PREMIER, INC. Management's Discussion and Analysis of Financial Condition and Results
of Operations (form 10-Q)

The next discussion must be read along side our condensed
consolidated financial statements and the notes thereto included elsewhere in
this Quarterly Report. This discussion is designed to offer the reader with
information that may assist in understanding our condensed consolidated
financial statements, the changes in certain key items in those financial
statements from quarter to quarter, and the first aspects that accounted for
those changes, in addition to how certain accounting principles affect our condensed
consolidated financial statements. As well as, the next discussion
includes certain forward-looking statements. For a discussion of vital
aspects, including the continuing development of our business and other aspects
which could cause actual results to differ materially from the outcomes referred
to within the forward-looking statements, see the discussions under "Risk Aspects"
and "Cautionary Note Regarding Forward-Looking Statements" herein and in our
Annual Report on Form 10-K for the fiscal 12 months ended June 30, 2022 (the "2022
Annual Report"), filed with the Securities and Exchange Commission ("SEC").

Business Overview

Our Business


Premier, Inc. ("Premier", the "Company", "we", or "our") is a number one healthcare
improvement company, uniting an alliance of U.S. hospitals, health systems and
other providers and organizations to rework healthcare. We partner with
hospitals, health systems, physicians, employers, product suppliers, service
providers, and other healthcare providers and organizations with the common goal
of improving and innovating within the clinical, financial and operational areas of
their businesses to satisfy the demands of a rapidly evolving healthcare industry.
We deliver value through a comprehensive technology-enabled platform that provides
critical supply chain services, clinical, financial, operational and value-based
care software-as-a-service ("SaaS") in addition to clinical and enterprise analytics
licenses, consulting services, performance improvement collaborative programs,
third-party administrator services, access to our centers of excellence program,
and digital invoicing and payment processes for healthcare providers and
suppliers. We also proceed to expand our capabilities to more fully address and
coordinate care improvement and standardization within the employer, payor and life
sciences markets. We also provide services to other businesses including food
service, schools and universities.

We generated net revenue, net income and Adjusted EBITDA (a financial measure
not determined in accordance with generally accepted accounting principles
(“Non-GAAP”)) for the periods presented as follows (in hundreds):

                                   Three Months Ended September 30,
                                         2022                      2021
Net revenue                $         313,873                    $ 365,147
Net income                            42,959                      121,306
Non-GAAP Adjusted EBITDA             109,380                      121,703


See "Our Use of Non-GAAP Financial Measures" and "Results of Operations" below
for a discussion of our use of Non-GAAP Adjusted EBITDA and a reconciliation of
net income to Non-GAAP Adjusted EBITDA.

Our Business Segments

Our business model and solutions are designed to offer our members and other
customers access to scale efficiencies while specializing in optimization of
information resources and price containment, provide actionable intelligence
derived from anonymized data in our data warehouse provided by our members,
mitigate the danger of innovation, and disseminate best

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practices that may help our member organizations and other customers reach
their transformation to higher quality and cheaper healthcare. We
deliver our integrated platform of solutions that address the areas of clinical
intelligence, margin improvement and value-based care through two business
segments: Supply Chain Services and Performance Services.

Segment net revenue for the three months ended September 30, 2022 and 2021 was
as follows (in hundreds):


                                 Three Months Ended September 30,                    Change                             % of Net Revenue
Net revenue:                         2022                2021               2022               2021                 2022                2021
Supply Chain Services            $  219,693          $ 276,816          $ (57,123)                (21) %                70  %               76  %
Performance Services                 94,189             88,331              5,858                   7  %                30  %               24  %
Segment net revenue              $  313,882          $ 365,147          $ (51,265)                (14) %               100  %              100  %


Our Supply Chain Services segment includes certainly one of the most important healthcare group
purchasing organization ("GPO") programs in the US, serving acute,
non-acute and non-healthcare sites and providing supply chain co-management,
purchased services and direct sourcing activities. We generate revenue in our
Supply Chain Services segment from administrative fees received from suppliers
based on the overall dollar volume of products and services purchased by our members
and other customers, service fees from supply chain co-management, subscription
fees from purchased services and thru product sales in reference to our
direct sourcing activities.

Our Performance Services segment consists of three sub-brands: PINC AITM, our
technology and services platform with offerings that help optimize performance
in three principal areas - clinical intelligence, margin improvement and value-based
care - using advanced analytics to discover improvement opportunities,
consulting and managed services for clinical and operational design, and
workflow solutions to hardwire sustainable change within the provider, life sciences
and payor markets; Contigo Health®, our direct-to-employer business which
provides third-party administrator services and management of health profit
programs that allow employers to contract directly with healthcare providers as
well as partners with healthcare providers to offer employers access to a
specialized care network through Contigo Health's centers of excellence program;
and RemitraTM, our digital invoicing and payables business which provides
financial support services to healthcare providers and suppliers. Each sub-brand
serves different markets but are all united in our vision to optimize provider
performance and speed up industry innovation for higher, smarter healthcare.

Market and Industry Trends and Outlook


We expect that certain trends and economic or industrywide aspects will proceed
to affect our business, in each the short- and long-term. We now have based our
expectations described below on assumptions made by us and on information
currently available to us. To the extent our underlying assumptions about, or
interpretation of, available information prove to be incorrect, our actual
results may vary materially from our expected results. See "Cautionary Note
Regarding Forward-Looking Statements" and "Risk Aspects" herein and within the 2022
Annual Report.

Trends within the U.S. healthcare market affect our revenues and costs within the Supply
Chain Services and Performance Services segments. The trends we see affecting
our current healthcare business include the impact of the implementation of
current or future healthcare laws, particularly the potential for the
Inexpensive Care Act ("ACA") to be materially altered by Congress, through
regulatory motion by government agencies, or within the event of a change of party
control in Congress. Actions related to the ACA may very well be disruptive for Premier
and our customers, impacting revenue, reporting requirements, payment reforms,
shift in care to the alternate site market and increased data availability and
transparency. To satisfy the demands of this environment, there can be increased
give attention to scale and price containment and healthcare providers might want to
measure and report on and bear financial risk for outcomes. Over the long-term,
we imagine these trends will end in increased demand for our Supply Chain
Services and Performance Services solutions within the areas of cost management,
quality and safety, and value-based care; nonetheless, there are uncertainties and
risks that will affect the actual impact of those anticipated trends, expected
demand for our services or related assumptions on our business. See "Cautionary
Note Regarding Forward-Looking Statements" for more information.

