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QUARTERLY FINANCIAL DATA (UNAUDITED)
12 Months Ended
Jun. 30, 2021
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY FINANCIAL DATA (UNAUDITED)
(20) QUARTERLY FINANCIAL DATA (UNAUDITED)
The following tables present unaudited summarized financial data by quarter for the years ended June 30, 2021 and 2020 (in thousands, except per share data):
FirstSecondThirdFourth
Fiscal Year 2021
Quarter (a)
QuarterQuarterQuarter
Net revenue$346,887 $422,827 $469,923 $481,515 
Gross profit194,709 210,983 211,807 219,835 
Net income157,528 44,904 51,444 50,708 
Net income attributable to non-controlling interest(11,845)(935)(3,123)(1,159)
Adjustment of redeemable limited partners' capital to redemption amount(26,685)— — — 
Net income attributable to stockholders118,998 43,969 48,321 49,549 
Weighted average shares outstanding:
Basic99,575 122,127 122,254 122,341 
Diluted100,130 122,919 123,116 124,055 
Earnings per share from continuing operations attributable to stockholders:
Basic$1.20 $0.36 $0.40 $0.41 
Diluted$1.19 $0.36 $0.39 $0.40 
FirstSecondThirdFourth
Fiscal Year 2020QuarterQuarterQuarterQuarter
Net revenue$302,410 $319,606 $334,823 $342,753 
Gross profit211,399 219,365 231,695 204,342 
Net income from continuing operations70,939 91,575 73,212 55,400 
Loss from discontinued operations, net of tax390 614 45 
Net income71,329 92,189 73,217 55,445 
Net income attributable to non-controlling interest(41,907)(55,704)(35,058)(29,147)
Adjustment of redeemable limited partners' capital to redemption amount694,309 (480,153)302,569 (48,414)
Net income (loss) attributable to stockholders723,731 (443,668)340,728 (22,116)
Weighted average shares outstanding:
Basic62,785 64,552 69,451 71,425 
Diluted126,632 64,552 122,470 71,425 
Earnings (loss) per share from continuing operations attributable to stockholders:
Basic$11.53 $(6.88)$4.91 $(0.31)
Diluted$0.49 $(6.88)$0.54 $(0.31)
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(a)During the fourth quarter of fiscal year 2021, the Company identified an error of $23.2 million to “Income tax (benefit) expense” resulting in additional income tax expense in the Condensed Consolidated Statements of Income and Comprehensive Income in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 (“First Quarter 2021 Quarterly Report”). The error was the result of misclassification of certain tax assets that should have been derecognized due to the change in the tax status of Premier LP from a partnership to a corporation as a result of the August 2020 restructuring. The error was corrected in the fourth quarter of fiscal year 2021. In addition to the aforementioned impact on income tax (benefit) expense, the Company also adjusted the first quarter fiscal year 2021 unaudited net income and net income attributable to stockholders by the $23.2 million error to reflect the income tax expense in the proper period. The effect of the adjustment resulted in a $0.23 decrease to both basic and diluted earnings per share from continuing operations attributable to stockholders as reported in the First Quarter 2021 Quarterly Report.