UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
_____________________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): May 7, 2009
AMN
Healthcare Services, Inc.
(Exact
Name of Registrant as Specified in its Charter)
|
Delaware
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001-16753
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06-1500476
|
|
(State
or other Jurisdiction
of
Incorporation)
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(Commission
File Number)
|
(I.R.S.
Employer
Identification
No.)
|
|
12400
High Bluff Drive, Suite 100
|
92130
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
|
Registrant's
telephone number, including area code: (866)
871-8519
|
|
Not
Applicable
(Former
name or former address, if changed from last
report)
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_____________________
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|
r
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
r
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
r
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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|
r
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Section 2
– Financial Information
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Item 2.02
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Results
of Operations and Financial
Condition.
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On May 7,
2009, AMN Healthcare Services, Inc. (the “Company”) reported its first quarter
2009 results. The Company’s first quarter 2009 results are discussed in detail
in the press release which is furnished as Exhibit 99.1 to this Form 8-K and
incorporated herein by reference.
The
information in this Item 2.02 and Exhibit 99.1 attached hereto shall not be
deemed “filed” for purposes of Section 18 of the Securities Exchange Act of
1934, nor shall they be deemed incorporated by reference in any filing under the
Securities Act of 1933 or the Securities Exchange Act of 1934, except to the
extent as shall be expressly set forth by specific reference in such
filing.
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Item 9.01
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Financial
Statements and Exhibits
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(d)
Exhibits
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99.1
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Press
Release issued by the company on May 7, 2009 furnished pursuant to Item
2.02 of this Form 8-k
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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AMN
Healthcare Services, Inc.
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|
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Date:
May 7, 2009
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By:
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/s/ Susan R.
Nowakowski
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Susan
R. Nowakowski
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||
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President &
Chief Executive Officer
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Contact:
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David
C. Dreyer
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Chief
Financial Officer
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Christopher
Powell
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Director,
FP&A and Investor Relations
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866.861.3229
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FOR
IMMEDIATE RELEASE
AMN
HEALTHCARE ANNOUNCES FIRST QUARTER 2009 RESULTS
SAN DIEGO
– (May 7, 2009) – AMN Healthcare Services, Inc. (NYSE: AHS) today announced
operating results for the first quarter 2009, which were in line with
management’s expectations. Financial highlights include:
|
Q1
2009
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Q1
2008
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%
Chg
|
|
|
Revenue
|
$250
million
|
$294
million
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(15%)
|
|
Adjusted
EBITDA*
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$17
million
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$24
million
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(29%)
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|
Adjusted
Diluted EPS*
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$0.11
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$0.26
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(58%)
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Cash
Flow from Operations
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$38
million
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$17
million
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123%
|
|
GAAP
Net Income
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($122
million)
|
$9
million
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NM
|
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GAAP
Diluted EPS
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($3.74)
|
$0.26
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NM
|
* See
“Supplemental Financial and Operating Data” for a reconciliation of non-GAAP
items.
NM – Not
meaningful
“The
strength of our differentiated business model, our focus on quality and our
customer loyalty is becoming even more evident in this tight market environment.
Over the last year, we have been able to grow market share and strengthen our
leading position. At the same time, we continue to expand our market
opportunity and make investments in our future through progress with new service
lines,” said Susan R. Nowakowski,
President and Chief Executive Officer of AMN Healthcare. “We remain
disciplined in streamlining our cost structure to deal with short-term volume
trends and are prudently deleveraging our balance sheet by taking advantage of
our strong cash flow generation.”
Key
business highlights include:
|
|
·
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Strengthened market leadership
position while maintaining margins and operating
profitability
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|
|
·
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Seeing signs of stabilization in
travel nurse orders; growth in allied
orders
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|
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·
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Experienced a further reduction in
new physician permanent placement
searches
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|
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·
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Launched a new Emergency Medicine
division within locum tenens
|
|
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·
|
Secured a favorable credit
agreement amendment from our
debtholders
|
For the first quarter of 2009, revenue for the Nurse and Allied
staffing segment was $164 million, a decrease of 20% from the same quarter last
year and 21%
sequentially. The Locum
Tenens staffing segment generated revenue of $75 million, a decrease of 2% from the same quarter last
year and sequentially.
The Physician Permanent
Placement segment provided revenue of $11 million, a decrease of 17% from the same quarter last year and 10% sequentially.