COVID-19 Pandemic, Variants Thereof, Recurrences or Similar Pandemics


Along with the trends within the U.S. healthcare market discussed above, we face
known and unknown uncertainties arising from the outbreak of the novel
coronavirus ("COVID-19") and the resulting global pandemic and financial and
operational uncertainty, including its impact on the general economy, our sales,
operations and provide chains, our members and other customers, workforce and
suppliers, and countries. In consequence of the COVID-19 pandemic, variants
thereof, and potential future pandemic outbreaks, we face significant risks
including, but not limited to:

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•Overall economic and capital markets decline. The impact of the COVID-19
pandemic and variants thereof and associated supply chain disruptions could
end in a protracted recession or depression in the US or globally
that might harm the banking system, limit demand for a lot of services
and cause other foreseen and unexpected events and circumstances, all of which
could negatively impact us. The continued spread of COVID-19 and variants
thereof has led to and will proceed to steer to severe disruption and
volatility in the US and global capital markets, which could increase
our cost of capital and adversely affect our ability to access the capital
markets in the longer term. As well as, trading prices on the general public stock market,
in addition to that of our Class A typical stock, have been highly volatile as a
results of the COVID-19 pandemic.

•Changes within the demand for our services. We experienced and will
proceed to experience demand uncertainty from each material increases and
decreases in demand and pricing for our services because of this of the
COVID-19 pandemic. There was a cloth increase in demand for private
protective equipment ("PPE"), drugs and other supplies directly related to
treating and stopping the spread of COVID-19 and variants thereof during
fiscal 2020 and 2021. Within the second half of fiscal 2022 through the present
period of fiscal 2023, demand and pricing for PPE, drugs and other supplies
decreased leading to a decline in revenue relative to the previous two fiscal
years. Patients, hospitals and other medical facilities proceed to defer some
elective procedures and routine medical visits because of ongoing and continuing
uncertainty from COVID-19 outbreaks or variants thereof, or because of this of
restrictive government orders or advisories. While demand for a lot of supplies and
services not related to COVID-19 may proceed to say no in fiscal 2023, rolling
shortages of products and medicines needed for routine procedures, corresponding to contrast
media and flush syringes, could have an effect on demand for hospital services
and the financial conditions of providers, particularly those forced to obtain
such products through resellers.

•Increased labor costs. Labor shortages and the resulting increases to the price
of labor are an ongoing challenge to the healthcare providers we serve. Limited
availability of staff resources and rolling staff shortages may proceed to
impair the power of existing staff to administer product and repair procurement.
While our non-acute and non-healthcare businesses, corresponding to education and
hospitality customers, experienced a rebound in fiscal 2022, the recovery could also be
hampered by future COVID-19 outbreaks or variants, that are highly uncertain
and can't be accurately predicted.

•Limited access to our members' facilities that impacts our ability to meet
our contractual requirements. While a few of our hospital customers have allowed
increased access to their facilities by non-patients, including our field teams,
consultants and other professionals, there are various that also should not
permitting onsite access outside of their staff. Hospital imposed travel
restrictions are also impacting some customers' ability to take part in
face-to-face events with us, corresponding to committee meetings and conferences, which
limits our ability to construct on customer relationships. The long-term
continuation, or any future reoccurrence of those circumstances, may negatively
impact the power of our employees to effectively deliver existing or sell latest
services to our members and will negatively affect the performance
of our existing contracts.

•Materials and personnel shortages and disruptions in supply chain, including
manufacturing and shipping. The worldwide supply chain has been materially
disrupted because of personnel shortages related to ongoing COVID-19 rates of
infection, stay-at-home orders, rapidly escalating shipping costs, raw material
availability, material logistical delays because of port congestion and general
labor constraints. Stay-at-home orders and other restrictions in response to the
COVID-19 pandemic, particularly in China, have impacted and proceed to affect
our access to products for our members. Staffing or personnel shortages because of
stay-at-home orders and quarantines, or other public health measures, have
impacted and, in the longer term, may impact us and our members, other customers or
suppliers. As well as, because of unprecedented demand through the COVID-19
pandemic, there have been widespread shortages in certain product categories. If
the provision chain for materials utilized in the products purchased by our members
through our GPO or products contract manufactured through our direct sourcing
business proceed to be adversely impacted by the COVID-19 pandemic, our supply
chain may proceed to be disrupted. Failure of our suppliers, contract
manufacturers, distributors, contractors and other business partners to satisfy
their obligations to our members, other customers or to us, or material
disruptions of their ability to achieve this because of their very own financial or operational
difficulties, may adversely impact our operations.

•Requests for contract modifications, payment deferrals or exercises of force
majeure clauses. We now have and will proceed to receive requests for contract
modifications, payment waivers and deferrals, payment reductions or amended
payment terms from our contract counterparties. We now have and will proceed to
receive requests to delay service or payment on performance service contracts.
As well as, we've got and will proceed to receive requests from our suppliers for
increases to their contracted prices, and such requests could also be implemented in
the longer term. Inflation in such contract prices may impact member utilization of
items and services available through our GPO contracts, which could adversely
impact our net administrative fees revenue and direct sourcing revenue. In
addition, several pharmacy

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suppliers have exercised force majeure clauses related to failure to provide
clauses of their contracts with us because they're unable to acquire raw
materials for manufacturing from India and China. The usual failure to provide
language in our contracts accommodates financial penalties to suppliers in the event that they are
unable to provide products, which such suppliers may not give you the chance to pay. In
addition, we may not give you the chance to source products from alternative suppliers on
commercially reasonable terms, or in any respect.

•Managing the evolving regulatory environment. In response to the COVID-19
pandemic and variants thereof, federal, state and native governments are issuing
latest rules, regulations, orders and advisories and changing reimbursement
eligibility rules regularly. These government actions can impact us and
our members, other customers and suppliers.

