SAN DIEGO, Nov. 3, 2016 /PRNewswire/ -- AMN Healthcare
Services, Inc. (NYSE: AMN), healthcare's leader and innovator in
workforce solutions and staffing services, today announced its
third-quarter 2016 financial results. Financial highlights are as
follows:
Dollars in millions, except per share amounts.
|
Q3 2016
|
% Change
Q3 2015
|
YTD Sept.
30, 2016
|
% Change
YTD Sept.
30, 2015
|
|
Revenue
|
$472.6
|
23%
|
$1,414.4
|
33%
|
|
Gross profit
|
$154.5
|
23%
|
$461.1
|
37%
|
|
Net income
|
$27.3
|
(19)%
|
$79.5
|
29%
|
|
Diluted EPS
|
$0.55
|
(20)%
|
$1.61
|
27%
|
|
Adj. diluted EPS*
|
$0.62
|
29%
|
$1.82
|
56%
|
|
Adjusted EBITDA*
|
$58.1
|
27%
|
$176.0
|
49%
|
|
|
* 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
- Strong demand for healthcare workforce solutions and
staffing continues, driving third-quarter 2016 revenue growth of
23% year-over-year, with 12% organic growth.
- Nurse and Allied Solutions segment revenue up 16%
year-over-year driven primarily by volume growth.
- Adjusted EBITDA grew 27% year-over-year with a 40 basis
point margin increase.
- Generated $30 million of operating cash flow in the
quarter and $85 million year-to-date,
a 52% increase compared to the first nine months in
2015.
- Successfully completed a debt offering in October, adding
long-term liquidity at favorable terms to position the Company for
further investment in growth opportunities.
- Board of Directors authorized a $150 million share repurchase
program.
"The demand for healthcare professionals and workforce solutions
is strong today and is expected to continue to grow as turnover and
vacancies persist at historical high levels," said Susan R. Salka, President and Chief Executive
Officer of AMN Healthcare. "Our results this quarter reflect a
positive market environment but are also a testament to the team's
outstanding execution as we partner with our clients to help them
manage their significant labor challenges and enable them to stay
focused on delivering quality patient care. We are well positioned
to offer strategic solutions to address these issues through our
broad suite of services. The current demand levels, indicators of
our clients' future needs and our leading market position provide
us with optimism heading into 2017."
Ms. Salka added, "I am also pleased to announce that our
Board approved a $150 million share
repurchase program to leverage our strong financial position and
free cash flow as another prudent capital allocation option.
Although we will continue to prioritize investing in our current
businesses and compelling acquisition opportunities, we are also
committed to maximizing shareholder returns, and we believe a share
repurchase program provides an additional mechanism to accomplish
this."
Third-Quarter 2016 Results
Consolidated revenue was $473
million, an increase of 23% from the same quarter last year,
driven by 12% organic growth mainly stemming from the Nurse and
Allied Solutions segment.
Revenue for the Nurse and Allied Solutions segment was
$287 million, which is 16% higher
compared to the same quarter last year and down 2% sequentially.
The sequential decline in this segment resulted from minimal labor
disruption-related revenue in the third quarter, compared
to the prior quarter that had approximately $19 million of revenue from these services. The
Travel Nurse division continued with strong performance, with
revenue up 21% year-over-year and 4% sequentially. Allied revenue
was up 10% year-over-year and 6% sequentially.
Locum Tenens Solutions segment revenue was $109 million, an increase of 7% from the same
quarter last year and down 1% sequentially. The Other Workforce
Solutions segment revenue was $77
million, an increase of 125% from the same quarter last year
and 7% sequentially, with the growth in both periods driven mostly
from recent acquisitions.
Gross margin was 32.7%, which is 20 basis points lower
than the same quarter last year and flat sequentially. The
year-over-year gross margin decline was due to a lower Nurse and
Allied Solutions segment gross margin, partially offset by an
increase in gross margin in the Locum Tenens segment and greater
contribution from the higher-margin Other Workforce Solutions
segment.
