SAN DIEGO, Feb. 16, 2017 /PRNewswire/ -- AMN Healthcare
Services, Inc. (NYSE: AMN), healthcare's leader and innovator in
workforce solutions and staffing services, today announced its
fourth quarter and full year 2016 financial results. Financial
highlights are as follows:
|
Dollars in millions,
except per share amounts.
|
|
|
Q4
2016
|
%
Change
Q4
2015
|
Full Year
2016
|
% Change
Full Year
2015
|
|
Revenue
|
$487.9
|
21%
|
$1,902.2
|
30%
|
|
Gross
profit
|
$158.6
|
20%
|
$619.7
|
32%
|
|
Net income
|
$26.4
|
31%
|
$105.8
|
29%
|
|
Diluted
EPS
|
$0.54
|
32%
|
$2.15
|
28%
|
|
Adj. diluted
EPS*
|
$0.62
|
32%
|
$2.44
|
49%
|
|
Adjusted
EBITDA*
|
$60.9
|
30%
|
$236.9
|
43%
|
|
|
* See "Non-GAAP
Measures" below for a discussion of our use of non-GAAP items and
the table entitled "Supplemental Financial and Operating Data" for
a reconciliation of non-GAAP items.
|
Highlights
- AMN Healthcare delivered another record year of revenue and
earnings and continued to expand its position as the leading
provider of healthcare workforce and staffing solutions.
- Full year revenue increased by 30%, driven by organic growth of
17%; adjusted EBITDA margin of 12.5% reflected a 120 basis point
increase from prior year.
- Fourth quarter consolidated revenue of $488 million increased 21% year-over-year, with
10% organic growth; adjusted EBITDA grew 30% year-over-year with a
90 basis point margin increase.
- Operating cash flow for the fourth quarter was $47 million and $132
million for the full year 2016, a 134% increase compared to
the full year 2015.
- The Company repurchased 443,353 shares during the fourth
quarter at an average price of $29.88.
"2016 was another very successful year for AMN Healthcare. In
addition to our strong financial performance, we made great strides
in advancing our long-term strategy. We completed the
integrations of B.E. Smith,
HealthSource Global and Peak Health Solutions, allowing AMN to
become an even more comprehensive, value-added workforce partner to
our clients," said Susan R. Salka,
President and Chief Executive Officer of AMN Healthcare. "Our
strong performance in the fourth quarter and throughout the year
positions us well for the future and led to a total shareholder
return of 24% for 2016."
Ms. Salka added, "Our businesses operate in a dynamic healthcare
market with favorable long-term macro drivers, providing us the
confidence to continue making investments to ensure we are the best
and most innovative partner to help our clients optimize their
workforce and achieve their financial and patient care
goals."
Fourth Quarter 2016 Results
Consolidated revenue for the quarter was $488 million, an increase of 21% year-over-year,
including 10% organic growth.
Revenue for the Nurse and Allied Solutions segment was
$308 million, which is 17% higher
year-over-year and 7% higher sequentially. The Travel Nurse
division continued with strong performance, with revenue up 15%
year-over-year and 4% sequentially. The Allied division revenue
increased 12% year-over-year and 2% sequentially. Along with 12%
year-over-year organic revenue growth, the quarter also included
higher than projected labor disruption revenue.
Locum Tenens Solutions segment revenue was $104 million, an increase of 5% year-over-year.
Revenue was down 4% sequentially, in line with typical
seasonality.
The Other Workforce Solutions segment revenue was $76 million, an increase of 89% year-over-year
and down 1% sequentially, with the year-over-year growth driven by
acquisitions during the year and growth in our vendor management
solutions (VMS), interim nurse leadership, and workforce
optimization businesses.
Gross margin was 32.5%, which is 20 basis points lower
year-over-year and sequentially.
SG&A expenses were $101
million, or 20.7% of revenue, compared to $90 million, or 22.4% of revenue, in the same
quarter last year and $100 million,
or 21.2% of revenue, in the previous quarter. The year-over-year
170 basis point decline in SG&A as a percentage of revenue was
driven by improved operating leverage.
