Morning, everyone. Welcome to the J.P. Morgan Healthcare Conference. My name is Anne Samuel, and I am the, Healthcare Technology and Distribution Analyst, here at J.P. Morgan. We're thrilled to have, Premier with us this morning. With us are CEO Mike Alkire and CFO Craig McKasson. They'll do a quick presentation, and then we'll open it up for Q&A. So with that, let me turn it over to Mike. All right. Thank you, Anne, and thank you to J.P. Morgan for having us. It is an exciting event for us to be able to come and talk to you about our strategies and such. So the way I'd like to do this is I'm gonna cover a little bit of our strategy. I'm gonna talk about the industry's trends that are affecting healthcare, and then talk about how our operating models and our strategies are helping our healthcare systems navigate sort of those headwinds. I've asked Craig to give an update on what's happening operationally across the business. So from an industry perspective, I think there are three trends. Let's see if I can get this slide to move here. Is that working there? All right. Let's see here. Okay. I think I'm frozen, actually. So I think I might as well hit the disclaimer while he's getting our stuff up and running, but the next slide will be the disclaimer, and it's all the important information about forward-looking statements and those kinds of things. Yeah, click on that arrow over here. Okay. There we go! So there's the disclaimer, and then, just a little bit about Premier and what's happening across the industry. So I would tell you that there are three overriding trends affecting our healthcare systems today. The number one issue is labor, labor, labor, and labor. And, yes, I'm saying it that much because I will tell you, they have gotten out of the situation where they were paying two or three times the amount for traveling labor nurses and those kinds of things. But the price of traveling nurses has settled back to about 30%, 25% more than it was pre-COVID. So there is still some pretty significant costs associated with that clinical staff. I will also tell you, though, in the non-labor areas, the pressure, as it relates to increasing minimum wage and those kinds of things are also putting a lot of pressure on the labor that's required to run healthcare systems. So those costs are obviously also adding to the cost line for the healthcare systems. Then, finally, I will say that, you know, as we have talked about for years, where we have this sort of aging population, sort of the gray tsunami, if you will, that, you know, do we have enough clinical staff to actually take care of those folks? It is something I was at the Not-for-Profit Track yesterday, that almost all of the healthcare systems talked about is that they didn't have enough access to quality clinicians and doctors, and their focus was really: how do we have to really change the way that we practice, to ensure that we can provide high-quality care and maybe not with the levels of staffing that we've had in the past? So labor is number one. Two is the proliferation of high technology, and what do I mean by that? You know, as healthcare systems are starting to sort of sort through how to deal with AI, machine learning, generative AI, and other advanced technologies, I think they're sort of getting their legs under them to say, "Okay, what are the functions that we really want to focus on, to leverage advanced technologies?" And I'll spend a little bit more time with you there, around that with you. And then the third is something I've been talking about for a long period of time, but it's this imbalance of scale as it relates to the payers and the providers. And again, I've been spending the last couple of years talking about it, but I've been talking about it in terms of access to capital. I will tell you, we also are beginning to see, you know, some pretty substantial imbalance as it relates to the scale, now, as healthcare systems are, you know, having to do negotiations with entities that are their payers, that are far larger than they have historically been. So that's creating a lot of issues. Yesterday, I heard in the. By the way, when we're out with our healthcare systems, I'm hearing the same thing, but the amount of denials that are happening for claims is at an all-time high. So, you know, those are some pretty prevailing issues that they're dealing with. What I want to spend a little bit of time with you now is to just talk a little bit about what we're doing to actually support the healthcare systems in those three areas. So if you think about labor, for the most part, the services and the technologies that we've created could be perceived as sort of labor extenders or efficiency drivers. And so if you think about the work that we're doing, as far as AI and machine learning, as you think about prior authorization, as you think about working with HCC codes, that work allows for the healthcare systems to take the resources that historically have worked in those areas, because both those had been historically and still are, very manual efforts. But to the degree that we can automate those parts of the operation, it allows for those, for the most part, those clinicians to get back to work, and the work in terms of working with the clinical side as opposed to the administrative side. And so, the things that we're doing from an AI machine learning and as it relates to HCC coding, as it relates to prior authorization, and then also as it relates to invoicing. So