SG&A expenses were $100
million, or 21.2% of revenue, compared to $83 million, or 21.7% of revenue, in the same
quarter last year and $100 million,
or 21.0% of revenue, in the previous quarter. The year-over-year 50
basis point decline in percentage of revenue was driven by improved
operating leverage. The 20 basis point increase in percentage of
revenue from the previous quarter was mainly driven by a
$2 million professional liability
actuarial credit recorded in the second quarter.
Net income was $27 million,
or $0.55 per diluted share, compared
to $34 million, or $0.69 per diluted share, in the same quarter last
year. The prior-year quarter included a $12
million benefit related to a reversal of tax reserves.
Excluding amortization of intangible assets and acquisition and
integration costs, net of tax, adjusted net income per diluted
share was $0.62. Adjusted EBITDA was
$58 million, a year-over-year
increase of 27%. Adjusted EBITDA margin was 12.3%, representing a
40 basis point increase year-over-year and a 20 basis point
decrease sequentially. The sequential decline was mainly the
result of the previously noted actuarial benefit recorded last
quarter.
At September 30, 2016, cash
and cash equivalents totaled $16
million. Cash flow from operations was $30 million and capital expenditures were
$5 million. The Company ended the
quarter with total debt outstanding of $386
million, with a leverage ratio as calculated in accordance
with the Company's credit agreement of 1.7 to 1.
On October 3, 2016, the
Company completed the offering and sale of $325 million principal amount of its 5.125%
Senior Notes due 2024, the proceeds of which were used to repay
existing indebtedness under its credit facilities and to pay
expenses related to the transaction.
Share Repurchase Program
On November 1, 2016, the
Board of Directors approved a share repurchase program under which
the Company may repurchase up to $150
million of its common stock.
The amount and timing of the
purchases will depend on a number of factors including the price of
the Company's shares, trading volume, Company performance, Company
liquidity, general economic and market conditions and other factors
that the Company's management believes are relevant. The share
repurchase program does not require the purchase of any minimum
number of shares and may be suspended or discontinued at any
time.
The Company intends to make all repurchases and to administer
the plan in accordance with applicable laws and regulatory
guidelines, including Rule 10b-18 of the Exchange Act, and in
compliance with its debt instruments. Repurchases may be made
from cash on hand, free cash flow generated from the Company's
business or from the Company's credit facilities. Repurchases may
be made from time to time through open market purchases or
privately negotiated transactions. Repurchases may also be made
pursuant to one or more plans established pursuant to
Rule 10b5-1 under the Exchange Act, which would permit shares
to be repurchased when the Company might otherwise be
precluded from doing so under insider trading
restrictions.
Fourth-Quarter 2016 Outlook
|
Metric
|
Guidance*
|
|
Consolidated revenue
|
$473 - $479 MM
|
|
Gross margin
|
32.5%
|
|
SG&A as percentage of
revenue
|
21.0% - 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 18-19%, of which approximately 10% is
organic with the remainder from acquisitions.
Conference Call on November 3,
2016
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 third-quarter 2016 financial
results on Thursday, November 3, 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) 230-1092 in the
U.S. or (612) 288-0337 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 November 3,
2016, and can be accessed until 11:59
p.m. Eastern Time on November 17,
2016 by calling (800) 475-6701 in the U.S. or (320) 365-3844
internationally, with access code 403342.
