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): August 6, 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
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(State
or other Jurisdiction
of
Incorporation)
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(Commission
File Number)
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(I.R.S.
Employer
Identification
No.)
|
|
12400
High Bluff Drive, Suite 100
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92130
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant's
telephone number, including area code: (866)
871-8519
Not
Applicable
(Former
name or former address, if changed from last report)
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:
|
o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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|
o
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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 August
6, 2009, AMN Healthcare Services, Inc. (the “Company”) reported its second
quarter 2009 results. The Company’s second 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 August 6, 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:
August 6, 2009
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By:
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/s/ Susan R. Nowakowski | |
| Susan R. Nowakowski | |||
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President &
Chief Executive Officer
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|||
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Contact:
Amy
C. Chang
Vice
President, Investor Relations
866.861.3229
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FOR
IMMEDIATE RELEASE
AMN
HEALTHCARE ANNOUNCES SECOND QUARTER 2009 RESULTS
SAN DIEGO
– (August 6, 2009) – AMN Healthcare Services, Inc. (NYSE: AHS) today announced
operating results for the second quarter 2009, which were in line with
management’s expectations. Financial highlights for the three months ended June
30, 2009 include:
|
Q2
2009
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%
Chg
Q2
2008
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%
Chg
Q1
2009
|
||||||||
|
Revenue
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$199
million
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(36%)
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(20%)
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|||||||
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Net
Income
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$4
million
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(49%)
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NM
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|||||||
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Diluted
EPS
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$0.13
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(48%)
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NM
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|||||||
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Cash
Flow from Operations
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$36
million
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206%
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(3%)
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|||||||
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Adjusted
EBITDA*
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$18
million
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(27%)
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3%
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|||||||
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Adjusted
Diluted EPS*
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$0.17
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(32%)
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55%
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||||||
* See
“Supplemental Financial and Operating Data” for a reconciliation of non-GAAP
items.
NM – Not
meaningful
“Our
focus on client relationships and quality as well as our diversified service
offerings have enabled AMN Healthcare to maintain our leading market position,
improve gross margins and strengthen our balance sheet through the prolonged
economic downturn,” said Susan R. Nowakowski, President and Chief Executive
Officer of AMN Healthcare. “We continue to take an aggressive and disciplined
approach in streamlining and right-sizing our infrastructure, enabling us to
adjust to short-term volume trends, while operating with an improved cost
structure going forward. At the same time, we are also maintaining our long-term
strategy of investing in our future through progress with new service
lines.”
Key
business highlights include:
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·
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Strong
market leadership position, with stable pricing and gross margins across
service lines;
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·
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Signs
of stabilization and improvement in Nursing and Allied
orders;
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·
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Progress
in new market expansion areas of Emergency Medicine Physician staffing,
Home Health Nurse and Allied staffing, and Recruitment Process
Outsourcing;
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|
·
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Significant
debt reduction and increased cash that position the company to capture
additional market opportunities for future
growth;
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|
·
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Cost
structure improvements and more streamlined infrastructure for improved
profitability as the market
rebounds.
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For the
second quarter of 2009, revenue for the Nurse and Allied staffing segment was
$111 million, a decrease of 48% from the same quarter last year and 32%
sequentially. The Locum Tenens staffing segment generated revenue of $79
million, a decrease of 6% from the same quarter last year and an increase of 6%
sequentially.
Gross
margin in the second quarter of 2009 was 27.0%, an increase of 140 bps as
compared to 25.6% for the previous quarter and an increase of 60 bps as compared
to 26.4% for the same quarter last year. The year over year and sequential
increase mainly reflected a shift in business mix and tight management of direct
costs.
Selling,
general and administrative ("SG&A") expenses (excluding restructuring costs)
for the second quarter of 2009 were 19.0% as a percentage of revenue as compared
to 19.2% in the same quarter last year. SG&A declined by $22.3 million, or
37%, over the same period in the prior year and by $12.2 million, or 24%,
sequentially, due to cost-saving initiatives taking hold as well as $3.5 million
in favorable insurance reserve adjustments.
As a
result of certain cost-reduction actions, the company recorded $2.2 million in
restructuring charges, consisting mainly of severance payments and lease-related
charges associated with various facility, branding and back-office
consolidations.
