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AMN Healthcare Services(AMN) - 2019 Q3 - Quarterly Report
2019-11-04 22:04
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 increased assets and liabilities from acquisitions and a new lease standard, with higher Q3 revenue but lower net income [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $1.86 billion and liabilities to $1.16 billion, driven by acquisition-related goodwill and new operating lease liabilities Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | Sep 30, 2019 | Dec 31, 2018 | | :--- | :--- | :--- | | **Total Assets** | **$1,861,074** | **$1,492,721** | | Goodwill | $586,611 | $438,506 | | Intangible assets, net | $400,428 | $326,147 | | **Total Liabilities** | **$1,155,970** | **$853,731** | | Notes payable, less unamortized fees | $465,899 | $320,607 | | Operating lease liabilities | $107,537 | $0 | | **Total Stockholders' Equity** | **$705,104** | **$638,990** | [Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Q3 2019 revenue grew 7.7% to $567.6 million, while net income declined 15.8% to $23.5 million year-over-year Q3 and Nine Months Performance (in thousands, except per share amounts) | Metric | Q3 2019 | Q3 2018 | YTD 2019 | YTD 2018 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $567,597 | $526,842 | $1,635,215 | $1,607,439 | | Gross Profit | $190,031 | $175,147 | $546,332 | $523,927 | | Income from Operations | $39,739 | $42,635 | $129,947 | $152,651 | | Net Income | $23,515 | $27,918 | $86,506 | $106,128 | | Diluted EPS | $0.49 | $0.58 | $1.82 | $2.17 | [Condensed Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity increased to $705.1 million, driven by net income and partially offset by common stock repurchases - Retained earnings increased by **$86.5 million** from net income for the nine months ended September 30, 2019[10](index=10&type=chunk) - The company repurchased common stock for **$17.9 million** in the first quarter of 2019 and **$0.8 million** in the second quarter[10](index=10&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow decreased, while significant cash was used for acquisitions, funded primarily by new debt financing Cash Flow Summary (Nine Months Ended Sep 30, in thousands) | Cash Flow Activity | 2019 | 2018 | | :--- | :--- | :--- | | Net cash provided by operating activities | $146,205 | $168,046 | | Net cash used in investing activities | ($253,606) | ($271,648) | | Net cash provided by financing activities | $136,440 | $81,774 | | **Net increase (decrease) in cash** | **$28,981** | **($21,623)** | - The company paid **$228.2 million** for acquisitions in the first nine months of 2019, compared to $217.4 million in the same period of 2018[12](index=12&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the adoption of a new lease standard, acquisitions, segment data, debt changes, and a subsequent $300 million note issuance - The company adopted the new lease standard ASU 2016-02 on January 1, 2019, recognizing operating lease right-of-use assets of **$99.5 million** and lease liabilities of **$114.8 million**[20](index=20&type=chunk)[21](index=21&type=chunk) - In 2019, the company acquired Advanced Medical Personnel Services for **$211.8 million** and Silversheet, Inc for **$31.7 million**[27](index=27&type=chunk)[30](index=30&type=chunk) - Subsequent to the quarter end, on October 1, 2019, the company issued **$300 million** of 4.625% Senior Notes due 2027 and used the proceeds to repay existing debt[82](index=82&type=chunk)[83](index=83&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q3 revenue rose 8% to $567.6 million, driven by acquisitions and the nurse segment, despite a decline in locum tenens solutions Q3 2019 Revenue by Segment (in millions) | Segment | Q3 2019 Revenue | Q3 2018 Revenue | % Change | | :--- | :--- | :--- | :--- | | Nurse and allied solutions | $362.5 | $306.3 | +18% | | Locum tenens solutions | $84.2 | $101.1 | -17% | | Other workforce solutions | $120.9 | $119.4 | +1% | | **Total Revenue** | **$567.6** | **$526.8** | **+8%** | - Recent trends indicate **strong overall demand** for healthcare staffing, but the company's nurse supply has not kept pace[93](index=93&type=chunk)[95](index=95&type=chunk) - Demand for locum tenens hospitalists and emergency room physicians has **significantly declined**[96](index=96&type=chunk) - On October 1, 2019, the company issued **$300 million** of 4.625% Senior Notes due 2027 and used the proceeds to repay **$149.1 million** of its term loan and **$146.0 million** of its revolving credit facility[132](index=132&type=chunk)[143](index=143&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate fluctuation on its variable-rate debt, with foreign currency risk deemed immaterial - The primary market risk is **interest rate risk** associated with variable interest debt[154](index=154&type=chunk) - **Foreign currency risk is deemed immaterial** as the company generates substantially all revenue in the U.S[154](index=154&type=chunk) [Item 4. Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - The CEO and CFO concluded that **disclosure controls and procedures were effective** as of September 30, 2019[155](index=155&type=chunk) - **No material changes** to internal control over financial reporting occurred during the quarter ended September 30, 2019[156](index=156&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no material legal proceedings for the period - None[156](index=156&type=chunk) [Item 1A. Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) No material changes were reported to the risk factors previously disclosed in the 2018 Annual Report on Form 10-K - There have been **no material changes** to the risk factors disclosed in the 2018 Annual Report[157](index=157&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 395,212 shares for $18.7 million, with $30.9 million remaining under the repurchase authorization Share Repurchases (Nine Months Ended Sep 30, 2019) | Metric | Value | | :--- | :--- | | Total Shares Repurchased | 395,212 | | Average Price Paid per Share | $47.30 | | Total Purchase Price | $18.7 million | | Remaining Authorization | $30.9 million | [Item 3. Defaults Upon Senior Securities](index=39&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities - None[160](index=160&type=chunk) [Item 4. Mine Safety Disclosures](index=39&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's business - Not applicable[161](index=161&type=chunk) [Item 5. Other Information](index=39&type=section&id=Item%205.%20Other%20Information) The company reported no other information required to be disclosed - None[161](index=161&type=chunk) [Item 6. Exhibits](index=40&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including the Indenture for new senior notes and Sarbanes-Oxley certifications - Key exhibits filed include the **Indenture for the new 2027 Senior Notes** and CEO/CFO certifications[163](index=163&type=chunk)
AMN Healthcare Services(AMN) - 2019 Q2 - Quarterly Report
2019-08-07 20:57
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 June 30, 2019 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 ...
AMN Healthcare Services(AMN) - 2019 Q1 - Quarterly Report
2019-05-03 20:33
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________ FORM 10-Q ____________________ x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR o 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 ...
AMN Healthcare Services(AMN) - 2018 Q4 - Annual Report
2019-02-20 23:37
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 ¨ 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) 12400 High Bluff Drive, Suite 100 San Diego, Ca ...
AMN Healthcare Services(AMN) - 2018 Q4 - Earnings Call Transcript
2019-02-15 02:10
AMN Healthcare Services Inc (NYSE:AMN) Q4 2018 Earnings Conference Call February 14, 2019 5:00 PM ET Company Participants Randy Reece - Director, IR Susan Salka - CEO Brian Scott - CFO Ralph Henderson - President of Professional Services and Staffing Dan White - President of Workforce Solutions Conference Call Participants Tobey Sommer - SunTrust Robinson Humphrey Caleb Harris - Credit Suisse Jason Plagman - Jefferies Mark Marcon - Robert W. Baird Jacob Johnson - Stephens Inc Jeff Silber - BMO Capital Marke ...