Option Care Health, Inc.

Thank you for your patience, and please continue to stand by. Thank you. Ladies and gentlemen, thank you for standing by, and welcome to the Option Care Health fourth quarter 2020 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star then 1 on your telephone. Please be advised that today's call is being recorded. If you require additional assistance, you may press star then 0 to reach an operator. I would now like to hand the call over to Mike Shapiro. Please go ahead.

Good morning, and thank you for joining us for the Option Care Health Fourth Quarter Earnings Call. I'm joined this morning by John Rademacher, Chief Executive Officer. Before we begin, please note that during the call, we will make certain forward-looking statements that reflect our current views related to our future financial performance, future events, and industry and market conditions. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our comments. We encourage you to review the information in the reports we file with the SEC regarding the specific risks and uncertainties. You should also review the section entitled Forward-Looking Statements in this morning's press release. During the call, we will use non-GAAP financial measures when talking about the company's performance and financial condition. You can find additional information on these non-GAAP measures in this morning's press release posted on the investor relations portion of our website. With that, I'll turn the call over to John.

Thanks, Mike, and good morning, everyone. To say that 2020 was an unprecedented and extraordinary year is quite the understatement. And reflecting back, I have never been prouder to be a part of the option care health team. We have risen to every challenge thrown our way, and through it all, emerged stronger and more focused than ever. We delivered strong financial results ahead of our initial expectations, effectively completed the vast majority of integration efforts, and most importantly, remained focused on the loved ones in trusting their care to our team. This would have been a strong accomplishment in ordinary times. So the fact that the team made all of this progress and delivered these results under the unexpected challenges presented by the pandemic is truly outstanding. With the performance and the results by the team, I have never been more confident in the road ahead as we emerge from the pandemic and focus on setting the standards in alternate site infusion therapy. As Mike will highlight in a few minutes, the fourth quarter continued our track record of delivering robust top-line growth, EBITDA expansion, and an improved capital structure. As we sit here today, we have clearly executed on the strategy we outlined shortly after the merger in the fourth quarter of 2019. And I am extremely proud of how the option care health team has performed in an extremely challenging environment. As the severity of the COVID-19 crisis began to emerge in the first half of 2020, we quickly developed mitigation plans and migrated to a respond, recover, and prosper mentality to ensure we adjusted quickly to the challenges while also remaining focused on the long term. As I've outlined previously, we have focused on four key tenets, accelerating top line growth, providing consistent high quality care, strengthening our balance sheet, and converting every claim to cash. And in 2020, we clearly delivered across all four key priorities. The Q4 double-digit growth is the result of tremendous collaboration in the field between our commercial and operational teams, who over the course of the year ensured that option care health could be depended upon by payers, our referral sources, and most importantly, our patients. to deliver unparalleled care in the face of adversity. We continued to execute our strategy to increase reach and frequency, and our team responded, even with the access restrictions caused by the pandemic. The chronic portfolio continued to grow in the mid-teens as we launched a number of new therapies and collaborated with payers to prioritize care outside the acute care setting. Our acute therapies, which are to a great extent correlated to hospital discharges and were effectively flat year over year through the third quarter, did post modest low single-digit growth in the fourth quarter, which is quite encouraging. Our relentless focus on the patient and delivering high-quality care in a cost-effective setting proved crucial throughout the disruption that COVID caused. our ability to quickly pivot and utilize our technology platform more fully through telemedicine features like virtual visits and discharge support, team collaboration tools that allowed our clinical teams and remote workforce to continue to excel, and by enhancing our digital capabilities to enable predictive analytics, repetitive process automation, and machine learning. All of these contributed to delivering consistent, high-quality care strong clinical outcomes, and exceptional patient satisfaction. We also took significant actions to improve the strength of our balance sheet by restructuring and paying down debt, efficiently managing working capital, expanding earnings generation, and through strong conversion of claims to cash. We began 2020 with a leverage ratio of six times and exited the year at 4.8 times with a clear glide path to getting below four times in short order. With all of the great work done by the team throughout the year, we are entering the late innings of integration efforts with technology deployment and harmonization efforts continuing the first half of 2021. The effective and efficient platform we have created is beginning to unlock operating leverage and align for much stronger capacity utilization, as evidenced by our EBITDA margin expansion. As we sit here today, a little over a year since the pandemic onset, we continue to manage through a very dynamic and challenging situation. We are by no means out of the woods, and we remain vigilant to ensure the safety of our team members and our patients. we continue to closely monitor drug and medical supply availability to help anticipate disruption in advance. And as new care models emerge, we are very well positioned to pivot based on our industry-leading technology suite. Our recently announced partnership with Amedisys is a prime example of how quickly we can respond to market demands with innovative new models. Reflecting on our first full year as a combined enterprise and having completed the far majority of integration activities ahead of schedule, I've never been more confident in this team, our unique platform, and the significant number of opportunities that lie ahead. We have persevered in the face of adversity to deliver across the spectrum. And as we shift from integration to acceleration, the unique platform we've created is clearly evident and poised to create sustainable value. We are the only independent national provider of infusion services with relationships with all national payers along with the broadest therapy portfolio across the industry. And as apparent in our 2021 guidance communicated this morning, momentum is clearly building in our revenue base, our margin expansion efforts, and our focus on cash flow generation. And we're just getting started. With that, I will turn the call over to Mike to review the financial results in a bit more detail. Mike?