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 ...

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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________ FORM 10-K ____________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ 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) Delaw ...

AMN Healthcare Services, Inc. (NYSE:AMN) Q4 2022 Earnings Conference Call February 16, 2023 5:00 PM ET Company Participants Randle Reece - Senior Director, Investor Relations Cary Grace - Chief Executive Officer Jeff Knudson - Chief Financial Officer Kelly Rakowski - Group President and COO of Strategic Talent Solutions Landry Seedig - Group President and COO of Nursing and Allied Solutions James Taylor - President and Chief Operating Officer of Physician and Leadership Solutions Conference Call Participant ...

AMN Healthcare Services, Inc. (NYSE:AMN) Q3 2022 Earnings Conference Call November 3, 2022 5:00 PM ET Company Participants Randle Reece - Senior Director, Investor Relations Susan Salka - Chief Executive Officer Jeff Knudson - Chief Financial Officer Kelly Rakowski - Group President and Chief Operating Officer, Strategic Talent Solutions Landry Seedig - Group President and Chief Operating Officer, Nursing and Allied Solutions James Taylor - President and Chief Operating Officer, Physician and Leadership Sol ...

AMN Healthcare Services, Inc. (NYSE:AMN) Q2 2022 Earnings Conference Call August 4, 2022 5:00 PM ET Company Participants Randle Reece – Senior Director-Investor Relations Susan Salka – Chief Executive Officer Jeff Knudson – Chief Financial Officer Landry Seedig – Group President and Chief Operating Officer-Nursing and Allied Solutions James Taylor – Group President and Chief Operating Officer-Physician and Leadership Solutions Kelly Rakowski – Group President and Chief Operating Officer-Strategic Talent Sol ...

