Good morning, everyone. Welcome to the JPMorgan Healthcare Conference. My name is Annie Samuel, and I'm the healthcare technology and distribution analyst here at JPMorgan. We're thrilled to have Premier with us this morning presenting. We've got CEO Mike Alkire and CFO Craig McKasson. We'll do a quick 20-minute presentation, and after that, we'll open it up to Q&A. With that, let me turn it over to Mike. All right. Thank you. All right. Thanks, Annie. I appreciate the opportunity. Craig and I are thrilled to be here in person after doing this for the last couple of years over a video. We're really excited to share our longer term strategy with you all and share some of the concepts that we have about driving healthcare improvement. Very quickly, I need to go over that, you know, some of the statements that we're gonna be giving you are obviously cautionary, and there is a description of our non-GAAP related measures as well. Very quickly as we get into an overview of Premier, for those of you that know the story, our focus is really all about helping our healthcare systems improve the way that they provide their services. Think about quality improvement, think about cost reduction. Our healthcare systems are migrating into new payment models. They're looking for new revenue streams, as they, you know, care for patients. All of those things that they're attempting to do, we think we play an integral part in supporting them. It's interesting, Craig and I, and Andy, who sits in the front row here as our Chief Commercial Officer, spend a ton of time with our members, a ton of time. Yesterday we actually were at the not-for-profit track over at the JW Marriott. It's really interesting, the backdrop of what's happening in healthcare. For those of you who had not had an opportunity to spend time at the not-for-profit track, we're coming off some pretty difficult times. I mean, it's very, very regional, but still, all health systems are feeling this. Healthcare systems from a financial standpoint are still struggling with high labor costs. The anecdote that I like to use is that, you know, nurse, an hourly nurse, and I've got Barry Steiken in the room here that could probably give this presentation. An hourly nurse, pre-COVID, was probably $80 an hour on average across our facilities. You know, during the height of the pandemic, it went up to a couple hundred, $250, $240, $250 an hour. You know, it's down considerably, but it's still 25% or 30% higher than it was pre-pandemic. Our healthcare systems are still really facing this issue associated with labor. They're facing issues associated with inflation. Think of all the things that are occurring from an inflationary perspective. Those healthcare systems are still in need of critical products and other items, and so they're still facing a very, very inflationary environment. They're facing issues associated with rising interest rates. As they think about deploying capital, those are significant issues that they're dealing with. Then finally, you know, you think about our healthcare systems, many of them have fairly substantial investment portfolios. Typically, they're very, very conservative, and so they've been riding the wave of the market. you know, some of them have been experiencing some pretty significant loss. That's losses that have had an impact on their balance sheet. Those are the things that we're dealing with. Those are the issues at least the macro level that we build out services and capabilities to support our health systems around. That's the macro environment from a healthcare standpoint. From a Supply Chain standpoint, and the reason I talk about this is it's so important to our GPO business. You know, the Supply Chain is still very, very tenuous, right? We're still dealing with issues as it relates to getting products overseas. We've got labor costs, increased labor costs associated with logistics. We still got Supply Chain issues. Everything that we're doing from a Supply Chain standpoint is to really build out that resiliency and to support our health systems as they need to get access to those products to provide the care that they're delivering. As you think about our business model, I think there's three things that differentiate Premier. First, it's the relationships that we have with our members, and I want to sorta key on this just for a second. We have four healthcare systems, executives that sit on our board. We have a board advisory committee that's made up of somewhere north of 35 executives that we meet on sort of a quarterly basis two times a year in person. The focus of that group is really to understand all the issues that they're facing and then to co-invent, to co-innovate with them solutions that can help them drive performance improvement. We have that board advisory committee. We have other committees that help us with sourcing and helping us create, you know, more strategic direction around how do we think about our group purchasing organization and our direct sourcing business. We really are this orientated around our customers, and we have this ability to actually interact with them on a very, very regular basis. It's about the relationships. It's about the data. You see in the middle there about the percent of U.S. discharge, 45% of all U.S. discharge data comes into our database. You see that we have more than 1 billion individual encounters that go into our database as well. It's a very, very robust database. I'll spend some time talking about why that's so important to Premier and the future of the organization. Finally, you know, we have technology