0001142750-24-000040 | 10-Q | XBRL Viewer | AMN Healthcare Services INC

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 31,796	$ 32,233
Accumulated depreciation	304,689	285,081
Accumulated amortization	$ 466,938	$ 442,052
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	50,537,000	50,423,000
Common stock, shares outstanding (in shares)	37,924,000	37,810,000
Treasury stock (in shares)	12,613,000	12,613,000

FAIR VALUE MEASUREMENT

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

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 2023 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, 2024.

Assets and Liabilities Measured on a Recurring Basis

From time to time, 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.


	As of March 31, 2024		As of December 31, 2023
Commercial paper	$	48,247	$	48,206
Corporate bonds	—		—
Total classified as restricted cash equivalents	$	48,247	$	48,206
Commercial paper	$	—	$	—
Corporate bonds	14,436		15,563
Total classified as restricted investments	$	14,436	$	15,563

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, 2024 and December 31, 2023.

The following table presents 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, 2024								Fair Value Measurements as of December 31, 2023
Assets (Liabilities)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Deferred compensation	$	(178,412)	$	—	$	—	$	(178,412)	$	(165,574)	$	—	$	—	$	(165,574)
Corporate bonds	—		14,436		—		14,436		—		15,563		—		15,563
Commercial paper	—		48,247		—		48,247		—		48,206		—		48,206

Assets Measured on a Non-Recurring Basis

The Company applies fair value techniques on a non-recurring basis associated with identifiable intangible assets acquired through acquisitions and valuing potential impairment losses related to its goodwill, indefinite-lived intangible assets, long-lived assets, and equity investments.

The fair value of identifiable intangible assets are determined using either the income approach (the relief-from-royalty method, multi-period excess earnings method or with-and-without method) or the cost approach (replacement cost method). These valuation approaches use a combination of assumptions, including Level 3 inputs, such as (i) forecasted revenue, growth rates and customer attrition rates, (ii) forecasted operating expenses and profit margins, and (iii) royalty rates and discount rates used to present value the forecasted cash flows.

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 $12,503 as of both March 31, 2024 and December 31, 2023.

There were no material impairment charges recorded during the three months ended March 31, 2024 and 2023.

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 2023 Annual Report.


	As of March 31, 2024				As of December 31, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
2027 Notes	$	500,000	$	473,750	$	500,000	$	468,750
2029 Notes	350,000		313,250		350,000		314,125

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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION - Reconciliation of Activity in Allowance for Credit Losses for Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 32,233	$ 31,910
Provision for expected credit losses	4,019	6,938
Amounts written off charged against the allowance	(4,456)	(1,112)
Ending balance	$ 31,796	$ 37,736

SEGMENT INFORMATION - Reconciliation of Revenue and Segment Operating Income by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 820,878	$ 1,126,223
Segment operating income	39,945	125,670
Depreciation and amortization	42,719	37,577
Depreciation (included in cost of revenue)	1,798	1,257
Share-based compensation	7,739	10,318
Interest expense, net, and other	16,628	10,259
Income before income taxes	23,317	115,411
Nurse and allied solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	519,297	824,480
Physician and leadership solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	188,797	165,757
Technology and workforce solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	112,784	135,986
Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	820,878	1,126,223
Segment operating income	119,834	205,555
Operating segments \| Nurse and allied solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	519,297	824,480
Segment operating income	53,342	113,445
Operating segments \| Physician and leadership solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	188,797	165,757
Segment operating income	22,222	25,100
Operating segments \| Technology and workforce solutions
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	112,784	135,986
Segment operating income	44,270	67,010
Unallocated corporate overhead
Segment Reporting, Revenue Reconciling Item [Line Items]
Unallocated corporate overhead	$ 27,633	$ 30,733

NET INCOME PER COMMON SHARE - Narrative (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Common stock excluded from calculation of EPS (in shares)	408	243

FAIR VALUE MEASUREMENT - Financial Assets and Liabilities (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value on a recurring basis	$ 14,436	$ 15,563
Corporate bonds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value on a recurring basis	0	0
Corporate bonds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value on a recurring basis	14,436	15,563
Corporate bonds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value on a recurring basis	0	0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value on a recurring basis	48,247	48,206
Commercial paper \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value on a recurring basis	0	0
Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value on a recurring basis	48,247	48,206
Commercial paper \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value on a recurring basis	0	0
Deferred compensation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value on a recurring basis	(178,412)	(165,574)
Deferred compensation \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value on a recurring basis	(178,412)	(165,574)
Deferred compensation \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value on a recurring basis	0	0
Deferred compensation \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value on a recurring basis	$ 0	$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 17,328	$ 84,110

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Revenue	$ 820,878	$ 1,126,223
Cost of revenue	563,372	757,377
Gross profit	257,506	368,846
Operating expenses:
Selling, general and administrative	174,842	205,599
Depreciation and amortization (exclusive of depreciation included in cost of revenue)	42,719	37,577
Total operating expenses	217,561	243,176
Income from operations	39,945	125,670
Interest expense, net, and other	16,628	10,259
Income before income taxes	23,317	115,411
Income tax expense	5,989	31,301
Net income	17,328	84,110
Other comprehensive income:
Unrealized gains on available-for-sale securities, net, and other	84	146
Other comprehensive income	84	146
Comprehensive income	$ 17,412	$ 84,256
Net income per common share:
Basic (in dollars per share)	$ 0.45	$ 2.03
Diluted (in dollars per share)	$ 0.45	$ 2.02
Weighted average common shares outstanding:
Basic (in shares)	38,114	41,378
Diluted (in shares)	38,197	41,570

