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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
August 8, 2024
AMN HEALTHCARE SERVICES, INC. |
(Exact name of registrant as specified in its charter) |
|
Delaware |
001-16753 |
06-1500476 |
(State or other jurisdiction
of incorporation) |
(Commission
File Number) |
(I.R.S. Employer
Identification No.) |
|
|
|
2999 Olympus Boulevard, Suite 500
Dallas, Texas 75019 |
(Address of principal executive offices) (Zip Code) |
|
(866) 871-8519 |
(Registrant’s Telephone Number, Including Area Code) |
|
Not Applicable |
(Former Name or Former Address, if Changed Since Last Report) |
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
|
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
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|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
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|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
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|
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange
on which registered |
Common Stock, par value $0.01 per share |
|
AMN |
|
NYSE |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities
Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company ☐
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. | Results of Operations and Financial Condition. |
On August 8,
2024, AMN Healthcare Services, Inc. reported its results for the fiscal quarter ended June 30, 2024. A copy of the press release is attached
hereto as Exhibit 99.1 and incorporated by reference herein.
The information in
this Item 2.02, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall
it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the
extent as shall be expressly set forth by specific reference in such filing.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
AMN Healthcare Services, Inc. |
|
|
|
|
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|
Date: August 8, 2024 |
By: |
/s/ Cary Grace |
|
|
Name: |
Cary Grace |
|
|
Title: |
Chief Executive Officer |
|
EXHIBIT 99.1
AMN HEALTHCARE ANNOUNCES
SECOND QUARTER 2024 RESULTS
Quarterly revenue of $741 million;
GAAP EPS of $0.42 and adjusted EPS of $0.98
DALLAS — AMN Healthcare Services, Inc. (NYSE:
AMN), the leader and innovator in total talent solutions for healthcare organizations across the United States, today announced its second
quarter 2024 financial results. Financial highlights are as follows:
Dollars in millions, except per share amounts.
| |
Q2 2024 | |
% Change Q2 2023 | |
YTD June 30, 2024 | |
% Change YTD June 30, 2023 |
Revenue | |
$ | 740.7 | | |
| (25 | %) | |
$ | 1,561.6 | | |
| (26 | %) |
Gross profit | |
$ | 229.8 | | |
| (30 | %) | |
$ | 487.3 | | |
| (30 | %) |
Net income | |
$ | 16.2 | | |
| (73 | %) | |
$ | 33.6 | | |
| (77 | %) |
GAAP diluted EPS | |
$ | 0.42 | | |
| (73 | %) | |
$ | 0.88 | | |
| (75 | %) |
Adjusted diluted EPS* | |
$ | 0.98 | | |
| (59 | %) | |
$ | 1.95 | | |
| (60 | %) |
Adjusted EBITDA* | |
$ | 94.1 | | |
| (42 | %) | |
$ | 191.8 | | |
| (44 | %) |
* See “Non-GAAP Measures” below for a
discussion of our use of non-GAAP items and the table entitled “Non-GAAP Reconciliation Tables” for a reconciliation of non-GAAP
items.
Business Highlights
| • | Second quarter revenue was in line with expectations while earnings were better than expected, driven by expense management and beneficial
discrete items. |
| • | Rollout of our ShiftWise Flex platform surpassed 50% of our vendor-neutral clients' spend on ShiftWise, and we successfully implemented
our first MSP client migrations to Flex. |
| • | Technology and Workforce Solutions produced 41% of operating income from our three reported segments, led by 18% year-over-year revenue
growth in language services. |
| • | Cash flow from operations was strong at $100 million in the second quarter, which allowed us to reduce debt by $80 million, bringing
the year-to-date repayment to $115 million. |
| • | Our net leverage ratio at quarter end was 2.6:1. |
“In the second quarter,
we made important progress in strengthening AMN's position with clients in every part of the market for total talent solutions in healthcare,”
said Cary Grace, President and Chief Executive Officer of AMN Healthcare. “We have brought in impressive growth in our VMS sales
pipeline spearheaded by ShiftWise Flex and our fill rates for third-party, direct and MSP orders improved again this quarter. The diversification
of our solutions, with many higher-margin revenue sources beyond staffing, along with careful expense management, enabled us to generate
profit margins above our expectations.”
Ms. Grace continued, “Our
largest clients continue to reduce their spend on contingent labor, though we see promising signs of improvement in the travel nurse market
and are heartened to see positive movement in the demand and supply factors that drive our long-term growth potential.”
Second Quarter 2024 Results
Consolidated revenue for the quarter
was $741 million, a 25% decrease from prior year and a 10% decrease from the prior quarter. Net income was $16 million (2.2% of revenue),
or $0.42 per diluted share, compared with $61 million (6.1% of revenue), or $1.55 per diluted share, in the second quarter of 2023. Adjusted
diluted EPS in the second quarter was $0.98 compared with $2.38 in the same quarter a year ago.
Revenue for the Nurse and Allied
Solutions segment was $442 million, lower by 36% year over year and down 15% from the prior quarter. Travel nurse staffing revenue dropped
by 42% year over year and 17% sequentially. Allied division revenue declined 17% year over year and was 11% lower than the prior quarter.
