0001014739-25-000012 | 10-K | XBRL Viewer

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DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended
	Oct. 31, 2021	Dec. 31, 2024
Derivative [Line Items]
Total interest rate costs expected to reclassify during next 12 months		$ 2.8
First Lien Term Loan \| Interest rate cap designated as cash flows hedge \| Designated as Hedging Instrument \| Senior Notes
Derivative [Line Items]
Notional amount of derivative	$ 300.0
Derivative term of contract	5 years

BUSINESS ACQUISITIONS AND DIVESTITURES - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended				12 Months Ended
	May 31, 2023	Dec. 31, 2022	Aug. 31, 2022	Apr. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 26, 2023	May 03, 2023	Dec. 31, 2021
Business Acquisition [Line Items]
Business combination, acquisition-related expenses						$ 21,100
Goodwill		$ 1,533,424			$ 1,540,246	1,540,246	$ 1,533,424			$ 1,477,564
Sale price		18,400					18,400
Proceeds from sale of assets		14,700			$ 0	3,743	14,670
Consideration receivable		3,700					3,700
Assets held for sale		8,800					8,800
Liabilities held for sale		700					$ 700
Gain on sale		$ 10,300
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]							Other, net
Amedisys, Inc.
Business Acquisition [Line Items]
Termination fee						$ 63,100		$ 106,000
Revitalized, LLC
Business Acquisition [Line Items]
Percentage of the combined company held	100.00%
Net of cash acquired	$ 12,500
Goodwill	6,700
Intangible assets	$ 5,500
Rochester Home Infusion, Inc
Business Acquisition [Line Items]
Percentage of the combined company held			100.00%
Net of cash acquired			$ 27,400
Specialty Pharmacy Nursing Network, Inc.
Business Acquisition [Line Items]
Percentage of the combined company held				100.00%
Net of cash acquired				$ 59,900
Option Care, Combined Company \| Amedisys, Inc.
Business Acquisition [Line Items]
Company's stockholders, ownership percentage following merger									64.50%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Unbilled receivables	$ 105,300	$ 89,100
Rebate receivable	54,400	52,000
Investments in equity-method investees	24,500	20,900
Proportionate share of earnings in equity-method investees	5,964	5,530	$ 5,125
Distribution from equity method investments	$ 2,400	$ 4,000	$ 5,875
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Largest Payer
Concentration Risk [Line Items]
Concentration risk	15.00%	14.00%	14.00%
Revenue from Contract with Customer Benchmark \| Governmental Programs \| Government Healthcare Programs
Concentration Risk [Line Items]
Concentration risk	12.00%	12.00%	12.00%
Accounts Receivable Benchmark \| Governmental Programs \| Government Healthcare Programs
Concentration Risk [Line Items]
Concentration risk	11.00%	12.00%
Cost of Goods and Service, Product and Service Benchmark \| Medical Supply Vendors \| Four Vendors
Concentration Risk [Line Items]
Concentration risk	58.00%	72.00%	73.00%
Infusion pumps
Concentration Risk [Line Items]
Intangible asset useful life (in years)	7 years
Computer Software
Concentration Risk [Line Items]
Intangible asset useful life (in years)	5 years
Minimum \| Referral sources
Concentration Risk [Line Items]
Intangible asset useful life (in years)	15 years
Minimum \| Trademarks and Trade Names
Concentration Risk [Line Items]
Intangible asset useful life (in years)	2 years
Minimum \| Other amortizable intangible assets
Concentration Risk [Line Items]
Intangible asset useful life (in years)	2 years
Minimum \| Equipment
Concentration Risk [Line Items]
Intangible asset useful life (in years)	3 years
Maximum \| Referral sources
Concentration Risk [Line Items]
Intangible asset useful life (in years)	20 years
Maximum \| Trademarks and Trade Names
Concentration Risk [Line Items]
Intangible asset useful life (in years)	15 years
Maximum \| Other amortizable intangible assets
Concentration Risk [Line Items]
Intangible asset useful life (in years)	9 years
Maximum \| Equipment
Concentration Risk [Line Items]
Intangible asset useful life (in years)	13 years

REVENUE

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE

The following table sets forth the net revenue earned by category of payer for the years ended December 31, 2024, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
Commercial payers	$	4,348,991	$	3,747,568	$	3,421,888
Government payers	584,271		500,891		477,818
Patients	64,940		53,865		45,029
Net revenue	$	4,998,202	$	4,302,324	$	3,944,735

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 412,565	$ 343,849
Accounts receivable, net	409,733	377,658
Inventories	388,131	274,004
Prepaid expenses and other current assets	112,198	98,744
Total current assets	1,322,627	1,094,255
NONCURRENT ASSETS:
Property and equipment, net	127,367	120,630
Operating lease right-of-use asset	86,528	84,159
Intangible assets, net	16,993	20,092
Referral sources, net	284,017	315,304
Goodwill	1,540,246	1,540,246
Other noncurrent assets	43,965	42,349
Total noncurrent assets	2,099,116	2,122,780
TOTAL ASSETS	3,421,743	3,217,035
CURRENT LIABILITIES:
Accounts payable	610,779	426,513
Accrued compensation and employee benefits	63,028	92,508
Accrued expenses and other current liabilities	77,783	75,010
Current portion of operating lease liability	22,044	18,278
Current portion of long-term debt	6,512	6,000
Total current liabilities	780,146	618,309
NONCURRENT LIABILITIES:
Long-term debt, net of discount, deferred financing costs and current portion	1,104,641	1,056,650
Operating lease liability, net of current portion	84,776	85,484
Deferred income taxes	47,576	34,920
Other noncurrent liabilities	366	0
Total noncurrent liabilities	1,237,359	1,177,054
Total liabilities	2,017,505	1,795,363
STOCKHOLDERS’ EQUITY:
Preferred stock; $0.0001 par value; 12,500,000 shares authorized, no shares outstanding as of December 31, 2024 and 2023, respectively.	0	0
Common stock; $0.0001 par value: 250,000,000 shares authorized, 183,846,725 shares issued and 166,261,112 shares outstanding as of December 31, 2024; 182,905,559 shares issued and 174,575,537 shares outstanding as of December 31, 2023.	18	18
Treasury stock; 17,585,613 and 8,330,022 shares outstanding, at cost, as of December 31, 2024 and 2023, respectively.	(507,598)	(255,107)
Paid-in capital	1,231,435	1,204,270
Retained earnings	669,336	457,513
Accumulated other comprehensive income	11,047	14,978
Total stockholders’ equity	1,404,238	1,421,672
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 3,421,743	$ 3,217,035

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 211,823	$ 267,090	$ 150,556
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization expense	63,498	62,200	65,434
Non-cash operating lease costs	22,581	18,533	19,713
Deferred income taxes - net	12,656	12,766	49,187
Gain on sale of assets	0	0	(9,403)
Loss on extinguishment of debt	377	0	0
Amortization of deferred financing costs	4,628	4,446	4,304
Equity in earnings of joint ventures	(5,964)	(5,530)	(5,125)
Stock-based incentive compensation expense	36,143	30,479	16,783
Distribution from equity method investments	2,400	4,000	5,875
Other adjustments	(4,504)	(1,244)	0
Changes in operating assets and liabilities:
Accounts receivable, net	(32,075)	224	(36,889)
Inventories	(114,127)	(51,000)	(41,010)
Prepaid expenses and other current assets	(15,601)	(6,290)	(16,798)
Accounts payable	183,395	47,703	98,885
Accrued compensation and employee benefits	(29,480)	15,546	(7,770)
Accrued expenses and other current liabilities	6,133	(1,727)	10,535
Operating lease liabilities	(21,911)	(17,529)	(21,395)
Other noncurrent assets and liabilities	3,420	(8,372)	(15,335)
Net cash provided by operating activities	323,392	371,295	267,547
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment	(35,606)	(41,866)	(35,358)
Proceeds from sale of assets	0	3,743	14,670
Business acquisitions, net of cash acquired	0	(12,494)	(87,364)
Other investing activities	(864)	(5,889)	0
Net cash used in investing activities	(36,470)	(56,506)	(108,052)
CASH FLOWS FROM FINANCING ACTIVITIES:
Stock-based compensation tax withholdings	(12,382)	(3,115)
Stock-based compensation tax withholdings			352
Purchase of company stock and related excise taxes	(252,726)	(250,261)	0
Proceeds from warrant exercises	0	0	20,916
Proceeds from issuance of debt	49,959	0	0
Repayments of debt principal	(6,384)	(6,000)	(6,000)
Deferred financing costs	(77)	0	0
Other financing activities	3,404	(5,750)	0
Net cash (used in) provided by financing activities	(218,206)	(265,126)	15,268
NET INCREASE IN CASH AND CASH EQUIVALENTS	68,716	49,663	174,763
Cash and cash equivalents - beginning of the period	343,849	294,186	119,423
CASH AND CASH EQUIVALENTS - END OF PERIOD	412,565	343,849	294,186
Supplemental disclosure of cash flows information:
Cash paid for interest	71,553	69,804	50,372
Cash paid for income taxes	64,522	75,241	13,438
Cash paid for operating leases	$ 28,505	$ 27,391	$ 25,311

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

STOCK-BASED INCENTIVE COMPENSATION - Summary of Outstanding and Exercisable Stock Options (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Options Outstanding
Options Outstanding (in shares) \| shares	1,483,233
Options Exercisable
Options Exercisable (in shares) \| shares	595,984
$0.00 - $8.24
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Lower range limit (in dollars per share)	$ 0.00
Upper range limit (in dollars per share)	$ 8.24
Options Outstanding
Options Outstanding (in shares) \| shares	9,901
Weighted Average Exercise Price (in dollars per share)	$ 6.52
Weighted Average Remaining Contractual Life	2 years 1 month 6 days
Options Exercisable
Options Exercisable (in shares) \| shares	9,901
Weighted Average Exercise Price (in dollars per share)	$ 6.52
$8.24 - $16.52
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Lower range limit (in dollars per share)	8.24
Upper range limit (in dollars per share)	$ 16.52
Options Outstanding
Options Outstanding (in shares) \| shares	64,775
Weighted Average Exercise Price (in dollars per share)	$ 12.14
Weighted Average Remaining Contractual Life	4 years
Options Exercisable
Options Exercisable (in shares) \| shares	64,775
Weighted Average Exercise Price (in dollars per share)	$ 12.14
$16.52 - $24.76
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Lower range limit (in dollars per share)	16.52
Upper range limit (in dollars per share)	$ 24.76
Options Outstanding
Options Outstanding (in shares) \| shares	355,616
Weighted Average Exercise Price (in dollars per share)	$ 21.54
Weighted Average Remaining Contractual Life	6 years 8 months 12 days
Options Exercisable
Options Exercisable (in shares) \| shares	200,513
Weighted Average Exercise Price (in dollars per share)	$ 21.05
$24.76 - $33.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Lower range limit (in dollars per share)	24.76
Upper range limit (in dollars per share)	$ 33.00
Options Outstanding
Options Outstanding (in shares) \| shares	1,052,941
Weighted Average Exercise Price (in dollars per share)	$ 28.25
Weighted Average Remaining Contractual Life	7 years 9 months 18 days
Options Exercisable
Options Exercisable (in shares) \| shares	320,795
Weighted Average Exercise Price (in dollars per share)	$ 26.85

INDEBTEDNESS

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

INDEBTEDNESS

Long-term debt consisted of the following as of December 31, 2024 (in thousands):


	Principal Amount		Discount		Debt Issuance Costs		Net Balance
Revolver Facility	$	—	$	—	$	—	$	—
First Lien Term Loan	631,617		(5,537)		(7,555)		618,525
Senior Notes	500,000		—		(7,372)		492,628
	$	1,131,617	$	(5,537)	$	(14,927)	1,111,153
Less: current portion							(6,512)
Total long-term debt							$	1,104,641

Long-term debt consisted of the following as of December 31, 2023 (in thousands):


	Principal Amount		Discount		Debt Issuance Costs		Net Balance
Revolver Facility	$	—	$	—	$	—	$	—
First Lien Term Loan	588,000		(6,974)		(9,678)		571,348
Senior Notes	500,000		—		(8,698)		491,302
	$	1,088,000	$	(6,974)	$	(18,376)	1,062,650
Less: current portion							(6,000)
Total long-term debt							$	1,056,650

On May 8, 2024, the Company entered into the Third Amendment to the amended and restated First Lien Credit Agreement dated as of October 27, 2021. The Third Amendment, among other things, (i) increases borrowings by $50.0 million and (ii) reduces the interest rate on the First Lien Term Loan from Term SOFR (including a credit spread adjustment) plus 2.75% to Term SOFR plus 2.25% and removes the credit spread adjustment with respect to such First Lien Term Loan.

The principal balance of the First Lien Term Loan is repayable in quarterly installments of $1.6 million plus interest, with a final payment of all remaining outstanding principal due on October 27, 2028. The quarterly principal payments commenced in March 2022. Under the Third Amendment, interest on the First Lien Term Loan is payable monthly on either (i) SOFR (with a floor of 0.50% per annum) plus an applicable margin of 2.25% for Term SOFR Loans (as such term is defined in the Third Amendment); or (ii) a base rate determined in accordance with the Third Amendment, plus 1.25% for Base Rate Loans (as such term is defined in the Third Amendment). The interest rate on the First Lien Term Loan was 6.82% and 8.21% as of December 31, 2024 and 2023, respectively. The weighted average interest rate incurred on the First Lien Term Loan was 7.61% and 7.83% for the years ended December 31, 2024 and 2023, respectively.

The Company assessed whether the repayment of the First Lien Term Loan indebtedness resulted in an insubstantial modification or an extinguishment of the existing debt for each loan in the syndication by grouping lenders as follows: (i) Lenders participating in both the First Lien Term Loan and Senior Notes; (ii) previous lenders that exited; and (iii) new lenders. The Company determined that $0.4 million of the First Lien Term Loan were extinguished. The First Lien Term Loan had insubstantial modifications for lenders that participated in both debt instruments, which resulted in a cash inflow from financing activities of $50.0 million in the consolidated statements of cash flows. The Company incurred $1.6 million in fees, of which $0.1 million was capitalized, relative to the First Lien Term Loan and an immaterial amount of the total fees incurred was netted against the $50.0 million of debt proceeds as financing activities within the consolidated statements of cash flows. The Company recognized a loss on extinguishment of debt of $0.4 million included in the line entitled “Other, net” in the consolidated statements of comprehensive income.

Effective June 30, 2023, the Company entered into an agreement, dated as of June 8, 2023, to amend the First Lien Term Loan to replace LIBOR and related definitions and provisions with SOFR as the new reference rate. The Company entered into the First Lien Term Loan Agreement (the “First Lien Credit Agreement Amendment”), which commenced in October 2021 (the “October 2021 Refinancing”) to provide $600.0 million of refinanced borrowings.

On December 7, 2023, the Company entered into the Second Amendment to the amended and restated First Lien Credit Agreement dated as of October 27, 2021. The Second Amendment, among other things, creates a Revolver Facility which provides for borrowings up to $400.0 million. As of December 31, 2024, the Company had $4.1 million of undrawn letters of credit issued and outstanding, resulting in net borrowing availability under the Revolver Facility of $395.9 million. As of December 31, 2023, the Company had $5.3 million of undrawn letters of credit issued and outstanding, resulting in net borrowing availability under the Revolver Facility of $394.7 million. The Revolver Facility matures on the date that is the earlier of (i) December 7, 2028 and (ii) the date that is 91 days prior to the stated maturity date applicable to any Term B Loans. Borrowings under the Revolver Facility 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 Second 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.