The last word impact of COVID-19, variants thereof, recurrences, or similar
pandemics on our business, results of operations, financial condition and money
flows relies on future developments, including the duration of any
pandemic and the related length of its impact on the US and global
economies, that are uncertain and can't be predicted presently. The impact
of the COVID-19 pandemic, variants thereof, recurrences, or future similar
pandemics may exacerbate lots of the other risks described in Item 1A.
"Risk Aspects" section of the 2022 Annual Report. Despite our efforts to administer
these impacts, their ultimate impact is dependent upon aspects beyond our knowledge or
control, including the duration and severity of any outbreak and actions taken
to contain its spread and mitigate its public health effects. The foregoing and
other continued disruptions in our business because of this of the COVID-19
pandemic, variants thereof, recurrences or similar pandemics could end in a
material adversarial effect on our business, results of operations, financial
condition, money flows, prospects and the trading prices of our securities within the
near-term and thru fiscal 2023 and beyond.

Russia-Ukraine War


In February 2022, Russia invaded Ukraine which resulted in sanctions, export
controls and other measures imposed against Russia, Belarus and specific areas
inside Ukraine. Because the war endures, it continues to affect the worldwide economy
and financial markets, in addition to exacerbating ongoing economic challenges,
including issues corresponding to rising inflation, energy costs and global supply-chain
disruption. We proceed to observe the impacts of the Russia-Ukraine war on
macroeconomic conditions and prepare for any implications that the war can have
on member demand, our suppliers' ability to deliver products, cybersecurity
risks and our liquidity and access to capital. See Item 1A. "Risk Aspects" in
our 2022 Annual Report.

Critical Accounting Policies and Estimates


Check with Note 1 - Organization and Note 2 - Significant Accounting Policies to
the accompanying condensed consolidated financial statements for more
information related to our use of estimates within the preparation of monetary
statements in addition to information related to material changes in our significant
accounting policies that were included in our 2022 Annual Report.

Latest Accounting Standards


Latest accounting standards that we've got recently adopted in addition to those who
have been recently issued but not yet adopted by us are included in Note 2 -
Significant Accounting Policies to the accompanying condensed consolidated
financial statements, which is incorporated herein by reference.

Key Components of Our Results of Operations

Net Revenue

Net revenue consists of net administrative fees revenue, software licenses,
other services and support revenue, and products revenue.

Supply Chain Services

Supply Chain Services revenue is comprised of:

•net administrative fees revenue which consists of gross administrative fees
received from suppliers, reduced by the quantity of revenue share paid to members;

•software licenses, other services and support revenue which consist of supply
chain co-management and purchased services revenue; and

•products revenue which consists of inventory sales.

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The success of our Supply Chain Services revenue streams is influenced by our
ability to barter favorable contracts with suppliers and members, the number
of members that utilize our GPO supplier contracts and the amount of their
purchases, the impact of changes within the defined allowable reimbursement amounts
determined by Medicare, Medicaid and other managed care plans and the variety of
members and other customers that purchase products through our direct sourcing
activities and the impact of competitive pricing. Check with "Impact of Inflation"
inside "Liquidity and Capital Resources" section of Item 2 - Management's
Discussion and Evaluation of Financial Condition and Results of Operations for
discussion of inflation and its impact on our Supply Chain Services' businesses.

Performance Services

Performance Services revenue is comprised of the next software licenses,
other services and support revenue:


•healthcare information technology license and SaaS-based clinical, margin
improvement and value-based care products subscriptions, license fees,
skilled fees for consulting services, performance improvement collaborative
and other service subscriptions and insurance services management fees and
commissions from endorsed business insurance programs under our PINC AI
technology and services platform;

•third-party administrator fees and costs from the centers of excellence program
for Contigo Health; and

•fees from healthcare product suppliers and repair providers for Remitra.


Our Performance Services growth will rely on the expansion of our PINC AI
technology and services platform to latest and existing members and other
customers, renewal of existing subscriptions to our SaaS and licensed software
products, our ability to sell enterprise analytics licenses to latest and existing
customers at rates sufficient to offset the lack of recurring SaaS-based revenue
because of the conversion to an enterprise analytics license, expansion into latest
markets and expansion of our Contigo Health and Remitra businesses to latest and
existing members.

Cost of Revenue

Cost of revenue consists of cost of services and software licenses revenue and
cost of products revenue.


Cost of services and software licenses revenue includes expenses related to
employees, consisting of compensation and advantages, and outdoors consultants who
directly provide services related to revenue-generating activities, including
consulting services to members and other customers, third-party administrator
services and implementation services related to our SaaS and licensed software
products together with associated amortization of certain capitalized contract
costs. Amortization of contract costs represent amounts which were
capitalized and reflect the incremental costs of obtaining and fulfilling a
contract including costs related to implementing SaaS informatics tools. Cost of
services and software licenses revenue also includes expenses related to hosting
services, related data center capability costs, third-party product license
expenses and amortization of the price of internally developed software
applications.

Cost of products revenue consists of purchase and shipment costs for direct
sourced medical and commodity products and is influenced by the manufacturing
and transportation costs related to direct sourced medical and commodity
products. Check with "Impact of Inflation" inside "Liquidity and Capital
Resources" section of Item 2 - Management's Discussion and Evaluation of Financial
Condition and Results of Operations for discussion of inflation and its impact
on our Supply Chain Services' businesses.

Operating Expenses

Operating expenses includes selling, general and administrative (“SG&A”)
expenses, research and development expenses and amortization of purchased
intangible assets.


SG&A expenses are directly related to selling and administrative functions
and support of revenue-generating activities including expenses to support and
maintain our software-related services. SG&A expenses primarily
consist of compensation- and benefits-related costs; travel-related expenses;
business development expenses, including costs for business acquisition
opportunities; non-recurring strategic initiative and financial
restructuring-related expenses, indirect costs corresponding to insurance, skilled
fees and other general overhead expenses, and amortization of certain contract
costs. Amortization of contract costs represent amounts, including sales
commissions, which were capitalized and reflect the incremental costs of
obtaining and fulfilling a contract.

Research and development expenses consist of employee-related compensation and
profit expenses and third-party consulting fees of technology professionals,
net of capitalized labor, incurred to develop our software-related products and
services prior to reaching technological feasibility.

Amortization of purchased intangible assets includes the amortization of all
identified intangible assets.