and we don't spend a ton of time talking about the importance of technology, but the technology enablement of the data, the technology enablement of helping our healthcare systems drive sustainable improvement from a quality standpoint and doing it at reduced cost is really important. I will tell you, our ability to leverage our AI, machine learning, natural language processing capability, and write insights into the workflow, I think is very, very unique to this organization. Again, what that allows us to do is spend a great deal of time with our health systems and understand what are those business parameters they're trying to solve, and then us come up with the algorithms and the solutions that we can then write into Epic, Cerner, and athenahealth. It's no longer the old days of performance improvements where we'd create insights and then we'd implement them. We actually take those insights, and we actually write them into the workflow, and we actually change practice. It's really, really important. I think those are the three really critical differentiators for the organization. Just as a quick reminder, Premier has two segments. It has its Supply Chain, and it has our Performance Services segment. In our Supply Chain, our focus is obviously we've got a pretty robust, obviously, one of the industry's largest group purchasing organizations. I think the keynote for that group purchasing organization is how we drive higher levels of compliance. We've got two fantastic programs that many of you have heard about, SURPASS and ASCEND. It's actually AscenDrive. Those programs are driving higher and higher levels of commitment that allow for us to get better pricing for them. The focus, again, is for us to create all these solutions and services to differentiate our health systems in their markets. How we can help them actually become the high-quality producer and at the lowest cost within their markets. The group purchasing organization is one of those critical components of that. We've also built out a direct sourcing organization over the years. We got into direct sourcing, quite frankly, because we needed a little bit of a lever in the event that we weren't getting value from the negotiations. We wanted to be able to directly source products, to contract manufacture products. Fortunately, we started that program a number of years back, probably close to 10 years now. That program significantly morphed, especially during COVID. At the time of, you know, during COVID, obviously, we had you know, significant crises within the health systems. We didn't, as an industry, have enough resiliency in the health system. Way overly dependent on a couple of countries to provide PPE and other critical products. I will tell you, our health system took notice, what they asked us to do was to co-invest with them and produce products like, think of masks and gowns, generic drugs, things that they're always gonna need. Their interest was to co-invest with us to ensure that they had sustainable supplies of those products. I'll tell you, during COVID, it really proved on because not only did we, were we able to recover fairly quickly and provide products to our health systems, but we also were able, because we had enough product, to provide it to other health systems that were not Premier. I think a lot of that was very, very critical for providing care across our communities. Our focus is to continue to differentiate, but when we have more than what we need, we will continue to ensure that we can help other communities as well. That's Supply Chain, group purchasing, and then our direct sourcing business. On Performance Services, we branded our technology business called PINC AI, about 18 months ago. PINC AI really is sort of made up of all of the suite of technology and data that we've been creating over the last number of years. There's quality systems, safety systems, labor systems, Supply Chain systems, and there's integration points where we could provide insights on performance improvements. As I said, that's where it sort of stopped a number of years ago, where we created those insights and then worked with our health systems to implement it. Today, because of some of the investments we've made from a technology standpoint, we're able to take those insights and write them in directly into the workflow and change the way that care is being provided. We're incredibly excited. Also part of PINC AI is we have some focus on how to ensure that our health systems are documenting, you know, Medicare patients appropriately, prior authorization capabilities that are very, very unique to our organization. We're incredibly excited and obviously, the administration came out and said that they'd like to have pretty significant prior authorization capability by 2026. We think we have a fantastic technology platform to support them to do that. We're incredibly excited about that. Then we have a life sciences group that's part of this. We've been dabbling around life sciences for a number of years, but what's changed since our acquisitions of some of these technologies is now we can actually identify patients for trial, and that's a huge issue for pharmaceutical companies. We're incredibly excited about the work that we're doing with pharma to bring, you know, much needed products to communities that potentially would have been underserved. We're incredibly excited about that. Contigo Health is our business, our direct to employer business. The business is doing phenomenally well. We just made an acquisition there, a company called TRPN, which brought 900,000 