Concurrently with the creation of the Revolver Facility, the Company terminated the asset-based lending revolving credit facility (the “ABL Facility”) with a maturity date of October 27, 2026. Prior to the transition to the Revolver Facility, the ABL Facility had been in effect from August 6, 2019 to December 7, 2023. Effective January 13, 2023, the Company entered into an agreement to amend the ABL Facility and increase the amount of borrowing availability from $175.0 million by $50.0 million to $225.0 million total borrowing availability. As a result of the amended agreement, SOFR was established as the new reference rate, replacing LIBOR. Prior to the termination of the ABL Facility in December 2023, the ABL Facility bore interest at a rate equal to, at the Company’s election, either (i) a base rate determined in accordance with the ABL Credit Agreement plus an applicable margin, which is equal to between 0.25% and 0.75% based on the historical excess availability as a percentage of the Line Cap (as such term is defined in the ABL Credit Agreement); and (ii) SOFR (with a floor of —% per annum) plus an applicable margin, which is equal to between 1.25% and 1.75% based on the historical excess availability as a percentage of the Line Cap. The ABL Facility contained commitment fees payable on the unused portion ranging from 0.25% to 0.375%, depending on various factors including the Company’s leverage ratio, type of loan and rate type, and letter of credit fees of 2.50%. Borrowings under the ABL Facility were secured by a first priority security interest in the Company’s and each of its subsidiaries’ inventory, accounts receivable, cash, deposit accounts and certain assets and property related thereto (the “ABL Priority Collateral”), in each case subject to certain exceptions, and a third priority security interest in each of the Company’s subsidiaries’ capital stock (subject to certain exceptions) and substantially all of the Company’s property and assets (other than the ABL Priority Collateral).

In conjunction with the October 2021 Refinancing, the Company also issued $500.0 million in aggregate principal of unsecured senior notes (“Senior Notes”). The Senior Notes bear interest at a rate of 4.375% per annum payable semi-annually in arrears on October 31 and April 30 of each year, commencing on April 30, 2022. The Senior Notes mature on October 31, 2029. The interest rate on the Senior Notes was 4.375% as of both December 31, 2024 and 2023. The weighted average interest rate incurred on the Senior Notes was 4.375% for both years ended December 31, 2024 and 2023.

Long-term debt matures as follows (in thousands):


Fiscal Year Ended December 31,	Minimum Payments
2025	$	6,512
2026	6,512
2027	6,512
2028	612,081
2029	500,000
Total	$	1,131,617

During the year ended December 31, 2024, the Company engaged in hedging activities to limit its exposure to changes in interest rates. See Note 12, Derivative Instruments, for further discussion.

The following table presents the estimated fair values of the Company’s debt obligations as of December 31, 2024 (in thousands):


Financial Instrument	Carrying Value as of December 31, 2024		Markets for Identical Item (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
First Lien Term Loan	$	618,525	$	—	$	634,774	$	—
Senior Notes	492,628		—		460,000		—
Total debt instruments	$	1,111,153	$	—	$	1,094,774	$	—

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LEASES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 32.7	$ 30.6	$ 29.1
Weighted-average remaining lease term, operating leases	6 years 6 months	6 years 9 months 18 days
Weighted-average discount rate, operating leases	6.56%	6.16%
Right of use asset obtained in exchange for operating lease liabilities	$ 25.0	$ 30.5	$ 17.2

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUBSEQUENT EVENTS (Details) $ in Millions	Jan. 24, 2025 USD ($)
Subsequent Event \| Intramed Plus
Subsequent Event [Line Items]
Cash paid for business acquired	$ 117.0

STOCKHOLDERS' EQUITY (Details) - USD ($)			12 Months Ended
STOCKHOLDERS' EQUITY (Details) - USD ($)	Mar. 03, 2023	Feb. 28, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 31, 2025	Dec. 06, 2023	Feb. 20, 2023	Aug. 06, 2019	Jun. 29, 2017	Mar. 09, 2015
Class of Warrant or Right [Line Items]
Proceeds from warrant exercises			$ 0	$ 0	$ 20,916,000
Treasury stock, shares, acquired (in shares)	2,475,166		9,255,591	7,946,301
Treasury stock acquired, average cost per share (in dollars per share)			$ 27.01	$ 31.46
Shares repurchased		$ 75,000,000	$ 250,000,000	$ 250,000,000
Treasury stock, shares (in shares)			17,585,613	8,330,022
Preferred stock outstanding (in shares)			0	0
Common Stock
Class of Warrant or Right [Line Items]
Share repurchase program, authorized amount							$ 500,000,000	$ 250,000,000
Common Stock \| Subsequent Event
Class of Warrant or Right [Line Items]
Share repurchase program, authorized amount						$ 500,000,000
2017 Warrants \| Common Stock
Class of Warrant or Right [Line Items]
Number of shares to be purchased (in shares)									2,100,000
Term of warrants										10 years
Exercise price of warrants (in dollars per share)										$ 8.00
Fair value of warrants									$ 14,100,000
Shares purchased from exercise of warrants (in shares)			0	188,350	1,130,089
Proceeds from warrant exercises			$ 0
Class of warrant or right, outstanding (in shares)			51,838	51,838	240,188
2015 Warrants \| Common Stock
Class of Warrant or Right [Line Items]
Number of shares to be purchased (in shares)											900,000
Term of warrants											10 years
Fair value of warrants									$ 4,600,000
Proceeds from warrant exercises			$ 0	$ 0	$ 20,900,000
Class of warrant or right, outstanding (in shares)			11,765	13,888	15,231
Number of warrants exercised (in shares)			0	0	900,272
2015 Warrants \| Common Stock \| Minimum
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)											$ 20.68
2015 Warrants \| Common Stock \| Maximum
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)											$ 25.80
Common Stock \| Secondary Offering
Class of Warrant or Right [Line Items]
Additional shares issued (in shares)				23,771,926

REVENUE - Net Revenue Earned by Category of Payer (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Net revenue	$ 4,998,202	$ 4,302,324	$ 3,944,735
Commercial payers
Disaggregation of Revenue [Line Items]
Net revenue	4,348,991	3,747,568	3,421,888
Government payers
Disaggregation of Revenue [Line Items]
Net revenue	584,271	500,891	477,818
Patients
Disaggregation of Revenue [Line Items]
Net revenue	$ 64,940	$ 53,865	$ 45,029

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

DERIVATIVE INSTRUMENTS - Pre-tax Gain (Loss) on Derivative Instruments (Details) - Interest rate cap designated as cash flows hedge - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Pre-tax gains (losses) on interest rate derivatives recognized	$ (5,215)	$ (8,339)	$ 28,869
Interest expense, net
Derivative [Line Items]
Gain (loss) location of derivative instruments	$ 11,527	$ 10,974	$ 1,090

GOODWILL AND OTHER INTANGIBLE ASSETS - Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total gross intangible assets	$ 554,509	$ 554,519
Total accumulated amortization	(253,499)	(219,123)
Total intangible assets, net	301,010	335,396
Referral sources
Finite-Lived Intangible Assets [Line Items]
Total gross intangible assets	514,388	514,388
Total accumulated amortization	(230,371)	(199,084)
Trademarks/names
Finite-Lived Intangible Assets [Line Items]
Total gross intangible assets	39,136	39,136
Total accumulated amortization	(22,599)	(19,698)
Other amortizable intangible assets
Finite-Lived Intangible Assets [Line Items]
Total gross intangible assets	985	995
Total accumulated amortization	$ (529)	$ (341)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

EARNINGS PER SHARE - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	0	0	0
Stock option awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	854,545	1,214,560	629,690
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	376,743	340,331	205,652
Performance stock unit awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	286,881	0	0

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 0	$ 0	$ 0
Amortization expense for intangible assets	$ 34,400,000	$ 34,200,000	$ 32,900,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents — The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. As of December 31, 2024 and 2023, cash equivalents consisted of money market funds. Accounts Receivable — The Company’s accounts receivable are reported at the net realizable value amount that reflects the consideration the Company expects to receive in exchange for providing services, which is inclusive of adjustments for price concessions. The majority of accounts receivable are due from private insurance carriers and governmental healthcare programs, such as Medicare and Medicaid. Price concessions may result from patient hardships, patient uncollectible accounts sent to collection agencies, lack of recovery due to not receiving prior authorization, differing interpretations of covered therapies in payer contracts, different pricing methodologies, or various other reasons. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), an allowance for doubtful accounts is established only as a result of an adverse change in the Company’s payers’ ability to pay outstanding billings. In addition, the company assesses if there have been any changes to historical credit losses to determine if an allowance for credit losses is needed. The Company had an immaterial allowance for doubtful accounts and credit losses as of December 31, 2024 and 2023. Included in accounts receivable are earned but unbilled gross receivables of $105.3 million and $89.1 million as of December 31, 2024 and 2023, respectively. Delays ranging from one day up to several weeks between the date of service and billing can occur due to delays in obtaining certain required payer-specific documentation from internal and external sources. See Revenue Recognition for a further discussion of the Company’s revenue recognition policy. Inventories — Inventories, which consist primarily of pharmaceuticals, is stated at the lower of first‑in, first‑out cost or net realizable value basis, which the Company believes is reflective of the physical flow of inventories. Prepaid Expenses and Other Current Assets — Included in prepaid expenses and other current assets are rebates receivable from pharmaceutical and medical supply manufacturers of $54.4 million and $52.0 million for the years ended December 31, 2024 and 2023, respectively. Leases — The Company has lease agreements for facilities, warehouses, office space and property and equipment. At the inception of a contract, the Company determines if the contract is a lease or contains an embedded lease arrangement. Operating leases are included in the operating lease right-of-use asset (“ROU asset”) and operating lease liabilities in the consolidated financial statements. ROU assets, which represent the Company’s right to use the leased assets, and operating lease liabilities, which represent the present value of unpaid lease payments, are both recognized by the Company at the lease commencement date. The Company utilizes its estimated incremental borrowing rate at the lease commencement date to determine the present value of unpaid lease obligations. The rates are estimated primarily using a methodology dependent on the Company’s financial condition, creditworthiness, and availability of certain observable data. In particular, the Company considers its actual cost of borrowing for collateralized loans and its credit rating, along with the corporate bond yield curve in estimating its incremental borrowing rates. ROU assets are recorded as the amount of operating lease liability, adjusted for prepayments, accrued lease payments, initial direct costs, lease incentives, and impairment of the ROU asset. Tenant improvement allowances used to fund leasehold improvements are recognized when earned and reduce the related ROU asset. Tenant improvement allowances are recognized through the ROU asset as a reduction of expense over the term of the lease. Leases may contain rent escalations; however, the Company recognizes the lease expense on a straight-line basis over the expected lease term. The Company reviews the terms of any lease renewal options to determine if it is reasonably certain that the renewal options will be exercised. The Company has determined that the expected lease term is typically the minimum non-cancelable period of the lease. The Company has lease agreements that contain both lease and non-lease components which the Company has elected to account for as a single lease component for all asset classes. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet and are expensed on a straight-line basis over the term of the lease. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. See Note 8, Leases, for further discussion of leases. Goodwill, Intangible Assets, Property and Equipment, and Referral Sources — Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed. The Company accounts for goodwill under ASC Topic 350, Intangibles-Goodwill and Other. The Company tests goodwill for impairment annually, or more frequently whenever events or circumstances indicate that impairment may exist. Goodwill is stated at cost less accumulated impairment losses. The Company completes its goodwill impairment test annually in the fourth quarter on a qualitative basis. See Note 10, Goodwill and Other Intangible Assets, for further discussion of the Company’s goodwill and other intangible assets. Intangible assets arising from the Company’s acquisitions are amortized on a straight‑line basis over the estimated useful life of each asset. Referral sources have a useful life of fifteen to twenty years. Trademarks/names have a useful life ranging from two to fifteen years. The useful lives for other amortizable intangible assets range from approximately two to nine years. The Company does not have any indefinite‑lived intangible assets. Property and equipment is recorded at cost, net of accumulated depreciation. Depreciation on owned property and equipment is provided for on a straight‑line basis over the estimated useful lives of owned assets. Leasehold improvements are amortized over the estimated useful life of the property or over the term of the lease, whichever is shorter. Estimated useful lives are seven years for infusion pumps and three to thirteen years for equipment. Major repairs, which extend the useful life of an asset, are capitalized in the property and equipment accounts. Routine maintenance and repairs are expensed as incurred. Computer software is included in property and equipment and consists of purchased software and internally-developed software. The Company capitalizes application-stage development costs for significant internally-developed software projects. Once the software is ready for its intended use, these costs are amortized on a straight‑line basis over the software’s estimated useful life, generally five years. Costs recognized in the preliminary project phase and the post-implementation phase, as well as maintenance and training costs, are expensed as incurred. The Company assesses long‑lived assets for impairment whenever events or circumstances indicate that a certain asset or asset group may be impaired. If circumstances require that a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flows basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Equity-Method Investments — The Company’s investments in certain unconsolidated entities are accounted for under the equity method. The balance of these investments is included in other noncurrent assets in the accompanying consolidated balance sheets. As of December 31, 2024 and 2023, the balance of the investments was $24.5 million and $20.9 million, respectively. The investments are increased to reflect the Company’s capital contributions and equity in earnings of the investees. The investments are decreased to reflect the Company’s equity in losses of the investees and for distributions received that are not in excess of the carrying amount of the investments. The Company’s proportionate share of earnings or losses of the investees is recorded in equity in earnings of joint ventures in the accompanying consolidated statements of comprehensive income. The Company’s proportionate share of earnings was $6.0 million, $5.5 million and $5.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. Distributions from the investees are treated as cash inflows from operating activities in the consolidated statements of cash flows. During the years ended December 31, 2024, 2023 and 2022, the Company received distributions from the investees of $2.4 million, $4.0 million and $5.9 million, respectively. See Note 17, Related-Party Transactions, for discussion of related-party transactions with these investees. Hedging Instruments — The Company uses derivative financial instruments to limit its exposure to increases in the interest rate of its variable rate debt instruments. The derivative financial instruments are recognized on the consolidated balance sheets at fair value. See Note 12, Derivative Instruments, for additional information. At inception of the hedge, the Company designated the derivative instruments as a hedge of the cash flows related to the interest on the variable rate debt. For all instruments designated as hedges, the Company documents the hedging relationships and its risk management objective of the hedging relationship. For all hedging instruments, the terms of the hedge perfectly offset the hedged expected cash flows. Revenue Recognition — Net revenue is reported at the net realizable value amount that reflects the consideration the Company expects to receive in exchange for providing goods and services. Revenues are from government payers, commercial payers, and patients for goods and services provided and are based on a gross price based on payer contracts, fee schedules, or other arrangements less any implicit price concessions. 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. The Company assesses the expected consideration to be received at the time of patient acceptance, based on the verification of the patient’s insurance coverage, historical information with the patient, similar patients, or the payer. Performance obligations are determined based on the nature of the services provided by the Company. The majority of the Company’s performance obligations are to provide infusion services to deliver medicine, nutrients, or fluids directly into the body. The Company provides a variety of infusion-related therapies to patients, which frequently include multiple deliverables of pharmaceutical drugs and related nursing services. After applying the criteria from ASC 606, the Company concluded that multiple performance obligations exist in its contracts with its customers. Revenue is allocated to each performance obligation based on relative standalone price, determined based on reimbursement rates established in the third-party payer contracts. Pharmaceutical drug revenue is recognized at the time the pharmaceutical drug is delivered to the patient, and nursing revenue is recognized on the date of service. The Company's outstanding performance obligations relate to contracts with a duration of less than one year. Therefore, the Company has elected to apply the practical expedient provided by ASC 606 and is not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. Any unsatisfied or partially unsatisfied performance obligations at the end of a reporting period are generally completed prior to the patient being discharged. See Note 4, Revenue for a further discussion of revenue. Cost of Revenue — Cost of revenue consists of the actual cost of pharmaceuticals and other medical supplies dispensed to patients, as well as all other costs directly related to the production of revenue. These costs include warehousing costs, purchasing costs, freight costs, cash discounts, wages and related costs for pharmacists and nurses, along with depreciation expense relating to revenue-generating assets, such as infusion pumps. The Company also receives rebates from pharmaceutical and medical supply manufacturers. Rebates are generally volume-based incentives and are recorded as a reduction of inventory and are accounted for as a reduction of cost of goods sold when the related inventory is sold. Selling, General and Administrative Expenses — Selling, general and administrative expenses mainly consist of salaries for administrative employees that directly and indirectly support the operations, occupancy costs, marketing expenditures, insurance, and professional fees. Stock Based Incentive Compensation — The Company accounts for stock-based incentive compensation expense in accordance with ASC Topic 718, Compensation-Stock Compensation (“ASC 718”). Stock-based incentive compensation expense is based on the grant date fair value. The Company estimates the fair value of stock option awards using a Black-Scholes option pricing model and the fair value of restricted stock unit awards using the closing price of the Company’s common stock on the grant date. For awards with a service-based vesting condition, the Company recognizes expense on a straight-line basis over the service period of the award. For awards with performance-based vesting conditions, the Company will recognize expense when it is probable that the performance-based conditions will be met. When the Company determines that it is probable that the performance-based conditions will be met, a cumulative catch-up of expense will be recorded as if the award had been vesting on a straight-line basis from the award date. The award will continue to be expensed on a straight-line basis through the remainder of the vesting period and will be updated if the Company determines that there has been a change in the probability of achieving the performance-based conditions. The Company records the impact of forfeited awards in the period in which the forfeiture occurs. Business Acquisitions — The Company accounts for business acquisitions in accordance with ASC Topic 805, Business Combinations, with assets and liabilities being recorded at their acquisition date fair value and goodwill being calculated as the purchase price in excess of the net identifiable assets. See Note 3, Business Acquisitions and Divestitures, for further discussion of the Company’s business acquisitions. Income Taxes — The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are reported for book-tax basis differences and are measured based on currently enacted tax laws using rates expected to apply to taxable income in the years in which the differences are expected to reverse. The effect of a change in tax rate on deferred taxes is recognized in income tax expense in the period that includes the enactment date of the change. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts more likely than not to be realized. The Company recognizes income tax positions that are more likely than not to be sustained on their technical merits. The Company measures recognized income tax positions at the maximum benefit that is more likely than not, based on cumulative probability, realizable upon final settlement of the position. Interest and penalties related to unrecognized tax benefits are reported in income tax expense (benefit). Tax related interest and penalties are classified as a component of income tax expense (benefit). Concentrations of Business Risk — The Company generates revenue from managed care contracts and other agreements with commercial third-party payers. Revenue related to the Company’s largest payer was approximately 15%, 14% and 14% for the years ended December 31, 2024, 2023 and 2022, respectively. There were no other managed care contracts that represent greater than 10% of revenue for the years presented. For the years ended December 31, 2024, 2023 and 2022, approximately 12%, 12% and 12%, respectively, of the Company’s revenue was reimbursable through direct government healthcare programs such as Medicare and Medicaid. As of December 31, 2024 and 2023, approximately 11% and 12%, respectively, of the Company’s accounts receivable was related to these programs. Governmental programs pay for services based on fee schedules and rates that are determined by the related governmental agency. Laws and regulations pertaining to government programs are complex and subject to interpretation. As a result, there is at least a reasonable possibility that recorded estimates will change in the near term. The Company does not require its patients nor other payers to carry collateral for any amounts owed for goods or services provided. Other than as discussed above, concentrations of credit risk relating to trade accounts receivable is limited due to the Company’s diversity of patients and payers. Further, the Company generally does not provide charity care; however, Option Care Health offers a financial assistance program for patients that meet certain defined hardship criteria. For the year ended December 31, 2024, approximately 58% of the Company’s pharmaceutical and medical supply purchases were from three vendors. For the years ended December 31, 2023 and 2022, approximately 72% and 73%, respectively, of the Company’s pharmaceutical and medical supply purchases were from four vendors. Although there are a limited number of suppliers, the Company believes that other vendors could provide similar products on comparable terms. However, a change in suppliers could cause delays in service delivery and possible losses in revenue or decreased gross profit, which could adversely affect the Company’s financial condition or operating results. Fair Value Measurements — The fair value measurement accounting standard, ASC Topic 820, Fair Value Measurement (“ASC 820”), provides a framework for measuring fair value and defines fair value as the price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. The standard establishes a valuation hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on independent market data sources. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available. The valuation hierarchy is composed of three categories. The categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The categories within the valuation hierarchy are described as follows: •Level 1 - Inputs to the fair value measurement are quoted prices in active markets for identical assets or liabilities. •Level 2 - Inputs to the fair value measurement include quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. •Level 3 - Inputs to the fair value measurement are unobservable inputs or valuation techniques. While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Recently Issued Accounting Pronouncements — In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU improves the disclosures around a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development). The amendments in this ASU do not change or remove current presentation requirements or current expense disclosure requirements. However, the amendments affect where this information appears in the notes to financial statements because entities are required to include certain current disclosures in the same tabular format disclosure as the other disaggregation requirements in the amendments. The Company is required to adopt this ASU for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its results of operations, cash flows, financial position, and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The ASU improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU allows investors to better assess, in their capital allocation decisions, how an entity’s worldwide operations and related tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows. This ASU also improves the effectiveness and comparability of disclosures by adding disclosures of pretax income (loss) and income tax expense (benefit) to be consistent with U.S. Securities and Exchange Commission (“SEC”) Regulation S-X and removing disclosures that no longer are considered cost beneficial or relevant. The Company is required to adopt this ASU for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its results of operations, cash flows, financial position, and disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU improves the disclosures about a public entity’s reportable segments and addresses requests from investors for additional, more detailed information about a reportable segment’s expenses. The ASU improves financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities, including those public entities that have a single reportable segment, to enable investors to develop more decision-useful financial analyses. The Company is required to adopt this ASU for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. This ASU was adopted during the year ended December 31, 2024 and applied retrospectively to all prior periods presented in the financial statements. The adoption did not have any material impact on the Company’s results of operations, cash flows, financial position, or disclosures. See Note 18, Segment Reporting, for further discussion. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This ASU is the result of the Board’s decision to incorporate into the Codification 14 disclosures referred by the SEC. The ASU represents changes to clarify or improve disclosure and presentation requirements of a variety of Topics. Many of the amendments allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the SEC’s requirements. Also, the amendments align the requirements in the Codification with the SEC’s regulations. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption permitted. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective. The Company is currently evaluating the impact of this ASU on its results of operations, cash flows, financial position, and disclosures.

