Company Quick10K Filing
AMN Healthcare Services
Price55.86 EPS3
Shares48 P/E22
MCap2,659 P/FCF18
Net Debt353 EBIT166
TEV3,012 TEV/EBIT18
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-11-04
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-16
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-02-17
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-24
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-02-25
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-02-21
10-Q 2013-09-30 Filed 2013-11-01
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-03
10-Q 2012-09-30 Filed 2012-11-05
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-03-09
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-11
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-07-30
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-05
8-K 2020-08-13 Off-BS Arrangement
8-K 2020-08-10 Other Events, Exhibits
8-K 2020-08-10 Regulation FD, Exhibits
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-05-11
8-K 2020-04-22
8-K 2020-04-03
8-K 2020-02-27
8-K 2020-02-14
8-K 2020-02-13
8-K 2020-01-26
8-K 2020-01-17
8-K 2019-10-31
8-K 2019-10-01
8-K 2019-09-26
8-K 2019-09-26
8-K 2019-09-16
8-K 2019-08-06
8-K 2019-06-14
8-K 2019-05-02
8-K 2019-04-29
8-K 2019-04-17
8-K 2019-02-19
8-K 2019-02-14
8-K 2018-10-31
8-K 2018-09-19
8-K 2018-08-02
8-K 2018-07-30
8-K 2018-05-03
8-K 2018-04-18
8-K 2018-04-09
8-K 2018-02-15
8-K 2018-02-09

AMN 10Q Quarterly Report

Part I - Financial Information
Item 1. Condensed Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 amn-ex311x20200630x10q.htm
EX-31.2 amn-ex312x20200630x10q.htm
EX-32.1 amn-ex321x20200630x10q.htm
EX-32.2 amn-ex322x20200630x10q.htm

AMN Healthcare Services Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.91.51.10.80.40.02012201420172020
Assets, Equity
0.60.50.40.20.10.02012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

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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, 2020
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-20200630_g1.jpg
AMN HEALTHCARE SERVICES, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
06-1500476
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
8840 Cypress Waters BoulevardSuite 300
DallasTexas75019
(Address of Principal Executive Offices)(Zip Code)

Registrant’s Telephone Number, Including Area Code: (866871-8519
____________________

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par valueAMNNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  x  No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  x No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer   Non-accelerated filer
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).  Yes    No  x
As of August 5, 2020, there were 46,987,619 shares of common stock, $0.01 par value, outstanding.



TABLE OF CONTENTS
 
Item Page
PART I - FINANCIAL INFORMATION
1.
2.
3.
4.
PART II - OTHER INFORMATION
1.
1A.
2.
3.
4.
5.
6.




PART I - FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

AMN HEALTHCARE SERVICES, INC.
 
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited and in thousands, except par value)
June 30, 2020December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents$43,067  $82,985  
Accounts receivable, net of allowances of $8,532 and $3,332 at June 30, 2020 and December 31, 2019, respectively
366,574  352,685  
Accounts receivable, subcontractor58,469  72,714  
Prepaid expenses15,547  11,669  
Other current assets34,982  40,446  
Total current assets518,639  560,499  
Restricted cash, cash equivalents and investments56,362  62,170  
Fixed assets, net of accumulated depreciation of $145,850 and $132,900 at June 30, 2020 and December 31, 2019, respectively
113,975  104,832  
Operating lease right-of-use assets85,119  89,866  
Other assets120,910  120,254  
Goodwill870,074  595,551  
Intangible assets, net of accumulated amortization of $179,916 and $151,417 at June 30, 2020 and December 31, 2019, respectively
599,737  398,474  
Total assets$2,364,816  $1,931,646  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses$144,824  $156,140  
Accrued compensation and benefits171,007  170,932  
Current portion of notes payable7,813    
Current portion of operating lease liabilities15,480  13,943  
Deferred revenue11,759  11,788  
Other current liabilities33,653  25,302  
Total current liabilities384,536  378,105  
Revolving credit facility100,000    
Notes payable, less unamortized fees856,106  617,159  
Deferred income taxes, net87,649  46,618  
Operating lease liabilities85,504  91,209  
Other long-term liabilities73,615  61,813  
Total liabilities1,587,410  1,194,904  
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value; 10,000 shares authorized; none issued and outstanding at June 30, 2020 and December 31, 2019
    
