Premier (PINC) 10-Q1 Nov 222023 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Sep. 30, 2022	Oct. 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-36092
Entity Registrant Name	Premier, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	35-2477140
Entity Address, Address Line One	13034 Ballantyne Corporate Place
Entity Address, City or Town	Charlotte,
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28277
City Area Code	704
Local Phone Number	357-0022
Title of 12(b) Security	Class A Common Stock, $0.01 Par Value
Trading Symbol	PINC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		118,762,118
Entity Central Index Key	0001577916
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Assets
Cash and cash equivalents	$ 176,630	$ 86,143
Accounts receivable (net of $1,127 and $2,043 allowance for credit losses, respectively)	105,226	114,129
Contract assets (net of $838 and $755 allowance for credit losses, respectively)	277,571	260,061
Inventory	123,881	119,652
Prepaid expenses and other current assets	55,655	65,581
Total current assets	738,963	645,566
Property and equipment (net of $600,970 and $578,644 accumulated depreciation, respectively)	208,862	213,379
Intangible assets (net of $228,034 and $217,582 accumulated amortization, respectively)	346,120	356,572
Goodwill	999,913	999,913
Deferred income tax assets	722,876	725,032
Deferred compensation plan assets	41,636	47,436
Investments in unconsolidated affiliates	215,436	215,545
Operating lease right-of-use assets	36,897	39,530
Other assets	109,038	114,154
Total assets	3,419,741	3,357,127
Liabilities and stockholders' equity
Accounts payable	59,803	44,631
Accrued expenses	39,342	40,968
Revenue share obligations	247,830	245,395
Accrued compensation and benefits	54,968	93,638
Deferred revenue	28,286	30,463
Current portion of notes payable to former limited partners	98,271	97,806
Line of credit and current portion of long-term debt	252,215	153,053
Other current liabilities	57,286	47,183
Total current liabilities	838,001	753,137
Long-term debt, less current portion	1,008	2,280
Notes payable to former limited partners, less current portion	176,446	201,188
Deferred compensation plan obligations	41,636	47,436
Deferred consideration, less current portion	28,864	28,702
Operating lease liabilities, less current portion	30,237	32,960
Other liabilities	42,130	42,574
Total liabilities	1,158,322	1,108,277
Commitments and contingencies
Stockholders' equity:
Class A common stock, $0.01 par value, 500,000,000 shares authorized; 125,175,648 shares issued and 118,746,273 shares outstanding at September 30, 2022 and 124,481,610 shares issued and 118,052,235 shares outstanding at June 30, 2022	1,252	1,245
Treasury stock, at cost; 6,429,375 shares at both September 30, 2022 and June 30, 2022	(250,129)	(250,129)
Additional paid-in capital	2,161,000	2,166,047
Retained earnings	349,309	331,690
Accumulated other comprehensive income	(13)	(3)
Total stockholders' equity	2,261,419	2,248,850
Total liabilities and stockholders' equity	$ 3,419,741	$ 3,357,127
Class A Common Stock
Stockholders' equity:
Common stock outstanding (in shares)	118,746,273	118,052,235

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Allowance for doubtful accounts	$ 1,127	$ 2,043
Allowance for credit losses	838	755
Accumulated depreciation	600,970	578,644
Accumulated amortization	$ 228,034	$ 217,582
Treasury stock, shares (in shares)	6,429,375
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	125,175,648	124,481,610
Common stock outstanding (in shares)	118,746,273	118,052,235

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Net revenue:
Net revenue	$ 313,873	$ 365,147
Cost of revenue:
Cost of revenue	111,888	153,171
Gross profit	201,985	211,976
Operating expenses:
Selling, general and administrative	132,050	127,814
Research and development	975	994
Amortization of purchased intangible assets	10,452	10,889
Operating expenses	143,477	139,697
Operating income	58,508	72,279
Equity in net income of unconsolidated affiliates	8,243	7,058
Interest expense, net	(2,859)	(2,788)
Gain on FFF Put and Call Rights	0	64,110
Other expense, net	(2,164)	(320)
Other income, net	3,220	68,060
Income before income taxes	61,728	140,339
Income tax expense	18,769	19,033
Net income	42,959	121,306
Net (income) loss attributable to non-controlling interest	(243)	698
Net income attributable to stockholders	42,716	122,004
Comprehensive income:
Net income	42,959	121,306
Comprehensive (income) loss attributable to non-controlling interest	(243)	698
Foreign currency translation loss	(10)	0
Comprehensive income attributable to stockholders	$ 42,706	$ 122,004
Weighted average shares outstanding:
Basic (in shares)	118,351	122,945
Diluted (in shares)	120,033	124,573
Earnings per share attributable to stockholders:
Basic (in dollars per share)	$ 0.36	$ 0.99
Diluted (in dollars per share)	$ 0.36	$ 0.97
Services and software licenses
Net revenue:
Net revenue	$ 255,012	$ 246,717
Cost of revenue:
Cost of revenue	54,014	43,809
Net administrative fees
Net revenue:
Net revenue	150,006	149,462
Software licenses, other services and support
Net revenue:
Net revenue	105,006	97,255
Products
Net revenue:
Net revenue	58,861	118,430
Cost of revenue:
Cost of revenue	$ 57,874	$ 109,362

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Class A Common Stock	Common Stock Class A Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning balance (in shares) at Jun. 30, 2021			122,533,000
Beginning balance at Jun. 30, 2021	$ 2,229,893		$ 1,225	$ 0	$ 2,059,194		$ 169,474
Treasury stock, beginning balance (in shares) at Jun. 30, 2021				0
Increase (Decrease) in Stockholders' Equity
Issuance of Class A common stock under equity incentive plan (in shares)			1,239,000
Issuance of Class A common stock under equity incentive plan	22,864		$ 13		22,851
Treasury stock (in shares)			(1,091,000)	(1,091,000)
Treasury stock	(42,628)			$ (42,628)
Stock-based compensation expense	7,554				7,554
Repurchase of vested restricted units for employee tax-withholding	(9,171)				(9,171)
Net income	121,306						121,306
Net income attributable to non-controlling interest	0				(698)		698
Dividends	(24,877)						(24,877)
Non-controlling interest related to acquisition	23,145				23,145
Treasury stock, ending balance (in shares) at Sep. 30, 2021				1,091,000
Ending balance (in shares) at Sep. 30, 2021			122,681,000
Ending balance at Sep. 30, 2021	2,328,086		$ 1,238	$ (42,628)	2,102,875		266,601
Beginning balance (in shares) at Jun. 30, 2022		118,052,235	118,052,000
Beginning balance at Jun. 30, 2022	2,248,850		$ 1,245	$ (250,129)	2,166,047	$ (3)	331,690
Treasury stock, beginning balance (in shares) at Jun. 30, 2022				6,429,000
Increase (Decrease) in Stockholders' Equity
Issuance of Class A common stock under equity incentive plan (in shares)			694,000
Issuance of Class A common stock under equity incentive plan	644		$ 7		637
Stock-based compensation expense	7,136				7,136
Repurchase of vested restricted units for employee tax-withholding	(13,089)				(13,089)
Net income	42,959						42,959
Net income attributable to non-controlling interest	0				243		(243)
Change in ownership of consolidated entity	26				26
Dividends	(25,097)						(25,097)
Foreign currency translation adjustment	(10)					(10)
Treasury stock, ending balance (in shares) at Sep. 30, 2022				6,429,000
Ending balance (in shares) at Sep. 30, 2022		118,746,273	118,746,000
Ending balance at Sep. 30, 2022	$ 2,261,419		$ 1,252	$ (250,129)	$ 2,161,000	$ (13)	$ 349,309

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net income	$ 42,959	$ 121,306
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	33,891	31,485
Equity in net income of unconsolidated affiliates	(8,243)	(7,058)
Deferred income taxes	2,156	18,700
Stock-based compensation	7,136	7,554
Gain on FFF Put and Call Rights	0	(64,110)
Other	10,035	518
Changes in operating assets and liabilities, net of the effects of acquisitions:
Accounts receivable, inventories, prepaid expenses and other assets	22,495	22,682
Contract assets	(11,856)	(5,876)
Accounts payable, accrued expenses, deferred revenue, revenue share obligations and other liabilities	(23,822)	(70,014)
Net cash provided by operating activities	74,751	55,187
Investing activities
Purchases of property and equipment	(18,930)	(21,050)
Acquisition of businesses and equity method investments, net of cash acquired	0	(26,000)
Other	(1,300)	0
Net cash used in investing activities	(20,230)	(47,050)
Financing activities
Payments made on notes payable	(26,387)	(26,692)
Proceeds from credit facility	100,000	175,000
Payments on credit facility	0	(75,000)
Proceeds from exercise of stock options under equity incentive plan	644	22,864
Cash dividends paid	(25,218)	(24,852)
Repurchase of Class A common stock (held as treasury stock)	0	(38,151)
Other	(13,063)	13,974
Net cash provided by financing activities	35,976	47,143
Effect of exchange rate changes on cash flows	(10)	0
Net increase in cash and cash equivalents	90,487	55,280
Cash and cash equivalents at beginning of period	86,143	129,141
Cash and cash equivalents at end of period	$ 176,630	$ 184,421

