AMN Healthcare Services(US:AMN)2025-05-08 22:13Financial Performance - Revenue for Q1 2025 was $689.5 million, a decrease of 16% compared to $820.9 million in Q1 2024[16] - Gross profit for Q1 2025 was $198.1 million, down 23% from $257.5 million in Q1 2024[16] - Net loss for Q1 2025 was $1.1 million, compared to a net income of $17.3 million in Q1 2024[16] - The company reported a comprehensive loss of $1.0 million for Q1 2025, compared to a comprehensive income of $17.4 million in Q1 2024[16] - Total revenue for the three months ended March 31, 2025, was $689,533, a decrease of 15.9% compared to $820,878 for the same period in 2024[46] - Gross profit for Q1 2025 was $198,120, down 23.0% from $257,506 in Q1 2024[46] - Segment operating income for Q1 2025 was $81,950, a decline of 31.6% from $119,834 in Q1 2024[46] - Revenue decreased 16% to $689.5 million for the three months ended March 31, 2025, from $820.9 million for the same period in 2024, with the largest decline in the nurse and allied solutions segment[84] Cash Flow and Liquidity - Cash and cash equivalents at the end of Q1 2025 were $55.8 million, significantly up from $10.6 million at the end of Q4 2024[14] - Cash flows from operating activities for Q1 2025 were $92.7 million, an increase from $81.4 million in Q1 2024[22] - Net cash provided by operating activities increased to $92.7 million for the three months ended March 31, 2025, compared to $81.4 million in 2024[93] - Net cash used in investing activities for Q1 2025 was $26.0 million, compared to $21.4 million in Q1 2024, primarily due to a net purchase of investments of $14.5 million[98] - Net cash used in financing activities during Q1 2025 was $61.2 million, an increase from $39.0 million in Q1 2024, due to repayments of $95.0 million under the Senior Credit Facility[99] Assets and Liabilities - Total current assets increased to $627.4 million as of March 31, 2025, from $594.9 million at December 31, 2024[14] - Total liabilities decreased to $1.68 billion as of March 31, 2025, from $1.71 billion at December 31, 2024[14] - The company’s total stockholders' equity increased to $715.1 million as of March 31, 2025, from $706.6 million at December 31, 2024[14] - As of March 31, 2025, total cash, cash equivalents, and restricted cash amounted to $117,445 million, an increase from $97,473 million as of December 31, 2024[30] - The allowance for expected credit losses for accounts receivable decreased to $23,273 million as of March 31, 2025, from $31,796 million as of December 31, 2024[33] Segment Performance - The nurse and allied solutions segment revenue comprised 60% of total consolidated revenue for the three months ended March 31, 2025, down from 63% in the same period last year[72] - The physician and leadership solutions segment revenue increased to 25% of total consolidated revenue for the three months ended March 31, 2025, compared to 23% for the same period last year[73] - The technology and workforce solutions segment revenue accounted for 15% of total consolidated revenue for the three months ended March 31, 2025, up from 14% in the same period last year[74] - Travel nurse staffing revenue decreased to $215,447 in Q1 2025 from $334,369 in Q1 2024, representing a decline of 35.5%[46] - International nurse revenue totaled $33,872 in Q1 2025, down 31.4% from $49,469 in Q1 2024[47] - Nurse and allied solutions segment revenue decreased 20% to $413.3 million, primarily due to a 22% decrease in the average number of travelers on assignment[84] - Physician and leadership solutions segment revenue decreased 8% to $174.1 million, with a 10% decrease in the number of days filled impacting revenue[85] - Technology and workforce solutions segment revenue decreased 9% to $102.2 million, primarily due to a decline in VMS and outsourced solutions businesses[86] Operational Metrics - Operating expenses for Q1 2025 were $185.6 million, a reduction of 15% from $217.6 million in Q1 2024[16] - Selling, general and administrative expenses were $147.7 million, representing 21.4% of revenue, a slight increase from 21.3% in the previous year[90] - Days Sales Outstanding (DSO) remained stable at 55 days as of March 31, 2025, unchanged from December 31, 2024, but improved from 64 days in Q1 2024[97] - The average number of travelers on assignment in the first quarter decreased due to lower demand, with bill rates increasing slightly from the prior quarter[77] - Demand for locum tenens staffing in the physician and leadership solutions segment declined in the first quarter compared to both the prior year and prior quarter[78] Accounting and Reporting - The company adopted the new segment reporting standard effective for the fiscal year ended December 31, 2024, which requires enhanced disclosures about significant segment expenses[27] - The company is evaluating the impact of new accounting standards issued by the FASB, which may affect future disclosures[102][103] - The company recognized cumulative upward adjustments of $14,033 million and cumulative downward adjustments of $19,860 million related to its equity investment as of March 31, 2025[60] - The company has no material impairment charges recorded during the three months ended March 31, 2025 and 2024[61] Credit and Financing - The company has a $750,000 secured revolving credit facility, with an increased consolidated net leverage ratio covenant for the year ending December 31, 2025[49] - As of March 31, 2025, $150.0 million was drawn from a $750.0 million secured revolving credit facility, with $579.6 million available[94] - The company released $25,000 million of restricted cash in January 2025 to repay a portion of outstanding borrowings under the Senior Credit Facility[30] - The company entered into a fourth amendment to its credit agreement on November 5, 2024, increasing the consolidated net leverage ratio covenant for the year ending December 31, 2025[100] Miscellaneous - No shares of common stock were repurchased during the three months ended March 31, 2025[117] - There were no defaults upon senior securities reported[118] - Mine safety disclosures were not applicable for the reporting period[119] - No directors or officers adopted or modified any trading arrangements during the three months ended March 31, 2025[120] - The report includes various exhibits related to securities and performance restricted stock unit agreements[121]