FAIR VALUE MEASUREMENT - Fair Value of Financial Instruments (Details) - Senior Notes - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
2027 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	$ 500,000	$ 500,000
Estimated Fair Value	473,750	468,750
2029 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount	350,000	350,000
Estimated Fair Value	$ 313,250	$ 314,125

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	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, 2024, 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 2020. 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

NOTES PAYABLE AND CREDIT AGREEMENT (Details) - USD ($)	Nov. 30, 2023	Feb. 10, 2023	Feb. 09, 2023
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 750,000,000	$ 750,000,000	$ 400,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Cash Flows [Abstract]
Interest capitalized	$ 198	$ 288

ACQUISITIONS (Tables)

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of Fair Value and Useful life of Intangible Assets Acquired

The following table summarizes the fair value and useful life of each intangible asset acquired as of the acquisition date:


		Fair Value		Useful Life
				(in years)
Identifiable intangible assets
	Customer relationships	$	54,300	7 - 10
	Tradenames and trademarks	26,400		3
	Staffing databases	11,300		5
		$	92,000

ACQUISITIONS - Schedule of Intangible Assets Acquired (Details) - MSDR $ in Thousands	Nov. 30, 2023 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 92,000
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 54,300
Customer relationships \| Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life	7 years
Customer relationships \| Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life	10 years
Tradenames and trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 26,400
Useful Life	3 years
Staffing databases
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 11,300
Useful Life	5 years

BASIS OF PRESENTATION (Policies)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Use of Estimates

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 goodwill and intangible assets purchased in a business combination, asset impairments, accruals for self-insurance, contingent liabilities such as legal accruals, and income taxes. The Company bases these estimates on the information that is currently available and on various other assumptions that it believes are reasonable under the circumstances. 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 and restricted investments with an original maturity of three months or less to be cash equivalents and restricted cash equivalents, respectively. Cash and cash equivalents include currency on hand, deposits with financial institutions, money market funds and other highly liquid investments. Restricted cash and cash equivalents primarily include cash, corporate bonds and commercial paper that serve as collateral for the Company’s captive insurance subsidiary claim payments. See Note (7), “Fair Value Measurement” for additional information.

The Company maintains its cash and restricted cash in bank deposit accounts primarily at large, national financial institutions, which typically exceed federally insured limits. The Company has not experienced any losses in such accounts.

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.

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:

•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.

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.

Segment Information

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.

Fair Value of Assets and Liabilities

Assets and Liabilities Measured on a Recurring Basis

The Company’s restricted cash equivalents and investments that serve as collateral for the Company’s captive insurance company include commercial paper and corporate bonds. The commercial paper is measured at observable market prices for identical securities that are traded in less active markets, which are Level 2 inputs. The corporate bonds 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.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.

Assets Measured on a Non-Recurring Basis

Fair Value of Financial Instruments


	As of March 31, 2024				As of December 31, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
2027 Notes	$	500,000	$	473,750	$	500,000	$	468,750
2029 Notes	350,000		313,250		350,000		314,125

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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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+ Details

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

ACQUISITIONS

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS

The Company accounted for the acquisition set forth below 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 the analysis of the information that has been made available through March 31, 2024. The goodwill recognized for the acquisition is attributable to expected growth as the Company leverages its brand and diversifies its services offered to clients, including potential revenue growth and margin expansion. The Company did not incur any material acquisition-related costs.

MSDR Acquisition

On November 30, 2023, the Company completed its acquisition of MSI Systems Corp. and DrWanted.com LLC (together, “MSDR”), two healthcare staffing companies that specialize in locum tenens and advanced practice. The initial purchase price of $292,818 consisted entirely of cash consideration paid upon acquisition. The acquisition was funded through borrowings under the Company’s $750,000 secured revolving credit facility (the “Senior Credit Facility”). The results of MSDR have been included in the Company’s physician and leadership solutions segment since the date of acquisition.

The preliminary allocation of the $292,818 purchase price consisted of (1) $45,547 of fair value of tangible assets acquired, which included $643 cash received, (2) $23,707 of liabilities assumed, (3) $92,000 of identified intangible assets, and (4) $178,978 of goodwill, of which $92,438 is deductible for tax purposes. The provisional items include the final working capital settlement and the assessment of additional information to finalize the measurement of certain assets acquired and liabilities assumed, which primarily consist of income tax matters, operating leases and insurance reserves. The intangible assets acquired have a weighted average useful life of approximately seven years. The following table summarizes the fair value and useful life of each intangible asset acquired as of the acquisition date:


		Fair Value		Useful Life
				(in years)
Identifiable intangible assets
	Customer relationships	$	54,300	7 - 10
	Tradenames and trademarks	26,400		3
	Staffing databases	11,300		5
		$	92,000

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	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, representative 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 and representative 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. 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, 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. The Company has reached an agreement to settle this matter in its entirety, which was preliminarily approved in the fourth quarter of 2023. The Company expects final approval at the end of the second quarter of 2024. Accordingly, the Company has recorded an accrual for this matter amounting to $62,000. The Company is currently unable to estimate the possible loss or range of loss beyond amounts already accrued. Loss contingencies accrued are included in accounts payable and accrued expenses and other long-term liabilities in the consolidated balance sheets.