Gross margin during the first quarter of 2009 was 25.6%, generally unchanged from the previous
quarter, but down 75 bps as compared to 26.4% for the same quarter last year. The year over year decline mainly reflected continued lower revenue mix from the
relatively high margin business line of international nursing and narrower margins in the travel nursing
business.
Selling, general and administrative
("SG&A") expenses for
the first quarter of 2009, excluding $0.9 million in non-recurring legal
expenses, were 19.7% as a percentage of revenue as compared to 18.8%
in the same
quarter last
year. While SG&A increased as a percentage
of revenue due to negative operating leverage, SG&A
excluding the non-recurring legal expenses declined in absolute terms by $5.9
million, or 11%, over prior year and by $6.0 million, or 11%, sequentially, as
cost-saving
initiatives begun in the
previous quarter took hold.
As a result of certain cost-reduction
actions, the company recorded $2.9 million in restructuring charges, consisting
mainly of severance payments related to workforce reductions as well as
lease-related charges associated with facility consolidations. Also, in
accordance with accounting rule FAS 142 the company incurred $176 million
in non-cash impairment charges relating to goodwill and certain other intangible
assets resulting from a combination of the company’s depressed equity market
value and lower projected near-term growth rates for the healthcare staffing
industry. These trends reflect the current downturn in the U.S. economy in
general and, in particular, the continued deterioration in labor markets since
the beginning of 2009. These impairment charges are non-cash expenses and will
not have any impact on the company's cash position, future cash flows or debt
covenants.
2
First quarter GAAP net loss per diluted
share was ($3.74) and included the negative impacts of $3.78 of non-cash goodwill and other
intangible asset impairment charges, $0.05 of restructuring charges and $0.02 of
non-recurring legal costs.
Total debt outstanding at March 31, 2009
was $119.5 million, yielding a leverage ratio of 1.3. Total average
diluted shares outstanding for the first quarter of 2009 were 32.6
million.
Credit
Facility Update
The company has secured an amendment to
its credit agreement that increases the maximum allowable leverage ratio and
extends the revolver tenor one year to match that of the term loan. The interest
rate on the term debt remains unchanged at LIBOR plus 1.75% and the rate on the
revolver increases 2.0%.
Business
Trends and Outlook
During the first quarter of 2009 and
first month of the second quarter, the general business trends have been as
follows: demand for travel nurse professionals declined significantly during the
first part of the year but has recently begun to show signs of stabilization,
and demand for allied professionals has been growing, but both are still at
levels considerably lower than prior year. Locum tenens volume (days
filled) has been relatively flat but is expected to increase as we continue
through the year. The volume of new retained searches for physicians is down
year-over-year and sequentially. Pricing, overall, has continued to trend
slightly higher over prior year and gross margins are expected to expand
slightly as bill-to-pay spreads widen. Based on these trends, second quarter
consolidated revenue is expected to decline sequentially by approximately 20%.
The majority of this decline is driven by volume trends in nurse staffing
resulting from the earlier drop in demand levels.
3
“Though it is too early to call a bottom
in our market, we are starting to see signs of stabilization in some of our key
leading indicators,” Nowakowski added. “We are continuing to focus on adjusting
our cost structure and maintaining strong relationships with both our clients
and healthcare professionals. We are confident the long-term fundamentals of our business
are still very much intact, and AMN Healthcare is positioned to weather the
current challenging environment and take full advantage of our leadership
position and improved operating leverage once conditions
improve.”
Company
Summary
AMN Healthcare Services, Inc. is the
largest healthcare staffing company in the United States and the largest
nationwide provider in all three of its business segments: travel nurse and
allied staffing, locum tenens staffing (temporary physician staffing), and
physician permanent placement services. AMN Healthcare recruits healthcare
professionals both nationally and internationally and places them on variable
lengths of assignments and in permanent positions at acute-care hospitals,
physician practice groups and other healthcare settings throughout the United
States. For more information, visit
http://www.amnhealthcare.com.
Conference
Call on May 7,
2009
AMN Healthcare Services, Inc.'s
first quarter 2009 conference call will be held on
Thursday, May 7, 2009, at 5:00 p.m., Eastern Time. A live
webcast of the call can be accessed through AMN Healthcare's website at
http://www.amnhealthcare.com/investors. Please log in at least 10 minutes prior
to the conference call in order to download the applicable audio software.