2
Second
quarter GAAP net earnings per diluted share was $0.13, including a $0.04
negative impact from restructuring charges, reflecting a decrease compared to
$0.25 in the same period in the prior year.
As of
June 30, 2009 cash and cash equivalents totaled $23.5 million, compared to $11.3
million as of December 31, 2008. Total debt outstanding was $90.0 million as of
June 30, 2009, reflecting a reduction in debt of $56.3 million since December
31, 2008. Total average diluted shares outstanding for the second quarter of
2009 were 32.9 million.
Business Trends and
Outlook
During
the second quarter of 2009, Nursing and Allied orders continued to show signs of
stabilization, although still at levels significantly lower than prior year.
Locum Tenens volume (days filled) increased slightly over the first quarter.
Pricing and gross margins remained relatively stable overall.
Nowakowski
noted continued signs of stabilization and some recent improvement in orders for
travel nurse and allied professionals which should translate into stabilizing
volumes during the third quarter. Locum Tenens volume and physician permanent
placements are expected to be steady compared with the prior quarter. Based on
these trends, third quarter consolidated revenue is expected to decline
sequentially by approximately 15%. The majority of this decline is driven by
volume trends in nurse staffing resulting from the earlier drop in demand
levels. Overall gross margins are anticipated to remain consistent.
“We are
continuing to focus on maintaining strong relationships and securing preferred
contracts with our clients, as well as nurturing our recent new service
offerings such as Emergency Medicine staffing, Home Health staffing, and
Recruitment Process Outsourcing,” added Nowakowski. “At the same time, we are
prudently managing our cost structure and balance sheet in order to position
ourselves for future investments in new market opportunities that contribute
strategic synergies to our core service lines. Despite the uncertainty of when
economic recovery will occur, we remain confident in the long-term fundamentals
of our industry and focused on laying the groundwork for innovation and growth
in future years to drive shareholder value.”
3
About AMN Healthcare
Services
AMN
Healthcare Services, Inc. is the largest healthcare staffing company in the
United States and a leader 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 August 6,
2009
AMN
Healthcare Services, Inc.'s second quarter 2009 conference call will be held on
Thursday, August 6, 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) 230-1092 in the U.S. or (612) 332-0335
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 August 6, 2009, and
can be accessed until August 20, 2009 at midnight Eastern Time, by calling (800)
475-6701 in the U.S. or (320) 365-3844 internationally, with access code
106454.
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
press 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. The company based these
forward-looking statements on its current expectations and projections about
future events. 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. Factors that could cause actual
results to differ from those implied by the forward-looking statements contained
in this press 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 press release are likely to cause these