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 outlook
for labor shortages, the favorable demand environment,
fourth-quarter 2016 revenue, gross margin, SG&A expenses 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:
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
|
|
|
|
Nine Months Ended
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
2016
|
2015
|
|
2016
|
|
2016
|
2015
|
|
Revenue
|
$
472,636
|
$
382,859
|
|
$
473,729
|
|
$
1,414,367
|
$
1,060,513
|
|
Cost of revenue
|
318,169
|
256,850
|
|
318,976
|
|
953,249
|
722,954
|
|
Gross profit
|
154,467
|
126,009
|
|
154,753
|
|
461,118
|
337,559
|
|
Gross margin
|
32.7%
|
32.9%
|
|
32.7%
|
|
32.6%
|
31.8%
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Selling, general and administrative
(SG&A)
|
99,995
|
83,098
|
|
99,541
|
|
297,359
|
229,377
|
|
SG&A as a % of revenue
|
21.2%
|
21.7%
|
|
21.0%
|
|
21.0%
|
21.6%
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
7,789
|
5,304
|
|
7,334
|
|
21,888
|
15,631
|
|
Total operating expenses
|
107,784
|
88,402
|
|
106,875
|
|
319,247
|
245,008
|
|
Income from operations
|
46,683
|
37,607
|
|
47,878
|
|
141,871
|
92,551
|
|
Operating
margin (1)
|
9.9%
|
9.8%
|
|
10.2%
|
|
10.0%
|
8.7%
|
|
|
|
|
|
|
|
|
|
Interest expense, net, and other
|
3,016
|
2,013
|
|
2,800
|
|
9,065
|
5,797
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
43,667
|
35,594
|
|
45,078
|
|
132,806
|
86,754
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
16,371
|
1,947
|
|
18,756
|
|
53,319
|
25,028
|
|
Net income
|
$
27,296
|
$
33,647
|
|
$
26,322
|
|
$
79,487
|
$
61,726
|
|
Net income as a % of revenue
|
5.8%
|
8.8%
|
|
5.6%
|
|
5.6%
|
5.8%
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
Foreign currency translation and
other
|
40
|
54
|
|
86
|
|
165
|
42
|
|
Unrealized gain (loss) on cash flow hedge, net of
income taxes
|
231
|
(367)
|
|
(111)
|
|
(343)
|
(331)
|
|
Other comprehensive income (loss)
|
271
|
(313)
|
|
(25)
|
|
(178)
|
(289)
|
|
|
|
|
|
|
|
|
|
Comprehensive income
|
$
27,567
|
$
33,334
|
|
$
26,297
|
|
$
79,309
|
$
61,437
|
|
|
|
|
|
|
|
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.57
|
$
0.71
|
|
$
0.55
|
|
$
1.66
|
$
1.30
|
|
Diluted
|
$
0.55
|
$
0.69
|
|
$
0.53
|
|
$
1.61
|
$
1.27
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
48,049
|
47,674
|
|
48,034
|
|
47,993
|
47,466
|
|
Diluted
|
49,410
|
48,978
|
|
49,348
|
|
49,287
|
48,737
|
AMN Healthcare Services, Inc.
|
|
Supplemental Financial and Operating
Data
|
|
(dollars in thousands, except per share data and
revenue per day)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
Nine Months Ended
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
|
2016
|
|
2015 (2)
|
|
|
2016
|
|
|
2016
|
|
2015 (2)
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nurse and allied solutions
|
$
|
286,810
|
$
|
246,748
|
|
$
|
292,663
|
|
$
|
877,197
|
$
|
690,234
|
|
Locum tenens solutions
|
|
108,553
|
|
101,755
|
|
|
109,129
|
|
|
320,420
|
|
285,835
|
|
Other workforce solutions
|
|
77,273
|
|
34,356
|
|
|
71,937
|
|
|
216,750
|
|
84,444
|
|
$
|
472,636
|
$
|
382,859
|
|
$
|
473,729
|
|
$
|
1,414,367
|
$
|
1,060,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP
