AMN Healthcare Services(AMN)

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AMN Healthcare Services (AMN) Q4 Earnings and Revenues Surpass Estimates
Zacks Investment Research· 2024-02-15 23:31
AMN Healthcare Services (AMN) came out with quarterly earnings of $1.32 per share, beating the Zacks Consensus Estimate of $1.26 per share. This compares to earnings of $2.48 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 4.76%. A quarter ago, it was expected that this health care staffing company would post earnings of $1.64 per share when it actually produced earnings of $1.97, delivering a surprise of 20.12%.Over the last ...
AMN Healthcare Announces Fourth Quarter and Full Year 2023 Results
Newsfilter· 2024-02-15 21:15
Quarterly revenue of $818 million;GAAP EPS of $0.33 and adjusted EPS of $1.32 DALLAS, Feb. 15, 2024 (GLOBE NEWSWIRE) -- AMN Healthcare Services, Inc. (NYSE:AMN), the leader and innovator in total talent solutions for healthcare organizations across the United States, today announced its fourth quarter and full year 2023 financial results. Financial highlights are as follows: Dollars in millions, except per share amounts. Q4 2023% Change Q4 2022Full Year 2023% Change Full Year 2022Revenue$818.3(27%)$3,789.3 ...
What Analyst Projections for Key Metrics Reveal About AMN Healthcare (AMN) Q4 Earnings
Zacks Investment Research· 2024-02-12 15:21
Group 1 - AMN Healthcare Services is expected to report quarterly earnings of $1.26 per share, a decline of 49.2% year-over-year, with revenues forecasted at $803.07 million, representing a 28.7% decrease [1] - There has been a 0.3% upward revision in the consensus EPS estimate over the last 30 days, indicating analysts' reassessment of their forecasts [1] - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate revisions and short-term stock price performance [1] Group 2 - Analysts estimate 'Revenue- Physician and leadership solutions' to be $155.87 million, reflecting a 7% decrease from the prior-year quarter [2] - 'Revenue- Nurse and allied solutions' is projected to reach $536.17 million, indicating a 35% decline year-over-year [2] - 'Revenue- Technology and workforce solutions' is expected to be $111.03 million, suggesting a 16.7% decrease compared to the previous year [2] Group 3 - 'Physician and leadership solutions - Days Filled' is estimated at 46,806 thousand, an increase from 45,801 thousand in the same quarter last year [3] - The estimated 'Physician and leadership solutions - Revenue per day filled' is $2,431.50 thousand, up from $2,259 thousand in the prior year [3] - 'Segment operating income- Nurse and allied solutions' is projected at $67.64 million, down from $105.09 million in the same quarter last year [3] Group 4 - 'Segment operating income- Technology and workforce solutions' is expected to be $48.39 million, compared to $66.86 million in the previous year [3] - The average prediction for 'Segment operating income- Physician and leadership solutions' is $21.48 million, down from $28.05 million in the same quarter last year [4] - Over the past month, AMN Healthcare shares have declined by 1.7%, while the Zacks S&P 500 composite increased by 5.8% [4]
AMN Healthcare Named One of America's Greatest Workplaces for Diversity by Newsweek
Newsfilter· 2024-02-05 15:00
Core Insights - AMN Healthcare Services, Inc. has been recognized as one of America's Greatest Workplaces for Diversity in 2024, highlighting its commitment to creating an inclusive workforce in the healthcare sector [1][2][3] Company Overview - AMN Healthcare is a leader in total talent solutions for healthcare organizations in the U.S., providing access to a comprehensive network of healthcare professionals through innovative recruitment strategies [4] - The company offers a wide range of services including managed services programs, temporary staffing, permanent placement, executive search solutions, and language interpretation services, among others [4] Diversity, Equity, and Inclusion (DEI) Initiatives - AMN Healthcare emphasizes diversity, equity, and inclusion in its operations, with nearly half of its employees participating in the Employee Resource Group program [2] - The company aims to reflect the communities it serves in its workforce, achieving parity with U.S. Department of Labor statistics through strategic recruitment [2] - AMN invests significantly in diverse vendors and enhances its leadership teams with diverse talent, while also providing services to non-English-speaking patients [2] Recognition and Impact - The recognition as one of America's Greatest Workplaces for Diversity is based on a survey of over 220,000 individuals across more than 1.5 million companies, indicating AMN's strong commitment to a diverse and inclusive work environment [3]
AMN Healthcare Services(AMN) - 2023 Q3 - Quarterly Report
2023-11-05 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________ FORM 10-Q ____________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No.: 001-16753 AMN HEALTHCARE SERVICES, INC. (Exact Name of Registrant as Specified in Its Charter) Dela ...
