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): October 29, 2009
AMN
Healthcare Services, Inc.
(Exact
Name of Registrant as Specified in its Charter)
|
Delaware
|
001-16753
|
06-1500476
|
|
(State
or other Jurisdiction
of
Incorporation)
|
(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)
|
_____________________
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
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Section 2
– Financial Information
|
Item 2.02
|
Results
of Operations and Financial
Condition.
|
On
October 29, 2009, AMN Healthcare Services, Inc. (the “Company”) reported its
third quarter 2009 results. The Company’s third 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.
|
Item 9.01
|
Financial
Statements and Exhibits
|
(d) Exhibits
|
99.1
|
Press
Release issued by the Company on October 29, 2009 furnished pursuant to
Item 2.02 of this Form 8-k
|
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.
|
AMN
Healthcare Services, Inc.
|
|
Date:
October 29, 2009
|
By:
|
/s/ Susan R.
Nowakowski
|
|
Susan
R. Nowakowski
|
||
|
President &
Chief Executive Officer
|
| Contact: | |
| Amy C. Chang | |
|
Vice
President, Investor Relations
866.861.3229
|
AMN
HEALTHCARE ANNOUNCES THIRD QUARTER 2009 RESULTS
SAN DIEGO
– (October 29, 2009) – AMN Healthcare Services, Inc. (NYSE: AHS) today announced
operating results for the third quarter 2009. Financial highlights for the three
months ended September 30, 2009 include:
|
Q3
2009
(In
millions, except per share amounts)
|
%
Chg
Q3
2008
|
%
Chg
Q2
2009
|
|
|
Revenue
|
$166.4
|
(47%)
|
(16%)
|
|
Gross
Profit
|
$45.6
|
(44%)
|
(15%)
|
|
Net
Loss
|
$2.0
|
NM
|
NM
|
|
Loss
per Share
|
$0.06
|
NM
|
NM
|
|
Cash
Flow from Operations
|
$19.2
|
(9%)
|
(47%)
|
|
Adjusted
EBITDA*
|
$10.6
|
(54%)
|
(41%)
|
|
Adjusted
Diluted EPS*
|
$0.05
|
(82%)
|
(71%)
|
*
Excludes restructuring and stock based compensation costs. See “Supplemental
Financial and Operating Data” for a reconciliation of non-GAAP
items.
NM – Not
meaningful
“The
unprecedented market contraction experienced by the healthcare staffing industry
over the past year is a direct reflection of the rapid rise to historically high
levels of general unemployment. The decline in volumes we experienced during the
first nine months of 2009 have certainly highlighted the importance of our
ability to remain agile and disciplined in our execution. We continue to
de-lever our balance sheet, maintain strong gross margins, and reduce SG&A
through tight cost management and further improvements to our cost structure,”
said Susan R. Nowakowski, President and Chief Executive Officer of AMN
Healthcare. “This environment has also created opportunities for AMN to further
differentiate our service capabilities and strengthen our client
relationships. This has been demonstrated by our three-fold increase
in preferred provider arrangements and winning key managed services contracts,
which will benefit us in 2010 and beyond.”
Key
business highlights for the third quarter are as follows:
|
·
|
Stable
pricing and gross margins across service lines;
|
|
·
|
Nursing
order increases for six consecutive months;
|
|
·
|
Increased
demand for Physician Permanent Placement retained
searches;
|
|
·
|
Decline
in demand for Locum Tenens, particularly in anesthesia
staffing;
|
|
·
|
Continued
strong cash flow and reduction of debt;
|
|
·
|
Additional
streamlining of cost and operational
structure.
|
Revenue
for the third quarter of 2009 was $166 million, a decrease of 47% from prior
year and 16% from prior quarter. Third quarter revenue for the Nurse and Allied
staffing segment was $82 million, a decrease of 62% from the same quarter last
year and down 26% sequentially. The Locum Tenens staffing segment generated
revenue of $75 million, a decrease of 12% from prior year and down 5%
sequentially. Third quarter Physician Permanent Placement revenue was $9
million, a decrease of 31% from prior year and 2% from prior
quarter.