Interested parties may participate live via telephone by dialing (800) 230-1096 in the U.S. or (612) 332-0228 internationally. Following the
conclusion of the call, a replay of the webcast will be available at the
company's website. Alternatively, a telephonic replay of the call will be
available at 7:30 p.m. Eastern Time on May 7, 2009, and can be accessed until
May 21, 2009 at midnight Eastern Time, by
calling (800) 475-6701 in the U.S. or (320) 365-3844 internationally, with
access code 995474.
Non-GAAP
Measures
This earnings release contains certain
non-GAAP financial information. These measures are not in accordance with, or an
alternative to, generally accepted accounting principles in the United States
("GAAP"), and may be different from non-GAAP measures reported by other
companies. From time to time, additional information regarding non-GAAP
financial measures may be made available on the Company's website at
http://www.amnhealthcare.com/investors.
4
Forward-Looking
Statements
This earnings release contains
“forward-looking statements” within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Such statements include those regarding second quarter consolidated revenue
expectations, signs of
stabilization in travel nurse orders, growth in allied orders, expected
increased locum tenens volume, the impact of the impairment charges, anticipated
gross margins and bill-to-pay spreads, and Ms. Nowakowski’s comments including
those regarding the company
expanding market opportunity and making future investments with new service
lines, the business long term fundamentals and the company’s ability to take
advantage of its leadership position and improved operating leverage when
conditions improve. We
based these forward-looking statements on our current expectations and
projections about future events. Our actual results could differ materially from
those discussed in, or implied by, these forward-looking statements.
Forward-looking statements are identified by words such as “believe,”
“anticipate,” “expect,” “intend,” “plan,” “will,” “may” and other similar
expressions. In addition, any statements that refer to expectations, projections
or other characterizations of future events or circumstances are forward-looking
statements. The following factors could cause our actual results to differ
materially from those implied by the forward-looking statements in this earnings
release: our ability to sustain our business in a significant economic downturn;
our ability to continue to recruit qualified temporary and permanent healthcare
professionals at reasonable costs; our ability to retain qualified temporary
healthcare professionals for multiple assignments at reasonable costs; our
ability to attract and retain sales and operational personnel; our ability to
enter into contracts with hospitals, healthcare facility clients, affiliated
healthcare networks and physician practice groups on terms attractive to us and
to secure orders related to those contracts; our ability to demonstrate the
value of our services to our healthcare and facility clients, which may be
impacted by the role of intermediaries such as vendor management companies; the
general level of patient occupancy and utilization of services at our hospital
and healthcare facility clients’ facilities, including the potential impact on
such utilization caused by adoption of alternative modes of healthcare delivery,
which utilization may influence demand for our services; the overall level of
demand for services offered by temporary and permanent healthcare staffing
providers; the ability of our hospital, healthcare facility and physician
practice group clients to retain and increase the productivity of their
permanent staff; the variation in pricing of the healthcare facility contracts
under which we place temporary healthcare professionals; our ability to
successfully design our strategic growth, acquisition and integration strategies
and to implement those strategies, which includes our ability to obtain credit
at reasonable terms to complete acquisitions, integrate acquired companies’
accounting, management information, human resource and other administrative
systems, and implement or remediate controls, procedures and policies at
acquired companies; our ability to leverage our cost structure; access to and
undisrupted performance of our management information and communication systems,
including use of the Internet, and our candidate and client databases and
payroll and billing software systems; our ability to keep our web sites
operational at a reasonable cost and without service interruptions; the effect
of existing or future government legislation and regulation; our ability to grow
and operate our business in compliance with legislation and regulations,
including regulations that may affect our clients and, in turn, affect demand
for our services, such as Medicare reimbursement rates which may negatively
affect both orders and client receivables; the challenge to the classification
of certain of our healthcare professionals as independent contractors; the
impact of medical malpractice and other claims asserted against us; the
disruption or adverse impact to our business as a result of a terrorist attack
or breach of security of our data systems; our ability to carry out our business
strategy and maintain sufficient cash flow and capital structure to support our
business; our ability to meet our financial covenants, which if not met, could
adversely affect our liquidity; the loss of key officers and management
personnel that could adversely affect our ability to remain competitive; the
effect of recognition by us of an impairment to goodwill; our ability to
maintain and enhance the brand identities we have developed, at reasonable
costs; and the effect of adjustments by us to accruals for self-insured
retentions. Other factors that could cause actual results to differ from those
implied by the forward-looking statements contained in this earnings release are
set forth in the Company's Annual Report on Form 10-K for the year ended
December 31, 2008 and its other quarterly and periodic reports
filed with the SEC. These
statements reflect the Company's current beliefs and are based upon information
currently available to it. Be advised that developments subsequent to this
earnings release are likely to cause these statements to become outdated with
the passage of time. The Company does not intend, however, to update the
guidance provided today prior to its next earnings release.