Net income was $26 million, or
$0.54 per diluted share, compared to
$20 million, or $0.41 per diluted share, in the same quarter last
year. Excluding amortization of intangible assets, acquisition and
integration costs and debt refinancing related costs, net of tax,
adjusted net income per diluted share was $0.62. Adjusted EBITDA was $61 million, a year-over-year increase of 30%.
Adjusted EBITDA margin was 12.5%, representing a 90 basis point
increase year-over-year and a 20 basis point increase
sequentially.
During the fourth quarter of 2016, the Company repurchased
443,353 shares of our common stock at an average price of
$29.88 per share, resulting in an
aggregate purchase price of $13
million.
Full Year 2016 Results
Full year 2016 consolidated revenue was $1,902 million, an increase of 30% from prior
year. Nurse and Allied Solutions segment revenue was $1,185 million, a year-over-year increase of 24%.
Locum Tenens Solutions segment revenue was $424 million, a year-over-year increase of 10%.
Other Workforce Solutions segment revenue was $293 million, a year-over-year increase of
135%.
Full year gross margin was 32.6% as compared to 32.1% for prior
year. The increase was due to growth in the higher margin Other
Workforce Solutions segment and higher bill-to-pay spreads in the
Locum Tenens Solutions segment, partially offset by higher direct
costs in the Nurse and Allied Solutions segment during 2016.
Full year SG&A expenses were $398
million, representing 20.9% of revenue as compared to 21.8%
for the prior year. The decrease in SG&A margin was due
primarily to operating leverage on the revenue growth.
Full year net income was $106
million. Full year net income per diluted common share was
$2.15. Excluding amortization of
intangible assets, acquisition and integration costs and debt
refinancing related costs incurred during the year, net of tax,
adjusted net income per diluted common share was $2.44. Full year adjusted EBITDA grew 43% to
$237 million. Full year adjusted
EBITDA margin of 12.5% represented a 120 basis point increase over
prior year.
At December 31, 2016, cash and
cash equivalents totaled $11 million.
Cash flow from operations was $47
million for the quarter and $132
million for the full year. Capital expenditures were
$4 million in the quarter and
$22 million for the year. The Company
ended the year with total debt outstanding of $369 million, with a leverage ratio as calculated
in accordance with the Company's credit agreement of 1.6 to 1.
First-Quarter 2017 Outlook
|
Metric
|
Guidance*
|
|
Consolidated
revenue
|
$489 - $495
MM
|
|
Gross
margin
|
32.5%
|
|
SG&A as
percentage of revenue
|
20.5%
|
|
Adjusted EBITDA
margin
|
12.5%
|
|
|
*Note: Guidance
percentage metrics are approximate. No significant labor disruption
revenues are projected for this quarter. For a reconciliation
of adjusted EBITDA margin, see the table entitled "Reconciliation
of Guidance Adjusted EBITDA Margin to Guidance Operating Margin"
below.
|
Conference Call on February 16,
2017
AMN Healthcare Services, Inc. (NYSE: AMN), healthcare's leader
and innovator in workforce solutions and staffing services, will
host a conference call to discuss its fourth quarter 2016 financial
results on Thursday, February 16,
2017 at 5:00 p.m. Eastern
Time. A live webcast of the call can be accessed through AMN
Healthcare's website at
http://amnhealthcare.investorroom.com/presentations. Please log in
at least 10 minutes prior to the conference call in order to
download the applicable audio software. Interested parties may
participate live via telephone by dialing (800) 230-1059 in the
U.S. or (612) 234-9960 internationally. Following the conclusion of
the call, a replay of the webcast will be available at the
Company's website. Alternatively, a telephonic replay of the call
will be available starting at 7:30 p.m.
Eastern Time on February 16,
2017, and can be accessed until 11:59
p.m. Eastern Time on March 2,
2017 by calling (800) 475-6701 in the U.S. or (320) 365-3844
internationally, with access code 415736.
About AMN Healthcare
AMN Healthcare is the leader and innovator in healthcare
workforce solutions and staffing services to healthcare facilities
across the nation. The Company provides unparalleled 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
delivers managed services programs, healthcare executive search
solutions, vendor management systems, recruitment process
outsourcing, predictive modeling, medical coding and consulting,
and other services. Clients include acute-care hospitals, community
health centers and clinics, physician practice groups, retail and
urgent care centers, home health facilities and many other
healthcare settings.