statements to become outdated with the passage of time.
5
|
AMN
Healthcare Services, Inc.
Condensed
Consolidated Statements of Income
(dollars
in thousands, except per share amounts)
(unaudited)
|
|
Three
Months Ended
June
30,
|
Six
Months Ended
June
30,
|
|||||||||||||||||||||||
|
2009
|
2008
|
%
Chg
|
2009
|
2008
|
%
Chg
|
|||||||||||||||||||
|
Revenue
|
$ | 199,140 | $ | 312,691 | (36.3 | %) | $ | 448,735 | $ | 606,284 | (26.0 | %) | ||||||||||||
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Cost
of revenue
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145,463 | 230,153 | (36.8 | %) | 331,075 | 446,291 | (25.8 | %) | ||||||||||||||||
|
Gross
profit
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53,677 | 82,538 | (35.0 | %) | 117,660 | 159,993 | (26.5 | %) | ||||||||||||||||
| 27.0 | % | 26.4 | % | 26.2 | % | 26.4 | % | |||||||||||||||||
|
Operating
expenses:
|
||||||||||||||||||||||||
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Selling,
general and administrative
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37,840 | 60,117 | (37.1 | %) | 87,920 | 115,220 | (23.7 | %) | ||||||||||||||||
| 19.0 | % | 19.2 | % | 19.6 | % | 19.0 | % | |||||||||||||||||
|
Restructuring
Charges
|
2,152 | — | 100 | % | 5,070 | — | 100 | % | ||||||||||||||||
|
Impairment
Charges
|
— | — | 0 | % | 175,707 | — | 100 | % | ||||||||||||||||
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Depreciation
and amortization
|
3,442 | 3,738 | (7.9 | %) | 6,909 | 7,088 | (2.5 | %) | ||||||||||||||||
|
Total
operating expenses
|
43,434 | 63,855 | (32.0 | %) | 275,606 | 122,308 | 125.3 | % | ||||||||||||||||
|
Income
(loss) from operations
|
10,243 | 18,683 | (45.2 | %) | (157,946 | ) | 37,685 |
NM
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||||||||||||||||
| 5.1 | % | 6.0 | % | (35.2 | %) | 6.2 | % | |||||||||||||||||
|
Interest
expense, net
|
2,320 | 2,660 | (12.8 | %) | 4,519 | 5,471 | (17.4 | %) | ||||||||||||||||
|
Income
(loss) before income taxes
|
7,923 | 16,023 | (50.6 | %) | (162,465 | ) | 32,214 |
NM
|
||||||||||||||||
|
Income
tax expense
|
3,549 | 7,508 | (52.7 | %) | (45,005 | ) | 14,976 |
NM
|
||||||||||||||||
|
Net
income (loss)
|
$ | 4,374 | $ | 8,515 | (48.6 | %) | $ | (117,460 | ) | $ | 17,238 |
NM
|
||||||||||||
| 2.2 | % | 2.7 | % | (26.2 | %) | 2.8 | % | |||||||||||||||||
|
Net
income (loss) per common share:
|
||||||||||||||||||||||||
|
Basic
|
$ | 0.13 | $ | 0.25 | (48.0 | %) | $ | (3.60 | ) | $ | 0.51 |
NM
|
||||||||||||
|
Diluted
|
$ | 0.13 | $ | 0.25 | (48.0 | %) | $ | (3.60 | ) | $ | 0.50 |
NM
|
||||||||||||
|
Weighted
average common shares outstanding:
|
||||||||||||||||||||||||
|
Basic
|
32,621 | 33,833 | (3.6 | %) | 32,599 | 33,832 | (3.6 | %) | ||||||||||||||||
|
Diluted
|
32,918 | 34,308 | (4.1 | %) | 32,599 | 34,244 | (4.8 | %) | ||||||||||||||||
NM – Not
meaningful
6
|
AMN
Healthcare Services, Inc.
|
|||||||||||||
|
Supplemental
Financial and Operating Data
|
|||||||||||||
|
(dollars
in thousands, except operating data)
|
|||||||||||||
|
(unaudited)
|
|
Three
Months Ended
June
30,
|
Six
Months Ended
June
30,
|
|||||||||||||||||||||||||||||||
|
2009
|
%
of Rev
|
2008
|
%
of Rev
|
2009
|
%
of Rev
|
2008
|
%
of Rev
|
|||||||||||||||||||||||||
|
Revenue
|
||||||||||||||||||||||||||||||||
|
Nurse
and allied healthcare staffing
|
$ | 111,136 | $ | 215,342 | $ | 274,986 | $ | 419,327 | ||||||||||||||||||||||||
