amn-20220331
000114275012/312022Q1false00011427502022-01-012022-03-3100011427502022-05-04xbrli:shares00011427502022-03-31iso4217:USD00011427502021-12-31iso4217:USDxbrli:shares00011427502021-01-012021-03-310001142750us-gaap:CommonStockMember2020-12-310001142750us-gaap:AdditionalPaidInCapitalMember2020-12-310001142750us-gaap:TreasuryStockMember2020-12-310001142750us-gaap:RetainedEarningsMember2020-12-310001142750us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-3100011427502020-12-310001142750us-gaap:CommonStockMember2021-01-012021-03-310001142750us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001142750us-gaap:RetainedEarningsMember2021-01-012021-03-310001142750us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001142750us-gaap:CommonStockMember2021-03-310001142750us-gaap:AdditionalPaidInCapitalMember2021-03-310001142750us-gaap:TreasuryStockMember2021-03-310001142750us-gaap:RetainedEarningsMember2021-03-310001142750us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-3100011427502021-03-310001142750us-gaap:CommonStockMember2021-12-310001142750us-gaap:AdditionalPaidInCapitalMember2021-12-310001142750us-gaap:TreasuryStockMember2021-12-310001142750us-gaap:RetainedEarningsMember2021-12-310001142750us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001142750us-gaap:TreasuryStockMember2022-01-012022-03-310001142750us-gaap:CommonStockMember2022-01-012022-03-310001142750us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001142750us-gaap:RetainedEarningsMember2022-01-012022-03-310001142750us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001142750us-gaap:CommonStockMember2022-03-310001142750us-gaap:AdditionalPaidInCapitalMember2022-03-310001142750us-gaap:TreasuryStockMember2022-03-310001142750us-gaap:RetainedEarningsMember2022-03-310001142750us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-31amn:acquisition0001142750amn:SynziMember2021-04-072021-04-070001142750us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2018-02-090001142750amn:SynziMember2021-04-012021-06-300001142750amn:SynziMember2022-03-312022-03-310001142750amn:SynziMember2022-03-310001142750amn:SynziMemberus-gaap:DevelopedTechnologyRightsMember2021-04-070001142750amn:SynziMemberus-gaap:TrademarksMember2021-04-070001142750us-gaap:SubsequentEventMember2022-05-060001142750us-gaap:SubsequentEventMember2022-04-012022-05-06amn:segment0001142750us-gaap:OperatingSegmentsMemberamn:NurseAndAlliedHealthcareStaffingMember2022-01-012022-03-310001142750us-gaap:OperatingSegmentsMemberamn:NurseAndAlliedHealthcareStaffingMember2021-01-012021-03-310001142750us-gaap:OperatingSegmentsMemberamn:PhysicianAndLeadershipSolutionsMember2022-01-012022-03-310001142750us-gaap:OperatingSegmentsMemberamn:PhysicianAndLeadershipSolutionsMember2021-01-012021-03-310001142750us-gaap:OperatingSegmentsMemberamn:TechnologyAndWorkforceSolutionsMember2022-01-012022-03-310001142750us-gaap:OperatingSegmentsMemberamn:TechnologyAndWorkforceSolutionsMember2021-01-012021-03-310001142750us-gaap:OperatingSegmentsMember2022-01-012022-03-310001142750us-gaap:OperatingSegmentsMember2021-01-012021-03-310001142750us-gaap:CorporateNonSegmentMember2022-01-012022-03-310001142750us-gaap:CorporateNonSegmentMember2021-01-012021-03-310001142750amn:NurseAndAlliedHealthcareStaffingMemberamn:TravelNurseStaffingMember2022-01-012022-03-310001142750amn:PhysicianAndLeadershipSolutionsMemberamn:TravelNurseStaffingMember2022-01-012022-03-310001142750amn:TechnologyAndWorkforceSolutionsMemberamn:TravelNurseStaffingMember2022-01-012022-03-310001142750amn:TravelNurseStaffingMember2022-01-012022-03-310001142750amn:NurseAndAlliedHealthcareStaffingMemberamn:LocalStaffingMember2022-01-012022-03-310001142750amn:PhysicianAndLeadershipSolutionsMemberamn:LocalStaffingMember2022-01-012022-03-310001142750amn:TechnologyAndWorkforceSolutionsMemberamn:LocalStaffingMember2022-01-012022-03-310001142750amn:LocalStaffingMember2022-01-012022-03-310001142750amn:AlliedStaffingMemberamn:NurseAndAlliedHealthcareStaffingMember2022-01-012022-03-310001142750amn:AlliedStaffingMemberamn:PhysicianAndLeadershipSolutionsMember2022-01-012022-03-310001142750amn:AlliedStaffingMemberamn:TechnologyAndWorkforceSolutionsMember2022-01-012022-03-310001142750amn:AlliedStaffingMember2022-01-012022-03-310001142750amn:NurseAndAlliedHealthcareStaffingMemberamn:LocalTenensStaffingMember2022-01-012022-03-310001142750amn:LocalTenensStaffingMemberamn:PhysicianAndLeadershipSolutionsMember2022-01-012022-03-310001142750amn:TechnologyAndWorkforceSolutionsMemberamn:LocalTenensStaffingMember2022-01-012022-03-310001142750amn:LocalTenensStaffingMember2022-01-012022-03-310001142750amn:InterimLeadershipStaffingMemberamn:NurseAndAlliedHealthcareStaffingMember2022-01-012022-03-310001142750amn:InterimLeadershipStaffingMemberamn:PhysicianAndLeadershipSolutionsMember2022-01-012022-03-310001142750amn:InterimLeadershipStaffingMemberamn:TechnologyAndWorkforceSolutionsMember2022-01-012022-03-310001142750amn:InterimLeadershipStaffingMember2022-01-012022-03-310001142750amn:TemporaryStaffingMemberamn:NurseAndAlliedHealthcareStaffingMember2022-01-012022-03-310001142750amn:TemporaryStaffingMemberamn:PhysicianAndLeadershipSolutionsMember2022-01-012022-03-310001142750amn:TemporaryStaffingMemberamn:TechnologyAndWorkforceSolutionsMember2022-01-012022-03-310001142750amn:TemporaryStaffingMember2022-01-012022-03-310001142750amn:PermanentPlacementMemberamn:NurseAndAlliedHealthcareStaffingMember2022-01-012022-03-310001142750amn:PermanentPlacementMemberamn:PhysicianAndLeadershipSolutionsMember2022-01-012022-03-310001142750amn:PermanentPlacementMemberamn:TechnologyAndWorkforceSolutionsMember2022-01-012022-03-310001142750amn:PermanentPlacementMember2022-01-012022-03-310001142750amn:NurseAndAlliedHealthcareStaffingMemberamn:LanguageServicesMember2022-01-012022-03-310001142750amn:LanguageServicesMemberamn:PhysicianAndLeadershipSolutionsMember2022-01-012022-03-310001142750amn:TechnologyAndWorkforceSolutionsMemberamn:LanguageServicesMember2022-01-012022-03-310001142750amn:LanguageServicesMember2022-01-012022-03-310001142750amn:VendorManagementSystemsMemberamn:NurseAndAlliedHealthcareStaffingMember2022-01-012022-03-310001142750amn:VendorManagementSystemsMemberamn:PhysicianAndLeadershipSolutionsMember2022-01-012022-03-310001142750amn:VendorManagementSystemsMemberamn:TechnologyAndWorkforceSolutionsMember2022-01-012022-03-310001142750amn:VendorManagementSystemsMember2022-01-012022-03-310001142750amn:OtherTechnologyMemberamn:NurseAndAlliedHealthcareStaffingMember2022-01-012022-03-310001142750amn:OtherTechnologyMemberamn:PhysicianAndLeadershipSolutionsMember2022-01-012022-03-310001142750amn:OtherTechnologyMemberamn:TechnologyAndWorkforceSolutionsMember2022-01-012022-03-310001142750amn:OtherTechnologyMember2022-01-012022-03-310001142750amn:NurseAndAlliedHealthcareStaffingMemberamn:TechnologyEnabledServicesMember2022-01-012022-03-310001142750amn:TechnologyEnabledServicesMemberamn:PhysicianAndLeadershipSolutionsMember2022-01-012022-03-310001142750amn:TechnologyAndWorkforceSolutionsMemberamn:TechnologyEnabledServicesMember2022-01-012022-03-310001142750amn:TechnologyEnabledServicesMember2022-01-012022-03-310001142750amn:TalentPlanningAndAcquisitionsMemberamn:NurseAndAlliedHealthcareStaffingMember2022-01-012022-03-310001142750amn:TalentPlanningAndAcquisitionsMemberamn:PhysicianAndLeadershipSolutionsMember2022-01-012022-03-310001142750amn:TalentPlanningAndAcquisitionsMemberamn:TechnologyAndWorkforceSolutionsMember2022-01-012022-03-310001142750amn:TalentPlanningAndAcquisitionsMember2022-01-012022-03-310001142750amn:NurseAndAlliedHealthcareStaffingMember2022-01-012022-03-310001142750amn:PhysicianAndLeadershipSolutionsMember2022-01-012022-03-310001142750amn:TechnologyAndWorkforceSolutionsMember2022-01-012022-03-310001142750amn:NurseAndAlliedHealthcareStaffingMemberamn:TravelNurseStaffingMember2021-01-012021-03-310001142750amn:PhysicianAndLeadershipSolutionsMemberamn:TravelNurseStaffingMember2021-01-012021-03-310001142750amn:TechnologyAndWorkforceSolutionsMemberamn:TravelNurseStaffingMember2021-01-012021-03-310001142750amn:TravelNurseStaffingMember2021-01-012021-03-310001142750amn:LaborDisruptionServicesMemberamn:NurseAndAlliedHealthcareStaffingMember