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://amnhealthcare.investorroom.com/emailalerts.
Non-GAAP Measures
This earnings release contains 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 and (3) adjusted diluted EPS. The
Company provides such non-GAAP financial measures because
management believes that they are useful both to 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 and allocating
resources. 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 "Supplemental Financial and Operating
Data" under the caption entitled "Reconciliation of Non-GAAP Items"
and the footnotes thereto or on the Company's website at
http://amnhealthcare.investorroom.com/financialreports.
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. Such statements include expectations regarding the
Company's 2017 first quarter revenue, gross margin, SG&A
expenses as a percentage of revenue, and adjusted EBITDA margin.
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 identified by words such as
"believe," "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. Factors
that could cause actual results to differ from those implied by the
forward-looking statements contained in this press release are set
forth in the Company's Annual Report on Form 10-K for the year
ended December 31, 2015 and its other
periodic reports as well as the Company's current and other reports
filed from time to time with the Securities and Exchange
Commission. Be advised that developments subsequent to this press
release are likely to cause these statements to become
outdated.
Contact:
Neil
Thomas
Senior Director, Investor Relations
866.861.3229
|
AMN Healthcare
Services, Inc.
|
|
Condensed
Consolidated Statements of Comprehensive Income
|
|
(in thousands,
except per share amounts)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
2016
|
2015
|
|
2016
|
|
2016
|
2015
|
|
Revenue
|
$
487,858
|
$
402,552
|
|
$
472,636
|
|
$1,902,225
|
$1,463,065
|
|
Cost of
revenue
|
329,252
|
270,748
|
|
318,169
|
|
1,282,501
|
993,702
|
|
Gross
profit
|
158,606
|
131,804
|
|
154,467
|
|
619,724
|
469,363
|
|
Gross
margin
|
32.5%
|
32.7%
|
|
32.7%
|
|
32.6%
|
32.1%
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling, general and
administrative (SG&A)
|
101,113
|
90,154
|
|
99,995
|
|
398,472
|
319,531
|
|
SG&A as a % of
revenue
|
20.7%
|
22.4%
|
|
21.2%
|
|
20.9%
|
21.8%
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
7,732
|
5,322
|
|
7,789
|
|
29,620
|
20,953
|
|
Total operating
expenses
|
108,845
|
95,476
|
|
107,784
|
|
428,092
|
340,484
|
|
Income from
operations
|
49,761
|
36,328
|
|
46,683
|
|
191,632
|
128,879
|
|
Operating margin
(1)
|
10.2%
|
9.0%
|
|
9.9%
|
|
10.1%
|
8.8%
|
|
|
|
|
|
|
|
|
|
Interest expense,
net, and other
|
6,400
|
1,993
|
|
3,016
|
|
15,465
|
7,790
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
43,361
|
34,335
|
|
43,667
|
|
176,167
|
121,089
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
17,010
|
14,170
|
|
16,371
|
|
70,329
|
39,198
|
|
Net income
|
$
26,351
|
$
20,165
|
|
$
27,296
|
|
$
105,838
|
$
81,891
|
|
Net income as a % of
revenue
|
5.4%
|
5.0%
|
|
5.8%
|
|
5.6%
|
5.6%
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
Foreign currency
translation
|
102
|
33
|
|
40
|
|
267
|
75
|
|
Unrealized gain
(loss) on cash flow hedge, net of income taxes
|
260
|
429
|
|
231
|
|
(83)
|
98
|
|
Other comprehensive
income
|
362
|
462
|
|
271
|
|
184
|
173
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
$
26,713
|
$
20,627
|
|
$
27,567
|
|
$
106,022
|
$
82,064
|
|
|
|
|
|
|
|
|
|
Net income per common
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.55
|
$
0.42
|
|
$
0.57
|
|
$
2.21
|
$
1.72
|
|
Diluted
|
$
0.54
|
$
0.41
|
|
$
0.55
|
|
$
2.15
|
$
1.68
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
47,806
|
47,699
|
|
48,049
|
|
47,946
|
47,525
|
|
Diluted
|
49,208
|
49,157
|
|
49,410
|
|
49,267
|
48,843
|
|
AMN Healthcare
Services, Inc.