providers into the network. Today, now we have the ability, obviously, to provide TPA services. We also have the ability to do centers of excellence services for employers, but we now have the ability also to create that, sort of that network now that we have those additional providers. We're really excited about that. And if you think about that, it's the opportunity for our healthcare systems as they think about, you know, migrating to becoming more of a payvider, if that's an interest of their, of theirs. We could take all of our capabilities and sort of insert that in that and become that sort of payvider side to help them on the delivery side. We're excited about that. Remitra, finally, is our technology really to really automate the whole e-invoicing and e-payables process. We still think there's way too much manual intervention and faxes and those kinds of things that are being sent between suppliers and providers, and the Remitra technology really automates that. We're really, obviously, excited about the future of that business as well. Hey, before I turn this over to Craig, I did wanna, you know, talk a little bit about some of the awards and recognitions that Premier has received just in the past year. We've got a fantastic DEIB leader that was recognized, Joe Machicote. We were recognized in Boston for the work that we're doing with AstraZeneca on identifying early-stage lung cancer, and we're really excited about that. KLAS recognized us for value-based care consulting, we're really excited about that. With that, I'll flip it over to Craig for the next seven minutes. 6 minutes. Thank you, Mike. I appreciate it. Thank you, everyone. What I'd like to do is Mike gave a very good overview of sort of the construct and the aspects of the business. What I'd like to really focus on is how are we actually looking to achieve the growth longer term, and what is our strategy to accomplish that? The way we really think about the growth of the business is across four pillars. First and foremost, it's around growing and deepening the relationships that Mike articulated. We have a very large footprint, 4,400 hospitals, 250,000 non-acute facilities. How can we continue to do more and be even a better partner to them? I should highlight that 90% of our health systems view us as a strategic partner, as opposed to being sort of just a vendor-customer relationship. These are multi-decade re-relationships that we really have an opportunity to advance the ball with them. We're also now, as Mike talked about, expanding into some different customer segments that also benefit the health systems. It's all about differentiation and how can we actually help our healthcare providers really be differentiated in their markets with the other partners that they have to work with, payers, employers, and life science, and other types of companies. It's all about the relationships. We're really looking to strengthen and build our capabilities. We do that in a multifaceted approach. Organic development, looking for the areas that we can actually advance our existing capabilities through organically enhancing our technology. A very big focus on automation of manual process that our healthcare systems continue to undertake, and how can we actually AI and machine learning enable our capabilities to provide more advanced ability for them to improve their performance. Innovation. One of the great aspects we have, given the relationships we have with these health systems and the forums that Mike talked about for us to have interaction with them, is the ability to co-innovate. A lot of the ideas we get are through germination of ideas with our healthcare systems and their executive teams identifying where the pockets of need are, so that we can attack a market opportunity and then deliver growth based off of doing that. Lastly, while our footprint and our DNA has been in the healthcare provider footprint, we've realized there are markets that we can actually extend into. That's the Contigo Health opportunity with employers. It's our clinical decision support capabilities around with payers and then the suppliers through the Remitra platform. All of those four pillars are anchored in kind of the aspects you see down below. Stable cash flow generating business that allows us to do the investments we need to do and also return capital to shareholders. A comprehensive integrated technology platform that we can continue to augment. The innovation that I discussed and the ways that we can accomplish that, and then a very highly engaged culture and team of employees that are very focused on the mission of what we're trying to advance. This page has a lot of details. I'm not gonna go through it. I'm just gonna quickly highlight that we are making progress on advancing the strategies that we've talked about across the four pillars that we're focused on. If you think about the relationship side, we're very proud of the co-investing that we've been doing around Supply Chain resiliency with our healthcare systems. Partnering with a number of healthcare systems to invest in domestic manufacturing of masks, domestic manufacturing of isolation gowns in the most automated capability available on the globe, around the globe, investing alongside with them in generic drug manufacturing. A real focus on ensuring that we create resiliency so that we do not relive some of the issues that we faced during the pandemic, and those relationships are what enable us to actually achieve and do that in a differentiated way. A number of areas we've continued to strengthen and focus on technology