The Physician and Leadership Solutions
segment reported revenue of $186 million, up 6% year over year and down 1% sequentially. Locum tenens revenue was $143 million, 17% higher
year over year, with growth coming from the MSDR acquisition, and 2% lower sequentially. Interim leadership revenue was down by 17% year
over year. Our physician and leadership search businesses saw revenue decline by 27% year over year and 1% quarter over quarter.
Technology and Workforce Solutions
segment revenue was $112 million, a decrease of 11% year over year and less than 1% sequentially. Language services revenue was $75 million
in the quarter, 18% higher than the prior year and up 5% sequentially. Vendor management systems revenue was $28 million, 41% lower year
over year and down 5% from the prior quarter.
Consolidated gross margin was
31.0%, 230 basis points lower year over year and down 40 basis points sequentially. Gross margin dropped year over year primarily because
of the growth of lower-margin locum tenens revenue and a lower nurse and allied staffing margin. That change was offset in part by a revenue
mix shift toward higher-margin segments.
Consolidated SG&A expenses
were $149 million, or 20.1% of revenue, compared with $202 million, or 20.4% of revenue, in the same quarter last year. SG&A was $175
million, or 21.3% of revenue, in the previous quarter. The year-over-year decrease in SG&A costs was driven primarily by lower employee
compensation amid lower placement volumes. Compared with the prior quarter, SG&A expenses included lower bonus and incentive compensation,
reduced corporate headcount, a favorable adjustment to accrued professional liability insurance expense, seasonally lower payroll tax
expense, and prudent expense management.
Income from operations was $38
million with an operating margin of 5.1%, compared with $92 million and 9.2%, respectively, in the same quarter last year. Adjusted EBITDA
was $94 million, a year-over-year decrease of 42%. Adjusted EBITDA margin was 12.7%, 360 basis points lower than the year-ago period.
At June 30, 2024, cash and
cash equivalents totaled $48 million. Cash flow from operations was $100 million for the second quarter, and capital expenditures were
$27 million. The Company ended the quarter with total debt outstanding of $1.195 billion and a net leverage ratio of 2.6 to 1 as calculated
under the terms of our credit agreement.
Third Quarter 2024 Outlook
Metric |
|
Guidance* |
Consolidated revenue |
|
$660 - $680 million |
Gross margin |
|
30.7% - 31.2% |
SG&A as percentage of revenue |
|
22.0% -22.5% |
Operating margin |
|
2.1% - 2.9% |
Adjusted EBITDA margin |
|
10.6% - 11.1% |
*Note:
Guidance percentage metrics are approximate. For a reconciliation of adjusted EBITDA margin, see the table entitled “Reconciliation
of Guidance Operating Margin to Guidance Adjusted EBITDA Margin” below.
Revenue in the third quarter of
2024 is expected to be 20-23% lower than the prior year and 8-10% lower sequentially. Nurse and Allied Solutions segment revenue is expected
to be down 32-34% year over year. Physician and Leadership Solutions segment revenue is expected to grow 12-14% year over year. Technology
and Workforce Solutions segment revenue is projected to be 10-12% lower year over year.
Third quarter estimates for certain
other financial items include depreciation of $20 million, depreciation in cost of revenue of $2 million, non-cash amortization expense
of $22 million, share-based compensation expense of $6 million, integration and other expenses of $6 million, interest expense of $15
million, an adjusted tax rate of 27%, and 38.3 million diluted average shares outstanding.
Conference Call on August 8, 2024
AMN Healthcare Services,
Inc. (NYSE: AMN) will host a conference call to discuss its second quarter 2024 financial results and third quarter 2024 outlook on Thursday,
August 8, 2024 at 5:00 p.m. Eastern Time. A live webcast of the call can be accessed through AMN Healthcare’s website at http://ir.amnhealthcare.com.
Interested parties may participate live via telephone by registering at this link. Registrants
will receive confirmation and dial-in details. Following the conclusion of the call, a replay of the webcast will be available at the
Company’s investor relations website.
About AMN Healthcare
AMN Healthcare is the leader and
innovator in total talent solutions for healthcare organizations across the nation. The Company provides access to the most comprehensive
network of quality healthcare professionals through its innovative recruitment strategies and breadth of career opportunities. With insights
and expertise, AMN Healthcare helps providers optimize their workforce to successfully reduce complexity, increase efficiency and improve
patient outcomes. AMN total talent solutions include direct staffing, vendor-neutral and managed services programs, clinical and interim
healthcare leaders, temporary staffing, permanent placement, executive search, vendor management systems, recruitment process outsourcing,
predictive modeling, language services, revenue cycle solutions, and other services. Clients include acute-care hospitals, community health
centers and clinics, physician practice groups, retail and urgent care centers, home health facilities, schools and many other healthcare
settings. AMN Healthcare is committed to fostering and maintaining a diverse team that reflects the communities we serve. Our commitment
to the inclusion of many different backgrounds, experiences and perspectives enables our innovation and leadership in the healthcare services
industry.
The Company’s common stock
is listed on the New York Stock Exchange under the symbol “AMN.” For more information about AMN Healthcare, visit www.amnhealthcare.com,
where the Company posts news releases, investor presentations, webcasts, SEC filings and other material information. The Company also
utilizes email alerts and Really Simple Syndication (“RSS”) as routine channels to supplement
distribution of this information. To register for email alerts and RSS, visit http://ir.amnhealthcare.com.