ORGANIZATION

ORGANIZATION	3 Months Ended
ORGANIZATION	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	(1) ORGANIZATION Organization Premier, Inc. (“Premier” or the “Company”) is a publicly held, for-profit Delaware corporation located in the United States. The Company is a holding company with no material business operations of its own. The Company’s primary asset is its equity interest in its wholly owned subsidiary Premier Healthcare Solutions, Inc., a Delaware corporation (“PHSI”). The Company conducts substantially all of its business operations through PHSI and its other consolidated subsidiaries. The Company, together with its subsidiaries and affiliates, is a leading healthcare performance improvement company that unites hospitals, health systems, physicians, employers, product suppliers, service providers, and other healthcare providers and organizations to improve and innovate in the clinical, financial and operational areas of their businesses to meet the demands of a rapidly evolving healthcare industry and continues to expand its capabilities to more fully address and coordinate care improvement and standardization in the employer, payor and life sciences markets. The Company also provides services to other businesses, including food service, schools and universities. The Company’s business model and solutions are designed to provide its members and other customers access to scale efficiencies, spread the cost of their development, provide actionable intelligence derived from anonymized data in the Company’s enterprise data warehouse, mitigate the risk of innovation and disseminate best practices to help the Company’s members and other customers succeed in their transformation to higher quality and more cost-effective healthcare. The Company, together with its subsidiaries and affiliates, delivers its integrated platform of solutions through two business segments: Supply Chain Services and Performance Services. See Note 13 - Segments for further information related to the Company’s reportable business segments. The Supply Chain Services segment includes one of the largest healthcare group purchasing organization (“GPO”) programs in the United States, supply chain co-management, purchased services and direct sourcing activities. The Performance Services segment consists of three sub-brands: PINC AI TM , the Company’s technology and services platform with offerings that help optimize performance in three main areas – clinical intelligence, margin improvement and value-based care – using advanced analytics to identify improvement opportunities, consulting and managed services for clinical and operational design, and workflow solutions to hardwire sustainable change in the provider, life sciences and payer markets; Contigo Health ® , the Company’s direct-to-employer business which provides third-party administrator services and management of health-benefit programs that allow employers to contract directly with healthcare providers as well as partner with healthcare providers to provide employers access to a specialized care network through Contigo Health’s centers of excellence program; and Remitra TM , the Company’s digital invoicing and payables business which provides financial support services to healthcare providers and suppliers. Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC and in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries over which the Company exercised control and when applicable, entities for which the Company had a controlling financial interest or was the primary beneficiary. All intercompany transactions have been eliminated upon consolidation. Accordingly, certain information and disclosures normally included in annual financial statements have been condensed or omitted. The accompanying condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of results of operations and financial condition for the interim periods shown, consisting of normal recurring adjustments, unless otherwise disclosed. The Company believes that the disclosures are adequate to make the information presented not misleading and should be read in conjunction with the audited consolidated financial statements and related footnotes contained in the 2022 Annual Report. Supplementary Cash Flows Information The following table presents supplementary cash flows information for the three months ended September 30, 2022 and 2021 (in thousands): Three Months Ended September 30, 2022 2021 Supplemental schedule of non-cash investing and financing activities: Increase in treasury stock related to a payable as a result of applying trade date accounting when recording the repurchase of Class A common stock $ — $ 4,477 Non-cash additions to property and equipment — 1,628 Accrued dividend equivalents 156 149 Use of Estimates in the Preparation of Financial Statements

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2022
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	(2) SIGNIFICANT ACCOUNTING POLICIES There have been no material changes to the Company’s significant accounting policies as described in the 2022 Annual Report. Recently Issued Accounting Standards Not Yet Adopted

INVESTMENTS

INVESTMENTS	3 Months Ended
INVESTMENTS	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS	(3) INVESTMENTS Investments in Unconsolidated Affiliates The Company’s investments in unconsolidated affiliates consisted of the following (in thousands): Equity in Net Income Carrying Value Three Months Ended September 30, September 30, 2022 June 30, 2022 2022 2021 FFF $ 134,696 $ 137,162 $ 7,187 $ 5,945 Exela 27,871 27,733 138 — Qventus 16,000 16,000 — — Prestige 15,777 15,597 180 758 Other investments 21,092 19,053 738 355 Total investments $ 215,436 $ 215,545 $ 8,243 $ 7,058 The Company, through its indirect, wholly owned subsidiary Premier Supply Chain Improvement, Inc. (“PSCI”), held a 49% interest in FFF Enterprises, Inc. (“FFF”) through its ownership of stock of FFF at September 30, 2022 and June 30, 2022. The Company, through its consolidated subsidiary, ExPre Holdings, LLC (“ExPre”), held an approximate 6% interest in Exela Holdings, Inc. (“Exela”) through its ownership of Exela Class A common stock at September 30, 2022. At September 30, 2022, the Company owned approximately 15% of the membership interest of ExPre, with the remainder of the membership interests held by 11 member health systems or their affiliates. The Company, through its consolidated subsidiary, PRAM Holdings, LLC (“PRAM”), held an approximate 20% interest in Prestige Ameritech Ltd. (“Prestige”) through its ownership of Prestige limited partnership units at September 30, 2022. At September 30, 2022, the Company owned approximately 26% of the membership interest of PRAM, with the remainder of the membership interests held by 16 member health systems or their affiliates. The Company accounts for its investments in FFF, Exela and Prestige using the equity method of accounting and includes each investment as part of the Supply Chain Services segment.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Sep. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	(4) FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The following table represents the Company’s financial assets and liabilities, which are measured at fair value on a recurring basis (in thousands): Fair Value of Financial Assets and Liabilities Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs September 30, 2022 Cash equivalents $ 75 $ 75 $ — $ — Deferred compensation plan assets 46,291 46,291 — — Total assets 46,366 46,366 — — Earn-out liabilities 22,361 — — 22,361 Total liabilities $ 22,361 $ — $ — $ 22,361 June 30, 2022 Cash equivalents $ 75 $ 75 $ — $ — Deferred compensation plan assets 52,718 52,718 — — Total assets 52,793 52,793 — — Earn-out liabilities 22,789 — — 22,789 Total liabilities $ 22,789 $ — $ — $ 22,789 Deferred compensation plan assets consisted of highly liquid mutual fund investments, which were classified as Level 1. The current portion of deferred compensation plan assets ($4.7 million and $5.3 million at September 30, 2022 and June 30, 2022, respectively) was included in prepaid expenses and other current assets in the accompanying Condensed Consolidated Balance Sheets. Financial Instruments Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) FFF Put and Call Rights On July 29, 2021, the FFF shareholders’ agreement was amended resulting in the termination of the FFF Put Right and the derecognition of the FFF Put Right liability. In the event of a Key Man Event (generally defined in the FFF shareholders’ agreement as the resignation, termination for cause, death or disability of the majority shareholder), the Company has a call right that requires the majority shareholder to sell its remaining interest in FFF to the Company, and is exercisable at any time within 180 calendar days after the date of a Key Man Event (the “Call Right”, together with the FFF Put Right, the “Put and Call Rights”). As of September 30, 2022 and June 30, 2022, the Call Right had zero value. In the event that the Call Right is exercised, the purchase price for the additional interest in FFF will be at a per share price equal to FFF’s earnings before interest, taxes, depreciation and amortization (“FFF EBITDA”) over the twelve calendar months prior to the purchase date multiplied by a market adjusted multiple, adjusted for any outstanding debt and cash and cash equivalents, divided by the number of shares of FFF common stock then outstanding (“Equity Value per Share”). Earn-out liabilities An earn-out liability was established in connection with the acquisition of substantially all of the assets and certain liabilities of Acurity, Inc. and Nexera, Inc. (the “Acurity and Nexera asset acquisition”) in February 2020. The earn-out liability is classified as Level 3 of the fair value hierarchy. The earn-out liability arising from expected earn-out payments related to the Acurity and Nexera asset acquisition was measured on the acquisition date using a probability-weighted expected payment model and is remeasured periodically due to changes in management’s estimates of the number of transferred member renewals and market conditions. In determining the fair value of the contingent liabilities, management reviews the current results of the acquired business, along with projected results for the remaining earn-out period, to calculate the expected earn-out payment to be made based on the contractual terms set out in the acquisition agreement. The Acurity and Nexera earn-out liability utilized a credit spread of 1.8% at September 30, 2022 and 1.6% at June 30, 2022. As of September 30, 2022 and June 30, 2022, the undiscounted range of outcomes is between $0 and $30.0 million. A significant decrease in the probability could result in a significant decrease in the value of the earn-out liability. The fair value of the Acurity and Nexera earn-out liability at September 30, 2022 and June 30, 2022 was $22.4 million and $22.8 million, respectively. Acurity and Nexera Earn-out (a) Input assumptions As of September 30, 2022 As of June 30, 2022 Probability of transferred member renewal percentage < 50% 5.0 % 5.0 % Probability of transferred member renewal percentage between 50% and 65% 10.0 % 10.0 % Probability of transferred member renewal percentage between 65% and 80% 25.0 % 25.0 % Probability of transferred member renewal percentage > 80% 60.0 % 60.0 % Credit spread 1.8 % 1.6 % _________________________________ (a) The Acurity and Nexera earn-out liability was initially valued as of February 28, 2020. A reconciliation of the Company’s Put Right and earn-out liabilities is as follows (in thousands): Beginning Balance Settlements (a) (Gain)/Loss (b) Ending Balance Three Months Ended September 30, 2022 Earn-out liabilities $ 22,789 $ — $ (428) $ 22,361 Total Level 3 liabilities $ 22,789 $ — $ (428) $ 22,361 Three Months Ended September 30, 2021 Earn-out liabilities $ 24,249 $ — $ 119 $ 24,368 FFF put right 64,110 (64,110) — — Total Level 3 liabilities $ 88,359 $ (64,110) $ 119 $ 24,368 _________________________________ (a) Settlements for the three months ended September 30, 2021 includes non-cash gain recognized as a result the termination of the FFF Put Right and the derecognition of the FFF Put Right liability. (b) A gain on level 3 liability balances will decrease the liability ending balance whereas a loss on level 3 liability balance will increase the liability ending balance. Non-Recurring Fair Value Measurements As a result of the August 2020 Restructuring, the Company recorded non-interest bearing notes payable to former limited partners during the three months ended September 30, 2020. Although these notes are non-interest bearing, they include a Level 2 input associated with an implied fixed annual interest rate of 1.8% (see Note 7 - Debt and Notes Payable). As of September 30, 2022 and June 30, 2022, the notes payable to former limited partners were recorded net of discounts of $7.7 million and $9.1 million, respectively. During the three months ended September 30, 2022, no non-recurring fair value measurements were required relating to the measurement of goodwill and intangible assets for impairment. Financial Instruments For Which Fair Value Only is Disclosed The fair values of non-interest bearing notes payable, classified as Level 2, were less than their carrying value by $0.1 million at both September 30, 2022 and June 30, 2022 based on assumed market interest rates of 1.6% for both periods. Other Financial Instruments