NET INCOME PER COMMON SHARE (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Income Per Common Share

The following table sets forth the computation of basic and diluted net income per common share:


	Three Months Ended March 31,
		2024		2023
Net income		$	17,328	$	84,110

Net income per common share - basic		$	0.45	$	2.03
Net income per common share - diluted		$	0.45	$	2.02

Weighted average common shares outstanding - basic		38,114		41,378
Plus dilutive effect of potential common shares		83		192
Weighted average common shares outstanding - diluted		38,197		41,570

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

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 (including international nurse staffing and rapid response nurse staffing), labor disruption staffing, local staffing, international nurse and allied permanent placement, and allied staffing (including 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, and outsourced solutions businesses.

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:


	Three Months Ended March 31,
		2024		2023
Revenue
Nurse and allied solutions		$	519,297	$	824,480
Physician and leadership solutions		188,797		165,757
Technology and workforce solutions		112,784		135,986
		$	820,878	$	1,126,223
Segment operating income
Nurse and allied solutions		$	53,342	$	113,445
Physician and leadership solutions		22,222		25,100
Technology and workforce solutions		44,270		67,010
		119,834		205,555
Unallocated corporate overhead		27,633		30,733
Depreciation and amortization		42,719		37,577
Depreciation (included in cost of revenue)		1,798		1,257
Share-based compensation		7,739		10,318
Interest expense, net, and other		16,628		10,259
Income before income taxes		$	23,317	$	115,411

The following table summarizes the activity related to the carrying value of goodwill by reportable segment:


	Nurse and Allied Solutions		Physician and Leadership Solutions		Technology and Workforce Solutions		Total
Balance, January 1, 2024	$	382,420	$	328,570	$	400,559	$	1,111,549


Goodwill adjustment for MSDR acquisition	—		3,208		—		3,208

Balance, March 31, 2024	$	382,420	$	331,778	$	400,559	$	1,114,757
Accumulated impairment loss as of December 31, 2023 and March 31, 2024	$	154,444	$	60,495	$	—	$	214,939

Disaggregation of Revenue

The following tables present the Company’s revenue disaggregated by service type:


	Three Months Ended March 31, 2024
	Nurse and Allied Solutions		Physician and Leadership Solutions		Technology and Workforce Solutions		Total
Travel nurse staffing	$	334,369	$	—	$	—	$	334,369
Labor disruption services	28		—		—		28
Local staffing	12,498		—		—		12,498
Allied staffing	169,756		—		—		169,756
Locum tenens staffing	—		145,242		—		145,242
Interim leadership staffing	—		30,272		—		30,272
Temporary staffing	516,651		175,514		—		692,165
Permanent placement	2,646		13,283		—		15,929
Language services	—		—		71,422		71,422
Vendor management systems	—		—		29,063		29,063
Other technologies	—		—		5,828		5,828
Technology-enabled services	—		—		106,313		106,313
Talent planning and acquisition	—		—		6,471		6,471
Total revenue	$	519,297	$	188,797	$	112,784	$	820,878


	Three Months Ended March 31, 2023
	Nurse and Allied Solutions		Physician and Leadership Solutions		Technology and Workforce Solutions		Total
Travel nurse staffing	$	592,677	$	—	$	—	$	592,677
Labor disruption services	5,702		—		—		5,702
Local staffing	25,272		—		—		25,272
Allied staffing	196,125		—		—		196,125
Locum tenens staffing	—		106,703		—		106,703
Interim leadership staffing	—		40,242		—		40,242
Temporary staffing	819,776		146,945		—		966,721
Permanent placement	4,704		18,812		—		23,516
Language services	—		—		61,676		61,676
Vendor management systems	—		—		54,173		54,173
Other technologies	—		—		7,347		7,347
Technology-enabled services	—		—		123,196		123,196
Talent planning and acquisition	—		—		12,790		12,790
Total revenue	$	824,480	$	165,757	$	135,986	$	1,126,223

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FAIR VALUE MEASUREMENT - Schedule of Assets and Liabilities at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value on a recurring basis	$ 48,247	$ 48,206
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value on a recurring basis	48,247	48,206
Level 2 \| Restricted Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value on a recurring basis	48,247	48,206
Level 2 \| Restricted Cash Equivalents \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value on a recurring basis	48,247	48,206
Level 2 \| Restricted Cash Equivalents \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value on a recurring basis	0	0
Level 2 \| Restricted Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value on a recurring basis	14,436	15,563
Level 2 \| Restricted Investments \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value on a recurring basis	0	0
Level 2 \| Restricted Investments \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value on a recurring basis	$ 14,436	$ 15,563

ACQUISITIONS - MSDR Acquisition (Details)	Nov. 30, 2023 USD ($) company	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Feb. 10, 2023 USD ($)	Feb. 09, 2023 USD ($)
Business Acquisition [Line Items]
Goodwill		$ 1,114,757,000	$ 1,111,549,000
Revolving Credit Facility \| Line of Credit
Business Acquisition [Line Items]
Maximum borrowing capacity	$ 750,000,000			$ 750,000,000	$ 400,000,000
MSDR
Business Acquisition [Line Items]
Number of healthcare staffing companies \| company	2
Purchase price	$ 292,818,000
Fair value of tangible assets acquired	45,547,000
Cash received	643,000
Liabilities assumed	23,707,000
Identifiable intangible assets	92,000,000
Goodwill	178,978,000
Goodwill expected to be deductible for tax purposes	$ 92,438,000
Intangible assets acquired, weighted average useful life	7 years

