Core Viewpoint - Premier, Inc. reported a decline in revenue and earnings for the quarter ended September 2025, indicating potential challenges in financial performance despite some positive surprises against estimates [1][2]. Financial Performance Summary - Revenue for the quarter was $240 million, down 3.3% year-over-year, but exceeded the Zacks Consensus Estimate of $239.23 million by +0.32% [1]. - Earnings per share (EPS) were $0.30, a decrease from $0.34 in the same quarter last year, but surpassed the consensus estimate of $0.28 by +7.14% [1]. - The stock has returned +1.2% over the past month, underperforming the Zacks S&P 500 composite's +2.1% change [3]. Key Metrics Overview - Net Revenue from Supply Chain Services - Software licenses and other services was $19.68 million, slightly below the average estimate of $19.75 million [4]. - Net Revenue from Performance Services was $87.92 million, down 9.1% year-over-year, and below the average estimate of $89.51 million [4]. - Total Net Revenue from Supply Chain Services was $152.09 million, exceeding the average estimate of $149.72 million with a year-over-year change of +0.5% [4]. - Net administrative fees from Supply Chain Services were $132.4 million, slightly above the average estimate of $129.97 million, with a year-over-year change of -0.2% [4]. - Adjusted EBITDA for Performance Services was $10.62 million, below the average estimate of $15.01 million [4]. - Adjusted EBITDA for Supply Chain Services was $76.17 million, exceeding the average estimate of $72.28 million [4].

Financial Data and Key Metrics Changes - Sales for Q3 2025 increased by $890 million year-over-year to $7.7 billion, representing a 13% increase compared to the prior year, or an 11% increase on a constant currency basis [16] - Non-GAAP gross margin for Q3 was 10.8%, down approximately 70 basis points year-over-year, primarily due to regional and customer mix in Global Components and a $21 million charge in ECS [16] - Non-GAAP diluted EPS for Q3 was $2.41, exceeding the guided range, with the charge lowering EPS by $0.31 [16] Business Line Data and Key Metrics Changes - Global Components sales increased by $610 million year-over-year to $5.6 billion, up 5% sequentially [20] - Global ECS sales rose by $300 million year-over-year to $2.2 billion, reflecting a 15% increase compared to the prior year [21] - ECS billings were $5.2 billion, up 14% year-over-year, with a healthy backlog growth exceeding 70% year-over-year [21] Market Data and Key Metrics Changes - Sales in the Americas were flat sequentially at $1.7 billion, driven by strength in industrial and transportation markets [19] - EMEA sales reached $1.4 billion, with resilience in industrial and aerospace markets despite macroeconomic challenges [19] - Asia sales grew sequentially by 12% to $2.4 billion, supported by strength in industrial, compute, and consumer markets [19] Company Strategy and Development Direction - The company is focused on delivering high-quality, innovative technology solutions and is positioned to emerge with improved momentum as the market gradually recovers [5][6] - The strategy includes a deliberate shift towards higher-margin value-added offerings and expanding the addressable market through strategic outsourcing arrangements [12][13] - The company aims to leverage strong trends in cloud and AI to drive growth in both supply chain services and ECS segments [27] Management's Comments on Operating Environment and Future Outlook - Management believes the current cyclical recovery is gradual, with leading indicators remaining robust across all markets [26] - The company anticipates that the West will catch up to the East in terms of recovery, with mass market customers expected to improve over time [26] - Future guidance for Q4 expects sales between $7.8 billion and $8.4 billion, indicating an 11% year-over-year increase at the midpoint [25] Other Important Information - The company has returned approximately $3.5 billion to shareholders via share repurchase since 2020 [14] - A $21 million charge was taken in Q3 due to lower profit expectations on multi-year contracts, which are part of the strategic outsourcing model [23][35] Q&A Session Summary Question: Clarification on the interim CEO role - The interim CEO confirmed he is not a candidate for the permanent position and a search committee is in place to find a successor [30] Question: Details on the $21 million charge - The charge relates to underperformance in strategic outsourcing contracts, which are expected to be margin-accretive in the long term despite current challenges [31][35] Question: ECS margins and growth expectations - The company expects strong performance in the ECS business for Q4, with margins anticipated to improve despite the recent charge [38] Question: Slower growth in specific verticals - Management indicated that while recovery is underway, some mass market customers are not recovering as quickly as larger OEMs, impacting profit margins [40] Question: Impact of new contracts on working capital - The company noted that while new contracts may require more working capital, they are expected to be margin-accretive, justifying the investment [46]