we're also building out pretty substantial technology to actually improve the way that invoices are actually being managed at the healthcare system, and transforming the way that healthcare systems look at e-invoicing and e-payables. And again, I'll get into some of that in just a second. As it relates to the proliferation of technology, we've been spending a lot of time with our health systems on Capitol Hill, talking about AI and the importance of AI. But we wanna do it in a way that we know that it's gonna be profoundly helpful to the healthcare systems and not create a whole bunch of distraction for those healthcare systems. So we wanna make sure that the federal government and other agencies are taking advantage of the innovation that the AI machine learning can actually help those healthcare systems with. All right. So very quickly, as just a reminder to some of you that are new to this story, we do have a highly differentiated business model. It is all baked around the relationships that we actually have with our healthcare systems and other providers. As you can see, we have a very, very large footprint, great relationships with these folks. We have many of these folks that are represented on our board advisory committees and other committees, that help make decisions for the organization, both strategically and also operationally. So as we think about how we make contracts and who we partner with from a supplier standpoint and those kinds of things, so we have that fantastic relationship with our, our, our healthcare systems and other providers. We've got this comprehensive, scalable data set and capability, and you can sort of see the reach of that. 45% of all U.S. discharge data is within our databases, and we have more than 1 billion individual encounters within our databases as well. And that data and that technology allows for us to drive meaningful insights and solutions into multiple markets. So I've been talking a lot about the healthcare system market, but we're also doing, you know, quite a bit of work in the non-acute area. We have taken quite a bit of our stuff that we've been doing with prior authorization as it relates to our healthcare systems and extending that to payers. So we can use some of those same algorithms that we're using, again, for the providers and help the payers become more efficient as well. We have a Contigo Health offering, which is all about helping our healthcare systems interact more closely with employers in the market. So as they're thinking about value-based care, as they're thinking about ACOs, or as they're thinking about contracting directly with employers, we wanna build out capabilities to support them as they go through that journey. Our technology and our data is also being utilized in the life sciences areas. So we're doing a whole bunch of stuff as it relates to real-world evidence studies and other support services for healthcare systems as they are going through drug trials and those kinds of things. So just very quickly, our business itself, we have two segments of our business. We have our supply chain business. We talk about it in terms of technology enabling the supply chain, as we do believe that's a fairly significant differentiation for us. We've been making some pretty significant investments in our technology, as it relates to e-invoicing, as I said earlier, but also as it relates to us really focusing on purchased services spend within our healthcare systems, which is a very significant spend part of the operations of a healthcare system, and then also in the non-acute area. So we're gonna continue to make investments to help our healthcare systems as they move outside the four walls of the hospital and provide care in the non-acute settings. We also have a capability called S2S Global, which is all about supply chain resiliency and helping our healthcare systems think about ways that we can go directly to the market for products, if in fact we see that products are unhealthy. So we've got some partnerships there with healthcare systems, where we've invested in domestic manufacturing of gloves and in gowns, in generic drugs, and also in some incontinence products as well. So that's the supply chain part of the business. One other area there, though, I would like to highlight, that's been getting a lot of traction in the market recently, and that's really our area on co-management and outsourcing. So as our healthcare systems, especially those that are in struggling markets, are looking ways to reduce costs, we do provide capabilities to do co-management of their supply chain and other operating functions, and that business is doing very, very well, as we speak. So that's the supply chain business. In the performance services side, we have our PINC AI data set, and that's really all focused clinical decision support. So think about helping healthcare systems drive high levels of quality, improve their safety, supply chain. So we have a broad range of capabilities to help our healthcare systems perform at the, their, their top level in, in those, in those areas. And then we also have this sort of clinical decision support capability that overlays on that, that provides opportunities and insights for performance improvement. And we have a fairly robust advisory services business that uses that information to help our healthcare systems drive higher levels of performance. We also have a focus in our direct-to-employer area with Contigo Health. Two primary