CONTRACT BALANCES

CONTRACT BALANCES	3 Months Ended
CONTRACT BALANCES	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
CONTRACT BALANCES	(5) CONTRACT BALANCES Deferred Revenue Revenue recognized during the three months ended September 30, 2022 that was included in the opening balance of deferred revenue at June 30, 2022 was $15.1 million, which is a result of satisfying certain performance obligations. Performance Obligations A performance obligation is a contractual obligation to transfer a distinct good or service to a customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Contracts may have a single performance obligation as the agreement to transfer individual goods or services is not separately identifiable from other contractual obligations and, therefore, not distinct, while other contracts may have multiple performance obligations, most commonly due to the contract covering multiple phases or deliverable arrangements (licensing fees, SaaS subscription fees, maintenance and support fees, and professional fees for consulting services). Refer to the Company’s significant accounting policies in the 2022 Annual Report for discussion of revenue recognition on contracts with customers. Net revenue of $3.0 million was recognized during the three months ended September 30, 2022 from performance obligations that were satisfied or partially satisfied in prior periods. The net revenue recognized was driven by an increase of $4.7 million in net administrative fees revenue related to under-forecasted cash receipts received in the current period partially offset by a reduction of $1.7 million associated with revised forecasts from underlying contracts that include variable consideration components as well as additional fluctuations due to input method contracts which occur in the normal course of business. Net revenue of $1.4 million was recognized during the three months ended September 30, 2021 from certain performance obligations that were satisfied or partially satisfied in prior periods. The net revenue recognized was driven by a $1.8 million increase in net administrative fees revenue related to under-forecasted cash receipts received in the current period, partially offset by a reduction of $0.4 million associated with revised forecasts from underlying contracts that include variable consideration components as well as additional fluctuations due to input method contracts which occur in the normal course of business. Remaining performance obligations represent the portion of the transaction price that has not yet been satisfied or achieved. As of September 30, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $707.5 million. The Company expects to recognize approximately 41% of the remaining performance obligations over the next 12 months and an additional 24% over the following 12 months, with the remainder recognized thereafter.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
GOODWILL AND INTANGIBLE ASSETS	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	(6) GOODWILL AND INTANGIBLE ASSETS Goodwill At September 30, 2022 and June 30, 2022, the Company had goodwill balances recorded at Supply Chain Services and Performance Services of $388.5 million and $611.4 million, respectively. Intangible Assets, Net Intangible assets, net consisted of the following (in thousands): Useful Life September 30, 2022 June 30, 2022 Member relationships 14.7 years $ 386,100 $ 386,100 Technology 7.2 years 98,017 98,017 Customer relationships 10.4 years 47,830 47,830 Trade names 6.9 years 17,210 17,210 Non-compete agreements 5.2 years 17,315 17,315 Other (a) 10.2 years 7,682 7,682 Total intangible assets 574,154 574,154 Accumulated amortization (228,034) (217,582) Total intangible assets, net $ 346,120 $ 356,572 _________________________________ (a) Includes a $1.0 million indefinite-lived asset. Intangible asset amortization was $10.5 million and $10.9 million for the three months ended September 30, 2022 and 2021, respectively.

DEBT AND NOTES PAYABLE

DEBT AND NOTES PAYABLE	3 Months Ended
DEBT AND NOTES PAYABLE	Sep. 30, 2022
Debt Disclosure [Abstract]
DEBT AND NOTES PAYABLE	(7) DEBT AND NOTES PAYABLE Long-term debt and notes payable consisted of the following (in thousands): September 30, 2022 June 30, 2022 Credit facility $ 250,000 $ 150,000 Notes payable to members, net of discount 274,717 298,994 Other notes payable 3,223 5,333 Total debt and notes payable 527,940 454,327 Less: current portion (350,486) (250,859) Total long-term debt and notes payable $ 177,454 $ 203,468 Credit Facility PHSI, along with its consolidated subsidiaries, Premier LP and PSCI, as Co-Borrowers, and certain domestic subsidiaries of the Co-Borrowers, as guarantors, entered into an unsecured Credit Facility, dated as of November 9, 2018, and amended as of December 1, 2021, (the “Credit Facility”). Outstanding borrowings under the Credit Facility bear interest on a variable rate structure with borrowings bearing interest at either London Interbank Offered Rate (“LIBOR”) plus an applicable margin rangin g from 1.000% to 1.500% or the prime lending rate plus an applicable margin ranging from 0.000% to 0.500%. At September 30, 2022, the weighted average interest rate on outstanding borrowings under the Credit Facility was 3.729% and the annual commitment fee, based on the actual daily unused amount of commitments under the Credit Facility, was 0.100%. The Credit Facility contains customary representations and warranties as well as customary affirmative and negative covenants, including, among others, limitations on liens, indebtedness, fundamental changes, dispositions, restricted payments and investments. The Company was in compliance with all such covenants at September 30, 2022. The Credit Facility also contains customary events of default, including a cross-default of any indebtedness or guarantees in excess of $75.0 million. If any event of default occurs and is continuing, the administrative agent under the Credit Facility may, with the consent, or shall, at the request of a majority of the lenders under the Credit Facility, terminate the commitments and declare all of the amounts owed under the Credit Facility to be immediately due and payable. The Company had $250.0 million in outstanding borrowings under the Credit Facility at September 30, 2022 with $749.9 million of available borrowing capacity after reductions for outstanding borrowings and outstanding letters of credit. For the three months ended September 30, 2022, the Company borrowed $100.0 million under the Credit Facility. During the three months ended September 30, 2022, the Company did not make any payments on outstanding borrowings under the Credit Facility. In October 2022, the Company borrowed $125.0 million under the Credit Facility to partially fund the asset acquisition of TRPN Direct Pay, Inc. and Devon Health, Inc. (collectively, “TRPN”) (see Note 14 - Subsequent Events for further information). Notes Payable Notes Payable to Former Limited Partners At September 30, 2022, the Company had $274.7 million of notes payable to former LPs, net of discounts on notes payable of $7.7 million, of which $98.3 million was recorded to current portion of notes payable to former limited partners in the accompanying Condensed Consolidated Balance Sheets. At June 30, 2022, the Company had $299.0 million of notes payable to former LPs, net of discounts on notes payable of $9.1 million, of which $97.8 million was recorded to current portion of notes payable to former limited partners in the accompanying Condensed Consolidated Balance Sheets. The notes payable to former LPs were issued in connection with the early termination of the TRA as part of the August 2020 Restructuring. Although the notes payable to former LPs are non-interest bearing, pursuant to GAAP requirements, they were recorded net of imputed interest at a fixed annual rate of 1.8%. Other At September 30, 2022 and June 30, 2022, the Company had $3.2 million and $5.3 million in other notes payable, respectively, of which $2.2 million and $3.1 million, respectively, were included in current portion of long-term debt in the accompanying Condensed Consolidated Balance Sheets. Other notes payable do not bear interest and generally have stated maturities of three