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Other Income, Net


Other income, net, includes equity in net income of unconsolidated affiliates
that's generated from our equity method investments. Our equity method
investments primarily consist of our interests in FFF Enterprises, Inc. ("FFF"),
Exela Holdings, Inc. ("Exela"), and Prestige Ameritech Ltd. ("Prestige") (see
Note 3 - Investments). Other income, net, also includes the fiscal 12 months 2022
gain recognized because of the termination of the FFF Put Right and derecognition of
the associated liability (see Note 4 - Fair Value Measurements), interest income
and expense, realized and unrealized gains or losses on deferred compensation
plan assets, gains or losses on the disposal of assets, and any impairment on
our assets or held-to-maturity investments.

Income Tax Expense

See Note 11 – Income Taxes for discussion of income tax expense.

Net Income Attributable to Non-Controlling Interest


We recognize net income attributable to non-controlling interest for non-Premier
ownership in our consolidated subsidiaries which hold interest in our equity
method investments. At September 30, 2022, we recognized net income attributable
to non-controlling interest for the 74%, 79% and 85% interest held in PRAM
Holdings, LLC ("PRAM"), DePre Holdings, LLC ("DePre") and ExPre Holdings, LLC
("ExPre"), respectively, by member health systems or their affiliates. PRAM,
DePre and ExPre are investments we made as a part of our long-term supply chain
resiliency program to advertise domestic and geographically diverse manufacturing
and to assist ensure a strong and resilient supply chain for essential medical
products.

As of September 30, 2022, we owned 93% of the equity interest in Contigo Health
and recognized net income attributable to non-controlling interest for the 7% of
equity held by certain customers of Contigo Health.

Our Use of Non-GAAP Financial Measures


The opposite key business metrics we consider are EBITDA, Adjusted EBITDA, Segment
Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings per Share and Free Money
Flow, that are all Non-GAAP financial measures.

We define EBITDA as net income before income or loss from discontinued
operations, net of tax, interest and investment income or expense, net, income
tax expense, depreciation and amortization and amortization of purchased
intangible assets. We define Adjusted EBITDA as EBITDA before merger and
acquisition-related expenses and non-recurring, non-cash or non-operating items
and including equity in net income of unconsolidated affiliates. For all
Non-GAAP financial measures, we consider non-recurring items to be income or
expenses and other items which have not been earned or incurred inside the prior
two years and should not expected to recur inside the subsequent two years. Such items
include certain strategic initiative and financial restructuring-related
expenses. Non-operating items include gains or losses on the disposal of assets
and interest and investment income or expense.

We define Segment Adjusted EBITDA because 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 related to sales and
marketing, general and administrative, and product development activities
specific to the operation of every segment. General and administrative corporate
expenses that should not specific to a specific segment should not included within the
calculation of Segment Adjusted EBITDA. Segment Adjusted EBITDA also excludes
any income and expense that has been classified as discontinued operations.

We define Adjusted Net Income as net income attributable to Premier (i)
excluding income or loss from discontinued operations, net, (ii) excluding
income tax expense, (iii) excluding the impact of adjustment of redeemable
limited partners' capital to redemption amount, (iv) excluding the effect of
non-recurring or non-cash items, including certain strategic initiative and
financial restructuring-related expenses, (v) assuming, for periods prior to our
August 2020 Restructuring, the exchange of all of the Class B common units for
shares of Class A typical stock, which leads to the elimination of
non-controlling interest in Premier LP and (vi) reflecting an adjustment for
income tax expense on Non-GAAP net income before income taxes at our estimated
annual effective income tax rate, adjusted for unusual or infrequent items. We
define Adjusted Earnings per Share as Adjusted Net Income divided by diluted
weighted average shares (see Note 9 - Earnings Per Share).

We define Free Money Flow as net money provided by operating activities from
continuing operations less (i) early termination payments to certain former
limited partners that elected to execute a Unit Exchange and Tax Receivable
Acceleration Agreement ("Unit Exchange Agreement") in reference to our August
2020 Restructuring and (ii) purchases of property and equipment. Free Money Flow
doesn't represent discretionary money available for spending because it excludes
certain contractual obligations corresponding to debt repayments.

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Adjusted EBITDA and Free Money Flow are supplemental financial measures utilized by
us and by external users of our financial statements and are considered to be
indicators of the operational strength and performance of our business. Adjusted
EBITDA and Free Money Flow measures allow us to evaluate our performance without
regard to financing methods and capital structure and without the impact of
other matters that we don't consider indicative of the operating performance of
our business. More specifically, Segment Adjusted EBITDA is the first earnings
measure we use to guage the performance of our business segments.

We use Adjusted EBITDA, Segment Adjusted EBITDA, Adjusted Net Income and
Adjusted Earnings per Share to facilitate a comparison of our operating
performance on a consistent basis from period to period that, when viewed in
combination with our results prepared in accordance with GAAP, provides a more
complete understanding of things and trends affecting our business. We imagine
Adjusted EBITDA and Segment Adjusted EBITDA assist our Board of Directors,
management and investors in comparing our operating performance on a consistent
basis from period to period because they remove the impact of earnings elements
attributable to our asset base (primarily depreciation and amortization),
certain items outside the control of our management team, e.g. taxes, other
non-cash items (corresponding to impairment of intangible assets, purchase accounting
adjustments and stock-based compensation), non-recurring items (corresponding to
strategic initiative and financial restructuring-related expenses) and income
and expense that has been classified as discontinued operations from our
operating results. We imagine Adjusted Net Income and Adjusted Earnings per
Share assist our Board of Directors, management and investors in comparing our
net income and earnings per share on a consistent basis from period to period
because these measures remove non-cash (corresponding to impairment of intangible assets,
purchase accounting adjustments and stock-based compensation) and non-recurring
items (corresponding to strategic initiative and financial restructuring-related
expenses), and eliminate the variability of non-controlling interest that
primarily resulted from member owner exchanges of Class B common units for
shares of Class A typical stock. We imagine Free Money Flow is a crucial
measure since it represents the money that we generate after payments to
certain former limited partners that elected to execute a Unit Exchange
Agreement in reference to our August 2020 Restructuring and capital
investment to keep up existing services and ongoing business
operations, in addition to development of recent and upgraded services to
support future growth. Our Free Money Flow allows us to boost stockholder value
through acquisitions, partnerships, joint ventures, investments in related
businesses and debt reduction.