|
Locum
tenens staffing
|
79,097 | 83,857 | 153,888 | 160,210 | ||||||||||||||||||||||||||||
|
Physician
permanent placement services
|
8,907 | 13,492 | 19,861 | 26,747 | ||||||||||||||||||||||||||||
| $ | 199,140 | $ | 312,691 | $ | 448,735 | $ | 606,284 | |||||||||||||||||||||||||
|
Reconciliation
of Non-GAAP Items:
|
||||||||||||||||||||||||||||||||
|
Adjusted
EBITDA(1)
|
||||||||||||||||||||||||||||||||
|
Nurse
and allied healthcare staffing
|
$ | 6,796 | 6.1 | % | $ | 16,692 | 7.8 | % | $ | 17,387 | 6.3 | % | $ | 32,173 | 7.7 | % | ||||||||||||||||
|
Locum
tenens staffing
|
8,985 | 11.4 | % | 4,247 | 5.1 | % | 12,806 | 8.3 | % | 9,902 | 6.2 | % | ||||||||||||||||||||
|
Physician
permanent placement services
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2,211 | 24.8 | % | 3,864 | 28.6 | % | 5,261 | 26.5 | % | 7,203 | 26.9 | % | ||||||||||||||||||||
| 17,992 | 9.0 | % | 24,803 | 7.9 | % | 35,454 | 7.9 | % | 49,278 | 8.1 | % | |||||||||||||||||||||
|
Depreciation
and amortization
|
3,442 | 3,738 | 6,909 | 7,088 | ||||||||||||||||||||||||||||
|
Stock-based
compensation
|
2,155 | 2,382 | 4,830 | 4,505 | ||||||||||||||||||||||||||||
|
Restructuring
charges
|
2,152 | — | 5,070 | — | ||||||||||||||||||||||||||||
|
Impairment
charges
|
— | — | 175,707 | — | ||||||||||||||||||||||||||||
|
Non-recurring
legal expenses
|
— | — | 884 | — | ||||||||||||||||||||||||||||
|
Interest
expense, net
|
2,320 | 2,660 | 4,519 | 5,471 | ||||||||||||||||||||||||||||
|
Income
(loss) before income taxes
|
7,923 | 16,023 | (162,465 | ) | 32,214 | |||||||||||||||||||||||||||
|
Income
tax expense
|
3,549 | 7,508 | (45,005 | ) | 14,976 | |||||||||||||||||||||||||||
|
Net
income (loss)
|
$ | 4,374 | $ | 8,515 | $ | (117,460 | ) | $ | 17,238 | |||||||||||||||||||||||
|
GAAP
based diluted net income (loss)
per
share (EPS)
|
$ | 0.13 | $ | (3.60 | ) | |||||||||||||||||||||||||||
|
Adjustments:
|
||||||||||||||||||||||||||||||||
|
Restructuring
charges
|
0.04 | 0.09 | ||||||||||||||||||||||||||||||
|
Impairment
charges
|
— | 3.77 | ||||||||||||||||||||||||||||||
|
Non-recurring
legal expenses
|
— | 0.02 | ||||||||||||||||||||||||||||||
|
Adjusted
diluted earnings per share (2)
|
$ | 0.17 | $ | 0.28 | ||||||||||||||||||||||||||||
|
Three
Months Ended
June
30,
|
Six
Months Ended
June
30,
|
|||||||||||||||||||||||
|
2009
|
2008
|
%
Chg
|
2009
|
2008
|
%
Chg
|
|||||||||||||||||||
|
Gross
Margin
|
||||||||||||||||||||||||
|
Nurse
and allied healthcare staffing
|
25.0 | % | 24.5 | % | 23.8 | % | 24.3 | % | ||||||||||||||||
|
Locum
tenens staffing
|
26.1 | % | 25.8 | % | 26.2 | % | 26.3 | % | ||||||||||||||||
|
Physician
permanent placement services
|
58.8 | % | 59.7 | % | 60.3 | % | 60.6 | % | ||||||||||||||||
|
Operating Data:
|
||||||||||||||||||||||||
|
Nurse
and allied healthcare staffing
|
||||||||||||||||||||||||
|
Average
travelers on assignment (3)
|
3,661 | 7,207 | (49.2 | %) | 4,575 | 7,047 | (35.1 | %) | ||||||||||||||||
|
Revenue
per traveler per day(4)
|
$ | 333.59 | $ | 328.35 | 1.6 | % | $ | 332.08 | $ | 326.95 | 1.6 | % | ||||||||||||
|
Gross
profit per traveler per day(4)
|
$ | 83.36 | $ | 80.52 | 3.5 | % | $ | 78.99 | $ | 79.30 | (0.4 | %) | ||||||||||||
|
Locum
tenens staffing
|
||||||||||||||||||||||||
|
Days
filled (5)
|
54,708 | 57,859 | (5.4 | %) | 107,105 | 110,558 | (3.1 | %) | ||||||||||||||||
|
Revenue
