SAN DIEGO, Aug. 3, 2017 /PRNewswire/ -- AMN Healthcare
Services, Inc. (NYSE: AMN), healthcare's leader and innovator in
workforce solutions and staffing services, today announced its
second quarter 2017 financial results. Financial highlights are as
follows:
Dollars in millions, except per share amounts.
|
Q2 2017
|
% Change
Q2 2016
|
YTD June
30, 2017
|
% Change
YTD June
30, 2016
|
|
Revenue
|
$489.8
|
3%
|
$985.0
|
5%
|
|
Gross profit
|
$161.0
|
4%
|
$322.8
|
5%
|
|
Net income
|
$31.3
|
19%
|
$63.3
|
21%
|
|
Diluted EPS
|
$0.63
|
19%
|
$1.28
|
21%
|
|
Adj. diluted EPS*
|
$0.67
|
10%
|
$1.30
|
8%
|
|
Adjusted EBITDA*
|
$67.2
|
13%
|
$130.3
|
11%
|
|
|
* 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
- Consolidated revenue grew
3% year over year; revenue was 7% higher excluding the significant
labor disruption revenue in the prior year quarter.
- Travel Nurse Staffing, our
largest division, grew revenue 9% year over year driven by both
volume and pricing.
- Our Allied division reached a record high for revenue,
growing 12% year over year.
- Adjusted EBITDA grew 13% year
over year, representing a 13.7% margin.
"AMN Healthcare's ability to deliver superior service and a
diversified suite of workforce solutions continues to differentiate
us in the marketplace. Every day, we are helping thousands of
healthcare organizations access the best talent, control costs, and
more effectively optimize their workforce to deliver the best
patient care possible," said Susan R.
Salka, President and Chief Executive Officer of AMN
Healthcare. "Listening and responding to our clients'
evolving workforce needs is paramount and enables us to
strategically position AMN to have the right solutions at the
right time."
"Although there continues to be debate regarding potential
changes to healthcare policy, several key macro-trends remain very
much in our favor and should continue to provide opportunity for
growth as well as the need for innovation in workforce
solutions. This environment, combined with
the positive momentum in our MSP business and robust pipeline,
provides us great confidence as we look toward 2018," added Ms.
Salka.
Second Quarter 2017 Results
Consolidated revenue for the quarter was $490 million, a 3% increase over prior year and
down 1% sequentially. Excluding labor disruption revenue from the
prior year quarter, consolidated second quarter revenue was up 7%
year over year. There was no labor disruption revenue
reported in this quarter, compared to approximately $18 million in the same quarter last
year.
Revenue for the Nurse and Allied Solutions segment was
$301 million, which is 3% higher
year-over-year and 4% lower sequentially. The Travel Nurse division
continued its strong performance, with
revenue up 9% year-over-year and seasonally down 5%
sequentially. The Allied division revenue increased 12%
year-over-year and 1% sequentially.
Locum Tenens Solutions segment revenue was $108 million, down 1% year-over-year and up 5%
sequentially. The Other Workforce Solutions segment revenue was
$81 million, reflecting an increase
of 12% year-over-year and 3% sequentially, with the year-over-year
growth driven by the Peak Health Solutions acquisition last June
and growth in the VMS, interim leadership, and workforce
optimization businesses, partially offset
by declines in the permanent placement
businesses.
Gross margin was 32.9%, which is 20 basis points higher
both year-over-year and sequentially.
SG&A expenses were $97
million, or 19.7% of revenue, compared to $100 million, or 21.0% of revenue, in the same
quarter last year and $102 million,
or 20.6% of revenue, in the previous quarter. SG&A included a
favorable professional liability actuarial adjustment of
$4 million, compared to a favorable
adjustment of $2 million in the same
quarter last year. On a sequential basis, the lower SG&A
percentage was primarily driven by the favorable professional
liability actuarial adjustment in the second quarter.