AMN Healthcare Services(AMN) - 2023 Q3 - Earnings Call Transcript
2023-11-03 01:06
AMN Healthcare Services, Inc. (NYSE:AMN) Q3 2023 Earnings Conference Call November 2, 2023 5:00 PM ET Company Participants Randy Reece - Senior Director, IR Cary Grace - Chief Executive Officer Jeff Knudson - Chief Financial Officer Conference Call Participants Trevor Romeo - William Blair Kevin Fischbeck - Bank of America Jasper Bibb - Truist Securities Brian Tanquilut - Jefferies Operator Good day and thank you for standing by. Welcome to the AMN Healthcare Third Quarter 2023 Earnings Call. At this time, ...
AMN Healthcare Services(AMN) - 2023 Q2 - Earnings Call Transcript
2023-08-04 02:14
Financial Data and Key Metrics Changes - Second quarter revenue was $991 million, down 31% year-over-year and down 12% sequentially, driven by expense management and lower demand levels [13][20] - Gross margin for the quarter was 33.3%, up 100 basis points year-over-year, primarily due to a favorable revenue mix shift [13][14] - Net income for the second quarter was $61 million, down 51% year-over-year and down 28% sequentially [20] Business Line Data and Key Metrics Changes - Nurse and Allied revenue was $689 million, down 37% year-over-year and down 16% sequentially, with average bill rates down 19% year-over-year [15][16] - Physician and Leadership Solutions segment revenue was $176 million, flat year-over-year and up 6% sequentially, with Locum Tenens revenue increasing 15% year-over-year [17][18] - Technology and Workforce Solutions revenue was $126 million, down 16% year-over-year and 7% sequentially, with language services growing 19% year-over-year [19] Market Data and Key Metrics Changes - Demand for travel nurse staffing remains low as clients focus on balancing permanent and contingent staff [7][8] - The company expects Nurse and Allied revenue in Q3 to be approximately $65 million lower than consensus due to lower demand from large MSP clients [8][22] - The company anticipates modest growth in Nurse and Allied revenue in Q4 compared to Q3 based on early indications from clients [22] Company Strategy and Development Direction - The company is investing in technology and integrating solutions to address complex labor needs in the healthcare sector [6][11] - The company aims to enhance its Total Talent Solutions offerings and improve client relationships through technology enablement [12][71] - The company is focused on M&A opportunities to enhance its service offerings and expand its market presence [72][80] Management's Comments on Operating Environment and Future Outlook - Management noted that the healthcare environment is challenging, with clients increasing permanent hiring and seeking changes in labor management [11][23] - The company expects continued demand for its services due to aging demographics and healthcare utilization growth [45][46] - Management expressed confidence that Q3 will be the trough for Nurse and Allied revenue, with expectations for sequential growth in Q4 [62] Other Important Information - The company repurchased 2.4 million shares for a total of $250 million during the quarter, with a total of 4.1 million shares repurchased year-to-date [21] - The company has a net leverage ratio of 1.5x to 1x as of June 30 [20] Q&A Session Summary Question: What is the expected decline in Nursing Allied revenues from Q2 to Q3? - Management indicated a low double-digit decline in volume and a 7% to 8% decline in bill rates for Q3 [29][30] Question: How is the competitive environment affecting recruitment? - Management noted that while some orders are going unfilled, they believe the demand is primarily a demand story rather than a supply challenge [31][34] Question: What changes have been made to internal headcount? - Management stated that internal headcount has been reduced by around 9% since the beginning of the year, but they have retained producers in anticipation of increased demand [37][38] Question: What is the outlook for labor disruption impacts? - Management reported $5 million in labor disruption revenue in Q2, with no expected revenue from labor disruption in Q3 [41] Question: What is the outlook for the Locums business? - Management indicated strong demand in the Locums market, with expectations for continued growth driven by various specialties [49][51] Question: How does the company view the competitive landscape and M&A opportunities? - Management highlighted a competitive market with a 300% increase in the MSP pipeline year-over-year and expressed interest in both tech-enabled solutions and talent acquisition through M&A [57][80]
AMN Healthcare Services(AMN) - 2023 Q2 - Quarterly Report
2023-08-03 16:00