per day filled(5)
|
$ | 1,445.80 | $ | 1,449.33 | (0.2 | %) | $ | 1,436.80 | $ | 1,449.10 | (0.8 | %) | ||||||||||||
|
Gross
profit per day filled(5)
|
$ | 377.79 | $ | 374.62 | 0.8 | % | $ | 375.94 | $ | 380.50 | (1.2 | %) | ||||||||||||
|
As
of June 30,
|
||||||||||||||||||||||||
|
2009
|
2008
|
|||||||||||||||||||||||
|
Leverage
Ratio (6)
|
1.1 | 1.6 | ||||||||||||||||||||||
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)
|
||||||||||||
|
June
30,
|
March
31,
|
December
31,
|
||||||||||
|
2009
|
2009
|
2008
|
||||||||||
|
Assets
|
||||||||||||
|
Current
assets:
|
||||||||||||
|
Cash
and cash equivalents
|
$ | 23,488 | $ | 16,675 | $ | 11,316 | ||||||
|
Accounts
receivable, net
|
114,542 | 148,376 | 182,562 | |||||||||
|
Prepaid
expenses
|
8,867 | 10,585 | 9,523 | |||||||||
|
Income
taxes receivable
|
1,425 | 4,448 | 3,440 | |||||||||
|
Deferred
income taxes, net
|
18,085 | 22,417 | 18,085 | |||||||||
|
Other
current assets
|
2,911 | 3,376 | 4,901 | |||||||||
|
Total
current assets
|
169,318 | 205,877 | 229,827 | |||||||||
|
Fixed
assets, net
|
24,034 | 24,938 | 24,018 | |||||||||
|
Deposits
and other assets
|
12,056 | 10,579 | 13,252 | |||||||||
|
Goodwill
|
79,868 | 79,868 | 252,875 | |||||||||
|
Intangible
assets, net
|
117,738 | 118,940 | 122,845 | |||||||||
|
Total
assets
|
$ | 403,014 | $ | 440,202 | $ | 642,817 | ||||||
|
Liabilities
and stockholders’ equity
|
||||||||||||
|
Current
liabilities:
|
||||||||||||
|
Bank
overdraft
|
$ | 3,274 | $ | — | $ | 3,995 | ||||||
|
Accounts
payable and accrued expenses
|
20,837 | 24,667 | 24,420 | |||||||||
|
Accrued
compensation and benefits
|
31,941 | 36,728 | 44,871 | |||||||||
|
Revolving
credit facility
|
— | 6,500 | 31,500 | |||||||||
|
Current
portion of notes payable
|
12,201 | 14,824 | 14,580 | |||||||||
|
Deferred
revenue
|
5,699 | 6,204 | 7,184 | |||||||||
|
Other
current liabilities
|
15,892 | 15,060 | 14,722 | |||||||||
|
Total
current liabilities
|
89,844 | 103,983 | 141,272 | |||||||||
|
Notes
payable, less current portion
|
77,781 | 98,208 | 100,236 | |||||||||
|
Deferred
income taxes, net
|
7,382 | 13,342 | 58,466 | |||||||||
|
Other
long-term liabilities
|
56,592 | 59,532 | 58,710 | |||||||||
|
Total
liabilities
|
231,599 | 275,065 | 358,684 | |||||||||
|
Stockholders’
equity
|
171,415 | 165,137 | 284,133 | |||||||||
|
Total
liabilities and stockholders’ equity
|
$ | 403,014 | $ | 440,202 | $ | 642,817 | ||||||
9
|
AMN
Healthcare Services, Inc.
Condensed
Consolidated Cash Flow Statement
(in
thousands)
(unaudited)
|
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
|
June
30,
|
June
30,
|
June
30,
|
June
30,
|
|||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
Net
cash provided by operating activities
|
$ | 36,388 | $ | 11,883 | $ | 73,945 | $ | 28,756 | ||||||||
|
Net
cash used in investing activities
|
(1,204 | ) | (11,064 | ) | (2,434 | ) | (44,465 | ) | ||||||||
|
Net
cash provided by (used in) financing activities
|
(28,420 | ) | (345 | ) | (59,374 | ) | 5,589 | |||||||||
|
Effect
of exchange rates on cash
|
49 | 47 | 35 | (19 | ) | |||||||||||
|
Net
increase (decrease) in cash and cash equivalents
|
6,813 | 521 | 12,172 | (10,139 | ) | |||||||||||
|
Cash
and cash equivalents at beginning of period
|
16,675 | 7,835 | 11,316 | 18,495 | ||||||||||||
|
Cash
and cash equivalents at end of period
|
$ | 23,488 | $ | 8,356 | $ | 23,488 | $ | 8,356 | ||||||||
10