2021-01-012021-03-310001142750amn:LaborDisruptionServicesMemberamn:PhysicianAndLeadershipSolutionsMember2021-01-012021-03-310001142750amn:LaborDisruptionServicesMemberamn:TechnologyAndWorkforceSolutionsMember2021-01-012021-03-310001142750amn:LaborDisruptionServicesMember2021-01-012021-03-310001142750amn:NurseAndAlliedHealthcareStaffingMemberamn:LocalStaffingMember2021-01-012021-03-310001142750amn:PhysicianAndLeadershipSolutionsMemberamn:LocalStaffingMember2021-01-012021-03-310001142750amn:TechnologyAndWorkforceSolutionsMemberamn:LocalStaffingMember2021-01-012021-03-310001142750amn:LocalStaffingMember2021-01-012021-03-310001142750amn:AlliedStaffingMemberamn:NurseAndAlliedHealthcareStaffingMember2021-01-012021-03-310001142750amn:AlliedStaffingMemberamn:PhysicianAndLeadershipSolutionsMember2021-01-012021-03-310001142750amn:AlliedStaffingMemberamn:TechnologyAndWorkforceSolutionsMember2021-01-012021-03-310001142750amn:AlliedStaffingMember2021-01-012021-03-310001142750amn:NurseAndAlliedHealthcareStaffingMemberamn:LocalTenensStaffingMember2021-01-012021-03-310001142750amn:LocalTenensStaffingMemberamn:PhysicianAndLeadershipSolutionsMember2021-01-012021-03-310001142750amn:TechnologyAndWorkforceSolutionsMemberamn:LocalTenensStaffingMember2021-01-012021-03-310001142750amn:LocalTenensStaffingMember2021-01-012021-03-310001142750amn:InterimLeadershipStaffingMemberamn:NurseAndAlliedHealthcareStaffingMember2021-01-012021-03-310001142750amn:InterimLeadershipStaffingMemberamn:PhysicianAndLeadershipSolutionsMember2021-01-012021-03-310001142750amn:InterimLeadershipStaffingMemberamn:TechnologyAndWorkforceSolutionsMember2021-01-012021-03-310001142750amn:InterimLeadershipStaffingMember2021-01-012021-03-310001142750amn:TemporaryStaffingMemberamn:NurseAndAlliedHealthcareStaffingMember2021-01-012021-03-310001142750amn:TemporaryStaffingMemberamn:PhysicianAndLeadershipSolutionsMember2021-01-012021-03-310001142750amn:TemporaryStaffingMemberamn:TechnologyAndWorkforceSolutionsMember2021-01-012021-03-310001142750amn:TemporaryStaffingMember2021-01-012021-03-310001142750amn:PermanentPlacementMemberamn:NurseAndAlliedHealthcareStaffingMember2021-01-012021-03-310001142750amn:PermanentPlacementMemberamn:PhysicianAndLeadershipSolutionsMember2021-01-012021-03-310001142750amn:PermanentPlacementMemberamn:TechnologyAndWorkforceSolutionsMember2021-01-012021-03-310001142750amn:PermanentPlacementMember2021-01-012021-03-310001142750amn:NurseAndAlliedHealthcareStaffingMemberamn:LanguageServicesMember2021-01-012021-03-310001142750amn:LanguageServicesMemberamn:PhysicianAndLeadershipSolutionsMember2021-01-012021-03-310001142750amn:TechnologyAndWorkforceSolutionsMemberamn:LanguageServicesMember2021-01-012021-03-310001142750amn:LanguageServicesMember2021-01-012021-03-310001142750amn:VendorManagementSystemsMemberamn:NurseAndAlliedHealthcareStaffingMember2021-01-012021-03-310001142750amn:VendorManagementSystemsMemberamn:PhysicianAndLeadershipSolutionsMember2021-01-012021-03-310001142750amn:VendorManagementSystemsMemberamn:TechnologyAndWorkforceSolutionsMember2021-01-012021-03-310001142750amn:VendorManagementSystemsMember2021-01-012021-03-310001142750amn:OtherTechnologyMemberamn:NurseAndAlliedHealthcareStaffingMember2021-01-012021-03-310001142750amn:OtherTechnologyMemberamn:PhysicianAndLeadershipSolutionsMember2021-01-012021-03-310001142750amn:OtherTechnologyMemberamn:TechnologyAndWorkforceSolutionsMember2021-01-012021-03-310001142750amn:OtherTechnologyMember2021-01-012021-03-310001142750amn:NurseAndAlliedHealthcareStaffingMemberamn:TechnologyEnabledServicesMember2021-01-012021-03-310001142750amn:TechnologyEnabledServicesMemberamn:PhysicianAndLeadershipSolutionsMember2021-01-012021-03-310001142750amn:TechnologyAndWorkforceSolutionsMemberamn:TechnologyEnabledServicesMember2021-01-012021-03-310001142750amn:TechnologyEnabledServicesMember2021-01-012021-03-310001142750amn:TalentPlanningAndAcquisitionsMemberamn:NurseAndAlliedHealthcareStaffingMember2021-01-012021-03-310001142750amn:TalentPlanningAndAcquisitionsMemberamn:PhysicianAndLeadershipSolutionsMember2021-01-012021-03-310001142750amn:TalentPlanningAndAcquisitionsMemberamn:TechnologyAndWorkforceSolutionsMember2021-01-012021-03-310001142750amn:TalentPlanningAndAcquisitionsMember2021-01-012021-03-310001142750amn:NurseAndAlliedHealthcareStaffingMember2021-01-012021-03-310001142750amn:PhysicianAndLeadershipSolutionsMember2021-01-012021-03-310001142750amn:TechnologyAndWorkforceSolutionsMember2021-01-012021-03-310001142750amn:NurseAndAlliedHealthcareStaffingMember2021-12-310001142750amn:PhysicianAndLeadershipSolutionsMember2021-12-310001142750amn:TechnologyAndWorkforceSolutionsMember2021-12-310001142750amn:NurseAndAlliedHealthcareStaffingMember2022-03-310001142750amn:PhysicianAndLeadershipSolutionsMember2022-03-310001142750amn:TechnologyAndWorkforceSolutionsMember2022-03-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel2Member2022-03-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel2Member2021-12-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2022-03-310001142750us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2022-03-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2022-03-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMember2022-03-310001142750us-gaap:FairValueMeasurementsRecurringMemberamn:DeferredCompensationMember2022-03-310001142750us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberamn:DeferredCompensationMember2022-03-310001142750us-gaap:FairValueMeasurementsRecurringMemberamn:DeferredCompensationMemberus-gaap:FairValueInputsLevel2Member2022-03-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberamn:DeferredCompensationMember2022-03-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-03-310001142750us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-03-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2022-03-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2022-03-310001142750us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2022-03-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPaperMember2022-03-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2021-12-310001142750us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2021-12-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2021-12-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MoneyMarketFundsMember2021-12-310001142750us-gaap:FairValueMeasurementsRecurringMemberamn:DeferredCompensationMember2021-12-310001142750us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberamn:DeferredCompensationMember2021-12-310001142750us-gaap:FairValueMeasurementsRecurringMemberamn:DeferredCompensationMemberus-gaap:FairValueInputsLevel2Member2021-12-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberamn:DeferredCompensationMember2021-12-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-12-310001142750us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2021-12-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2021-12-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2021-12-310001142750us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2021-12-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPaperMember2021-12-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberamn:ContingentConsiderationMember2020-12-310001142750amn:B4healthLLCMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberamn:ContingentConsiderationMember2021-01-012021-03-310001142750us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberamn:ContingentConsiderationMember2021-03-310001142750us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310001142750us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001142750amn:A4.625SeniorNotesDue2027Memberus-gaap:SeniorNotesMember2020-08-13xbrli:pure0001142750us-gaap:SeniorNotesMemberamn:A4000SeniorNotesDue2029Member2020-10-200001142750amn:A4.625SeniorNotesDue2027Memberus-gaap:SeniorNotesMember2022-03-310001142750amn:A4.625SeniorNotesDue2027Memberus-gaap:SeniorNotesMember2021-12-310001142750us-gaap:SeniorNotesMemberamn:A4000SeniorNotesDue2029Member2022-03-310001142750us-gaap:SeniorNotesMemberamn:A4000SeniorNotesDue2029Member2021-12-310001142750amn:WageAndHourClaimsMemberus-gaap:PendingLitigationMember2022-03-31