enablement. The AI enablement to allow for automation of prior authorization, which I talked about. We're also doing quite a bit around HCC coding to actually help our members ensure that they're getting reimbursed appropriately for the care that they're providing. Continuing to look at how to technology enable that. Innovative solutions. Mike talked about Remitra. We launched this past year Remitra CFO, which is focused on actually automating and guaranteeing the payment process for suppliers in the marketplace. In the adjacent markets, very excited about the Contigo growth that Mike talked about, and the continuing opportunities we have there. A lot of potential around the life sciences space and the things that we're doing to actually help from a real-world evidence standpoint ensure clinical efficacy, also help to identify patients for clinical trials, with life science companies that are in the marketplace. From a financial perspective, we are in the midst of our second quarter close. You're not seeing a financial update today. We will release our earnings in a couple of weeks and provide our second quarter results and our perspective on our 2023 outlook. From a long-term perspective, very significant stable cash flow generating business that gives us the ability to do the investments and the things that we need to do to advance our strategy. We continue to have a very flexible balance sheet, not a lot of debt on the balance sheet that has enabled us to continue to have dry powder, to be opportunistic when we need to. From a capital deployment standpoint, we will continue, and we've been consistent with this statement to be balanced in our approach. We are interested in deploying M&A for growth to strengthen and build the capabilities that I talked about earlier. We are balancing that with shareholder return. We do have a quarterly dividend in place, $25 million, provided back in the first quarter, and that's sort of been the runway we've had. We have been increasing that dividend over the past couple of years. We also have done share repurchase. We do not have a share repurchase authorization in place at this time, but we'll continue to address with the board the best use of capital and the appropriate time to use that as a shareholder return, lever. That's sort of financially where we sit. Mike, I think I'm gonna give you all of 10 seconds to close this out. Yeah. As I said, you know, our focus really is to support these healthcare systems and truly differentiate them in their markets. We think that obviously through the technology and the data, and the services that we provide, we truly can help have a dramatic impact, and help them define who they really wanna be in the future. We're really excited about the opportunity to go forward with them in a very, very, you know, a difficult time for them right now. To really create alternatives to helping them with driving revenue and help them really drive improvements in the way they're providing care from a quality standpoint. With that, we'll open it up for questions. Great. There's quite a few people standing in the room. There are seats if you wanna get comfortable for the next 20 minutes. There's a bunch up in the front and there's some in the third row. You know, maybe starting with higher level macro- Sure. Just based on where you sit in healthcare, you always have such a great bird's-eye view of, you know, what's really going on. Can you discuss, you know, you talked about a number of different challenges that the hospitals are facing right now, but what are they really seeing as the most acute problem, and where are they asking you for help? Yeah. It's a great question. I would just tell you that it's very regional. You know, it's really hard to say that, you know, one area of the country is the same as the next, 'cause I have different issues in different markets that we're sort of dealing with. I will tell you, if you were just to characterize it in one area, I'd tell you it's performance improvement. Healthcare systems are looking at ways of becoming more efficient, leaning out infrastructure that doesn't necessarily provide strategic advantage in their markets. We're working with them, you know, doing that kind of work. Obviously, they're looking at ways to automate the way care is being provided because it will improve the level of quality. We're, you know, obviously in the midst of doing a whole bunch of those programs for the healthcare systems. Finally, I'll just say this, it's really interesting. It's, it's not press worthy today. You know, we did see in this last three or four weeks, or I guess two or three weeks, utilization of beds by COVID patients go up again. It's, it's really hard for us to say, you know, we're kind of over this hump. Let's get on to the next iteration of healthcare. Suffice it to say, you know, we're doing all those things that, you know, these healthcare systems need from an efficiency standpoint, quality improvement standpoint. As they migrate to new payment models, helping them build out the infrastructure to do that. It seems like the hospitals are maybe a little bit more willing than they've been in the past to automate. Yeah. Because now they have to. They have these labor shortages. Historically, the hospitals have been the largest employer in a region, and so they didn't wanna do that. How can this drive cost savings for healthcare over time? 