Summary of Premier (PINC) 2025 Conference Call Company Overview - **Company**: Premier Inc. (PINC) - **Date of Conference**: May 13, 2025 - **Speakers**: Mike Alkire (President and CEO), Glenn Coleman (Chief Administrative and Financial Officer) Key Industry Insights - **Healthcare Provider Challenges**: The healthcare sector is facing significant labor shortages, particularly in nursing and essential technical roles, exacerbated by resignations during COVID-19 [3][4] - **Impact of Tariffs**: Hospitals are anticipating a 6% to 7% increase in costs due to tariffs, which they cannot absorb given their operating margins [9][10] - **Medicaid Cuts**: Potential Medicaid cuts could have an $80 billion impact on healthcare systems, necessitating structural realignment within these organizations [4][5] Company Positioning and Strategy - **Technological Investments**: Premier has invested in technology to assist healthcare systems in performance improvement, cost management, and operational efficiency [5][6] - **Integration with Workflows**: The company has developed capabilities to integrate its services into the workflows of healthcare providers, enhancing patient treatment processes [6][8] - **Tariff Management Tools**: Premier has created tools to help members understand the sourcing of products and the impact of tariffs, providing options to mitigate costs [7][11] Financial Performance and Projections - **Supply Chain Services Growth**: The supply chain services segment has shown a 3.5% growth year-to-date, with significant opportunities for further contract penetration [24][26] - **Fee Structure**: The aggregate blended fee share is expected to rise from the low 60s to the high 60s by the end of fiscal year 2026 [23] - **Performance Services**: The performance services segment has outperformed expectations, particularly in enterprise licenses, indicating strong momentum [48][49] Competitive Landscape - **Market Competition**: The environment remains competitive, with several key players in the industry. Premier differentiates itself through technology and data access, leveraging insights from 45% of all hospital discharges in the U.S. [33][36] - **Opportunities in Contract Compliance**: There are untapped opportunities in purchased services and physician preference items, which Premier aims to address [28][29] Capital Deployment and Future Outlook - **Focus on Growth**: The company emphasizes growth through organic investments and potential acquisitions, particularly in clinical decision support and AI capabilities [57][60] - **Share Buybacks**: Premier has conducted significant share buybacks, totaling $800 million over the past 18 months, but plans to pause these to focus on growth initiatives [61][62] - **Positive Cash Flow**: The company anticipates a $100 million increase in cash flow starting in July, which will support future growth strategies [58][59] Additional Considerations - **Advisory Capabilities**: New leadership has enhanced Premier's advisory capabilities, focusing on performance improvement and revenue cycle management [42][54] - **Long-term Growth Potential**: The company is optimistic about its trajectory heading into fiscal year 2026, expecting better performance compared to the current year [53][55]

Core Insights - HealthVerity has integrated Premier, Inc. into its Marketplace, enhancing access to high-quality healthcare data for life sciences organizations [1][6] - The HealthVerity Marketplace is the largest verified healthcare and consumer data ecosystem in the U.S., providing insights from over 340 million de-identified individuals [2][4] - The partnership allows users to access inpatient and outpatient electronic medical record (EMR) data, including unstructured clinical notes, improving research capabilities [3][4] Company Overview - HealthVerity specializes in privacy-compliant real-world data exchange, supporting applications in clinical development, commercial strategy, and regulatory decision-making [7] - Premier, Inc. is a technology-driven healthcare improvement company serving two-thirds of U.S. healthcare providers, focusing on integrated data and analytics [8] Data Utilization - The Premier Healthcare Database (PHD) is a comprehensive repository for electronic healthcare data, aiding in the analysis of device and drug utilization, resource use trends, and care quality [4][6] - The partnership enhances the longitudinal view of patient journeys, measuring therapy effectiveness, quality, and cost [6]