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Reconciliation of Revenue and Segment Operating Income by Reportable Segment


	Three Months Ended March 31,
		2024		2023
Revenue
Nurse and allied solutions		$	519,297	$	824,480
Physician and leadership solutions		188,797		165,757
Technology and workforce solutions		112,784		135,986
		$	820,878	$	1,126,223
Segment operating income
Nurse and allied solutions		$	53,342	$	113,445
Physician and leadership solutions		22,222		25,100
Technology and workforce solutions		44,270		67,010
		119,834		205,555
Unallocated corporate overhead		27,633		30,733
Depreciation and amortization		42,719		37,577
Depreciation (included in cost of revenue)		1,798		1,257
Share-based compensation		7,739		10,318
Interest expense, net, and other		16,628		10,259
Income before income taxes		$	23,317	$	115,411

Schedule of Goodwill by Reportable Segment

The following table summarizes the activity related to the carrying value of goodwill by reportable segment:


	Nurse and Allied Solutions		Physician and Leadership Solutions		Technology and Workforce Solutions		Total
Balance, January 1, 2024	$	382,420	$	328,570	$	400,559	$	1,111,549


Goodwill adjustment for MSDR acquisition	—		3,208		—		3,208

Balance, March 31, 2024	$	382,420	$	331,778	$	400,559	$	1,114,757
Accumulated impairment loss as of December 31, 2023 and March 31, 2024	$	154,444	$	60,495	$	—	$	214,939

Schedule of Disaggregation of Revenue

The following tables present the Company’s revenue disaggregated by service type:


	Three Months Ended March 31, 2024
	Nurse and Allied Solutions		Physician and Leadership Solutions		Technology and Workforce Solutions		Total
Travel nurse staffing	$	334,369	$	—	$	—	$	334,369
Labor disruption services	28		—		—		28
Local staffing	12,498		—		—		12,498
Allied staffing	169,756		—		—		169,756
Locum tenens staffing	—		145,242		—		145,242
Interim leadership staffing	—		30,272		—		30,272
Temporary staffing	516,651		175,514		—		692,165
Permanent placement	2,646		13,283		—		15,929
Language services	—		—		71,422		71,422
Vendor management systems	—		—		29,063		29,063
Other technologies	—		—		5,828		5,828
Technology-enabled services	—		—		106,313		106,313
Talent planning and acquisition	—		—		6,471		6,471
Total revenue	$	519,297	$	188,797	$	112,784	$	820,878


	Three Months Ended March 31, 2023
	Nurse and Allied Solutions		Physician and Leadership Solutions		Technology and Workforce Solutions		Total
Travel nurse staffing	$	592,677	$	—	$	—	$	592,677
Labor disruption services	5,702		—		—		5,702
Local staffing	25,272		—		—		25,272
Allied staffing	196,125		—		—		196,125
Locum tenens staffing	—		106,703		—		106,703
Interim leadership staffing	—		40,242		—		40,242
Temporary staffing	819,776		146,945		—		966,721
Permanent placement	4,704		18,812		—		23,516
Language services	—		—		61,676		61,676
Vendor management systems	—		—		54,173		54,173
Other technologies	—		—		7,347		7,347
Technology-enabled services	—		—		123,196		123,196
Talent planning and acquisition	—		—		12,790		12,790
Total revenue	$	824,480	$	165,757	$	135,986	$	1,126,223

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

BASIS OF PRESENTATION (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash

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, 2024		December 31, 2023
Cash and cash equivalents	$	50,560	$	32,935
Restricted cash and cash equivalents (included in other current assets)	21,251		22,056
Restricted cash, cash equivalents and investments	71,912		68,845
Total cash, cash equivalents and restricted cash and investments	143,723		123,836
Less restricted investments	(14,436)		(15,563)
Total cash, cash equivalents and restricted cash	$	129,287	$	108,273

Schedule of Reconciliation of Activity in Allowance for Credit Losses for Accounts Receivable

The following table provides a reconciliation of activity in the allowance for credit losses for accounts receivable:


	2024		2023
Balance as of January 1,	$	32,233	$	31,910

Provision for expected credit losses	4,019		6,938
Amounts written off charged against the allowance	(4,456)		(1,112)

Balance as of March 31,	$	31,796	$	37,736

NOTES PAYABLE AND CREDIT AGREEMENT	3 Months Ended
NOTES PAYABLE AND CREDIT AGREEMENT	Mar. 31, 2024
Debt Disclosure [Abstract]
NOTES PAYABLE AND CREDIT AGREEMENT	NOTES PAYABLE AND CREDIT AGREEMENT On February 10, 2023, the Company entered into the third amendment to its credit agreement (the “Third Amendment”). The Third Amendment provides for, among other things, the following: (i) an extension of the maturity date of the Senior Credit Facility to February 10, 2028, (ii) an increase of the Senior Credit Facility from $400,000 to $750,000, and (iii) a transition from LIBOR to a Secured Overnight Financing Rate (“SOFR”)-based interest rate. Additional information regarding the Senior Credit Facility and the amended credit agreement is disclosed in Part II, Item 8, “Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note (8), Notes Payable and Credit Agreement” of the 2023 Annual Report.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Wage and Hour claims \| Pending Litigation
Commitments and Contingencies [Line Items]
Litigation matters accrual	$ 62,000

SEGMENT INFORMATION- Narrative (Details)	3 Months Ended
SEGMENT INFORMATION- Narrative (Details)	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	3

BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION

The condensed consolidated balance sheets and related condensed consolidated statements of comprehensive income, stockholders’ equity 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, 2023, contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission on February 22, 2024 (the “2023 Annual Report”).