GOODWILL AND OTHER INTANGIBLE ASSETS - Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 34,176
2026	34,071
2027	33,931
2028	33,880
2029	33,875
2030 and beyond	131,077
Total intangible assets, net	$ 301,010	$ 335,396

DERIVATIVE INSTRUMENTS

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS

The Company utilizes derivative financial instruments for hedging and non-trading purposes to limit the Company’s exposure to its variable interest rate risk. Use of derivative financial instruments in hedging strategies subjects the Company to certain risks, such as market and credit risks. Market risk represents the possibility that the value of the derivative financial instrument will change. Credit risk related to a derivative financial instrument represents the possibility that the counterparty will not fulfill the terms of the contract. The notional, or contractual, amount of the Company’s derivative financial instruments is used to measure interest to be paid or received and does not represent the Company’s exposure due to credit risk. Credit risk is monitored through established approval procedures, including reviewing credit ratings when appropriate.

In October 2021, the Company entered into an interest rate cap hedge with a notional amount of $300.0 million for a five-year term beginning November 30, 2021. The hedge partially offsets risk associated with the First Lien Term Loan’s variable interest rate. The interest rate cap instrument perfectly offsets the terms of the interest rates associated with the variable interest rate of the First Lien Term Loan.

The following table summarizes the amount and location of the Company’s derivative instruments in the consolidated balance sheets (in thousands):


	Fair Value - Derivatives in Asset Position
Derivative	Balance Sheet Caption	December 31, 2024		December 31, 2023
Interest rate cap designated as cash flows hedge	Prepaid expenses and other current assets	$	8,034	$	9,746
Interest rate cap designated as cash flows hedge	Other noncurrent assets	6,680		10,183
Total derivative assets		$	14,714	$	19,929

The gain and loss associated with the changes in the fair value of the effective portion of hedging instruments are recorded into other comprehensive (loss) income. The gain and loss associated with the changes in the fair value of the hedging instrument is recognized in net income through interest expense. The following table presents the pre-tax (loss) gain from derivative instruments recognized in other comprehensive (loss) income in the Company’s consolidated statements of comprehensive income (in thousands):


	Year Ended December 31,
Derivative	2024		2023		2022
Interest rate cap designated as cash flows hedge	$	(5,215)	$	(8,339)	$	28,869

The following table presents the amount and location of pre-tax income (loss) recognized in the Company’s consolidated statement of comprehensive income related to the Company’s derivative instruments (in thousands):


		Year Ended December 31,
Derivative	Income Statement Caption	2024		2023		2022
Interest rate cap designated as cash flows hedge	Interest expense, net	$	11,527	$	10,974	$	1,090

The Company expects to reclassify $2.8 million of total interest rate costs from accumulated other comprehensive income (loss) against interest expense during the next 12 months.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Change in unrealized (loss) gain on cash flow hedges, income tax benefit (expense)	$ 1,284	$ 2,158	$ (7,259)

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

During the year ended December 31, 2023, HC I completed secondary offerings of 23,771,926 shares of common stock. As of December 31, 2023, HC I no longer held shares of the Company’s common stock.

2017 Warrants — Prior to the Merger, BioScrip issued warrants to certain debt holders pursuant to a Warrant Purchase Agreement dated as of June 29, 2017. In conjunction with the Merger, the 2017 Warrants were amended to entitle the purchasers of the warrants to purchase 2.1 million shares of common stock. The 2017 Warrants have a 10-year term and an exercise price of $8.00 per share and may be exercised by payment of the exercise price in cash or surrender of shares of common stock into which the 2017 Warrants are being converted in an aggregate amount sufficient to cover the exercise price. The 2017 Warrants are classified as equity instruments, and the fair value of these warrants of $14.1 million was recorded in paid-in capital as of the Merger Date. During the years ended December 31, 2024, 2023, and 2022, warrant holders exercised warrants to purchase 0, 188,350, and 1,130,089 shares of common stock, respectively. No proceeds were received from these exercises as the warrant holders elected to surrender shares to pay the exercise price. At December 31, 2024, 2023, and 2022, the remaining warrant holders are entitled to purchase 51,838, 51,838, and 240,188 shares of common stock, respectively.

2015 Warrants — Prior to the Merger, BioScrip issued warrants pursuant to a Common Stock Warrant Agreement dated as of March 9, 2015 which entitle the holders to purchase 0.9 million shares of common stock. The 2015 Warrants have a 10-year term and have exercise prices in a range of $20.68 per share to $25.80 per share. The 2015 Warrants were assumed by the Company in conjunction with the Merger and are classified as equity instruments, and the fair value of these warrants of $4.6 million was recorded in paid in capital as of the Merger Date. During the years ended December 31, 2024 and 2023, warrant holders exercised an immaterial number of warrants to purchase shares of common stock. During the year ended December 31, 2022, warrant holders exercised warrants to purchase 900,272 shares of common stock. During the years ended December 31, 2024 and 2023, no cash proceeds were received from warrant exercises. During the year ended December 31, 2022, $20.9 million of cash was received as proceeds from warrant exercises. At December 31, 2024, 2023, and 2022, the remaining warrant holders are entitled to purchase 11,765, 13,888, and 15,231 shares of common stock, respectively.

Share Repurchase Program — On February 20, 2023, the Company’s Board of Directors approved a share repurchase program of up to an aggregate $250.0 million of common stock of the Company. On December 6, 2023, the Company’s Board of Directors approved an increase to its share repurchase program authorization from $250.0 million to $500 million. Under the share repurchase program, repurchases may occur in any number of methods depending on timing, market conditions, regulatory requirements, and other corporate considerations. The share repurchase program has no specified expiration date.

During the years ended December 31, 2024 and 2023, the Company purchased 9,255,591 and 7,946,301 shares of common stock for an average share price of $27.01 and $31.46, totaling $250.0 million and $250.0 million, respectively. All repurchased shares became treasury stock. As of December 31, 2024, the Company completed share repurchases under its prior share repurchase program. In January 2025, the Company’s Board of Directors approved a new $500.0 million stock repurchase program. This program has no specified expiration date.

Shares Outstanding — The following table shows the Company’s changes in shares of common stock for the years ended December 31, 2024 and 2023 (in thousands):


Balance at December 31, 2022						181,958
Equity award issuances						564
Share repurchases						(7,946)
Balance at December 31, 2023						174,576
Equity award issuances						941
Share repurchases						(9,256)
Balance at December 31, 2024						166,261

Treasury Stock — As of December 31, 2024 and 2023, the Company held 17,585,613 and 8,330,022 shares of treasury stock, respectively.

Preferred Stock — The Company had no preferred stock outstanding as of December 31, 2024 or 2023.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
NET REVENUE	$ 4,998,202	$ 4,302,324	$ 3,944,735
COST OF REVENUE	3,985,209	3,321,101	3,077,817
GROSS PROFIT	1,012,993	981,223	866,918
OPERATING COSTS AND EXPENSES:
Selling, general and administrative expenses	630,251	607,427	566,122
Depreciation and amortization expense	60,909	59,201	60,565
Total operating expenses	691,160	666,628	626,687
OPERATING INCOME	321,833	314,595	240,231
OTHER INCOME (EXPENSE):
Interest expense, net	(49,029)	(51,248)	(53,806)
Equity in earnings of joint ventures	5,964	5,530	5,125
Other, net	4,831	89,865	14,218
Total other (expense) income	(38,234)	44,147	(34,463)
INCOME BEFORE INCOME TAXES	283,599	358,742	205,768
INCOME TAX EXPENSE	71,776	91,652	55,212
NET INCOME	211,823	267,090	150,556
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX:
Change in unrealized (loss) gain on cash flow hedges, net of income tax benefit (expense) of $1,284, $2,158 and $(7,259), respectively	(3,931)	(6,181)	21,610
OTHER COMPREHENSIVE (LOSS) INCOME	(3,931)	(6,181)	21,610
NET COMPREHENSIVE INCOME	$ 207,892	$ 260,909	$ 172,166
EARNINGS PER COMMON SHARE:
Earnings per share, basic (in dollars per share)	$ 1.23	$ 1.49	$ 0.83
Earnings per share, diluted (in dollars per share)	$ 1.23	$ 1.48	$ 0.83
Weighted average common shares outstanding, basic (in shares)	171,567	178,973	181,105
Weighted average common shares outstanding, diluted (in shares)	172,845	180,375	182,075

LEASES

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

LEASES

During the years ended December 31, 2024, 2023 and 2022, the Company incurred operating lease expenses of $32.7 million, $30.6 million, and $29.1 million, respectively, including short-term lease expenses, which were included as a component of selling, general and administrative expenses in the consolidated statements of comprehensive income. As of December 31, 2024 and December 31, 2023, the weighted-average remaining lease term was 6.5 years and 6.8 years, respectively, and the weighted-average discount rate was 6.56% and 6.16%, respectively.

Operating leases mature as follows (in thousands):


Fiscal Year Ended December 31,	Minimum Payments
2025	$	28,286
2026	25,523
2027	20,406
2028	13,907
2029	9,306
2030 and beyond	36,515
Total lease payments	133,943
Less: interest	(27,123)
Present value of lease liabilities	$	106,820

During the years ended December 31, 2024, 2023 and 2022, the Company commenced new leases, extensions and amendments, resulting in non-cash operating activities in the consolidated statements of cash flows of $25.0 million, $30.5 million, and $17.2 million, respectively, related to the increases in the operating lease ROU asset and operating lease liabilities. As of December 31, 2024, the Company did not have any significant operating or financing leases that had not yet commenced.