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 March 31, 2022
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

https://cdn.kscope.io/c8b82139920190a72a01049c21cc0341-amn-20220331_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 May 4, 2022, there were 44,717,910 shares of common stock, $0.01 par value, outstanding.

Auditor Name: KPMG LLP        Auditor Location: San Diego, California        Auditor Firm ID: 185



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)
March 31, 2022December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents$113,482 $180,928 
Accounts receivable, net of allowances of $7,470 and $6,838 at March 31, 2022 and December 31, 2021, respectively
979,709 789,131 
Accounts receivable, subcontractor290,311 239,719 
Prepaid expenses39,087 72,460 
Other current assets56,177 66,830 
Total current assets1,478,766 1,349,068 
Restricted cash, cash equivalents and investments65,904 64,482 
Fixed assets, net of accumulated depreciation of $200,173 and $189,954 at March 31, 2022 and December 31, 2021, respectively
129,652 127,114 
Operating lease right-of-use assets21,144 27,771 
Other assets166,018 156,670 
Goodwill892,375 892,341 
Intangible assets, net of accumulated amortization of $297,897 and $278,249 at March 31, 2022 and December 31, 2021, respectively
494,813 514,460 
Total assets$3,248,672 $3,131,906 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses$497,297 $425,257 
Accrued compensation and benefits446,899 354,381 
Current portion of operating lease liabilities8,963 11,383 
Deferred revenue15,824 15,950 
Other current liabilities178,598 162,419 
Total current liabilities1,147,581 969,390 
Notes payable, net of unamortized fees and premium842,618 842,322 
Deferred income taxes, net66,340 47,814 
Operating lease liabilities12,038 13,364 
Other long-term liabilities99,163 96,989 
Total liabilities2,167,740 1,969,879 
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value; 10,000 shares authorized; none issued and outstanding at March 31, 2022 and December 31, 2021
  