5
|
AMN
Healthcare Services, Inc.
Condensed
Consolidated Statements of Operations
(dollars
in thousands, except per share amounts)
(unaudited)
|
|
Three
Months Ended
March
31,
|
||||||||||||
|
2009
|
2008
|
%
Chg
|
||||||||||
|
Revenue
|
$ | 249,595 | $ | 293,593 | (15.0 | %) | ||||||
|
Cost
of revenue
|
185,612 | 216,138 | (14.1 | %) | ||||||||
|
Gross
profit
|
63,983 | 77,455 | (17.4 | %) | ||||||||
| 25.6 | % | 26.4 | % | |||||||||
|
Expenses:
|
||||||||||||
|
Selling,
general and administrative
|
50,080 | 55,103 | (9.1 | %) | ||||||||
| 20.1 | % | 18.8 | % | |||||||||
|
Restructuring
Charges
|
2,918 | — | 100 | % | ||||||||
|
Impairment
Charges
|
175,707 | — | 100 | % | ||||||||
|
Depreciation
and amortization
|
3,467 | 3,350 | 3.5 | % | ||||||||
|
Total
expenses
|
232,172 | 58,453 | 297.2 | % | ||||||||
|
Income
(loss) from operations
|
(168,189 | ) | 19,002 |
NM
|
||||||||
| (67.4 | %) | 6.5 | % | |||||||||
|
Interest
expense, net
|
2,199 | 2,811 | (21.8 | %) | ||||||||
|
Income
(loss) before income taxes
|
(170,388 | ) | 16,191 |
NM
|
||||||||
|
Income
tax expense (benefit)
|
(48,554 | ) | 7,468 |
NM
|
||||||||
|
Net
income (loss)
|
$ | (121,834 | ) | $ | 8,723 |
NM
|
||||||
| (48.8 | %) | 3.0 | % | |||||||||
|
Net
income (loss) per common share:
|
||||||||||||
|
Basic
|
$ | (3.74 | ) | $ | 0.26 |
NM
|
||||||
|
Diluted
|
$ | (3.74 | ) | $ | 0.26 |
NM
|
||||||
|
Weighted
average common shares outstanding:
|
||||||||||||
|
Basic
|
32,576 | 33,830 | (3.7 | %) | ||||||||
|
Diluted
|
32,576 | 34,180 | (4.7 | %) | ||||||||
NM – Not
meaningful
6
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AMN
Healthcare Services, Inc.
|
||||||
|
Supplemental
Financial and Operating Data
|
||||||
|
(dollars
in thousands, except operating data)
|
||||||
|
(unaudited)
|
|
Three
Months Ended
March
31,
|
||||||||||||||||
|
2009
|
% of
Rev
|
2008
|
% of
Rev
|
|||||||||||||
|
Revenue
|
||||||||||||||||
|
Nurse
and allied healthcare staffing
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$ | 163,850 | $ | 203,985 | ||||||||||||
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Locum
tenens staffing
|
74,791 | 76,353 | ||||||||||||||
|
Physician
permanent placement services
|
10,954 | 13,255 | ||||||||||||||
| $ | 249,595 | $ | 293,593 | |||||||||||||
|
Reconciliation
of Non-GAAP Items:
|
||||||||||||||||
|
Adjusted
EBITDA(1)
|
||||||||||||||||
|
Nurse
and allied healthcare staffing
|
$ | 10,590 | 6.5 | % | $ | 15,481 | 7.6 | % | ||||||||
|
Locum
tenens staffing
|
3,821 | 5.1 | % | 5,655 | 7.4 | % | ||||||||||
|
Physician
permanent placement services
|
3,050 | 27.9 | % | 3,339 | 25.2 | % | ||||||||||
| 17,462 | 7.0 | % | 24,475 | 8.3 | % | |||||||||||
|
Depreciation
and amortization
|
3,467 | 3,350 | ||||||||||||||
|
Stock-based
compensation
|
2,675 | 2,123 | ||||||||||||||
|
Restructuring
charges
|
2,918 | - | ||||||||||||||
|
Impairment
charges
|
175,707 | - | ||||||||||||||
| Unallocated non-recurring legal expense | 884 | - | ||||||||||||||
|
Interest
expense, net
|
2,199 | 2,811 | ||||||||||||||
|
Income
(loss) before income taxes
|
(170,388 | ) | 16,191 | |||||||||||||
|
Income
tax expense
|
(48,554 | ) | 7,468 | |||||||||||||
|
Net
income (loss)
|
$ | (121,834 | ) | $ | 8,723 | |||||||||||
|
GAAP
based diluted net loss per share (EPS)
|
$ | (3.74 | ) | |||||||||||||
|
Adjustments:
|
||||||||||||||||
|
Restructuring
charges
|
0.05 | |||||||||||||||
|
Non-recurring
legal expenses
|
0.02 | |||||||||||||||
|
Impairment
charges
|
3.78 | |||||||||||||||
|
Adjusted
diluted earnings per share (2)
|
$ | 0.11 | ||||||||||||||
|
Three
Months Ended
March
31,
|
||||||||||||||||
|
2009
|
2008
|
%
Chg
|
||||||||||||||
|
Gross
Margin
|
||||||||||||||||
|
Nurse
and allied healthcare staffing
|
23.0 | % | 24.0 | % | ||||||||||||
|
Locum
tenens staffing
|
