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 ...

Part I [Business](index=4&type=section&id=Item%201.%20Business) AMN Healthcare provides comprehensive talent solutions for the U.S. healthcare industry through three core segments - AMN Healthcare provides a comprehensive suite of talent solutions including **staffing, MSP, VMS, language services, and technology** to optimize healthcare workforces[15](index=15&type=chunk)[16](index=16&type=chunk)[18](index=18&type=chunk) - The company operates through three reportable segments: **Nurse and Allied Solutions, Physician and Leadership Solutions, and Technology and Workforce Solutions**[33](index=33&type=chunk) - As of December 31, 2021, the company had approximately **3,800 corporate team members** and an average of **14,827 nurses and allied professionals** on assignment in Q4 2021[25](index=25&type=chunk) - **Kaiser Foundation Hospitals** accounted for approximately **17% of consolidated revenue** and **20% of nurse and allied solutions segment revenue** in fiscal year 2021[49](index=49&type=chunk) - The U.S. healthcare staffing market was estimated at **$24.7 billion in 2021**, with AMN recognized as the **largest temporary healthcare staffing firm**[50](index=50&type=chunk)[52](index=52&type=chunk) [Risk Factors](index=12&type=section&id=Item%201A.%20Risk%20Factors) The company faces demand, operational, legal, regulatory, and financial risks, including client concentration and debt - Demand for services fluctuates with public health crises, with a post-pandemic decrease in demand and bill rates expected[61](index=61&type=chunk)[62](index=62&type=chunk) - Client consolidation poses a risk to pricing and client retention, with **Kaiser Foundation Hospitals** accounting for approximately **17% of consolidated revenue** in 2021[71](index=71&type=chunk)[72](index=72&type=chunk) - The company is subject to legal proceedings, including class action lawsuits related to wage and hour violations, and is at risk for anti-competitive conduct claims[78](index=78&type=chunk)[81](index=81&type=chunk) - Challenges to the classification of locum tenens professionals as independent contractors could increase costs and negatively impact profitability[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) - The company's total indebtedness was **$842.3 million** as of December 31, 2021, imposing operational restrictions and exposing it to interest rate risk[120](index=120&type=chunk)[126](index=126&type=chunk) [Unresolved Staff Comments](index=23&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - There are no unresolved staff comments[129](index=129&type=chunk) [Properties](index=24&type=section&id=Item%202.%20Properties) The company leases all its properties, primarily office facilities in San Diego and Dallas, which are deemed adequate - The company leases all its properties, with its principal offices located in San Diego, CA and Dallas, TX[130](index=130&type=chunk) [Legal Proceedings](index=24&type=section&id=Item%203.%20Legal%20Proceedings) The company faces legal proceedings, primarily class action lawsuits for wage and hour claims, with **$37.2 million** accrued - The company is involved in class action lawsuits (e.g., Clarke Matter, Woehrle Matter) alleging that per diem benefits for traveling nurses should be included in their regular rate of pay for overtime calculations[349](index=349&type=chunk)[350](index=350&type=chunk)[351](index=351&type=chunk) - As of December 31, 2021, the company has accrued **$37.2 million** for loss contingencies related to these legal matters[352](index=352&type=chunk) [Mine Safety Disclosures](index=24&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[132](index=132&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=25&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) AMN common stock trades on NYSE, with a share repurchase program, no dividends, and strong five-year stock performance - The company's common stock is traded on the New York Stock Exchange under the symbol 'AMN'[133](index=133&type=chunk) - On November 10, 2021, the Board authorized an additional **$150.0 million** for the company's common stock repurchase program[135](index=135&type=chunk) Share Repurchases in 2021 | Period | Total Number of Shares Purchased | Average Price Paid per Share | Maximum Dollar Value that May Yet Be Purchased Under the Program (in millions) | | :--- | :--- | :--- | :--- | | Nov 1 - 30, 2021 | 10,242 | $108.10 | $179.7 | | Dec 1 - 31, 2021 | 14,424 | $109.58 | $178.2 | | **Total** | **24,666** | **$108.97** | **$178.2** | - The company has not paid dividends on its common stock and does not expect to pay cash dividends in the future, retaining earnings for business operations and expansion[137](index=137&type=chunk) Comparison of 5-Year Cumulative Total Return | | 12/31/16 | 12/31/17 | 12/31/18 | 12/31/19 | 12/31/20 | 12/31/21 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | AMN Healthcare Services, Inc. | $100.00 | $128.09 | $147.36 | $162.05 | $177.50 | $318.15 | | NYSE Composite | $100.00 | $118.73 | $108.10 | $135.68 | $145.16 | $175.18 | | BTEA Index | $100.00 | $133.11 | $99.31 | $125.42 | $132.71 | $181.58 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2021, AMN Healthcare's revenue grew **66% to $3.98 billion** and net income surged, driven by high demand across all segments [Results of Operations](index=30&type=section&id=Results%20of%20Operations) In 2021, revenue increased **66% to $3.98 billion**, driven by strong growth across all segments, with net income significantly increasing Consolidated Financial Highlights (2021 vs. 2020) | Metric | 2021 (in millions) | 2020 (in millions) | Change (in millions) | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $3,984.2 | $2,393.7 | +$1,590.5 | +66% | | Gross Profit | $1,309.6 | $791.8 | +$517.8 | +65% | | Income from Operations | $478.0 | $149.3 | +$328.7 | +220% | | Net Income | $327.4 | $70.7 | +$256.7 | +363% | | Diluted EPS | $6.81 | $1.48 | +$5.33 | +360% | Segment Revenue Growth (2021 vs. 2020) | Segment | 2021 Revenue (in millions) | 2020 Revenue (in millions) | % Change | | :--- | :--- | :--- | :--- | | Nurse and Allied Solutions | $2,990.1 | $1,699.3 | +76% | | Physician and Leadership Solutions | $594.2 | $466.6 | +27% | | Technology and Workforce Solutions | $399.9 | $227.8 | +76% | - The Nurse and Allied Solutions segment's **76% revenue increase** was driven by a **31% increase in average bill rate** and a **28% increase in the average number of travelers** on assignment[157](index=157&type=chunk) - Gross margin decreased slightly from **33.1% in 2020 to 32.9% in 2021**, primarily due to a change in sales mix with higher revenue from the lower-margin nurse and allied solutions segment[161](index=161&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity in 2021 with **$305.4 million** cash from operations and total debt of **$850.0 million** Cash Flow Summary (in thousands) | Cash Flow Activity | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $305,356 | $256,826 | $224,862 | | Net cash used in investing activities | $(107,402) | $(538,172) | $(291,824) | | Net cash provided by (used in) financing activities | $(34,895) | $211,486 | $136,599 | - The increase in cash from operations in 2021 was driven by **higher net income** and significant increases in accounts payable and accrued compensation, partially offset by a large increase in accounts receivable due to revenue growth[169](index=169&type=chunk) - As of December 31, 2021, the company had total debt outstanding of **$850.0 million** and available credit of **$378.6 million** under its Senior Credit Facility[167](index=167&type=chunk)[329](index=329&type=chunk) - In Q1 2021, the company **fully paid off the remaining balance of its Additional Term Loan**[174](index=174&type=chunk) [Critical Accounting Policies and Estimates](index=38&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Critical accounting policies involve significant judgment for goodwill impairment, professional liability reserves, and contingent legal liabilities - **Goodwill and Indefinite-lived Intangible Assets**: The company performs annual impairment tests, using discounted cash flow and market approaches, which require significant judgment on future cash flows, growth rates, and discount rates[188](index=188&type=chunk)[189](index=189&type=chunk) - **Professional Liability Reserve**: The adequacy of the accrual is determined using historical data, third-party administrator reserves, and semi-annual independent actuarial studies to estimate known claims and IBNR[192](index=192&type=chunk) - **Contingent Liabilities**: The company records a liability for legal matters when a loss is probable and reasonably estimable[193](index=193&type=chunk)[194](index=194&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=40&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate exposure on variable debt, with foreign currency risk deemed immaterial - The primary market risk is **interest rate risk** associated with variable interest debt[197](index=197&type=chunk) - **Foreign currency risk is considered immaterial** as the company generates substantially all of its revenue in the United States[197](index=197&type=chunk) [Financial Statements and Supplementary Data](index=41&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents audited consolidated financial statements, showing **$3.13 billion** in assets and **$1.97 billion** in liabilities, with an unqualified auditor's opinion - The independent registered public accounting firm, **KPMG LLP, issued an unqualified opinion** on the consolidated financial statements[201](index=201&type=chunk) - KPMG identified the **Professional Liability Reserve as a Critical Audit Matter** due to the high degree of complex and subjective judgment required in evaluating the actuarial estimates for incurred but not reported claims[205](index=205&type=chunk)[206](index=206&type=chunk) Consolidated Balance Sheet Highlights (as of Dec 31, 2021) | Account | Amount (in thousands) | | :--- | :--- | | Total Current Assets | $1,349,068 | | Goodwill | $892,341 | | Intangible Assets, net | $514,460 | | **Total Assets** | **$3,131,906** | | Total Current Liabilities | $969,390 | | Notes Payable, net | $842,322 | | **Total Liabilities** | **$1,969,879** | | **Total Stockholders' Equity** | **$1,162,027** | [Note 2: Acquisitions](index=56&type=section&id=Note%202%3A%20Acquisitions) The company completed several acquisitions between 2019 and 2021, including virtual care platforms, language interpretation services, and staffing companies - On April 7, 2021, the Company acquired **Synzi and SnapMD**, virtual care technology platforms, for an initial purchase price of **$42.2 million** in cash[269](index=269&type=chunk) - On February 14, 2020, the Company acquired **Stratus Video**, a remote video interpreting company, for a purchase price of **$485.7 million**[271](index=271&type=chunk)[272](index=272&type=chunk) - On June 14, 2019, the Company acquired **Advanced Medical Personnel Services, Inc.