LEASES

Operating leases mature as follows (in thousands):


Fiscal Year Ended December 31,	Minimum Payments
2025	$	28,286
2026	25,523
2027	20,406
2028	13,907
2029	9,306
2030 and beyond	36,515
Total lease payments	133,943
Less: interest	(27,123)
Present value of lease liabilities	$	106,820

LEASES - Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 28,286
2026	25,523
2027	20,406
2028	13,907
2029	9,306
2030 and beyond	36,515
Total lease payments	133,943
Less: interest	(27,123)
Present value of lease liabilities	$ 106,820

INDEBTEDNESS - Summary of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal Amount	$ 1,131,617	$ 1,088,000
Discount	(5,537)	(6,974)
Debt Issuance Costs	(14,927)	(18,376)
Net Balance	1,111,153	1,062,650
Less: current portion	(6,512)	(6,000)
Total long-term debt	1,104,641	1,056,650
Senior Notes \| First Lien Term Loan
Debt Instrument [Line Items]
Principal Amount	631,617	588,000
Discount	(5,537)	(6,974)
Debt Issuance Costs	(7,555)	(9,678)
Net Balance	618,525	571,348
Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Principal Amount	500,000	500,000
Discount	0	0
Debt Issuance Costs	(7,372)	(8,698)
Net Balance	492,628	491,302
Senior Notes \| Revolver Facility
Debt Instrument [Line Items]
Principal Amount	0	0
Discount	0	0
Debt Issuance Costs	0	0
Net Balance	$ 0	$ 0

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Results of Operations for Reportable Segment

The following table reflects results of operations of the Company’s reportable segment (in thousands):



	Year Ended December 31,
	2024		2023		2022
Infusion services net revenue	$	4,911,591	$	4,222,656	$	3,869,036
Other revenue (1)	86,611		79,668		$	75,699
Total Option Care Health revenue	4,998,202		4,302,324		$	3,944,735
(Expense) Income:
Cost of net revenues - drugs	(3,446,735)		(2,812,531)		$	(2,562,494)
Salaries, benefits, and other employee expense	(787,922)		(760,499)		$	(709,916)
Other segment items (2)	(380,803)		(355,498)		$	(371,529)
Depreciation and amortization expense	(60,909)		(59,201)		$	(60,565)
Interest expense, net	(49,029)		(51,248)		$	(53,806)
Equity in earnings of joint ventures	5,964		5,530		$	5,125
Other, net	4,831		89,865		$	14,218
Income tax expense	(71,776)		(91,652)		$	(55,212)
Net Income	$	211,823	$	267,090	$	150,556

(1) Represents business activities related to other miscellaneous revenue streams.

(2) Other segment items includes expenses for medical supplies, delivery and packaging, leases, professional services, and other expenses.

INDEBTEDNESS - Long-term Debt Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2025	$ 6,512
2026	6,512
2027	6,512
2028	612,081
2029	500,000
Total	$ 1,131,617	$ 1,088,000

NATURE OF OPERATIONS AND PRESENTATION OF FINANCIAL STATEMENTS (Details)		12 Months Ended
	Mar. 03, 2023 shares	Dec. 31, 2024 pharmacy suite segment shares	Dec. 31, 2023 shares
Business Acquisition [Line Items]
Treasury stock, shares, acquired (in shares)	2,475,166	9,255,591	7,946,301
Number of service locations \| pharmacy		92
Number of infusion sites \| suite		93
Number of operating segments \| segment		1
Legacy Health Systems
Business Acquisition [Line Items]
Ownership interest		50.00%
Common Stock \| Secondary Offering
Business Acquisition [Line Items]
Number of shares issued in transaction (in shares)			23,771,926

COVER PAGE - USD ($)	12 Months Ended
COVER PAGE - USD ($)	Dec. 31, 2024	Feb. 21, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-11993
Entity Registrant Name	OPTION CARE HEALTH, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	05-0489664
Entity Address, Address Line One	3000 Lakeside Dr.
Entity Address, Address Line Two	Suite 300N
Entity Address, City or Town	Bannockburn
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60015
City Area Code	312
Local Phone Number	940-2443
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	OPCH
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 4,748,081,376
Entity Common Stock, Shares Outstanding		165,315,961
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2025 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission (the “SEC”) within 120 days after the close of the registrant’s fiscal year are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001014739
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

STOCK-BASED INCENTIVE COMPENSATION

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED INCENTIVE COMPENSATION

Equity Incentive Plans — Under the Company’s 2018 Equity Incentive Plan (the “2018 Plan”), approved at the annual meeting by stockholders on May 3, 2018, the Company may issue, among other things, incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, stock grants, and performance units to key employees and directors. The 2018 plan is administered by the Company’s Compensation Committee, a standing committee of the Board of Directors. In May 2024, an additional 4,000,000 shares were authorized for issuance under the amended 2018 Plan, resulting in a total of 13,101,734 shares of common stock authorized for issuance as of December 31, 2024. As of December 31, 2023, a total of 9,101,734 shares of common stock were authorized for issuance under the amended 2018 Plan.

Stock Options — Options granted under the 2018 Plan typically vest over a three- or four-year period and, in certain instances, may fully vest upon a change in control of the Company. The options also typically have an exercise price that may not be less than 100% of its fair market value on the date of grant and are exercisable seven to ten years after the date of grant, subject to earlier termination in certain circumstances.

Compensation expense from stock options is recognized on a straight-line basis over the requisite service period. During the years ended December 31, 2024, 2023 and 2022, the Company recognized compensation expense related to stock options of $5.9 million, $6.5 million and $2.5 million, respectively.

There were no options granted during the year ended December 31, 2024. The weighted average grant-date fair value of options granted during the years ended December 31, 2023 and 2022 was $15.72 and $12.51, respectively. The fair value of stock options granted was estimated on the date of grant using a Black-Scholes pricing model. The assumptions used to compute the fair value of options for the years ended December 31, 2023 and 2022 are as follows:


	Year Ended December 31,
	2023	2022
Expected volatility	51.43%	51.19%
Risk-free interest rate	4.16%	3.91%
Expected life of options	6.2 years	6.2 years
Dividend rate	—	—

A summary of stock option activity for the year ended December 31, 2024 is as follows:


	Options	Weighted Average Exercise Price		Aggregate Intrinsic Value (thousands)		Weighted Average Remaining Contractual Life
Balance at December 31, 2023	1,746,272	$	25.08	$	15,028
Granted	—	$	—	$	—
Exercised	(161,553)	$	18.14	$	1,875
Forfeited and expired	(101,486)	$	26.05	$	32
Balance at December 31, 2024	1,483,233	$	25.79	$	1,590	7.35 years
Exercisable at December 31, 2024	595,984	$	22.96	$	1,365	6.52 years

During the years ended December 31, 2024, 2023 and 2022, an immaterial number of shares were surrendered to satisfy tax withholding obligations on the exercise of stock options. No cash was received from stock option exercises under share-based payment arrangements for the years ended December 31, 2024, 2023 and 2022.

The maximum term of stock options under these plans is ten years. Options outstanding as of December 31, 2024 expire on various dates ranging from September 2025 through July 2033. The following table outlines the outstanding and exercisable stock options as of December 31, 2024:


	Options Outstanding				Options Exercisable
Range of Option Exercise Price	Outstanding Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Options Exercisable	Weighted Average Exercise Price
$0.00 - $8.24	9,901	$	6.52	2.1	9,901	$	6.52
$8.24 - $16.52	64,775	$	12.14	4.0	64,775	$	12.14
$16.52 - $24.76	355,616	$	21.54	6.7	200,513	$	21.05
$24.76 - $33.00	1,052,941	$	28.25	7.8	320,795	$	26.85
All options	1,483,233				595,984

As of December 31, 2024, there was $5.8 million of unrecognized compensation expense related to unvested option grants that is expected to be recognized over a weighted-average period of 0.95 years.

Restricted Stock — Restricted stock grants subject solely to an employee’s continued service with the Company generally will become fully vested within one to four years from the grant date and, in certain instances, may fully vest upon a change in control of the Company. Restricted stock grants subject solely to a Director’s continued service with the Company generally will become fully vested on a pro-rata basis over three years from the date of grant.

Compensation expense from restricted stock is recognized on a straight-line basis over the requisite service period. During the years ended December 31, 2024, 2023 and 2022, the Company recognized compensation expense related to restricted stock awards of $21.4 million, $16.6 million and $10.2 million, respectively.

The grant-date fair value of restricted stock is valued as the closing price of the Company’s common stock on the date of the grant.

A summary of restricted stock award activity for the year ended December 31, 2024 is as follows:


	Restricted Stock	Weighted Average Grant Date Fair Value
Balance at December 31, 2023	1,883,116	$	26.28
Granted	723,027	$	32.71
Vested and issued	(770,137)	$	25.16
Forfeited and expired	(170,594)	$	28.25
Balance at December 31, 2024	1,665,412	$	29.41

During the years ended December 31, 2024, 2023 and 2022, shares were surrendered to satisfy tax withholding obligations on the vesting of restricted stock awards with a cost basis of $7.1 million, $4.4 million and $1.4 million, respectively.

As of December 31, 2024, there was $28.8 million in unrecognized compensation expense related to unvested restricted stock awards that is expected to be recognized over a weighted average period of 1.09 years. The total fair value of restricted stock awards vested during the years ended December 31, 2024, 2023 and 2022 was $19.4 million, $9.9 million and $3.7 million, respectively.

Performance Stock Units — Performance-based stock units (“PSU”) are generally earned based on the attainment of specified goals achieved over a designated performance period. During the years ended December 31, 2024, 2023 and 2022, the Company’s Compensation Committee approved PSU awards to certain senior executives of the Company with grant dates in 2024, 2023 and 2022, respectively. All PSU awards offer a three-year-cliff vesting schedule. Each PSU award reflects a target number of shares (“Target Shares”) that may be issued to the award recipient. PSU awards may be earned upon the completion of a two-year-average or three-year-average performance period.

Whether PSU awards are earned at the end of the performance period will be determined based on the achievement of certain performance objectives over the performance period. The performance objectives include achieving a target growth for adjusted EBITDA and revenue combined in addition to a target growth for cash flows from operations over the performance period. Depending on the results achieved during the performance period, the actual number of shares that a grant recipient receives at the end of the period may range from 0% to 200% of the Target Shares granted. Each period begins with 100% of the Target Shares and true-up or true-down adjustments are considered every quarter-end based on the forecasted performance period results.

The fair value of the Target Shares and PSU awards are based on the fair value of the underlying shares as of market close on the grant date. Compensation expense for PSU awards is recognized on a straight-line basis over the requisite service period. During the years ended December 31, 2024, 2023 and 2022, the Company recognized compensation expense related to the PSU awards of $8.8 million, $7.5 million and $4.1 million, respectively. During the years ended December 31, 2024, shares were surrendered to satisfy tax withholding obligations on the performance-based stock units with a cost basis of $4.9 million. There were no shares surrendered to satisfy tax withholding obligations on the PSU awards during the years ended December 31, 2023 or 2022. As of December 31, 2024, there were $11.6 million in unrecognized compensation expense related to unvested PSU awards that are expected to be recognized over a weighted-average period of 1.32 years.

INDEBTEDNESS (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt consisted of the following as of December 31, 2024 (in thousands):


	Principal Amount		Discount		Debt Issuance Costs		Net Balance
Revolver Facility	$	—	$	—	$	—	$	—
First Lien Term Loan	631,617		(5,537)		(7,555)		618,525
Senior Notes	500,000		—		(7,372)		492,628
	$	1,131,617	$	(5,537)	$	(14,927)	1,111,153
Less: current portion							(6,512)
Total long-term debt							$	1,104,641

Long-term debt consisted of the following as of December 31, 2023 (in thousands):


	Principal Amount		Discount		Debt Issuance Costs		Net Balance
Revolver Facility	$	—	$	—	$	—	$	—
First Lien Term Loan	588,000		(6,974)		(9,678)		571,348
Senior Notes	500,000		—		(8,698)		491,302
	$	1,088,000	$	(6,974)	$	(18,376)	1,062,650
Less: current portion							(6,000)
Total long-term debt							$	1,056,650

Schedule of Long-term Debt Maturities

Long-term debt matures as follows (in thousands):


Fiscal Year Ended December 31,	Minimum Payments
2025	$	6,512
2026	6,512
2027	6,512
2028	612,081
2029	500,000
Total	$	1,131,617

Schedule of Estimated Fair Values of Debt Obligations

The following table presents the estimated fair values of the Company’s debt obligations as of December 31, 2024 (in thousands):


Financial Instrument	Carrying Value as of December 31, 2024		Markets for Identical Item (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
First Lien Term Loan	$	618,525	$	—	$	634,774	$	—
Senior Notes	492,628		—		460,000		—
Total debt instruments	$	1,111,153	$	—	$	1,094,774	$	—

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 247,911	$ 244,501
Less: accumulated depreciation	(120,544)	(123,871)
Property and equipment, net	127,367	120,630
Depreciation expense	29,093	27,819	$ 32,243
Depreciation expense in cost of revenue
Property, Plant and Equipment [Line Items]
Depreciation expense	2,590	2,999	4,869
Depreciation expense in operating expenses
Property, Plant and Equipment [Line Items]
Depreciation expense	26,503	24,820	$ 27,374
Infusion pumps
Property, Plant and Equipment [Line Items]
Property and equipment, gross	37,659	36,943
Equipment, furniture and other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	24,055	23,593
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	116,675	99,725
Computer software, purchased and internally developed
Property, Plant and Equipment [Line Items]
Property and equipment, gross	46,532	50,572
Assets under development
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 22,990	$ 33,668

INCOME TAXES - Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
U.S. federal income tax expense (benefit):
Current	$ 47,239	$ 56,474	$ 4,103
Deferred	16,396	18,739	38,810
Federal income tax expense (benefit)	63,635	75,213	42,913
State income tax expense (benefit):
Current	10,597	20,253	9,182
Deferred	(2,456)	(3,814)	3,117
State income tax expense	8,141	16,439	12,299
Total income tax expense (benefit)	$ 71,776	$ 91,652	$ 55,212

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 211,823	$ 267,090	$ 150,556

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents the Company’s common stock equivalents that were excluded from the calculation of earnings per share as they would be anti-dilutive:


	Year Ended December 31,
	2024	2023	2022
Warrants	—	—	—
Stock option awards	854,545	1,214,560	629,690
Restricted stock awards	376,743	340,331	205,652
Performance stock unit awards	286,881	—	—

Schedule of Basic and Diluted Earnings Per Share

The following tables present the Company’s basic and diluted earnings per share and shares outstanding (in thousands, except per share data):


	Year Ended December 31,
	2024		2023		2022
Numerator:
Net income (1) (2)	$	211,823	$	267,090	$	150,556
Denominator:
Weighted average number of common shares outstanding	171,567		178,973		181,105
Earnings per Common Share:
Earnings per common share, basic	$	1.23	$	1.49	$	0.83


	Year Ended December 31,
	2024		2023		2022
Numerator:
Net income (1) (2)	$	211,823	$	267,090	$	150,556
Denominator:
Weighted average number of common shares outstanding	171,567		178,973		181,105
Effect of dilutive securities	1,278		1,402		970
Weighted average number of common shares outstanding, diluted	172,845		180,375		182,075
Earnings per Common Share:
Earnings per common share, diluted	$	1.23	$	1.48	$	0.83

(1) Net income for the year ended December 31, 2023 includes $63.1 million related to the termination payment received on behalf of Amedisys, under the terms of the Mutual Termination Agreement, net of merger-related expenses and taxes. See Note 3, Business Acquisitions and Divestitures, for further discussion.