Despite the importance of those Non-GAAP financial measures in analyzing our
business, determining compliance with certain financial covenants in our Credit
Facility, measuring and determining incentive compensation and evaluating our
operating performance relative to our competitors, EBITDA, Adjusted EBITDA,
Segment Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings per Share and
Free Money Flow should not measurements of monetary performance under GAAP, may
have limitations as analytical tools and shouldn't be considered in isolation
from, or as an alternative choice to, net income, net money provided by operating
activities, or another measure of our performance derived in accordance with
GAAP.

A few of the limitations of the EBITDA, Adjusted EBITDA and Segment Adjusted
EBITDA measures include that they don't reflect: our capital expenditures or
our future requirements for capital expenditures or contractual commitments;
changes in, or money requirements for, our working capital needs; the interest
expense or the money requirements to service interest or principal payments under
our Credit Facility; income tax payments we're required to make; and any money
requirements for replacements of assets being depreciated or amortized. In
addition, EBITDA, Adjusted EBITDA, Segment Adjusted EBITDA and Free Money Flow
should not measures of liquidity under GAAP, or otherwise, and should not alternatives
to money flows from operating activities.

A few of the limitations of the Adjusted Net Income and Adjusted Earnings per
Share measures are that they don't reflect income tax expense or income tax
payments we're required to make. As well as, Adjusted Net Income and Adjusted
Earnings per Share should not measures of profitability under GAAP.

We also urge you to review the reconciliation of those Non-GAAP financial
measures included elsewhere on this Quarterly Report. To properly and prudently
evaluate our business, we encourage you to review the condensed consolidated
financial statements and related notes included elsewhere on this Quarterly
Report and to not depend on any single financial measure to guage our business.
As well as, since the EBITDA, Adjusted EBITDA, Segment Adjusted EBITDA,
Adjusted Net Income, Adjusted Earnings per Share and Free Money Flow measures are
vulnerable to various calculations, such Non-GAAP financial measures may differ
from, and will due to this fact not be comparable to, similarly titled measures utilized by
other corporations.

Non-recurring and non-cash items excluded in our calculation of Adjusted EBITDA,
Segment Adjusted EBITDA and Adjusted Net Income consist of stock-based
compensation, acquisition- and disposition-related expenses, strategic
initiative and financial restructuring-related expenses, gain or loss on FFF Put
and Call Rights, income and expense that has been classified as discontinued
operations and other reconciling items. More details about certain of the
more significant items follows below.

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Income tax expense on adjusted income


Adjusted Net Income, a Non-GAAP financial measure as defined below in "Our Use
of Non-GAAP Financial Measures", is calculated net of taxes based on our
estimated annual effective tax rate for federal and state income tax, adjusted
for unusual or infrequent items, as we're a consolidated group for tax purposes
with all of our subsidiaries' activities included. The tax rate used to compute
the Adjusted Net Income was 26% and 21% for the three months ended September 30,
2022 and 2021, respectively. The 21% tax rate in fiscal 12 months 2022 was primarily
because of the profit from the discharge of $32.9 million of valuation allowance of
our deferred tax asset because of this of the Subsidiary Reorganization.

Of the $32.9 million valuation allowance released in fiscal 12 months 2022, $17.6
million was included within the estimated annual effective tax rate calculation to
the extent such carryforwards were projected to offset fiscal 12 months 2022 odd
income. The remaining $15.3 million of valuation allowance released was included
as a discrete item within the three months ended September 30, 2021.

Stock-based compensation


Along with non-cash worker stock-based compensation expense, this item
includes non-cash stock purchase plan expense of $0.2 million for each the three
months ended September 30, 2022 and 2021 (see Note 10 - Stock-Based Compensation
to the accompanying condensed consolidated financial statements).

Acquisition- and disposition-related expenses


Acquisition-related expenses include legal, accounting and other expenses
related to acquisition activities and gains and losses on the change in fair
value of earn-out liabilities. Disposition-related expenses include severance
and retention advantages and financial advisor fees and legal fees related to
disposition activities.

Strategic initiative and financial restructuring-related expenses

Strategic initiative and financial restructuring-related expenses include legal,
accounting and other expenses related to strategic initiative and financial
restructuring-related activities.

Gain on FFF Put and Call Rights

See Note 4 – Fair Value Measurements to the accompanying condensed consolidated
financial statements.


Other reconciling items

Other reconciling items include, but should not limited to, gains and losses on
disposal of long-lived assets and imputed interest on notes payable to former
limited partners.


                                       31
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Results of Operations

The next table presents our results of operations for the periods presented
(in hundreds, except per share data):


                                                                              Three Months Ended September 30,
                                                                     2022                                          2021
                                                      Amount             % of Net Revenue            Amount            % of Net Revenue
Net revenue:
Net administrative fees                            $  150,006                  48%                $ 149,462                  41%
Software licenses, other services and support         105,006                  33%                   97,255                  27%
Services and software licenses                        255,012                  81%                  246,717                  68%
Products                                               58,861                  19%                  118,430                  32%
Net revenue                                           313,873                  100%                 365,147                  100%
Cost of revenue:
Services and software licenses                         54,014                  17%                   43,809                  12%
Products                                               57,874                  18%                  109,362                  30%
Cost of revenue                                       111,888                  36%                  153,171                  42%
Gross profit                                          201,985                  64%                  211,976                  58%
Operating expenses                                    143,477                  46%                  139,697                  38%
Operating income                                       58,508                  19%                   72,279                  20%
Other income, net                                       3,220                   1%                   68,060                  19%
Income before income taxes                             61,728                  20%                  140,339                  38%
Income tax expense                                     18,769                   6%                   19,033                   5%
Net income                                             42,959                  14%                  121,306                  33%
Net (income) loss attributable to non-controlling
interest                                                 (243)                  -%                      698                   -%
Net income attributable to stockholders            $   42,716                  14%                $ 122,004                  33%

Earnings per share attributable to stockholders:
Basic                                              $     0.36                                     $    0.99
Diluted                                            $     0.36                                     $    0.97


For the next Non-GAAP financial measures and reconciliations of our
performance derived in accordance with GAAP to the Non-GAAP financial measures,
confer with "Our Use of Non-GAAP Financial Measures" for further information
regarding items excluded in our calculation of Adjusted EBITDA, Segment Adjusted
EBITDA, Non-GAAP Adjusted Net Income and Non-GAAP Adjusted Earnings Per Share.