Core Insights - Premier, Inc. reported a revenue of $262.86 million for the quarter ended June 2025, which is a 25% decrease compared to the same period last year, while EPS was $0.46, down from $0.69 year-over-year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $242.42 million by 8.43%, and the EPS also surpassed the consensus estimate of $0.34 by 35.29% [1] Financial Performance Metrics - Net Revenue from Supply Chain Services for Software licenses and other services was $19.95 million, exceeding the average estimate of $17.24 million [4] - Net Revenue from Performance Services was $92.86 million, compared to the average estimate of $87.13 million, representing a year-over-year decline of 22.9% [4] - Total Net Revenue from Supply Chain Services was $170 million, surpassing the estimated $155.56 million, but reflecting a 26.1% decrease from the previous year [4] - Net administrative fees from Supply Chain Services were reported at $150.05 million, above the average estimate of $138.33 million, with a year-over-year change of -9.3% [4] - Adjusted EBITDA for Supply Chain Services was $89.99 million, exceeding the average estimate of $81.52 million [4] - Adjusted EBITDA for Performance Services was $17.17 million, compared to the average estimate of $15.87 million [4] - Corporate Adjusted EBITDA was reported at -$38.3 million, worse than the average estimate of -$33.22 million [4] Stock Performance - Shares of Premier have returned +16.7% over the past month, outperforming the Zacks S&P 500 composite's +2.5% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - Total full year revenue reached $986 million, exceeding guidance by $11 million, while adjusted EPS was $1.54, surpassing the high end of guidance by $0.11 [14][15] - Fourth quarter net revenue was $258 million, a 1% increase sequentially but a decline from the prior year due to higher fee share from contract renewals [14][15] - GAAP net income was $18 million or $0.22 per share, down from the prior year mainly due to lower revenue [15] - Adjusted EBITDA for the fourth quarter was $71 million, flat sequentially, with a margin of 27.6% [15] Business Line Data and Key Metrics Changes - Supply Chain Services segment performed above expectations, with gross administrative fees growing over 3% in fiscal year 2025, driven by higher contract penetration and onboarding of new members [16][17] - Performance Services segment showed sequential improvement in advisory business, although it was lower compared to the prior year due to rebuilding the sales funnel [18] - Other supply chain services revenue grew by 17% in the co-management business and 15% in the digital supply chain business [17] Market Data and Key Metrics Changes - The company noted increasing demand for margin improvement solutions among member hospitals due to ongoing cost pressures and reimbursement uncertainty [11][12] - The acquisition of Illumicare is expected to enhance the company's ability to deliver real-time insights and expand its addressable market [10][49] Company Strategy and Development Direction - The company is focused on helping health systems transition from short-term cost containment to structural changes that enhance operational resilience [8][9] - The acquisition of Illumicare is part of a strategy to strengthen clinical decision support capabilities and leverage AI for better healthcare outcomes [10][49] - The company anticipates returning to positive growth in total net revenue, adjusted EBITDA, and adjusted EPS in fiscal year 2027 [22][24] Management Comments on Operating Environment and Future Outlook - Management highlighted ongoing financial pressures for member hospitals and the need for value-based strategic support [7][8] - The company expects fiscal year 2026 to be a year of stabilization and transition, with a return to growth anticipated in fiscal year 2027 [21][22] - Management expressed confidence in the ability to drive growth due to the strength of the business and the commitment of the team [12][24] Other Important Information - Free cash flow for fiscal year 2025 was $181 million, with a conversion rate of 69%, and is expected to be in the range of 70% to 80% for fiscal year 2026 [19][20] - The company completed a $200 million accelerated share repurchase program, bringing total repurchases to $800 million under a $1 billion authorization [15][20] Q&A Session Summary Question: Changes in customer buying behavior in Supply Chain Services - Management noted no significant pull forward in buying behavior due to tariffs, with some increases attributed to regional issues [26][27] Question: Momentum in the advisory business - The advisory business is driven by market dynamics and the expertise of the newly hired leadership, with recent large engagements contributing to growth [28][30] Question: Cadence of admin fee renewal and growth assumptions - Management expects fee share to increase to the mid-60% range in fiscal year 2026, with broad-based growth across key categories [36][38] Question: Size and impact of Illumicare acquisition - Illumicare is projected to generate $8 million to $10 million in revenue for fiscal year 2026, with breakeven EBITDA [49][50] Question: Advisory business growth visibility - Advisory business is expected to grow above 25% in fiscal year 2026, largely driven by recent large contracts [61][62] Question: Free cash flow guidance and TRA impact - The TRA benefit is included in free cash flow guidance, with expectations for improved cash flow in fiscal year 2026 [66][67] Question: Demand for technology post July 4 - There remains strong interest in clinical decision support capabilities, with technology driving demand for performance improvement [93][97] Question: Unique advisory contracts and differences from consulting - Advisory engagements focus on comprehensive performance improvement strategies, with consulting and advisory viewed as interchangeable terms [104][106] Question: Life sciences or pharma support business updates - The life sciences business is performing as expected, with growth opportunities anticipated moving forward [107][108]