|
|
Supplemental
Financial and Operating Data
|
|
(dollars in
thousands, except per share data and revenue per
day)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Twelve Months
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
|
2016
|
|
2015
(2)
|
|
|
2016
|
|
|
2016
|
|
2015
(2)
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nurse and
allied solutions
|
$
|
307,898
|
$
|
263,019
|
|
$
|
286,810
|
|
$
|
1,185,095
|
$
|
953,253
|
|
Locum tenens
solutions
|
|
103,822
|
|
99,256
|
|
|
108,553
|
|
|
424,242
|
|
385,091
|
|
Other
workforce solutions
|
|
76,138
|
|
40,277
|
|
|
77,273
|
|
|
292,888
|
|
124,721
|
|
$
|
487,858
|
$
|
402,552
|
|
$
|
472,636
|
|
$
|
1,902,225
|
$
|
1,463,065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP Items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
income (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nurse and
allied solutions
|
$
|
43,262
|
$
|
33,094
|
|
$
|
37,396
|
|
$
|
161,779
|
$
|
123,969
|
|
Locum tenens
solutions
|
|
15,123
|
|
13,869
|
|
|
14,026
|
|
|
58,757
|
|
48,011
|
|
Other
workforce solutions
|
|
21,139
|
|
11,993
|
|
|
20,867
|
|
|
77,450
|
|
40,390
|
|
|
79,524
|
|
58,956
|
|
|
72,289
|
|
|
297,986
|
|
212,370
|
|
Unallocated corporate overhead
|
|
18,649
|
|
12,101
|
|
|
14,235
|
|
|
61,109
|
|
47,194
|
|
Adjusted EBITDA
(4)
|
|
60,875
|
|
46,855
|
|
|
58,054
|
|
|
236,877
|
|
165,176
|
|
Adjusted EBITDA
margin (5)
|
|
12.5%
|
|
11.6%
|
|
|
12.3%
|
|
|
12.5%
|
|
11.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
7,732
|
|
5,322
|
|
|
7,789
|
|
|
29,620
|
|
20,953
|
|
Share-based
compensation
|
|
2,604
|
|
3,733
|
|
|
2,704
|
|
|
11,399
|
|
10,284
|
|
Acquisition and
integration costs
|
|
778
|
|
1,472
|
|
|
878
|
|
|
4,226
|
|
5,060
|
|
Income from
operations
|
|
49,761
|
|
36,328
|
|
|
46,683
|
|
|
191,632
|
|
128,879
|
|
Interest expense,
net, and other
|
|
6,400
|
|
1,993
|
|
|
3,016
|
|
|
15,465
|
|
7,790
|
|
Income before income
taxes
|
|
43,361
|
|
34,335
|
|
|
43,667
|
|
|
176,167
|
|
121,089
|
|
Income tax expense
|
|
17,010
|
|
14,170
|
|
|
16,371
|
|
|
70,329
|
|
39,198
|
|
Net income
|
$
|
26,351
|
$
|
20,165
|
|
$
|
27,296
|
|
$
|
105,838
|
$
|
81,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted net
income per share (EPS)
|
$
|
0.54
|
$
|
0.41
|
|
$
|
0.55
|
|
$
|
2.15
|
$
|
1.68
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets
|
|
0.10
|
|
0.06
|
|
|
0.09
|
|
|
0.37
|
|
0.24
|
|
Acquisition and integration costs
|
|
0.01
|
|
0.03
|
|
|
0.02
|
|
|
0.09
|
|
0.10
|
|
IRS
adjustment
|
|
0.00
|
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
(0.25)
|
|
Debt
financing related costs
|
|
0.02
|
|
0.00
|
|
|
0.00
|
|
|
0.02
|
|
0.00
|
|
Tax
effect of adjustments
|
|
(0.05)
|
|
(0.03)
|
|
|
(0.04)
|
|
|
(0.19)
|
|
(0.13)
|
|
Adjusted diluted EPS
(6)
|
$
|
0.62
|
$
|
0.47
|
|
$
|
0.62
|
|
$
|
2.44
|
$
|
1.64
|
|
Three Months
Ended
|
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
|
September
30,
|
|
|
December
31,
|
|
|
2016
|
|
2015(2)
|
|
|
2016
|
|
|
2016
|
|
2015(2)
|
|
Gross
Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nurse
and allied solutions
|
|
27.3%
|
|
27.1%
|
|
|
26.7%
|
|
|
26.9%
|
|
27.1%
|
|
Locum
tenens solutions
|
|
30.8%
|
|
31.2%
|
|
|
31.2%
|
|
|
31.1%
|
|
30.2%
|
|
Other
workforce solutions
|
|
55.7%
|
|
73.6%
|
|
|
56.7%
|
|
|
57.8%
|
|
75.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nurse and allied
solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average healthcare
professionals on assignment – consolidated
(7)
|
|
8,764
|
|
8,032
|
|
|
8,458
|
|
|
8,508
|
|
7,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Locum tenens
solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Days filled (8)
|
|
57,008
|
|
55,929
|
|
|
59,612
|
|
|
235,854
|
|
229,300
|
|
Revenue per day filled (9)
|
|
$1,821
|
|
$1,775
|
|
|
$1,821
|
|
|
$1,799
|
|
$1,679
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31,
|
|
As of September
30,
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
2016
|
|
|
|
|
Leverage ratio
(10)
|
|
1.6
|
|
1.4
|
|
|
|
1.7
|
|
|
|
|
AMN
Healthcare Services, Inc.