Gross
margin in the third quarter of 2009 was 27.4%, an increase of 170 bps from prior
year and an increase of 40 bps compared to the previous quarter. The increase
was due to the Locum Tenens and Physician Permanent Placement segments
representing a greater portion of our business mix.
Selling,
general and administrative ("SG&A") expenses (excluding restructuring costs)
for the third quarter of 2009 were 22.2% as a percentage of revenue compared to
19.1% in the same quarter last year. SG&A declined by $23 million, or 39%,
over the same period in the prior year, and sequentially by $1 million, or 2%,
due largely to cost-saving initiatives taking hold.
As a
result of continued streamlining of our cost and operational structure, the
company recorded $6 million of restructuring charges in the third quarter,
consisting mainly of lease-related charges associated with facility
consolidations and severance payments.
For the
third quarter, the company recorded a GAAP net loss per share of $0.06 which
includes a $0.11 negative impact from restructuring charges. Earnings per
diluted share were $0.28 in the prior year and $0.13 in the prior
quarter.
As of
September 30, 2009, cash and cash equivalents totaled $23 million, compared to
$11 million as of December 31, 2008. Total debt outstanding was $77 million as
of September 30, 2009, reflecting a reduction in debt of $13 million since prior
quarter and $69 million since December 31, 2008. Average shares outstanding for
the third quarter of 2009 were 32.6 million. Average diluted shares outstanding
for the third quarter used in the calculation of adjusted diluted earnings per
share were 33.1 million.
Business Trends and
Outlook
Nursing
orders continue to show signs of improvement, with increased momentum occurring
in September and October. However, orders still remain at levels
lower than prior year due to high general unemployment and uncertain economic
conditions. In Locum Tenens, we experienced lower sequential demand (days
available) in the third quarter, primarily due to market weakness in anesthesia
staffing. This trend is likely to continue into the fourth
quarter. The increase in new retained searches in the Physician
Permanent Placement business experienced during the third quarter is expected to
result in improved placements over the coming months. Overall, pricing and gross
margins are expected to remain consistent. Based on these trends and the normal
holiday seasonal decline, fourth quarter consolidated revenue is expected to
decline sequentially by 10-15%.
“The
improving order trends in Nurse staffing are encouraging for AMN and our
industry. While it is difficult to predict the trajectory of resulting volume
growth, we believe that our unique breadth of service offerings and success in
securing more preferred provider and managed services clients positions AMN
extremely well to build market share as the trends continue to
improve,” added Nowakowski. “Our solid balance sheet enables us to
focus on our long-term strategy, invest in our newer service lines, and assess
new synergistic opportunities to expand and diversify our
business.”
2
About AMN Healthcare
Services
AMN
Healthcare Services, Inc. is the nation’s leading provider of comprehensive
healthcare staffing and management services. As a leading provider of travel
nurse and allied staffing services, locum tenens (temporary physician staffing)
and physician permanent placement services, AMN Healthcare recruits and places
healthcare professionals on assignments of variable lengths and in permanent
positions with clients throughout the United States, who range from acute-care
hospitals and physician practice groups to other healthcare settings, including
rehabilitation centers, dialysis clinics, pharmacies, home health service
providers and ambulatory surgery centers. For more information, visit
http://www.amnhealthcare.com.
Conference Call on October
29, 2009
AMN
Healthcare Services, Inc.'s third quarter 2009 conference call will be held on
Thursday, October 29, 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) 230-1059 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 October 29, 2009, and
can be accessed until 11:59 p.m. Eastern Time on November 12, 2009, by calling
(800) 475-6701 in the U.S. or (320) 365-3844 internationally, with access code
116563.
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.
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. Such statements include
expectations regarding consistent pricing and gross margins, improvement in
physician permanent placements, fourth quarter revenue expectations, and
Ms. Nowakowski’s comments concerning the company’s future opportunities and
plans. 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.