'Cause this seems like a really big opportunity. You know, one of the things that we're constantly having conversations with them about are the synergies. Are there activities that you're doing day-to-day that lend themselves better to doing at significant scale? Why are you all doing very similar repetitive things that may not, again, add strategic differentiation? As I said, these board advisory committee meetings, and even at the board, we talk about what are those capabilities that we should be developing to support them. I will tell you, it starts with us always in the Supply Chain, because we do think we've got, you know, significant opportunities to drive higher levels of commitment, higher levels of standardization, to continue to drive down their overall cost of supplies. The only thing I would add to that, Mike, I think from a corporate infrastructure standpoint, they also have to look for efficiencies. Part of our rationale for the Remitra platform we've talked about is that even today, post-COVID, which you thought would have changed, 82% of payments in healthcare are still made via paper check. You would have thought that would have come down dramatically. It was 85% before the pandemic. There is corporate infrastructure that can be rationalized across these systems to ensure that they have the resources they need to maximize the clinical care that they have to continue to provide. That's helpful. you know, we've been hearing about hospitals, because of some of these macro challenges you've been talking about, tightening up their budgets, maybe, you know, providing a little more scrutiny on purchasing, you know, elongating their sales cycles. Are you seeing any of that today? Sure. Yeah. Couple things. You do see it in the decision-making process, but Annie, I'll tell you know, one of the things that we are doing and we need to continue to do is to show real value day one of any program that we implement. Be that a performance improvement initiative, be that a contract that we launch, technology that we implement, we've got to show short-term results because they are so focused right now on trying, again, to improve their operating margins, that, you know, it just becomes more noise if you can't really highlight, you know, these opportunities that really drive short-term value. Yeah. I think to add to that on the Supply Chain side, I think clearly with some of the financial pressures and utilization not coming back fully to where they expect in some cases, there are implications in the Supply Chain where things aren't as bullish as they were in the past. Things like capital equipment purchases that may be being delayed a bit. You know, we're not immune to that. I mean, we are subject to that. We tend to have a little bit of a lag to when they're seeing that implication, but that's certainly something that has the potential to impact us in the future. You touched on utilization a little bit. You talked about, you know, COVID beds increasing. In the past, flu has had a little bit of an impact on your business. It's been a crazy season with flu, COVID, RSV. How is that impacting your business right now? Yeah, I'm happy to address that. Generally speaking, flu itself has not had a big impact up or down in terms of our business overall, because typically, flu is not a real supply intensive implication. In the case that it leads to hospitalizations, obviously, that becomes more of an impact on the business. I'll say not dissimilar to COVID. In the early days of COVID, it was the hospitalizations that created all the dynamic. You're now seeing a rise in COVID patients, but the hospitalizations clearly aren't at the level that they were. What we're seeing is not a material impact due to flu, RSV or COVID today. The question is, are people staying away that aren't sick because of what's happening in the ecosystem? That's why utilization is not necessarily back in all markets to where it was pre-pandemic. That's helpful color. you know, in recent years, you've really highlighted investing and growing your managed markets business. You've had a lot of success with Contigo. maybe we could start there. Can you give us an update on how that's going and how you're adding value for your customers there? Yeah. Just as a quick reminder, this is an initiative we started a few years back. We had a very, very large national employer come to us and ask us to help really build out a high value network of providers. They said, "You know, you guys have this history of working with health systems, benchmarking their performance against one another, and then driving improvements based upon how people are performing, and you're the right partner." That really got us into this building out this idea of Contigo Health. Today, it's morphed quite considerably. We're still focused on building out these high value network for very, very large employers, as well as regional employers in the markets of our health systems. Further, what we've been building out is we acquired an organization that has a TPA capability for centers of excellence programs for a lot of these large employers who are really, really excited about that. It brought us TPA and centers of excellence capability. Why is that so important to Premier? That is so important to Premier because we want that to be the impetus behind driving change with the health systems. To say, if you wanna be a centers of excellence, if you wanna be part of a high value network, you're gonna need to perform at different levels, and we're here to help you drive that level of performance. That's been going very, very well. We did, as I mentioned in my remarks, we bought a company called TRPN, has access to 900,000 providers. With that, with the other capability that we can provide, like I said, we can now provide