Cash, Cash Equivalents and Restricted Cash


	March 31, 2024		December 31, 2023
Cash and cash equivalents	$	50,560	$	32,935
Restricted cash and cash equivalents (included in other current assets)	21,251		22,056
Restricted cash, cash equivalents and investments	71,912		68,845
Total cash, cash equivalents and restricted cash and investments	143,723		123,836
Less restricted investments	(14,436)		(15,563)
Total cash, cash equivalents and restricted cash	$	129,287	$	108,273

Accounts Receivable

The following table provides a reconciliation of activity in the allowance for credit losses for accounts receivable:


	2024		2023
Balance as of January 1,	$	32,233	$	31,910

Provision for expected credit losses	4,019		6,938
Amounts written off charged against the allowance	(4,456)		(1,112)

Balance as of March 31,	$	31,796	$	37,736

NET INCOME PER COMMON SHARE

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

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,
		2024		2023
Net income		$	17,328	$	84,110

Net income per common share - basic		$	0.45	$	2.03
Net income per common share - diluted		$	0.45	$	2.02

Weighted average common shares outstanding - basic		38,114		41,378
Plus dilutive effect of potential common shares		83		192
Weighted average common shares outstanding - diluted		38,197		41,570

The dilutive effect of potential shares primarily includes outstanding share-based awards, which consists of restricted stock units, performance restricted stock units, and obligations under the Company’s employee stock purchase plan (the “ESPP”). Share-based awards to purchase 408 and 243 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, 2024 and 2023, respectively, because the effect of these instruments was anti-dilutive.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Cash flows from operating activities:

Net income

$ 17,328

$ 84,110

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization (inclusive of depreciation included in cost of revenue)

44,517

38,834

Non-cash interest expense and other

534

505

Change in fair value of contingent consideration liabilities

Increase in allowance for credit losses and sales credits

388

25,447

Provision for deferred income taxes

(7,661)

(6,639)

Share-based compensation

7,739

10,318

Loss on disposal or impairment of long-lived assets

1,849

Net loss on investments in available-for-sale securities

Net loss (gain) on deferred compensation balances

(381)

Non-cash lease expense

(799)

(228)

Changes in assets and liabilities, net of effects from acquisitions:

Accounts receivable

41,367

(37,376)

Accounts receivable, subcontractor

20,187

(7,929)

Income taxes receivable

5,350

8,875

Prepaid expenses

(3,392)

(7,988)

Other current assets

772

(115)

Other assets

221

Accounts payable and accrued expenses

(33,006)

(9,557)

Accrued compensation and benefits

(6,365)

(71,038)

Other liabilities

(5,712)

11,903

Deferred revenue

360

2,040

Net cash provided by operating activities

81,386

43,434

Cash flows from investing activities:

Purchase and development of fixed assets

(18,145)

(17,487)

Proceeds from sale and maturity of investments

1,207

2,007

Payments to fund deferred compensation plan

(4,461)

(16,951)

Net cash used in investing activities

(21,399)

(32,431)

Cash flows from financing activities:

Payments on revolving credit facility

(50,000)

(70,000)

Proceeds from revolving credit facility

15,000

210,000

Repurchase of common stock

^[1]

(174,744)

Payment of financing costs

(3,579)

Cash paid for shares withheld for taxes

(3,973)

(6,134)

Net cash used in financing activities

(38,973)

(44,457)

Net increase (decrease) in cash, cash equivalents and restricted cash

21,014

(33,454)

Cash, cash equivalents and restricted cash at beginning of period

108,273

137,872

Cash, cash equivalents and restricted cash at end of period

129,287

104,418

Supplemental disclosures of cash flow information:

Cash paid for amounts included in the measurement of operating lease liabilities

2,805

2,610

Cash paid for interest (net of $198 and $288 capitalized for the three months ended March 31, 2024 and 2023, respectively)

7,543

1,053

Cash paid for income taxes

4,309

5,404

Supplemental disclosures of non-cash investing and financing activities:

Purchase of fixed assets recorded in accounts payable and accrued expenses

12,777

6,849

Excise tax payable on share repurchases

1,556

Right-of-use assets obtained in exchange for operating lease liabilities

$ 2,338

$ 577

[1]	The difference between the amount reported for the three months ended March 31, 2023 and the corresponding amount presented in the condensed consolidated statements of stockholders’ equity is due to accrued excise tax payable on share repurchases recorded within treasury stock.