**Financial Performance Overview**](index=1&type=section&id=Financial%20Performance%20Overview) [**Third Quarter Fiscal 2025 Financial Highlights**](index=1&type=section&id=Third%20Quarter%20Fiscal%202025%20Financial%20Highlights) Premier's Q3 FY2025 saw a **9%** revenue decrease to **$261.4M**, but net income improved, exceeding expectations from strong Supply Chain Services Q3 FY2025 Key Financial Metrics | Metric | Q3 FY2025 | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Total Net Revenue | $261.4M | -9% | +9% | | Net Income (Cont. Ops) | $27.6M | NM | NM | | Adjusted EBITDA* | $71.7M | -25% | +43% | | Adjusted EPS* | $0.44 | -10% | +76% | - The CEO attributed the better-than-expected results to the Supply Chain Services segment and highlighted the ongoing return of capital to stockholders through a **$1B** share repurchase authorization, including a new **$200M** accelerated share repurchase program[3](index=3&type=chunk) - Financial results are presented for continuing operations following the divestiture of the S2S Global direct sourcing business. The company is in the process of winding down its Contigo Health business and provides certain financial measures excluding its contributions for clarity[3](index=3&type=chunk)[48](index=48&type=chunk) [**Fiscal-Year 2025 Guidance**](index=3&type=section&id=Fiscal-Year%202025%20Guidance) Premier raised its full-year FY2025 Adjusted EBITDA and EPS guidance, reaffirming revenue midpoint, driven by strong Q3 performance and share repurchases Updated Fiscal-Year 2025 Guidance (as of May 6, 2025) | Guidance Metric | New FY2025 Range | Previous FY2025 Range | Change | | :--- | :--- | :--- | :--- | | Total Net Revenue Excl. Contigo | $955M - $995M | $940M - $1.01B | Midpoint Unchanged | | Adjusted EBITDA | $247M - $255M | $237M - $253M | Midpoint Increased $6M | | Adjusted EPS | $1.37 - $1.43 | $1.26 - $1.34 | Midpoint Increased $0.10 | | Diluted Weighted Avg. Shares | 91M - 93M | 94M - 96M | Reduced by 3M shares | - Key guidance assumptions were updated, including an increase in the expected range for net administrative fees revenue and an improved free cash flow conversion rate of **50% to 60%** of adjusted EBITDA[13](index=13&type=chunk) [**Segment Performance**](index=4&type=section&id=Segment%20Performance) Both Supply Chain Services and Performance Services segments experienced revenue and adjusted EBITDA declines in Q3 FY2025, primarily due to higher member fee share and lower consulting revenue respectively [**Supply Chain Services**](index=4&type=section&id=Supply%20Chain%20Services) Supply Chain Services revenue decreased **8%** YoY to **$160.9M**, with net administrative fees down due to higher member fee share, while adjusted EBITDA declined **16%** Supply Chain Services Q3 FY2025 Results (YoY) | Metric | Q3 FY2025 | YoY Change | | :--- | :--- | :--- | | Net Revenue | $160.9M | -8% | | Net Administrative Fees | $142.2M | -10% | | Software & Other Services | $18.7M | +5% | | Segment Adjusted EBITDA | $85.7M | -16% | - The decline in net administrative fees was an expected result of an increased member fee share, while software revenue growth was driven by new co-management engagements and expanded digital solutions[16](index=16&type=chunk)[17](index=17&type=chunk) [**Performance Services**](index=4&type=section&id=Performance%20Services) Performance Services revenue decreased **10%** YoY to **$100.5M** due to lower consulting business revenue, leading to a **28%** decline in adjusted EBITDA Performance Services Q3 FY2025 Results (YoY) | Metric | Q3 FY2025 | YoY Change | | :--- | :--- | :--- |\ | Net Revenue | $100.5M | -10% | | Segment Adjusted EBITDA | $19.5M | -28% | - The revenue decline was mainly driven by the consulting business, with some offset from the applied sciences business[19](index=19&type=chunk) [**Financial Position and Cash Flow**](index=4&type=section&id=Financial%20Position%20and%20Cash%20Flow) Premier's cash position was **$71.3M** with **$255.0M** credit facility outstanding, while nine-month operating cash flow significantly increased