wrapper capability to our health systems that actually may already have a health plan. Today, a lot of value leaks from those relationships. We're thinking that with that TRPN relationship, that we're gonna be able to create a model where a lot of that value does not leak. It actually stays within the provider base. We're really, really excited about that. From a growth standpoint, we're still driving that greater than 30% growth. From a live standpoint as well as a business standpoint. We're really excited about the business. Maybe just coming back to the TRPN acquisition. Can you talk about, you know, what that adds and maybe help us with some, you know, examples? Sure. For those of us who maybe don't know it as well. You know, the provider base that it adds, how incremental was that to your base? Yeah. Go. I'm happy to hit the incremental piece real quick. When we acquired those 900,000 contracts across 4.1 million locations, we had about 25% overlap. There was a lot of incremental contract and expansion capability into that out-of-network area that wasn't historically part of the business. Now we have an ability to also add more into the network within our own existing footprint. Yeah. The only thing I'll add to everything I've already talked about Contigo is it will allow for a carve-out for our healthcare systems that have health plans that we will be able in that carve out to provide those services and capabilities. Just think about as they become payviders, they're caring for their own employees first. Typically, they have to go outside when their employee base doesn't use one of their facilities and get that, you know, that health insurance. Now we have the ability to provide a capability that meet their needs. Great. You talked a little bit about Remitra, and that seems like it's something that's really important right now, just kind of given what the hospitals are seeing around labor. Really, you know, successful acquisition. How has that been received by your customer base? You, you called that out as a large profitability driver over time. Can you talk a little bit about that and walk us through the math there? Sure. Let me just first by saying it's nascent, right? It's new. We are doing something incredibly transformational in healthcare. Where we are building out a network of suppliers and providers, and we are automating functions that have been heretofore manual. That just requires a lot of change, and it requires a lot of change on behalf of the suppliers, and it requires a lot of change on behalf of the providers. We know long-term, a technology like this has to exist. I talk to supplier executives all the time, and they tell me about the inefficiencies as they think about where inventory is and how they're actually getting reimbursed and are getting paid for invoices and those kinds of things. It's a pain point by both sides of the equation. The net of all of it is we're really excited about the platform. It's nascent. We're gonna, you know, we're gonna see some fits and starts and those kinds of things, but we will continue to evolve this. Long term, we do think it'll be an absolute strategic differentiator for Premier Healthcare System hospitals. Yeah, the color I would add to that is I think in the short term, transparently it has launched a little bit slower than we would have originally expected. I think when you look at the macro dynamics, health systems have been facing incredible Supply Chain challenges, labor challenges, inflation challenges. Suppliers have been dealing with Supply Chain and logistics issues. In the very near term, it's been a little bit slower than we originally would have expected, but long term, we're still very bullish on the need, as Mike described. Great. You know, we've talked about the adjacent markets. Can you talk a little bit about the sales motion for those, how you're selling those into your GPO customers? I think, you know what, you know, especially. Let me. I'll just jump back to Contigo real quick. I think Contigo allows us to do, both within the current membership and then, you know, prospective members, it allows us to have a much more strategic dialogue with healthcare systems that we might have not have been able to engage with if we just had a Supply Chain solution. Now we're talking to some of these organizations that, again, we may not have had a relationship in the past, that are maybe looking at building out sort of a health plan capabilities for their markets and those kinds of things. It allows us to enter at the CEO level, with a very, very formidable capability that allows them to experience Premier at the highest level, and then obviously allows us to sell the rest of the business. That's the way we look at some of this adjacent capability. It just allows us a different entry point into some healthcare systems that we don't currently work with today. Yeah. I think it's important to underscore, and sometimes this is misunderstood a bit, we have customers in and members in both sides of the business, and it's not just the GPO members that we're trying to advance the ball into. I think from a broad perspective, we've got a little bit over 1,500 hospitals, I'm focused on the acute part of the customer footprint right now, in the GPO Supply Chain side of the business. We actually have about 1,500, a little over 1,500 that are in the Performance Services side, which would include the Remitras and the Contigos, and there's about 1,350 that are somewhere across both. About 30% of the business is choosing both. We actually, in some cases, are pulling Supply Chain