The next table provides certain Non-GAAP financial measures for the periods
presented (in hundreds, except per share data).

Three Months Ended September 30,

                                                                 2022                                          2021
Certain Non-GAAP Financial Data:                  Amount             % of Net Revenue            Amount            % of Net Revenue
Adjusted EBITDA                                $  109,380                  35%                $ 121,703                  33%
Non-GAAP Adjusted Net Income                       62,512                  20%                   79,141                  22%
Non-GAAP Adjusted Earnings Per Share                 0.52                   nm                     0.64                   nm


nm = Not meaningful

                                       32
--------------------------------------------------------------------------------

The next tables provide the reconciliation of net income to Adjusted EBITDA
and the reconciliation of income before income taxes to Segment Adjusted EBITDA
(in hundreds).

                                                                       

Three Months Ended September 30,

                                                                           2022                    2021
Net income                                                         $          42,959          $   121,306
Interest expense, net                                                          2,859                2,788
Income tax expense                                                            18,769               19,033
Depreciation and amortization                                                 23,439               20,596
Amortization of purchased intangible assets                                   10,452               10,889
EBITDA                                                                        98,478              174,612
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
Gain on FFF Put and Call Rights                                                    -              (64,110)
Other reconciling items, net (a)                                                (127)                   4
Adjusted EBITDA                                                    $         109,380          $   121,703

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                                                    -              (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                                            (2,370)                (318)
Other reconciling items, net (b)                                                  79                    2
Adjusted EBITDA                                                    $         109,380          $   121,703



                                           Three Months Ended September 30,
                                                 2022                      2021
        Segment Adjusted EBITDA:
        Supply Chain Services      $         121,194                    $ 129,269
        Performance Services                  19,368                       23,715
        Corporate                            (31,182)                     (31,281)
        Adjusted EBITDA            $         109,380                    $ 121,703

_________________________________

(a)Other reconciling items, net is primarily attributable to loss on disposal of
long-lived assets.

(b)Other reconciling items, net is attributable to other miscellaneous expenses.



                                       33

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The next table provides the reconciliation of net income attributable to
stockholders to Non-GAAP Adjusted Net Income and the reconciliation of the
numerator and denominator for earnings per share attributable to stockholders to
Non-GAAP Adjusted Earnings per Share for the periods presented (in hundreds).

                                                                     Three Months Ended September 30,
                                                                         2022                  2021
Net income attributable to stockholders                            $      42,716          $   122,004
Net income (loss) attributable to non-controlling interest                   243                 (698)
Income tax expense                                                        18,769               19,033
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
Gain on FFF Put and Call Rights                                                -              (64,110)
Other reconciling items, net (a)                                           1,267                1,863
Non-GAAP adjusted income before income taxes                              84,476              100,178
Income tax expense on adjusted income before income taxes (b)             21,964               21,037
Non-GAAP Adjusted Net Income                                       $      

62,512 $ 79,141


Reconciliation of denominator for earnings per share attributable to stockholders to Non-GAAP Adjusted
Earnings per Share
Weighted Average:
Basic weighted average shares outstanding                                118,351              122,945
Dilutive securities                                                        1,682                1,628
Weighted average shares outstanding - diluted                            120,033              124,573


_________________________________

(a)Other reconciling items, net is primarily attributable to loss on disposal of
long-lived assets and imputed interest on notes payable to former limited
partners.


(b)Reflects income tax expense at an estimated effective income tax rate of 26%
and 21% of non-GAAP adjusted net income before income taxes for the three months
ended September 30, 2022 and 2021, respectively.

The next table provides the reconciliation of earnings per share
attributable to stockholders to Non-GAAP Adjusted Earnings per Share for the
periods presented.

Three Months Ended September 30,

                                                                           2022                    2021
Earnings per share attributable to stockholders                    $            0.36          $      0.99
Net income (loss) attributable to non-controlling interest                         -                (0.01)
Income tax expense                                                              0.16                 0.15
Amortization of purchased intangible assets                                     0.09                 0.09
Stock-based compensation                                                        0.06                 0.06
Acquisition- and disposition-related expenses                                   0.02                 0.03

Strategic initiative and financial restructuring-related expenses

     0.01                    -
Gain on FFF Put and Call Rights                                                    -                (0.52)
Other reconciling items, net (a)                                                0.01                 0.02
Impact of corporation taxes (b)                                                (0.19)               (0.17)

Non-GAAP Adjusted Earnings Per Share                               $        

0.52 $ 0.64

_________________________________

(a)Other reconciling items, net is primarily attributable to loss on disposal of
long-lived assets and imputed interest on notes payable to former limited
partners.


(b)Reflects income tax expense at an estimated effective income tax rate of 26%
and 21% of non-GAAP adjusted net income before income taxes for the three months
ended September 30, 2022 and 2021, respectively.

                                       34

--------------------------------------------------------------------------------

Consolidated Results – Comparison of the Three Months Ended September 30, 2022
to 2021

The variances in the fabric aspects contributing to the changes within the
consolidated results are discussed further in “Segment Results” below.

Net Revenue


Net revenue decreased by $51.3 million through the three months ended September
30, 2022 in comparison with the three months ended September 30, 2021, because of decrease
of $59.6 million in products revenue, partially offset by a rise of $7.8
million in software licenses, other services and support revenue.

Cost of Revenue


Cost of revenue decreased by $41.3 million through the three months ended
September 30, 2022 in comparison with the three months ended September 30, 2021, because of
a decrease of $51.5 million in cost of products revenue, partially offset by an
increase of $10.2 million in cost of services and software licenses revenue.

Operating Expenses

Operating expenses increased by $3.8 million through the three months ended
September 30, 2022 in comparison with the three months ended September 30, 2021,
primarily because of a rise of $4.2 million in SG&A expenses.