(2) Net income for the year ended December 31, 2022 includes the impact of the Company’s Respiratory Therapy Asset Sale. See Note 3, Business Acquisitions and Divestitures, for further discussion.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Treasury Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Equity, beginning balance at Dec. 31, 2021	$ 1,175,886	$ 0	$ 18	$ (2,403)	$ 1,138,855	$ 39,867	$ (451)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based incentive compensation	16,783				16,783
Exercise of stock options, vesting of restricted stock, and related tax withholdings	352				352
Exercise of warrants	20,916				20,916
Net income	150,556					150,556
Other comprehensive income (loss)	21,610						21,610
Equity, ending balance at Dec. 31, 2022	1,386,103	0	18	(2,403)	1,176,906	190,423	21,159
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based incentive compensation	30,479				30,479
Exercise of stock options, vesting of restricted stock, and related tax withholdings	(3,115)				(3,115)
Purchase of company stock, and related tax effects	(252,704)			(252,704)
Net income	267,090					267,090
Other comprehensive income (loss)	(6,181)						(6,181)
Equity, ending balance at Dec. 31, 2023	1,421,672	0	18	(255,107)	1,204,270	457,513	14,978
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based incentive compensation	36,143				36,143
Exercise of stock options, vesting of restricted stock, and related tax withholdings	(8,978)				(8,978)
Purchase of company stock, and related tax effects	(252,491)			(252,491)
Net income	211,823					211,823
Other comprehensive income (loss)	(3,931)						(3,931)
Equity, ending balance at Dec. 31, 2024	$ 1,404,238	$ 0	$ 18	$ (507,598)	$ 1,231,435	$ 669,336	$ 11,047

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

REVENUE (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Net Revenue Earned by Category of Payer

The following table sets forth the net revenue earned by category of payer for the years ended December 31, 2024, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
Commercial payers	$	4,348,991	$	3,747,568	$	3,421,888
Government payers	584,271		500,891		477,818
Patients	64,940		53,865		45,029
Net revenue	$	4,998,202	$	4,302,324	$	3,944,735

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Property and equipment was as follows as of December 31, 2024 and 2023 (in thousands):


	December 31, 2024		December 31, 2023
Infusion pumps	$	37,659	$	36,943
Equipment, furniture and other	24,055		23,593
Leasehold improvements	116,675		99,725
Computer software, purchased and internally developed	46,532		50,572
Assets under development	22,990		33,668
	247,911		244,501
Less: accumulated depreciation	(120,544)		(123,871)
Property and equipment, net	$	127,367	$	120,630

Depreciation expense is recorded within cost of revenue and operating expenses within the consolidated statements of comprehensive income, depending on the nature of the underlying fixed assets. The depreciation expense included in cost of revenue relates to revenue-generating assets, such as infusion pumps. The depreciation expense included in operating expenses is related to infrastructure items, such as furniture, computer and office equipment, and leasehold improvements. The following table presents the amount of depreciation expense recorded in cost of revenue and operating expenses for the years ended December 31, 2024, 2023 and 2022 (in thousands):


	Year ended December 31,
	2024		2023		2022
Depreciation expense in cost of revenue	$	2,590	$	2,999	$	4,869
Depreciation expense in operating expenses	26,503		24,820		27,374
Total depreciation expense	$	29,093	$	27,819	$	32,243

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill is not amortized, but is evaluated for impairment annually in the fourth quarter of the fiscal year, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value.

Circumstances that could trigger an interim impairment test include: a significant adverse change in the business climate or legal factors; an adverse action or assessment by a regulator; unanticipated competition; the loss of key personnel; a change in reporting units; the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise disposed of; and the results of testing for recoverability of a significant asset group within a reporting unit.

A qualitative impairment analysis was performed in the fourth quarter of 2024, 2023 and 2022, to assess whether it is more likely than not that the fair value of the Company’s reporting units are less than their carrying value. The Company assessed relevant events and circumstances including macroeconomic conditions, industry and market considerations, overall financial performance, entity-specific events, and changes in the Company’s stock price. The Company determined that there was no goodwill impairment in 2024, 2023 or 2022.

The determination of fair value for acquisitions and the allocation of that value requires the Company to make significant estimates and assumptions. These estimates and assumptions primarily include, but are not limited to, the selection of appropriate peer group companies; control premiums appropriate for acquisitions in the industries in which the Company competes; the discount rate; terminal growth rates; and forecasts of revenue, operating income, depreciation and amortization, and capital expenditures. Actual financial results could differ from those estimates due to the inherent uncertainty involved in making such estimates. Changes in assumptions concerning future financial results or other underlying assumptions could have a significant impact on either the fair value of the reporting unit, the amount of the goodwill impairment charge, or both. The Company did not recognize any accumulated impairment losses at the beginning of the period.

Changes in the carrying amount of goodwill consist of the following activity for the years ended December 31, 2024, 2023 and 2022 (in thousands):


Balance at December 31, 2021	$	1,477,564
Acquisitions	54,543
Purchase accounting adjustments	1,317
Balance at December 31, 2022	$	1,533,424
Acquisitions	6,998
Purchase accounting adjustments	(176)
Balance at December 31, 2023	$	1,540,246
Acquisitions	—
Purchase accounting adjustments	—
Balance at December 31, 2024	$	1,540,246

The carrying amount and accumulated amortization of intangible assets consist of the following as of December 31, 2024 and 2023 (in thousands):


	December 31, 2024		December 31, 2023
Gross intangible assets:
Referral sources	$	514,388	$	514,388
Trademarks/names	39,136		39,136
Other amortizable intangible assets	985		995
Total gross intangible assets	554,509		554,519

Accumulated amortization:
Referral sources	(230,371)		(199,084)
Trademarks/names	(22,599)		(19,698)
Other amortizable intangible assets	(529)		(341)
Total accumulated amortization	(253,499)		(219,123)
Total intangible assets, net	$	301,010	$	335,396

Amortization expense for intangible assets was $34.4 million, $34.2 million and $32.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Expected future amortization expense for intangible assets recorded at December 31, 2024, is as follows (in thousands):


	Amount
2025	$	34,176
2026	34,071
2027	33,931
2028	33,880
2029	33,875
2030 and beyond	131,077
Total	$	301,010

STOCK-BASED INCENTIVE COMPENSATION - Assumptions Used to Compute Fair Value of Stock Options (Details) - Stock Option	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Expected volatility	51.43%	51.19%
Risk-free interest rate	4.16%	3.91%
Expected life of options	6 years 2 months 12 days	6 years 2 months 12 days
Dividend rate	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

DERIVATIVE INSTRUMENTS - Balance Sheet Location of Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative
Total derivative assets	$ 14,714	$ 19,929
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets, Prepaid expenses and other current assets	Other noncurrent assets, Prepaid expenses and other current assets
Designated as Hedging Instrument \| Prepaid expenses and other current assets \| Interest rate cap designated as cash flows hedge
Derivative
Total derivative assets	$ 8,034	$ 9,746
Designated as Hedging Instrument \| Other noncurrent assets \| Interest rate cap designated as cash flows hedge
Derivative
Total derivative assets	$ 6,680	$ 10,183

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

STOCK-BASED INCENTIVE COMPENSATION - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	May 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Value of shares surrendered to satisfy tax withholding obligations		$ 4,900,000	$ 0	$ 0
Stock-based compensation tax withholdings		$ 0	0	0
Initial percentage of target shares granted		100.00%
Stock Option
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Share-based compensation expense		$ 5,900,000	$ 6,500,000	$ 2,500,000
Weighted-average grant-date fair value per share (in dollars per share)			$ 15.72	$ 12.51
Unrecognized compensation expense		$ 5,800,000
Weighted average period of recognition		11 months 12 days
Restricted Stock
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Share-based compensation expense		$ 21,400,000	$ 16,600,000	$ 10,200,000
Value of shares surrendered to satisfy tax withholding obligations		7,100,000	4,400,000	1,400,000
Unrecognized compensation expense		$ 28,800,000
Weighted average period of recognition		1 year 1 month 2 days
Value of shares vested in period		$ 19,400,000	9,900,000	3,700,000
Restricted Stock \| Director
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Vesting period		3 years
Performance Stock Units
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Vesting period		3 years
Share-based compensation expense		$ 8,800,000	$ 7,500,000	$ 4,100,000
Unrecognized compensation expense		$ 11,600,000
2024 Performance Stock Units
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average period of recognition		1 year 3 months 25 days
Minimum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercisable range of years		7 years
Percentage of target shares granted		0.00%
Minimum \| Stock Option
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Vesting period		3 years
Minimum \| Restricted Stock
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Vesting period		1 year
Minimum \| Performance Stock Units
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Average performance period		2 years
Maximum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercisable range of years		10 years
Percentage of target shares granted		200.00%
Maximum \| Stock Option
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Vesting period		4 years
Maximum \| Restricted Stock
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Vesting period		4 years
Maximum \| Performance Stock Units
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Average performance period		3 years
The 2018 Plan
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of additional shares authorized (in shares)	4,000,000
Number of shares authorized (in shares)		13,101,734	9,101,734

FAIR VALUE MEASURMENTS	12 Months Ended
FAIR VALUE MEASURMENTS	Dec. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASURMENTS	FAIR VALUE MEASUREMENTS Fair value measurements are determined by maximizing the use of observable inputs and minimizing the use of unobservable inputs. The hierarchy places the highest priority on unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurements) and gives the lowest priority to unobservable inputs (Level 3 measurements). The three levels of inputs within the fair value hierarchy are defined in Note 2, Summary of Significant Accounting Policies. While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. First Lien Term Loan: The fair value of the First Lien Term Loan is derived from a broker quote on the loans in the syndication (Level 2 inputs). See Note 11, Indebtedness, for further discussion of the carrying amount and fair value of the First Lien Term Loan. Senior Notes: The fair value of the Senior Notes is derived from a broker quote (Level 2 inputs). See Note 11, Indebtedness, for further discussion of the carrying amount and fair value of the Senior Notes. Interest Rate Cap: The fair value of the interest rate cap is derived from the interest rates prevalent in the market and future expectations of those interest rates (Level 2 inputs). The Company determines the fair value of the investments based on quoted prices from third-party brokers. See Note 12, Derivative Instruments, for further discussion of the fair value of the interest rate cap. Money Market Funds: The fair value of the money market funds is derived from the closing price reported by the fund sponsor and classified as cash and cash equivalents on the Company’s consolidated balance sheets (Level 1 inputs). There were no other assets or liabilities measured at fair value at December 31, 2024 or 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

INCOME TAXES

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

The income tax expense (benefit) consists of the following for the years ended December 31, 2024, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
U.S. federal income tax expense (benefit):
Current	$	47,239	$	56,474	$	4,103
Deferred	16,396		18,739		38,810
	63,635		75,213		42,913
State income tax expense (benefit):
Current	10,597		20,253		9,182
Deferred	(2,456)		(3,814)		3,117
	8,141		16,439		12,299
Total income tax expense (benefit)	$	71,776	$	91,652	$	55,212

The difference between the statutory federal income tax rate and the effective tax rate is as follows for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024		2023		2022
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes net of federal tax benefit	3.5	%	4.8	%	5.0	%
Valuation allowance	(0.8)	%	(1.5)	%	0.0	%
Share based compensation impacts	1.2	%	0.7	%	0.4	%
Other, net	0.4	%	0.5	%	0.4	%
Effective income tax rate	25.3	%	25.5	%	26.8	%

The Company recorded income tax expense of $71.8 million, $91.7 million, and $55.2 million, which represents an effective tax rate of 25.3%, 25.5%, and 26.8% for the years ended December 31, 2024, 2023, and 2022, respectively. In March 2024, the Company released $2.2 million of state valuation allowance. The variance in the Company’s effective tax rate of 25.3% for the year ended December 31, 2024 compared to the federal statutory rate of 21% is primarily attributable to the difference in state taxes, various non-deductible expenses, and a change in state valuation allowance. The variance in the Company’s effective tax rate of 25.3% and 25.5% for the years ended December 31, 2024 and 2023, respectively, is also primarily attributable to the difference in state taxes, various non-deductible expenses, and a change in state valuation allowance. The income tax expense for the year ended December 31, 2023 includes $21.8 million of tax expense related to the Termination Fee payment received on behalf of Amedisys, under the terms of the Mutual Termination Agreement, net of merger-related expenses. In September 2023, the Company released $5.8 million of state valuation allowance. The variance in the Company’s effective tax rate of 25.5% and 26.8% for the years ended December 31, 2023 and 2022, respectively, is primarily attributable to the difference in state taxes, various nondeductible expenses, and a change in state valuation allowance.

The components of deferred income tax assets and liabilities were as follows as of December 31, 2024 and 2023 (in thousands):


	December 31, 2024		December 31, 2023
Deferred tax assets:
Price concessions	$	8,053	$	5,365
Compensation and benefits	6,166		7,609
Interest limitation carryforward	5,768		13,802
Operating lease liability	23,880		26,378
Net operating losses	50,860		56,980
Other	12,676		7,556
Deferred tax assets before valuation allowance	107,403		117,690
Valuation allowance	(3,337)		(6,371)
Deferred tax assets net of valuation allowance	104,066		111,319

Deferred tax liabilities:
Accelerated depreciation	(12,630)		(8,882)
Operating lease right-of-use asset	(18,883)		(21,504)
Intangible assets	(48,412)		(52,502)
Goodwill	(59,303)		(52,188)
Other	(12,414)		(11,163)
Deferred tax liabilities	(151,642)		(146,239)
Net deferred tax liabilities	$	(47,576)	$	(34,920)

Deferred tax assets are generally required to be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. For the year ended December 31, 2024, the Company maintains a valuation allowance of $3.3 million against certain state net operating losses (“NOL”). In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some or all the deferred tax assets will not be realized. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the periods in which those temporary differences are deductible. The Company considers the scheduled reversal of deferred tax liabilities, including the effect in available carryback and carryforward periods, projected taxable income and tax-planning strategies, in making this assessment. On a quarterly basis, the Company evaluates all positive and negative evidence in determining if the valuation allowance is fairly stated.

At December 31, 2024, the Company had $35.6 million of tax-effected federal NOL carryforwards all of which are currently available to offset future taxable income in the United States and reflected as a deferred tax asset of the company. Tax-effected federal NOL carryforwards of $24.6 million expire beginning in 2028 through 2036, and $11.0 million of tax-effected federal NOLs have an indefinite carryforward period. At December 31, 2024, the Company had $5.8 million tax-effected amounts of interest limitation carryforwards which have an indefinite carryforward period. At December 31, 2024, the Company also had $15.3 million tax-effected amounts of cumulative state NOL carryforwards available to offset future taxable income in various states. These state NOL carryforwards will begin to expire beginning in 2025 through 2043, with some having an indefinite carryforward period.

At December 31, 2024, 2023 and 2022, there were no unrecognized tax benefits for uncertain tax positions. Tax related interest and penalties are classified as a component of income tax expense.

The following table presents the valuation allowance for deferred tax assets for the years ended December 31, 2024, 2023 and 2022 (in thousands):


			Additions
Description	Balance at Beginning of Period		Charged (Benefit) to Costs and Expenses		Charged (Benefit) to Other Accounts		Balance at End of Period
2022: Valuation allowance for deferred tax assets	$	13,151	$	(95)	$	—	$	13,056
2023: Valuation allowance for deferred tax assets	$	13,056	$	(6,685)	$	—	$	6,371
2024: Valuation allowance for deferred tax assets	$	6,371	$	(3,034)	$	—	$	3,337

The company files income tax returns in the U.S. and various state and local jurisdictions. There are no ongoing Federal or state income tax audits as of December 31, 2024. The statute remains open for examination by the Internal Revenue Service beginning with year 2021 in state jurisdictions for periods beginning in 2020.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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+ Details

INCOME TAXES - Income Tax Reconciliation (Details)	12 Months Ended
INCOME TAXES - Income Tax Reconciliation (Details)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
State and local income taxes net of federal tax benefit	3.50%	4.80%	5.00%
Valuation allowance	(0.80%)	(1.50%)	0.00%
Share based compensation impacts	1.20%	0.70%	0.40%
Other, net	0.40%	0.50%	0.40%
Effective income tax rate	25.30%	25.50%	26.80%

RELATED-PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands			12 Months Ended
	Mar. 03, 2023	Feb. 28, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
NET REVENUE			$ 4,911,591	$ 4,222,656	$ 3,869,036
Shares repurchased		$ 75,000	$ 250,000	$ 250,000
Treasury stock, shares, acquired (in shares)	2,475,166		9,255,591	7,946,301
Joint Venture
Related Party Transaction [Line Items]
Due to joint ventures			$ 1,400	$ 500
Due from joint ventures				100
Joint Venture \| Management Fee Income
Related Party Transaction [Line Items]
NET REVENUE			$ 6,200	$ 5,300	$ 4,100

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 41
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+ Details

INCOME TAXES - Valuation Allowance for Deferred Tax Assets (Details) - Valuation Allowance, Deferred Tax Assets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Change in Deferred Tax Asset Valuation Allowance
Beginning balance	$ 6,371	$ 13,056	$ 13,151
Charged (Benefit) to Costs and Expenses	(3,034)	(6,685)	(95)
Charged (Benefit) to Other Accounts	0	0	0
Ending balance	$ 3,337	$ 6,371	$ 13,056

EMPLOYEE BENEFIT PLANS	12 Months Ended
EMPLOYEE BENEFIT PLANS	Dec. 31, 2024
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS The Company maintains a 401(k) plan and matches 100% of employee contributions, up to 4% of employee compensation. The Company recorded expense for the defined contribution plan of $13.3 million, $13.1 million and $12.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. In the years ended December 31, 2024, 2023 and 2022, Company contributions of $13.3 million, $12.4 million and $11.8 million, respectively, were paid.