to **$307.8M** due to lower taxes and a legal settlement - Cash and cash equivalents stood at **$71.3M**, while the outstanding balance on the **$1.0B** revolving credit facility was **$255.0M**, with the increase in borrowings largely funding share repurchases[21](index=21&type=chunk) - For the first nine months of FY25, net cash provided by operating activities from continuing operations increased to **$307.8M** from **$160.9M** YoY. This was mainly due to lower cash taxes paid, a **$57.0M** cash receipt from a derivative lawsuit settlement, and a **$17.6M** cash distribution from a minority investment[22](index=22&type=chunk) - Non-GAAP free cash flow for the nine months ended March 31, 2025, was **$130.3M**, a decrease from **$143.1M** in the prior-year period[24](index=24&type=chunk) [**Capital Allocation**](index=5&type=section&id=Capital%20Allocation) Premier actively returned capital via a **$1B** share repurchase authorization, including a new **$200.0M** ASR program, and declared a **$0.21** per share quarterly dividend - A new **$200.0M** Accelerated Share Repurchase program (the "2025 ASR") was initiated in February 2025, resulting in an initial delivery of approximately **9.0M shares**[27](index=27&type=chunk) - The company completed a separate **$200.0M** market repurchase program in January 2025, buying back approximately **9.5M shares**[26](index=26&type=chunk) - The Board of Directors declared a quarterly cash dividend of **$0.21 per share**, payable by June 15, 2025[28](index=28&type=chunk) **Consolidated Financial Statements**](index=9&type=section&id=Consolidated%20Financial%20Statements) [**Condensed Consolidated Statements of Income**](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) For the nine months ended March 31, 2025, net revenue decreased to **$749.8M**, operating income turned to a loss, but net income from continuing operations increased to **$54.7M** Income Statement Summary (Nine Months Ended March 31, in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net Revenue | $749,790 | $835,763 | | Gross Profit | $544,795 | $635,305 | | Operating Income (Loss) | $(23,748) | $43,665 | | Net Income from Cont. Ops | $54,716 | $43,358 | | Diluted EPS from Cont. Ops | $0.46 | $0.48 | [**Condensed Consolidated Balance Sheets**](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets decreased to **$3.07B**, liabilities increased to **$1.55B** due to borrowings, and stockholders' equity declined to **$1.52B** from share repurchases Balance Sheet Summary (in thousands) | Metric | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total Current Assets | $576,425 | $755,257 | | Total Assets | $3,071,792 | $3,401,449 | | Total Current Liabilities | $880,707 | $746,563 | | Total Liabilities | $1,548,807 | $1,439,218 | | Total Stockholders' Equity | $1,522,985 | $1,962,231 | [**Condensed Consolidated Statements of Cash Flows**](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended March 31, 2025, operating cash flow was **$293.4M**, while significant cash was used in financing activities, primarily for **$400.2M** in share repurchases Cash Flow Summary (Nine Months Ended March 31, in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $293,444 | $190,270 | | Net Cash used in Investing Activities | $(40,495) | $(54,903) | | Net Cash used in Financing Activities | $(306,721) | $(163,311) | | **Net Decrease in Cash** | **$(53,819)** | **$(27,937)** | **Non-GAAP Financial Measures and Reconciliations**](index=5&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) [**Use and Definitions of Non-GAAP Measures**](index=5&type=section&id=Use%20and%20Definitions%20of%20Non-GAAP%20Measures) Premier uses non-GAAP measures like Adjusted EBITDA and Free Cash Flow for consistent performance comparison, with revised definitions and supplemental figures excluding Contigo Health for guidance alignment - Management believes non-GAAP measures like Adjusted EBITDA and Adjusted Net Income assist investors in comparing operating performance period-to-period by removing non-cash, non-recurring, and certain other items[32](index=32&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) - The definitions for Adjusted EBITDA, Adjusted Net Income, and Free Cash Flow were revised to exclude impacts related to the sale