Non-GAAP Measures
This earnings release and the
non-GAAP reconciliation tables included with the earnings release contain certain non-GAAP financial information, which the Company provides
as additional information, and not as an alternative, to the Company’s condensed consolidated financial statements presented in
accordance with GAAP. These non-GAAP financial measures include (1) adjusted EBITDA, (2) adjusted EBITDA margin, (3) adjusted net income,
and (4) adjusted diluted EPS. The Company provides such non-GAAP financial measures because management believes that they are useful to
both management and investors as a supplement, and not as a substitute, when evaluating the Company’s operating performance. Additionally,
management believes that adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted EPS serve as industry-wide financial measures.
The Company uses adjusted EBITDA for making financial decisions, allocating resources and for determining certain incentive compensation
objectives. The non-GAAP measures in this release are not in accordance with, or an alternative to, GAAP measures and may be different
from non-GAAP measures, or may be calculated differently than other similarly titled non-GAAP measures, reported by other companies. They
should not be used in isolation to evaluate the Company’s performance. A reconciliation of non-GAAP measures identified in this
release, along with further detail about the use and limitations of certain of these non-GAAP measures, may be found below in the table
entitled “Non-GAAP Reconciliation Tables” under the caption entitled “Reconciliation of Non-GAAP Items” and the
footnotes thereto or on the Company’s website at https://ir.amnhealthcare.com/financials/quarterly-results. Additionally, from time
to time, additional information regarding non-GAAP financial measures, including pro forma measures, may be made available on the Company’s
website.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. Forward-looking statements include, among others, statements concerning future demand and supply for contingent
staffing and other services, wage and bill rates, the ability of our solutions to meet the needs of our markets and align with our clients,
the competitive environment in nurse staffing, our ability to manage expenses, our long-term growth opportunities and sales pipeline,
third quarter 2024 financial projections for consolidated and segment revenue, consolidated gross margin, operating margin, SG&A as
a percent of revenue,
adjusted EBITDA margin, depreciation expense, non-cash
amortization expense, share-based compensation expense, integration and other expenses, interest expense, adjusted tax rate, and number
of diluted shares outstanding. The Company bases these forward-looking statements on its current expectations, estimates and projections
about future events and the industry in which it operates using information currently available to it. Actual results could differ materially
from those discussed in, or implied by, these forward-looking statements. Forward-looking statements are also identified by words such
as “believe,” "project," “anticipate,” “expect,” “intend,” “plan,”
“will,” “may,” “estimates,” variations of such words and other similar expressions. In addition, any
statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements.
The targets and expectations noted
in this release depend upon, among other factors, (i) the ability of our clients to increase the efficiency and effectiveness of their
staffing management and recruiting efforts, through predictive analytics, online recruiting, internal travel agencies and float pools,
telemedicine or otherwise and successfully hire and retain permanent staff, (ii) the duration and extent to which hospitals and other
healthcare entities adjust their utilization of temporary nurses and allied healthcare professionals, physicians, healthcare leaders and
other healthcare professionals and workforce technology applications as a result of the labor market or economic conditions, (iii) the
magnitude and duration of the effects of the post-COVID-19 pandemic environment or any future pandemic or health crisis on demand and
supply trends, our business, its financial condition and our results of operations, (iv) our ability to effectively address client demand
by attracting and placing nurses and other clinicians, (v) our ability to recruit and retain sufficient quality healthcare professionals
at reasonable costs, (vi) our ability to anticipate and quickly respond to changing marketplace conditions, such as alternative modes
of healthcare delivery, reimbursement, or client needs and requirements, including implementing changes that will make our services more
tech-enabled and integrated, (vii) our ability to manage the pricing impact that the labor market or consolidation of healthcare delivery
organizations may have on our business, (viii) the effects of economic downturns, inflation or slow recoveries, which could result in
less demand for our services, increased client initiatives designed to contain costs, including reevaluating their approach as it pertains
to contingent labor and managed services programs, other solutions and providers, pricing pressures and negatively impact payments terms
and collectability of accounts receivable, (ix) our ability to develop and evolve our current technology offerings and capabilities and
implement new infrastructure and technology systems to optimize our operating results and manage our business effectively, (x) our ability
and the expense to comply with extensive and complex federal and state laws and regulations related to the conduct of our operations,
costs and payment for services and payment for referrals as well as laws regarding employment practices, (xi) our ability to consummate
and
effectively incorporate acquisitions into our business,
(xii) the negative effects that intermediary organizations may have on our ability to secure new and profitable contracts, (xiii) the
extent to which the Great Resignation or a future spike in the COVID-19 pandemic or other pandemic or health crisis may disrupt our operations
due to the unavailability of our employees or healthcare professionals due to burnout, illness, risk of illness, quarantines, travel restrictions,
mandatory vaccination requirements, or other factors that limit our existing or potential workforce and pool of candidates, (xiv) security
breaches and cybersecurity incidents, including ransomware, that could compromise our information and systems, which could adversely affect
our business operations and reputation and could subject us to substantial liabilities and (xv) the severity and duration of the impact
the labor market, economic downturn or COVID-19 pandemic has on the financial condition and cash flow of many hospitals and healthcare
systems such that it impairs their ability to make payments to us, timely or otherwise, for services rendered.