areas there. One is it is a network wrap for healthcare systems, health plans that wanna provide broader capabilities to their health plan populations. It also is a centers of excellence model for large employers that wanna use centers of excellence to help manage healthcare costs for their employee base. And then finally, Remitra, and I've been talking quite a bit about Remitra, but that is that e-enabled e-invoicing capability that I spoke of. Before I turn it over to Craig for some operational updates, I did wanna provide some insights on some recent awards and recognitions that Premier has received. Still, with all the work that we're doing, we are being recognized as a significant player in healthcare. I will tell you something I was incredibly proud of yesterday, but when Rob stood up from Intermountain Health, he talked about quite a bit of the awards that Intermountain Health had won over the course of the year, and he flipped the page to PINC AI, 15 Top Health S ystem awards. And he said, "You know, this award is based on pure performance. It's not a black box. You don't have to guess how you actually land on this list." But he said, "This is an award we're incredibly proud of winning." And that is the brand that we did acquire about a year ago, that 100 Top, which allows not only obviously for healthcare systems to be recognized differently than their peers, but it allows for us to have sort of a pointy end of the spear to actually access healthcare systems to who are interested in participating in those rankings and trying to drive up so their reputation on those rankings. So with that, I'm gonna flip it over to Craig for an operational update. Thanks, Mike. I'm gonna be relatively brief and just reinforce some of the commentary that Mike highlighted, but I think, and so we can get to the fireside chat and some of the questions that we're hoping to have. I think if we think about how we're looking to advance the business and move it forward, it really is kind of formulated and based in those core areas that Mike highlighted, first and foremost, our member relationships. So it really is, how do we strengthen, grow, deepen the relationships that we have with those that are already members and continuing to expand our member footprint, which we've had success doing? We're gonna continue to look for ways to strengthen and build the existing capabilities that we have to make them more meaningful. We're also beginning to look at ways to connect them. So our foundation is in healthcare providers, but as Mike's talked about, and as we think about the other markets that we can move into, what are those sweet spots, whether they're stakeholders, be it employers, life sciences, suppliers, et cetera, where we can continue to strengthen how we work with multiple stakeholders through the same capability? That leads to the innovation that Mike highlighted. And then we do have a big focus on this expansion into adjacent and non-healthcare provider markets. It's all rooted and grounded in, first and foremost, the footprint that we have, over 4,300 hospitals, over 300,000 non-acute providers, top 50 life science companies, significant employers, that we're really developing and maintaining those relationships to advance and take the business forward. Looking through that, that lens for the innovation opportunities that we have and how we can actually create solutions that will be ready-made for success once we do so, and it's really enabled by the highly engaged culture of employees that we have, which have a tremendous passion for improving healthcare in this country. And lastly, it's underwritten by the strong financial foundation that we do have. We have net cash position. We don't have debt. We continue to generate significant cash flow that allows us to actually take the business forward, as we look to the future. I'm not gonna run through the details on this slide, but these are examples across those various pillars of our future strategy, where we've had success over the past recent year. Mike highlighted a number of these. When you think about deepening the relationships around supply chain resiliency, and that's really around low-cost supply chain resiliency, so finding ways to automate the manufacturing processes domestically to be able to manufacture products that'll be competitive long term. Mike touched on the 100 Top program and the success we're having, actually embedding that to enhance our existing PINC AI technology and advisory services capabilities to help move and rise the tide of healthcare provider performance. We're very focused around the non-acute part of our supply chain strategy, and so we're excited about the launch of the Premier Smart PO process to really get after lower contract attachment in the non-acute space, and we think a real opportunity to do that moving forward. And then Mike touched on life sciences continues to be a big focus for us. From a capital allocation standpoint, we have publicly indicated that we are, and the board is evaluating strategic alternatives, and we're in the midst of that review. We do continue in that process. We did announce last summer, the sale of our non-healthcare GPO operations for approximately $800 million in cash as part of that process. There is a sense of urgency on the part of the board to finalize and complete that strategic review so that we can move forward, and hope to bring that to a conclusion as soon as we possibly can. I touched broadly on the