Net income was $31 million,
or $0.63 per diluted share, compared
to $26 million, or $0.53 per diluted share, in the same quarter last
year. Excluding amortization of intangible assets, acquisition and
integration costs, net of tax, and the excess tax benefits relating
to a change in stock compensation accounting, adjusted net income
per diluted share was $0.67. Adjusted
EBITDA was $67 million, a
year-over-year increase of 13%. Adjusted EBITDA margin was 13.7%,
representing a 120 basis point increase year-over-year and 90 basis
point increase sequentially.
At June 30, 2017, cash and cash equivalents
totaled $23 million. For the quarter ended June 30, 2017, cash flow from operations
was $18 million and capital expenditures were $6
million. The Company ended the quarter with total debt outstanding
of $343 million, with a leverage ratio as calculated in
accordance with the Company's credit agreement of 1.4 to
1.
Third-Quarter 2017 Outlook
|
Metric
|
Guidance*
|
|
Consolidated revenue
|
$490 - $496 M
|
|
Gross margin
|
32.5%
|
|
SG&A as percentage of
revenue
|
20.5%
|
|
Adjusted EBITDA margin
|
12.5%
|
|
|
*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 projected year-over-year
revenue increase of 4% to 5% is driven primarily by growth in our
Nurse and Allied and Other Workforce Solutions segments. Travel
Nurse Staffing, our largest business, is expected to grow
approximately 7% year over year. There is no material labor
disruption revenue included in the third quarter
guidance.
Conference Call on August 3,
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 second quarter 2017 financial
results on Thursday, August 3, 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) 234-9959 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 3,
2017, and can be accessed until 11:59
p.m. Eastern Time on August 17,
2017 by calling (800) 475-6701 in the U.S. or (320) 365-3844
internationally, with access code 426696.
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. Forward-looking statements include, among others,
statements concerning our future financial performance, our
guidance for third quarter 2017 revenue, gross margin, SG&A expenses as a percentage of revenue,
adjusted EBITDA margin and segment growth, the existence of
favorable long-term macro drivers, our ability to grow and the
positive momentum and robust pipeline with our managed service
programs. 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 our fillings with the Securities and Exchange Commission
(SEC), including our most recent Annual Report on Form 10-K for the
year ended December 31, 2016, our
subsequent Quarterly Reports on Form 10-Q and our Current Reports
on Form 8-K. 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:
Brian
Scott
Chief Financial Officer & Chief Accounting Officer
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,
|
|
2017
|
2016
|
|
2017
|
|
2017
|
2016
|
|
Revenue
|
$
489,803
|
$
473,729
|
|
$
495,169
|
|
$
984,972
|
$
941,731
|
|
Cost of revenue
|
328,791
|
318,976
|
|
333,393
|
|
662,184
|
635,080
|
|
Gross profit
|
161,012
|
154,753
|
|
161,776
|
|
322,788
|
306,651
|
|
Gross margin
|
32.9%
|
32.7%
|
|
32.7%
|
|
32.8%
|
32.6%
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Selling, general and administrative
(SG&A)
|
96,673
|
99,541
|
|
102,073
|
|
198,746
|
197,364
|
|
SG&A as a % of revenue
|
19.7%
|
21.0%
|
|
20.6%
|
|
20.2%
|
21.0%
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
7,959
|
7,334
|
|
7,668
|
|
15,627
|
14,099
|
|
Total operating expenses
|
104,632
|
106,875
|
|
109,741
|
|
214,373
|
211,463
|
|
Income from operations
|
56,380
|
47,878
|
|
52,035
|
|
108,415
|
95,188
|
|
Operating
margin (1)
|
11.5%
|
10.1%
|
|
10.5%
|
|
11.0%
|
10.1%
|
|
|
|
|
|
|
|
|
|
Interest expense, net, and other
|
4,928
|
2,800
|
|
5,130
|
|
10,058
|
6,049
|
|
Income before income taxes
|
51,452
|
45,078
|
|
46,905
|
|
98,357
|
89,139
|
|
Income tax expense
|
20,197
|
18,756
|
|
14,897
|
|
35,094
|
36,948
|
|
Net income
|
$
31,255
|
$
26,322
|
|
$
32,008
|
|
$
63,263
|
$
52,191
|
|
Net income as a % of revenue
|
6.4%
|
5.6%
|
|
6.5%
|
|
6.4%
|
5.5%
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
Foreign currency translation and
other
|
(41)
|
86
|
|
3
|
|
(38)
|
125
|
|
Cash flow hedge, net of income
taxes
|
(58)
|
(111)
|
|
43
|
|
(15)
|
(574)
|
|
Other comprehensive income (loss)
|
(99)
|
(25)
|
|
46
|
|
(53)
|
(449)
|
|
Comprehensive income
|
$
31,156
|
$
26,297
|
|
$
32,054
|
|
$
63,210
|
$
51,742
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
Basic
|
$
0.65
|
$
0.55
|
|
$
0.67
|
|
$
1.32
|
$
1.09
|
|
Diluted
|
$
0.63
|
$
0.53
|
|
$
0.65
|
|
$
1.28
|
$
1.06
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
47,916
|
48,034
|
|
47,782
|
|
47,849
|
47,964
|
|
Diluted
|
49,475
|
49,348
|
|
49,520
|
|
49,498
|
49,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMN Healthcare Services, Inc.