For a discussion of additional
risk factors and a more complete discussion of some of the cautionary statements noted above that could cause actual results to differ
from those implied by the forward-looking statements contained in this press release, please refer to our most recent Annual Report on
Form 10-K for the year ended December 31, 2023. Be advised that developments subsequent to this press release are likely to cause these
statements to become outdated and the Company is under no obligation (and expressly disclaims any such obligation) to update or revise
any forward-looking statements whether as a result of new information, future events, or otherwise.
Contact:
Randle Reece
Senior Director, Investor
Relations & Strategy
866.861.3229
AMN Healthcare Services, Inc.
Condensed Consolidated Statements of Comprehensive
Income
(in thousands, except per share amounts)
(unaudited)
| |
Three Months Ended | |
Six Months Ended |
| |
June 30, | |
March 31, | |
June 30, |
| |
2024 | |
2023 | |
2024 | |
2024 | |
2023 |
Revenue | |
$ | 740,685 | | |
$ | 991,299 | | |
$ | 820,878 | | |
$ | 1,561,563 | | |
$ | 2,117,522 | |
Cost of revenue | |
| 510,858 | | |
| 661,018 | | |
| 563,372 | | |
| 1,074,230 | | |
| 1,418,395 | |
Gross profit | |
| 229,827 | | |
| 330,281 | | |
| 257,506 | | |
| 487,333 | | |
| 699,127 | |
Gross margin | |
| 31.0 | % | |
| 33.3 | % | |
| 31.4 | % | |
| 31.2 | % | |
| 33.0 | % |
Operating expenses: | |
| | | |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative (SG&A) | |
| 149,044 | | |
| 201,771 | | |
| 174,842 | | |
| 323,886 | | |
| 407,370 | |
SG&A as a % of revenue | |
| 20.1 | % | |
| 20.4 | % | |
| 21.3 | % | |
| 20.7 | % | |
| 19.2 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization (exclusive of depreciation included in cost of revenue) | |
| 43,101 | | |
| 36,847 | | |
| 42,719 | | |
| 85,820 | | |
| 74,424 | |
Total operating expenses | |
| 192,145 | | |
| 238,618 | | |
| 217,561 | | |
| 409,706 | | |
| 481,794 | |
Income from operations | |
| 37,682 | | |
| 91,663 | | |
| 39,945 | | |
| 77,627 | | |
| 217,333 | |
Operating margin (1) | |
| 5.1 | % | |
| 9.2 | % | |
| 4.9 | % | |
| 5.0 | % | |
| 10.3 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Interest expense, net, and other | |
| 15,715 | | |
| 12,175 | | |
| 16,628 | | |
| 32,343 | | |
| 22,434 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Income before income taxes | |
| 21,967 | | |
| 79,488 | | |
| 23,317 | | |
| 45,284 | | |
| 194,899 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Income tax expense | |
| 5,730 | | |
| 18,582 | | |
| 5,989 | | |
| 11,719 | | |
| 49,883 | |
Net income | |
$ | 16,237 | | |
$ | 60,906 | | |
$ | 17,328 | | |
$ | 33,565 | | |
$ | 145,016 | |
Net income as a % of revenue | |
| 2.2 | % | |
| 6.1 | % | |
| 2.1 | % | |
| 2.1 | % | |
| 6.8 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Other comprehensive income: | |
| | | |
| | | |
| | | |
| | | |
| | |
Unrealized gains on available-for-sale securities, net, and other | |
| 182 | | |
| 50 | | |
| 84 | | |
| 266 | | |
| 196 | |
Other comprehensive income | |
| 182 | | |
| 50 | | |
| 84 | | |
| 266 | | |
| 196 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Comprehensive income | |
$ | 16,419 | | |
$ | 60,956 | | |
$ | 17,412 | | |
$ | 33,831 | | |
$ | 145,212 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net income per common share: | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.43 | | |
$ | 1.56 | | |
$ | 0.45 | | |
$ | 0.88 | | |
$ | 3.60 | |
Diluted | |
$ | 0.42 | | |
$ | 1.55 | | |
$ | 0.45 | | |
$ | 0.88 | | |
$ | 3.58 | |
Weighted average common shares outstanding: | |
| | | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 38,173 | | |
| 39,151 | | |
| 38,114 | | |
| 38,144 | | |
| 40,258 | |
Diluted | |
| 38,234 | | |
| 39,341 | | |
| 38,197 | | |
| 38,218 | | |
| 40,454 | |
AMN Healthcare Services, Inc.