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
STOCKHOLDERS' EQUITY	Sep. 30, 2022
Equity [Abstract]
STOCKHOLDERS' EQUITY	(8) STOCKHOLDERS' EQUITY As of September 30, 2022, there were 118,746,273 shares of the Company’s Class A common stock, par value $0.01 per share, outstanding. During the three months ended September 30, 2022, the Company paid a cash dividend of $0.21 per share on outstanding shares of Class A common stock to stockholders of record on September 1, 2022. On October 21, 2022, the Board of Directors declared a quarterly cash dividend of $0.21 per share, payable on December 15, 2022 to stockholders of record on December 1, 2022.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Sep. 30, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	(9) EARNINGS PER SHARE Basic earnings per share is computed by dividing net income attributable to stockholders by the weighted average number of shares of common stock outstanding for the period. Except when the effect would be anti-dilutive, the diluted earnings per share calculation, which is calculated using the treasury stock method, includes the impact of all potentially issuable dilutive shares of Class A common stock. The following table provides a reconciliation of the numerator and denominator used for basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended September 30, 2022 2021 Numerator for basic earnings per share: Net income attributable to stockholders (a) $ 42,716 $ 122,004 Numerator for diluted earnings per share: Net income attributable to stockholders (a) $ 42,716 $ 122,004 Net loss attributable to non-controlling interest — (698) Net income for diluted earnings per share $ 42,716 $ 121,306 Denominator for earnings per share: Basic weighted average shares outstanding (b) 118,351 122,945 Effect of dilutive securities: (c) Stock options 146 310 Restricted stock 563 492 Performance share awards 973 826 Diluted weighted average shares and assumed conversions 120,033 124,573 Earnings per share attributable to stockholders: Basic $ 0.36 $ 0.99 Diluted $ 0.36 $ 0.97 _________________________________ (a) Net income attributable to stockholders was calculated as follows (in thousands): Three Months Ended September 30, 2022 2021 Net income $ 42,959 $ 121,306 Net (income) loss attributable to non-controlling interest (243) 698 Net income attributable to stockholders $ 42,716 $ 122,004 (b) Weighted average number of common shares used for basic earnings per share excludes the impact of all potentially issuable dilutive shares of Class A common stock for the three months ended September 30, 2022 and 2021. (c) For the three months ended September 30, 2022, the effect of 0.2 million stock options and restricted stock units was excluded from diluted weighted average shares outstanding as it had an anti-dilutive effect. Additionally, the effect of 0.1 million performance share awards was excluded from diluted weighted average shares outstanding as the awards had not satisfied the applicable performance criteria at the end of the period. For the three months ended September 30, 2021, the effect of 0.3 million stock options and restricted stock units was excluded from diluted weighted average shares outstanding as it had an anti-dilutive effect. Additionally, the effect of 0.2 million performance share awards was excluded from diluted weighted average shares outstanding as the awards had not satisfied the applicable performance criteria at the end of the period.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
STOCK-BASED COMPENSATION	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	(10) STOCK-BASED COMPENSATION Stock-based compensation expense is recognized over the requisite service period, which generally equals the stated vesting period. The associated deferred tax benefit was calculated at a rate of 26% for the three months ended September 30, 2022 and 2021, which represents the expected effective income tax rate at the time of the compensation expense deduction and differs from the Company’s current effective income tax rate. See Note 11 - Income Taxes for further information. Stock-based compensation expense and the resulting deferred tax benefits were as follows (in thousands): Three Months Ended September 30, 2022 2021 Pre-tax stock-based compensation expense $ 7,136 $ 7,554 Less: deferred tax benefit (a) 947 1,281 Total stock-based compensation expense, net of tax $ 6,189 $ 6,273 _________________________________ (a) For the three months ended September 30, 2022 and 2021, the deferred tax benefit was reduced by $0.9 million and $0.7 million, respectively, attributable to stock-based compensation expense that is nondeductible for tax purposes pursuant to Section 162(m) as amended by the Tax Cuts and Jobs Act of 2017. Premier 2013 Equity Incentive Plan The Premier 2013 Equity Incentive Plan, as amended and restated (and including any further amendments thereto, the “2013 Equity Incentive Plan”) provides for grants of up to 14.8 million shares of Class A common stock, all of which are eligible to be issued as non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units or performance share awards. As of September 30, 2022, there were 3.9 million shares available for grant under the 2013 Equity Incentive Plan. The following table includes information related to restricted stock, performance share awards and stock options for the three months ended September 30, 2022: Restricted Stock Performance Share Awards Stock Options Number of Awards Weighted Average Fair Value at Grant Date Number of Awards Weighted Average Fair Value at Grant Date Number of Options Weighted Average Exercise Price Outstanding at June 30, 2022 1,201,130 $ 35.59 1,578,795 $ 33.66 896,354 $ 30.38 Granted 366,942 37.18 823,009 35.34 — — Vested/exercised (198,261) 36.55 (826,743) 36.35 (20,680) 32.90 Forfeited (37,530) 35.53 (34,372) 32.63 (1,614) 35.65 Outstanding at September 30, 2022 1,332,281 $ 35.88 1,540,689 $ 33.12 874,060 $ 30.31 Stock options outstanding and exercisable at June 30, 2022 874,060 $ 30.31 Restricted stock units and restricted stock awards issued and outstanding generally vest over a three-year period for employees and a one-year period for directors. Performance share awards issued and outstanding generally vest over a three-year period if performance targets are met. Stock options generally vest in equal annual installments over three years. Stock options have a term of ten years from the date of grant. Vested stock options will generally expire either twelve months after an employee’s termination with the Company or 90 days after an employee’s termination with the Company, depending on the termination circumstances. Unrecognized stock-based compensation expense at September 30, 2022 was as follows (in thousands). At September 30, 2022, there was no unrecognized stock-based compensation expense for outstanding stock options. Unrecognized Stock-Based Compensation Expense Weighted Average Amortization Period Restricted stock $ 30,831 2.3 years Performance share awards 34,649 2.1 years Total unrecognized stock-based compensation expense $ 65,480 2.2 years The aggregate intrinsic value of stock options at September 30, 2022 was as follows (in thousands): Intrinsic Value of Stock Options Outstanding and exercisable $ 3,416 Exercised during the year ended September 30, 2022 71

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Sep. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	(11) INCOME TAXESIncome tax expense for the three months ended September 30, 2022, and 2021 was $18.8 million and $19.0 million, respectively, which reflects effective tax rates of 30% and 14%, respectively. The change in the effective tax rate for the three months ended September 30, 2022 is primarily driven by the prior year valuation allowance release resulting from the Subsidiary Reorganization. Excluding the valuation allowance release, the effective tax rate would have been 28% for the three months ended September 30, 2021 with the remaining difference primarily related to state legislative changes in the current year.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	(12) COMMITMENTS AND CONTINGENCIES Operating Leases Operating lease expense for the three months ended September 30, 2022 and 2021 was $2.5 million and $2.6 million, respectively. As of September 30, 2022, the weighted average remaining lease term was 3.7 years and the weighted average discount rate was 4%. Future minimum lease payments under noncancellable operating leases with initial lease terms in excess of one year were as follows (in thousands): September 30, 2022 June 30, 2022 2023 (a) $ 9,112 $ 12,131 2024 12,267 12,267 2025 12,301 12,301 2026 9,005 9,005 2027 1,324 1,323 Total future minimum lease payments 44,009 47,027 Less: imputed interest 3,029 3,445 Total operating lease liabilities (b) $ 40,980 $ 43,582 _________________________________ (a) As of September 30, 2022, future minimum lease payments are for the period from October 1, 2022 to June 30, 2023. (b) As of September 30, 2022, total operating lease liabilities included $10.7 million within other current liabilities in the Condensed Consolidated Balance Sheets. Other Matters The Company is not currently involved in any litigation it believes to be material. The Company is periodically involved in litigation, arising in the ordinary course of business or otherwise, which from time to time may include stockholder derivative or other similar litigation, claims relating to commercial, product liability, tort and personal injury, employment, antitrust, intellectual property, or other regulatory matters. If current or future government regulations, including but not limited to those with respect to antitrust or healthcare laws, are interpreted or enforced in a manner adverse to the Company or its business, the Company may be subject to regulatory inquiries or investigations, enforcement actions, penalties and other material limitations which could have a material adverse effect on the Company’s business, financial condition and results of operations.

SEGMENTS

SEGMENTS	3 Months Ended
SEGMENTS	Sep. 30, 2022
Segment Reporting [Abstract]
SEGMENTS	(13) SEGMENTS The Company delivers its solutions and manages its business through two reportable business segments, the Supply Chain Services segment and the Performance Services segment. The Supply Chain Services segment includes the Company’s GPO, supply chain co-management, purchased services and direct sourcing activities. The Performance Services segment consists of three sub-brands: PINC AI , the Company’s technology and services platform; Contigo Health , the Company’s direct-to-employer business; and Remitra , the Company’s digital invoicing and payables business. The following table presents disaggregated revenue by business segment and underlying source (in thousands): Three Months Ended September 30, 2022 2021 Net revenue: Supply Chain Services Net administrative fees $ 150,006 $ 149,462 Software licenses, other services and support 10,826 8,924 Services and software licenses 160,832 158,386 Products 58,861 118,430 Total Supply Chain Services (a) 219,693 276,816 Performance Services Software licenses, other services and support SaaS-based products subscriptions 47,767 46,704 Consulting services 17,615 15,060 Software licenses 5,992 8,401 Other 22,815 18,166 Total Performance Services (a) 94,189 88,331 Total segment net revenue 313,882 365,147 Eliminations (a) (9) — Net revenue $ 313,873 $ 365,147 _________________________________ (a) Includes intersegment revenue that is eliminated in consolidation. Intersegment revenue is not separately identified in Segments as the amounts are not material. Additional segment information related to depreciation and amortization expense, capital expenditures and total assets was as follows (in thousands): Three Months Ended September 30, 2022 2021 Depreciation and amortization expense (a) : Supply Chain Services $ 14,250 $ 13,144 Performance Services 17,416 16,109 Corporate 2,225 2,232 Total depreciation and amortization expense $ 33,891 $ 31,485 Capital expenditures: Supply Chain Services $ 6,735 $ 8,157 Performance Services 12,186 11,023 Corporate 9 1,870 Total capital expenditures $ 18,930 $ 21,050 September 30, 2022 June 30, 2022 Total assets: Supply Chain Services $ 1,401,646 $ 1,406,108 Performance Services 1,063,999 1,054,687 Corporate 954,101 896,336 Total assets 3,419,746 3,357,131 Eliminations (b) (5) (4) Total assets, net $ 3,419,741 $ 3,357,127 _________________________________ (a) Includes amortization of purchased intangible assets. (b) Includes eliminations of intersegment transactions which occur during the ordinary course of business. The Company uses Segment Adjusted EBITDA (a financial measure not determined in accordance with generally accepted accounting principles (“Non-GAAP”)) as its primary measure of profit or loss to assess segment performance and to determine the allocation of resources. The Company also uses Segment Adjusted EBITDA to facilitate the comparison of the segment operating performance on a consistent basis from period to period. The Company defines Segment Adjusted EBITDA as the segment’s net revenue less cost of revenue and operating expenses directly attributable to the segment excluding depreciation and amortization, amortization of purchased intangible assets, merger and acquisition-related expenses, and non-recurring or non-cash items, and including equity in net income of unconsolidated affiliates. Operating expenses directly attributable to the segment include expenses associated with sales and marketing, general and administrative, and product development activities specific to the operation of each segment. General and administrative corporate expenses that are not specific to a particular segment are not included in the calculation of Segment Adjusted EBITDA. Segment Adjusted EBITDA also excludes any income and expense that has been classified as discontinued operations. For more information on Segment Adjusted EBITDA and the use of Non-GAAP financial measures, see “Our Use of Non-GAAP Financial Measures” within Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations. A reconciliation of income before income taxes to unaudited Segment Adjusted EBITDA, a Non-GAAP financial measure, is as follows (in thousands): Three Months Ended September 30, 2022 2021 Income before income taxes $ 61,728 $ 140,339 Equity in net income of unconsolidated affiliates (a) (8,243) (7,058) Interest expense, net 2,859 2,788 Gain on FFF Put and Call Rights (b) — (64,110) Other expense, net 2,164 320 Operating income 58,508 72,279 Depreciation and amortization 23,439 20,596 Amortization of purchased intangible assets 10,452 10,889 Stock-based compensation (c) 7,349 7,751 Acquisition- and disposition-related expenses 2,160 3,421 Strategic initiative and financial restructuring-related expenses 1,520 25 Equity in net income of unconsolidated affiliates (a) 8,243 7,058 Deferred compensation plan expense (d) (2,370) (318) Other reconciling items, net 79 2 Non-GAAP Adjusted EBITDA $ 109,380 $ 121,703 Segment Non-GAAP Adjusted EBITDA: Supply Chain Services (e) $ 121,194 $ 129,269 Performance Services (e) 19,368 23,715 Corporate (31,182) (31,281) Non-GAAP Adjusted EBITDA $ 109,380 $ 121,703 _________________________________ (a) Refer to Note 3 - Investments for more information. (b) Refer to Note 4 - Fair Value Measurements for more information. (c) Includes non-cash employee stock-based compensation expense and stock purchase plan expense of $0.2 million for both the three months ended September 30, 2022 and 2021, respectively. (d) Represents realized and unrealized gains and losses and dividend income on deferred compensation plan assets. (e) Includes intersegment revenue which is eliminated in consolidation.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	(14) SUBSEQUENT EVENTS On October 13, 2022, the Company, through its consolidated subsidiary Contigo Health, LLC (“Contigo Health”), acquired certain assets (the “Transferred Assets”) of TRPN, including contracts with more than 900,000 providers (collectively, the “Assumed Contracts”), and agreed to assume certain liabilities and obligations of TRPN with regard to the Assumed Contracts (referred to as the “Transaction”). The Transferred Assets relate to businesses of TRPN focused on improving access to quality healthcare and reducing the cost of medical claims through pre-negotiated discounts with network providers, including acute care hospitals, surgery centers, physicians, and other non-acute providers in the United States. Contigo Health also agreed to license proprietary cost containment technology of TRPN. The purchase price paid by the Company completed the Transaction consisted of cash of $177.5 million (“Purchase Price”), funded with borrowings under the Credit Facility and cash on hand of which $17.8 million was placed in escrow to satisfy indemnification obligations of TRPN to Contigo Health and its affiliates and other parties related thereto under the purchase agreement governing the Transaction.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC and in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries over which the Company exercised control and when applicable, entities for which the Company had a controlling financial interest or was the primary beneficiary. All intercompany transactions have been eliminated upon consolidation. Accordingly, certain information and disclosures normally included in annual financial statements have been condensed or omitted. The accompanying condensed consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary for a fair presentation of results of operations and financial condition for the interim periods shown, consisting of normal recurring adjustments, unless otherwise disclosed. The Company believes that the disclosures are adequate to make the information presented not misleading and should be read in conjunction with the audited consolidated financial statements and related footnotes contained in the 2022 Annual Report.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial StatementsThe preparation of the Company’s condensed consolidated financial statements in accordance with GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. Significant estimates are evaluated on an ongoing basis, including, but not limited to, estimates for net administrative fees revenue, software licenses, other services and support revenue, contract assets, deferred revenue, contract costs, allowances for credit losses, reserves for net realizable value of inventory, obsolete inventory, useful lives of property and equipment, stock-based compensation, deferred tax balances including valuation allowances on deferred tax assets, uncertain tax positions, values of investments not publicly traded, projected future cash flows used in the evaluation of asset impairments, values of call rights, values of earn-out liabilities and the allocation of purchase prices. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet AdoptedIn October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, (“ASU 2021-08”), which requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. The Company will early adopt ASU 2021-08 during the second quarter of fiscal 2023 and as such, this new standard will be effective for the Company for business combinations occurring in the current fiscal year. The Company is currently evaluating the impact of the adoption of the new standard on its consolidated financial statements and related disclosures.