|
|
Supplemental Financial and Operating
Data
|
|
(dollars in thousands, except per share data and
operating data)
|
|
(unaudited)
|
|
|
Three Months Ended
|
Six Months Ended
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
|
2017
|
|
2016
|
|
|
2017
|
|
|
2017
|
|
2016
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nurse and allied solutions
|
$
|
300,727
|
$
|
292,663
|
|
|
313,523
|
|
|
614,250
|
|
590,387
|
|
Locum tenens solutions
|
|
108,215
|
|
109,129
|
|
|
102,843
|
|
|
211,058
|
|
211,867
|
|
Other workforce solutions
|
|
80,861
|
|
71,937
|
|
|
78,803
|
|
|
159,664
|
|
139,477
|
|
$
|
489,803
|
$
|
473,729
|
|
|
495,169
|
|
|
984,972
|
|
941,731
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP
Items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating income
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nurse and allied solutions
|
$
|
47,851
|
$
|
39,503
|
|
|
45,980
|
|
|
93,831
|
|
81,121
|
|
Locum tenens solutions
|
|
12,371
|
|
16,317
|
|
|
12,219
|
|
|
24,590
|
|
29,608
|
|
Other workforce solutions
|
|
22,041
|
|
17,858
|
|
|
19,857
|
|
|
41,898
|
|
35,444
|
|
|
82,263
|
|
73,678
|
|
|
78,056
|
|
|
160,319
|
|
146,173
|
|
Unallocated corporate
overhead
|
|
15,080
|
|
14,420
|
|
|
14,891
|
|
|
29,971
|
|
28,225
|
|
Adjusted EBITDA (3)
|
|
67,183
|
|
59,258
|
|
|
63,165
|
|
|
130,348
|
|
117,948
|
|
Adjusted EBITDA margin
(4)
|
|
13.7%
|
|
12.5%
|
|
|
12.8%
|
|
|
13.2%
|
|
12.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
7,959
|
|
7,334
|
|
|
7,668
|
|
|
15,627
|
|
14,099
|
|
Share-based compensation
|
|
2,562
|
|
2,710
|
|
|
2,681
|
|
|
5,243
|
|
6,091
|
|
Acquisition and integration costs
|
|
282
|
|
1,336
|
|
|
781
|
|
|
1,063
|
|
2,570
|
|
Income from operations
|
|
56,380
|
|
47,878
|
|
|
52,035
|
|
|
108,415
|
|
95,188
|
|
Interest expense, net, and other
|
|
4,928
|
|
2,800
|
|
|
5,130
|
|
|
10,058
|
|
6,049
|
|
Income before income taxes
|
|
51,452
|
|
45,078
|
|
|
46,905
|
|
|
98,357
|
|
89,139
|
|
Income tax expense
|
|
20,197
|
|
18,756
|
|
|
14,897
|
|
|
35,094
|
|
36,948
|
|
Net income
|
$
|
31,255
|
$
|
26,322
|
|
|
32,008
|
|
|
63,263
|
|
52,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted net income per share
(EPS)
|
$
|
0.63
|
$
|
0.53
|
|
|
0.65
|
|
|
1.28
|
|
1.06
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible
assets
|
|
0.09
|
|
0.09
|
|
|
0.09
|
|
|
0.19
|
|
0.18
|
|
Acquisition and integration
costs
|
|
0.01
|
|
0.03
|
|
|
0.02
|
|
|
0.02
|
|
0.05
|
|
Tax effect on above
adjustments
|
|
(0.04)
|
|
(0.04)
|
|
|
(0.04)
|
|
|
(0.08)
|
|
(0.09)
|
|
Excess tax benefits
(5)
|
|
(0.02)
|
|
0.00
|
|
|
(0.09)
|
|
|
(0.11)
|
|
0.00
|
|
Adjusted diluted EPS (6)
|
$
|
0.67
|
$
|
0.61
|
|
|
0.63
|
|
|
1.30
|
|
1.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
June 30,
|
|
|
March 31,
|
|
|
June 30,
|
|
|
2017
|
|
2016
|
|
|
2017
|
|
|
2017
|
|
2016
|
|
Gross Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nurse and allied
solutions
|
|
27.8%
|
|
26.7%
|
|
|
27.7%
|
|
|
27.7%
|
|
26.7%
|
|
Locum tenens solutions
|
|
30.0%
|
|
31.3%
|
|
|
30.7%
|
|
|
30.3%
|
|
31.1%
|