Common stock, $0.01 par value; 200,000 shares authorized; 49,542 issued and 46,981 outstanding at June 30, 2020 and 49,283 issued and 46,722 outstanding at December 31, 2019
495  493  
Additional paid-in capital461,824  455,193  
Treasury stock, at cost (2,561 shares at June 30, 2020 and December 31, 2019)
(119,143) (119,143) 
Retained earnings434,183  400,047  
Accumulated other comprehensive income47  152  
Total stockholders’ equity777,406  736,742  
Total liabilities and stockholders’ equity$2,364,816  $1,931,646  

See accompanying notes to unaudited condensed consolidated financial statements.
1


AMN HEALTHCARE SERVICES, INC.
 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited and in thousands, except per share amounts)
 
 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Revenue$608,351  $535,177  $1,210,812  $1,067,618  
Cost of revenue410,811  355,635  811,206  711,317  
Gross profit197,540  179,542  399,606  356,301  
Operating expenses:
Selling, general and administrative137,068  121,668  283,302  241,665  
Depreciation and amortization22,071  12,718  42,160  24,428  
Total operating expenses159,139  134,386  325,462  266,093  
Income from operations38,401  45,156  74,144  90,208  
Interest expense, net, and other11,443  6,065  22,497  11,738  
Income before income taxes26,958  39,091  51,647  78,470  
Income tax expense 4,633  10,222  16,357  15,479  
Net income$22,325  $28,869  $35,290  $62,991  
Other comprehensive loss:
Foreign currency translation and other(58) (89) (105) (190) 
Other comprehensive loss(58) (89) (105) (190) 
Comprehensive income$22,267  $28,780  $35,185  $62,801  
Net income per common share:
Basic$0.47  $0.62  $0.74  $1.35  
Diluted$0.47  $0.61  $0.74  $1.32  
Weighted average common shares outstanding:
Basic47,383  46,644  47,371  46,713  
Diluted47,562  47,424  47,623  47,597  
 
See accompanying notes to unaudited condensed consolidated financial statements.

2


AMN HEALTHCARE SERVICES, INC.
 
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited and in thousands)
 Common StockAdditional
Paid-in
Capital
Treasury StockRetained EarningsAccumulated Other Comprehensive Income (Loss)Total
 SharesAmountSharesAmount
Balance, December 31, 201848,809  $488  $452,730  (2,166) $(100,438) $286,059  $151  $638,990  
Repurchase of common stock into treasury—  —  —  (378) (17,930) —  —  (17,930) 
Equity awards vested and exercised, net of shares withheld for payroll taxes313  3  (10,284) —  —  —  —  (10,281) 
Share-based compensation—  —  5,186  —  —  —  —  5,186  
Comprehensive income (loss)—  —  —  —  —  34,122  (101) 34,021  
Balance, March 31, 201949,122  $491  $447,632  (2,544) $(118,368) $320,181  $50  $649,986  
Repurchase of common stock into treasury—  —  —  (17) (775) —  —  (775) 
Equity awards vested and exercised, net of shares withheld for payroll taxes101  1  (1,254) —  —  —  —  (1,253) 
Share-based compensation—  —  3,702  —  —  3,702  
Comprehensive income (loss)—  —  —  —  —  28,869  (89) 28,780  
Balance, June 30, 201949,223  $492  $450,080  (2,561) $(119,143) $349,050  $(39) $680,440  
 Common StockAdditional
Paid-in
Capital
Treasury StockRetained EarningsAccumulated Other Comprehensive IncomeTotal
 SharesAmountSharesAmount
Balance, December 31, 201949,283  $493  $455,193  (2,561) $(119,143) $400,047  $152  $736,742  
Equity awards vested and exercised, net of shares withheld for payroll taxes140  1  (4,354) —  —  —  —  (4,353) 
Cumulative-effect adjustment from adoption of the credit loss standard, net of tax—  —  —  —  —  (1,154) —  (1,154) 
Share-based compensation—  —  4,927  —  —  —  —  4,927  
Comprehensive income (loss)—  —  —  —  —  12,965  (47) 12,918  
Balance, March 31, 202049,423  $494  $455,766  (2,561) $(119,143) $411,858  $105  $749,080  
Equity awards vested and exercised, net of shares withheld for payroll taxes119  1  (289) —  —  —  —  (288) 
Share-based compensation—  —  6,347  —  —  —  —  6,347  
Comprehensive income (loss)—  —  —  —  —  22,325  (58) 22,267  
Balance, June 30, 202049,542  $495  $461,824  (2,561) $(119,143) $434,183  $47  $777,406  

See accompanying notes to unaudited condensed consolidated financial statements.