Common stock, $0.01 par value; 200,000 shares authorized; 50,013 issued and 45,129 outstanding at March 31, 2022 and 49,849 issued and 47,263 outstanding at December 31, 2021
500 498 
Additional paid-in capital488,535 486,709 
Treasury stock, at cost; 4,884 and 2,586 shares at March 31, 2022 and December 31, 2021
(349,855)(121,831)
Retained earnings942,954 796,946 
Accumulated other comprehensive loss(1,202)(295)
Total stockholders’ equity1,080,932 1,162,027 
Total liabilities and stockholders’ equity$3,248,672 $3,131,906 

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 March 31,
 20222021
Revenue$1,552,538 $885,945 
Cost of revenue1,056,370 597,077 
Gross profit496,168 288,868 
Operating expenses:
Selling, general and administrative257,579 161,212 
Depreciation and amortization (exclusive of depreciation included in cost of revenue)30,656 23,254 
Total operating expenses288,235 184,466 
Income from operations207,933 104,402 
Interest expense, net, and other9,589 8,944 
Income before income taxes198,344 95,458 
Income tax expense52,336 25,080 
Net income$146,008 $70,378 
Other comprehensive loss:
Unrealized losses on available-for-sale securities, net, and other(907)(24)
Other comprehensive loss(907)(24)
Comprehensive income$145,101 $70,354 
Net income per common share:
Basic$3.11 $1.48 
Diluted$3.09 $1.47 
Weighted average common shares outstanding:
Basic46,913 47,600 
Diluted47,208 47,916 
 
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 IncomeTotal
 SharesAmountSharesAmount
Balance, December 31, 202049,614 $496 $468,726 (2,561)$(119,143)$469,558 $40 $819,677 
Equity awards vested, net of shares withheld for payroll taxes132 1 (5,259)— — — — (5,258)
Share-based compensation— — 9,287 — — — — 9,287 
Comprehensive income (loss)— — — — — 70,378 (24)70,354 
Balance, March 31, 202149,746 $497 $472,754 (2,561)$(119,143)$539,936 $16 $894,060 


 Common StockAdditional
Paid-in
Capital
Treasury StockRetained EarningsAccumulated Other Comprehensive LossTotal
 SharesAmountSharesAmount
Balance, December 31, 202149,849 $498 $486,709 (2,586)$(121,831)$796,946 $(295)$1,162,027 
Repurchase of common stock into treasury— — — (2,298)(228,024)— — (228,024)
Equity awards vested, net of shares withheld for payroll taxes164 2 (9,433)— — — — (9,431)
Share-based compensation— — 11,259 — — — — 11,259 
Comprehensive income (loss)— — — — — 146,008 (907)145,101 
Balance, March 31, 202250,013 $500 $488,535 (4,884)$(349,855)$942,954 $(1,202)$1,080,932 

See accompanying notes to unaudited condensed consolidated financial statements.

3


AMN HEALTHCARE SERVICES, INC.
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited and in thousands)
 
Three Months Ended March 31,
 
20222021
Cash flows from operating activities:
Net income$146,008 $70,378 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (inclusive of depreciation included in cost of revenue)31,510 23,725 
Non-cash interest expense and other479 (761)
Write-off of fees on credit facilities and senior notes 158 
Increase in allowance for credit losses and sales credits3,432 4,391 
Provision for deferred income taxes18,526 1,928 
Share-based compensation11,259 9,287 
Loss on disposal or sale of fixed assets241 353 
Net loss (gain) on investments174 (30)
Net loss (gain) on deferred compensation balances(570)370 
Non-cash lease expense2,880 (429)
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable(194,044)(191,271)
Accounts receivable, subcontractor(50,592)(64,382)
Income taxes receivable 6,591 
Prepaid expenses33,373 (6,190)
Other current assets12,180 4,226 
Other assets(342)(331)
Accounts payable and accrued expenses70,988 103,278 
Accrued compensation and benefits96,486 64,985 
Other liabilities18,353 9,039 
Deferred revenue(126)3,794 
Restricted investments balance 22 
Net cash provided by operating activities200,215 39,131 
Cash flows from investing activities:
Purchase and development of fixed assets(13,590)(11,607)
Purchase of investments(4,018)(10,299)
Proceeds from sale and maturity of investments6,885 25,200 
Purchase of equity investment (500)
Payments to fund deferred compensation plan(12,584) 
Proceeds from sale of equity investment68  
Net cash provided by (used in) investing activities(23,239)2,794 
4


 
Three Months Ended March 31,
 
20222021
Cash flows from financing activities:
Payments on term loans (21,875)
Payments on revolving credit facility (15,000)
Proceeds from revolving credit facility 70,000 
Repurchase of common stock(228,024) 
Earn-out payments to settle contingent consideration liabilities for prior acquisitions (3,100)
Cash paid for shares withheld for taxes(9,431)(5,258)
Net cash provided by (used in) financing activities(237,455)24,767 
Effect of exchange rate changes on cash(183)(24)
Net increase (decrease) in cash, cash equivalents and restricted cash(60,662)66,668 
Cash, cash equivalents and restricted cash at beginning of period246,714 83,990 
Cash, cash equivalents and restricted cash at end of period$186,052 $150,658 
Supplemental disclosures of cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities$4,230 $4,894 
Cash paid for interest (net of $121 and $102 capitalized for the three months ended March 31, 2022 and 2021, respectively)
$196 $320 
Cash paid for income taxes$9,824 $5,566 
Supplemental disclosures of non-cash investing and financing activities:
Purchase of fixed assets recorded in accounts payable and accrued expenses$4,771 $3,788 

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, 2021, contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission on February 24, 2022 (the “2021 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, contingent consideration liabilities associated with acquisitions, and income taxes. Actual results could differ from those estimates under different assumptions or conditions.
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, money market funds, commercial paper and other highly liquid investments. Restricted cash and cash equivalents primarily includes cash, corporate bonds and commercial paper that serve as collateral for the Company’s captive insurance subsidiary claim payments. See Note (6), “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.
 March 31, 2022December 31, 2021
Cash and cash equivalents$113,482 $180,928 
Restricted cash and cash equivalents (included in other current assets)30,860 29,262 
Restricted cash, cash equivalents and investments65,904 64,482 
Total cash, cash equivalents and restricted cash and investments210,246 274,672 
Less restricted investments(24,194)(27,958)
Total cash, cash equivalents and restricted cash$186,052 $246,714 
Accounts Receivable

The Company records accounts receivable at the invoiced amount. Accounts receivable are non-interest bearing. The Company maintains an allowance for expected credit losses based on the Company’s historical write-off experience, an assessment of its customers’ financial conditions and available information that is relevant to assessing the collectability of cash flows, which includes current conditions and forecasts about future economic conditions.
The following table provides a reconciliation of activity in the allowance for credit losses for accounts receivable:
6


20222021
Balance as of January 1,$6,838 $7,043 
Provision for expected credit losses1,166 244 
Amounts written off charged against the allowance(534)(237)
Balance as of March 31,$7,470 $7,050 