|
Other workforce
solutions
|
|
55.7%
|
|
58.9%
|
|
|
55.0%
|
|
|
55.3%
|
|
59.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nurse and allied solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average healthcare professionals on assignment
(7)
|
|
8,776
|
|
8,337
|
|
|
9,051
|
|
|
8,913
|
|
8,406
|
|
Locum tenens solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Days filled
(8)
|
|
58,660
|
|
61,068
|
|
|
55,243
|
|
|
113,903
|
|
119,234
|
|
Revenue per day filled
(9)
|
|
$1,845
|
|
$1,787
|
|
|
$1,862
|
|
|
$1,853
|
|
$1,777
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30,
|
|
As of March 31,
|
|
|
|
|
|
2017
|
|
2016
|
|
|
|
2017
|
|
|
|
|
Leverage ratio (10)
|
|
1.4
|
|
1.9
|
|
|
|
1.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMN
Healthcare Services, Inc.
|
|
Condensed Consolidated Balance
Sheets
|
|
(dollars in thousands)
|
|
(unaudited)
|
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
|
2017
|
|
2017
|
|
2016
|
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
22,878
|
|
$
37,711
|
|
$
10,622
|
|
|
Accounts receivable, net
|
334,597
|
|
334,782
|
|
341,977
|
|
|
Accounts receivable, subcontractor
|
36,631
|
|
48,838
|
|
49,233
|
|
|
Prepaid and other current assets
|
46,938
|
|
50,893
|
|
48,796
|
|
|
Total current assets
|
441,044
|
|
472,224
|
|
450,628
|
|
|
Restricted cash, cash equivalents
and investments
|
33,882
|
|
29,141
|
|
31,287
|
|
|
Fixed assets, net
|
65,368
|
|
62,620
|
|
59,954
|
|
|
Other assets
|
71,594
|
|
65,368
|
|
57,534
|
|
|
Goodwill
|
340,596
|
|
340,564
|
|
341,754
|
|
|
Intangible assets, net
|
236,486
|
|
241,130
|
|
245,724
|
|
|
|
|
|
|
|
|
|
Total assets
|
$ 1,188,970
|
|
$ 1,211,047
|
|
$ 1,186,881
|
|
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable and accrued
expenses
|
$ 118,943
|
|
$ 136,028
|
|
$ 137,512
|
|
|
Accrued compensation and benefits
|
107,283
|
|
99,642
|
|
107,993
|
|
|
Current portion of notes payable, less unamortized
fees
|
18,071
|
|
3,750
|
|
3,750
|
|
|
Deferred revenue
|
9,644
|
|
8,840
|
|
8,924
|
|
|
Other current liabilities
|
12,387
|
|
29,428
|
|
16,611
|
|
|
Total current liabilities
|
266,328
|
|
277,688
|
|
274,790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable, less unamortized
fees
|
319,462
|
|
358,512
|
|
359,192
|
|
|
Deferred income taxes, net
|
12,387
|
|
16,548
|
|
21,420
|
|
|
Other long-term liabilities
|
82,301
|
|
81,494
|
|
82,096
|
|
|
Total liabilities
|
680,478
|
|
734,242
|
|
737,498
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
508,492
|
|
476,805
|
|
449,383
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders'
equity
|
$ 1,188,970
|
|
$ 1,211,047
|
|
$ 1,186,881
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
2017
|
2016
|
|
2017
|
|
2017
|
2016
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating
activities
|
$
18,474
|
$
20,053
|
|
$
52,314
|
|
$
70,788
|
$
55,280
|
|
|
|
|
|
|
|
|
|
Net cash used in investing
activities
|
(6,320)
|
(58,451)
|
|
(13,301)
|
|
(19,621)
|
(233,154)
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing
activities
|
(26,945)
|
36,268
|
|
(11,928)
