Option Care Health Inc.

10/30/2025 | Press release | Distributed by Public on 10/30/2025 14:03

Quarterly Report for Quarter Ending September 30, 2025 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations
Unless the context requires otherwise, references in this report to "Option Care Health," the "Company," "we," "us" and "our" refer to Option Care Health, Inc. and its consolidated subsidiaries. Management's discussion and analysis of financial condition and results of operations ("MD&A") is intended to assist the reader in understanding and assessing significant changes and trends related to our results of operations and financial condition. The following discussion and analysis should be read in conjunction with the Company's unaudited condensed consolidated financial statements and the related notes thereto included in Item 1 of Part I of this Form 10-Q. Certain statements in this Item 2 of Part I of this Form 10-Q, and in Item 1A, "Risk Factors" of Part I of our Annual Report on Form 10-K for the year ended December 31, 2024 (our "Form 10-K"), may cause our actual results, financial position, and cash and cash equivalents generated from operations to differ materially from these forward-looking statements.
Business Overview
Option Care Health, and its wholly-owned subsidiaries, provides infusion therapy and other ancillary healthcare services through a national network of 192 locations around the United States. The Company contracts with managed care organizations, third-party payers, hospitals, physicians, and other referral sources to provide pharmaceuticals and complex compounded solutions to patients for intravenous delivery in the patients' homes or other nonhospital settings. Our services are provided in coordination with, and under the direction of, the patient's physician. Our multidisciplinary team of clinicians, including pharmacists, nurses, and dietitians work with the physician to develop a plan of care suited to each patient's specific needs. We provide home infusion services consisting of anti-infectives, nutrition support, therapies for neurological disorders and chronic inflammatory disorders, immunoglobulin therapy, and other therapies for chronic and acute conditions. The Company operates in one reporting segment, infusion services.
Composition of Results of Operations
The following results of operations include the accounts of Option Care Health and our subsidiaries for the three and nine months ended September 30, 2025 and 2024.
Gross Profit
Gross profit represents our net revenue less cost of revenue.
Net Revenue. Infusion and related healthcare services revenue is reported at the estimated net realizable amounts from third-party payers and patients for goods sold and services rendered. When pharmaceuticals are provided to a patient, revenue is recognized upon delivery of the goods. When nursing services are provided, revenue is recognized when the services are rendered.
Due to the nature of the healthcare industry and the reimbursement environment in which the Company operates, certain estimates are required to record revenue and accounts receivable at their net realizable values at the time goods or services are provided. Inherent in these estimates is the risk that they will have to be revised or updated as additional information becomes available. Specifically, the complexity of many third-party billing arrangements and the uncertainty of reimbursement amounts for certain services from certain payers may result in adjustments to amounts originally recorded.
Cost of Revenue. Cost of revenue consists of the actual cost of pharmaceuticals and other medical supplies dispensed to patients. In addition to product costs, cost of revenue includes warehousing costs, purchasing costs, depreciation expense relating to revenue-generating assets, such as infusion pumps, shipping and handling costs, and wages and related costs for the pharmacists, nurses, and all other employees and contracted workers directly involved in providing service to the patient.
The Company receives volume-based rebates and prompt payment discounts from some of its pharmaceutical and medical supplies vendors. These payments are recorded as a reduction of inventory and are accounted for as a reduction of cost of revenue when the related inventory is sold.
Operating Costs and Expenses
Selling, General and Administrative Expenses. Selling, general and administrative expenses consist principally of salaries for administrative employees that directly and indirectly support the operations, occupancy costs, marketing expenditures, insurance, and professional fees.
Depreciation and Amortization Expense. Depreciation within this caption relates to property and equipment and amortization relates to intangibles. Depreciation of revenue-generating assets, such as infusion pumps, is included in cost of revenue.
Other Income (Expense)
Interest Expense, Net. Interest expense consists principally of interest payments on the Company's outstanding borrowings under the First Lien Term Loan, Revolver Facility, Senior Notes, amortization of discount and deferred financing fees, payments associated with the interest rate cap, and interest income earned on cash and cash equivalents. Refer to the "Liquidity and Capital Resources" section below for further discussion of these outstanding borrowings.
