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INVESTMENTS | 12 Months Ended
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Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENTS | (5) INVESTMENTS Investments in Unconsolidated Affiliates The Company’s investments in unconsolidated affiliates consisted of the following (in thousands):
| Carrying Value |  | Equity in Net Income
| June 30, |  | Year Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2020
FFF | $ | 137,162 |  |  | $ | 120,548 |  |  | $ | 16,614 |  |  | $ | 11,344 |  |  | $ | 12,299 |
Exela | 27,733 |  |  | — |  |  | 1,733 |  |  | — |  |  | — |
Prestige | 15,597 |  |  | 14,478 |  |  | 4,303 |  |  | 8,856 |  |  | — |
Qventus | 16,000 |  |  | — |  |  | — |  |  | — |  |  | — |
Other investments | 19,053 |  |  | 18,198 |  |  | 855 |  |  | 873 |  |  | 238 |
Total investments | $ | 215,545 |  |  | $ | 153,224 |  |  | $ | 23,505 |  |  | $ | 21,073 |  |  | $ | 12,537 |
The Company, through its indirect, wholly owned subsidiary Premier Supply Chain Improvement, Inc. (“PSCI”), held a 49% interest in FFF Enterprises, Inc. (“FFF”) through its ownership of stock of FFF at June 30, 2022 and 2021. On July 29, 2021, the FFF shareholders’ agreement was amended resulting in the termination of the FFF Put Right, which had previously provided the majority shareholder of FFF a right to require the Company to purchase such shareholder’s interest in FFF, on an all or nothing basis, on or after April 15, 2023 (“FFF Put Right”). The termination of the FFF Put Right resulted in the derecognition of the FFF Put Right liability and the recognition of a corresponding non-cash gain of $64.1 million in the accompanying Consolidated Statements of Income and Comprehensive Income (see Note 6 - Fair Value Measurements for additional information). The Company, through its consolidated subsidiary, ExPre Holdings, LLC (“ExPre”), held an approximate 6% interest in Exela Holdings, Inc. (“Exela”) through its ownership of Exela Class A common stock at June 30, 2022. At June 30, 2022, the Company owned approximately 15% of the membership interest of ExPre, with the remainder of the membership interests held by 11 member health systems or their affiliates. The Company, through its consolidated subsidiary, PRAM Holdings, LLC (“PRAM”), held an approximate 20% interest in Prestige Ameritech Ltd. (“Prestige”) through its ownership of Prestige limited partnership units at June 30, 2022. The Company owns approximately 26% of the membership interest of PRAM, with the remainder of the membership interests held by 16 member health systems. The Company accounts for its investments in FFF, Exela and Prestige using the equity method of accounting and includes the investment as part of the Supply Chain Services segment. On January 31, 2022, the Company, through PHSI, purchased an approximate 7% interest in Qventus, Inc. (“Qventus”) through its ownership of Qventus Series C preferred stock. The Company accounts for its investment in Qventus at initial cost less impairments, if any, plus or minus any observable changes in fair value. The Company includes Qventus as part of the Performance Services segment. Unconsolidated Significant Subsidiaries In accordance with Rules 3-09 and 4-08(g) of Regulation S-X, the Company must determine which of its unconsolidated investments, if any, are considered “significant subsidiaries.” In evaluating these investments, there are three tests utilized to determine if any unconsolidated subsidiaries are considered significant subsidiaries: the investment test, the asset test and the income test. Rule 3-09 of Regulation S-X requires the Company to include separate audited financial statements of any unconsolidated majority-owned subsidiary (unconsolidated subsidiaries in which the Company owns greater than 50% of the voting securities) in an annual report if any of the three tests exceed 20%. Rule 4-08(g) of Regulation S-X requires summarized financial information of unconsolidated subsidiaries in an annual report if any of the three tests exceeds 10%, and summarized financial information in a quarterly report if any of the three tests exceeds 20% pursuant to Rule 10-01(b)(1) of Regulation S-X. As of June 30, 2022, 2021, and 2020 the Company held one unconsolidated investment whose assets represented greater than 10% of its total assets. The following table shows summarized unaudited financial information for FFF, which met the 10% asset test for the years ended June 30, 2022 and 2021 (in thousands):
| June 30,
| 2022 |  | 2021
Total current assets | $ | 841,555 |  |  | $ | 635,642 |
Total non-current assets | 103,298 |  |  | 86,783 |
Total current liabilities | 463,863 |  |  | 348,477 |
Total non-current liabilities | 325,693 |  |  | 251,866 |
Non-controlling equity | 76,096 |  |  | 59,820 |
The following table shows summarized unaudited results of operations information for FFF, which met the 10% asset test for the years ended June 30, 2022, 2021, and 2020 (in thousands):
| Year Ended June 30,
| 2022 |  | 2021 |  | 2020
Revenue | $ | 2,728,855 |  |  | $ | 2,047,494 |  |  | $ | 1,990,282 |
Gross profit | 150,980 |  |  | 122,890 |  |  | 108,733 |
Income from operations | 55,379 |  |  | 41,643 |  |  | 35,624 |
Net income | 33,215 |  |  | 23,841 |  |  | 22,565 |
Net income attributable to non-controlling interest | 16,275 |  |  | 11,682 |  |  | 11,057 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
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