2. ACQUISITIONS
As set forth below, the Company completed one acquisition during the period of January 1, 2021 through March 31, 2022, which was accounted for using the acquisition method of accounting. Accordingly, the Company recorded the tangible and intangible assets acquired and liabilities assumed at their estimated fair values as of the date of acquisition. Since the date of acquisition, the Company has revised the allocation of the purchase price to the tangible and intangible assets acquired and liabilities assumed based on analysis of information that has been made available through March 31, 2022. The allocation will continue to be updated through the measurement period, if necessary. The Company did not incur any material acquisition-related costs.
Synzi and SnapMD Acquisition
On April 7, 2021, the Company completed its acquisition of Synzi Holdings, Inc. (“Synzi”) and its wholly-owned subsidiary, SnapMD, LLC (“SnapMD”). Synzi is a virtual care communication platform that enables organizations to conduct virtual visits and use secure messaging, text, and email for clinician-to-patient and clinician-to-clinician communications. SnapMD is a full-service virtual care management company, specializing in providing software to enable healthcare providers to better engage with their patients. The initial purchase price of $42,240 consisted entirely of cash consideration paid upon acquisition. The acquisition was funded primarily through borrowings under the Company’s $400,000 senior secured revolving credit facility (the “Senior Credit Facility”). See additional information regarding the Senior Credit Facility in Part II, Item 8, “Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note (8), Notes Payable and Credit Agreement” of the 2021 Annual Report. The results of Synzi and SnapMD have been included in the Company’s technology and workforce solutions segment since the date of acquisition. During the second quarter of 2021, $92 was returned to the Company in respect of the final working capital settlement.
The preliminary allocation of the $42,148 purchase price, which was reduced by the final working capital settlement, consisted of (1) $2,756 of fair value of tangible assets acquired, which included $884 cash received, (2) $275 of liabilities assumed, (3) $12,440 of identified intangible assets, and (4) $27,227 of goodwill, of which $6,044 is deductible for tax purposes. The fair value of intangible assets primarily includes $10,890 of developed technology and $1,220 of trademarks with a weighted average useful life of approximately seven years.

3. REVENUE RECOGNITION
Revenue primarily consists of fees earned from the temporary staffing and permanent placement of healthcare professionals, executives, and leaders (clinical and operational). The Company also generates revenue from technology-enabled services, including language interpretation and vendor management systems, and talent planning and acquisition services, including recruitment process outsourcing. The Company recognizes revenue when control of its services is transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those services. Revenue from temporary staffing services is recognized as the services are rendered by clinical and non-clinical healthcare professionals. Under the Company’s managed services program (“MSP”) arrangements, the Company manages all or a part of a customer’s supplemental workforce needs utilizing its own network of healthcare professionals along with those of third-party subcontractors. Revenue and the related direct costs under MSP arrangements are recorded in accordance with the accounting guidance on reporting revenue gross as a principal versus net as an agent. When the Company uses subcontractors and acts as an agent, revenue is recorded net of the related subcontractor’s expense. Revenue from permanent placement and recruitment process outsourcing services is recognized as the services are rendered. Depending on the arrangement, the Company’s technology-enabled service revenue is recognized either as the services are rendered or ratably over the applicable arrangement’s service period.
The Company’s customers are primarily billed as services are rendered. Any fees billed in advance of being earned are recorded as deferred revenue. While payment terms vary by the type of customer and the services rendered, the term between invoicing and when payment is due is not significant.
The Company has elected to apply the following practical expedients and optional exemptions related to contract costs and revenue recognition:
7


Recognize incremental costs of obtaining a contract with amortization periods of one year or less as expense when incurred. These costs are recorded within selling, general and administrative expenses.
Recognize revenue in the amount of consideration that the Company has a right to invoice the customer if that amount corresponds directly with the value to the customer of the Company’s services completed to date.
Exemptions from disclosing the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts for which revenue is recognized in the amount of consideration that the Company has a right to invoice for services performed and (iii) contracts for which variable consideration is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct service that forms part of a single performance obligation.
See Note (5), “Segment Information,” for additional information regarding the Company’s revenue disaggregated by service type.

4. NET INCOME PER COMMON SHARE
Basic net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding during the reporting period. The following table sets forth the computation of basic and diluted net income per common share:
 Three Months Ended March 31,
 20222021
Net income$146,008 $70,378 
Net income per common share - basic $3.11 $1.48 
Net income per common share - diluted $3.09 $1.47 
Weighted average common shares outstanding - basic46,913 47,600 
Plus dilutive effect of potential common shares295 316 
Weighted average common shares outstanding - diluted47,208 47,916 
Share-based awards to purchase 160 and 22 shares of common stock were not included in the above calculation of diluted net income per common share for the three months ended March 31, 2022 and 2021, respectively, because the effect of these instruments was anti-dilutive.
Since March 31, 2022, and through May 6, 2022, the Company repurchased 718 shares of its common stock at an average price of $96.67 per share excluding broker’s fee, resulting in an aggregate purchase price of $69,412.

5. SEGMENT INFORMATION
The Company’s operating segments are identified in the same manner as they are reported internally and used by the Company’s chief operating decision maker for the purpose of evaluating performance and allocating resources. The Company has three reportable segments: (1) nurse and allied solutions, (2) physician and leadership solutions, and (3) technology and workforce solutions. The nurse and allied solutions segment includes the Company’s travel nurse staffing, rapid response nurse staffing and labor disruption, allied staffing, local staffing, and revenue cycle solutions businesses. The physician and leadership solutions segment includes the Company’s locum tenens staffing, healthcare interim leadership staffing, executive search, and physician permanent placement businesses. The technology and workforce solutions segment includes the Company’s language services, vendor management systems, workforce optimization, telehealth, credentialing, and outsourced solutions businesses.
The Company’s chief operating decision maker relies on internal management reporting processes that provide revenue and operating income by reportable segment for making financial decisions and allocating resources. Segment operating income represents income before income taxes plus depreciation, amortization of intangible assets, share-based compensation, interest expense, net, and other, and unallocated corporate overhead. The Company’s management does not evaluate, manage or measure performance of segments using asset information; accordingly, asset information by segment is not prepared or disclosed.