stability of the financial framework that we operate from. And lastly, I would say from a capital allocation standpoint, we have not changed our philosophy around a balanced approach. We will continue to look for the right ways to deploy capital to advance our skills and capabilities, as I talked on the previous two slides, but balance that with shareholder return. We do have our quarterly dividend that's in place, returning approximately $100 million of capital today at an appropriate kind of market-facing yield. And we'll continue to give consideration to shareholder repurchase, once we finalize and complete our strategic alternative review, depending on the outcome of that, end result. I think lastly, you know, we just believe, as Mike indicated, we sit in a very important spot in healthcare between the providers, government, and the other stakeholders in the marketplace to really be forward-leaning in terms of some of the things that the market's gonna need, and look forward to continuing to leverage the unique, long-standing member relationships that we have to take the business forward as we go along. So with that, Annie, I think we can turn it to the Q&A. Yeah, great. Thanks so much for the, really helpful presentation. I think, you know, maybe we'll start high level. Premier always just has such a really insightful view of the healthcare ecosystem, just kind of, you know, based on where you sit. You know, maybe you could start on the performance services side. You know, what types of things are your customers asking for? What problems are they you know, looking for you to help them solve? Yeah. So, first of all, and I think we've been saying this now for the last few quarters, typically, that question comes along the lines of what's happening with healthcare utilization. Mm-hmm. And I will tell you, healthcare utilization is very lumpy. So if you're in a, you know, in a high-growth state, and we're talking about organic growth now, you know, you're watching, you know, your utilization go up a couple few points. You know, things are in some cases growing, you know, or bigger than they were prior to, you know, the pandemic. And you're seeing, you know, decent growth happening in those growth states. If you're not in a growth state, we have a number of healthcare systems that are struggling, you know, even to just maintain volumes that they'd had historically prior to COVID. And so I do want to sort of layer that into this answer to this question. Mm-hmm. So what does that mean? If your revenue's not coming in at levels that you expected, what are the things you need to be doing to, actually, you know, be a viable entity to provide healthcare in your community? Number one is you've got to figure out ways to cut costs. I talked a little bit about, you know, being all of our capabilities and performance services being a labor extender, but truly, it's also a huge opportunity to drive efficiencies. So if we're able to leverage technology, to automate procedures that have historically been labor-oriented, and prior authorization is one that- Mm-hmm Has historically been very, very, labor-oriented. Again, and doing the work and getting the outcomes that, you know, manual effort would require, those are processes and procedures that those organizations have to look at very, very seriously. Same with HCC scoring. They've got to make sure as they're thinking about, you know, their revenue models, are they documenting patients appropriately and ensuring that they're getting the revenue that they need to be generating to serve those patients? Finally, and I mentioned this, but, you know, as the payers and the healthcare systems are, you know, having a little bit of a, you know, a debate on what should be happening, and we're seeing reimbursement rates take longer than they've historically taken, I do think arming our healthcare systems with the data that proves out that they're driving the level of outcome, clinical outcome, that, you know, is gonna be paramount, so that they can, you know, go to the payer and say, "Look, here's our history. Here's what we've been able to do from a performance standpoint. You know, don't delay a payment. Pay us, pay us on time. We need the cash flow. We don't need to be going to markets, to debt markets to get additional cash flow for working capital." So anything to do with driving efficiency, extending, labor, those are the key areas that the healthcare systems are really asking us to support. Mike, one last point I would highlight. I do think part of the reason we're excited about the 100 Top program that we acquired is, you know, longer term, we do believe the way the market's evolving, there's going to be more focus on those healthcare systems that perform exceptionally well from a consumer standpoint. Absolutely. 