Items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating income (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nurse and allied solutions
|
$
|
37,396
|
$
|
32,354
|
|
$
|
39,503
|
|
$
|
118,517
|
$
|
90,875
|
|
Locum tenens solutions
|
|
14,026
|
|
13,321
|
|
|
16,317
|
|
|
43,634
|
|
34,142
|
|
Other workforce solutions
|
|
20,867
|
|
13,074
|
|
|
17,858
|
|
|
56,311
|
|
28,397
|
|
|
72,289
|
|
58,749
|
|
|
73,678
|
|
|
218,462
|
|
153,414
|
|
Unallocated corporate
overhead
|
|
14,235
|
|
13,127
|
|
|
14,420
|
|
|
42,460
|
|
35,093
|
|
Adjusted EBITDA (4)
|
|
58,054
|
|
45,622
|
|
|
59,258
|
|
|
176,002
|
|
118,321
|
|
Adjusted EBITDA margin (5)
|
|
12.3%
|
|
11.9%
|
|
|
12.5%
|
|
|
12.4%
|
|
11.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
7,789
|
|
5,304
|
|
|
7,334
|
|
|
21,888
|
|
15,631
|
|
Share-based compensation
|
|
2,704
|
|
2,021
|
|
|
2,710
|
|
|
8,795
|
|
6,551
|
|
Acquisition and integration costs
|
|
878
|
|
690
|
|
|
1,336
|
|
|
3,448
|
|
3,588
|
|
Income from operations
|
|
46,683
|
|
37,607
|
|
|
47,878
|
|
|
141,871
|
|
92,551
|
|
Interest expense, net, and other
|
|
3,016
|
|
2,013
|
|
|
2,800
|
|
|
9,065
|
|
5,797
|
|
Income before income taxes
|
|
43,667
|
|
35,594
|
|
|
45,078
|
|
|
132,806
|
|
86,754
|
|
Income tax expense
|
|
16,371
|
|
1,947
|
|
|
18,756
|
|
|
53,319
|
|
25,028
|
|
Net income
|
$
|
27,296
|
$
|
33,647
|
|
$
|
26,322
|
|
$
|
79,487
|
$
|
61,726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted net income per share
(EPS)
|
$
|
0.55
|
$
|
0.69
|
|
$
|
0.53
|
|
$
|
1.61
|
$
|
1.27
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible
assets
|
|
0.09
|
|
0.06
|
|
|
0.09
|
|
|
0.28
|
|
0.18
|
|
Acquisition and integration
costs
|
|
0.02
|
|
0.01
|
|
|
0.03
|
|
|
0.07
|
|
0.07
|
|
IRS adjustment
|
|
0.00
|
|
(0.25)
|
|
|
0.00
|
|
|
0.00
|
|
(0.25)
|
|
Tax effect of
adjustments
|
|
(0.04)
|
|
(0.03)
|
|
|
(0.04)
|
|
|
(0.14)
|
|
(0.10)
|
|
Adjusted diluted EPS (6)
|
$
|
0.62
|
$
|
0.48
|
|
$
|
0.61
|
|
$
|
1.82
|
$
|
1.17
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
|
June 30,
|
|
|
September
30,
|
|
|
2016
|
|
2015(2)
|
|
|
2016
|
|
|
2016
|
|
2015(2)
|
|
Gross
Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nurse
and allied solutions
|
|
26.7%
|
|
27.5%
|
|
|
26.7%
|
|
|
26.7%
|
|
27.1%
|
|
Locum
tenens solutions
|
|
31.2%
|
|
30.7%
|
|
|
31.3%
|
|
|
31.2%
|
|
29.8%
|
|
Other
workforce solutions
|
|
56.7%
|
|
78.2%
|
|
|
58.9%
|
|
|
58.6%
|
|
77.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nurse and allied
solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average healthcare
professionals on assignment – consolidated (7)
|
|
8,458
|
|
7,564
|
|
|
8,337
|
|
|
8,423
|
|
7,338
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Locum tenens
solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Days filled (8)
|
|
59,612
|
|
59,267
|
|
|
61,068
|
|
|
178,846
|
|
173,371
|
|
Revenue per day filled (9)
|
|
$1,821
|
|
$1,717
|
|
|
$1,787
|
|
|
$1,792
|
|
$1,649
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September
30,
|
|
As of June
30,
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
|
|
2016
|
|
|
|
|
|
|
Leverage ratio
(10)
|
|
1.7
|
|
1.5
|
|
|
|
1.9
|
|
|
|
|
|
|
AMN
Healthcare Services, Inc.