Other Income, Net


Other income, net decreased by $64.8 million through the three months ended
September 30, 2022 in comparison with the three months ended September 30, 2021,
primarily because of the prior 12 months gain on the FFF Put Right because of this of the
termination and corresponding derecognition of the FFF Put Right liability in
fiscal 12 months 2022 in addition to a rise of $1.9 million in other expense, net.
These changes were partially offset by a rise of $1.2 million in equity in
net income of unconsolidated affiliates.

Income Tax Expense


For the three months ended September 30, 2022 and 2021, we recorded tax expense
of $18.8 million and $19.0 million, respectively. The tax expense recorded
through the three months ended September 30, 2022 and 2021 resulted in effective
tax rates of 30% and 14%, respectively. The change within the effective tax rate is
primarily attributable to the impact of the Subsidiary Reorganization on the
prior 12 months effective tax rate. (See Note 11 - Income Taxes to the accompanying
condensed consolidated financial statements for more information.)

Net Income Attributable to Non-Controlling Interest


Net income attributable to non-controlling interest increased by $0.9 million
through the three months ended September 30, 2022 in comparison with the three months
ended September 30, 2021, primarily because of an decrease within the portion of net
income attributable to non-controlling interests in PRAM, DePre, ExPre and
Contigo Health.

Adjusted EBITDA


Adjusted EBITDA, a Non-GAAP financial measure as defined in "Our Use of Non-GAAP
Financial Measures", decreased by $12.3 million through the three months ended
September 30, 2022, in comparison with the three months ended September 30, 2021,
primarily driven by decreases of $8.1 million and $4.3 million in Supply Chain
Services and Performance Services, respectively.


                                       35

--------------------------------------------------------------------------------

Segment Results

Supply Chain Services


The next table presents our results of operations and Adjusted EBITDA, a
Non-GAAP financial measure, within the Supply Chain Services segment for the periods
presented (in hundreds):

                                                     Three Months Ended September 30,
                                                         2022                2021                       Change
Net revenue:
Net administrative fees                              $  150,006          $ 149,462          $    544               -%
Software licenses, other services and support            10,826              8,924             1,902               21%
Services and software licenses                          160,832            158,386             2,446               2%
Products                                                 58,861            118,430           (59,569)             (50)%
Net revenue                                             219,693            276,816           (57,123)             (21)%
Cost of revenue:
Services and software licenses                            5,208              3,370             1,838               55%
Products                                                 57,874            109,362           (51,488)             (47)%
Cost of revenue                                          63,082            112,732           (49,650)             (44)%
Gross profit                                            156,611            164,084            (7,473)             (5)%
Operating expenses:
Selling, general and administrative                      50,023             48,044             1,979               4%
Research and development                                    128                164               (36)             (22)%
Amortization of purchased intangible assets               8,083              8,137               (54)             (1)%
Operating expenses                                       58,234             56,345             1,889               3%
Operating income                                         98,377            107,739            (9,362)             (9)%
Depreciation and amortization                             6,167              5,007
Amortization of purchased intangible assets               8,083             

8,137

Acquisition- and disposition-related expenses               509             

1,553

Equity in net income of unconsolidated affiliates         8,007              6,830
Other reconciling items, net                                 51                  3
Segment Adjusted EBITDA                              $  121,194          $ 129,269          $ (8,075)             (6)%

Comparison of the Three Months Ended September 30, 2022 to 2021

Net Revenue


Supply Chain Services segment net revenue decreased by $57.1 million, or 21%,
through the three months ended September 30, 2022 in comparison with the three months
ended September 30, 2021 driven by a decrease of $59.6 million in products
revenue, partially offset by a rise of $1.9 million in software licenses,
other services and support revenue.

Net Administrative Fees

Net administrative fees were flat in comparison with prior 12 months.

Products Revenue


Products revenue decreased by $59.6 million, or 50%, through the three months
ended September 30, 2022 in comparison with the three months ended September 30, 2021.
The decrease was primarily driven by lower demand for and pricing of non-public
protective equipment ("PPE") and other high-demand supplies because of this of the
state of the COVID-19 pandemic. Because the COVID-19 pandemic continues to subside
and becomes more manageable, we expect further stabilization of the marketplace for
a few of these products and, accordingly, a decrease in period-over-period
products revenue.

Software Licenses, Other Services and Support Revenue


Software licenses, other services and support revenue increased by $1.9 million,
or 21%, through the three months ended September 30, 2022 in comparison with the three
months ended September 30, 2021, primarily because of a rise in supply chain
co-management fees and SaaS-based purchased services revenue.

                                       36

--------------------------------------------------------------------------------

Cost of Revenue


Supply Chain Services segment cost of revenue decreased by $49.7 million, or
44%, through the three months ended September 30, 2022 in comparison with the three
months ended September 30, 2021. The decrease was primarily attributable to the
decrease in products revenue and the corresponding decrease in cost of products
revenue of $51.5 million because of the prior 12 months increase in demand partially
offset by fluctuations in product costs and better logistics costs within the
current 12 months. Because the COVID-19 pandemic continues to subside and grow to be more
manageable, we expect further stabilization of the marketplace for a few of these
products and, accordingly, a decrease in period-over-period cost of products
revenue.

Operating Expenses

Supply Chain Services segment operating expenses increased by $1.9 million, or
3%, through the three months ended September 30, 2022 in comparison with the three
months ended September 30, 2021 primarily because of a rise of $2.0 million in
SG&A expenses driven by increases in personnel costs and depreciation and
amortization expense partially offset by a decrease in acquisition- and
disposition-related expenses.

Segment Adjusted EBITDA


Supply Chain Services Segment Adjusted EBITDA decreased by $8.1 million during
the three months ended September 30, 2022 in comparison with the three months ended
September 30, 2021, primarily because of unfavorable product sales mix driven by
higher products costs on corresponding revenues in addition to higher logistics
costs in our direct sourcing business.