|
|
Condensed
Consolidated Balance Sheets
|
|
(dollars in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
2016
|
|
2016
|
|
2015
|
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
10,622
|
|
$
15,708
|
|
$
9,576
|
|
Accounts receivable,
net
|
341,977
|
|
331,220
|
|
277,996
|
|
Accounts receivable,
subcontractor
|
49,233
|
|
42,094
|
|
50,807
|
|
Prepaid and other
current assets
|
48,796
|
|
44,635
|
|
37,249
|
|
Total current
assets
|
450,628
|
|
433,657
|
|
375,628
|
|
|
|
|
|
|
|
Restricted cash, cash
equivalents
and
investments
|
31,287
|
|
28,222
|
|
27,352
|
|
Fixed assets,
net
|
59,954
|
|
57,965
|
|
50,134
|
|
Other
assets
|
57,534
|
|
57,296
|
|
47,569
|
|
Goodwill
|
341,754
|
|
342,174
|
|
204,779
|
|
Intangible assets,
net
|
245,724
|
|
250,455
|
|
174,970
|
|
|
|
|
|
|
|
Total
assets
|
$ 1,186,881
|
|
$ 1,169,769
|
|
$ 880,432
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts payable and
accrued expenses
|
$ 137,512
|
|
$ 118,289
|
|
$ 118,822
|
|
Accrued compensation
and benefits
|
107,993
|
|
99,629
|
|
83,701
|
|
Current portion of
revolving credit facility
|
‒‒
|
|
‒‒
|
|
30,000
|
|
Current portion of
notes payable
|
3,750
|
|
3,750
|
|
7,500
|
|
Deferred
revenue
|
8,924
|
|
8,446
|
|
5,620
|
|
Other current
liabilities
|
16,661
|
|
9,962
|
|
5,374
|
|
Total current
liabilities
|
274,790
|
|
240,076
|
|
251,017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving credit
facility
|
‒‒
|
|
182,500
|
|
52,500
|
|
Notes payable, less
unamortized fees
|
359,192
|
|
198,793
|
|
128,490
|
|
Deferred income
taxes, net
|
21,420
|
|
28,278
|
|
22,431
|
|
Other long-term
liabilities
|
82,096
|
|
86,949
|
|
78,134
|
|
Total
liabilities
|
737,498
|
|
736,596
|
|
532,572
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
449,383
|
|
433,173
|
|
347,860
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$ 1,186,881
|
|
$ 1,169,769
|
|
$ 880,432
|
|
|
|
|
|
|
|
AMN Healthcare
Services, Inc.