The following table provides a reconciliation of revenue and operating income by reportable segment to consolidated results and was derived from each segment’s internal financial information as used for corporate management purposes:
8


 Three Months Ended March 31,
 20222021
Revenue
Nurse and allied solutions$1,228,039 $656,661 
Physician and leadership solutions179,506 140,756 
Technology and workforce solutions144,993 88,528 
$1,552,538 $885,945 
Segment operating income
Nurse and allied solutions$195,089 $101,530 
Physician and leadership solutions20,381 21,216 
Technology and workforce solutions78,880 42,089 
294,350 164,835 
Unallocated corporate overhead43,648 27,421 
Depreciation and amortization30,656 23,254 
Depreciation (included in cost of revenue)854 471 
Share-based compensation11,259 9,287 
Interest expense, net, and other9,589 8,944 
Income before income taxes$198,344 $95,458 
The following tables present the Company’s revenue disaggregated by service type. Prior period amounts have been reclassified to conform with current period presentation. These reclassifications have no impact on total revenue by reportable segment.
9


Three Months Ended March 31, 2022
Nurse and Allied SolutionsPhysician and Leadership SolutionsTechnology and Workforce SolutionsTotal
Travel nurse staffing$970,109 $ $ $970,109 
Local staffing44,057   44,057 
Allied staffing213,873   213,873 
Locum tenens staffing 112,672  112,672 
Interim leadership staffing 44,354  44,354 
Temporary staffing1,228,039 157,026  1,385,065 
Permanent placement 22,480  22,480 
Language services  49,238 49,238 
Vendor management systems  75,022 75,022 
Other technologies  7,658 7,658 
Technology-enabled services  131,918 131,918 
Talent planning and acquisition  13,075 13,075 
Total revenue$1,228,039 $179,506 $144,993 $1,552,538 
The Company did not generate material revenue from labor disruption services during the three months ended March 31, 2022.
Three Months Ended March 31, 2021
Nurse and Allied SolutionsPhysician and Leadership SolutionsTechnology and Workforce SolutionsTotal
Travel nurse staffing$498,275 $ $ $498,275 
Labor disruption services619   619 
Local staffing27,685   27,685 
Allied staffing130,082   130,082 
Locum tenens staffing 86,355  86,355 
Interim leadership staffing 38,859  38,859 
Temporary staffing656,661 125,214  781,875 
Permanent placement 15,542  15,542 
Language services  41,005 41,005 
Vendor management systems  31,801 31,801 
Other technologies  6,120 6,120 
Technology-enabled services  78,926 78,926 
Talent planning and acquisition  9,602 9,602 
Total revenue$656,661 $140,756 $88,528 $885,945 
The following table summarizes the activity related to the carrying value of goodwill by reportable segment:
Nurse and Allied SolutionsPhysician and Leadership SolutionsTechnology and Workforce SolutionsTotal
Balance, January 1, 2022$339,015 $152,800 $400,526 $892,341 
Goodwill adjustment for Synzi and SnapMD acquisition  34 34 
Balance, March 31, 2022$339,015 $152,800 $400,560 $892,375 
Accumulated impairment loss as of December 31, 2021 and March 31, 2022$154,444 $60,495 $ $214,939 

6. FAIR VALUE MEASUREMENT
10


 
The Company’s valuation techniques and inputs used to measure fair value and the definition of the three levels (Level 1, Level 2, and Level 3) of the fair value hierarchy are disclosed in Part II, Item 8, “Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note (3), Fair Value Measurement” of the 2021 Annual Report. The Company has not changed the valuation techniques or inputs it uses for its fair value measurement during the three months ended March 31, 2022.
Assets and Liabilities Measured on a Recurring Basis
The Company invests a portion of its cash and cash equivalents in non-federally insured money market funds that are measured at fair value based on quoted prices, which are Level 1 inputs.

The Company has a deferred compensation plan for certain executives and employees, which is composed of deferred compensation and all related income and losses attributable thereto. The Company’s obligation under its deferred compensation plan is measured at fair value based on quoted market prices of the participants’ elected investments, which are Level 1 inputs.
The Company’s restricted cash equivalents and investments that serve as collateral for the Company’s captive insurance company include commercial paper that is measured at observable market prices for identical securities that are traded in less active markets, which are Level 2 inputs. The Company’s cash equivalents also include commercial paper classified as Level 2 in the fair value hierarchy. Of the $41,685 commercial paper issued and outstanding as of March 31, 2022, none had original maturities greater than three months and were considered available-for-sale securities. As of December 31, 2021, the Company had $80,596 commercial paper issued and outstanding, of which none had original maturities greater than three months and were considered available-for-sale securities.
The Company’s restricted cash equivalents and investments that serve as collateral for the Company’s captive insurance company also include corporate bonds that are measured using readily available pricing sources that utilize observable market data, including the current interest rate for comparable instruments, which are Level 2 inputs. Of the $25,474 corporate bonds issued and outstanding as of March 31, 2022, $24,194 had original maturities greater than three months and were considered available-for-sale securities. As of December 31, 2021, the Company had $29,159 corporate bonds issued and outstanding, of which $27,958 had original maturities greater than three months and were considered available-for-sale securities.
The Company’s contingent consideration liabilities associated with acquisitions are measured at fair value using a probability-weighted discounted cash flow analysis or a simulation-based methodology for the acquired companies, which are Level 3 inputs. The Company recognizes changes to the fair value of its contingent consideration liabilities in selling, general and administrative expenses in the condensed consolidated statements of comprehensive income. There were no contingent consideration liabilities outstanding as of both March 31, 2022 and December 31, 2021.
The following tables present information about the above-referenced assets and liabilities and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value:
 Fair Value Measurements as of March 31, 2022
 TotalQuoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Money market funds$31,481 $31,481 $ $ 
Deferred compensation(128,438)(128,438)  
Corporate bonds25,474  25,474  
Commercial paper41,685  41,685  
11


 Fair Value Measurements as of December 31, 2021
 TotalQuoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Money market funds$91,454 $91,454 $ $ 
Deferred compensation(119,617)(119,617)  
Corporate bonds29,159  29,159  
Commercial paper80,596  80,596  
Level 3 Information
The following tables set forth a reconciliation of changes in the fair value of contingent consideration liabilities classified as Level 3 in the fair value hierarchy:
2021
Balance as of January 1,$(8,000)
Settlement of b4health contingent consideration liability for year ended December 31, 20208,000 
Balance as of March 31,$ 
Assets Measured on a Non-Recurring Basis
The Company applies fair value techniques on a non-recurring basis associated with valuing potential impairment losses related to its goodwill, indefinite-lived intangible assets, long-lived assets, and equity investments.
The Company evaluates goodwill and indefinite-lived intangible assets annually for impairment and whenever events or changes in circumstances indicate that it is more likely than not that an impairment exists. The Company determines the fair value of its reporting units based on a combination of inputs, including the market capitalization of the Company, as well as Level 3 inputs such as discounted cash flows, which are not observable from the market, directly or indirectly. The Company determines the fair value of its indefinite-lived intangible assets using the income approach (relief-from-royalty method) based on Level 3 inputs.
The Company’s equity investment represents an investment in a non-controlled corporation without a readily determinable market value. The Company has elected to measure the investment at cost minus impairment, if any, plus or minus changes resulting from observable price changes. The fair value is determined by using quoted prices for identical or similar investments of the same issuer, which are Level 2 inputs, and other information available to the Company such as the rights and obligations of the securities. The Company recognizes changes to the fair value of its equity investment in interest expense, net, and other in the condensed consolidated statements of comprehensive income. The balance of the equity investment was $22,633 as of both March 31, 2022 and December 31, 2021.
There were no triggering events identified, no indication of impairment of the Company’s goodwill, indefinite-lived intangible assets, long-lived assets, or equity investments, and no impairment charges recorded during the three months ended March 31, 2022 and 2021.
12


