SAN DIEGO, Aug. 4, 2016 /PRNewswire/ -- AMN Healthcare
Services, Inc. (NYSE: AHS), healthcare's leader and innovator in
workforce solutions and staffing services, today announced its
second-quarter 2016 financial results, which exceeded the Company's
guidance. Financial highlights are as follows:
Dollars in millions, except per share amounts.
|
Q2
2016
|
%
Change
Q2
2015
|
YTD June 30,
2016
|
% change
YTD June 30,
2015
|
Revenue
|
$473.7
|
35%
|
$941.7
|
39%
|
Gross
profit
|
$154.8
|
41%
|
$306.7
|
45%
|
Net income
|
$26.3
|
66%
|
$52.2
|
86%
|
Diluted
EPS
|
$0.53
|
66%
|
$1.06
|
83%
|
Adjusted diluted
EPS*
|
$0.61
|
61%
|
$1.20
|
74%
|
Adjusted
EBITDA*
|
$59.3
|
50%
|
$117.9
|
62%
|
* 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.
|
Second-Quarter 2016 Highlights
- Revenue grew 35% year-over-year driven by 19% organic growth
and the remainder from acquisitions.
- Solid demand and operating metrics continued throughout the
quarter, with the strongest growth in the Nurse and Allied
Solutions segment.
- Net income of $26.3 million was
66% higher year-over-year and adjusted EBITDA margin was 12.5%,
reflecting a 130 basis point increase year-over-year, driven by
gross margin expansion.
- Diluted EPS of $0.53 grew 66% and
adjusted diluted EPS of $0.61 grew
61% year-over-year.
- The acquisition of Peak Health Solutions, completed in
June 2016, expands AMN's service
offerings into medical coding and consulting.
"The AMN Healthcare team delivered another record quarter of
revenue and earnings due to a strong market environment and
tremendous execution to address our client's critical and evolving
workforce needs. In addition to the strong demand for staffing and
placement services, we continue to increase the penetration of our
workforce solutions, in particular MSP, VMS and workforce
optimization services," said Susan R.
Salka, President and Chief Executive Officer of AMN
Healthcare. "The desire to build strategic partnerships and rising
level of sophistication within healthcare creates great opportunity
for AMN to partner with our clients to deliver cost effective,
quality patient care."
Second-Quarter 2016 Results
Consolidated revenue was $474
million, an increase of 35% from the same quarter last year,
driven by 19% organic growth; revenue increased 1% sequentially.
Revenue for the Nurse and Allied Solutions segment was $293 million, an increase of 29% from the same
quarter last year and down 2% sequentially. Locum Tenens Solutions
revenue was $109 million, an increase
of 12% from the same quarter last year and 6% sequentially. Other
Workforce Solutions segment revenue was $72
million, an increase of 174% from the same quarter last year
and 7% sequentially. The Other Workforce Solutions segment revenue
grew 32% organically from the prior year with the remainder from
recent acquisitions.
Gross margin was 32.7%, which is 130 basis points higher than
the same quarter last year and 20 basis points higher sequentially.
The year-over-year gross margin improvement continues to be
primarily driven by growth in the higher-margin Other Workforce
Solutions segment, along with a gross margin increase in the Locum
Tenens Solution segment.
SG&A expenses were $100
million, or 21.0% of revenue, compared to $75 million, or 21.3% of revenue, in the same
quarter last year and $98 million, or
20.9% of revenue, in the previous quarter. The 30 basis point
decline in percentage of revenue year-over-year was driven by
operating leverage.
Net income was $26 million, or
$0.53 per diluted share. Excluding
amortization of intangible assets and acquisition and integration
costs, net of tax, adjusted net income per diluted share was
$0.61. Adjusted EBITDA was
$59 million, a year-over-year
increase of 50%. Adjusted EBITDA margin was 12.5%, representing a
130 basis point increase year-over-year and flat
sequentially.
At June 30, 2016, cash and cash
equivalents totaled $21 million. Cash
flow from operations was $20 million
and capital expenditures were $6
million. The Company ended the quarter with total debt
outstanding of $413 million, with a
leverage ratio as calculated in accordance with our credit
agreement of 1.9 to 1.
Third-Quarter 2016 Outlook
Metric
|
Guidance*
|
Consolidated
revenue
|
$466 - $472
MM
|
Gross
margin
|
32.5% -
33.0%
|
SG&A as
percentage of revenue
|
21.5%
|
Adjusted EBITDA
margin
|
11.5% -
12.0%
|
*Note: Guidance
percentage metrics are approximate. For a reconciliation of
Adjusted EBITDA margin, see the table entitled "Reconciliation of
Guidance Adjusted EBITDA Margin to Guidance Operating Margin"
below.
|
The Company's revenue guidance is based on the expectation of a
continued strong demand environment, representing year-over-year
growth of approximately 22%.