|
|
Summary Condensed
Consolidated Statements of Cash Flows
|
|
(dollars in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
2016
|
2015
|
|
2016
|
|
2016
|
2015
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
47,031
|
$
676
|
|
$
29,540
|
|
$ 131,851
|
$
56,313
|
|
|
|
|
|
|
|
|
|
Net cash used
in investing activities
|
(16,091)
|
(10,451)
|
|
(8,117)
|
|
(257,362)
|
(116,085)
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) financing activities
|
(36,128)
|
4,910
|
|
(26,817)
|
|
126,290
|
56,200
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rates on cash
|
102
|
33
|
|
40
|
|
267
|
75
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
(5,086)
|
(4,832)
|
|
(5,354)
|
|
1,046
|
(3,497)
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
15,708
|
14,408
|
|
21,062
|
|
9,576
|
13,073
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
$
10,622
|
$
9,576
|
|
$
15,708
|
|
$
10,622
|
$
9,576
|
|
AMN Healthcare
Services, Inc.
|
|
Additional
Supplemental Non-GAAP Disclosures
|
|
Reconciliation of
Guidance Adjusted EBITDA Margin to
|
|
Guidance Operating
Margin
|
|
(unaudited)
|
|
|
|
Three Months
Ending
|
|
March 31,
2017
|
|
|
|
Adjusted EBITDA
margin
|
12.5%
(11)
|
|
Deduct:
|
|
|
Share-based
compensation
|
0.5%
|
|
Acquisition and
integration costs
|
0.1%
|
|
EBITDA
margin
|
11.9%
|
|
Depreciation and
amortization
|
1.6%
|
|
Operating
margin
|
10.3%
|
|
(1)
|
Operating margin
represents income from operations divided by revenue.
|
|
(2)
|
Effective as of
January 1, 2016, we modified our reportable segments. We previously
utilized three reportable segments, which we identified as follows:
(a) nurse and allied healthcare staffing, (b) locum tenens staffing
and (c) physician permanent placement services. In light of our
acquisitions over the past several years as well as our transition
to a healthcare workforce solutions company, our management renamed
our three reportable segments and also placed several of our
business lines that were in our nurse and allied healthcare
staffing segment into a different segment to better reflect how the
business is evaluated by our chief operating decision maker. As of
January 1, 2016, we began to disclose the following three
reportable segments: (a) nurse and allied solutions, (b) locum
tenens solutions, and (c) other workforce solutions. The nurse and
allied solutions segment consists of our travel nurse, allied,
local and labor disruption and rapid response staffing businesses.
The locum tenens solutions segment consists of our locum tenens
staffing business. The other workforce solutions segment consists
of our healthcare interim leadership staffing and executive search
services business, physician permanent placement services business,
recruitment process outsourcing business, vendor management systems
business, workforce optimization services business, medical coding
and related consulting business, and our education business. Prior
period data has been reclassified to conform to the new segment
reporting structure.
|
|
(3)
|
Segment operating
income represents net income plus interest expense (net of interest
income) and other, income tax expense, depreciation and
amortization, unallocated corporate overhead, acquisition and
integration costs and share-based compensation.
|
|
(4)
|
Adjusted EBITDA
represents net income plus interest expense (net of interest
income) and other, income tax expense, depreciation and
amortization, acquisition and integration costs 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 and is a measure used in credit facilities
and the indenture governing our 5.125% Senior Notes due 2024.
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.
|
|
(5)
|
Adjusted EBITDA
margin represents adjusted EBITDA divided by revenue.
|
|
(6)
|
Adjusted diluted EPS
represents GAAP diluted EPS excluding the impact of (A)
amortization of intangible assets, (B) acquisition and integration
costs, (C) IRS adjustment, (D) debt financing related costs, and
(E) tax effect, if any, of the foregoing adjustments. 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 from adjusted diluted EPS). Although
management believes the items excluded from adjusted diluted EPS
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.
|
|
(7)
|
Average healthcare
professionals on assignment represents the average number of nurse
and allied healthcare professionals on assignment during the period
presented.
|
|
(8)
|
Days filled is
calculated by dividing the locum tenens hours filled during the
period by eight hours.
|
|
(9)
|
Revenue per day
filled represents revenue of the Company's locum tenens solutions
segment divided by days filled for the period presented.
|
|
(10)
|
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 twelve month period
ended at the end of the subject period.
|
|
(11)
|
Guidance percentage
metrics are approximate. No significant labor disruption revenues
are projected for this quarter.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/amn-healthcare-announces-fourth-quarter-and-full-year-2016-results-300409071.html
SOURCE AMN Healthcare Services, Inc.