100 Top is one. There's obviously other programs out there, but we have a lot of data and information that supports that if you perform well under that program, you're gonna perform under the other ones, whether it's CMS Star, Leapfrog, whatever the other programs may be. And so we do think that that's gonna be a real need in the future in terms of us as consumers wanting to know we're getting care at really high-quality organizations. If you want to delve a little bit deeper to that, one of the things that we've been doing is building out analytics to actually help our healthcare systems, proactively with managing, like, Leapfrog programs and star ratings from CMS. So, you know, for the most part, those are lagging indicators of your performance on quality. To the degree that we can help forecast how their performance is looking from a star rating or Leapfrog or whatever, it is gonna be paramount that we help them do that so that they can change practice before they actually get their ranking. Because to what Craig said, one of the things that we're really laser-like focused is how do we take and help the health take all these measures, including a 100 Top, and take these and, and have them consumable for patients? Mm-hmm. Right? So that they can make the appropriate decision for care for them and their families. Maybe along those lines, I mean, are you helping with, you know, kind of, you talked about prior authorization, but also, you know, price transparency and things like that. I would imagine that that would be a huge catalyst and, and probably a void that hospitals need help with. Yeah, so it's interesting. From a price transparency standpoint, the number one focus for us is to help them become more efficient. Mm-hmm. So whatever the price ends up being, we wanna make sure that the highest quality- helping our healthcare system drive the highest quality at the most reasonable price. And you know this, when they price out services, there's a number of things that actually go into that. You know, our focus really is, how do we drive down the labor costs? How do we drive down the supply chain cost- Mm A ctually, so that they can price their services differentiated in their markets? Interesting. You know, you talked about labor today as such a huge problem still, and it feels like we've been talking about this for- Yeah A couple years now. Yeah. You know, do you see any light at the end of the tunnel? I mean, when is this, No W hen is this gonna be better or, you know, are we just gonna have- is this just the new normal? I saw an IDN yesterday at the not-for-profit track talk about their labor issues, and they said that within the academic settings of their footprint, and they were a huge healthcare system provider, but within all the academic settings of their footprint, they said they can only meet 50% of the demand for their doctors and nurses. Mm-hmm. So think about that. That's just one area. So no, I will tell you, I think that, you know, we've been talking about this for years, this idea of the gray tsunami, retiring population that's gonna be needing more healthcare and fewer people to actually provide the healthcare. Mm-hmm. So we've had a number of initiatives to include the technology and services to actually help the health systems become more efficient, but we've also created partnerships where we can help drive more throughput to get more people trained and credentialed, and those kinds of things to provide the care. So those are other initiatives that we're working on with some of our health systems. Yeah, and the other thing I would underscore, the healthcare providers are gonna continue to be needing to focus on earmarking as many resources as possible to clinical-facing and patient-facing activities. So the other place you'll see us focused on is, how do we actually automate and make administrative back-office tasks more efficient? So that's where our co-management solutions, where we're actually helping them operate their supply chain, where we can actually take a resource and have it be assisting in more than one institution. That's where there's gonna have to be efficiencies in order to allow it, 'cause the cost of labor is not going backwards. And yet, you know, we thought it would be such a huge catalyst for IT spend, but they still don't have the money to spend. Yeah. It seems like it's a tough cycle for them to get out of. Yeah, and I will tell you, it's, it's one of the, the reasons that we went, you know, and had this big focus on these enterprise license agreements that you spent some time talking to us about. We have to make it simpler for the healthcare systems to buy technology as well. Mm. We do think that an overarching technology plan where, you know, we embed clinical, and safety, and supply chain, all those things together, make it a much more simple buying process as opposed to these independent, you know, buying procedures that many of them use today. That's helpful. You know, maybe we can talk about AI. Sure. That's been a really hot topic for investors this year. You know, you guys have a lot of capabilities there. How is that resonating with your customer base? Maybe, can you just spend a little bit of time, you know, talking about what you do there, and, you know, maybe how the data that you have from your customer base helps fuel the, you know, the AI engine and solution. I'm feeling a little lacking in that Scott is in the room here, who was the CEO of Stanson, the organization that we bought a couple few years ago. That is the underpinning for our AI capabilities. And they've been doing an amazing job of working with Cedars-Sinai and other institutions around looking at the unstructured text of, you know, Epic, and Cerner, and Athena, and bringing real contextual meaning to that unstructured text. And why is that important? Well, it's important because there's a lot of information that can be utilized within that unstructured text to help with identifying what's the appropriate next step in caring for a patient, or help with identifying whether or not somebody should be, you know, documented and reimbursed a certain amount of money. The other use