of non-healthcare GPO member contracts to OMNIA, ensuring better comparability[47](index=47&type=chunk) - Supplemental non-GAAP measures excluding Contigo Health are provided because the business is expected to be wound down by December 31, 2025, and this presentation aligns with the company's financial guidance[48](index=48&type=chunk) [**Reconciliation of Non-GAAP Measures**](index=12&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) The report provides detailed reconciliations of non-GAAP measures to GAAP, including Q3 FY25 Adjusted EBITDA of **$71.7M** and nine-month Free Cash Flow of **$130.3M**, with separate Contigo Health adjustments Reconciliation to Free Cash Flow (Nine Months Ended March 31, 2025, in thousands) | Line Item | Amount | | :--- | :--- | | Net cash provided by operating activities from continuing operations | $307,780 | | Less: Early termination payments, Purchases of property/equipment, etc. | $(177,459) | | **Free cash flow** | **$130,321** | Reconciliation to Adjusted EBITDA (Q3 FY2025, in thousands) | Line Item | Amount | | :--- | :--- | | Net income (loss) from continuing operations | $27,613 | | Plus: Interest, Taxes, D&A, and other adjustments | $44,133 | | **Adjusted EBITDA** | **$71,746** | Reconciliation to Adjust for Contigo Health (Q3 FY2025, in thousands) | Metric | As Reported | Contigo Impact | Excluding Contigo | | :--- | :--- | :--- | :--- | | Net Revenue | $261,382 | $(6,118) | $255,264 | | Adjusted EBITDA | $71,746 | $860 | $72,606 | | Adjusted EPS | $0.44 | $0.02 | $0.46 | **Other Information**](index=5&type=section&id=Other%20Information) [**Conference Call and Webcast**](index=5&type=section&id=Conference%20Call%20and%20Webcast) Premier held a conference call and webcast on May 6, 2025, to discuss financial performance and outlook, with access details provided for the event and replay - A conference call and webcast were held at 8:00 a.m. ET on the day of the earnings release to discuss the results[29](index=29&type=chunk) [**Cautionary Note Regarding Forward-Looking Statements**](index=8&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section cautions that forward-looking statements, including financial guidance and strategic plans, are subject to risks and uncertainties, and actual results may differ materially - The report contains forward-looking statements concerning future financial performance, business strategies (including the Contigo Health wind-down), and capital allocation, which are subject to significant risks and uncertainties[52](index=52&type=chunk)

Core Viewpoint - Lamar Advertising Company has acquired Premier Outdoor Media's assets, enhancing its presence in the Northeast Corridor and expanding its digital out-of-home (OOH) advertising capabilities [1][3][4]. Company Overview - Lamar Advertising Company is a leader in the OOH advertising industry, operating over 360,000 displays across North America, including approximately 5,000 digital billboards, making it the largest digital OOH network in the United States [4]. - Premier Outdoor Media, founded in 2018, became the largest independent digital OOH network in the Philadelphia Designated Market Area, growing its digital display count by over 500% under the leadership of Dominick Vastino and Sean Corbett [2][4]. Strategic Acquisition - The acquisition adds nearly 200 billboard faces, including 45 digital units, in key markets such as New Jersey, Delaware, Maryland, Pennsylvania, and New York, reinforcing Lamar's competitive edge in densely populated areas [1][3]. - Sean Reilly, CEO of Lamar, emphasized that this acquisition aligns with the company's strategy of adding high-quality, REIT-qualified assets to its portfolio [3]. Market Position and Growth Strategy - The transaction reflects Lamar's focus on scaling its digital OOH capabilities and acquiring regionally dominant networks that align with its REIT structure [4]. - As digital OOH continues to grow faster than traditional media, Lamar's expanded presence in the Northeast positions it to capture increasing advertiser demand [5]. Financial Outlook - Lamar is scheduled to report its first-quarter 2025 results on May 8, 2025, with the Zacks Consensus Estimate for funds from operations (FFO) per share at $1.54 on revenues of $508.9 million [5].