Condensed Consolidated Balance Sheets
(dollars in thousands)
(unaudited)
| |
June 30, 2024 | |
December 31, 2023 | |
June 30, 2023 |
Assets | |
| | | |
| | | |
| | |
Current assets: | |
| | | |
| | | |
| | |
Cash and cash equivalents | |
$ | 48,038 | | |
$ | 32,935 | | |
$ | 7,013 | |
Accounts receivable, net | |
| 508,913 | | |
| 623,488 | | |
| 579,926 | |
Accounts receivable, subcontractor | |
| 81,296 | | |
| 117,703 | | |
| 168,231 | |
Prepaid and other current assets | |
| 66,510 | | |
| 67,559 | | |
| 52,066 | |
Total current assets | |
| 704,757 | | |
| 841,685 | | |
| 807,236 | |
Restricted cash, cash equivalents and investments | |
| 71,749 | | |
| 68,845 | | |
| 71,564 | |
Fixed assets, net | |
| 197,059 | | |
| 191,385 | | |
| 177,417 | |
Other assets | |
| 256,951 | | |
| 236,796 | | |
| 219,781 | |
Goodwill | |
| 1,116,307 | | |
| 1,111,549 | | |
| 935,779 | |
Intangible assets, net | |
| 424,504 | | |
| 474,134 | | |
| 432,366 | |
Total assets | |
$ | 2,771,327 | | |
$ | 2,924,394 | | |
$ | 2,644,143 | |
| |
| | | |
| | | |
| | |
Liabilities and stockholders’ equity | |
| | | |
| | | |
| | |
Current liabilities: | |
| | | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 283,176 | | |
$ | 343,847 | | |
$ | 327,538 | |
Accrued compensation and benefits | |
| 268,354 | | |
| 278,536 | | |
| 261,629 | |
Other current liabilities | |
| 22,360 | | |
| 33,738 | | |
| 84,548 | |
Total current liabilities | |
| 573,890 | | |
| 656,121 | | |
| 673,715 | |
Revolving credit facility | |
| 345,000 | | |
| 460,000 | | |
| 190,000 | |
Notes payable, net | |
| 845,280 | | |
| 844,688 | | |
| 844,097 | |
Deferred income taxes, net | |
| 20,551 | | |
| 23,350 | | |
| 6,986 | |
Other long-term liabilities | |
| 109,747 | | |
| 108,979 | | |
| 163,048 | |
Total liabilities | |
| 1,894,468 | | |
| 2,093,138 | | |
| 1,877,846 | |
| |
| | | |
| | | |
| | |
Commitments and contingencies | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Stockholders’ equity: | |
| 876,859 | | |
| 831,256 | | |
| 766,297 | |
| |
| | | |
| | | |
| | |
Total liabilities and stockholders’ equity | |
$ | 2,771,327 | | |
$ | 2,924,394 | | |
$ | 2,644,143 | |
AMN Healthcare Services, Inc.
Summary Condensed Consolidated Statements of Cash
Flows
(dollars in thousands)
(unaudited)
| |
Three Months Ended | |
Six Months Ended |
| |
June 30, | |
March 31, | |
June 30, |
| |
2024 | |
2023 | |
2024 | |
2024 | |
2023 |
| |
| |
| |
| |
| |
|
Net cash provided by operating activities | |
$ | 99,515 | | |
$ | 197,667 | | |
$ | 81,386 | | |
$ | 180,901 | | |
$ | 241,101 | |
Net cash used in investing activities | |
| (22,332 | ) | |
| (22,428 | ) | |
| (21,399 | ) | |
| (43,731 | ) | |
| (54,859 | ) |
Net cash used in financing activities | |
| (80,108 | ) | |
| (203,287 | ) | |
| (38,973 | ) | |
| (119,081 | ) | |
| (247,744 | ) |
Net increase (decrease) in cash, cash equivalents and restricted cash | |
| (2,925 | ) | |
| (28,048 | ) | |
| 21,014 | | |
| 18,089 | | |
| (61,502 | ) |
Cash, cash equivalents and restricted cash at beginning of period | |
| 129,287 | | |
| 104,418 | | |
| 108,273 | | |
| 108,273 | | |
| 137,872 | |
Cash, cash equivalents and restricted cash at end of period | |
$ | 126,362 | | |
$ | 76,370 | | |
$ | 129,287 | | |
$ | 126,362 | | |
$ | 76,370 | |
AMN Healthcare Services, Inc.