3
AMN
Healthcare Services, Inc.
Condensed
Consolidated Statements of Income
(dollars
in thousands, except per share amounts)
(unaudited)
|
Three
Months Ended
September
30,
|
Nine
Months Ended
September
30,
|
|||||||||||||||||||||||
|
2009
|
2008
|
%
Chg
|
2009
|
2008
|
%
Chg
|
|||||||||||||||||||
|
Revenue
|
$ | 166,357 | $ | 315,014 | (47.2 | %) | $ | 615,092 | $ | 921,298 | (33.2 | %) | ||||||||||||
|
Cost
of revenue
|
120,749 | 233,954 | (48.4 | %) | 451,824 | 680,245 | (33.6 | %) | ||||||||||||||||
|
Gross
profit
|
45,608 | 81,060 | (43.7 | %) | 163,268 | 241,053 | (32.3 | %) | ||||||||||||||||
| 27.4 | % | 25.7 | % | 26.5 | % | 26.2 | % | |||||||||||||||||
|
Operating
expenses:
|
||||||||||||||||||||||||
|
Selling,
general and administrative
|
36,933 | 60,260 | (38.7 | %) | 124,853 | 175,480 | (28.9 | %) | ||||||||||||||||
| 22.2 | % | 19.1 | % | 20.3 | % | 19.0 | % | |||||||||||||||||
|
Restructuring
Charges
|
6,200 | — | 100 | % | 11,270 | — | 100 | % | ||||||||||||||||
|
Impairment
Charges
|
— | — | 0 | % | 175,707 | — | 100 | % | ||||||||||||||||
|
Depreciation
and amortization
|
3,495 | 3,770 | (7.3 | %) | 10,404 | 10,858 | (4.2 | %) | ||||||||||||||||
|
Total
operating expenses
|
46,628 | 64,030 | (27.2 | %) | 322,234 | 186,338 | 72.9 | % | ||||||||||||||||
|
Income
(loss) from operations
|
(1,020 | ) | 17,030 |
NM
|
(158,966 | ) | 54,715 |
NM
|
||||||||||||||||
| (0.6 | %) | 5.4 | % | (25.8 | %) | 5.9 | % | |||||||||||||||||
|
Interest
expense, net
|
2,063 | 2,550 | (19.1 | %) | 6,582 | 8,021 | (17.9 | %) | ||||||||||||||||
|
Income
(loss) before income taxes
|
(3,083 | ) | 14,480 |
NM
|
(165,548 | ) | 46,694 |
NM
|
||||||||||||||||
|
Income
tax expense
|
(1,088 | ) | 4,985 |
NM
|
(46,093 | ) | 19,961 |
NM
|
||||||||||||||||
|
Net
income (loss)
|
$ | (1,995 | ) | $ | 9,495 |
NM
|
$ | (119,455 | ) | $ | 26,733 |
NM
|
||||||||||||
| (1.2 | %) | 3.0 | % | (19.4 | %) | 2.9 | % | |||||||||||||||||
|
Net
income (loss) per common share:
|
||||||||||||||||||||||||
|
Basic
|
$ | (0.06 | ) | $ | 0.29 |
NM
|
$ | (3.66 | ) | $ | 0.79 |
NM
|
||||||||||||
|
Diluted
|
$ | (0.06 | ) | $ | 0.28 |
NM
|
$ | (3.66 | ) | $ | 0.78 |
NM
|
||||||||||||
|
Weighted
average common shares outstanding:
|
||||||||||||||||||||||||
|
Basic
|
32,630 | 33,269 | (1.9 | %) | 32,609 | 33,642 | (3.1 | %) | ||||||||||||||||
|
Diluted
|
32,630 | 33,894 | (3.7 | %) | 32,609 | 34,126 | (4.4 | %) | ||||||||||||||||
NM – Not
meaningful
4
|
AMN
Healthcare Services, Inc.