Conference Call on August 4,
2016
AMN Healthcare Services, Inc. (NYSE: AHS), healthcare's leader
and innovator in workforce solutions and staffing services, will
host a conference call to discuss its second-quarter 2016 financial
results on Thursday, August 4, 2016
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 August 4,
2016, and can be accessed until 11:59
p.m. Eastern Time on August 18,
2016 by calling (800) 475-6701 in the U.S. or (320) 365-3844
internationally, with access code 397211.
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 "AHS." 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 title-captioned 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," the table entitled,
"Reconciliation of Guidance Adjusted EBITDA Margin to Guidance
Operating Margin," 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 outlook
for 2016, the favorable demand environment, third-quarter 2016
revenue, gross margin, SG&A expenses and adjusted EBITDA
margin. The Company based 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:
David
Erdman
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
|
Six Months
Ended
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
2016
|
2015
|
|
2016
|
|
2016
|
2015
|
Revenue
|
$
473,729
|
$
350,144
|
|
$
468,002
|
|
$
941,731
|
$
677,654
|
Cost of
revenue
|
318,976
|
240,026
|
|
316,104
|
|
635,080
|
466,104
|
Gross
profit
|
154,753
|
110,118
|
|
151,898
|
|
306,651
|
211,550
|
Gross
margin
|
32.7%
|
31.4%
|
|
32.5%
|
|
32.6%
|
31.2%
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling, general and
administrative (SG&A)
|
99,541
|
74,727
|
|
97,823
|
|
197,364
|
146,279
|
SG&A as a % of
revenue
|
21.0%
|
21.3%
|
|
20.9%
|
|
21.0%
|
21.6%
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
7,334
|
5,232
|
|
6,765
|
|
14,099
|
10,327
|
Total operating
expenses
|
106,875
|
79,959
|
|
104,588
|
|
211,463
|
156,606
|
Income from
operations
|
47,878
|
30,159
|
|
47,310
|
|
95,188
|
54,944
|
Operating margin
(1)
|
10.2%
|
8.6%
|
|
10.2%
|
|
10.1%
|
8.1%
|
|
|
|
|
|
|
|
|
Interest expense,
net, and other
|
2,800
|
1,977
|
|
3,249
|
|
6,049
|
3,784
|
Income before income
taxes
|
45,078
|
28,182
|
|
44,061
|
|
89,139
|
51,160
|
Income tax
expense
|
18,756
|
12,312
|
|
18,192
|
|
36,948
|
23,081
|
Net income
|
$
26,322
|
$
15,870
|
|
$
25,869
|
|
$
52,191
|
$
28,079
|
Net income as a % of
revenue
|
5.6%
|
4.5%
|
|
5.6%
|
|
5.6%
|
4.1%
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
Foreign currency
translation
|
86
|
(80)
|
|
39
|
|
125
|
(12)
|
Unrealized gain
(loss) on cash flow hedge, net of income taxes
|
(111)
|
36
|
|
(463)
|
|
(574)
|
36
|
Other comprehensive
income (loss)
|
(25)
|
(44)
|
|
(424)
|
|
(449)
|
24
|
Comprehensive
income
|
$
26,297
|
$
15,826
|
|
$
25,445
|
|
$
51,742
|
$
28,103
|
Net income per common
share:
|
|
|
|
|
|
|
|
Basic
|
$
0.55
|
$
0.33
|
|
$
0.54
|
|
$
1.09
|
$
0.59
|
Diluted
|
$
0.53
|
$
0.32
|
|
$
0.53
|
|
$
1.06
|
$
0.58
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
48,034
|
47,573
|
|
47,894
|
|
47,964
|
47,361
|
Diluted
|
49,348
|
48,863
|
|
49,103
|
|
49,225
|
48,615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMN Healthcare
Services, Inc.