Fair Value of Financial Instruments
The Company is required to disclose the fair value of financial instruments for which it is practicable to estimate the value, even though these instruments are not recognized at fair value in the consolidated balance sheets. The fair value of the Company’s 4.625% senior notes due 2027 (the “2027 Notes”) and 4.000% senior notes due 2029 (the “2029 Notes”) was estimated using quoted market prices in active markets for identical liabilities, which are Level 1 inputs. The carrying amounts and estimated fair value of the 2027 Notes and the 2029 Notes are presented in the following table. See additional information regarding the 2027 Notes and the 2029 Notes in Part II, Item 8, “Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note (8), Notes Payable and Credit Agreement” of the 2021 Annual Report.
As of March 31, 2022As of December 31, 2021
Carrying
Amount
Estimated
Fair Value
Carrying
Amount
Estimated
Fair Value
2027 Notes$500,000 $486,875 $500,000 $517,500 
2029 Notes350,000 323,750 350,000 353,500 
The fair value of the Company’s long-term self-insurance accruals cannot be estimated as the Company cannot reasonably determine the timing of future payments.

7. INCOME TAXES

The Company is subject to taxation in the U.S. and various states and foreign jurisdictions. With few exceptions, as of March 31, 2022, the Company is no longer subject to state, local or foreign examinations by tax authorities for tax years before 2011, and the Company is no longer subject to U.S. federal income or payroll tax examinations for tax years before 2018.

The Company believes its liability for unrecognized tax benefits and contingent tax issues is adequate with respect to all open years. Notwithstanding the foregoing, the Company could adjust its provision for income taxes and contingent tax liability based on future developments.
CARES Act
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted and signed into law in response to the COVID-19 pandemic. Among other things, the CARES Act contains significant business tax provisions, including a deferral of payment of employer payroll taxes and an employer retention credit for employer payroll taxes.
The Company deferred payment of the employer’s share of payroll taxes of $48,452. Approximately half of such taxes was paid during 2021 and the other half is to be paid by the end of 2022, which is included in accrued compensation and benefits in the consolidated balance sheets as of both March 31, 2022 and December 31, 2021. The Company claimed an employee retention tax credit of $1,756.

8. COMMITMENTS AND CONTINGENCIES
Legal Proceedings
From time to time, the Company is involved in various lawsuits, claims, investigations, and proceedings that arise in the ordinary course of business. These matters typically relate to professional liability, tax, compensation, contract, competitor disputes and employee-related matters and include individual and class action lawsuits, as well as inquiries and investigations by governmental agencies regarding the Company’s employment and compensation practices. Additionally, some of the Company’s clients may also become subject to claims, governmental inquiries and investigations, and legal actions relating to services provided by the Company’s healthcare professionals. Depending upon the particular facts and circumstances, the Company may also be subject to indemnification obligations under its contracts with such clients relating to these matters. The Company accrues for contingencies and records a liability when management believes an adverse outcome from a loss contingency is both probable and the amount, or a range, can be reasonably estimated. Significant judgment is required to determine both probability of loss and the estimated amount. The Company reviews its loss contingencies at least quarterly and adjusts its accruals and/or disclosures to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, or other new information, as deemed necessary. The most significant matters for which the Company has established loss contingencies are class actions related to wage and hour claims under California and Federal law. Specifically, among other claims in these lawsuits, it is alleged that certain expense reimbursements should be considered wages and included in the regular rate of pay for purposes of calculating overtime rates.

13


On May 26, 2016, former travel nurse Verna Maxwell Clarke filed a complaint against AMN Services, LLC, in California Superior Court in Los Angeles County. The Company removed the case to the United States District Court for the Central District of California (Case No. 2:16-cv-04132-DSF-KS) (the “Clarke Matter”). The complaint asserts that, due to the Company’s per diem adjustment practices, traveling nurses’ per diem benefits should be included in their regular rate of pay for the purposes of calculating their overtime compensation. On June 26, 2018, the district court denied the plaintiffs’ Motion for Summary Judgment in its entirety, and granted the Company’s Motion for Summary Judgment with respect to the plaintiffs’ per diem and overtime claims. The plaintiffs filed an appeal of the judgment relating to the per diem claims with the Ninth Circuit Court of Appeals (the “Ninth Circuit”). On February 8, 2021, a three-judge panel of the Ninth Circuit issued an opinion that reversed the district court’s granting of the Company’s Motion for Summary Judgment and remanded the matter to the district court instructing the district to enter partial summary judgment in favor of the plaintiffs. On August 26, 2021, the Company filed a Petition for Writ of Certiorari in the United States Supreme Court seeking review of the Ninth Circuit’s decision, which was denied on December 13, 2021. This case is proceeding in the United States District Court.

On May 2, 2019, former travel nurse Sara Woehrle filed a complaint against AMN Services, LLC, and Providence Health System – Southern California in California Superior Court in Los Angeles County. The Company removed the case to the United States District Court for the Central District of California (Case No. 2:19-cv-05282 DSF-KS). The complaint asserts that, due to the Company’s per diem adjustment practices, traveling nurses’ per diem benefits should be included in their regular rate of pay for the purposes of calculating their overtime compensation. The complaint also alleges that the putative class members were denied required meal periods, denied proper overtime compensation, were not compensated for all time worked, including reporting time and training time, and received non-compliant wage statements. The Company has reached an agreement to settle this matter in its entirety and is awaiting court approval. Final settlement is not expected until the fourth quarter of 2022.