|
|
Supplemental
Financial and Operating Data
|
|
(dollars
in thousands, except operating data)
|
|
(unaudited)
|
|
Three
Months Ended
September
30,
|
Nine
Months Ended
September
30,
|
|||||||||||||||||||||||||||||||
|
2009
|
% of
Rev
|
2008
|
% of
Rev
|
2009
|
% of
Rev
|
2008
|
% of
Rev
|
|||||||||||||||||||||||||
|
Revenue
|
||||||||||||||||||||||||||||||||
|
Nurse
and allied healthcare staffing
|
$ | 82,140 | $ | 217,107 | $ | 357,127 | $ | 636,434 | ||||||||||||||||||||||||
|
Locum
tenens staffing
|
75,488 | 85,331 | 229,375 | 245,541 | ||||||||||||||||||||||||||||
|
Physician
permanent placement services
|
8,729 | 12,576 | 28,590 | 39,323 | ||||||||||||||||||||||||||||
| $ | 166,357 | $ | 315,014 | $ | 615,092 | $ | 921,298 | |||||||||||||||||||||||||
|
Reconciliation
of Non-GAAP Items:
|
||||||||||||||||||||||||||||||||
|
Segment Operating
Income (1)
|
||||||||||||||||||||||||||||||||
|
Nurse
and allied healthcare staffing
|
$ | 4,592 | 5.6 | % | $ | 20,501 | 9.4 | % | $ | 30,390 | 8.5 | % | $ | 65,968 | 10.4 | % | ||||||||||||||||
|
Locum
tenens staffing
|
7,548 | 10.0 | % | 7,474 | 8.8 | % | 22,355 | 9.7 | % | 19,068 | 7.8 | % | ||||||||||||||||||||
|
Physician
permanent placement services
|
2,215 | 25.4 | % | 3,441 | 27.4 | % | 7,877 | 27.6 | % | 11,842 | 30.1 | % | ||||||||||||||||||||
| 14,355 | 8.6 | % | 31,416 | 10.0 | % | 60,622 | 9.9 | % | 96,878 | 10.5 | % | |||||||||||||||||||||
|
Unallocated
corporate overhead
|
3,749 | 8,190 | 14,562 | 24,374 | ||||||||||||||||||||||||||||
|
Adjusted EBITDA (2)
|
10,606 | 6.4 | % | 23,226 | 7.4 | % | 46,060 | 7.5 | % | 72,504 | 7.9 | % | ||||||||||||||||||||
|
Depreciation
and amortization
|
3,495 | 3,770 | 10,404 | 10,858 | ||||||||||||||||||||||||||||
|
Stock-based
compensation
|
1,931 | 2,426 | 6,761 | 6,931 | ||||||||||||||||||||||||||||
|
Restructuring
Charges
|
6,200 | — | 11,270 | — | ||||||||||||||||||||||||||||
|
Impairment
Charges
|
— | — | 175,707 | — | ||||||||||||||||||||||||||||
|
Unallocated
Non-Recurring Legal Expenses
|
— | — | 884 | — | ||||||||||||||||||||||||||||
|
Interest
expense, net
|
2,063 | 2,550 | 6,582 | 8,021 | ||||||||||||||||||||||||||||
|
Income
(loss) before income taxes
|
(3,083 | ) | 14,480 | (165,548 | ) | 46,694 | ||||||||||||||||||||||||||
|
Income
tax expense
|
(1,088 | ) | 4,985 | (46,093 | ) | 19,961 | ||||||||||||||||||||||||||
|
Net
income (loss)
|
$ | (1,995 | ) | $ | 9,495 | $ | (119,455 | ) | $ | 26,733 | ||||||||||||||||||||||
|
GAAP
based diluted net income (loss)
per
share (EPS)
|
$ | (0.06 | ) | $ | (3.66 | ) | ||||||||||||||||||||||||||
|
Adjustments:
|
— | |||||||||||||||||||||||||||||||
|
Restructuring
charges
|
0.11 | 0.20 | ||||||||||||||||||||||||||||||
|
Non-recurring
legal expenses
|
— | 0.02 | ||||||||||||||||||||||||||||||
|
Impairment
charges
|
— | 3.77 | ||||||||||||||||||||||||||||||
|
Adjusted diluted
earnings per share (3)
|
$ | 0.05 | $ | 0.33 | ||||||||||||||||||||||||||||
5
|
Three
Months Ended
September 30,
|
Nine
Months Ended
September
30,
|
|||||||||||||||||||||||
|
2009
|
2008
|
%
Chg
|
2009
|
2008
|
%