|
|
(38,873)
|
189,235
|
|
|
|
|
|
|
|
|
|
Effect of exchange rates on cash
|
(42)
|
86
|
|
4
|
|
(38)
|
125
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash
equivalents
|
(14,833)
|
(2,044)
|
|
27,089
|
|
12,256
|
11,486
|
|
Cash and cash equivalents at beginning of
period
|
37,711
|
23,106
|
|
10,622
|
|
10,622
|
9,576
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of
period
|
$
22,878
|
$
21,062
|
|
$
37,711
|
|
$
22,878
|
$
21,062
|
|
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, 2017
|
|
|
|
|
|
Adjusted EBITDA margin
|
|
12.5%(11)
|
|
|
|
Deduct:
|
|
|
|
|
Share-based compensation
|
|
0.5%
|
|
|
EBITDA margin
|
|
12.0%
|
|
|
Depreciation and amortization
|
|
1.6%
|
|
|
Operating margin
|
|
10.4%
|
|
|
|
|
|
|
|
|
|
(1)
|
Operating margin represents income from operations
divided by revenue.
|
|
(2)
|
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.
|
|
(3)
|
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 the Company's credit agreement 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.
|
|
(4)
|
Adjusted EBITDA margin represents adjusted EBITDA
divided by revenue.
|
|
(5)
|
The consolidated effective tax rate for the three and
six months ended June 30, 2017 was favorably affected by the
recording of excess tax benefits relating to equity awards vested
and exercised during the period. As a result of the adoption of a
new accounting pronouncement on January 1, 2017, we no longer
record excess tax benefits as an increase to additional paid-in
capital, but record such excess tax benefits on a prospective basis
as a reduction of income tax expense, which amounted to $1,028,000
and $5,325,000 for the three and six months ended June 30, 2017,
respectively. Since the majority of our equity awards vest during
the first quarter of the year, we do not anticipate the recording
of additional excess tax benefits of this magnitude for the
reminder of the year. The magnitude of the impact of excess tax
benefits generated in the future, which may be favorable or
unfavorable, is dependent upon the Company's future grants of
share-based compensation, the Company's future stock price on the
date awards vest or exercise in relation to the fair value of the
awards on the grant date or the exercise behavior of the Company's
stock appreciation rights holders. Since these favorable tax
benefits are largely unrelated to our current year's income before
taxes and is unrepresentative of our normal effective tax rate, we
excluded their impact on adjusted diluted EPS for the three and six
months ended June 30, 2017.
|
|
(6)
|
Adjusted diluted EPS represents GAAP diluted EPS
excluding the impact of (A) amortization of intangible assets, (B)
acquisition and integration costs, (C) tax effect, if any, of the
foregoing adjustments, and (D) excess tax benefits relating to
equity awards vested and exercised since January 1, 2017.
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.
|
View original
content:http://www.prnewswire.com/news-releases/amn-healthcare-announces-second-quarter-2017-results-300499487.html
SOURCE AMN Healthcare Services, Inc.