**, a national healthcare staffing company, for a purchase price of **$211.8 million**[279](index=279&type=chunk)[280](index=280&type=chunk) [Note 4: Goodwill and Identifiable Intangible Assets](index=62&type=section&id=Note%204%3A%20Goodwill%20and%20Identifiable%20Intangible%20Assets) As of December 31, 2021, the company reported **$892.3 million** in goodwill and **$514.5 million** in net intangible assets, with some tradenames reclassified to finite lives Goodwill by Segment (as of Dec 31, 2021) | Segment | Goodwill (in thousands) | | :--- | :--- | | Nurse and Allied Solutions | $339,015 | | Physician and Leadership Solutions | $152,800 | | Technology and Workforce Solutions | $400,526 | | **Total** | **$892,341** | - In Q4 2021, the company determined that **$89.4 million of tradenames and trademarks** previously classified as indefinite-lived now have finite useful lives (average of six years) and will be amortized[299](index=299&type=chunk) - Estimated future amortization expense for existing intangible assets is **$79.0 million for 2022**[300](index=300&type=chunk)[301](index=301&type=chunk) [Note 8: Notes Payable and Credit Agreement](index=68&type=section&id=Note%208%3A%20Notes%20Payable%20and%20Credit%20Agreement) As of December 31, 2021, total debt was **$850.0 million**, primarily senior notes, with **$378.6 million** available under its credit facility Debt Balances (as of Dec 31, 2021) | Debt Instrument | Principal Amount (in thousands) | | :--- | :--- | | 4.625% Senior Notes due 2027 | $500,000 | | 4.000% Senior Notes due 2029 | $350,000 | | **Total Debt Outstanding** | **$850,000** | - The company **fully repaid all amounts under the Additional Term Loan** in the first quarter of 2021[322](index=322&type=chunk) - At December 31, 2021, the company had **$378.6 million** of available credit under its Senior Credit Facility[325](index=325&type=chunk) [Controls and Procedures](index=74&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management and KPMG LLP concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2021 - Management, including the CEO and CFO, concluded that the company's **disclosure controls and procedures were effective** as of December 31, 2021[354](index=354&type=chunk) - Management concluded that the company's **internal control over financial reporting was effective** as of December 31, 2021, based on the COSO framework[355](index=355&type=chunk) - **KPMG LLP**, the independent registered public accounting firm, issued an **unqualified opinion on the effectiveness of the company's internal control over financial reporting** as of December 31, 2021[356](index=356&type=chunk)[359](index=359&type=chunk) [Other Information](index=78&type=section&id=Item%209B.%20Other%20Information) The company reported no other information for this item - None[367](index=367&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=78&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2022 Proxy Statement - Most information required by this item is **incorporated by reference from the 2022 Annual Meeting Proxy Statement**[368](index=368&type=chunk) [Executive Compensation](index=78&type=section&id=Item%2011.%20Executive%20Compensation) Executive compensation information is incorporated by reference from the 2022 Annual Meeting Proxy Statement - Information required by this item is **incorporated by reference from the 2022 Annual Meeting Proxy Statement**[370](index=370&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=78&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership information is incorporated by reference from the 2022 Proxy Statement, with **2,729,205** securities available for future issuance Equity Compensation Plan Information as of December 31, 2021 | Plan Category | Number of Securities to be Issued upon Exercise of Outstanding Options, Warrants and Rights | Weighted-Average Exercise Price of Outstanding Options, Warrants, and Rights | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 736,346 | $— | 2,547,751 | | Equity compensation plans not approved by security holders | 18,546 | $— | 181,454 | | **Total** | **754,892** | **$—** | **2,729,205** | [Certain Relationships and Related Transactions, and Director Independence](index=79&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the 2022 Proxy Statement - Information required by this item is **incorporated by reference from the 2022 Annual Meeting Proxy Statement**[377](index=377&type=chunk) [Principal Accounting Fees and Services](index=79&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information on principal accounting fees and services is incorporated by reference from the 2022 Proxy Statement - Information required by this item is **incorporated by reference from the 2022 Annual Meeting Proxy Statement**[378](index=378&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=80&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all exhibits filed with the Form 10-K, including consolidated financial statements, with schedules omitted as information is elsewhere - This section contains the **consolidated financial statements** and a list of all **exhibits filed with the Form 10-K**[380](index=380&type=chunk)[381](index=381&type=chunk) - All financial statement schedules have been omitted because the required information is **presented in the financial statements or notes thereto**, is not significant, or is not applicable[380](index=380&type=chunk) [Form 10-K Summary](index=85&type=section&id=Item%2016.%20Form%2010-K%20Summary) No Form 10-K summary was provided - 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AMN Healthcare Services, Inc. (NYSE:AMN) Q4 2021 Earnings Conference Call February 17, 2022 5:00 PM ET Company Participants Randy Reece - Director of Investor Relations Susan Salka - CEO 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 - Group President and COO of Physician and Leadership Solutions Conference Call Participants Kevin Fischbeck - Bank of America. A. ...

Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2021 was $878 million, a 59% increase year-over-year, exceeding guidance by 11% [12][25] - Gross margin for the quarter was 34.8%, up 130 basis points year-over-year and 210 basis points sequentially [25] - Net income was $74 million with diluted earnings per share of $1.54, while adjusted earnings per share was $1.73 compared to $0.82 in the prior year [29][30] Business Line Data and Key Metrics Changes - Nurse and Allied Solutions revenue reached $627 million, a 64% increase year-over-year, with Travel Nurse Staffing revenue growing 56% [12][26] - Physician and Leadership Solutions segment revenue was $151 million, up 38% year-over-year, marking the best organic growth rate in the segment's history [14][27] - Technology and Workforce Solutions segment revenue hit a record $100 million, growing 67% year-over-year [16][28] Market Data and Key Metrics Changes - Demand for services in the healthcare sector has significantly increased, with October orders more than 20% above the Q3 average [13] - Locum tenens demand increased by 36% from the second quarter, with revenue for locum tenens reaching $89 million, up 31% year-over-year [15][29] - The average bill rate for Travel Nurse Staffing increased by approximately 23% year-over-year [26] Company Strategy and Development Direction - The company is focusing on total talent solutions for healthcare, emphasizing the importance of supporting clients amid labor shortages [11][32] - Investments are being made in telehealth and workforce technology solutions to adapt to changing healthcare delivery models [11][12] - The company anticipates long-term growth opportunities due to persistent labor shortages and increased demand for healthcare services [32][34] Management's Comments on Operating Environment and Future Outlook - Management noted that the COVID-19 pandemic has accelerated workforce changes, leading to staffing shortages and increased demand for healthcare services [9][10] - The company expects volumes to grow year-over-year across all business lines in 2022, with nurse demand remaining above pre-pandemic levels [33][34] - Management expressed confidence in the future demand environment, anticipating that healthcare wage inflation will continue to impact staffing dynamics [34][71] Other Important Information - The company has added more team members than in any other year, with a 30% increase in full-time equivalents year-over-year [67] - The company is experiencing significant growth in its language services business, which has seen a 33% increase in revenue [16][75] - The company is actively recruiting to support growth and has made key leadership additions to enhance its operational capabilities [17][21] Q&A Session Summary Question: How does the company manage labor disruption without offsetting unions? - Management indicated that entering the labor disruption business was driven by client demand, and they are preparing for potential labor events while managing client relationships carefully [44][45] Question: What are the revenue expectations for 2022? - Management expects strong demand to continue into 2022, with consolidated revenue potentially exceeding $1 billion in the first quarter [49][50] Question: What is the outlook for wage inflation in the healthcare sector? - Management noted that wage inflation varies by market, with significant increases in base wages and premium pay strategies observed [63][64] Question: How is the company addressing the demand for permanent staff? - The company is seeing upward wage pressure in permanent staffing, with competitive pay strategies being implemented to attract talent [63][64] Question: What is the company's strategy for technology and automation in staffing? - The company is leading in digital transformation, with significant investments in mobile applications to streamline the staffing process [77][78]

AMN Healthcare Services, Inc. (NYSE:AMN) Q2 2021 Earnings Conference Call August 5, 2021 5:00 PM ET Company Participants Randy Reece - Director of Investor Relations Susan Salka - Chief Executive Officer Brian Scott - Chief Financial Officer Kelly Rakowski - Group President & Chief Operating Officer of Strategic Talent Solutions Landry Seedig - Group President & Chief Operating Officer of Nursing & Allied Solutions James Taylor - Group President & Chief Operating Officer for Physician & Leadership Solutions ...