Core Insights - Premier, Inc. reported a revenue of $261.38 million for the quarter ended March 2025, reflecting a year-over-year decline of 23.7% and an EPS of $0.44 compared to $0.55 a year ago [1] - The reported revenue exceeded the Zacks Consensus Estimate of $238.88 million by 9.42%, while the EPS surprised by 41.94% against the consensus estimate of $0.31 [1] Financial Performance Metrics - Net Revenue from Supply Chain Services - Software licenses, other services, and support was $18.67 million, surpassing the average estimate of $17.41 million [4] - Net Revenue from Performance Services was $100.48 million, compared to the estimated $89.14 million, representing a year-over-year decline of 12.6% [4] - Total Net Revenue from Supply Chain Services was $160.91 million, exceeding the average estimate of $149.73 million, but showing a year-over-year decline of 29.3% [4] - Net Revenue from Supply Chain Services - Net administrative fees was $142.23 million, compared to the average estimate of $132.32 million, reflecting a year-over-year change of -9.3% [4] - Adjusted EBITDA for Supply Chain Services was $85.67 million, exceeding the estimate of $76.65 million [4] - Adjusted EBITDA for Performance Services was $19.45 million, compared to the estimated $14.26 million [4] - Adjusted EBITDA for Corporate was -$33.37 million, compared to the average estimate of -$30.96 million [4] Stock Performance - Shares of Premier have returned +7.1% over the past month, while the Zacks S&P 500 composite has changed by +11.5% [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential outperformance against the broader market in the near term [3]

Financial Data and Key Metrics Changes - The company reported net revenue of $261 million for Q3, which grew by $21 million sequentially but declined by $25 million year-over-year due to higher fee share from contract renewals [12] - Adjusted EBITDA for Q3 was $73 million, representing a sequential improvement of $21 million and achieving the highest quarterly margin of 28.4% for the fiscal year [13] - GAAP net income from continuing operations increased by $76 million compared to the prior year period, primarily due to asset impairment charges related to Contigo Health in the previous year [12] Business Segment Data and Key Metrics Changes - The Supply Chain Services segment performed above expectations, with gross administrative fees growing driven by higher contract penetration and onboarding of new members [14] - Performance Services saw notable sequential revenue and adjusted EBITDA improvement, although consulting revenue was lower compared to the prior year, partially offset by better performance in applied sciences [16] Market Data and Key Metrics Changes - The company experienced broad growth across key categories such as med surg, diagnostics, food, and pharmacy, with gross administrative fees growing 3.5% over the prior year period [15] - The company is actively monitoring tariff developments and has seen no material disruption across its GPO portfolio, although it remains a fluid situation [6][7] Company Strategy and Development Direction - The company is committed to technology-enabled performance improvement and supply chain excellence, focusing on AI, machine learning, and automation to drive impact across various healthcare challenges [8][9] - A strategic partnership with Epic is expected to enhance the company's documentation and coding solutions, further validating its tech-forward approach [9] Management's Comments on Operating Environment and Future Outlook - Management noted that healthcare providers are under pressure due to rising costs, workforce shortages, and reimbursement challenges, leading to increased demand for the company's services [6] - The company is increasing its full-year guidance for adjusted EBITDA and adjusted EPS due to better-than-expected performance in Supply Chain Services [5][19] Other Important Information - The company initiated a $200 million accelerated share repurchase program during the quarter and returned $60 million to stockholders through dividends [5][17] - The final payment associated with the termination of the tax receivable agreement is expected by the end of the fiscal year, which will positively impact free cash flow starting July 1, 2025 [18] Q&A Session Summary Question: What is driving the outperformance in both segments? - Management indicated that the outperformance is due to a combination of factors including pressure on healthcare systems from reimbursement changes, labor shortages, and tariffs [24][25] Question: How are customers managing tariff impacts? - Management explained that healthcare systems cannot absorb significant tariffs without impacting their margins, and they are working on strategies to mitigate these costs [32][33] Question: What is the significance of pharmaceuticals in revenue? - Approximately 18.5% of gross administrative fees come from pharmaceuticals, with ongoing efforts to expand domestic drug manufacturing [66] Question: What are the expectations for health system customers in Q4? - Management expressed that health systems are under pressure and may not have a significantly positive outlook due to concerns over tariffs and labor markets [70][71] Question: Are there any one-time items in net admin fee revenue? - Management confirmed there were no one-time items in net administrative fees for the quarter, attributing the performance to effective execution [62][63]

Premier, Inc. (PINC) came out with quarterly earnings of $0.44 per share, beating the Zacks Consensus Estimate of $0.31 per share. This compares to earnings of $0.55 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 41.94%. A quarter ago, it was expected that this company would post earnings of $0.29 per share when it actually produced earnings of $0.27, delivering a surprise of -6.90%.Over the last four quarters, the company ha ...