3


AMN HEALTHCARE SERVICES, INC.
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited and in thousands)
 
Six Months Ended June 30,
 
20202019
Cash flows from operating activities:
Net income$35,290  $62,991  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization42,660  24,428  
Non-cash interest expense and other2,817  1,134  
Change in fair value of contingent consideration5,000  (2,158) 
Increase in allowance for credit losses and sales credits6,742  4,978  
Provision for deferred income taxes(9,827) (10,328) 
Share-based compensation11,274  8,888  
Loss on disposal or sale of fixed assets3,321  39  
Amortization of discount on investments(71) (229) 
Net loss on deferred compensation balances379    
Non-cash lease expense180  (106) 
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable2,160  12,427  
Accounts receivable, subcontractor14,245  84  
Income taxes receivable6,157  (1,673) 
Prepaid expenses(3,260) (1,523) 
Other current assets584  583  
Other assets3,144  (8,763) 
Accounts payable and accrued expenses(14,035) (29,471) 
Accrued compensation and benefits(1,187) 11,774  
Other liabilities22,764  (5,852) 
Deferred revenue(72) (2,025) 
Restricted investments balance6  93  
Net cash provided by operating activities128,271  65,291  
Cash flows from investing activities:
Purchase and development of fixed assets(19,727) (15,532) 
Purchase of investments(23,129) (13,281) 
Proceeds from maturity of investments14,100  22,670  
Payments to fund deferred compensation plan(6,191) (5,279) 
Purchase of convertible promissory note(490)   
Cash paid for acquisitions, net of cash and restricted cash received(476,491) (228,149) 
Cash paid for other intangibles(1,400) (1,120) 
Cash received for working capital adjustments for prior year acquisitions66    
Net cash used in investing activities(513,262) (240,691) 
4


 
Six Months Ended June 30,
 
20202019
Cash flows from financing activities:
Payments on term loans(1,563)   
Proceeds from term loans250,000  150,000  
Payments on revolving credit facility(125,000) (25,000) 
Proceeds from revolving credit facility225,000  101,000  
Repurchase of common stock  (18,705) 
Payment of financing costs(4,181) (777) 
Earn-out payments for prior acquisitions(10,622) (5,700) 
Cash paid for shares withheld for taxes(4,640) (11,533) 
Net cash provided by financing activities328,994  189,285  
Effect of exchange rate changes on cash(105) (190) 
Net increase (decrease) in cash, cash equivalents and restricted cash(56,102) 13,695  
Cash, cash equivalents and restricted cash at beginning of period153,962  84,324  
Cash, cash equivalents and restricted cash at end of period$97,860  $98,019  
Supplemental disclosures of cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities$10,112  $8,694  
Cash paid for interest (net of $208 and $230 capitalized for the six months ended June 30, 2020 and 2019, respectively)
$12,759  $11,714  
Cash paid for income taxes$59  $27,369  
Acquisitions:
Fair value of tangible assets acquired in acquisitions, net of cash and restricted cash received$35,868  $27,674  
Goodwill274,560  149,941  
Intangible assets228,000  96,180  
Liabilities assumed(61,937) (33,524) 
Earn-out liabilities  (12,122) 
Net cash paid for acquisitions$476,491  $228,149  
Supplemental disclosures of non-cash investing and financing activities:
Purchase of fixed assets recorded in accounts payable and accrued expenses$1,225  $2,352  

See accompanying notes to unaudited condensed consolidated financial statements.
5


AMN HEALTHCARE SERVICES, INC.
 