ORGANIZATION (Tables)

ORGANIZATION (Tables)	3 Months Ended
ORGANIZATION (Tables)	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table presents supplementary cash flows information for the three months ended September 30, 2022 and 2021 (in thousands): Three Months Ended September 30, 2022 2021 Supplemental schedule of non-cash investing and financing activities: Increase in treasury stock related to a payable as a result of applying trade date accounting when recording the repurchase of Class A common stock $ — $ 4,477 Non-cash additions to property and equipment — 1,628 Accrued dividend equivalents 156 149

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
INVESTMENTS (Tables)	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Unconsolidated Affiliates	The Company’s investments in unconsolidated affiliates consisted of the following (in thousands): Equity in Net Income Carrying Value Three Months Ended September 30, September 30, 2022 June 30, 2022 2022 2021 FFF $ 134,696 $ 137,162 $ 7,187 $ 5,945 Exela 27,871 27,733 138 — Qventus 16,000 16,000 — — Prestige 15,777 15,597 180 758 Other investments 21,092 19,053 738 355 Total investments $ 215,436 $ 215,545 $ 8,243 $ 7,058

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities	The following table represents the Company’s financial assets and liabilities, which are measured at fair value on a recurring basis (in thousands): Fair Value of Financial Assets and Liabilities Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs September 30, 2022 Cash equivalents $ 75 $ 75 $ — $ — Deferred compensation plan assets 46,291 46,291 — — Total assets 46,366 46,366 — — Earn-out liabilities 22,361 — — 22,361 Total liabilities $ 22,361 $ — $ — $ 22,361 June 30, 2022 Cash equivalents $ 75 $ 75 $ — $ — Deferred compensation plan assets 52,718 52,718 — — Total assets 52,793 52,793 — — Earn-out liabilities 22,789 — — 22,789 Total liabilities $ 22,789 $ — $ — $ 22,789
Schedule of Fair Value Measurement Inputs and Valuation Assumptions	Acurity and Nexera Earn-out (a) Input assumptions As of September 30, 2022 As of June 30, 2022 Probability of transferred member renewal percentage < 50% 5.0 % 5.0 % Probability of transferred member renewal percentage between 50% and 65% 10.0 % 10.0 % Probability of transferred member renewal percentage between 65% and 80% 25.0 % 25.0 % Probability of transferred member renewal percentage > 80% 60.0 % 60.0 % Credit spread 1.8 % 1.6 % _________________________________ (a) The Acurity and Nexera earn-out liability was initially valued as of February 28, 2020.
Schedule of Reconciliation of Earn-out Liabilities and FFF Put Rights	A reconciliation of the Company’s Put Right and earn-out liabilities is as follows (in thousands): Beginning Balance Settlements (a) (Gain)/Loss (b) Ending Balance Three Months Ended September 30, 2022 Earn-out liabilities $ 22,789 $ — $ (428) $ 22,361 Total Level 3 liabilities $ 22,789 $ — $ (428) $ 22,361 Three Months Ended September 30, 2021 Earn-out liabilities $ 24,249 $ — $ 119 $ 24,368 FFF put right 64,110 (64,110) — — Total Level 3 liabilities $ 88,359 $ (64,110) $ 119 $ 24,368 _________________________________ (a) Settlements for the three months ended September 30, 2021 includes non-cash gain recognized as a result the termination of the FFF Put Right and the derecognition of the FFF Put Right liability.
Schedule of Reconciliation of FFF Call Rights	A reconciliation of the Company’s Put Right and earn-out liabilities is as follows (in thousands): Beginning Balance Settlements (a) (Gain)/Loss (b) Ending Balance Three Months Ended September 30, 2022 Earn-out liabilities $ 22,789 $ — $ (428) $ 22,361 Total Level 3 liabilities $ 22,789 $ — $ (428) $ 22,361 Three Months Ended September 30, 2021 Earn-out liabilities $ 24,249 $ — $ 119 $ 24,368 FFF put right 64,110 (64,110) — — Total Level 3 liabilities $ 88,359 $ (64,110) $ 119 $ 24,368 _________________________________ (a) Settlements for the three months ended September 30, 2021 includes non-cash gain recognized as a result the termination of the FFF Put Right and the derecognition of the FFF Put Right liability.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
GOODWILL AND INTANGIBLE ASSETS (Tables)	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets, net consisted of the following (in thousands): Useful Life September 30, 2022 June 30, 2022 Member relationships 14.7 years $ 386,100 $ 386,100 Technology 7.2 years 98,017 98,017 Customer relationships 10.4 years 47,830 47,830 Trade names 6.9 years 17,210 17,210 Non-compete agreements 5.2 years 17,315 17,315 Other (a) 10.2 years 7,682 7,682 Total intangible assets 574,154 574,154 Accumulated amortization (228,034) (217,582) Total intangible assets, net $ 346,120 $ 356,572 _________________________________ (a) Includes a $1.0 million indefinite-lived asset.

DEBT AND NOTES PAYABLE (Tables)

DEBT AND NOTES PAYABLE (Tables)	3 Months Ended
DEBT AND NOTES PAYABLE (Tables)	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt and Notes Payable	Long-term debt and notes payable consisted of the following (in thousands): September 30, 2022 June 30, 2022 Credit facility $ 250,000 $ 150,000 Notes payable to members, net of discount 274,717 298,994 Other notes payable 3,223 5,333 Total debt and notes payable 527,940 454,327 Less: current portion (350,486) (250,859) Total long-term debt and notes payable $ 177,454 $ 203,468