PART I - FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) The unaudited statements show significant decreases in revenue and net income, with declining assets and equity due to share repurchases [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $2.64 billion, while stockholders' equity fell significantly due to substantial treasury stock purchases Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | December 31, 2022 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$2,644,143** | **$2,888,351** | **($244,208)** | | Cash and cash equivalents | $7,013 | $64,524 | ($57,511) | | Accounts receivable, net | $579,926 | $675,650 | ($95,724) | | **Total Liabilities** | **$1,877,846** | **$1,844,717** | **$33,129** | | Revolving credit facility | $190,000 | $0 | $190,000 | | **Total Stockholders' Equity** | **$766,297** | **$1,043,634** | **($277,337)** | | Treasury stock, at cost | ($1,086,862) | ($698,598) | ($388,264) | [Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Revenue and net income declined sharply in Q2 and the first half of 2023 compared to the prior year's pandemic-driven highs Financial Performance Summary (in thousands, except per share data) | Metric | Q2 2023 | Q2 2022 | YoY Change | Six Months 2023 | Six Months 2022 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$991,299** | **$1,426,607** | **-30.5%** | **$2,117,522** | **$2,979,145** | **-28.9%** | | Gross Profit | $330,281 | $460,237 | -28.2% | $699,127 | $956,405 | -26.9% | | Income from Operations | $91,663 | $183,533 | -50.1% | $217,333 | $391,466 | -44.5% | | **Net Income** | **$60,906** | **$123,800** | **-50.8%** | **$145,016** | **$269,808** | **-46.3%** | | Diluted EPS | $1.55 | $2.77 | -44.0% | $3.58 | $5.87 | -39.0% | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow decreased due to lower net income, while financing activities were driven by significant stock repurchases Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Activity | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $241,101 | $424,677 | ($183,576) | | Net cash used in investing activities | ($54,859) | ($115,762) | $60,903 | | Net cash used in financing activities | ($247,744) | ($411,688) | $163,944 | | **Net decrease in cash** | **($61,502)** | **($102,773)** | **$41,271** | - Significant cash outflow for financing activities in the first six months of 2023 was due to **$424.7 million used for the repurchase of common stock**[20](index=20&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Segment data highlights revenue declines, a $200 million share repurchase, and a $62 million legal settlement accrual Revenue by Segment (in thousands) | Segment | Q2 2023 Revenue | Q2 2022 Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Nurse and allied solutions | $689,015 | $1,101,478 | -37.4% | | Physician and leadership solutions | $176,229 | $175,697 | +0.3% | | Technology and workforce solutions | $126,055 | $149,432 | -15.6% | - On May 8, 2023, the company entered into a **$200 million Accelerated Share Repurchase (ASR) agreement**, receiving an initial delivery of 1.76 million shares[47](index=47&type=chunk) - The company has reached an agreement to settle the Clarke Matter, a class action lawsuit related to per diem and overtime claims, and has recorded an **accrual of $62 million** for this matter[76](index=76&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the revenue decline driven by post-pandemic demand normalization and details segment performance and capital allocation [Recent Trends](index=23&type=section&id=Recent%20Trends) Travel nurse demand has fallen below pre-pandemic levels, while locum tenens demand remains strong amid client cost containment - Demand in the travel nurse business has **declined significantly from historic highs** in 2023, with Q2 demand remaining below pre-pandemic levels as healthcare organizations focus on hiring permanent staff[92](index=92&type=chunk) - **Bill rates in the nurse and allied solutions segment decreased** year-over-year and quarter-over-quarter in Q2 2023, reflecting less urgent needs from clients post-pandemic[93](index=93&type=chunk) - Demand for the **locum tenens business is well above pre-pandemic levels**, driven by growth in CRNAs and anesthesiologists, while demand was lower for interim leadership and search businesses[94](index=94&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Q2 revenue fell 31% to $991.3 million, driven by a 37% decline in the Nurse and Allied segment, though gross margin improved - Q2 2023 revenue **decreased 31% year-over-year**, primarily due to a **37% decline in the Nurse and Allied solutions segment**, caused by a 19% decrease in average bill rate and a 17% decrease in travelers on assignment[99](index=99&type=chunk) - The