Equity in Earnings of Joint Ventures. Equity in earnings of joint ventures consists of our proportionate share of equity earnings or losses from equity investments in two infusion joint ventures with healthcare systems.
Other, Net. Other (expense) income primarily includes activity related to non-operating income and expenses.
Income Tax Expense. The Company is subject to taxation in the United States and various states. The Company's income tax expense is reflective of the current federal and state tax rates.
Change in Unrealized (Loss) Gain on Cash Flow Hedge, Net of Income Tax Benefit (Expense). Change in unrealized (loss) gain on cash flow hedge, net of income tax benefit (expense), consists of the (loss) gain associated with the changes in the fair value of derivatives designated as hedging instruments related to the interest rate cap hedge, net of income taxes.
Results of Operations
The following table presents Option Care Health's consolidated results of operations for the three and nine months ended September 30, 2025 and 2024 (in thousands, except for percentages):
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Amount % of Revenue Amount % of Revenue Amount % of Revenue Amount % of Revenue
NET REVENUE $ 1,435,016 100.0 % $ 1,278,546 100.0 % $ 4,184,073 100.0 % $ 3,651,784 100.0 %
COST OF REVENUE 1,162,114 81.0 % 1,021,797 79.9 % 3,379,076 80.8 % 2,907,170 79.6 %
GROSS PROFIT 272,902 19.0 % 256,749 20.1 % 804,997 19.2 % 744,614 20.4 %
OPERATING COSTS AND EXPENSES:
Selling, general and administrative expenses 172,104 12.0 % 156,999 12.3 % 510,314 12.2 % 465,524 12.7 %
Depreciation and amortization expense 16,291 1.1 % 14,659 1.1 % 48,278 1.2 % 44,294 1.2 %
Total operating expenses 188,395 13.1 % 171,658 13.4 % 558,592 13.4 % 509,818 14.0 %
OPERATING INCOME 84,507 5.9 % 85,091 6.7 % 246,405 5.9 % 234,796 6.4 %
OTHER INCOME (EXPENSE):
Interest expense, net (14,146) (1.0) % (12,345) (1.0) % (41,824) (1.0) % (38,150) (1.0) %
Equity in earnings of joint ventures 2,176 0.2 % 1,391 0.1 % 5,300 0.1 % 3,921 0.1 %
Other, net (3,570) (0.2) % (583) - % (8,497) (0.2) % 1,983 0.1 %
Total other (expense) income (15,540) (1.1) % (11,537) (0.9) % (45,021) (1.1) % (32,246) (0.9) %
INCOME BEFORE INCOME TAXES 68,967 4.8 % 73,554 5.8 % 201,384 4.8 % 202,550 5.5 %
INCOME TAX EXPENSE 17,151 1.2 % 19,698 1.5 % 52,303 1.3 % 50,860 1.4 %
NET INCOME $ 51,816 3.6 % $ 53,856 4.2 % $ 149,081 3.6 % $ 151,690 4.2 %
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Change in unrealized (loss) gain on cash flow hedges, net of income tax benefit of $478, $1,998, $1,809 and $1,785, respectively (1,463) (0.1) % (6,127) (0.5) % (5,545) (0.1) % (5,475) (0.1) %
OTHER COMPREHENSIVE (LOSS) INCOME (1,463) (0.1) % (6,127) (0.5) % (5,545) (0.1) % (5,475) (0.1) %
NET COMPREHENSIVE INCOME $ 50,353 3.5 % $ 47,729 3.7 % $ 143,536 3.4 % $ 146,215 4.0 %
Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024
The following tables present selected consolidated comparative results of operations from Option Care Health's unaudited condensed consolidated financial statements for the three months ended September 30, 2025 and 2024.
Gross Profit
Three Months Ended September 30,
2025 2024 Variance
(in thousands, except for percentages)
Net revenue $ 1,435,016 $ 1,278,546 $ 156,470 12.2 %
Cost of revenue 1,162,114 1,021,797 140,317 13.7 %
Gross profit $ 272,902 $ 256,749 $ 16,153 6.3 %
Gross profit margin 19.0 % 20.1 %
The increase in net revenue was primarily driven by organic growth in the Company's portfolio of therapies, consisting of acute revenue that had mid-teens growth relative to prior year while chronic revenue grew in the low double-digits. Acute growth was largely driven by the impact of shifts in the competitive landscape, which increased the volume of patient service. The increase in cost of revenue was primarily driven by the growth in revenue and therapy mix. The decrease in gross profit margin was primarily due to certain higher cost therapies included within chronic growth (including rare and orphan therapies). Gross profit was also impacted by the previously disclosed reduction in the procurement spread, which the Company expects to continue for the remainder of the year.