Financial Data and Key Metrics Changes - Total full year revenue reached $986 million, exceeding guidance by $11 million, while adjusted EPS was $1.54, surpassing the high end of guidance by $0.11 [13][14] - Fourth quarter net revenue was $258 million, a 1% increase sequentially but a decline from the prior year due to higher fee share from contract renewals [13][14] - Adjusted EBITDA for the fourth quarter was $71 million, translating to a margin of 27.6%, benefiting from revenue outperformance in Supply Chain Services [14] Business Line Data and Key Metrics Changes - Supply Chain Services segment performed above expectations, with gross administrative fees growing over 3% in fiscal year 2025, driven by higher contract penetration and onboarding of new members [15][16] - Performance Services segment showed sequential improvement in advisory business, although it was lower compared to the prior year as the sales funnel is being rebuilt [17] - Other supply chain services revenue grew by 17% in the co-management business and 15% in the digital supply chain business, indicating growth opportunities for fiscal year 2026 and beyond [16][17] Market Data and Key Metrics Changes - The company noted increasing financial pressures on member hospitals and health systems, leading to a demand for value-based strategic support [6][10] - The acquisition of Illumicare is expected to enhance the company's ability to deliver real-time insights and expand its addressable market [8][20] Company Strategy and Development Direction - The company is focused on helping health systems transition from short-term cost containment to structural changes that enhance operational resilience [6][10] - The acquisition of Illumicare is part of a strategy to strengthen clinical decision support capabilities and leverage AI for better healthcare outcomes [8][20] - The company anticipates a stabilization year in fiscal year 2026, with a return to growth in key financial metrics expected in fiscal year 2027 [21][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive growth, citing a robust pipeline of advisory business and strategic engagements [7][11] - The company expects free cash flow conversion in fiscal year 2026 to be in the range of 70% to 80%, with a cash tax rate anticipated to be less than 5% over the next five years [18][19] - Management highlighted the importance of addressing contract renewals and the anticipated increase in fee share to the mid-60% range in fiscal year 2026 [16][36] Other Important Information - The company completed a $200 million accelerated share repurchase program, bringing total stock repurchases to $800 million under a $1 billion authorization [14][19] - The company is winding down the Contigo Health assets, with expected revenue of $9 million and an EBITDA loss of $6 million in fiscal year 2026 [49] Q&A Session Summary Question: Changes in customer buying behavior in Supply Chain Services - Management noted no significant pull forward in buying behavior due to tariffs, with some regional increases observed [25] Question: Momentum in the advisory business - The advisory business is driven by market dynamics and the expertise of the newly hired leadership, with significant recent contract wins [26][30] Question: Cadence of admin fee renewal and growth assumptions - Management expects a gradual increase in fee share throughout fiscal year 2026, with gross administrative fees anticipated to grow around 4% [35][36] Question: Size and impact of Illumicare acquisition - Illumicare is projected to generate $8 million to $10 million in revenue for fiscal year 2026, breakeven on EBITDA, and is expected to drive future growth [48] Question: Advisory business size and growth visibility - The advisory business is estimated to be between $50 million to $100 million, with expectations of over 25% growth in fiscal year 2026 driven by recent large contracts [58][60] Question: Free cash flow guidance and TRA impact - The TRA benefit is included in free cash flow guidance, with expectations for improved cash flow in fiscal year 2026 due to the absence of the $100 million headwind [64][66] Question: Demand changes post July 4 and SaaS offerings - There remains significant interest in clinical decision support capabilities, with ongoing demand for technology that drives performance improvement [90][92]