Chg
|
|||||||||||||||||||
|
Gross
Margin
|
||||||||||||||||||||||||
|
Nurse
and allied healthcare staffing
|
24.4 | % | 23.6 | % | 23.9 | % | 24.0 | % | ||||||||||||||||
|
Locum
tenens staffing
|
27.2 | % | 26.6 | % | 26.5 | % | 26.4 | % | ||||||||||||||||
|
Physician
permanent placement services
|
57.7 | % | 57.5 | % | 59.5 | % | 59.6 | % | ||||||||||||||||
|
Operating
Data:
|
||||||||||||||||||||||||
|
Nurse
and allied healthcare staffing
|
||||||||||||||||||||||||
|
Average
travelers on assignment (4)
|
2,704 | 7,185 | (62.4 | %) | 3,951 | 7,093 | (44.3 | %) | ||||||||||||||||
|
Revenue
per traveler per day (5)
|
$ | 330.19 | $ | 328.44 | 0.5 | % | $ | 331.10 | $ | 327.47 | 1.1 | % | ||||||||||||
|
Gross
profit per traveler per day (5)
|
$ | 80.50 | $ | 77.39 | 4.0 | % | $ | 79.21 | $ | 78.65 | 0.7 | % | ||||||||||||
|
Locum
tenens staffing
|
||||||||||||||||||||||||
|
Days
filled (6)
|
53,032 | 58,638 | (9.6 | %) | 160,137 | 169,196 | (5.4 | %) | ||||||||||||||||
|
Revenue
per day filled (6)
|
$ | 1,423.44 | $ | 1,455.22 | (2.2 | %) | $ | 1,432.37 | $ | 1,451.22 | (1.3 | %) | ||||||||||||
|
Gross
profit per day filled (6)
|
$ | 387.47 | $ | 386.73 | 0.2 | % | $ | 379.76 | $ | 382.66 | (0.8 | %) | ||||||||||||
|
As
of September 30,
|
||||||||
|
2009
|
2008
|
|||||||
|
Leverage
Ratio (7)
|
1.1
|
1.6
|
||||||
|
(1)
|
Segment
Operating Income represents net income (loss) plus interest expense (net
of interest income), income taxes, depreciation and amortization,
restructuring charges, impairment charges, non-recurring legal expenses,
unallocated corporate expenses, and stock-based compensation expense.
Management believes that Segment Operating Income is an industry wide
financial measure that is useful both to management and investors when
evaluating the company’s performance. Management also uses Segment
Operating Income for planning purposes. Segment Operating Income is not
necessarily comparable to other similarly titled captions of other
companies due to potential inconsistencies in the method of calculation
and allocation of costs.
|
|
(2)
|
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 provides an effective measure of the
company’s results, as it excludes certain items that management believes
are not indicative of the company’s operating performance and considers
measures used in credit facilities. However, adjusted EBITDA is not
intended to represent cash flows for the period, nor has it been presented
as an alternative to income (loss) from operations or net income (loss) 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.
|
|
(3)
|
Adjusted
diluted earnings per share 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.
|
|
(4)
|
Average
travelers on assignment represents the average number of nurse and allied
healthcare professionals on assignment during the period
presented.
|
|
(5)
|
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.
|
|
(6)
|
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.
|
|
(7)
|
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.
|
6
AMN
Healthcare Services, Inc.