INDEBTEDNESS - Additional Information (Details) - USD ($)			12 Months Ended
	May 08, 2024	May 07, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 07, 2023	Jan. 13, 2023	Jan. 12, 2023	Oct. 31, 2021
Debt Instrument [Line Items]
Payments to extinguish debt			$ 6,384,000	$ 6,000,000	$ 6,000,000
Net cash (used in) provided by financing activities			(218,206,000)	(265,126,000)	15,268,000
Debt issuance costs			14,927,000	18,376,000
Proceeds from issuance of debt			49,959,000	0	0
Loss on extinguishment of debt			377,000	0	$ 0
Senior Notes \| Revolver Facility
Debt Instrument [Line Items]
Debt issuance costs			0	$ 0
First Lien Credit Agreement, Third Amendment \| First Lien Term Loan \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 50,000,000
Debt instrument, periodic payment, principal			$ 1,600,000
Effective rate on term loans at end of period			6.82%	8.21%
Weighted average interest rate paid on term loans during period			7.61%	7.83%
Payments to extinguish debt			$ 400,000
Net cash (used in) provided by financing activities			50,000,000
Debt issuance costs and third party fees			1,600,000
Debt issuance costs			100,000
Proceeds from issuance of debt			50,000,000
Loss on extinguishment of debt			$ 400,000
First Lien Credit Agreement, Third Amendment \| First Lien Term Loan \| Senior Notes \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%	2.75%
First Lien Credit Agreement, Third Amendment \| First Lien Term Loan \| Senior Notes \| Interest Rate Floor
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
First Lien Credit Agreement, Third Amendment \| First Lien Term Loan \| Senior Notes \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.25%
New First Lien Term Loan \| First Lien Term Loan \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount									$ 600,000,000
Second Lien Credit Agreement \| Senior Notes \| Revolver Facility
Debt Instrument [Line Items]
Debt instrument, face amount						$ 400,000,000
Available borrowing capacity			$ 395,900,000
Second Lien Credit Agreement \| Senior Notes \| SOFR \| Revolver Facility
Debt Instrument [Line Items]
Basis spread on variable rate			1.75%
Second Lien Credit Agreement \| Senior Notes \| Base Rate \| Revolver Facility
Debt Instrument [Line Items]
Basis spread on variable rate			0.75%
Credit Agreements, Entered Into 2019 \| Senior Notes \| Revolver Facility
Debt Instrument [Line Items]
Debt instrument, face amount							$ 225,000,000	$ 175,000,000
Undrawn letters of credit issued and outstanding			$ 4,100,000	$ 5,300,000
Available borrowing capacity				$ 394,700,000
Increase in borrowing capacity							$ 50,000,000
Commitment fee percentage				2.50%
Credit Agreements, Entered Into 2019 \| Senior Notes \| Revolver Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee, unused portion				0.25%
Credit Agreements, Entered Into 2019 \| Senior Notes \| Revolver Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee, unused portion				0.375%
Credit Agreements, Entered Into 2019 \| Senior Notes \| SOFR \| Revolver Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Credit Agreements, Entered Into 2019 \| Senior Notes \| SOFR \| Revolver Facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				1.75%
Credit Agreements, Entered Into 2019 \| Senior Notes \| Interest Rate Floor \| Revolver Facility
Debt Instrument [Line Items]
Basis spread on variable rate				0.00%
Credit Agreements, Entered Into 2019 \| Senior Notes \| Base Rate \| Revolver Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				0.25%
Credit Agreements, Entered Into 2019 \| Senior Notes \| Base Rate \| Revolver Facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				0.75%
Credit Agreements, Entered Into 2019 \| Second Lien Term Loan \| Senior Notes
Debt Instrument [Line Items]
Effective rate on term loans at end of period			4.375%	4.375%
Weighted average interest rate paid on term loans during period			4.375%	4.375%
New Senior Unsecured Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount									$ 500,000,000
Effective rate on term loans at end of period			4.375%

RELATED-PARTY TRANSACTIONS	12 Months Ended
RELATED-PARTY TRANSACTIONS	Dec. 31, 2024
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS	RELATED-PARTY TRANSACTIONS Transactions with Equity-Method Investees — The Company provides management services to its joint ventures such as accounting, invoicing and collections in addition to day-to-day managerial support of the operations of the businesses. The Company recorded management fee income of $6.2 million, $5.3 million and $4.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. Management fees are recorded in net revenues in the accompanying consolidated statements of comprehensive income. The Company had amounts due to its joint ventures totaling $1.4 million as of December 31, 2024. The Company had amounts due to its joint ventures of $0.5 million and due from its joint ventures of $0.1 million as of December 31, 2023. These receivables were included in prepaid expenses and other current assets in the accompanying balance sheets and these payables were included in accrued expenses and other current liabilities in the accompanying balance sheets. These balances primarily relate to cash collections received by the Company on behalf of the joint ventures, offset by certain pharmaceutical inventories and other expenses paid for by the Company on behalf of the joint ventures. Share Repurchase Agreement — On February 28, 2023, we entered into a Share Repurchase Agreement (the “Share Repurchase Agreement”) with HC I, pursuant to which we agreed to repurchase, subject to the terms and conditions contained therein, up to $75.0 million of our common stock then held by HC I at the same purchase price per share as the underwriter in a concurrent underwritten public offering of our common stock held by HC I. On March 3, 2023, the transactions contemplated by the Share Repurchase Agreement closed, and we repurchased directly from HC I 2,475,166 shares of our common stock.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SEGMENT REPORTING (Details) - USD ($) $ in Thousands	12 Months Ended
SEGMENT REPORTING (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Infusion services net revenue	$ 4,911,591	$ 4,222,656	$ 3,869,036
Other	86,611	79,668	75,699
Total Option Care Health revenue	4,998,202	4,302,324	3,944,735
Income (Expense) [Abstract]
Cost of net revenues - drugs	(3,446,735)	(2,812,531)	(2,562,494)
Salaries, benefits, and other employee expense	(787,922)	(760,499)	(709,916)
Other segment items	(380,803)	(355,498)	(371,529)
Depreciation and amortization expense	(60,909)	(59,201)	(60,565)
Interest expense, net	(49,029)	(51,248)	(53,806)
Equity in earnings of joint ventures	5,964	5,530	5,125
Other, net	4,831	89,865	14,218
INCOME TAX EXPENSE	(71,776)	(91,652)	(55,212)
NET INCOME	$ 211,823	$ 267,090	$ 150,556
Largest Payer \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Income (Expense) [Abstract]
Concentration risk	15.00%	14.00%	14.00%

INDEBTEDNESS - Estimated Fair Values of Debt Obligations (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Total debt instruments	$ 1,111,153
Markets for Identical Item (Level 1)
Debt Instrument [Line Items]
Total debt instruments	0
Significant Other Observable Inputs (Level 2)
Debt Instrument [Line Items]
Total debt instruments	1,094,774
Significant Unobservable Inputs (Level 3)
Debt Instrument [Line Items]
Total debt instruments	0
Senior Notes
Debt Instrument [Line Items]
Total debt instruments	492,628
Senior Notes \| First Lien Term Loan
Debt Instrument [Line Items]
Total debt instruments	618,525
Senior Notes \| Markets for Identical Item (Level 1)
Debt Instrument [Line Items]
Total debt instruments	0
Senior Notes \| Markets for Identical Item (Level 1) \| First Lien Term Loan
Debt Instrument [Line Items]
Total debt instruments	0
Senior Notes \| Significant Other Observable Inputs (Level 2)
Debt Instrument [Line Items]
Total debt instruments	460,000
Senior Notes \| Significant Other Observable Inputs (Level 2) \| First Lien Term Loan
Debt Instrument [Line Items]
Total debt instruments	634,774
Senior Notes \| Significant Unobservable Inputs (Level 3)
Debt Instrument [Line Items]
Total debt instruments	0
Senior Notes \| Significant Unobservable Inputs (Level 3) \| First Lien Term Loan
Debt Instrument [Line Items]
Total debt instruments	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

SEGMENT REPORTING

The Company has adopted ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures and has revised prior year disclosures to conform with the current year presentation. The Company operates as a single reportable segment, infusion services. Infusion services derives revenue through the clinical management of infusion therapy, nursing support and care coordination in order to provide solutions to complex patient conditions in the home or other nonhospital settings. The Company’s infusion services segment activities are managed on a consolidated basis and therapies are distributed and administered in a similar manner.

Operating segments have been identified based on the financial information utilized by the Company’s Chief Executive Officer, the chief operating decision maker (“CODM”). The CODM uses net income as a measure of profitability to assess segment performance and deciding on how to allocate resources such as capital investments, share repurchases, and acquisitions. The CODM does not use or receive total assets by segment to make decisions regarding resources; therefore, the total asset disclosure by segment has not been included.

The following table reflects results of operations of the Company’s reportable segment (in thousands):



	Year Ended December 31,
	2024		2023		2022
Infusion services net revenue	$	4,911,591	$	4,222,656	$	3,869,036
Other revenue (1)	86,611		79,668		$	75,699
Total Option Care Health revenue	4,998,202		4,302,324		$	3,944,735
(Expense) Income:
Cost of net revenues - drugs	(3,446,735)		(2,812,531)		$	(2,562,494)
Salaries, benefits, and other employee expense	(787,922)		(760,499)		$	(709,916)
Other segment items (2)	(380,803)		(355,498)		$	(371,529)
Depreciation and amortization expense	(60,909)		(59,201)		$	(60,565)
Interest expense, net	(49,029)		(51,248)		$	(53,806)
Equity in earnings of joint ventures	5,964		5,530		$	5,125
Other, net	4,831		89,865		$	14,218
Income tax expense	(71,776)		(91,652)		$	(55,212)
Net Income	$	211,823	$	267,090	$	150,556

(1) Represents business activities related to other miscellaneous revenue streams.

(2) Other segment items includes expenses for medical supplies, delivery and packaging, leases, professional services, and other expenses.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Schedule of Changes in Shares of Common Stock

The following table shows the Company’s changes in shares of common stock for the years ended December 31, 2024 and 2023 (in thousands):


Balance at December 31, 2022						181,958
Equity award issuances						564
Share repurchases						(7,946)
Balance at December 31, 2023						174,576
Equity award issuances						941
Share repurchases						(9,256)
Balance at December 31, 2024						166,261

STOCK-BASED INCENTIVE COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Fair Value of Awards

The assumptions used to compute the fair value of options for the years ended December 31, 2023 and 2022 are as follows:


	Year Ended December 31,
	2023	2022
Expected volatility	51.43%	51.19%
Risk-free interest rate	4.16%	3.91%
Expected life of options	6.2 years	6.2 years
Dividend rate	—	—

Summary of Stock Option Activity

A summary of stock option activity for the year ended December 31, 2024 is as follows:


	Options	Weighted Average Exercise Price		Aggregate Intrinsic Value (thousands)		Weighted Average Remaining Contractual Life
Balance at December 31, 2023	1,746,272	$	25.08	$	15,028
Granted	—	$	—	$	—
Exercised	(161,553)	$	18.14	$	1,875
Forfeited and expired	(101,486)	$	26.05	$	32
Balance at December 31, 2024	1,483,233	$	25.79	$	1,590	7.35 years
Exercisable at December 31, 2024	595,984	$	22.96	$	1,365	6.52 years

Summary of Outstanding Options by Exercise Price Range

The following table outlines the outstanding and exercisable stock options as of December 31, 2024:


	Options Outstanding				Options Exercisable
Range of Option Exercise Price	Outstanding Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Options Exercisable	Weighted Average Exercise Price
$0.00 - $8.24	9,901	$	6.52	2.1	9,901	$	6.52
$8.24 - $16.52	64,775	$	12.14	4.0	64,775	$	12.14
$16.52 - $24.76	355,616	$	21.54	6.7	200,513	$	21.05
$24.76 - $33.00	1,052,941	$	28.25	7.8	320,795	$	26.85
All options	1,483,233				595,984

Summary of Restricted Stock Award Activity

A summary of restricted stock award activity for the year ended December 31, 2024 is as follows:


	Restricted Stock	Weighted Average Grant Date Fair Value
Balance at December 31, 2023	1,883,116	$	26.28
Granted	723,027	$	32.71
Vested and issued	(770,137)	$	25.16
Forfeited and expired	(170,594)	$	28.25
Balance at December 31, 2024	1,665,412	$	29.41

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Chicago, Illinois
Auditor Firm ID	185

EARNINGS PER SHARE - Schedule of Basic and Diluted Earnings (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 26, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	$ 211,823	$ 267,090	$ 150,556
Weighted average common shares outstanding, basic (in shares)	171,567	178,973	181,105
Earnings per share, basic (in dollars per share)	$ 1.23	$ 1.49	$ 0.83
Effect of dilutive securities (in shares)	1,278	1,402	970
Weighted average number of common shares outstanding, diluted (in shares)	172,845	180,375	182,075
Earnings per share, diluted (in dollars per share)	$ 1.23	$ 1.48	$ 0.83
Amedisys, Inc.
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Termination fee		$ 63,100		$ 106,000

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

STOCK-BASED INCENTIVE COMPENSATION - Summary of Stock Option Activity (Details) - Stock Option $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Options
Beginning balance (in shares) \| shares	1,746,272
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	(161,553)
Forfeited and expired (in shares) \| shares	(101,486)
Ending balance (in shares) \| shares	1,483,233
Exercisable (in shares) \| shares	595,984
Weighted Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 25.08
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	18.14
Forfeited and expired (in dollars per share) \| $ / shares	26.05
Ending balance (in dollars per share) \| $ / shares	25.79
Exercisable (in dollars per share) \| $ / shares	$ 22.96
Aggregate Intrinsic Value
Balance at December 31, 2023 \| $	$ 15,028
Granted \| $	0
Exercised \| $	1,875
Forfeited and expired \| $	32
Balance at December 31, 2024 \| $	1,590
Exercisable at December 31, 2024 \| $	$ 1,365
Weighted Average Remaining Contractual Life	7 years 4 months 6 days
Weighted Average Remaining Contractual Life Exercisable	6 years 6 months 7 days

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS The Company has evaluated whether any subsequent events occurred since December 31, 2024 and noted the following subsequent event: On January 24, 2025 the Company completed the acquisition of all equity interests in Intramed Plus, Inc., a leading provider of home and alternate site infusion services in the Southeastern United States. The total purchase price for the transaction was approximately $117 million, paid in cash.

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The Company presents basic and diluted earnings per share for its common stock. Basic earnings per share is calculated by dividing the net income of the Company by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is determined by adjusting the profit or loss and the weighted average number of shares of common stock outstanding for the effects of all potentially dilutive securities.

The earnings are used as the basis of determining whether the inclusion of common stock equivalents would be anti-dilutive. The computation of diluted shares for the years ended December 31, 2024, 2023 and 2022 includes the effect of shares that would be issued in connection with warrants, stock options, restricted stock awards and performance stock unit awards, as these common stock equivalents are dilutive to the earnings per share.

The following table presents the Company’s common stock equivalents that were excluded from the calculation of earnings per share as they would be anti-dilutive:


	Year Ended December 31,
	2024	2023	2022
Warrants	—	—	—
Stock option awards	854,545	1,214,560	629,690
Restricted stock awards	376,743	340,331	205,652
Performance stock unit awards	286,881	—	—

The following tables present the Company’s basic and diluted earnings per share and shares outstanding (in thousands, except per share data):


	Year Ended December 31,
	2024		2023		2022
Numerator:
Net income (1) (2)	$	211,823	$	267,090	$	150,556
Denominator:
Weighted average number of common shares outstanding	171,567		178,973		181,105
Earnings per Common Share:
Earnings per common share, basic	$	1.23	$	1.49	$	0.83


	Year Ended December 31,
	2024		2023		2022
Numerator:
Net income (1) (2)	$	211,823	$	267,090	$	150,556
Denominator:
Weighted average number of common shares outstanding	171,567		178,973		181,105
Effect of dilutive securities	1,278		1,402		970
Weighted average number of common shares outstanding, diluted	172,845		180,375		182,075
Earnings per Common Share:
Earnings per common share, diluted	$	1.23	$	1.48	$	0.83

(2) Net income for the year ended December 31, 2022 includes the impact of the Company’s Respiratory Therapy Asset Sale. See Note 3, Business Acquisitions and Divestitures, for further discussion.