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except per share amounts)
 
1. BASIS OF PRESENTATION
The condensed consolidated balance sheets and related condensed consolidated statements of comprehensive income and cash flows contained in this Quarterly Report on Form 10-Q (this “Quarterly Report”), which are unaudited, include the accounts of AMN Healthcare Services, Inc. and its wholly-owned subsidiaries (collectively, the “Company”). All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all entries necessary for a fair presentation of such unaudited condensed consolidated financial statements have been included. These entries consisted of all normal recurring items. The results of operations for the interim period are not necessarily indicative of the results to be expected for any other interim period or for the entire fiscal year or for any future period.
The unaudited condensed consolidated financial statements do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). Please refer to the Company’s audited consolidated financial statements and the related notes for the fiscal year ended December 31, 2019, contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the Securities and Exchange Commission on February 25, 2020 (“2019 Annual Report”).
The preparation of financial statements in conformity with U.S. GAAP requires management to make a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. On an ongoing basis, the Company evaluates its estimates, including those related to intangible assets purchased in a business combination, asset impairments, accruals for self-insurance, compensation and related benefits, accounts receivable, contingencies and litigation, earn-out liabilities, and income taxes. Actual results could differ from those estimates under different assumptions or conditions.
Coronavirus Pandemic
On March 11, 2020, the World Health Organization declared the outbreak of a novel strain of coronavirus, also known as COVID-19, a global pandemic. Due to the pandemic, there has been uncertainty and disruption in the global economy and significant volatility of financial markets. The Company is closely monitoring the impact of the pandemic, which continues to evolve, and its effects and risks on our operations, liquidity, financial condition and financial results for the full year 2020 and, possibly, beyond.
The estimates used for, but not limited to, determining the collectability of accounts receivable, fair value of long-lived assets, and goodwill could be impacted by the pandemic. While the full impact of COVID-19, including the duration and severity of the pandemic, remains unknown, the Company has made appropriate estimates based on the facts and circumstances available as of the reporting date. Specifically, the Company continues to monitor the impacts of the pandemic on its customers’ liquidity and capital resources and, therefore, the Company’s ability to collect, or the timeliness of collection of accounts receivable. The impact of COVID-19 did not have a material effect on the Company’s estimates as of June 30, 2020. These estimates may change as new events occur and additional information is obtained. See additional information below regarding the allowance for credit losses for accounts receivable.
Recently Adopted Accounting Pronouncements
In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-13, “Measurement of Credit Losses on Financial Instruments.” The FASB also issued a series of other ASUs, which update ASU 2016-13 (collectively, the “credit loss standard”). This new standard introduces new accounting models for determining and recognizing credit losses on certain financial instruments based on an estimate of current expected credit losses. The Company adopted this standard effective January 1, 2020 using the modified retrospective transition method. The Company recognized the cumulative effect of adopting this guidance as an adjustment to the opening balance of retained earnings of $1,154, net of tax, primarily related to its allowance for credit losses for accounts receivable. Prior period amounts are not retrospectively adjusted. The impact of the adoption of the new standard was not material to the Company’s condensed consolidated financial statements for the three and six months ended June 30, 2020. The Company expects the impact to be immaterial on an ongoing basis. See additional information below regarding the allowance for credit losses for accounts receivable.
6


In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment.” The standard simplifies the subsequent measurement of goodwill by removing the requirement to perform a hypothetical purchase price allocation to compute the implied fair value of goodwill to measure impairment. Instead, any goodwill impairment will equal the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. Further, the guidance eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. The Company adopted this standard effective January 1, 2020 and the adoption did not have a material effect on the Company’s consolidated financial statements.
In August 2018, the FASB issued ASU 2018-13, “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement.” The standard modifies the current disclosure requirements on fair value measurements. The Company adopted this standard effective January 1, 2020. Refer to information regarding fair value measurements in Note (7), “Fair Value Measurement.”
Cash, cash equivalents and restricted cash
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents include currency on hand, deposits with financial institutions and highly liquid investments. Restricted cash and cash equivalents primarily represent cash and money market funds on deposit with financial institutions and investments represents commercial paper that serves as collateral for the Company’s outstanding letters of credit and captive insurance subsidiary claim payments. See Note (7), “Fair Value Measurement” for additional information.
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the accompanying condensed consolidated balance sheets and related notes to the amounts presented in the accompanying condensed consolidated statements of cash flows.
 June 30, 2020December 31, 2019
Cash and cash equivalents$43,067  $82,985  
Restricted cash and cash equivalents (included in other current assets)17,111