Premier, Inc.

Good morning, and welcome to Premier's Fiscal 2025 Third Quarter Conference Call. All participants will be in a 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 a touchtone phone. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the call over to Ben Krasinski, Senior Director, Investor Relations. Please go ahead.

Thank you, and welcome to Premier's Fiscal Year 2025 Third Quarter Conference Call. Our speakers this morning are Mike Alkire, Premier's President and CEO, and Glenn Coleman, our Chief Administrative and Financial Officer. Before we get started, I want to remind everyone that our earnings release and the supplemental presentation accompanying this call are available in the Investors section of our website at investors.premierinc.com. Please be advised that management's remarks today contain certain forward-looking statements, such as statements regarding our strategies, plans, prospects, expectations, and future performance, 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 most recent Form 10-K and Form 10-Q for the quarter, which we expect to file soon. We encourage you to review the detailed forward-looking statement and risk factor disclosures in these reports. Also, during this presentation, we will refer to adjusted and other non-GAAP financial measures including free cash flow to evaluate our business. Information on why we use these measures in addition to GAAP financial measures and reconciliations of these measures to our GAAP financial measures are included in our earnings release and in the appendix of the supplemental presentation accompanying this call. Information on our non-GAAP financial measures will also be included in our Form 10-Q for the quarter and our Earnings Form 8-K, both of which we expect to file soon. I will now turn the call over to Mike Alcar. Thank you, Ben.

Good morning, everyone, and thank you for joining us for Premier Fiscal Year 2025 Third Quarter Earnings Call. Glenn and I are pleased to share strong Q3 results. which reflect the continued execution of our strategy to technology-enabled differentiated performance improvement and supply chain excellence across healthcare. This quarter's results reflect the growing impact our strategy is having in delivering meaningful value to our members, other customers, and stockholders. Our overall revenue and profitability for the third quarter experienced meaningful sequential growth and exceeded our expectations. most notably in our supply chain services segment. As a result, we are increasing our full year guidance for adjusted EBITDA and adjusted EPS and reaffirming the midpoint of our consolidated revenue guidance. In addition, we continue to return value to stockholders through our quarterly cash dividend, and we initiated a $200 million accelerated share repurchase program during the quarter. In a challenging environment marked by rising costs, workforce shortages, and reimbursement challenges, healthcare providers are under intense pressure to deliver high-quality, affordable care. Increasingly, existing and prospective members are turning to Premier as a strategic partner, leveraging our expertise to co-develop integrated solutions that address their most critical operational and clinical needs. Our platform is uniquely positioned to support providers as they navigate the evolving landscape from data and insights to AI enabled decision support in the workflow. Premier's technology closes the loop on comprehensive performance improvement. In supply chain services, tariffs remain top of mind for our members and suppliers due to the potential impact on care delivery. Premier is leading the charge actively monitoring developments, advocating in Washington, and leveraging our proactive member-driven contracting strategies. Due to our member-led process and our supply chain resiliency efforts, to date, we've seen no material disruption across our GPO portfolio, but would note that it is a fluid situation that will require continued monitoring. In addition, we remain the only healthcare company offering a fully integrated digital supply chain solution from sourcing to purchasing to payment. Our tech-first model is delivering real value to members by enabling faster, smarter, data-driven decisions that improve margins and support quality care delivery. In performance services, we're taking aggressive steps to reinvigorate the business amid short-term headwinds. We've recruited some of the industry's most seasoned operators, leaders with track records of delivering enterprise-wide transformation with a focus on supply chain, labor reduction, and quality improvement at some of the largest and most complex health systems in the nation. With investments in people and technology, we are evolving our solutions to take on a broader set of challenges faced by healthcare providers. You'll see us roll out more comprehensive solutions that leverage AI, machine learning, and automation to drive impact across supply chain optimization, workforce planning and productivity, clinical transformation, strategy and growth. One example of this momentum is our recently announced strategic partnership with Epic. Premier's documentation and coding solution is expected to go live in late 2025, making it available to Epic's vast customer base. This will be a meaningful milestone for us and a clear validation of our tech-forward approach to helping providers improve their clinical and financial performance. In Applied Sciences, we continue to see strong and growing interest in Premier's real-world data and real-world evidence. particularly from life science and med tech manufacturers aiming to bring clinically effective and financially sustainable products to market. Building on this momentum, we're expanding our advisory capabilities to help partners more effectively harness these insights and drive greater impact. Finally, to further enhance our sales function, we've invested in and retooled our account management team, following a similar path to our advisory business, to include recruiting new talent and leadership. Looking ahead, we are committed to continued investment in our people and core capabilities, including our advisory services, technology, and supply chain solutions with a disciplined roadmap that includes both organic development and potential token acquisitions. AI will remain central to our approach, ensuring the right insights reach the right healthcare decision maker on the right platform at the right time. Before I turn this call over to Glenn, I want to recognize the outstanding hospitals named to our 2025 Premier 100 top hospitals list. This fully transparent, data-driven program is not just a recognition tool. It's a roadmap for how hospitals can lead across a balanced scorecard of quality, cost, and outcomes. With that, I'll now turn the call over to Glenn for a deeper dive into our financial results.