Non-GAAP Reconciliation Tables
(dollars in thousands, except per share data)
(unaudited)
| |
Three Months Ended | |
Six Months Ended |
| |
June 30, | |
March 31, | |
June 30, |
| |
2024 | |
2023 | |
2024 | |
2024 | |
2023 |
Reconciliation of Non-GAAP Items: | |
| |
| |
| |
| |
|
| |
| |
| |
| |
| |
|
Net income | |
$ | 16,237 | | |
$ | 60,906 | | |
$ | 17,328 | | |
$ | 33,565 | | |
$ | 145,016 | |
Income tax expense | |
| 5,730 | | |
| 18,582 | | |
| 5,989 | | |
| 11,719 | | |
| 49,883 | |
Income before income taxes | |
| 21,967 | | |
| 79,488 | | |
| 23,317 | | |
| 45,284 | | |
| 194,899 | |
Interest expense, net, and other | |
| 15,715 | | |
| 12,175 | | |
| 16,628 | | |
| 32,343 | | |
| 22,434 | |
Income from operations | |
| 37,682 | | |
| 91,663 | | |
| 39,945 | | |
| 77,627 | | |
| 217,333 | |
Depreciation and amortization | |
| 43,101 | | |
| 36,847 | | |
| 42,719 | | |
| 85,820 | | |
| 74,424 | |
Depreciation (included in cost of revenue) (2) | |
| 1,637 | | |
| 1,387 | | |
| 1,798 | | |
| 3,435 | | |
| 2,644 | |
Share-based compensation | |
| 6,357 | | |
| 4,818 | | |
| 7,739 | | |
| 14,096 | | |
| 15,136 | |
Acquisition, integration, and other costs (3) | |
| 5,310 | | |
| 6,103 | | |
| 5,465 | | |
| 10,775 | | |
| 10,845 | |
Legal settlement accrual changes (4) | |
| — | | |
| 21,000 | | |
| — | | |
| — | | |
| 21,000 | |
Adjusted EBITDA (5) | |
$ | 94,087 | | |
$ | 161,818 | | |
$ | 97,666 | | |
$ | 191,753 | | |
$ | 341,382 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Adjusted EBITDA margin (6) | |
| 12.7 | % | |
| 16.3 | % | |
| 11.9 | % | |
| 12.3 | % | |
| 16.1 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net income | |
$ | 16,237 | | |
$ | 60,906 | | |
$ | 17,328 | | |
$ | 33,565 | | |
$ | 145,016 | |
Adjustments: | |
| | | |
| | | |
| | | |
| | | |
| | |
Amortization of intangible assets | |
| 24,744 | | |
| 22,120 | | |
| 24,886 | | |
| 49,630 | | |
| 43,777 | |
Acquisition, integration, and other costs (3) | |
| 5,310 | | |
| 6,103 | | |
| 5,465 | | |
| 10,775 | | |
| 10,845 | |
Legal settlement accrual changes (4) | |
| — | | |
| 21,000 | | |
| — | | |
| — | | |
| 21,000 | |
Cumulative effect of change in accounting principle (7) | |
| — | | |
| — | | |
| — | | |
| — | | |
| 2,974 | |
Tax effect on above adjustments | |
| (7,814 | ) | |
| (12,798 | ) | |
| (7,891 | ) | |
| (15,705 | ) | |
| (20,435 | ) |
Tax effect of COLI fair value changes (8) | |
| (910 | ) | |
| (1,744 | ) | |
| (2,734 | ) | |
| (3,644 | ) | |
| (3,551 | ) |
Tax deficiencies (benefits) related to equity awards and ESPP (9) | |
| (235 | ) | |
| (1,798 | ) | |
| 174 | | |
| (61 | ) | |
| (2,480 | ) |
Adjusted net income (10) | |
$ | 37,332 | | |
$ | 93,789 | | |
$ | 37,228 | | |
$ | 74,560 | | |
$ | 197,146 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
GAAP diluted net income per share (EPS) | |
$ | 0.42 | | |
$ | 1.55 | | |
$ | 0.45 | | |
$ | 0.88 | | |
$ | 3.58 | |
Adjustments | |
| 0.56 | | |
| 0.83 | | |
| 0.52 | | |
| 1.07 | | |
| 1.29 | |
Adjusted diluted EPS (11) | |
$ | 0.98 | | |
$ | 2.38 | | |
$ | 0.97 | | |
$ | 1.95 | | |
$ | 4.87 | |
AMN Healthcare Services, Inc.
Supplemental Segment Financial and Operating Data
(dollars in thousands, except operating data)
(unaudited)
| |
Three Months Ended | |
Six Months Ended |
| |
June 30, | |
March 31, | |
June 30, |
| |
2024 | |
2023 | |
2024 | |
2024 | |
2023 |
Revenue | |
| |
| |
| |
| |
|
Nurse and allied solutions | |
$ | 442,399 | | |
$ | 689,015 | | |
$ | 519,297 | | |
$ | 961,696 | | |
$ | 1,513,495 | |
Physician and leadership solutions | |
| 186,065 | | |
| 176,229 | | |
| 188,797 | | |
| 374,862 | | |
| 341,986 | |
Technology and workforce solutions | |
| 112,221 | | |
| 126,055 | | |
| 112,784 | | |
| 225,005 | | |
| 262,041 | |
| |
$ | 740,685 | | |
$ | 991,299 | | |
$ | 820,878 | | |
$ | 1,561,563 | | |
$ | 2,117,522 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Segment operating income (12) | |
| | | |
| | | |
| | | |
| | | |
| | |
Nurse and allied solutions | |
$ | 46,207 | | |
$ | 102,993 | | |
$ | 53,342 | | |
$ | 99,549 | | |
$ | 216,438 | |
Physician and leadership solutions | |
| 21,661 | | |
| 26,456 | | |
| 22,222 | | |
| 43,883 | | |
| 51,556 | |
Technology and workforce solutions | |
| 47,259 | | |
| 55,623 | | |
| 44,270 | | |
| 91,529 | | |
| 122,633 | |
| |
| 115,127 | | |
| 185,072 | | |
| 119,834 | | |
| 234,961 | | |
| 390,627 | |
Unallocated corporate overhead (13) | |
| 21,040 | | |
| 23,254 | | |
| 22,168 | | |
| 43,208 | | |
| 49,245 | |
Adjusted EBITDA (5) | |
$ | 94,087 | | |
$ | 161,818 | | |
$ | 97,666 | | |
$ | 191,753 | | |
$ | 341,382 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Gross Margin | |
| | | |
| | | |
| | | |
| | | |
| | |
Nurse and allied solutions | |
| 23.8 | % | |
| 26.7 | % | |
| 25.1 | % | |
| 24.5 | % | |
| 26.3 | % |
Physician and leadership solutions | |
| 30.5 | % | |
| 35.1 | % | |
| 31.6 | % | |
| 31.0 | % | |
| 35.2 | % |
Technology and workforce solutions | |
| 60.2 | % | |
| 66.7 | % | |
| 59.9 | % | |
| 60.0 | % | |
| 69.2 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Operating Data: | |
| | | |
| | | |
| | | |
| | | |
| | |
Nurse and allied solutions | |
| | | |
| | | |
| | | |
| | | |
| | |
Average travelers on assignment (14) | |
| 10,302 | | |
| 13,597 | | |
| 11,524 | | |
| 10,913 | | |
| 14,359 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Physician and leadership solutions | |
| | | |
| | | |
| | | |
| | | |
| | |
Days filled (15) | |
| 56,244 | | |
| 49,976 | | |
| 56,849 | | |
| 113,093 | | |
| 96,876 | |
Revenue per day filled (16) | |
$ | 2,538 | | |
$ | 2,439 | | |
$ | 2,555 | | |
$ | 2,546 | | |
$ | 2,360 | |
| |
As of June 30, | |
As of December 31, |
| |
2024 | |
2023 | |
2023 |
Leverage ratio (17) | |
| 2.6 | | |
| 1.5 | | |
| 2.2 | |
AMN Healthcare Services, Inc.