PART I [Item 1. Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) Unaudited H1 2022 consolidated financial statements reflect significant revenue and net income growth, with assets and equity impacted by share repurchases Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$3,008,780** | **$3,131,906** | | Total Current Assets | $1,190,222 | $1,349,068 | | Goodwill | $935,675 | $892,341 | | **Total Liabilities** | **$1,969,436** | **$1,969,879** | | Total Current Liabilities | $957,379 | $969,390 | | **Total Stockholders' Equity** | **$1,039,344** | **$1,162,027** | Condensed Consolidated Statements of Comprehensive Income (in thousands, except per share) | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$1,426,607** | **$857,445** | **$2,979,145** | **$1,743,390** | | Gross Profit | $460,237 | $280,543 | $956,405 | $569,411 | | Income from Operations | $183,533 | $99,174 | $391,466 | $203,576 | | **Net Income** | **$123,800** | **$66,770** | **$269,808** | **$137,148** | | **Diluted EPS** | **$2.77** | **$1.39** | **$5.87** | **$2.86** | Condensed Consolidated Statements of Cash Flows (Six Months Ended June 30, in thousands) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$424,677** | **$210,625** | | Net cash used in investing activities | ($115,762) | ($53,609) | | Net cash used in financing activities | ($411,688) | ($30,703) | | **Net (decrease) increase in cash** | **($102,773)** | **$126,292** | - During the six months ended June 30, 2022, the company repurchased common stock for **$401.9 million**, significantly impacting financing cash flows and stockholders' equity[15](index=15&type=chunk)[21](index=21&type=chunk) [Note 2. Acquisitions](index=11&type=section&id=Note%202.%20Acquisitions) On May 13, 2022, the company acquired Connetics Communications, LLC, enhancing international nurse placement capabilities and adding goodwill - On May 13, 2022, the Company acquired Connetics Communications, LLC, specializing in international nurse and allied health professional placement[33](index=33&type=chunk) Connetics Acquisition Details (in thousands) | Component | Amount | | :--- | :--- | | Initial Purchase Price | $78,764 | | Cash Consideration | $70,764 | | Contingent Earn-out (Fair Value) | $8,000 | | Identified Intangible Assets | $40,200 | | Goodwill | $43,301 | [Note 5. Segment Information](index=13&type=section&id=Note%205.%20Segment%20Information) The company operates three reportable segments, with Nurse and Allied Solutions being the largest and all segments showing significant revenue growth Revenue by Segment (Six Months Ended June 30, in thousands) | Segment | 2022 | 2021 | | :--- | :--- | :--- | | Nurse and allied solutions | $2,329,517 | $1,281,146 | | Physician and leadership solutions | $355,203 | $279,860 | | Technology and workforce solutions | $294,425 | $182,384 | | **Total Revenue** | **$2,979,145** | **$1,743,390** | Segment Operating Income (Six Months Ended June 30, in thousands) | Segment | 2022 | 2021 | | :--- | :--- | :--- | | Nurse and allied solutions | $355,959 | $191,204 | | Physician and leadership solutions | $40,376 | $43,065 | | Technology and workforce solutions | $161,381 | $84,742 | | **Total Segment Operating Income** | **$557,716** | **$319,011** | - Goodwill increased in the Nurse and Allied Solutions segment by **$43.3 million** due to the Connetics acquisition, bringing total company goodwill to **$935.7 million** as of June 30, 2022[54](index=54&type=chunk) [Note 8. Commitments and Contingencies](index=18&type=section&id=Note%208.%20Commitments%20and%20Contingencies) The company faces accruals for wage and hour class-action lawsuits and entered a new 11-year office lease in Dallas - The company has accrued **$37.2 million** for loss contingencies related to wage and hour class-action lawsuits, particularly the Clarke Matter and Woehrle Matter, concerning per diem adjustments and overtime pay[73](index=73&type=chunk)[74](index=74&type=chunk)[76](index=76&type=chunk) - In Q1 2022, the company entered into a new lease for an office in Dallas, Texas, with an initial term of approximately eleven years and future undiscounted lease payments of about **$29.5 million**. The lease is expected to commence in Q1 2023[77](index=77&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q2 2022 revenue growth to high demand across all segments, achieving operating leverage and strong cash flow - Demand for temporary and permanent staffing remains historically high, driven by the COVID-19 pandemic and broader labor trends like the "Great Resignation" Bill rates for nurses peaked in Q1 2022 and began to decline in Q2, but remain well above pre-pandemic levels[91](index=91&type=chunk)[92](index=92&type=chunk) Revenue Growth by Segment (Q2 2022 vs Q2 2021) | Segment | Q2 2022 Revenue (M) | Q2 2021 Revenue (M) | YoY Growth | | :--- | :--- | :--- | :--- | | Nurse and allied solutions | $1,101.5 | $624.5 | 76% | | Physician and leadership solutions | $175.7 | $139.1 | 26% | | Technology and workforce solutions | $149.4 | $93.9 | 59% | | **Total Revenue** | **$1,426.6** | **$857.4** | **66%** | - Consolidated gross margin for Q2 2022 declined slightly to **32.3%** from **32.7%** in Q2 2021, primarily due to higher clinician compensation in the Nurse and Allied and Physician and Leadership segments[101](index=101&type=chunk) - Net cash from operating activities more than doubled to **$424.7 million** for the first six months of 2022, compared to **$210.6 million** in the prior-year period, driven by higher net income and favorable changes in working capital[115](index=115&type=chunk)[117](index=117&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 is interest rate fluctuations on variable debt, with foreign currency risk deemed immaterial - 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 six months ended June 30, 2022[125](index=125&type=chunk) - Foreign currency risk is considered immaterial as the company generates substantially all of its revenue in the United States[125](index=125&type=chunk) [Item 4. Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2022, with no material changes to internal control - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2022[126](index=126&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended June 30, 2022[127](index=127&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) Information on legal proceedings, primarily wage and hour class-action lawsuits, is incorporated by reference from Note 8 - Information regarding legal proceedings is incorporated by reference from Note (8), "Commitments and Contingencies," of the financial statements[129](index=129&type=chunk) [Item 1A. Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors disclosed in the company's 2021 Annual Report on Form 10-K - There have been no material changes to the risk factors disclosed in the company's 2021 Annual Report[130](index=130&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 details common stock repurchase activity, including shares repurchased and remaining authorization under the program - The Board of Directors authorized increases to the share repurchase program by **$300.0 million** on February 17, 2022, and by **$250.0 million** on June 15, 2022[131](index=131&type=chunk) Share Repurchase Activity (Six Months Ended June 30, 2022) | Metric | Value | | :--- | :--- | | Total Shares Repurchased | 4,173,757 | | Average Price Paid per Share | $96.26 | | Total Purchase Price | $401.9 million | | Amount Remaining Under Program (as of June 30, 2022) | $326,278,235 | [Item 6. Exhibits](index=34&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files - The report includes exhibits such as CEO and CFO certifications pursuant to the Sarbanes-Oxley Act of 2002 and XBRL interactive data files[135](index=135&type=chunk)

AMN Healthcare Services, Inc. (NYSE:AMN) Q1 2022 Earnings Conference Call May 5, 2022 5:00 PM ET Company Participants Randy Reece - Director, IR Susan Salka - CEO Jeff Knudson - CFO Kelly Rakowski - Group President and COO, Strategic Talent Solutions Landry Seedig - Group President and COO, Nursing and Allied Solutions James Taylor - Group President and COO, Physician and Leadership Solutions Conference Call Participants Jasper Bibb - Truist Securities A.J. Rice - Credit Suisse Tim Mulrooney - William Blair ...