BALANCE SHEET DETAILS (Tables)

3 Months Ended

Mar. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule of Supplemental Balance Sheet Disclosures

The consolidated balance sheets detail is as follows:


	March 31, 2024		December 31, 2023
Other current assets:
Restricted cash and cash equivalents	$	21,251	$	22,056
Income taxes receivable	—		5,350
Other	17,491		18,264
Other current assets	$	38,742	$	45,670






Fixed assets:
Furniture and equipment	$	75,686	$	71,815
Software	407,298		388,812
Leasehold improvements	16,242		15,839
	499,226		476,466
Accumulated depreciation	(304,689)		(285,081)
Fixed assets, net	$	194,537	$	191,385

Other assets:
Life insurance cash surrender value	$	177,403	$	162,780
Operating lease right-of-use assets	35,397		34,543
Other	39,597		39,473
Other assets	$	252,397	$	236,796

Accounts payable and accrued expenses:
Trade accounts payable	$	48,238	$	54,128
Subcontractor payable	94,889		122,983
Accrued expenses	86,766		82,257
Loss contingencies	70,820		69,837
Professional liability reserve	7,625		7,761
Other	7,678		6,881
Accounts payable and accrued expenses	$	316,016	$	343,847

Accrued compensation and benefits:
Accrued payroll	$	59,052	$	53,633
Accrued bonuses and commissions	21,595		31,236


ESPP contributions	72		950
Workers compensation reserve	10,931		12,130
Deferred compensation	178,412		165,574
Other	10,451		15,013
Accrued compensation and benefits	$	280,513	$	278,536

Other current liabilities:

Income taxes payable	$	3,790	$	—
Client deposits	833		8,707
Operating lease liabilities	6,633		7,993
Deferred revenue	11,681		11,303
Other	4,437		5,735
Other current liabilities	$	27,374	$	33,738

Other long-term liabilities:
Workers compensation reserve	$	20,739	$	21,169
Professional liability reserve	37,400		36,891

Operating lease liabilities	39,019		37,603


Other	12,889		13,316
Other long-term liabilities	$	110,047	$	108,979

BASIS OF PRESENTATION - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 50,560	$ 32,935
Restricted cash and cash equivalents (included in other current assets)	21,251	22,056
Restricted cash, cash equivalents and investments	71,912	68,845
Total cash, cash equivalents and restricted cash and investments	143,723	123,836
Less restricted investments	(14,436)	(15,563)
Total cash, cash equivalents and restricted cash	$ 129,287	$ 108,273	$ 104,418	$ 137,872

SEGMENT INFORMATION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 820,878	$ 1,126,223
Nurse and Allied Solutions
Segment Reporting Information [Line Items]
Revenue	519,297	824,480
Physician and Leadership Solutions
Segment Reporting Information [Line Items]
Revenue	188,797	165,757
Technology and Workforce Solutions
Segment Reporting Information [Line Items]
Revenue	112,784	135,986
Travel nurse staffing
Segment Reporting Information [Line Items]
Revenue	334,369	592,677
Travel nurse staffing \| Nurse and Allied Solutions
Segment Reporting Information [Line Items]
Revenue	334,369	592,677
Travel nurse staffing \| Physician and Leadership Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Travel nurse staffing \| Technology and Workforce Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Labor disruption services
Segment Reporting Information [Line Items]
Revenue	28	5,702
Labor disruption services \| Nurse and Allied Solutions
Segment Reporting Information [Line Items]
Revenue	28	5,702
Labor disruption services \| Physician and Leadership Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Labor disruption services \| Technology and Workforce Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Local staffing
Segment Reporting Information [Line Items]
Revenue	12,498	25,272
Local staffing \| Nurse and Allied Solutions
Segment Reporting Information [Line Items]
Revenue	12,498	25,272
Local staffing \| Physician and Leadership Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Local staffing \| Technology and Workforce Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Allied staffing
Segment Reporting Information [Line Items]
Revenue	169,756	196,125
Allied staffing \| Nurse and Allied Solutions
Segment Reporting Information [Line Items]
Revenue	169,756	196,125
Allied staffing \| Physician and Leadership Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Allied staffing \| Technology and Workforce Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Locum tenens staffing
Segment Reporting Information [Line Items]
Revenue	145,242	106,703
Locum tenens staffing \| Nurse and Allied Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Locum tenens staffing \| Physician and Leadership Solutions
Segment Reporting Information [Line Items]
Revenue	145,242	106,703
Locum tenens staffing \| Technology and Workforce Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Interim leadership staffing
Segment Reporting Information [Line Items]
Revenue	30,272	40,242
Interim leadership staffing \| Nurse and Allied Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Interim leadership staffing \| Physician and Leadership Solutions
Segment Reporting Information [Line Items]
Revenue	30,272	40,242
Interim leadership staffing \| Technology and Workforce Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Temporary staffing
Segment Reporting Information [Line Items]
Revenue	692,165	966,721
Temporary staffing \| Nurse and Allied Solutions
Segment Reporting Information [Line Items]
Revenue	516,651	819,776
Temporary staffing \| Physician and Leadership Solutions
Segment Reporting Information [Line Items]
Revenue	175,514	146,945
Temporary staffing \| Technology and Workforce Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Permanent placement
Segment Reporting Information [Line Items]
Revenue	15,929	23,516
Permanent placement \| Nurse and Allied Solutions
Segment Reporting Information [Line Items]
Revenue	2,646	4,704
Permanent placement \| Physician and Leadership Solutions
Segment Reporting Information [Line Items]
Revenue	13,283	18,812
Permanent placement \| Technology and Workforce Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Language services
Segment Reporting Information [Line Items]
Revenue	71,422	61,676
Language services \| Nurse and Allied Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Language services \| Physician and Leadership Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Language services \| Technology and Workforce Solutions
Segment Reporting Information [Line Items]
Revenue	71,422	61,676
Vendor management systems
Segment Reporting Information [Line Items]
Revenue	29,063	54,173
Vendor management systems \| Nurse and Allied Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Vendor management systems \| Physician and Leadership Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Vendor management systems \| Technology and Workforce Solutions
Segment Reporting Information [Line Items]
Revenue	29,063	54,173
Other technologies
Segment Reporting Information [Line Items]
Revenue	5,828	7,347
Other technologies \| Nurse and Allied Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Other technologies \| Physician and Leadership Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Other technologies \| Technology and Workforce Solutions
Segment Reporting Information [Line Items]
Revenue	5,828	7,347
Technology-enabled services
Segment Reporting Information [Line Items]
Revenue	106,313	123,196
Technology-enabled services \| Nurse and Allied Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Technology-enabled services \| Physician and Leadership Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Technology-enabled services \| Technology and Workforce Solutions
Segment Reporting Information [Line Items]
Revenue	106,313	123,196
Talent planning and acquisition
Segment Reporting Information [Line Items]
Revenue	6,471	12,790
Talent planning and acquisition \| Nurse and Allied Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Talent planning and acquisition \| Physician and Leadership Solutions
Segment Reporting Information [Line Items]
Revenue	0	0
Talent planning and acquisition \| Technology and Workforce Solutions
Segment Reporting Information [Line Items]
Revenue	$ 6,471	$ 12,790