26.2 | % | 26.7 | % | ||||||||||||
|
Physician
permanent placement services
|
61.6 | % | 61.6 | % | ||||||||||||
|
Operating
Data:
|
||||||||||||||||
|
Nurse
and allied healthcare staffing
|
||||||||||||||||
|
Average
travelers on assignment (3)
|
5,489 | 6,888 | (20.3 | %) | ||||||||||||
|
Revenue
per traveler per day (4)
|
$ | 331.67 | $ | 325.43 | 1.9 | % | ||||||||||
|
Gross
profit per traveler per day (4)
|
$ | 76.19 | $ | 78.00 | (2.3 | %) | ||||||||||
|
Locum
tenens staffing
|
||||||||||||||||
|
Days
filled (5)
|
52,396 | 52,699 | 0.6 | % | ||||||||||||
|
Revenue
per day filled (5)
|
$ | 1,427 | $ | 1,449 | (1.5 | %) | ||||||||||
|
Gross
profit per day filled (5)
|
$ | 374.02 | $ | 386.95 | (3.3 | %) | ||||||||||
|
As
of March 31,
|
||||||||||||||||
|
2009
|
2008
|
|||||||||||||||
|
Leverage
Ratio (6)
|
1.3 | 1.5 | ||||||||||||||
7
|
(1)
|
Adjusted
EBITDA represents net income (loss) plus interest expense (net of interest
income), income taxes, depreciation and amortization, restructuring
charges, impairment charges, non-recurring legal expenses and stock-based
compensation expense. Management presents adjusted EBITDA because it
believes that adjusted EBITDA is a useful supplement to net income as an
indicator of operating performance. Management believes that adjusted
EBITDA is an industry-wide financial measure that is useful both to
management and investors when evaluating the company’s performance.
Management also uses adjusted EBITDA for planning purposes. Management
uses adjusted EBITDA to evaluate the company’s performance because it
believes that adjusted EBITDA more accurately reflects the company’s
results, as it excludes certain items, in particular stock-based
compensation charges that management believes are not indicative of the
company’s operating performance. However, adjusted EBITDA is not intended
to represent cash flows for the period, nor has it been presented as an
alternative to operating or net income as an indicator of operating
performance, and it should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with GAAP.
As defined, adjusted EBITDA is not necessarily comparable to other
similarly titled captions of other companies due to potential
inconsistencies in the method of calculation. While management believes
that some of the items excluded from adjusted EBITDA are not indicative of
the company’s operating performance, these items do impact the income
statement, and management therefore utilizes adjusted EBITDA as an
operating performance measure in conjunction with GAAP measures such as
net income.
|
|
(2)
|
Adjusted
EPS represents GAAP EPS plus restructuring and impairment charges and
non-recurring legal expenses. Management presents adjusted EPS because it
believes that adjusted EPS is a useful supplement to diluted net loss per
share as an indicator of operating performance. Management believes such a
measure provides a picture of the company’s results that is more
comparable among periods since it excludes the impact of items that may
recur occasionally, but tend to be irregular as to timing, thereby
distorting comparisons between periods. However, investors should note
that this non-GAAP measure involves judgment by management (in particular,
judgment as to what is classified as a special item to be excluded from
adjusted EPS). As defined, adjusted EPS is not necessarily comparable to
other similarly titled captions of other companies due to potential
inconsistencies in the method of calculation. While management believes
that some of the items excluded from adjusted EPS are not indicative of
the company’s operating performance, these items do impact the income
statement, and management therefore utilizes adjusted EPS as an operating
performance measure in conjunction with GAAP measures such as GAAP
EPS.