Condensed
Consolidated Balance Sheets
(in
thousands)
(unaudited)
|
September
30,
|
June 30,
|
December
31,
|
||||||||||
|
2009
|
2009
|
2008
|
||||||||||
|
Assets
|
||||||||||||
|
Current
assets:
|
||||||||||||
|
Cash
and cash equivalents
|
$ | 22,621 | $ | 23,488 | $ | 11,316 | ||||||
|
Accounts
receivable, net
|
96,410 | 114,542 | 182,562 | |||||||||
|
Prepaid
expenses
|
6,748 | 8,867 | 9,523 | |||||||||
|
Income
taxes receivable
|
2,108 | 1,425 | 3,440 | |||||||||
|
Deferred
income taxes, net
|
17,805 | 18,085 | 18,085 | |||||||||
|
Other
current assets
|
2,782 | 2,911 | 4,901 | |||||||||
|
Total
current assets
|
148,474 | 169,318 | 229,827 | |||||||||
|
Fixed
assets, net
|
21,581 | 24,034 | 24,018 | |||||||||
|
Deposits
and other assets
|
12,488 | 12,056 | 13,252 | |||||||||
|
Goodwill
|
79,868 | 79,868 | 252,875 | |||||||||
|
Intangible
assets, net
|
116,537 | 117,738 | 122,845 | |||||||||
|
Total
assets
|
$ | 378,948 | $ | 403,014 | $ | 642,817 | ||||||
|
Liabilities
and stockholders’ equity
|
||||||||||||
|
Current
liabilities:
|
||||||||||||
|
Bank
overdraft
|
— | $ | 3,274 | $ | 3,995 | |||||||
|
Accounts
payable and accrued expenses
|
18,929 | 20,837 | 24,420 | |||||||||
|
Accrued
compensation and benefits
|
29,431 | 31,941 | 44,871 | |||||||||
|
Revolving
credit facility
|
— | — | 31,500 | |||||||||
|
Current
portion of notes payable
|
10,845 | 12,201 | 14,580 | |||||||||
|
Deferred
revenue
|
5,404 | 5,699 | 7,184 | |||||||||
|
Other
current liabilities
|
14,502 | 15,892 | 14,722 | |||||||||
|
Total
current liabilities
|
79,111 | 89,844 | 141,272 | |||||||||
|
Notes
payable, less current portion
|
66,425 | 77,781 | 100,236 | |||||||||
|
Deferred
income taxes, net
|
4,615 | 7,382 | 58,466 | |||||||||
|
Other
long-term liabilities
|
57,277 | 56,592 | 58,710 | |||||||||
|
Total
liabilities
|
207,428 | 231,599 | 358,684 | |||||||||
|
|
||||||||||||
|
Stockholders’
equity
|
171,520 | 171,415 | 284,133 | |||||||||
|
Total
liabilities and stockholders’ equity
|
$ | 378,948 | $ | 403,014 | $ | 642,817 | ||||||
7
AMN
Healthcare Services, Inc.
Condensed
Consolidated Cash Flow Statement
(in
thousands)
(unaudited)
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
|
September
30,
|
September
30,
|
September
30,
|
September 30,
|
|||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
Net
cash provided by operating activities
|
$ | 19,205 | $ | 21,136 | $ | 93,150 | $ | 49,892 | ||||||||
|
Net
cash used in investing activities
|
(3,924 | ) | (1,963 | ) | (6,358 | ) | (46,428 | ) | ||||||||
|
Net
cash used in financing activities
|
(16,157 | ) | (19,627 | ) | (75,531 | ) | (14,038 | ) | ||||||||
|
Effect
of exchange rates on cash
|
9 | (97 | ) | 44 | (116 | ) | ||||||||||
|
Net
increase (decrease) in cash and cash equivalents
|
(867 | ) | (551 | ) | 11,305 | (10,690 | ) | |||||||||
|
Cash
and cash equivalents at beginning of period
|
23,488 | 8,356 | 11,316 | 18,495 | ||||||||||||
|
Cash
and cash equivalents at end of period
|
$ | 22,621 | $ | 7,805 | $ | 22,621 | $ | 7,805 | ||||||||
8