capabilities through when we have a Performance Services relationship, and we're pulling Performance Services capabilities through when we have a Supply Chain relationship. In terms of the uptake, those are early stage as we've recently launched them, so there's still a lot of opportunity moving forward to add more members on the provider side to both of those capabilities. That's helpful context. You know, maybe this one's for you, Craig. As we think about your mid to high single digit, you know, long-term growth targets, can you just remind us how adjacent markets fits into that as a, as a growth driver, and how much that'll contribute? Adjacent markets, the expectation was we've given guidance for this year of... And again, we'll talk about guidance in two weeks, historically, we've talked about 30%-40% growth in those adjacent markets as part of the Performance Services business. They will, over time, become a bigger and bigger component of our Performance Services overall footprint as the provider side grows at a lower level than that. I'll also highlight on the Supply Chain side, we don't call this out as much, part of our Supply Chain business is a business and industry or non-healthcare part of our GPO. That rolls up into what we call our non-acute or side of it. That continues to grow and grew double-digit this past year. Over time, adjacent markets being on the Performance Services side, but also in the non-acute aspect of our GPO, will be aspects that will help deliver outsized growth compared to the acute care footprint that we have in both our businesses to deliver our long-term growth expectations. Are there any other areas within this kind of adjacent markets category that you feel like you don't have yet that maybe, you know, might be interesting to round out your portfolio, and how are you thinking about build versus buy? Just from an adjacent market standpoint, as you think about our sort of our life sciences business, there's some capabilities there that, you know, would lend themselves very well to our real-world evidence capability. So think of some, you know, data companies and technology-oriented companies in that area. In the payer space, we wanna, you know, continue to build out that network that we talked about. I will tell you, credentialing is something that is gonna be really important, as we continue to build that network out. In the, you know, just in the PINC AI space, as you think about analytics, today it's, we do sort of a one and a one and a one when you think about natural language processing and the focus. We're gonna have to really figure out, how do we expand that a lot quicker? We're really good when it comes to high cost imaging, we're good at drugs and drug utilization, those kinds of things. How do you expand that at light speed? I will tell you that is something that Craig and I both have a passion on. That's on Performance Services. On the Supply Chain, anything that can standardize ordering platforms across the continuum. As our healthcare systems become more complex and they begin to do more outside the four walls of the hospital, we're gonna have to help them with thinking through ways to do ordering and ways to sort of syndicate the data out to people who might be making decisions and those kinds of things. It's gonna be. Those are the kinds of things from a Supply Chain standpoint that we're gonna have to continue to think about. I think from a build versus buy, likely what you would hear from others, that we really do try to evaluate speed to market, scalability, investment considerations, and sort of competitive differentiation in the marketplace as we evaluate whether it's something we think we can accelerate ourselves or we need to find somebody else, either from an M&A standpoint or partnerships. We're very happy to and have done partnerships with others to help advance strategically what we're trying to accomplish as well. Great. Well, in the last two minutes, you know, I was hoping that you could talk about what are you most excited about in 2023? Yeah. Why don't you go first, then I'll end it. Yeah, I mean, I continue to be excited about the opportunities for long-term growth, particularly the adjacent markets, aspects of our business that we're focused on. Really trying to continue to be there as a trusted advisor and partner with these health systems that are going through incredibly complicated, difficult times. It's not gonna be an easy journey for them. We need to be there in lockstep with them to help them through this, because they're a critical part of the infrastructure of this country that we need to help ensure is well-positioned to care for all of us in the future. I think all that's great, and the only thing I would add is that I do think we're at sort of this pivotal point in healthcare, where our healthcare systems are gonna have to do things differently to be more financially viable going forward in the future. I'm incredibly excited about the opportunity to be working with these leaders and figuring out what that transformation actually looks like, what the technology and the data and the services are that are gonna be needed to support them in that direction. Obviously be able to build business models that will drive long-term shareholder value in terms of supporting them. Really excited about that, and I'm, and Craig and Andy and all of us at Premier are really excited about differentiating our Premier Health systems that we work with every day. Great. Well, thank you so much to Premier for presenting today, and thank you all for joining us. Thank you, everybody.