Operating Expenses
Three Months Ended September 30,
2025 2024 Variance
(in thousands, except for percentages)
Selling, general and administrative expenses $ 172,104 $ 156,999 $ 15,105 9.6 %
Depreciation and amortization expense 16,291 14,659 1,632 11.1 %
Total operating expenses $ 188,395 $ 171,658 $ 16,737 9.8 %
The increase in selling, general and administrative expenses during the three months ended September 30, 2025 was primarily due to an increase in salaries, benefits and general costs to support the business and debt refinancing costs. See Note 10, Indebtedness,of the unaudited condensed consolidated financial statements for further information on the Company's debt refinancing costs. Selling, general and administrative expenses have declined as a percentage of revenue to 12.0% for the three months ended September 30, 2025 compared to 12.3% for the three months ended September 30, 2024, primarily due to the Company's focus on leveraging existing infrastructure to control spending. The increase in depreciation and amortization expense was primarily due to the Intramed Plus acquisition. See Note 3, Business Combinations, of the unaudited condensed consolidated financial statements for further information.
Other Income (Expense)
Three Months Ended September 30,
2025 2024 Variance
(in thousands, except for percentages)
Interest expense, net $ (14,146) $ (12,345) $ (1,801) 14.6 %
Equity in earnings of joint ventures 2,176 1,391 785 56.4 %
Other, net (3,570) (583) (2,987)
NM(1)
Total other (expense) income $ (15,540) $ (11,537) $ (4,003) 34.7 %
(1) Not meaningful
The increase in interest expense, net during the three months ended September 30, 2025 was primarily attributable to less interest income generated from our cash and cash equivalents, partially offset by a decrease in the interest rate on the Company's First Lien Term Loan, compared to the three months ended September 30, 2024. See Note 10, Indebtedness, of the unaudited condensed consolidated financial statements for further information. The change in other, net period over period was primarily attributable to the $4.7 million loss on extinguishment of debt from the Company's debt refinance during the three months ended September 30, 2025 with no comparable activity during the three months ended September 30, 2024. See Note 10, Indebtedness, of the unaudited condensed consolidated financial statements for further information.
Income Tax Expense
Three Months Ended September 30,
2025 2024 Variance
(in thousands, except for percentages)
Income tax expense $ 17,151 $ 19,698 $ (2,547) (12.9) %
The Company recorded income tax expense of $17.2 million and $19.7 million for the three months ended September 30, 2025 and 2024, respectively, which represents an effective tax rate of 24.9% and 26.8%, respectively. The variance in the Company's effective tax rate of 24.9% for the three months ended September 30, 2025, compared to the federal statutory rate of 21.0%, was primarily attributable to the difference between federal and state tax rates and various non-deductible expenses. The variance in the Company's effective tax rate of 26.8% for the three months ended September 30, 2024, compared to the federal statutory rate of 21.0%, was primarily attributable to the difference between federal and state tax rates, various non-deductible expenses, and a change in state valuation allowance.
Net Income and Other Comprehensive Income (Loss)
Three Months Ended September 30,
2025 2024 Variance
(in thousands, except for percentages)
Net income $ 51,816 $ 53,856 $ (2,040) (3.8) %
Other comprehensive income (loss), net of tax:
Changes in unrealized (loss) gain on cash flow hedges, net of income taxes (1,463) (6,127) 4,664 (76.1) %
Other comprehensive (loss) income (1,463) (6,127) 4,664 (76.1) %
Net comprehensive income $ 50,353 $ 47,729 $ 2,624 5.5 %
The change in net income was attributable to the factors described in the above sections.
For the three months ended September 30, 2025 and 2024, the change in unrealized (loss) gain on cash flow hedges, net of income taxes was related to the change in fair market value of the $300.0 million interest rate cap hedge executed in October 2021.
Net comprehensive income increased to $50.4 million for the three months ended September 30, 2025, compared to net comprehensive income of $47.7 million for the three months ended September 30, 2024, primarily as a result of the factors described in the above sections.
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
The following tables present selected consolidated comparative results of operations from Option Care Health's unaudited condensed consolidated financial statements for the nine months ended September 30, 2025 and 2024.
Gross Profit
Nine Months Ended September 30,
2025 2024 Variance
(in thousands, except for percentages)
Net revenue $ 4,184,073 $ 3,651,784 $ 532,289 14.6 %
Cost of revenue 3,379,076 2,907,170 471,906 16.2 %
Gross profit $ 804,997 $ 744,614 $ 60,383 8.1 %
Gross profit margin 19.2 % 20.4 %
The increase in net revenue was primarily driven by organic growth in the Company's portfolio of therapies, consisting of acute revenue that had mid-teens growth relative to prior year while chronic revenue grew in the low-teens. Acute growth was largely driven by the impact of shifts in the competitive landscape, which increased the volume of patient service. The increase in cost of revenue was primarily driven by the growth in revenue and therapy mix. The decrease in gross profit margin was primarily due to certain higher cost therapies included within chronic growth (including rare and orphan therapies). Gross profit was also impacted by the previously disclosed reduction in procurement spread, partially offset by temporary mitigation efforts executed in the first quarter.
Operating Expenses
Nine Months Ended September 30,
2025 2024 Variance
(in thousands, except for percentages)
Selling, general and administrative expenses $ 510,314 $ 465,524 $ 44,790 9.6 %
Depreciation and amortization expense 48,278 44,294 3,984 9.0 %
Total operating expenses $ 558,592 $ 509,818 $ 48,774 9.6 %
The increase in selling, general and administrative expenses during the nine months ended September 30, 2025 was primarily due to an increase in salaries, benefits, and general costs to support the business and debt refinance costs. See Note 10, Indebtedness,of the unaudited condensed consolidated financial statements for further information on the Company's debt refinancing costs . Selling, general and administrative expenses have declined as a percentage of revenue to 12.2% for the nine months ended September 30, 2025 compared to 12.7% for the nine months ended September 30, 2024, primarily due to the Company's focus on leveraging existing infrastructure to control spending. The increase in depreciation and amortization expense was primarily due to the Intramed Plus acquisition. See Note 3, Business Combinations, of the unaudited condensed consolidated financial statements for further information.
Other Income (Expense)
Nine Months Ended September 30,
2025 2024 Variance
(in thousands, except for percentages)
Interest expense, net $ (41,824) $ (38,150) $ (3,674) 9.6 %
Equity in earnings of joint ventures 5,300 3,921 1,379 35.2 %
Other, net (8,497) 1,983 (10,480)
NM(1)
Total other (expense) income $ (45,021) $ (32,246) $ (12,775) 39.6 %
(1) Not meaningful
The increase in interest expense, net during the nine months ended September 30, 2025 was primarily attributable to less interest income generated from our cash and cash equivalents, partially offset by a decrease in the interest rate on the Company's First Lien Term Loan, compared to the nine months ended September 30, 2024. See Note 10, Indebtedness, of the unaudited condensed consolidated financial statements for further information. The change in other, net during the nine months ended September 30, 2025 was primarily attributable to accruals related to an abandoned or unclaimed property voluntary disclosure agreement program which was related to the pre-merger operations of BioScrip, Inc. ("BioScrip"), which was entered into by BioScrip prior to its merger with the Company in 2019. As of September 30, 2025, the matters related to this program are ongoing. Additionally, the change in other, net during the nine months ended September 30, 2025 was attributable to the $4.7 million loss on extinguishment of debt from the Company's debt refinance during the nine months ended September 30, 2025 with no comparable activity during the nine months ended September 30, 2024. See Note 10, Indebtedness, of the unaudited condensed consolidated financial statements for further information.