BUSINESS ACQUISITIONS AND DIVESTITURES	12 Months Ended
BUSINESS ACQUISITIONS AND DIVESTITURES	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
BUSINESS ACQUISITIONS AND DIVESTITURES	BUSINESS ACQUISITIONS AND DIVESTITURES Amedisys, Inc. — On May 3, 2023, the Company entered into a definitive merger agreement with Amedisys. Under the terms of the merger agreement, the Company would issue new shares of its common stock to Amedisys stockholders, which would result in the Company’s stockholders holding approximately 64.5% of the combined company. On June 26, 2023, the Company entered into an agreement to terminate the Amedisys Merger Agreement. Under the terms of the Mutual Termination Agreement, the Company received a payment of $106.0 million in cash on behalf of Amedisys. The Termination Fee is included in Other, net in the consolidated statements of comprehensive income and in Net cash provided by operating activities in the consolidated statements of cash flows. During the year ended December 31, 2023, the Company incurred $21.1 million in merger-related expenses, which are included in Other, net in the consolidated statements of comprehensive income and in Net cash provided by operating activities in the consolidated statements of cash flows. Revitalized, LLC — In May 2023, pursuant to the equity purchase agreement dated May 1, 2023, the Company completed the acquisition of 100% of the membership interests in Revitalized, LLC for a purchase price, net of cash acquired, of $12.5 million, which primarily consisted of $6.7 million of goodwill and $5.5 million of intangible assets. Respiratory Therapy Asset Sale — The Company closed the transaction in December 2022, for a sale price of $18.4 million comprised of $14.7 million in proceeds received at the time of closing and $3.7 million recorded as a current asset which was paid in the year ended December 31, 2023. Pursuant to the final transaction terms, $8.8 million of assets were sold, along with $0.7 million of liabilities that were previously classified as held for sale at the lower of their carrying amount or fair values less cost to sell. As a result of the transaction, a $10.3 million pre-tax gain on sale was recorded within Other, net in the Company’s consolidated statements of comprehensive income within the year ended December 31, 2022. Rochester Home Infusion, Inc. — In August 2022, pursuant to the stock purchase agreement dated June 10, 2022, the Company completed the acquisition of 100% of the equity interests in Rochester Home Infusion, Inc. (“RHI”) for a purchase price, net of cash acquired, of $27.4 million. Specialty Pharmacy Nursing Network, Inc. — In April 2022, pursuant to the equity purchase agreement dated February 7, 2022, the Company completed the acquisition of 100% of the equity interests in Specialty Pharmacy Nursing Network, Inc. (“SPNN”) for a purchase price, net of cash acquired, of $59.9 million.

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company is involved in legal proceedings and is subject to investigations, inspections, audits, inquiries, and similar actions by governmental authorities, arising in the normal course of the Company’s business. Some of these suits may purport or may be determined to be class actions and/or involve parties seeking large and/or indeterminate amounts, including punitive or exemplary damages, and may remain unresolved for several years. From time to time, the Company may also be involved in legal proceedings as a plaintiff involving antitrust, tax, contract, intellectual property, and other matters. Gain contingencies, if any, are recognized when they are realized. The results of legal proceedings are often uncertain and difficult to predict, and the costs incurred in litigation can be substantial, regardless of the outcome. The Company does not believe that any of these pending matters, after consideration of applicable reserves and rights to indemnification, will have a material adverse effect on the Company’s consolidated balance sheets. However, substantial unanticipated verdicts, fines, and rulings may occur. As a result, the Company may from time to time incur judgments, enter into settlements, or revise expectations regarding the outcome of certain matters, and such developments could have a material adverse effect on its results of operations in the period in which the amounts are accrued and/or its cash flows in the period in which the amounts are paid.

INCOME TAXES - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

The income tax expense (benefit) consists of the following for the years ended December 31, 2024, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2024		2023		2022
U.S. federal income tax expense (benefit):
Current	$	47,239	$	56,474	$	4,103
Deferred	16,396		18,739		38,810
	63,635		75,213		42,913
State income tax expense (benefit):
Current	10,597		20,253		9,182
Deferred	(2,456)		(3,814)		3,117
	8,141		16,439		12,299
Total income tax expense (benefit)	$	71,776	$	91,652	$	55,212

Schedule of Effective Income Tax Rate Reconciliation

The difference between the statutory federal income tax rate and the effective tax rate is as follows for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024		2023		2022
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes net of federal tax benefit	3.5	%	4.8	%	5.0	%
Valuation allowance	(0.8)	%	(1.5)	%	0.0	%
Share based compensation impacts	1.2	%	0.7	%	0.4	%
Other, net	0.4	%	0.5	%	0.4	%
Effective income tax rate	25.3	%	25.5	%	26.8	%

Schedule of Deferred Tax Assets and Liabilities

The components of deferred income tax assets and liabilities were as follows as of December 31, 2024 and 2023 (in thousands):


	December 31, 2024		December 31, 2023
Deferred tax assets:
Price concessions	$	8,053	$	5,365
Compensation and benefits	6,166		7,609
Interest limitation carryforward	5,768		13,802
Operating lease liability	23,880		26,378
Net operating losses	50,860		56,980
Other	12,676		7,556
Deferred tax assets before valuation allowance	107,403		117,690
Valuation allowance	(3,337)		(6,371)
Deferred tax assets net of valuation allowance	104,066		111,319

Deferred tax liabilities:
Accelerated depreciation	(12,630)		(8,882)
Operating lease right-of-use asset	(18,883)		(21,504)
Intangible assets	(48,412)		(52,502)
Goodwill	(59,303)		(52,188)
Other	(12,414)		(11,163)
Deferred tax liabilities	(151,642)		(146,239)
Net deferred tax liabilities	$	(47,576)	$	(34,920)

Summary of Valuation Allowance

The following table presents the valuation allowance for deferred tax assets for the years ended December 31, 2024, 2023 and 2022 (in thousands):


			Additions
Description	Balance at Beginning of Period		Charged (Benefit) to Costs and Expenses		Charged (Benefit) to Other Accounts		Balance at End of Period
2022: Valuation allowance for deferred tax assets	$	13,151	$	(95)	$	—	$	13,056
2023: Valuation allowance for deferred tax assets	$	13,056	$	(6,685)	$	—	$	6,371
2024: Valuation allowance for deferred tax assets	$	6,371	$	(3,034)	$	—	$	3,337

GOODWILL AND OTHER INTANGIBLE ASSETS - Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill - net book value, beginning of period	$ 1,540,246	$ 1,533,424	$ 1,477,564
Acquisitions	0	6,998	54,543
Purchase accounting adjustments	0	(176)	1,317
Goodwill - net book value, end of period	$ 1,540,246	$ 1,540,246	$ 1,533,424

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
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-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

INCOME TAXES - Narrative (Details) - USD ($)	1 Months Ended		12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Mar. 31, 2024	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Examination [Line Items]
Income tax expense (benefit)			$ 71,776,000	$ 91,652,000	$ 55,212,000
Effective income tax rate			25.30%	25.50%	26.80%
Termination fee income				$ 21,800,000
Valuation allowance			$ 3,337,000	6,371,000
Net operating losses			50,860,000	56,980,000
Interest limitation carryforward			5,768,000	13,802,000
Unrecognized tax benefits			0	$ 0	$ 0
Interest Limitation Carryforwards
Income Tax Examination [Line Items]
Interest limitation carryforward			5,800,000
State
Income Tax Examination [Line Items]
Valuation allowance released	$ 2,200,000	$ 5,800,000
Valuation allowance			3,300,000
State \| Federal Net Operating Loss Carryfowards Available To Offset Future Taxable Income
Income Tax Examination [Line Items]
Net operating losses			15,300,000
Federal
Income Tax Examination [Line Items]
Operating loss carryforwards			24,600,000
Federal \| Merger Operating Loss Carryforward
Income Tax Examination [Line Items]
Net operating losses			35,600,000
Federal \| Indefinite Carryforward Period
Income Tax Examination [Line Items]
Operating loss carryforwards			$ 11,000,000.0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation — The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States. GAAP
Principles of Consolidation	Principles of Consolidation — The Company’s consolidated financial statements include the accounts of Option Care Health, Inc. and its subsidiaries. All intercompany transactions and balances are eliminated in consolidation.
Cash and Cash Equivalents	Cash and Cash Equivalents — The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. As of December 31, 2024 and 2023, cash equivalents consisted of money market funds.
Accounts Receivable	Accounts Receivable — The Company’s accounts receivable are reported at the net realizable value amount that reflects the consideration the Company expects to receive in exchange for providing services, which is inclusive of adjustments for price concessions. The majority of accounts receivable are due from private insurance carriers and governmental healthcare programs, such as Medicare and Medicaid. Price concessions may result from patient hardships, patient uncollectible accounts sent to collection agencies, lack of recovery due to not receiving prior authorization, differing interpretations of covered therapies in payer contracts, different pricing methodologies, or various other reasons. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), an allowance for doubtful accounts is established only as a result of an adverse change in the Company’s payers’ ability to pay outstanding billings.
Inventories	Inventories — Inventories, which consist primarily of pharmaceuticals, is stated at the lower of first‑in, first‑out cost or net realizable value basis, which the Company believes is reflective of the physical flow of inventories.
Leases	Leases — The Company has lease agreements for facilities, warehouses, office space and property and equipment. At the inception of a contract, the Company determines if the contract is a lease or contains an embedded lease arrangement. Operating leases are included in the operating lease right-of-use asset (“ROU asset”) and operating lease liabilities in the consolidated financial statements. ROU assets, which represent the Company’s right to use the leased assets, and operating lease liabilities, which represent the present value of unpaid lease payments, are both recognized by the Company at the lease commencement date. The Company utilizes its estimated incremental borrowing rate at the lease commencement date to determine the present value of unpaid lease obligations. The rates are estimated primarily using a methodology dependent on the Company’s financial condition, creditworthiness, and availability of certain observable data. In particular, the Company considers its actual cost of borrowing for collateralized loans and its credit rating, along with the corporate bond yield curve in estimating its incremental borrowing rates. ROU assets are recorded as the amount of operating lease liability, adjusted for prepayments, accrued lease payments, initial direct costs, lease incentives, and impairment of the ROU asset. Tenant improvement allowances used to fund leasehold improvements are recognized when earned and reduce the related ROU asset. Tenant improvement allowances are recognized through the ROU asset as a reduction of expense over the term of the lease. Leases may contain rent escalations; however, the Company recognizes the lease expense on a straight-line basis over the expected lease term. The Company reviews the terms of any lease renewal options to determine if it is reasonably certain that the renewal options will be exercised. The Company has determined that the expected lease term is typically the minimum non-cancelable period of the lease. The Company has lease agreements that contain both lease and non-lease components which the Company has elected to account for as a single lease component for all asset classes. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet and are expensed on a straight-line basis over the term of the lease. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.
Goodwill, Intangible Assets, Property and Equipment, and Referral Sources	Goodwill, Intangible Assets, Property and Equipment, and Referral Sources — Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed. The Company accounts for goodwill under ASC Topic 350, Intangibles-Goodwill and Other. The Company tests goodwill for impairment annually, or more frequently whenever events or circumstances indicate that impairment may exist. Goodwill is stated at cost less accumulated impairment losses. The Company completes its goodwill impairment test annually in the fourth quarter on a qualitative basis. See Note 10, Goodwill and Other Intangible Assets, for further discussion of the Company’s goodwill and other intangible assets. Intangible assets arising from the Company’s acquisitions are amortized on a straight‑line basis over the estimated useful life of each asset. Referral sources have a useful life of fifteen to twenty years. Trademarks/names have a useful life ranging from two to fifteen years. The useful lives for other amortizable intangible assets range from approximately two to nine years. The Company does not have any indefinite‑lived intangible assets.
Property and Equipment	Property and equipment is recorded at cost, net of accumulated depreciation. Depreciation on owned property and equipment is provided for on a straight‑line basis over the estimated useful lives of owned assets. Leasehold improvements are amortized over the estimated useful life of the property or over the term of the lease, whichever is shorter. Estimated useful lives are seven years for infusion pumps and three to thirteen years for equipment. Major repairs, which extend the useful life of an asset, are capitalized in the property and equipment accounts. Routine maintenance and repairs are expensed as incurred. Computer software is included in property and equipment and consists of purchased software and internally-developed software. The Company capitalizes application-stage development costs for significant internally-developed software projects. Once the software is ready for its intended use, these costs are amortized on a straight‑line basis over the software’s estimated useful life, generally five years. Costs recognized in the preliminary project phase and the post-implementation phase, as well as maintenance and training costs, are expensed as incurred. The Company assesses long‑lived assets for impairment whenever events or circumstances indicate that a certain asset or asset group may be impaired. If circumstances require that a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flows basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value.
Equity Method Investments	Equity-Method Investments — The Company’s investments in certain unconsolidated entities are accounted for under the equity method. The balance of these investments is included in other noncurrent assets in the accompanying consolidated balance sheets. As of December 31, 2024 and 2023, the balance of the investments was $24.5 million and $20.9 million, respectively. The investments are increased to reflect the Company’s capital contributions and equity in earnings of the investees. The investments are decreased to reflect the Company’s equity in losses of the investees and for distributions received that are not in excess of the carrying amount of the investments. The Company’s proportionate share of earnings or losses of the investees is recorded in equity in earnings of joint ventures in the accompanying consolidated statements of comprehensive income. The Company’s proportionate share of earnings was $6.0 million, $5.5 million and $5.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. Distributions from the investees are treated as cash inflows from operating activities in the consolidated statements of cash flows. During the years ended December 31, 2024, 2023 and 2022, the Company received distributions from the investees of $2.4 million, $4.0 million and $5.9 million, respectively. See Note 17, Related-Party Transactions, for discussion of related-party transactions with these investees.
Hedging Instruments	Hedging Instruments — The Company uses derivative financial instruments to limit its exposure to increases in the interest rate of its variable rate debt instruments. The derivative financial instruments are recognized on the consolidated balance sheets at fair value. See Note 12, Derivative Instruments, for additional information. At inception of the hedge, the Company designated the derivative instruments as a hedge of the cash flows related to the interest on the variable rate debt. For all instruments designated as hedges, the Company documents the hedging relationships and its risk management objective of the hedging relationship. For all hedging instruments, the terms of the hedge perfectly offset the hedged expected cash flows.
Revenue Recognition	Revenue Recognition — Net revenue is reported at the net realizable value amount that reflects the consideration the Company expects to receive in exchange for providing goods and services. Revenues are from government payers, commercial payers, and patients for goods and services provided and are based on a gross price based on payer contracts, fee schedules, or other arrangements less any implicit price concessions. 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. The Company assesses the expected consideration to be received at the time of patient acceptance, based on the verification of the patient’s insurance coverage, historical information with the patient, similar patients, or the payer. Performance obligations are determined based on the nature of the services provided by the Company. The majority of the Company’s performance obligations are to provide infusion services to deliver medicine, nutrients, or fluids directly into the body. The Company provides a variety of infusion-related therapies to patients, which frequently include multiple deliverables of pharmaceutical drugs and related nursing services. After applying the criteria from ASC 606, the Company concluded that multiple performance obligations exist in its contracts with its customers. Revenue is allocated to each performance obligation based on relative standalone price, determined based on reimbursement rates established in the third-party payer contracts. Pharmaceutical drug revenue is recognized at the time the pharmaceutical drug is delivered to the patient, and nursing revenue is recognized on the date of service. The Company's outstanding performance obligations relate to contracts with a duration of less than one year. Therefore, the Company has elected to apply the practical expedient provided by ASC 606 and is not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. Any unsatisfied or partially unsatisfied performance obligations at the end of a reporting period are generally completed prior to the patient being discharged.
Cost of Revenue	Cost of Revenue — Cost of revenue consists of the actual cost of pharmaceuticals and other medical supplies dispensed to patients, as well as all other costs directly related to the production of revenue. These costs include warehousing costs, purchasing costs, freight costs, cash discounts, wages and related costs for pharmacists and nurses, along with depreciation expense relating to revenue-generating assets, such as infusion pumps. The Company also receives rebates from pharmaceutical and medical supply manufacturers. Rebates are generally volume-based incentives and are recorded as a reduction of inventory and are accounted for as a reduction of cost of goods sold when the related inventory is sold.
Selling, General and Administrative Expenses	Selling, General and Administrative Expenses — Selling, general and administrative expenses mainly consist of salaries for administrative employees that directly and indirectly support the operations, occupancy costs, marketing expenditures, insurance, and professional fees.
Stock Based Incentive Compensation	Stock Based Incentive Compensation — The Company accounts for stock-based incentive compensation expense in accordance with ASC Topic 718, Compensation-Stock Compensation (“ASC 718”). Stock-based incentive compensation expense is based on the grant date fair value. The Company estimates the fair value of stock option awards using a Black-Scholes option pricing model and the fair value of restricted stock unit awards using the closing price of the Company’s common stock on the grant date. For awards with a service-based vesting condition, the Company recognizes expense on a straight-line basis over the service period of the award. For awards with performance-based vesting conditions, the Company will recognize expense when it is probable that the performance-based conditions will be met. When the Company determines that it is probable that the performance-based conditions will be met, a cumulative catch-up of expense will be recorded as if the award had been vesting on a straight-line basis from the award date. The award will continue to be expensed on a straight-line basis through the remainder of the vesting period and will be updated if the Company determines that there has been a change in the probability of achieving the performance-based conditions. The Company records the impact of forfeited awards in the period in which the forfeiture occurs.
Business Acquisitions	Business Acquisitions — The Company accounts for business acquisitions in accordance with ASC Topic 805, Business Combinations, with assets and liabilities being recorded at their acquisition date fair value and goodwill being calculated as the purchase price in excess of the net identifiable assets.
Income Taxes	Income Taxes — The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are reported for book-tax basis differences and are measured based on currently enacted tax laws using rates expected to apply to taxable income in the years in which the differences are expected to reverse. The effect of a change in tax rate on deferred taxes is recognized in income tax expense in the period that includes the enactment date of the change. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts more likely than not to be realized. The Company recognizes income tax positions that are more likely than not to be sustained on their technical merits. The Company measures recognized income tax positions at the maximum benefit that is more likely than not, based on cumulative probability, realizable upon final settlement of the position. Interest and penalties related to unrecognized tax benefits are reported in income tax expense (benefit). Tax related interest and penalties are classified as a component of income tax expense (benefit).
Concentrations of Business Risk	Concentrations of Business Risk — The Company generates revenue from managed care contracts and other agreements with commercial third-party payers. Revenue related to the Company’s largest payer was approximately 15%, 14% and 14% for the years ended December 31, 2024, 2023 and 2022, respectively. There were no other managed care contracts that represent greater than 10% of revenue for the years presented. For the years ended December 31, 2024, 2023 and 2022, approximately 12%, 12% and 12%, respectively, of the Company’s revenue was reimbursable through direct government healthcare programs such as Medicare and Medicaid. As of December 31, 2024 and 2023, approximately 11% and 12%, respectively, of the Company’s accounts receivable was related to these programs. Governmental programs pay for services based on fee schedules and rates that are determined by the related governmental agency. Laws and regulations pertaining to government programs are complex and subject to interpretation. As a result, there is at least a reasonable possibility that recorded estimates will change in the near term. The Company does not require its patients nor other payers to carry collateral for any amounts owed for goods or services provided. Other than as discussed above, concentrations of credit risk relating to trade accounts receivable is limited due to the Company’s diversity of patients and payers. Further, the Company generally does not provide charity care; however, Option Care Health offers a financial assistance program for patients that meet certain defined hardship criteria. For the year ended December 31, 2024, approximately 58% of the Company’s pharmaceutical and medical supply purchases were from three vendors. For the years ended December 31, 2023 and 2022, approximately 72% and 73%, respectively, of the Company’s pharmaceutical and medical supply purchases were from four vendors. Although there are a limited number of suppliers, the Company believes that other vendors could provide similar products on comparable terms. However, a change in suppliers could cause delays in service delivery and possible losses in revenue or decreased gross profit, which could adversely affect the Company’s financial condition or operating results.
Fair Value Measurements	Fair Value Measurements — The fair value measurement accounting standard, ASC Topic 820, Fair Value Measurement (“ASC 820”), provides a framework for measuring fair value and defines fair value as the price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. The standard establishes a valuation hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on independent market data sources. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available. The valuation hierarchy is composed of three categories. The categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The categories within the valuation hierarchy are described as follows: •Level 1 - Inputs to the fair value measurement are quoted prices in active markets for identical assets or liabilities. •Level 2 - Inputs to the fair value measurement include quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. •Level 3 - Inputs to the fair value measurement are unobservable inputs or valuation techniques. While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. FAIR VALUE MEASUREMENTS Fair value measurements are determined by maximizing the use of observable inputs and minimizing the use of unobservable inputs. The hierarchy places the highest priority on unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurements) and gives the lowest priority to unobservable inputs (Level 3 measurements). The three levels of inputs within the fair value hierarchy are defined in Note 2, Summary of Significant Accounting Policies. While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. First Lien Term Loan: The fair value of the First Lien Term Loan is derived from a broker quote on the loans in the syndication (Level 2 inputs). See Note 11, Indebtedness, for further discussion of the carrying amount and fair value of the First Lien Term Loan. Senior Notes: The fair value of the Senior Notes is derived from a broker quote (Level 2 inputs). See Note 11, Indebtedness, for further discussion of the carrying amount and fair value of the Senior Notes. Interest Rate Cap: The fair value of the interest rate cap is derived from the interest rates prevalent in the market and future expectations of those interest rates (Level 2 inputs). The Company determines the fair value of the investments based on quoted prices from third-party brokers. See Note 12, Derivative Instruments, for further discussion of the fair value of the interest rate cap. Money Market Funds: The fair value of the money market funds is derived from the closing price reported by the fund sponsor and classified as cash and cash equivalents on the Company’s consolidated balance sheets (Level 1 inputs). There were no other assets or liabilities measured at fair value at December 31, 2024 or 2023.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements — In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU improves the disclosures around a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, SG&A, and research and development). The amendments in this ASU do not change or remove current presentation requirements or current expense disclosure requirements. However, the amendments affect where this information appears in the notes to financial statements because entities are required to include certain current disclosures in the same tabular format disclosure as the other disaggregation requirements in the amendments. The Company is required to adopt this ASU for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its results of operations, cash flows, financial position, and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The ASU improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU allows investors to better assess, in their capital allocation decisions, how an entity’s worldwide operations and related tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows. This ASU also improves the effectiveness and comparability of disclosures by adding disclosures of pretax income (loss) and income tax expense (benefit) to be consistent with U.S. Securities and Exchange Commission (“SEC”) Regulation S-X and removing disclosures that no longer are considered cost beneficial or relevant. The Company is required to adopt this ASU for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its results of operations, cash flows, financial position, and disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU improves the disclosures about a public entity’s reportable segments and addresses requests from investors for additional, more detailed information about a reportable segment’s expenses. The ASU improves financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities, including those public entities that have a single reportable segment, to enable investors to develop more decision-useful financial analyses. The Company is required to adopt this ASU for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. This ASU was adopted during the year ended December 31, 2024 and applied retrospectively to all prior periods presented in the financial statements. The adoption did not have any material impact on the Company’s results of operations, cash flows, financial position, or disclosures. See Note 18, Segment Reporting, for further discussion. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This ASU is the result of the Board’s decision to incorporate into the Codification 14 disclosures referred by the SEC. The ASU represents changes to clarify or improve disclosure and presentation requirements of a variety of Topics. Many of the amendments allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the SEC’s requirements. Also, the amendments align the requirements in the Codification with the SEC’s regulations. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption permitted. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective. The Company is currently evaluating the impact of this ASU on its results of operations, cash flows, financial position, and disclosures.