Financial Data and Key Metrics Changes - DXP Enterprises reported total sales for Q2 2025 of $498.7 million, reflecting an 11.9% year-over-year growth and a 4.7% sequential increase [9][19] - Adjusted EBITDA for Q2 was $57.3 million, representing an adjusted EBITDA margin of 11.5% [9][25] - Diluted earnings per share for Q2 was $1.43, up from $1.00 in the same quarter last year [25] Business Line Data and Key Metrics Changes - Innovative Pumping Solutions (IPS) led sales growth with a 27.5% year-over-year increase, while Service Centers grew by 10.8% year-over-year [10][20] - Supply Chain Services remained flat year-over-year, with a slight sequential growth of 3.3% [14][21] - The energy segment within IPS saw a significant year-over-year increase of 37.3% [10] Market Data and Key Metrics Changes - The DXP water platform achieved its eleventh consecutive quarter of sequential sales growth, reaching $48.7 million in Q2 [22] - Regions such as North and South Rockies, Ohio River Valley, and South Atlantic experienced year-over-year sales growth [22][23] Company Strategy and Development Direction - The company is focused on diversifying its business through new products, industries, and geographical expansions [6][16] - DXP continues to execute its acquisition strategy, having completed multiple acquisitions in the first half of 2025 [5][19] - The company aims to maintain adjusted EBITDA margins above 11% and is targeting 12% in the future [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current environment, citing a strong balance sheet and robust acquisition pipeline [9][30] - The backlog for energy-related projects is at an all-time high, indicating strong future revenue potential [11][21] - Management noted that while there are macroeconomic uncertainties, they are not seeing significant hesitance from customers regarding spending [38][39] Other Important Information - The company reported a working capital increase to $349 million, reflecting a 23.8 million increase from March [26] - Free cash flow for Q2 was $8.3 million, an increase from $5.9 million in the previous year [28] - DXP's acquisition pipeline remains active, with expectations to close three to four additional acquisitions in the second half of the year [29][30] Q&A Session Summary Question: Can you share daily sales trends by month for Q2 and Q3 thus far? - April sales were $7.81 million, May was $7.55 million, June was $8.37 million, and July is estimated at $7.25 million [35] Question: Will there be any significant margin differences between Q2 and Q3? - The company expects to continue benefiting from acquisitions that are accretive to margins, particularly in water and wastewater sectors [36] Question: Are customers hesitant to spend due to macro uncertainties? - Management indicated that they are not seeing significant hesitance in spending, with a strong backlog and bookings exceeding billings [39]

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]

Financial Data and Key Metrics Changes - The first quarter adjusted EBITDA was $52.5 million, with adjusted diluted earnings per share of $1.26, supported by a year-over-year sales growth of 15.5% and sequential sales growth of 1.2% [6][18] - Total sales for Q1 increased to $476.6 million, with average daily sales rising from $6.9 million in January to $8.1 million in March [11][19] - Gross margins improved to 31.5%, reflecting a year-over-year increase of 151 basis points [24] Business Line Data and Key Metrics Changes - Innovative Pumping Solutions (IPS) saw a sales growth of 38.5% year over year, while Service Centers grew by 13.4% and Supply Chain Services by 2.1% [11][19] - IPS backlog continued to grow, with energy-related backlog increasing by 5.5% over Q4 [22] - Service Centers achieved a new sales watermark of $327 million, with notable growth in regions like Alaska and Texas Gulf Coast [20][18] Market Data and Key Metrics Changes - The ISM and PMI manufacturing index indicated a slight contraction, moving from 50.9 in January to 49 in March, with expectations that price increases will offset this contraction [9] - Oil and gas, representing 23% of the business, showed consistent demand, with anticipated growth driven by large projects [10] Company Strategy and Development Direction - The company remains focused on organic and inorganic growth, with a commitment to customer-driven expertise and operational improvements [5][7] - DXP is actively pursuing acquisitions to diversify its market presence, having closed one acquisition in Q1 and planning more [8][32] - The company aims to maintain a balance between strategic investments and preserving liquidity amid market uncertainties [15][31] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding future demand despite tariff uncertainties, noting that no significant demand effects have been observed yet [16][44] - The company is well-positioned to navigate market volatility and is focused on improving efficiencies while making strategic investments [15][17] Other Important Information - The company reported a working capital increase to $325.3 million, reflecting a rise in receivables [27] - Cash flow from operations was $3 million, impacted by growth in accounts receivable and tax payments [29] Q&A Session Summary Question: Can you share daily sales trends by month for Q1 and Q2? - Daily sales trends showed an increase from $6.8 million in January to $8.1 million in March, with April at $7.8 million [38][39] Question: Will there be any significant margin differences between Q1 and Q2? - There are no substantive factors expected to cause a significant margin difference between Q1 and Q2 [40][41] Question: Are there signs of slowing down due to tariffs and macro uncertainty? - Management noted no significant effect on demand yet, although there may be some stalling due to uncertainty around tariffs [42][44]

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]