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Reconciliation of Common Shares Used for Earnings Per Share	The following table provides a reconciliation of the numerator and denominator used for basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended September 30, 2022 2021 Numerator for basic earnings per share: Net income attributable to stockholders (a) $ 42,716 $ 122,004 Numerator for diluted earnings per share: Net income attributable to stockholders (a) $ 42,716 $ 122,004 Net loss attributable to non-controlling interest — (698) Net income for diluted earnings per share $ 42,716 $ 121,306 Denominator for earnings per share: Basic weighted average shares outstanding (b) 118,351 122,945 Effect of dilutive securities: (c) Stock options 146 310 Restricted stock 563 492 Performance share awards 973 826 Diluted weighted average shares and assumed conversions 120,033 124,573 Earnings per share attributable to stockholders: Basic $ 0.36 $ 0.99 Diluted $ 0.36 $ 0.97 _________________________________ (a) Net income attributable to stockholders was calculated as follows (in thousands): Three Months Ended September 30, 2022 2021 Net income $ 42,959 $ 121,306 Net (income) loss attributable to non-controlling interest (243) 698 Net income attributable to stockholders $ 42,716 $ 122,004 (b) Weighted average number of common shares used for basic earnings per share excludes the impact of all potentially issuable dilutive shares of Class A common stock for the three months ended September 30, 2022 and 2021. (c) For the three months ended September 30, 2022, the effect of 0.2 million stock options and restricted stock units was excluded from diluted weighted average shares outstanding as it had an anti-dilutive effect. Additionally, the effect of 0.1 million performance share awards was excluded from diluted weighted average shares outstanding as the awards had not satisfied the applicable performance criteria at the end of the period. For the three months ended September 30, 2021, the effect of 0.3 million stock options and restricted stock units was excluded from diluted weighted average shares outstanding as it had an anti-dilutive effect. Additionally, the effect of 0.2 million performance share awards was excluded from diluted weighted average shares outstanding as the awards had not satisfied the applicable performance criteria at the end of the period.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
STOCK-BASED COMPENSATION (Tables)	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense and Resulting Tax Benefits	Stock-based compensation expense and the resulting deferred tax benefits were as follows (in thousands): Three Months Ended September 30, 2022 2021 Pre-tax stock-based compensation expense $ 7,136 $ 7,554 Less: deferred tax benefit (a) 947 1,281 Total stock-based compensation expense, net of tax $ 6,189 $ 6,273 _________________________________ (a) For the three months ended September 30, 2022 and 2021, the deferred tax benefit was reduced by $0.9 million and $0.7 million, respectively, attributable to stock-based compensation expense that is nondeductible for tax purposes pursuant to Section 162(m) as amended by the Tax Cuts and Jobs Act of 2017.
Schedule of Information Related to Restricted Stock	The following table includes information related to restricted stock, performance share awards and stock options for the three months ended September 30, 2022: Restricted Stock Performance Share Awards Stock Options Number of Awards Weighted Average Fair Value at Grant Date Number of Awards Weighted Average Fair Value at Grant Date Number of Options Weighted Average Exercise Price Outstanding at June 30, 2022 1,201,130 $ 35.59 1,578,795 $ 33.66 896,354 $ 30.38 Granted 366,942 37.18 823,009 35.34 — — Vested/exercised (198,261) 36.55 (826,743) 36.35 (20,680) 32.90 Forfeited (37,530) 35.53 (34,372) 32.63 (1,614) 35.65 Outstanding at September 30, 2022 1,332,281 $ 35.88 1,540,689 $ 33.12 874,060 $ 30.31 Stock options outstanding and exercisable at June 30, 2022 874,060 $ 30.31
Schedule of Information Related to Performance Share Awards	The following table includes information related to restricted stock, performance share awards and stock options for the three months ended September 30, 2022: Restricted Stock Performance Share Awards Stock Options Number of Awards Weighted Average Fair Value at Grant Date Number of Awards Weighted Average Fair Value at Grant Date Number of Options Weighted Average Exercise Price Outstanding at June 30, 2022 1,201,130 $ 35.59 1,578,795 $ 33.66 896,354 $ 30.38 Granted 366,942 37.18 823,009 35.34 — — Vested/exercised (198,261) 36.55 (826,743) 36.35 (20,680) 32.90 Forfeited (37,530) 35.53 (34,372) 32.63 (1,614) 35.65 Outstanding at September 30, 2022 1,332,281 $ 35.88 1,540,689 $ 33.12 874,060 $ 30.31 Stock options outstanding and exercisable at June 30, 2022 874,060 $ 30.31
Schedule of Information Related to Stock Options	The following table includes information related to restricted stock, performance share awards and stock options for the three months ended September 30, 2022: Restricted Stock Performance Share Awards Stock Options Number of Awards Weighted Average Fair Value at Grant Date Number of Awards Weighted Average Fair Value at Grant Date Number of Options Weighted Average Exercise Price Outstanding at June 30, 2022 1,201,130 $ 35.59 1,578,795 $ 33.66 896,354 $ 30.38 Granted 366,942 37.18 823,009 35.34 — — Vested/exercised (198,261) 36.55 (826,743) 36.35 (20,680) 32.90 Forfeited (37,530) 35.53 (34,372) 32.63 (1,614) 35.65 Outstanding at September 30, 2022 1,332,281 $ 35.88 1,540,689 $ 33.12 874,060 $ 30.31 Stock options outstanding and exercisable at June 30, 2022 874,060 $ 30.31
Schedule of Unrecognized Stock-based Compensation Expense	Unrecognized stock-based compensation expense at September 30, 2022 was as follows (in thousands). At September 30, 2022, there was no unrecognized stock-based compensation expense for outstanding stock options. Unrecognized Stock-Based Compensation Expense Weighted Average Amortization Period Restricted stock $ 30,831 2.3 years Performance share awards 34,649 2.1 years Total unrecognized stock-based compensation expense $ 65,480 2.2 years
Schedule of Aggregate Intrinsic Value of Stock Options	The aggregate intrinsic value of stock options at September 30, 2022 was as follows (in thousands): Intrinsic Value of Stock Options Outstanding and exercisable $ 3,416 Exercised during the year ended September 30, 2022 71

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum lease payments under noncancellable operating leases with initial lease terms in excess of one year were as follows (in thousands): September 30, 2022 June 30, 2022 2023 (a) $ 9,112 $ 12,131 2024 12,267 12,267 2025 12,301 12,301 2026 9,005 9,005 2027 1,324 1,323 Total future minimum lease payments 44,009 47,027 Less: imputed interest 3,029 3,445 Total operating lease liabilities (b) $ 40,980 $ 43,582 _________________________________ (a) As of September 30, 2022, future minimum lease payments are for the period from October 1, 2022 to June 30, 2023. (b) As of September 30, 2022, total operating lease liabilities included $10.7 million within other current liabilities in the Condensed Consolidated Balance Sheets.

SEGMENTS (Tables)

SEGMENTS (Tables)	3 Months Ended
SEGMENTS (Tables)	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of Segment Information	The following table presents disaggregated revenue by business segment and underlying source (in thousands): Three Months Ended September 30, 2022 2021 Net revenue: Supply Chain Services Net administrative fees $ 150,006 $ 149,462 Software licenses, other services and support 10,826 8,924 Services and software licenses 160,832 158,386 Products 58,861 118,430 Total Supply Chain Services (a) 219,693 276,816 Performance Services Software licenses, other services and support SaaS-based products subscriptions 47,767 46,704 Consulting services 17,615 15,060 Software licenses 5,992 8,401 Other 22,815 18,166 Total Performance Services (a) 94,189 88,331 Total segment net revenue 313,882 365,147 Eliminations (a) (9) — Net revenue $ 313,873 $ 365,147 _________________________________ (a) Includes intersegment revenue that is eliminated in consolidation. Intersegment revenue is not separately identified in Segments as the amounts are not material. Additional segment information related to depreciation and amortization expense, capital expenditures and total assets was as follows (in thousands): Three Months Ended September 30, 2022 2021 Depreciation and amortization expense (a) : Supply Chain Services $ 14,250 $ 13,144 Performance Services 17,416 16,109 Corporate 2,225 2,232 Total depreciation and amortization expense $ 33,891 $ 31,485 Capital expenditures: Supply Chain Services $ 6,735 $ 8,157 Performance Services 12,186 11,023 Corporate 9 1,870 Total capital expenditures $ 18,930 $ 21,050 September 30, 2022 June 30, 2022 Total assets: Supply Chain Services $ 1,401,646 $ 1,406,108 Performance Services 1,063,999 1,054,687 Corporate 954,101 896,336 Total assets 3,419,746 3,357,131 Eliminations (b) (5) (4) Total assets, net $ 3,419,741 $ 3,357,127 _________________________________ (a) Includes amortization of purchased intangible assets.
Schedule of Reconciliation of Income Before Income Taxes to Segment Adjusted EBITDA	A reconciliation of income before income taxes to unaudited Segment Adjusted EBITDA, a Non-GAAP financial measure, is as follows (in thousands): Three Months Ended September 30, 2022 2021 Income before income taxes $ 61,728 $ 140,339 Equity in net income of unconsolidated affiliates (a) (8,243) (7,058) Interest expense, net 2,859 2,788 Gain on FFF Put and Call Rights (b) — (64,110) Other expense, net 2,164 320 Operating income 58,508 72,279 Depreciation and amortization 23,439 20,596 Amortization of purchased intangible assets 10,452 10,889 Stock-based compensation (c) 7,349 7,751 Acquisition- and disposition-related expenses 2,160 3,421 Strategic initiative and financial restructuring-related expenses 1,520 25 Equity in net income of unconsolidated affiliates (a) 8,243 7,058 Deferred compensation plan expense (d) (2,370) (318) Other reconciling items, net 79 2 Non-GAAP Adjusted EBITDA $ 109,380 $ 121,703 Segment Non-GAAP Adjusted EBITDA: Supply Chain Services (e) $ 121,194 $ 129,269 Performance Services (e) 19,368 23,715 Corporate (31,182) (31,281) Non-GAAP Adjusted EBITDA $ 109,380 $ 121,703 _________________________________ (a) Refer to Note 3 - Investments for more information. (b) Refer to Note 4 - Fair Value Measurements for more information. (c) Includes non-cash employee stock-based compensation expense and stock purchase plan expense of $0.2 million for both the three months ended September 30, 2022 and 2021, respectively. (d) Represents realized and unrealized gains and losses and dividend income on deferred compensation plan assets. (e) Includes intersegment revenue which is eliminated in consolidation.