The Company believes that its current wage and hour practices conform with the applicable law in all material respects. Because of the inherent uncertainty of litigation, the Company is not able to reasonably predict if any matter will be resolved in a manner that is materially adverse to the Company. The Company has recorded accruals in connection with the matters described above amounting to $37,225. The Company is currently unable to estimate the possible loss or range of loss beyond amounts already accrued. Loss contingencies accrued as of both March 31, 2022 and December 31, 2021 are included in accounts payable and accrued expenses and other long-term liabilities in the consolidated balance sheets.
Operating Leases
In the first quarter of 2022, the Company entered into a lease agreement for an office building located in Dallas, Texas, with future undiscounted lease payments of approximately $29,514, excluding lease incentives. Because the Company does not control the underlying asset during the construction period, the Company is not considered the owner of the asset under construction for accounting purposes. The lease will commence upon completion of the construction of the office building which is expected be in the first quarter of 2023. The initial term of the lease is approximately eleven years with options to renew the lease during the lease term. A right-of-use asset and lease liability will be recognized in the consolidated balance sheet in the period the lease commences.
14


9. BALANCE SHEET DETAILS

The consolidated balance sheets detail is as follows:
March 31, 2022December 31, 2021
Other current assets:
Restricted cash and cash equivalents$30,860 $29,262 
Other25,317 37,568 
Other current assets$56,177 $66,830 
Prepaid expenses:
Prepaid payroll deposits$18,922 $60,014 
Other20,165 12,446 
Prepaid expenses39,087 72,460 
Fixed assets:
Furniture and equipment$45,309 $43,134 
Software277,271 265,137 
Leasehold improvements7,245 8,797 
329,825 317,068 
Accumulated depreciation(200,173)(189,954)
Fixed assets, net$129,652 $127,114 
Other assets:
Life insurance cash surrender value$123,803 $115,096 
Other42,215 41,574 
Other assets$166,018 $156,670 
Accounts payable and accrued expenses:
Trade accounts payable$88,986 $77,325 
Subcontractor payable295,291 261,689 
Accrued expenses84,355 61,220 
Loss contingencies9,940 10,400 
Professional liability reserve7,267 7,127 
Other11,458 7,496 
Accounts payable and accrued expenses$497,297 $425,257 
Accrued compensation and benefits:
Accrued payroll$174,368 $98,817 
Accrued bonuses and commissions115,153 105,155 
Accrued travel expense3,852 3,058 
Health insurance reserve5,908 6,041 
Workers compensation reserve12,651 12,384 
Deferred compensation128,438 119,617 
Other6,529 9,309 
Accrued compensation and benefits$446,899 $354,381 
Other current liabilities:
Income taxes payable45,105 21,162 
Client deposits133,062 141,102 
Other431 155 
Other current liabilities$178,598 $162,419 
15


March 31, 2022December 31, 2021
Other long-term liabilities:
Workers compensation reserve$24,518 $24,130 
Professional liability reserve36,284 34,544 
Unrecognized tax benefits4,679 4,633 
Other33,682 33,682 
Other long-term liabilities$99,163 $96,989 

16


Item 2. Management’s Discussion and Analysis of Financial Condition and Results
of Operations
 
The following discussion should be read in conjunction with our consolidated financial statements and the notes thereto and other financial information included elsewhere herein and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”) on February 24, 2022 (“2021 Annual Report”). Certain statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” are “forward-looking statements.” See “Special Note Regarding Forward-Looking Statements.” We undertake no obligation to update the forward-looking statements in this Quarterly Report. References in this Quarterly Report to “AMN Healthcare,” the “Company,” “we,” “us” and “our” refer to AMN Healthcare Services, Inc. and its wholly owned subsidiaries.
Overview of Our Business
 
We provide healthcare workforce solutions and staffing services to healthcare organizations across the nation. As an innovative total talent solutions partner, our managed services programs, or “MSP,” vendor management systems, or “VMS,” workforce consulting services, predictive modeling, staff scheduling, credentialing services, revenue cycle solutions, language services, and the placement of physicians, nurses, allied healthcare professionals and healthcare leaders into temporary and permanent positions enable our clients to successfully reduce staffing complexity, increase efficiency and lead their organizations within the rapidly evolving healthcare environment.
We conduct business through three reportable segments: (1) nurse and allied solutions, (2) physician and leadership solutions, and (3) technology and workforce solutions. For the three months ended March 31, 2022, we recorded revenue of $1,552.5 million, as compared to $885.9 million for the same period last year.
Nurse and allied solutions segment revenue comprised 79% and 74% of total consolidated revenue for the three months ended March 31, 2022 and 2021, respectively. Through our nurse and allied solutions segment, we provide hospitals and other healthcare facilities with a comprehensive managed services solution in which we manage and staff all of the temporary nursing and allied staffing needs of a client and traditional clinical staffing solutions of variable assignment lengths. We also provide revenue cycle solutions, which include skilled labor solutions for remote medical coding, clinical documentation improvement, case management, and clinical data registry, and provide auditing and advisory services.
 
Physician and leadership solutions segment revenue comprised 12% and 16% of total consolidated revenue for the three months ended March 31, 2022 and 2021, respectively. Through our physician and leadership solutions segment, we place physicians of all specialties, as well as dentists and advanced practice providers, with clients on a temporary basis as independent contractors. We also recruit physicians and healthcare leaders for permanent placement and place interim leaders and executives across all healthcare settings. The interim healthcare leaders and executives we place are typically placed on contracts with assignment lengths ranging from a few days to one year, and a growing number of these placements are under our managed services solution.
 
Technology and workforce solutions segment revenue comprised 9% and 10% of total consolidated revenue for the three months ended March 31, 2022 and 2021, respectively. Through our technology and workforce solutions segment, we provide hospitals and other healthcare facilities with a range of workforce solutions, including: (1) language services, (2) software-as-a-service (“SaaS”) VMS technologies through which our clients can manage their temporary staffing needs, (3) workforce optimization services that include consulting, data analytics, predictive modeling, and SaaS-based scheduling technology, (4) recruitment process outsourcing services that leverage our expertise and support systems to replace or complement a client’s existing internal recruitment function for permanent placement needs, (5) telehealth services, (6) credentialing services, and (7) flex pool management and other outsourced solutions services.

As part of our long-term growth strategy to add value for our clients, healthcare professionals, and shareholders, on April 7, 2021 we acquired Synzi, including its wholly-owned subsidiary SnapMD. Synzi and SnapMD offer virtual care technology platforms; Synzi focuses on the care management and home health markets and primarily serves as a patient communication and engagement platform, while SnapMD focuses on the outpatient market and primarily serves as a clinical communication and documentation platform. See additional information in the accompanying Note (2), “Acquisitions.”
Operating Metrics
 
In addition to our consolidated and segment financial results, we monitor the following key metrics to help us evaluate our results of operations and financial condition and make strategic decisions. We believe this information is useful in understanding our operational performance and trends affecting our businesses.
17


Average travelers on assignment represents the average number of nurse and allied healthcare professionals on assignment during the period, which is used by management as a measure of volume in our nurse and allied solutions segment;
Bill rates represent the hourly straight-time rates that we bill to clients, which are an indicator of labor market trends and costs within our nurse and allied solutions segment;
Billable hours represent hours worked by our healthcare professionals that we are able to bill on client engagements, which are used by management as a measure of volume in our nurse and allied solutions segment;
Days filled is calculated by dividing total locum tenens hours filled during the period by eight hours, which is used by management as a measure of volume in our locum tenens business within our physician and leadership solutions segment; and
Revenue per day filled