90% accuracy. We are doubling down on investments in domestic and near shore manufacturing to ensure resiliency. For years, we have been AI enabling smarter decisions in the workflow of hundreds of thousands of clinicians and are now expanding that offering to help them realize millions of dollars of value through accurate coding and documentation. We are also completely disrupting and automating the timely and manual prior authorization process. Lastly, our comprehensive network and vast data set are now being used upstream in the innovation process to optimize the lengthy clinical trials process. I'm incredibly pleased that in Q4, our applied sciences business signed an end-to-end clinical trial with one of the top 10 largest pharmaceutical companies in the world. Before I turn it over to Craig, I want to pause and recognize the premier team for their tireless work this year. both in terms of their disciplined execution and their compassionate connection to our purpose. Premier employees are the boots on the ground for many of our members' healthcare providers who serve as the heartbeat of their communities. This is especially true during natural and human-made disasters, including wildfires and hurricanes. These individuals make themselves available 24 by 7 to ensure our members have the resources to respond to and serve their communities. Passion for performance and innovation are two of our core values that I've seen demonstrated this year more than ever before. The Premier Team recognizes that with change comes great opportunity that makes me incredibly proud and excited for the future of our company. I will now turn the call over to Craig McKesson for a discussion of our operational and financial performance.