STOCKHOLDERS' EQUITY - Schedule of Changes in Shares of Common Stock (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of the year	174,575,537
Balance, end of the period	166,261,112	174,575,537
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance, beginning of the year	174,576,000	181,958,000
Equity award issuances	941,000	564,000
Share repurchases	(9,256,000)	(7,946,000)
Balance, end of the period	166,261,000	174,576,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

NATURE OF OPERATIONS AND PRESENTATION OF FINANCIAL STATEMENTS	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS AND PRESENTATION OF FINANCIAL STATEMENTS	NATURE OF OPERATIONS AND PRESENTATION OF FINANCIAL STATEMENTS Corporate Organization and Business — The Company’s stock is listed on the Nasdaq Global Select Market as of December 31, 2024. During the year ended December 31, 2023, HC Group Holdings I, LLC. (“HC I”), a former affiliated shareholder, completed sales of 23,771,926 shares of its Option Care common stock which resulted in the full divestment by HC 1 at that time. In addition, the Company repurchased 2,475,166 shares from HC I on March 3, 2023 under the Company’s share repurchase program. See Note 16, Stockholders’ Equity, for further discussion of the Company’s share repurchase program. Option Care Health, and its wholly-owned subsidiaries, provides infusion therapy and other ancillary healthcare services through a national network of 92 full service pharmacies and 93 stand-alone ambulatory infusion sites. 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. The Company operates in one segment, infusion services. Basis of Presentation — The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States. GAAP requires management to make certain estimates and assumptions in determining assets, liabilities, revenue, expenses, and related disclosures. Actual amounts could differ materially from those estimates. Principles of Consolidation — The Company’s consolidated financial statements include the accounts of Option Care Health, Inc. and its subsidiaries. All intercompany transactions and balances are eliminated in consolidation. The Company has investments in companies that are 50% owned and are accounted for as equity-method investments. The Company’s share of earnings from equity-method investments is included in the line entitled “Equity in earnings of joint ventures” in the consolidated statements of comprehensive income. See “Equity-Method Investments” within Note 2, Summary of Significant Accounting Policies, for further discussion of the Company’s equity-method investments.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	12,500,000	12,500,000
Preferred stock, shares, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares, issued (in shares)	183,846,725	182,905,559
Common stock, shares, outstanding (in shares)	166,261,112	174,575,537
Treasury stock, shares (in shares)	17,585,613	8,330,022

DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Amount and Location of Derivatives in the Balance Sheet

The following table summarizes the amount and location of the Company’s derivative instruments in the consolidated balance sheets (in thousands):


	Fair Value - Derivatives in Asset Position
Derivative	Balance Sheet Caption	December 31, 2024		December 31, 2023
Interest rate cap designated as cash flows hedge	Prepaid expenses and other current assets	$	8,034	$	9,746
Interest rate cap designated as cash flows hedge	Other noncurrent assets	6,680		10,183
Total derivative assets		$	14,714	$	19,929

Schedule of Pre-tax Income (Loss) Recognized in the Statements of Comprehensive Income (Loss)

The following table presents the pre-tax (loss) gain from derivative instruments recognized in other comprehensive (loss) income in the Company’s consolidated statements of comprehensive income (in thousands):


	Year Ended December 31,
Derivative	2024		2023		2022
Interest rate cap designated as cash flows hedge	$	(5,215)	$	(8,339)	$	28,869


		Year Ended December 31,
Derivative	Income Statement Caption	2024		2023		2022
Interest rate cap designated as cash flows hedge	Interest expense, net	$	11,527	$	10,974	$	1,090

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of the Carrying Amount of Goodwill

Changes in the carrying amount of goodwill consist of the following activity for the years ended December 31, 2024, 2023 and 2022 (in thousands):


Balance at December 31, 2021	$	1,477,564
Acquisitions	54,543
Purchase accounting adjustments	1,317
Balance at December 31, 2022	$	1,533,424
Acquisitions	6,998
Purchase accounting adjustments	(176)
Balance at December 31, 2023	$	1,540,246
Acquisitions	—
Purchase accounting adjustments	—
Balance at December 31, 2024	$	1,540,246

Schedule of Carrying Amount and Accumulated Amortization of Intangible Assets

The carrying amount and accumulated amortization of intangible assets consist of the following as of December 31, 2024 and 2023 (in thousands):


	December 31, 2024		December 31, 2023
Gross intangible assets:
Referral sources	$	514,388	$	514,388
Trademarks/names	39,136		39,136
Other amortizable intangible assets	985		995
Total gross intangible assets	554,509		554,519

Accumulated amortization:
Referral sources	(230,371)		(199,084)
Trademarks/names	(22,599)		(19,698)
Other amortizable intangible assets	(529)		(341)
Total accumulated amortization	(253,499)		(219,123)
Total intangible assets, net	$	301,010	$	335,396

Schedule of Future Amortization Expense for Intangible Assets

Expected future amortization expense for intangible assets recorded at December 31, 2024, is as follows (in thousands):


	Amount
2025	$	34,176
2026	34,071
2027	33,931
2028	33,880
2029	33,875
2030 and beyond	131,077
Total	$	301,010

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Employer matching contribution percent	100.00%
Employer matching contribution percent of employees' gross pay	4.00%
Defined contribution plan expense	$ 13.3	$ 13.1	$ 12.2
Company contributions	$ 13.3	$ 12.4	$ 11.8

LEASES (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Maturities of Lease Liabilities, Operating

Operating leases mature as follows (in thousands):


Fiscal Year Ended December 31,	Minimum Payments
2025	$	28,286
2026	25,523
2027	20,406
2028	13,907
2029	9,306
2030 and beyond	36,515
Total lease payments	133,943
Less: interest	(27,123)
Present value of lease liabilities	$	106,820

STOCK-BASED INCENTIVE COMPENSATION - Summary of Restricted Stock Award Activity (Details) - Restricted Stock	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Restricted Stock
Beginning balance (in shares) \| shares	1,883,116
Granted (in shares) \| shares	723,027
Vested and issued (in shares) \| shares	(770,137)
Forfeited and expired (in shares) \| shares	(170,594)
Ending balance (in shares) \| shares	1,665,412
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share) \| $ / shares	$ 26.28
Shares granted (in dollars per share) \| $ / shares	32.71
Vested and issued (in dollars per share) \| $ / shares	25.16
Forfeited and expired (in dollars per share) \| $ / shares	28.25
Ending balance (in dollars per share) \| $ / shares	$ 29.41

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment was as follows as of December 31, 2024 and 2023 (in thousands):


	December 31, 2024		December 31, 2023
Infusion pumps	$	37,659	$	36,943
Equipment, furniture and other	24,055		23,593
Leasehold improvements	116,675		99,725
Computer software, purchased and internally developed	46,532		50,572
Assets under development	22,990		33,668
	247,911		244,501
Less: accumulated depreciation	(120,544)		(123,871)
Property and equipment, net	$	127,367	$	120,630

The following table presents the amount of depreciation expense recorded in cost of revenue and operating expenses for the years ended December 31, 2024, 2023 and 2022 (in thousands):


	Year ended December 31,
	2024		2023		2022
Depreciation expense in cost of revenue	$	2,590	$	2,999	$	4,869
Depreciation expense in operating expenses	26,503		24,820		27,374
Total depreciation expense	$	29,093	$	27,819	$	32,243

INCOME TAXES - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Price concessions	$ 8,053	$ 5,365
Compensation and benefits	6,166	7,609
Interest limitation carryforward	5,768	13,802
Operating lease liability	23,880	26,378
Net operating losses	50,860	56,980
Other	12,676	7,556
Deferred tax assets before valuation allowance	107,403	117,690
Valuation allowance	(3,337)	(6,371)
Deferred tax assets net of valuation allowance	104,066	111,319
Deferred tax liabilities:
Accelerated depreciation	(12,630)	(8,882)
Operating lease right-of-use asset	(18,883)	(21,504)
Intangible assets	(48,412)	(52,502)
Goodwill	(59,303)	(52,188)
Other	(12,414)	(11,163)
Deferred tax liabilities	(151,642)	(146,239)
Net deferred tax liabilities	$ (47,576)	$ (34,920)