Wed. Dec 11th, 2019

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AMN Healthcare Services, Inc.

2 min read

AMN Healthcare Services, Inc. (NYSE: AMN), the leader and innovator in healthcare workforce solutions and staffing services, newly declared its 3rd-quarter 2k19 financial results.

3rd-Quarter 2k19 Results

Merged revenue for the quarter was $568.00M, an 8.0 percent incline over prior year and 6.0 percent higher than prior quarter. On an organic basis, merged revenue was up 1.0 percent over previous year. Revenue for the Nurse and Allied Solutions segment was $363.00M, up 18.00 percent year over year (6.0 percent organic) and 9.0 percent sequentially. Travel Nurse division revenue grew 10.00 percent year over year with 4.0 percent organic growth. Allied division revenue increased 46.00 percent year over year, 11.00 percent organic.

The Locum Tenens Solutions segment stated revenue of $84.00M, down by 17.00 percent year over year but up 3.0 percent sequentially. Other Workforce Solutions segment revenue was $121.00M for a boost of 1.0 percent year over year, driven by growth in our interim leadership and VMS businesses.

Gross margin was 33.50 percent, higher by 30.0 basis points year over year and flat sequentially. The year-over-year variance was driven by improved gross margins in the Nurse and Allied and Other Workforce Solutions segments.

SG&A costs were $133.00M, or 23.50 percent of revenue, contrast with $121.00M, or 23.00 percent of revenue, in the similar quarter last year. SG&A was $122.00M, or 22.70 percent of revenue, in the previous quarter. The year-over-year incline in SG&A costs came mainly from the recent acquisitions, a higher earn-out provision and higher employee-related costs, partly offset by lower legal reserves.

Income from operations was $40.00M, or 7.0 percent of revenue, contrast with $43.00M, or 8.10 percent of revenue, in the similar quarter last year. Adjusted EBITDA was $69.00M, a year-over-year incline of 3.0 percent. Adjusted EBITDA margin was 12.20 percent, representing a decline of 60.0 basis points year over year.

Net income was $24.00M, or $0.490 for each diluted share, contrast with $28.00M, or $0.580 for each diluted share, in the similar quarter last year. Adjusted diluted EPS was $0.810.

At September 30, 2k19, cash and cash equivalents totalled $41.00M. Cash flow from operations was $81.00M for the quarter, and capital expenditures were $9.00M. The Company finished the quarter with total debt outstanding of $620.00M, with a leverage ratio as calculated in accordance with the Company’s credit agreement of 2.20 to 1.

October Debt Refinancing

In October, AMN issued $300.00M of 4.625 percent senior notes due in 2027 and used the proceeds to repay the Company’s revolving debt and term loan, which totalled $295.00M. After these actions, the Company had total debt of $625.00M and unused borrowing capacity of $383.00M on its senior credit facility.

Revenue in the 4th-quarter of 2k19 is expected to be about 8.0-9.0 percent higher year over year.

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