Income Tax Expense
Nine Months Ended September 30,
2025 2024 Variance
(in thousands, except for percentages)
Income tax expense $ 52,303 $ 50,860 $ 1,443 2.8 %
The Company recorded income tax expense of $52.3 million and $50.9 million for the nine months ended September 30, 2025 and 2024, respectively, which represents an effective tax rate of 26.0% and 25.1%, respectively. The variance in the Company's effective tax rate of 26.0% for the nine months ended September 30, 2025, compared to the federal statutory rate of 21.0%, was primarily attributable to the difference between federal and state tax rates and various non-deductible expenses. The variance in the Company's effective tax rate of 25.1% for the nine months ended September 30, 2024, compared to the federal statutory rate of 21.0%, was primarily attributable to the difference between federal and state tax rates, various non-deductible expenses, and a change in state valuation allowance.
Net Income and Other Comprehensive Income (Loss)
Nine Months Ended September 30,
2025 2024 Variance
(in thousands, except for percentages)
Net income $ 149,081 $ 151,690 $ (2,609) (1.7) %
Other comprehensive income (loss), net of tax:
Changes in unrealized (loss) gain on cash flow hedges, net of income taxes (5,545) (5,475) (70)
NM(1)
Other comprehensive (loss) income (5,545) (5,475) (70)
NM(1)
Net comprehensive income $ 143,536 $ 146,215 $ (2,679) (1.8) %
(1) Not meaningful
The change in net income was attributable to the factors described in the above sections.
For the nine months ended September 30, 2025 and 2024, the change in unrealized (loss) gain on cash flow hedges, net of income taxes was related to the change in fair market value of the $300.0 million interest rate cap hedge executed in October 2021.
Net comprehensive income decreased to $143.5 million for the nine months ended September 30, 2025, compared to net comprehensive income of $146.2 million for the nine months ended September 30, 2024, primarily as a result of the factors described in the above sections.
Liquidity and Capital Resources
For the nine months ended September 30, 2025 and the twelve months ended December 31, 2024, the Company's primary sources of liquidity were cash and cash equivalents of $309.8 million and $412.6 million, respectively. As of September 30, 2025, the Company had $396.0 million of borrowings available under its credit facilities (net of $4.0 million undrawn letters of credit issued and outstanding). As of December 31, 2024, the Company had $395.9 million of borrowings available under its credit facilities (net of $4.1 million undrawn letters of credit issued and outstanding). During the nine months ended September 30, 2025 and 2024, the Company's cash flows from operations enabled investments in pharmacy, infusion suites, and information technology infrastructure to support growth and create additional capacity in the future, as well as to pursue acquisitions and share repurchases.
The Company's primary uses of cash and cash equivalents include supporting our ongoing business activities, investment in capital expenditures in both facilities and technology, the pursuit of acquisitions, and share repurchases. Ongoing operating cash outflows are associated with procuring and dispensing drugs, personnel and other costs associated with servicing patients, as well as paying cash interest on outstanding debt and taxes. Ongoing investing cash flows are primarily associated with capital projects and business acquisitions, the improvement and maintenance of our pharmacy facilities and investment in our information technology systems. Ongoing financing cash flows are primarily associated with the quarterly principal payments on our outstanding debt, along with potential future share repurchases.
Our business strategy includes the deployment of capital to pursue acquisitions that complement our existing operations. We continue to evaluate acquisition opportunities and view acquisitions as a key part of our growth strategy. The Company has generally funded its acquisitions with cash and cash equivalents. The Company may require additional capital in excess of current availability in order to complete future acquisitions. It is impossible to predict the amount of capital that may be required for acquisitions, and there is no assurance that sufficient financing for these activities will be available on acceptable terms.
Short-Term and Long-Term Liquidity Requirements
The Company's ability to make principal and interest payments on any borrowings under our credit facilities and our ability to fund planned capital expenditures will depend on our ability to generate cash and cash equivalents in the future, which to a certain extent, is subject to general economic, financial, competitive, regulatory and other conditions. Based on our current level of operations and planned capital expenditures, we believe that our existing cash and cash equivalents balances and expected cash flows generated from operations will be sufficient to meet our operating requirements over the next 12 months and beyond. We may require additional borrowings under our credit facilities and alternative forms of financings or investments to achieve our longer-term strategic plans.