FAIR VALUE MEASUREMENT - Narrative (Details) - USD ($)	3 Months Ended
FAIR VALUE MEASUREMENT - Narrative (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Oct. 20, 2020	Aug. 13, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairment charges	$ 0	$ 0
Acquisition contingent consideration liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liabilities	0		$ 0
2027 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate					4.625%
2029 Notes \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate				4.00%
Fair Value, Measurements, Nonrecurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment balance	$ 12,503,000		$ 12,503,000

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2022		50,109
Beginning balance at Dec. 31, 2022	$ 1,043,634	$ 501	$ 501,674	$ (698,598)	$ 1,240,996	$ (939)
Beginning balance (in shares) at Dec. 31, 2022				(8,230)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)				(1,768)
Repurchase of common stock	(176,300)			$ (176,300)
Equity awards vested, net of shares withheld for taxes (in shares)		127
Equity awards vested, net of shares withheld for taxes	(6,134)	$ 1	(6,135)
Share-based compensation	10,318		10,318
Comprehensive income	84,256				84,110	146
Ending balance (in shares) at Mar. 31, 2023		50,236
Ending balance at Mar. 31, 2023	$ 955,774	$ 502	505,857	$ (874,898)	1,325,106	(793)
Ending balance (in shares) at Mar. 31, 2023				(9,998)
Beginning balance (in shares) at Dec. 31, 2023	37,810	50,423
Beginning balance at Dec. 31, 2023	$ 831,256	$ 504	506,543	$ (1,127,043)	1,451,675	(423)
Beginning balance (in shares) at Dec. 31, 2023	(12,613)			(12,613)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity awards vested, net of shares withheld for taxes (in shares)		114
Equity awards vested, net of shares withheld for taxes	$ (3,973)	$ 1	(3,974)
Shares purchased under employee stock purchase plan	1,757		1,757
Share-based compensation	7,739		7,739
Comprehensive income	$ 17,412				17,328	84
Ending balance (in shares) at Mar. 31, 2024	37,924	50,537
Ending balance at Mar. 31, 2024	$ 854,191	$ 505	$ 512,065	$ (1,127,043)	$ 1,469,003	$ (339)
Ending balance (in shares) at Mar. 31, 2024	(12,613)			(12,613)

NET INCOME PER COMMON SHARE - Schedule of Computation of Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income - basic	$ 17,328	$ 84,110
Net income - diluted	$ 17,328	$ 84,110
Net income per common share - basic (in dollars per share)	$ 0.45	$ 2.03
Net income per common share - diluted (in dollars per share)	$ 0.45	$ 2.02
Weighted average common shares outstanding - basic (in shares)	38,114	41,378
Plus dilutive effect of potential common shares (in shares)	83	192
Weighted average common shares outstanding - diluted (in shares)	38,197	41,570

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482635/260-10-55-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

BALANCE SHEET DETAILS

3 Months Ended

Mar. 31, 2024

Balance Sheet Related Disclosures [Abstract]

BALANCE SHEET DETAILS

The consolidated balance sheets detail is as follows:


	March 31, 2024		December 31, 2023
Other current assets:
Restricted cash and cash equivalents	$	21,251	$	22,056
Income taxes receivable	—		5,350
Other	17,491		18,264
Other current assets	$	38,742	$	45,670






Fixed assets:
Furniture and equipment	$	75,686	$	71,815
Software	407,298		388,812
Leasehold improvements	16,242		15,839
	499,226		476,466
Accumulated depreciation	(304,689)		(285,081)
Fixed assets, net	$	194,537	$	191,385

Other assets:
Life insurance cash surrender value	$	177,403	$	162,780
Operating lease right-of-use assets	35,397		34,543
Other	39,597		39,473
Other assets	$	252,397	$	236,796