Additional Supplemental Non-GAAP Disclosure
Reconciliation of Guidance Operating Margin to Guidance
Adjusted EBITDA Margin
(unaudited)
| |
Three Months Ended |
| |
September 30, 2024 |
| |
| Low(18) | | |
| High(18) | |
| |
| | | |
| | |
Operating margin | |
| 2.1 | % | |
| 2.9 | % |
Depreciation and amortization (total) | |
| 6.6 | % | |
| 6.4 | % |
EBITDA margin | |
| 8.7 | % | |
| 9.3 | % |
Share-based compensation | |
| 0.9 | % | |
| 0.9 | % |
Acquisition, integration, and other costs | |
| 0.9 | % | |
| 0.9 | % |
Adjusted EBITDA margin | |
| 10.6 | % | |
| 11.1 | % |
| (1) | Operating margin represents income from operations divided by revenue. |
| (2) | A portion of depreciation expense for AMN Language Services is included in cost of revenue. We exclude
the impact of depreciation included in cost of revenue from the calculation of adjusted EBITDA. |
| (3) | Acquisition, integration, and other costs include acquisition and integration costs, net changes in the
fair value of contingent consideration liabilities for recently acquired companies, certain legal expenses, restructuring expenses and
other costs associated with exit or disposal activities, and certain nonrecurring expenses, which we exclude from the calculation of adjusted
EBITDA, adjusted net income, and adjusted diluted EPS because we believe that these expenses are not indicative of the Company’s
operating performance. For the three and six months ended June 30, 2024, acquisition and integration costs were approximately $0.7 million
and $1.5 million, respectively, expenses related to the closures of certain office leases were approximately $0.6 million and $1.1 million,
respectively, certain legal expenses of approximately $2.1 million and $3.3 million, respectively, restructuring expenses and
other costs associated with exit or disposal activities were approximately $2.0 million and $3.0 million, respectively, and
other nonrecurring expenses were approximately $2.3 million and $4.3 million, respectively. Additionally, the aforementioned
costs for the three and six months ended June 30, 2024 were partially offset by an immaterial out-of-period adjustment of $2.4 million
related to acquisition-related costs incurred in connection with the acquisition of MSDR. For the three and six months ended June 30,
2023, acquisition and integration costs were approximately $1.0 million and $2.0 million, respectively, expenses related to
the closures of certain office leases were approximately $0.9 million and $2.0 million, respectively, increases in contingent
consideration liabilities for recently acquired companies were approximately $2.4 million, restructuring expenses and other costs
associated with exit or disposal activities were approximately $1.7 million and $3.5 million, respectively, and other nonrecurring
expenses were approximately $0.1 million and $(0.1) million, respectively. Additionally, acquisition, integration, and other
costs for the six months ended June 30, 2023 included certain legal expenses of approximately $1.0 million. |
| (4) | During the three months ended June 30, 2023, the Company recorded an increase to its legal accrual for
a wage and hour claim in connection with reaching an agreement to settle the matter in its entirety. Since the settlement is largely unrelated
to the Company's operating performance, we excluded its impact in the calculations of adjusted EBITDA, adjusted net income, and adjusted
diluted EPS. |
| (5) | Adjusted EBITDA represents net income plus interest expense (net of interest income) and other, income
tax expense (benefit), depreciation and amortization, depreciation (included in cost of revenue), acquisition, integration, and other
costs, restructuring expenses, certain legal expenses, and share-based compensation. Management believes that adjusted EBITDA provides
an effective measure of the Company’s results, as it excludes certain items that management believes are not indicative of the Company’s
operating performance. Adjusted EBITDA is not intended to represent cash flows for the period, nor has it been presented as an alternative
to income from operations or net income as an indicator of operating performance. Although management believes that some of the items
excluded from adjusted EBITDA are not indicative of the Company’s operating performance, these items do impact the statement of
comprehensive income, and management therefore utilizes adjusted EBITDA as an operating performance measure in conjunction with GAAP measures
such as net income. |
| (6) | Adjusted EBITDA margin represents adjusted EBITDA divided by revenue. |
| (7) | As a result of a change in accounting principle on January 1, 2023 related to forfeitures of share-based
awards, the Company recognized the cumulative effect of the change in share-based compensation expense during the six months ended June
30, 2023. The cumulative effect of the change in accounting principle is immaterial to prior periods and, therefore, was recognized in
the period of the change. Since the cumulative effect is unrelated to the Company’s operating performance for the six months ended
June 30, 2023, we excluded its impact in the calculation of adjusted net income and adjusted diluted EPS. |
| (8) | The Company records net tax expense (benefit) related to the income tax treatment of the fair value changes
in the cash surrender value of its company owned life insurance. Since this change in fair value is unrelated to the Company’s operating
performance, we excluded the impact on adjusted net income and adjusted diluted EPS. |
| (9) | The consolidated effective tax rate is affected by the recording of tax
benefits and tax deficiencies relating to equity awards vested during the period and tax benefits recognized for disqualifying dispositions
related to our employee stock purchase plan (“ESPP”).
