The Company’s revenue cycle begins with investments in marketing to generate leads through television, internet, print and direct mail advertising. A subset of these leads is then converted into an appointment by the Company’s in-house call center and then a sale by the field sales team. In 2011 and 2012, the Company was investing heavily in print marketing which had positively contributed to the Company’s performance in FY2012. The Company was slow to reallocate its marketing spend to the internet and direct mail channels when the effectiveness of print started to decline. As the Company faced liquidity issues due to the resultant margin compression, marketing spend was curtailed and profitability further deteriorated. In response, the Company cut unnecessary overhead costs and reallocated marketing spend to the channels that yielded more attractive returns. Despite these efforts, Premier’s liquidity position remained constrained, causing the Company to default on its debt obligations.