ORGANIZATION - Narrative (Detai

ORGANIZATION - Narrative (Details)	3 Months Ended
ORGANIZATION - Narrative (Details)	Sep. 30, 2022 brand segment
Segment Reporting Information [Line Items]
Number of business segments \| segment	2
Performance Services
Segment Reporting Information [Line Items]
Number of sub-brands \| brand	3

ORGANIZATION - Supplementary Ca

ORGANIZATION - Supplementary Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Supplemental schedule of non-cash investing and financing activities:
Increase in treasury stock related to a payable as a result of applying trade date accounting when recording the repurchase of Class A common stock	$ 0	$ 4,477
Non-cash additions to property and equipment	0	1,628
Accrued dividend equivalents	$ 156	$ 149

INVESTMENTS - Schedule of Inves

INVESTMENTS - Schedule of Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Carrying Value
Carrying Value	$ 215,436		$ 215,545
Equity in Net Income	8,243	$ 7,058
FFF
Carrying Value
Carrying Value	134,696		137,162
Equity in Net Income	7,187	5,945
Exela
Carrying Value
Carrying Value	27,871		27,733
Equity in Net Income	138	0
Qventus
Carrying Value
Carrying Value	16,000		16,000
Equity in Net Income	0	0
Prestige
Carrying Value
Carrying Value	15,777		15,597
Equity in Net Income	180	758
Other investments
Carrying Value
Carrying Value	21,092		$ 19,053
Equity in Net Income	$ 738	$ 355

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - health_system	Sep. 30, 2022	Jun. 30, 2022
FFF
Carrying Value
Ownership interest through subsidiary (as a percent)	49%	49%
ExPre Holdings, LLC
Carrying Value
Ownership interest through subsidiary (as a percent)	15%
Number of member health systems	11
PRAM Holdings, LLC
Carrying Value
Ownership interest through subsidiary (as a percent)	26%
Number of member health systems	16
Qventus
Carrying Value
Ownership interest through subsidiary (as a percent)	7%
ExPre Holdings, LLC \| Exela
Carrying Value
Ownership interest through subsidiary (as a percent)	6%
PRAM Holdings, LLC \| Prestige
Carrying Value
Ownership interest through subsidiary (as a percent)	20%

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 75	$ 75
Deferred compensation plan assets	46,291	52,718
Total assets	46,366	52,793
Earn-out liabilities	22,361	22,789
Total liabilities	22,361	22,789
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	75	75
Deferred compensation plan assets	46,291	52,718
Total assets	46,366	52,793
Earn-out liabilities	0	0
Total liabilities	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Deferred compensation plan assets	0	0
Total assets	0	0
Earn-out liabilities	0	0
Total liabilities	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Deferred compensation plan assets	0	0
Total assets	0	0
Earn-out liabilities	22,361	22,789
Total liabilities	$ 22,361	$ 22,789

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details)	3 Months Ended
FAIR VALUE MEASUREMENTS - Narrative (Details)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Aug. 11, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed market interest rate (percent)	1.60%	1.60%
Notes payable to members, net of discount \| Notes Payable, Other Payables [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt discount	$ 7,700,000
Acurity, Inc. (“Acurity”) and Nexera, Inc. (“Nexera”)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out liabilities	22,400,000	$ 22,800,000
Acurity, Inc. (“Acurity”) and Nexera, Inc. (“Nexera”) \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out liabilities	$ 0	$ 30,000,000
Measurement Input, Credit Spread [Member] \| Valuation Technique, Estimated Future Earnings \| Acurity, Inc. (“Acurity”) and Nexera, Inc. (“Nexera”)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out input assumptions (percent)	0.018	0.016
FFF Call Right
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Call right, exercisable term, key event (in days)	180 days
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
FFF call right	$ 0	$ 0
Earn-out liabilities	22,361,000	22,789,000
Level 1 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out liabilities	0	0
Level 1 \| Prepaid Expenses and Other Current Assets \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current portion of deferred compensation plan assets	4,700,000	5,300,000
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Imputed interest (percent)			1.80%
Notes payable, difference between fair value and carrying value	100,000	100,000
Level 2 \| Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Earn-out liabilities	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value Measurement Input Assumptions (Details) - Valuation Technique, Estimated Future Earnings - Acurity, Inc. (“Acurity”) and Nexera, Inc. (“Nexera”)	Sep. 30, 2022	Jun. 30, 2022
Probability of transferred member renewal percentage less than 50%
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out input assumptions (percent)	0.050	0.050
Probability of transferred member renewal percentage between 50% and 65%
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out input assumptions (percent)	0.100	0.100
Probability of transferred member renewal percentage between 65% and 80%
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out input assumptions (percent)	0.250	0.250
Probability of transferred member renewal percentage greater than 80%
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out input assumptions (percent)	0.600	0.600
Measurement Input, Credit Spread [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earn-out input assumptions (percent)	0.018	0.016

FAIR VALUE MEASUREMENTS - Recon

FAIR VALUE MEASUREMENTS - Reconciliation of Earn-Out Liabilities and FFF Put and Call Rights (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Beginning Balance	$ 22,789	$ 88,359
Settlements	0	(64,110)
(Gain) Loss	(428)	119
Ending Balance	$ 22,361	$ 24,368
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Nonoperating Income (Expense)	Nonoperating Income (Expense)
Earn-out liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Beginning Balance	$ 22,789	$ 24,249
Settlements	0	0
(Gain) Loss	(428)	119
Ending Balance	$ 22,361	24,368
FFF put right
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Beginning Balance		64,110
Settlements		(64,110)
(Gain) Loss		0
Ending Balance		$ 0

CONTRACT BALANCES - Contract As

CONTRACT BALANCES - Contract Assets, Deferred Revenue and Capitalized Contract Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized	$ 15.1	$ 1.4
Revenue recognized from performance obligations satisfied in previous periods	3
Revenue recognized associated with a change in net administration fee revenue		(0.4)
Revenue recognized associated with revised forecasts underlying contracts with variable consideration components	(1.7)
Transaction price allocated to remaining performance obligation	707.5
Administrative Fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized associated with a change in net administration fee revenue	$ 4.7
Revenue recognized associated with revised forecasts underlying contracts with variable consideration components		$ 1.8

CONTRACT BALANCES - Remaining P

CONTRACT BALANCES - Remaining Performance Obligation (Details) $ in Millions	Sep. 30, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Transaction price allocated to remaining performance obligation	$ 707.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation to be satisfied (percent)	41%
Remaining performance obligation satisfaction period (in months)	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation to be satisfied (percent)	24%
Remaining performance obligation satisfaction period (in months)	12 months

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Goodwill [Line Items]
Goodwill	$ 999,913		$ 999,913
Intangible asset amortization	10,452	$ 10,889
Supply Chain Services
Goodwill [Line Items]
Goodwill	$ 388,500
Performance Services Segment
Goodwill [Line Items]
Goodwill			$ 611,400

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Total intangible assets	$ 574,154	$ 574,154
Accumulated amortization	(228,034)	(217,582)
Total intangible assets, net	346,120	356,572
Other
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible asset	$ 1,000
Member relationships
Finite-Lived Intangible Assets [Line Items]
Useful Life	14 years 8 months 12 days
Total intangible assets	$ 386,100	386,100
Technology
Finite-Lived Intangible Assets [Line Items]
Useful Life	7 years 2 months 12 days
Total intangible assets	$ 98,017	98,017
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Useful Life	10 years 4 months 24 days
Total intangible assets	$ 47,830	47,830
Trade names
Finite-Lived Intangible Assets [Line Items]
Useful Life	6 years 10 months 24 days
Total intangible assets	$ 17,210	17,210
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Useful Life	5 years 2 months 12 days
Total intangible assets	$ 17,315	17,315
Other
Finite-Lived Intangible Assets [Line Items]
Useful Life	10 years 2 months 12 days
Total intangible assets	$ 7,682	$ 7,682

DEBT AND NOTES PAYABLE - Schedu

DEBT AND NOTES PAYABLE - Schedule of Long-Term Debt and Notes Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Total debt and notes payable	$ 527,940	$ 454,327
Less: current portion	(350,486)	(250,859)
Total long-term debt and notes payable	177,454	203,468
Credit facility
Debt Instrument [Line Items]
Total debt and notes payable	250,000	150,000
Notes Payable \| Notes payable to members, net of discount
Debt Instrument [Line Items]
Total debt and notes payable	274,717	298,994
Notes Payable \| Other notes payable
Debt Instrument [Line Items]
Total debt and notes payable	$ 3,223	$ 5,333

DEBT AND NOTES PAYABLE - Credit

DEBT AND NOTES PAYABLE - Credit Facility (Narrative) (Details) - USD ($)		1 Months Ended	3 Months Ended
	Nov. 09, 2018	Oct. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Line of Credit Facility [Line Items]
Outstanding borrowings			$ 527,940,000		$ 454,327,000
Proceeds from credit facility			100,000,000	$ 175,000,000
Payments on credit facility			$ 0	$ 75,000,000
Credit facility
Line of Credit Facility [Line Items]
Interest rate (percent)			3.729%
Credit facility, unused capacity commitment fee (percent)			0.10%
Indebtedness or guarantee threshold	$ 75,000,000
Outstanding borrowings			$ 250,000,000
Available borrowing capacity			749,900,000
Proceeds from credit facility			100,000,000
Payments on credit facility			$ 0
Credit facility \| Subsequent Event
Line of Credit Facility [Line Items]
Proceeds from credit facility		$ 125,000,000
Credit facility \| LIBOR \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1%
Credit facility \| LIBOR \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Credit facility \| Prime Rate \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0%
Credit facility \| Prime Rate \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%

DEBT AND NOTES PAYABLE - Notes

DEBT AND NOTES PAYABLE - Notes Payable (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Aug. 11, 2020
Level 2
Debt Instrument [Line Items]
Imputed interest (percent)			1.80%
Notes Payable \| Minimum
Debt Instrument [Line Items]
Notes payable, stated maturity period	3 years
Notes Payable \| Maximum
Debt Instrument [Line Items]
Notes payable, stated maturity period	5 years
Notes payable to members, net of discount \| Notes Payable
Debt Instrument [Line Items]
Notes payable	$ 274.7	$ 299
Debt discount	7.7
Notes payable included in current portion of long-term debt	98.3	97.8
Imputed interest		(9.1)
Other notes payable \| Notes Payable
Debt Instrument [Line Items]
Notes payable	3.2	5.3
Notes payable included in current portion of long-term debt	$ 2.2	$ 3.1

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - $ / shares		3 Months Ended
STOCKHOLDERS' EQUITY (Details) - $ / shares	Oct. 20, 2022	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Subsequent Event
Class of Stock [Line Items]
Dividends declared (in dollars per share	$ 0.21
Class A Common Stock
Class of Stock [Line Items]
Common stock outstanding (in shares)		118,746,273		118,052,235
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01
Dividends declared (in dollars per share		$ 0.21	$ 0.20