case that we've had a lot of traction in is identifying patients for trials. Mm-hmm. So that technology has allowed us to flip the funnel. So in life sciences, typically, they look for an investigator, and then they look for an entity to help them with doing a drug trial. And so what that technology has allowed us to do is if they give us the characteristics of that patient, the lab values, and the other things, we can sift through that data and identify patients that potentially could be perfect for a trial, which I think is gonna be a significant game changer as you think about drug discovery, because, you know, for the most part, there's been a quite a bit of homogeneous sort of data that's been utilized. Now we have this heterogeneity of data across regions, you know, rural, urban, across race, all sorts of things that now we have access to, that I think can, could create a great equilibrium in terms of having people get access to some of these discoveries and medical devices. Yeah, and I think that's the differentiating characteristic for us at Premier, Mm-hmm. Is the vast amount of data that we have to infuse into the AI engine, where you're actually getting a comprehensive set of data to inform those algorithms. There can be a great technology, but if you don't have a broad enough spectrum of data to actually inform it, you're not gonna get to the best conclusions, and that's where we think we have a differentiating capability to do. Maybe we can just, you know, kind of dig in a little bit more. You know, how is your applied sciences solution different from, you know, kind of how the CROs approach it? Yeah. So it's basically what Craig said. We actually have this significant amount of data that can inform these algorithms to help with identifying patients for trials, but not just identifying patients for trial, but also activating the patients. It's a pretty substantial step. And so that's number one. Number two, and you know, we're just. We've done an N of one. We just started it. We're just starting to figure out, you know, how it works, but we have been engaged by a large pharmaceutical company to create a synthetic control arm for doing a drug trial. So think about when you're looking for a control arm in a trial, you're thinking about, you know, words that come to top of mind are things like placebo and those kinds of things. 'Cause you've gotta make sure that there is some clinical variation or improvement as it relates to that base case. And to the degree that we can actually leverage all that one billion points of data to create a synthetic that represents that control group, I think that we're on the cusp of something pretty interesting in the way that potentially drug discovery is actually happening. Right, and you're really kind of the hub of where all of the data is, you know, coming in. Pulling in. You just have so many data points, Exactly. A bout those patients. Yeah. That's interesting. You know, maybe we could talk about the sales motion for your adjacent markets businesses. You know, how are you selling these, you know, kind of incremental products to your existing customer base? Yeah, I don't know. Do you wanna take first crack at that, or? Sure, if you want me to. I feel like I've been talking the whole time. So, first and foremost, relative to our adjacent markets, we have dedicated sales teams that are focused on the life science market, the employer market, and the supplier market, as an example. But the motion is really around leveraging relationships we've built over time. For example, in life sciences, we have long-standing senior relationships because of our supply chain business and what we do on the provider side from a group purchasing standpoint. That enables the access and the kind of inroads, but then we have specialized experts that actually pursue that in that part of the business. What's unique that I would say is that comes back to a little bit what I said earlier, where we're really looking for differentiation is where can we actually find a sweet spot that benefits both the provider and that adjacent market customer? So when you think about life sciences, all of this work around clinical trial, patient identification, and things that Mike's talking about, that helps the life science company, obviously, but it also really helps the provider from a branding, and a reputation, and a recognition standpoint, when through our data, they are getting access to being part of that trial. And so it's where can we actually find ways to leverage all of this data again, to benefit both stakeholders for a common solution that's gonna be a win to both? And so we think about the same thing when we think about Contigo and how we actually try to advance direct-to-employer benefit or wrap-up, cost containment initiatives, like Mike talked about. Yeah, so a couple builds. So not only if we can improve the whole drug trial process, you know, is it gonna be beneficial from our health systems appropriately using products, but if we can bend the cost curve to do drug trials, which is a huge part of the cost of doing drug development, you know, then we would look for, you know, reduced cost of pharmaceuticals and medical devices and those kinds of things, to the degree that we can help reduce the cost of those trials. But as Craig said, each of those adjacent markets, be it pharmaceuticals or medical device, we have different sales executives that sell into those various markets. We do try to leverage one