Financial Data and Key Metrics Changes - The company reported net revenue of $261 million for Q3, which grew by $21 million sequentially but declined by $25 million year-over-year due to higher fee share from contract renewals [12] - Adjusted EBITDA for Q3 was $73 million, representing a sequential improvement of $21 million and the highest quarterly margin of 28.4% for the fiscal year [12] - GAAP net income from continuing operations increased by $76 million compared to the prior year period, primarily due to asset impairment charges related to Contigo Health in the previous year [12] Business Segment Data and Key Metrics Changes - The Supply Chain Services segment performed above expectations, with gross administrative fees growing driven by higher contract penetration and onboarding of new members [13][15] - Performance Services saw notable sequential revenue and adjusted EBITDA improvement, although consulting revenue was lower compared to the prior year, partially offset by better performance in applied sciences [16] Market Data and Key Metrics Changes - The company experienced broad growth across key categories such as med surg, diagnostics, food, and pharmacy, with gross administrative fees growing 3.5% over the prior year period [14] - The company is actively monitoring tariff impacts and has seen no material disruption across its GPO portfolio, although it remains a fluid situation [6][12] Company Strategy and Development Direction - The company is committed to technology-enabled performance improvement and supply chain excellence, with a focus on AI, machine learning, and automation to drive impact across various healthcare challenges [8][9] - A strategic partnership with Epic was announced, expected to enhance the company's documentation and coding solutions, validating its tech-forward approach [9] Management's Comments on Operating Environment and Future Outlook - Management noted that healthcare providers are under pressure due to rising costs, workforce shortages, and reimbursement challenges, leading to increased demand for the company's services [5][24] - The company is increasing its full-year guidance for adjusted EBITDA and adjusted EPS due to better-than-expected performance in Supply Chain Services [4][19] Other Important Information - The company initiated a $200 million accelerated share repurchase program during the quarter and returned $60 million to shareholders through dividends [17][18] - The company expects to complete the majority of contract renewals by the end of fiscal year 2026, with over 75% of negotiations already completed [47] Q&A Session Summary Question: What is driving the outperformance in both segments? - Management indicated that the outperformance is due to a combination of factors including labor pressures, tariffs, and impending federal changes affecting revenue [24][25] Question: How are customers managing tariff impacts? - Customers are actively working with the company to strategize around tariffs, utilizing data and analytics to make informed purchasing decisions [36][39] Question: What is the significance of pharmaceuticals in revenue? - Pharmaceuticals account for approximately 18.5% of gross administrative fees, with ongoing efforts to expand domestic drug manufacturing [65] Question: What are the expectations for health system customers in Q4? - Management expressed that health systems are under pressure and may not have a significantly positive outlook due to concerns over tariffs and labor markets [70] Question: Are there any one-time items in net admin fee revenue? - There were no one-time items in net administrative fees for the quarter, and the completion of renewals was attributed to effective execution [61][62]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36092 Premier, Inc. (Exact name of registrant as specified in its charter) Delaware 35-2477140 (State or other jurisdiction of ...

Fiscal 2025 Third-Quarter Earnings Conference Call May 6, 2025 © 2025. ALL RIGHTS RESERVED. | PREMIER INC. | 1 Forward-Looking Statements and Non-GAAP Financial Measures Key Points Forward-looking statements – Statements made in this presentation and the accompanying webcast that are not statements of historical or current facts, such as those related to our ability to advance our business strategies and improve healthcare, our ability to transition to partners or wind down the remaining operations of Conti ...