Credit Facilities
On September 22, 2025, the Company entered into the Fourth Amendment to the Credit Agreement. The Fourth Amendment, among other things, (i) reduces the interest rate on the First Lien Term Loan from Term SOFR plus 2.25% to Term SOFR plus 1.75% and extends the maturity date to September 22, 2032, (ii) provides for an additional $49.6 million of incremental First Lien Term Loan indebtedness, and (iii) extends the maturity date of the Revolver Facility to September 22, 2030.
The principal balance of the First Lien Term Loan is repayable in quarterly installments of $1.7 million plus interest, with a final payment of all remaining outstanding principal due on September 22, 2032. Interest on the First Lien Term Loan is payable monthly on either (i) the SOFR plus an applicable margin of 1.75% for Term SOFR Loans; or (ii) a base rate, plus 0.75% for Base Rate Loans.
The Senior Notes bear interest at a rate of 4.375% per annum and are payable semi-annually in arrears on October 31 and April 30 of each year. The Senior Notes mature on October 31, 2029.
The Company's Revolver Facility provides for borrowings up to $400.0 million. The Revolver Facility matures on the date that is the earlier of (i) September 22, 2030 and (ii) the date that is 91 days prior to the stated maturity date applicable to the Senior Notes to the extent any amount of the Senior Notes remains unpaid and outstanding as of the date that is 91 days prior to the stated maturity date applicable to the Senior Notes. Borrowings under the Revolver Facility will bear interest at a rate equal to, at the option of the Company, either (i) the Term SOFR applicable thereto plus the Applicable Rate or (ii) the then-applicable Base Rate plus the Applicable Rate, which Applicable Rate shall be, subject to certain caveats thereto, as follows (i) until delivery of financial statements and related Compliance Certificate for the first full fiscal quarter ending after the effective date of the First Lien Credit Agreement Amendment, (A) for Term SOFR Loans, 1.75%, or (B) for Base Rate Loans, 0.75% and (ii) thereafter, the Applicable Rate for Term SOFR Loans and Base Rate Loans, based upon the Total Net Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to the terms of the credit agreement. As of September 30, 2025, the Company had $4.0 million of undrawn letters of credit issued and outstanding, resulting in net borrowing availability under the Revolver Facility of $396.0 million.
Interest payments over the course of long-term debt obligations total an estimated $363.7 million based on final maturity dates of the Company's credit facilities. Interest payments are calculated based on current rates as of September 30, 2025. Actual payments are based on changes in SOFR and exclude the interest rate cap derivative instrument.
Cash Flows
Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024
The following table presents selected data from Option Care Health's unaudited condensed consolidated statements of cash flows:
Nine Months Ended September 30,
2025 2024 Variance
(in thousands)
Net cash provided by operating activities $ 222,556 $ 287,270 $ (64,714)
Net cash used in investing activities (147,437) (25,266) (122,171)
Net cash used in financing activities (177,862) (122,827) (55,035)
Net (decrease) increase in cash and cash equivalents (102,743) 139,177 (241,920)
Cash and cash equivalents - beginning of period 412,565 343,849 68,716
Cash and cash equivalents - end of period $ 309,822 $ 483,026 $ (173,204)
Cash Flows from Operating Activities
The decrease in cash provided by operating activities during the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, was primarily due to a reduction in accounts payable, partially offset by increases in inventories, prepaid expenses, and accrued compensation and employee benefits.
Cash Flows from Investing Activities
The increase in cash used in investing activities during the nine months ended September 30, 2025 was primarily related to the Intramed Plus acquisition activity with no comparable activity during the nine months ended September 30, 2024.
Cash Flows from Financing Activities
The increase in cash used in financing activities was primarily related to the Company's $214.9 million repurchase of common stock and related excise taxes during the nine months ended September 30, 2025, whereas the activity during the nine months ended September 30, 2024 was primarily related to the Company's $160.1 million repurchase of common stock and related excise taxes.
Critical Accounting Policies and Estimates
The Company prepares its unaudited condensed consolidated financial statements in accordance with GAAP, which requires the Company to make estimates and assumptions. The Company evaluates its estimates and assumptions on an ongoing basis. Estimates and assumptions are based on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making assumptions about the carrying values of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the period presented. The Company's actual results may differ from these estimates, and different assumptions or conditions may yield different estimates.
There have been no material changes to the Company's critical accounting policies and estimates as presented in our Form 10-K, which are hereby incorporated by reference.
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