point of contact at the very senior level and have that broad discussion with the pharmaceutical company, because they could potentially have a GPO contract, they could potentially buy our data, they could be potentially an opportunity for our Contigo Health initiative, where we're trying to drive their healthcare costs down. So we do wanna have that one approach, but then we'll have sales folks that specialize in each of those areas to you know drive the business. That's helpful. I guess, as we think about, like, you know, the overall opportunity for some of these adjacent markets, you know, maybe, you know, just kind of starting with Contigo and Remitra, like, how, how penetrated are you right now within your base? I would tell you, we're early, early stage, so we're very limitedly penetrated. I'll hit Remitra first. So Remitra is a technology that initially started out to be primarily focused on invoicing, and it had a capability, sort of an AI optical character recognition capability to digitize invoices. So that's the basic sort of functionality that that entity had. And then subsequently, they built a network of very small suppliers that they could engage to work with, you know, providers and create a more fluidity in that transaction process or easier transaction process. So we wanna continue to evolve that capability. It's providing a piece of functionality to the invoicing cycle now. But what we wanna do with that is, you know, continue to grow it and then scale it, and create a network, if you will, of suppliers and providers that very, very efficiently transact. And if we can do that, then we have the potential to sort of switch the game. Today, our administrative fees are supplier-reported. We would like those administrative fees to be actually, you know, invoiced by the provider. They say, "This is, you know, this is what we bought, this is what we were invoiced," and it's time to flip the script and say that, "We are gonna tell you how much you owe us from an admin fee standpoint," as opposed to it being self-reported. We think that's really important because there's other elements of value that our healthcare systems actually get from suppliers, not just, you know, administrative fee, but rebates and other things. So we wanna make sure that there is sort of one point of truth, and we'd like that to be the healthcare systems enabled by our technology and capabilities. So that's Remitra. On Contigo, we've got, you know, a number of large organizations that are using our centers of excellence. I think we've just scratched the surface. There's, you know, many other organizations that could leverage that capability to really leverage the centers of excellence model to drive down healthcare costs for the, those large organizations. And again, then we just, you know, acquired that network, TRPN here in the last few months. And we do think there's an opportunity there for our healthcare systems that actually have a health plan to leverage that capability as a wrapper for their, their folks that are part of their plans. You know, in the last two minutes, I do wanna ask a model question. I know you don't have guidance out there, but you have talked about low 30%, you know, margins. So, can you just walk us through, you know, the puts and takes of that and how to think about it? Sure, happy to. So as we discussed on our last quarterly earnings call, again, while we haven't issued formal guidance, we did want to. Because of the strategic alternative review, we did wanna provide some directional commentary to help the market understand where we anticipated to perform. With respect to our expectation of a low 30s EBITDA margin on the business in fiscal 2024, there's three specific drivers that are sort of the causing that margin profile to exist in 2024. Number one, we have talked about an increase in the administrative fee share on our GPO contracts, moving from the low 50% on average over the entire book, up to the mid- to high 50s. That actually puts pressure on the EBITDA margins on a year-over-year basis, because we're gonna see a kind of mid-single-digit decline in administrative fees revenue on the year. Secondarily, in fiscal 2023, so the prior year, we had implemented a cost reduction effort to focus on profitability in fiscal 2023. We also had lower performance incentive compensation due to achievement of objectives that year. And so while we preserved some of the cost reductions, some of them were isolated to the prior year, and we do continue to need to make some investments in some of the growth areas that Mike and I have talked about, so we're not getting the full benefit of that. We also would expect our performance achievement to normalize back to kind of more normal levels versus where it was in the prior year. And then third, a third component is, we used to traditionally report equity earnings from our, we call them unconsolidated affiliates, but companies that we had a minority interest in. Due to some structural changes in the business, we made a change to no longer reflect that Mm-hmm. Which was about $16 million-$17 million of equity earnings that was included in EBITDA in the prior year, that's no longer included in EBITDA. So those are the three real drivers of what's causing us to be at that low 30s EBITDA margin in fiscal 2024. Very helpful, and it looks like we're right on time. So thank you so much. Thanks, Annie. For joining us today, and thanks everyone who attended. Yeah. Thank you, Anne.