|
|
Condensed Consolidated Balance
Sheets
|
|
(dollars in thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
September 30,
|
|
June 30,
|
|
December 31,
|
|
2016
|
|
2016
|
|
2015
|
|
Assets
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
15,708
|
|
$
21,062
|
|
$
9,576
|
|
Accounts receivable, net
|
331,220
|
|
330,853
|
|
277,996
|
|
Accounts receivable, subcontractor
|
42,094
|
|
46,326
|
|
50,807
|
|
Prepaid and other current assets
|
44,635
|
|
44,332
|
|
37,249
|
|
Total current assets
|
433,657
|
|
442,573
|
|
375,628
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted cash, cash equivalents
and investments
|
28,222
|
|
28,490
|
|
27,352
|
|
Fixed assets, net
|
57,965
|
|
56,575
|
|
50,134
|
|
Other assets
|
57,296
|
|
54,759
|
|
47,569
|
|
Goodwill
|
342,174
|
|
342,827
|
|
204,779
|
|
Intangible assets, net
|
250,455
|
|
255,214
|
|
174,970
|
|
|
|
|
|
|
|
Total assets
|
$ 1,169,769
|
|
$ 1,180,438
|
|
$ 880,432
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable and accrued
expenses
|
$ 118,289
|
|
$ 131,965
|
|
$ 118,822
|
|
Accrued compensation and benefits
|
99,629
|
|
102,516
|
|
83,701
|
|
Current portion of revolving credit
facility
|
‒‒
|
|
40,000
|
|
30,000
|
|
Current portion of notes payable
|
3,750
|
|
11,250
|
|
7,500
|
|
Deferred revenue
|
8,446
|
|
6,145
|
|
5,620
|
|
Other current liabilities
|
9,962
|
|
9,728
|
|
5,374
|
|
Total current liabilities
|
240,076
|
|
301,604
|
|
251,017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revolving credit facility
|
182,500
|
|
166,500
|
|
52,500
|
|
Notes payable, less unamortized
fees
|
198,793
|
|
194,019
|
|
128,490
|
|
Deferred income taxes, net
|
28,278
|
|
30,921
|
|
22,431
|
|
Other long-term liabilities
|
86,949
|
|
84,495
|
|
78,134
|
|
Total liabilities
|
736,596
|
|
777,539
|
|
532,572
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
433,173
|
|
402,899
|
|
347,860
|
|
|
|
|
|
|
|
Total liabilities and stockholders'
equity
|
$ 1,169,769
|
|
$ 1,180,438
|
|
$ 880,432
|
|
AMN Healthcare Services, Inc.
|
|
Summary Condensed Consolidated Statements of Cash
Flows
|
|
(dollars in thousands)
|
|
(unaudited)
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
September 30,
|
|
June 30
|
|
September 30,
|
|
2016
|
2015
|
|
2016
|
|
2016
|
2015
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating
activities
|
$
29,540
|
$
21,950
|
|
$
20,053
|
|
$
84,820
|
$
55,637
|
|
|
|
|
|
|
|
|
|
Net cash used in investing
activities
|
(8,117)
|
(10,768)
|
|
(58,451)
|
|
(241,271)
|
(105,634)
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing
activities
|
(26,817)
|
(11,302)
|
|
36,268
|
|
162,418
|
51,290
|
|
|
|
|
|
|
|
|
|
Effect of exchange rates on cash
|
40
|
54
|
|
86
|
|
165
|
42
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash
equivalents
|
(5,354)
|
(66)
|
|
(2,044)
|
|
6,132
|
1,335
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of
period
|
21,062
|
14,474
|
|
23,106
|
|
9,576
|
13,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of
period
|
$
15,708
|
$
14,408
|
|
$
21,062
|
|
$
15,708
|
$
14,408
|
|
AMN Healthcare Services, Inc.
|
|
Additional Supplemental Non-GAAP
Disclosures
|
|
Reconciliation of Guidance Adjusted EBITDA Margin
to
|
|
Guidance Operating Margin
|
|
(unaudited)
|
|
|
|
|
|
Three Months Ending
|
|
December 31, 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
|
|
1.6%
|
|
|
Operating margin
|
9.1%
|
|
9.6%
|
|
|
|
(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 and local 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, and (D) 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.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/amn-healthcare-announces-third-quarter-2016-results-and-share-repurchase-program-300357218.html
SOURCE AMN Healthcare Services, Inc.