Performance Services

The next table presents our results of operations and Adjusted EBITDA in
the Performance Services segment for the periods presented (in hundreds):

                                                      Three Months Ended September
                                                                  30,
                                                         2022              2021                       Change
Net revenue:
Software licenses, other services and support
SaaS-based products subscriptions                    $  47,767          $ 46,704          $  1,063               2%
Consulting services                                     17,615            15,060             2,555               17%
Software licenses                                        5,992             8,401            (2,409)             (29)%
Other                                                   22,815            18,166             4,649               26%
Net revenue                                             94,189            88,331             5,858               7%
Cost of revenue:
Services and software licenses                          48,806            40,439             8,367               21%
Cost of revenue                                         48,806            40,439             8,367               21%
Gross profit                                            45,383            47,892            (2,509)             (5)%
Operating expenses:
Selling, general and administrative                     42,131            38,800             3,331               9%
Research and development                                   846               830                16               2%
Amortization of purchased intangible assets              2,369             2,752              (383)             (14)%
Operating expenses                                      45,346            42,382             2,964               7%
Operating income                                            37             5,510            (5,473)             (99)%
Depreciation and amortization                           15,047            13,357
Amortization of purchased intangible assets              2,369             

2,752

Acquisition- and disposition-related expenses            1,651             

1,868

Equity in net income of unconsolidated affiliates          236               228
Other reconciling items, net                                28                 -
Segment Adjusted EBITDA                              $  19,368          $ 23,715          $ (4,347)             (18)%

Comparison of the Three Months Ended September 30, 2022 to 2021

Net Revenue

Net revenue in our Performance Services segment increased by $5.9 million, or
7%, through the three months ended September 30, 2022 in comparison with the three
months ended September 30, 2021. The rise was primarily attributable to
growth of $4.6

                                       37

--------------------------------------------------------------------------------

million in other revenue which incorporates the expansion in Contigo Health and Remitra
in addition to growth of $2.6 million in consulting services under our PINC AI
platform. These increases were partially offset by a decrease of $2.4 million in
software licenses driven by timing of enterprise analytics license agreements.

Cost of Revenue


Performance Services segment cost of revenue increased by $8.4 million, or 21%,
through the three months ended September 30, 2022 in comparison with the three months
ended September 30, 2021, primarily because of a rise in consulting services
expenses in addition to higher personnel costs related to increased headcount
to support revenue growth.

Operating Expenses

Performance Services segment operating expenses increased by $3.0 million, or
7%, through the three months ended September 30, 2022 in comparison with the three
months ended September 30, 2021. The rise was driven by a rise of $3.3
million in SG&A expenses because of higher personnel costs related to increased
headcount primarily in our Remitra and Contigo Health businesses.

Segment Adjusted EBITDA


Performance Services Segment Adjusted EBITDA decreased by $4.3 million, or 18%,
through the three months ended September 30, 2022 in comparison with the three months
ended September 30, 2021 primarily because of higher cost of revenue and operating
expenses driven by increases in consulting services expenses and personnel costs
to support revenue growth partially offset by revenue growth.

Corporate

The next table presents corporate expenses and Adjusted EBITDA for the
periods presented (in hundreds):

                                                       Three Months Ended September 30,
                                                           2022                2021                      Change
Operating expenses:
Selling, general and administrative                    $   39,906          $  40,970          $ (1,064)            (3)%

Operating expenses                                         39,906             40,970            (1,064)            (3)%
Operating loss                                            (39,906)           (40,970)            1,064             (3)%
Depreciation and amortization                               2,225              2,232
Stock-based compensation                                    7,349              7,750
Strategic initiative and financial
restructuring-related expenses                              1,520           

25

Deferred compensation plan expense                         (2,370)              (318)
Other reconciling items, net                                    -                  -
Adjusted EBITDA                                        $  (31,182)         $ (31,281)         $     99              -%

Comparison of the Three Months Ended September 30, 2022 to 2021

Operating Expenses


Corporate operating expenses decreased by $1.1 million, or 3%, through the three
months ended September 30, 2022 in comparison with the three months ended September 30,
2021, primarily because of a decrease in deferred compensation plan expense as a
results of market changes.

Adjusted EBITDA

Corporate adjusted EBITDA was flat for the three months ended September 30, 2022
in comparison with the three months ended September 30, 2021.

Off-Balance Sheet Arrangements

As of September 30, 2022, we didn’t have any off-balance sheet arrangements.

                                       38

--------------------------------------------------------------------------------

Liquidity and Capital Resources

Liquidity and Capital Resources


Our principal source of money has been primarily money provided by operating
activities. Every so often we've got used, and expect to make use of in the longer term,
borrowings under our Credit Facility (as defined in Note 7 - Debt and Notes
Payable to the accompanying condensed consolidated financial statements) as a
source of liquidity. Our primary money requirements include operating expenses,
working capital fluctuations, revenue share obligations, tax payments, capital
expenditures, dividend payments on our Class A typical stock, if and when
declared, repurchases of Class A typical stock pursuant to stock repurchase
programs in place sometimes, acquisitions and related business
investments, and general corporate activities. Our capital expenditures
typically consist of internally developed software costs, software purchases and
computer hardware purchases.

As of September 30, 2022 and June 30, 2022, we had money and money equivalents of
$176.6 million and $86.1 million, respectively. As of September 30, 2022 and
June 30, 2022, there was $250.0 million and $150.0 million, respectively, of
outstanding borrowings under our Credit Facility. Throughout the three months ended
September 30, 2022, we borrowed $100.0 million under our Credit Facility, which
was used for other general corporate purposes. Throughout the three months ended
September 30, 2022, we didn't make any payments on outstanding borrowings under
our 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).

We expect money generated from operations and borrowings under our Credit
Facility to offer us with adequate liquidity to fund our anticipated working
capital requirements, revenue share obligations, tax payments, capital
expenditures, dividend payments on our Class A typical stock, if and when
declared, repurchases of Class A typical stock pursuant to stock repurchase
programs in place sometimes and to fund business acquisitions. Our
capital requirements depend upon quite a few aspects, including funding requirements
for our product and repair development and commercialization efforts, our
information technology requirements, and the amount of money generated by our
operations. We imagine that we've got adequate capital resources at our disposal
to fund currently anticipated capital expenditures, business growth and
expansion, and current and projected debt service requirements. Nonetheless,
strategic growth initiatives will likely require using one or a mix
of varied types of capital resources including available money readily available, money
generated from operations, borrowings under our Credit Facility and other
long-term debt and, potentially, proceeds from the issuance of additional equity
or debt securities.

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