Physician and Leadership solutions segment revenue was **flat in Q2 2023**, as a 15% growth in the locum tenens business was offset by declines in interim leadership and search businesses[100](index=100&type=chunk) - Consolidated **gross margin for Q2 2023 increased to 33.3% from 32.3%** in Q2 2022, mainly due to a favorable sales mix from lower revenue in the lower-margin Nurse and Allied segment[102](index=102&type=chunk)[103](index=103&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains solid liquidity with $539.2 million available credit and actively returned capital via share repurchases - As of June 30, 2023, the company had **$190.0 million drawn and $539.2 million available** under its $750.0 million secured revolving credit facility[118](index=118&type=chunk) - In May 2023, the company entered into a **$200.0 million Accelerated Share Repurchase (ASR) agreement**, funded by borrowings under the Senior Credit Facility[119](index=119&type=chunk) - Net cash from operating activities **decreased to $241.1 million** for the first six months of 2023 from $424.7 million in 2022, primarily due to a decline in operating results[120](index=120&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk from variable-rate debt is considered immaterial, as is foreign currency risk - The company's main market risk is interest rate risk from variable rate debt, but a **100 basis point increase would not have a material effect** on financial statements for the period[128](index=128&type=chunk) [Item 4. Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls - Management, including the CEO and CFO, concluded that the company's **disclosure controls and procedures were effective** as of the end of the quarter[130](index=130&type=chunk) - **No changes in internal control over financial reporting** occurred during the quarter that materially affected, or are reasonably likely to materially affect, these controls[131](index=131&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) The company settled the notable Clarke Matter wage and hour lawsuit, recording a $62 million accrual - The company has reached an agreement to settle the Clarke Matter, a class action lawsuit concerning per diem benefits and overtime calculations, and has **accrued $62 million for the settlement**[76](index=76&type=chunk)[133](index=133&type=chunk) [Item 1A. Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors disclosed in the 2022 Annual Report on Form 10-K have been identified - There have been **no material changes** to the risk factors disclosed in the company's 2022 Annual Report[134](index=134&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased $424.7 million in shares during H1 2023, with $226.7 million remaining under its authorization - On May 8, 2023, the company entered into a **$200 million Accelerated Share Repurchase (ASR) agreement**, receiving an initial delivery of 1.8 million shares[136](index=136&type=chunk) Share Repurchases for the Six Months Ended June 30, 2023 | Period | Total Shares Purchased | Average Price Paid | Total Value (excl. ASR prepayment) | | :--- | :--- | :--- | :--- | | Jan - Mar 2023 | 1,767,949 | $96.56 | ~$170.7M | | Apr - Jun 2023 | 2,354,108 (incl. ASR) | $90.08 | ~$212.0M | - As of June 30, 2023, the maximum dollar value of shares that may yet be purchased under the program is **$226.7 million**[139](index=139&type=chunk)[140](index=140&type=chunk) [Other Items (3, 4, 5, 6)](index=33&type=section&id=Other%20Items) This section confirms no senior security defaults and no new Rule 10b5-1 trading plans by insiders during the quarter - Item 3: **No defaults upon senior securities** were reported[141](index=141&type=chunk) - Item 5: **No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement** during the second quarter of 2023[142](index=142&type=chunk)
AMN Healthcare Services(AMN) - 2023 Q1 - Earnings Call Transcript
2023-05-05 04:15
AMN Healthcare Services, Inc. (NYSE:AMN) Q1 2023 Earnings Conference Call May 4, 2023 5:00 PM ET Company Participants Randle Reece - Senior Director, Investor Relations Cary Grace - Chief Executive Officer Jeff Knudson - Chief Financial Officer Landry Seedig - Group President & Chief Operating Officer, Nursing & Allied Solutions James Taylor - President & Chief Operating Officer. Physician & Leadership Solutions Conference Call Participants Kevin Fischbeck - Bank of America Trevor Romeo - William Blair Bria ...
AMN Healthcare Services(AMN) - 2023 Q1 - Quarterly Report
2023-05-04 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________ FORM 10-Q ____________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No.: 001-16753 AMN HEALTHCARE SERVICES, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware ...