AMN Healthcare Services(US:AMN)2025-02-20 21:15Financial Performance - Fourth quarter 2024 revenue was $734.7 million, a 10% decrease year-over-year, while full year revenue was $2.984 billion, down 21% from the previous year[3][16] - The company reported a net loss of $187.5 million for Q4 2024, translating to a loss of $4.90 per diluted share, compared to a net income of $12 million in the same quarter last year[7][16] - Adjusted diluted EPS for Q4 2024 was $0.75, a 43% decrease from $1.32 in Q4 2023, and full year adjusted diluted EPS was $3.31, down 60% from $8.21[3][16] - Revenue for the three months ended December 31, 2024, was $734.7 million, a decrease of 10.2% compared to $818.3 million for the same period in 2023[38] - The total revenue for the company for the twelve months ended December 31, 2024, was $2.98 billion, down from $3.79 billion in 2023, indicating a year-over-year decline of approximately 21.3%[46] Segment Performance - Revenue from the Nurse and Allied Solutions segment was $455 million in Q4 2024, a 15% decrease year-over-year, while full year revenue for this segment was $1.816 billion, down 31%[8][17] - The Physician and Leadership Solutions segment reported revenue of $173 million in Q4 2024, a 3% increase year-over-year, driven by the MSDR acquisition[9][17] - Technology and Workforce Solutions segment revenue was $107 million in Q4 2024, reflecting a 5% decrease year-over-year[10][17] - Revenue for the Nurse and Allied Solutions segment was $454.7 million for the three months ended December 31, 2024, a decline of 15.4% compared to $537.6 million in the same period of 2023[46] - The revenue per day filled in the Physician and Leadership Solutions segment increased to $2,646 for the three months ended December 31, 2024, compared to $2,491 in the same period of 2023[46] Cash Flow and Debt - Cash flow from operations was $73 million for Q4 2024 and $320 million for the full year, with total debt reduced by $75 million in the quarter[5][20] - The company reported net cash provided by operating activities of $72.8 million for the three months ended December 31, 2024, compared to $(41.1) million in the previous quarter[42] - Cash and cash equivalents at the end of the period were $10.6 million, significantly lower than $32.9 million at the end of December 2023[40] - The company’s total liabilities decreased to $1.71 billion as of December 31, 2024, from $2.09 billion a year earlier[40] Operating Expenses and Margins - Operating expenses for the three months ended December 31, 2024, totaled $421.5 million, compared to $226.8 million in the same period of 2023, largely due to goodwill impairment losses of $222.5 million[38] - Full year consolidated gross margin was 30.8%, down from 33.0% in the prior year, primarily due to lower margins across all segments[18] - Gross profit for the twelve months ended December 31, 2024, was $919.4 million, down from $1.25 billion in 2023, reflecting a gross margin of 30.8% compared to 33.0%[38] - Adjusted EBITDA for the twelve months ended December 31, 2024, was $340.8 million, down from $579.1 million in 2023, reflecting a decrease in adjusted EBITDA margin from 15.3% to 11.4%[44] Goodwill and Impairment - A non-cash goodwill impairment charge of $222 million was recorded in Q4 2024, primarily due to a decline in the company's equity market capitalization[14] - The company incurred goodwill impairment losses of $222.5 million for the three months ended December 31, 2024, with no such losses reported in the same period of 2023[44] Future Guidance - The company expects Q1 2025 consolidated revenue to be between $660 million and $680 million, projecting a 17-20% decline compared to the same period last year[22][23] - The company provided guidance for an adjusted EBITDA margin of 7.7% to 8.2% for the three months ending March 31, 2025[48] Other Key Metrics - The leverage ratio increased to 3.0 as of December 31, 2024, compared to 2.2 in September 2023[46] - The company’s SG&A expenses as a percentage of revenue were 21.6% for the three months ended December 31, 2024, compared to 22.7% in the same period of 2023[38] - The average number of travelers on assignment in the Nurse and Allied Solutions segment decreased to 9,206 in December 2024 from 11,869 in September 2023[46] - Average travelers on assignment for the three months ended September 30, 2024, was corrected to 9,176 from the previously reported 9,151 due to an administrative error[16] Adjusted Metrics - Adjusted net income excludes various costs and is used to assess the Company's operating performance, providing a consistent basis for comparison between periods[11] - Adjusted diluted EPS is calculated using diluted weighted average common shares outstanding, reflecting the Company's operating performance alongside GAAP measures[12] - For the three and twelve months ended December 31, 2024, diluted weighted average common shares outstanding were 38,329 and 38,273, respectively, for calculating adjusted diluted EPS[13] - Revenue per day filled is derived from the Company's locum tenens business divided by days filled for the period presented[18] - The leverage ratio represents the ratio of consolidated funded indebtedness to consolidated adjusted EBITDA for the twelve-month period[19] - Guidance percentage metrics provided are approximate, indicating the Company's future performance expectations[20]