The magnitude of the impact of tax benefits and tax deficiencies generated in the future related to equity awards and ESPP is dependent
upon the Company’s future grants of share-based compensation, the Company’s future stock price on the date equity awards vest
in relation to the fair value of the awards on the grant date, the Company’s future stock price on either the ESPP’s offering
date or purchase date, whichever is lower, and the length of time the shares issued under the ESPP are held by |
employees. Since these tax benefits and
tax deficiencies related to equity awards and ESPP are largely unrelated to our income before taxes and are unrepresentative of our normal
effective tax rate, we excluded their impact in the calculation of adjusted net income and adjusted diluted EPS.
| (10) | Adjusted net income represents GAAP net income excluding the impact of the (A) amortization of intangible
assets, (B) acquisition, integration, and other costs, (C) certain legal expenses, (D) changes in fair value of equity investments and
instruments, (E) deferred financing related costs, (F) cumulative effect of change in accounting principle, (G) tax effect, if any, of
the foregoing adjustments, (H) excess tax benefits and tax deficiencies relating to equity awards vested and ESPP, (I) net tax expense
(benefit) related to the income tax treatment of fair value changes in the cash surrender value of its company owned life insurance, and
(J) restructuring tax benefits. Management included this non-GAAP measure to provide investors and prospective investors with an alternative
method for assessing the Company’s operating results in a manner that is focused on its operating performance and to provide a more
consistent basis for comparison between periods. However, investors and prospective investors should note that this non-GAAP measure involves
judgment by management (in particular, judgment as to what is classified as a special item to be excluded in the calculation of adjusted
net income). Although management believes the items in the calculation of adjusted net income are not indicative of the Company’s
operating performance, these items do impact the statement of comprehensive income, and management therefore utilizes adjusted net income
as an operating performance measure in conjunction with GAAP measures such as GAAP net income. |
| (11) | Adjusted diluted EPS represents adjusted net income divided by diluted weighted average common shares
outstanding. Management included this non-GAAP measure to provide investors and prospective investors with an alternative method for assessing
the Company’s operating results in a manner that is focused on its operating performance and to provide a more consistent basis
for comparison between periods. However, investors and prospective investors should note that this non-GAAP measure involves judgment
by management (in particular, judgment as to what is classified as a special item to be excluded in the calculation of adjusted net income).
Although management believes the items in the calculation of adjusted net income are not indicative of the Company’s operating performance,
these items do impact the statement of comprehensive income, and management therefore utilizes adjusted diluted EPS as an operating performance
measure in conjunction with GAAP measures such as GAAP diluted EPS. |
| (12) | Segment operating income represents net income plus interest expense (net of interest income) and other,
income tax expense (benefit), depreciation and amortization, depreciation (included in cost of revenue), unallocated corporate overhead,
acquisition, integration, and other costs, legal settlement accrual changes, and share-based compensation. |
| (13) | Unallocated corporate overhead (as presented in the tables above) consists of unallocated corporate overhead
(as reflected in our quarterly and annual financial statements filed with the SEC) less acquisition, integration, and other costs and
legal settlement accrual changes. |
| (14) | Average travelers on assignment represents the average number of nurse and allied healthcare professionals
on assignment during the period presented. |
| (15) | Days filled is calculated by dividing the locum tenens hours filled during the period by eight hours. |
| (16) | Revenue per day filled represents revenue of the Company’s locum tenens business divided by days
filled for the period presented. |
| (17) | Leverage ratio represents the ratio of the consolidated funded indebtedness (as calculated per the Company’s
credit agreement) at the end of the subject period to the consolidated adjusted EBITDA (as calculated per the Company’s credit agreement)
for the 12-month period ended at the end of the subject period. |
| (18) | Guidance percentage metrics are approximate. |
v3.24.2.u1
Cover
|
Aug. 08, 2024 |
Cover [Abstract] |
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AMN HEALTHCARE SERVICES, INC.
|
Entity Central Index Key |
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Entity Tax Identification Number |
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