We do not include the rebates liability as debt in our ratios, but we see a risk that in the event these arrangements were terminated, the company could be required to satisfy these obligations in a relatively short time. The negative outlook reflects a risk that persistent deterioration in the company's operating performance at its current pace could lead to adjusted leverage above 5x and free cash flow below $100 million in 2021. This would strain the company's ability to meet the required debt amortization from internally generated cash, gradually absorbing the company's cash balances and revolver capacity. We could lower the rating if accelerated revenue declines persist, resulting in adjusted leverage above 5x and free cash flow decreasing materially