|
|
Supplemental
Financial and Operating Data
|
|
(dollars in
thousands, except per share data)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Six Months
Ended
|
|
|
June
30,
|
|
March 31,
|
|
June 30,
|
|
|
|
2016
|
|
2015
(2)
|
|
|
2016
|
|
|
2016
|
|
2015
(2)
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nurse and
allied solutions
|
$
|
292,663
|
$
|
226,494
|
|
$
|
297,724
|
|
$
|
590,387
|
$
|
443,486
|
|
Locum tenens
solutions
|
|
109,129
|
|
97,388
|
|
|
102,738
|
|
|
211,867
|
|
184,080
|
|
Other
workforce solutions
|
|
71,937
|
|
26,262
|
|
|
67,540
|
|
|
139,477
|
|
50,088
|
|
|
$
|
473,729
|
$
|
350,144
|
|
$
|
468,002
|
|
$
|
941,731
|
$
|
677,654
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP Items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating
income (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nurse and
allied solutions
|
$
|
39,503
|
$
|
31,159
|
|
$
|
41,618
|
|
$
|
81,121
|
$
|
58,521
|
|
Locum tenens
solutions
|
|
16,317
|
|
11,711
|
|
|
13,291
|
|
|
29,608
|
|
20,821
|
|
Other
workforce solutions
|
|
17,858
|
|
7,513
|
|
|
17,586
|
|
|
35,444
|
|
15,323
|
|
|
|
73,678
|
|
50,383
|
|
|
72,495
|
|
|
146,173
|
|
94,665
|
|
Unallocated corporate overhead
|
|
14,420
|
|
11,006
|
|
|
13,805
|
|
|
28,225
|
|
21,966
|
|
Adjusted EBITDA
(4)
|
|
59,258
|
|
39,377
|
|
|
58,690
|
|
|
117,948
|
|
72,699
|
|
Adjusted EBITDA
margin (5)
|
|
12.5%
|
|
11.2%
|
|
|
12.5%
|
|
|
12.5%
|
|
10.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
7,334
|
|
5,232
|
|
|
6,765
|
|
|
14,099
|
|
10,327
|
|
Share-based
compensation
|
|
2,710
|
|
2,153
|
|
|
3,381
|
|
|
6,091
|
|
4,530
|
|
Acquisition and
integration costs
|
|
1,336
|
|
1,833
|
|
|
1,234
|
|
|
2,570
|
|
2,898
|
|
Income from
operations
|
|
47,878
|
|
30,159
|
|
|
47,310
|
|
|
95,188
|
|
54,944
|
|
Interest expense,
net, and other
|
|
2,800
|
|
1,977
|
|
|
3,249
|
|
|
6,049
|
|
3,784
|
|
Income before income
taxes
|
|
45,078
|
|
28,182
|
|
|
44,061
|
|
|
89,139
|
|
51,160
|
|
Income tax expense
|
|
18,756
|
|
12,312
|
|
|
18,192
|
|
|
36,948
|
|
23,081
|
|
Net income
|
$
|
26,322
|
$
|
15,870
|
|
$
|
25,869
|
|
$
|
52,191
|
$
|
28,079
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted net
income per share (EPS)
|
$
|
0.53
|
$
|
0.32
|
|
$
|
0.53
|
|
$
|
1.06
|
$
|
0.58
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets
|
|
0.09
|
|
0.06
|
|
|
0.09
|
|
|
0.18
|
|
0.12
|
|
Acquisition and integration costs
|
|
0.03
|
|
0.04
|
|
|
0.03
|
|
|
0.05
|
|
0.06
|
|
Tax
effect of adjustments
|
|
(0.04)
|
|
(0.04)
|
|
|
(0.05)
|
|
|
(0.09)
|
|
(0.07)
|
|
Adjusted diluted EPS
(6)
|
$
|
0.61
|
$
|
0.38
|
|
$
|
0.60
|
|
$
|
1.20
|
$
|
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
June 30,
|
|
|
March 31,
|
|
|
June 30,
|
|
|
2016
|
|
2015
|
|
|
2016
|
|
|
2016
|
|
2015
|
Gross
Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
Nurse
and allied solutions
|
|
26.7%
|
|
27.2%
|
|
|
26.6%
|
|
|
26.7%
|
|
26.9%
|
Locum
tenens solutions
|
|
31.3%
|
|
29.2%
|
|
|
31.0%
|
|
|
31.1%
|
|
29.3%
|
Other
workforce solutions
|
|
58.9%
|
|
76.0%
|
|
|
60.3%
|
|
|
59.6%
|
|
76.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
Nurse and allied
solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
Average healthcare
professionals on assignment (7)
|
|
8,337
|
|
7,227
|
|
|
8,474
|
|
|
8,406
|
|
7,225
|
Revenue per
healthcare professional per day (8)
|
|
$386
|
|
$344
|
|
|
$386
|
|
|
$386
|
|
$339
|
Locum tenens
solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
Days filled (9)
|
|
61,068
|
|
59,844
|
|
|
58,166
|
|
|
119,234
|
|
114,104
|
Revenue per day filled (10)
|
|
$1,787
|
|
$1,627
|
|
|
$1,766
|
|
|
$1,777
|
|
$1,613
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June
30,
|
|
As of March
31,
|
|
|
|
|
|
2016
|
|
2015
|
|
|
2016
|
|
|
|
|
Leverage ratio
(11)
|
|
1.9
|
|
1.9
|
|
|
1.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMN
Healthcare Services, Inc.