|
|
(3)
|
Average
travelers on assignment represents the average number of nurse and allied
healthcare professionals on assignment during the period
presented.
|
|
(4)
|
Revenue
per traveler per day and gross profit per traveler per day represent the
revenue and gross profit of the company’s nurse and allied healthcare
staffing segment divided by average travelers on assignment, divided by
the number of days in the period
presented.
|
|
(5)
|
Days
filled is calculated by dividing the locum tenens hours filled during the
period by 8 hours. Revenue per day filled and gross profit per day filled
represent revenue and gross profit of the company’s locum tenens staffing
segment divided by days filled for the period
presented.
|
|
(6)
|
Leverage
ratio represents the ratio of the total debt outstanding at the end of the
period to the Adjusted EBITDA for the past twelve
months.
|
8
|
AMN
Healthcare Services, Inc.
Condensed
Consolidated Balance Sheets
(in
thousands)
(unaudited)
|
|
March 31,
|
December
31,
|
|||||||
|
2009
|
2008
|
|||||||
|
Assets
|
||||||||
|
Current
assets:
|
||||||||
|
Cash
and cash equivalents
|
$ | 16,675 | $ | 11,316 | ||||
|
Accounts
receivable, net
|
148,376 | 182,562 | ||||||
|
Prepaid
expenses
|
10,585 | 9,523 | ||||||
|
Income
taxes receivable
|
4,448 | 3,440 | ||||||
|
Deferred
income taxes, net
|
22,417 | 18,085 | ||||||
|
Other
current assets
|
3,376 | 4,901 | ||||||
|
Total
current assets
|
205,877 | 229,827 | ||||||
|
Fixed
assets, net
|
24,938 | 24,018 | ||||||
|
Deposits
and other assets
|
10,579 | 13,252 | ||||||
|
Goodwill
|
79,868 | 252,875 | ||||||
|
Intangible
assets, net
|
118,940 | 122,845 | ||||||
|
Total
assets
|
$ | 440,202 | $ | 642,817 | ||||
|
Liabilities
and stockholders’ equity
|
||||||||
|
Current
liabilities:
|
||||||||
|
Bank
overdraft
|
$ | — | $ | 3,995 | ||||
|
Accounts
payable and accrued expenses
|
24,667 | 24,420 | ||||||
|
Accrued
compensation and benefits
|
36,728 | 44,871 | ||||||
|
Revolving
credit facility
|
6,500 | 31,500 | ||||||
|
Current
portion of notes payable
|
14,824 | 14,580 | ||||||
|
Deferred
revenue
|
6,204 | 7,184 | ||||||
|
Other
current liabilities
|
15,060 | 14,722 | ||||||
|
Total
current liabilities
|
103,983 | 141,272 | ||||||
|
Notes
payable, less current portion
|
98,208 | 100,236 | ||||||
|
Deferred
income taxes, net
|
13,342 | 58,466 | ||||||
|
Other
long-term liabilities
|
59,532 | 58,710 | ||||||
|
Total
liabilities
|
275,065 | 358,684 | ||||||
|
Stockholders’
equity
|
165,137 | 284,133 | ||||||
|
Total
liabilities and stockholders’ equity
|
$ | 440,202 | $ | 642,817 | ||||
9
AMN
Healthcare Services, Inc.
Condensed
Consolidated Statements of Cash Flows
(in
thousands)
(unaudited)
|
Three
Months Ended March 31,
|
||||||||
|
2009
|
2008
|
|||||||
|
Net
cash provided by operating activities
|
$ | 37,557 | $ | 16,873 | ||||
|
Net
cash used in investing activities
|
(1,230 | ) | (33,401 | ) | ||||
|
Net
cash provided by (used in) financing activities
|
(30,954 | ) | 5,934 | |||||
|
Effect
of exchange rates on cash
|
(14 | ) | (66 | ) | ||||
|
Net
(decrease) increase in cash and cash equivalents
|
5,359 | (10,660 | ) | |||||
|
|
||||||||
|
Cash
and cash equivalents at beginning of period
|
11,316 | 18,495 | ||||||
|
Cash
and cash equivalents at end of period
|
$ | 16,675 | $ | 7,835 | ||||
10