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation of the Numerator and Denominator Used for Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Numerator for basic earnings per share:
Net income attributable to stockholders	$ 42,716	$ 122,004
Numerator for diluted earnings per share:
Net income attributable to stockholders	42,716	122,004
Net loss attributable to non-controlling interest	0	(698)
Net income for diluted earnings per share	$ 42,716	$ 121,306
Denominator for earnings per share:
Basic weighted average shares outstanding (in shares)	118,351	122,945
Effect of dilutive securities:
Diluted weighted average shares and assumed conversions (in shares)	120,033	124,573
Earnings per share attributable to stockholders:
Basic (in dollars per share)	$ 0.36	$ 0.99
Diluted (in dollars per share)	$ 0.36	$ 0.97
Net income	$ 42,959	$ 121,306
Net (income) loss attributable to non-controlling interest	(243)	698
Net income attributable to stockholders	$ 42,716	$ 122,004
Stock options
Effect of dilutive securities:
Effect of dilutive securities (in shares)	146	310
Earnings per share attributable to stockholders:
Antidilutive securities excluded from computation of earnings per share (in shares)		300
Restricted Stock
Effect of dilutive securities:
Effect of dilutive securities (in shares)	563	492
Earnings per share attributable to stockholders:
Antidilutive securities excluded from computation of earnings per share (in shares)	200
Performance share awards
Effect of dilutive securities:
Effect of dilutive securities (in shares)	973	826
Earnings per share attributable to stockholders:
Antidilutive securities excluded from computation of earnings per share (in shares)	100	200

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - shares shares in Millions	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected effective income tax rate (percent)	26%	26%
2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards authorized for grant (up to) (in shares)	14.8
Number of shares available for grant (in shares)	3.9
Performance share awards \| 2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Stock options \| 2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Stock options, expiration period	10 years
Stock options \| 2013 Equity Incentive Plan \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, expiration period	12 months
Stock options \| 2013 Equity Incentive Plan \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, expiration period	90 days
Employee \| Restricted Stock \| 2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Director \| Restricted Stock \| 2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	1 year

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Stock-based Compensation Expense and Resulting Tax Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement [Abstract]
Pre-tax stock-based compensation expense	$ 7,136	$ 7,554
Less: deferred tax benefit	947	1,281
Total stock-based compensation expense, net of tax	6,189	6,273
Reduction in deferred tax benefit	$ 900	$ 700

STOCK-BASED COMPENSATION - Sc_2

STOCK-BASED COMPENSATION - Schedule of Information Related to Restricted Stock, Performance Share Awards and Stock Options (Details) - 2013 Equity Incentive Plan - $ / shares	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022
Restricted Stock
Number of Awards
Outstanding, beginning balance (in shares)	1,201,130
Granted (in shares)	366,942
Vested/exercised (in shares)	(198,261)
Forfeited (in shares)	(37,530)
Outstanding, ending balance (in shares)	1,332,281
Weighted Average Fair Value at Grant Date
Outstanding, beginning balance (in dollars per share)	$ 35.59
Granted (in dollars per share)	37.18
Vested/exercised (in dollars per share)	36.55
Forfeited (in dollars per share)	35.53
Outstanding, ending balance (in dollars per share)	$ 35.88
Performance Share Awards
Number of Awards
Outstanding, beginning balance (in shares)	1,578,795
Granted (in shares)	823,009
Vested/exercised (in shares)	(826,743)
Forfeited (in shares)	(34,372)
Outstanding, ending balance (in shares)	1,540,689
Weighted Average Fair Value at Grant Date
Outstanding, beginning balance (in dollars per share)	$ 33.66
Granted (in dollars per share)	35.34
Vested/exercised (in dollars per share)	36.35
Forfeited (in dollars per share)	32.63
Outstanding, ending balance (in dollars per share)	$ 33.12
Stock options
Number of Options
Outstanding, beginning balance (in shares)	896,354
Granted (in shares)	0
Vested/exercised (in shares)	(20,680)
Forfeited (in shares)	(1,614)
Outstanding, ending balance (in shares)	874,060
Stock options outstanding and exercisable (in shares)		874,060
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 30.38
Granted (in dollars per share)	0
Vested/exercised (in dollars per share)	32.90
Forfeited (in dollars per share)	35.65
Outstanding, ending balance (in dollars per share)	$ 30.31
Stock options outstanding and exercisable (in dollars per share)		$ 30.31

STOCK-BASED COMPENSATION - Sc_3

STOCK-BASED COMPENSATION - Schedule of Unrecognized Stock-Based Compensation Expense (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2022 USD ($)
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Stock-Based Compensation Expense	$ 0
2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Stock-Based Compensation Expense	$ 65,480
Weighted Average Amortization Period	2 years 2 months 12 days
2013 Equity Incentive Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Stock-Based Compensation Expense	$ 30,831
Weighted Average Amortization Period	2 years 3 months 18 days
2013 Equity Incentive Plan \| Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Stock-Based Compensation Expense	$ 34,649
Weighted Average Amortization Period	2 years 1 month 6 days

STOCK-BASED COMPENSATION - Sc_4

STOCK-BASED COMPENSATION - Schedule of Aggregate Intrinsic Value of Stock Options (Details) - 2013 Equity Incentive Plan $ in Thousands	3 Months Ended
	Sep. 30, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding and exercisable	$ 3,416
Exercised during the year ended September 30, 2022	$ 71

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 18,769	$ 19,033
Effective tax rate (percent)	30%	14%

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 2,500	$ 2,600
Weighted average remaining lease term (in years)	3 years 8 months 12 days
Weighted average discount rate (percent)	4%
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of the year	$ 9,112
Year one	12,267		$ 12,131
Year two	12,301		12,267
Year three	9,005		12,301
Year four	1,324		9,005
Year five			1,323
Total future minimum lease payments	44,009		47,027
Less: imputed interest	3,029		3,445
Total operating lease liabilities	$ 40,980		$ 43,582
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities
Operating lease liability included in other liabilities, current	$ 10,700

SEGMENTS - Narrative (Details)

SEGMENTS - Narrative (Details)	3 Months Ended
SEGMENTS - Narrative (Details)	Sep. 30, 2022 brand segment
Segment Reporting Information [Line Items]
Number of reportable business segments \| segment	2
Performance Services
Segment Reporting Information [Line Items]
Number of sub-brands \| brand	3

SEGMENTS - Schedule of Segment

SEGMENTS - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Segment Reporting Information [Line Items]
Net revenue	$ 313,873	$ 365,147
Total depreciation and amortization expense	33,891	31,485
Total capital expenditures	18,930	21,050
Total assets	3,419,741		$ 3,357,127
Operating Segments
Segment Reporting Information [Line Items]
Net revenue	313,882	365,147
Corporate
Segment Reporting Information [Line Items]
Total depreciation and amortization expense	2,225	2,232
Total capital expenditures	9	1,870
Total assets	954,101		896,336
Eliminations
Segment Reporting Information [Line Items]
Net revenue	(9)	0
Total assets	(5)		(4)
Supply Chain Services \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	219,693	276,816
Total depreciation and amortization expense	14,250	13,144
Total capital expenditures	6,735	8,157
Total assets	1,401,646		1,406,108
Performance Services \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	94,189	88,331
Total depreciation and amortization expense	17,416	16,109
Total capital expenditures	12,186	11,023
Total assets	1,063,999		1,054,687
Operating Segments and Corporate Non-segment
Segment Reporting Information [Line Items]
Total assets	3,419,746		$ 3,357,131
Net administrative fees
Segment Reporting Information [Line Items]
Net revenue	150,006	149,462
Net administrative fees \| Supply Chain Services \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	150,006	149,462
Software licenses, other services and support
Segment Reporting Information [Line Items]
Net revenue	105,006	97,255
Software licenses, other services and support \| Supply Chain Services \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	10,826	8,924
Services and software licenses
Segment Reporting Information [Line Items]
Net revenue	255,012	246,717
Services and software licenses \| Supply Chain Services \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	160,832	158,386
Products
Segment Reporting Information [Line Items]
Net revenue	58,861	118,430
Products \| Supply Chain Services \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	58,861	118,430
SAAS-Based Products Subscriptions \| Performance Services \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	47,767	46,704
Consulting Services \| Performance Services \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	17,615	15,060
Software Licenses \| Performance Services \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	5,992	8,401
Other investments \| Performance Services \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	$ 22,815	$ 18,166

SEGMENTS - Reconciliation of In

SEGMENTS - Reconciliation of Income Before Income Taxes to Segment Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Income before income taxes	$ 61,728	$ 140,339
Equity in net income of unconsolidated affiliates	(8,243)	(7,058)
Interest expense, net	2,859	2,788
Gain on FFF Put and Call Rights	0	(64,110)
Other expense, net	2,164	320
Operating income	58,508	72,279
Depreciation and amortization	23,439	20,596
Amortization of purchased intangible assets	10,452	10,889
Stock-based compensation	7,349	7,751
Acquisition- and disposition-related expenses	2,160	3,421
Strategic initiative and financial restructuring-related expenses	1,520	25
Equity in net income of unconsolidated affiliates	8,243	7,058
Deferred compensation plan (expense) income	(2,370)	(318)
Other reconciling items, net	79	2
Non-GAAP Adjusted EBITDA	109,380	121,703
Employee Stock Purchase Plan (ESPP)
Segment Reporting Information [Line Items]
Stock-based compensation	200	200
Operating Segments \| Supply Chain Services
Segment Reporting Information [Line Items]
Non-GAAP Adjusted EBITDA	121,194	129,269
Operating Segments \| Performance Services
Segment Reporting Information [Line Items]
Non-GAAP Adjusted EBITDA	19,368	23,715
Corporate
Segment Reporting Information [Line Items]
Non-GAAP Adjusted EBITDA	$ (31,182)	$ (31,281)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - TRPN Transferred Assets $ in Millions	Oct. 13, 2022 USD ($) contract
Subsequent Event [Line Items]
Number of TRPN contracts \| contract	900,000
Escrow account satisfy indemnification obligations	$ 17.8
Contigo Health, LLC
Subsequent Event [Line Items]
Transferring cash	$ 177.5