|
Condensed
Consolidated Balance Sheets
|
(dollars in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
June 30,
|
|
March 31,
|
|
December
31,
|
|
2016
|
|
2016
|
|
2015
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
21,062
|
|
$
23,106
|
|
$
9,576
|
Accounts receivable,
net
|
330,853
|
|
302,342
|
|
277,996
|
Accounts receivable,
subcontractor
|
46,326
|
|
49,858
|
|
50,807
|
Prepaid and other
current assets
|
44,332
|
|
37,656
|
|
37,249
|
Total current
assets
|
442,573
|
|
412,962
|
|
375,628
|
Restricted cash and
cash equivalents
|
28,490
|
|
27,176
|
|
27,352
|
Fixed assets,
net
|
56,575
|
|
53,731
|
|
50,134
|
Other
assets
|
54,759
|
|
52,993
|
|
47,569
|
Goodwill
|
342,827
|
|
307,161
|
|
204,779
|
Intangible assets,
net
|
255,214
|
|
240,478
|
|
174,970
|
|
|
|
|
|
|
Total
assets
|
$ 1,180,438
|
|
$ 1,094,501
|
|
$
880,432
|
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts payable and
accrued expenses
|
$
131,965
|
|
$
109,121
|
|
$
118,822
|
Accrued compensation
and benefits
|
102,516
|
|
98,049
|
|
83,701
|
Current portion of
revolving credit facility
|
40,000
|
|
40,000
|
|
30,000
|
Current portion of
notes payable
|
11,250
|
|
11,250
|
|
7,500
|
Deferred
revenue
|
6,145
|
|
8,436
|
|
5,620
|
Other current
liabilities
|
9,728
|
|
23,998
|
|
5,374
|
Total current
liabilities
|
301,604
|
|
290,854
|
|
251,017
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving credit
facility
|
166,500
|
|
127,500
|
|
52,500
|
Notes payable, less
unamortized fees
|
194,019
|
|
196,746
|
|
128,490
|
Deferred income
taxes, net
|
30,921
|
|
22,514
|
|
22,431
|
Other long-term
liabilities
|
84,495
|
|
83,076
|
|
78,134
|
Total
liabilities
|
777,539
|
|
720,690
|
|
532,572
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
402,899
|
|
373,811
|
|
347,860
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$ 1,180,438
|
|
$ 1,094,501
|
|
$
880,432
|
|
|
|
|
|
|
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,
|
|
2016
|
2015
|
|
2016
|
|
2016
|
2015
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
20,053
|
$
25,000
|
|
$
35,227
|
|
$
55,280
|
$
33,687
|
|
|
|
|
|
|
|
|
Net cash used
in investing activities
|
(58,451)
|
(9,516)
|
|
(174,703)
|
|
(233,154)
|
(94,866)
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) financing activities
|
36,268
|
(12,563)
|
|
152,967
|
|
189,235
|
62,592
|
|
|
|
|
|
|
|
|
Effect of exchange
rates on cash
|
86
|
(80)
|
|
39
|
|
125
|
(12)
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
(2,044)
|
2,841
|
|
13,530
|
|
11,486
|
1,401
|
Cash and cash
equivalents at beginning of period
|
23,106
|
11,633
|
|
9,576
|
|
9,576
|
13,073
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
$
21,062
|
$
14,474
|
|
$
23,106
|
|
$
21,062
|
$
14,474
|
AMN Healthcare
Services, Inc.
|
Additional
Supplemental Non-GAAP Disclosures
|
Reconciliation of
Guidance Adjusted EBITDA Margin to
|
Guidance Operating
Margin
|
(unaudited)
|
|
|
|
|
|
Three Months
Ending
|
|
September 30,
2016
|
|
Low
|
|
High
|
Adjusted EBITDA
margin
|
11.5%
|
|
12.0%
|
Deduct:
|
|
|
|
Share-based
compensation
|
|
0.6%
|
|
Acquisition and
integration costs
|
|
0.2%
|
|
EBITDA
margin
|
10.7%
|
|
11.2%
|
Depreciation and
amortization
|
|
1.7%
|
|
Operating
margin
|
9.0%
|
|
9.5%
|
|
|
|
|
|
|
|
|
|
|
|
(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 includes our
nurse, allied, and local staffing businesses. The locum tenens
solutions segment includes our locum tenens staffing business. The
other workforce solutions segment includes 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
consulting business, and 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.
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 1) amortization
of intangible assets, 2) acquisition and integration costs, and 3)
tax effect net of 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)
|
Revenue per
healthcare professional per day represents the revenue of the
Company's nurse and allied solutions segment divided by average
healthcare professionals on assignment, divided by the number of
days in the period presented.
|
|
|
(9)
|
Days filled is
calculated by dividing the locum tenens hours filled during the
period by eight hours.
|
|
|
(10)
|
Revenue per day
filled represents revenue of the Company's locum tenens solutions
segment divided by days filled for the period presented.
|
|
|
(11)
|
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
ending at the end of the subject period.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/amn-healthcare-announces-second-quarter-2016-results-300309588.html
SOURCE AMN Healthcare Services, Inc.