Accounts payable and accrued expenses:
Trade accounts payable	$	48,238	$	54,128
Subcontractor payable	94,889		122,983
Accrued expenses	86,766		82,257
Loss contingencies	70,820		69,837
Professional liability reserve	7,625		7,761
Other	7,678		6,881
Accounts payable and accrued expenses	$	316,016	$	343,847

Accrued compensation and benefits:
Accrued payroll	$	59,052	$	53,633
Accrued bonuses and commissions	21,595		31,236


ESPP contributions	72		950
Workers compensation reserve	10,931		12,130
Deferred compensation	178,412		165,574
Other	10,451		15,013
Accrued compensation and benefits	$	280,513	$	278,536

Other current liabilities:

Income taxes payable	$	3,790	$	—
Client deposits	833		8,707
Operating lease liabilities	6,633		7,993
Deferred revenue	11,681		11,303
Other	4,437		5,735
Other current liabilities	$	27,374	$	33,738

Other long-term liabilities:
Workers compensation reserve	$	20,739	$	21,169
Professional liability reserve	37,400		36,891

Operating lease liabilities	39,019		37,603


Other	12,889		13,316
Other long-term liabilities	$	110,047	$	108,979

BALANCE SHEET DETAILS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other current assets:
Restricted cash and cash equivalents	$ 21,251	$ 22,056
Income taxes receivable	0	5,350
Other	17,491	18,264
Other current assets	38,742	45,670
Fixed assets:
Furniture and equipment	75,686	71,815
Software	407,298	388,812
Leasehold improvements	16,242	15,839
Fixed assets, gross	499,226	476,466
Accumulated depreciation	(304,689)	(285,081)
Fixed assets, net	194,537	191,385
Other assets:
Life insurance cash surrender value	177,403	162,780
Operating lease right-of-use assets	35,397	34,543
Other	39,597	39,473
Other assets	252,397	236,796
Accounts payable and accrued expenses:
Trade accounts payable	48,238	54,128
Subcontractor payable	94,889	122,983
Accrued expenses	86,766	82,257
Loss contingencies	70,820	69,837
Professional liability reserve	7,625	7,761
Other	7,678	6,881
Accounts payable and accrued expenses	316,016	343,847
Accrued compensation and benefits:
Accrued payroll	59,052	53,633
Accrued bonuses and commissions	21,595	31,236
ESPP contributions	72	950
Workers compensation reserve	10,931	12,130
Deferred compensation	178,412	165,574
Other	10,451	15,013
Accrued compensation and benefits	280,513	278,536
Other current liabilities:
Income taxes payable	3,790	0
Client deposits	833	8,707
Operating lease liabilities	6,633	7,993
Deferred revenue	11,681	11,303
Other	4,437	5,735
Other current liabilities	27,374	33,738
Other long-term liabilities:
Workers compensation reserve	20,739	21,169
Professional liability reserve	37,400	36,891
Operating lease liabilities	39,019	37,603
Other	12,889	13,316
Other long-term liabilities	$ 110,047	$ 108,979

REVENUE RECOGNITION	3 Months Ended
REVENUE RECOGNITION	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	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: •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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 9
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-URI https://asc.fasb.org//606/tableOfContent

+ Details

FAIR VALUE MEASUREMENT (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the fair value of commercial paper and corporate bonds issued and outstanding:


	As of March 31, 2024		As of December 31, 2023
Commercial paper	$	48,247	$	48,206
Corporate bonds	—		—
Total classified as restricted cash equivalents	$	48,247	$	48,206
Commercial paper	$	—	$	—
Corporate bonds	14,436		15,563
Total classified as restricted investments	$	14,436	$	15,563

The following table presents 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, 2024								Fair Value Measurements as of December 31, 2023
Assets (Liabilities)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

Deferred compensation	$	(178,412)	$	—	$	—	$	(178,412)	$	(165,574)	$	—	$	—	$	(165,574)
Corporate bonds	—		14,436		—		14,436		—		15,563		—		15,563
Commercial paper	—		48,247		—		48,247		—		48,206		—		48,206

Schedule of Fair Value of Financial Instruments

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 2023 Annual Report.


	As of March 31, 2024				As of December 31, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
2027 Notes	$	500,000	$	473,750	$	500,000	$	468,750
2029 Notes	350,000		313,250		350,000		314,125

COVER - shares	3 Months Ended
COVER - shares	Mar. 31, 2024	May 07, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-16753
Entity Registrant Name	AMN HEALTHCARE SERVICES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1500476
Entity Address, Address Line One	2999 Olympus Boulevard
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75019
City Area Code	866
Local Phone Number	871-8519
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	AMN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (excluding treasury shares)		37,997,167
Entity Central Index Key	0001142750
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

SEGMENT INFORMATION - Summary of Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,111,549
Goodwill, ending balance	1,114,757
Accumulated impairment loss	214,939	$ 214,939
MSDR
Goodwill [Roll Forward]
Goodwill adjustment for acquisition	3,208
Nurse and Allied Solutions
Goodwill [Roll Forward]
Goodwill, beginning balance	382,420
Goodwill, ending balance	382,420
Accumulated impairment loss	154,444	154,444
Nurse and Allied Solutions \| MSDR
Goodwill [Roll Forward]
Goodwill adjustment for acquisition	0
Physician and Leadership Solutions
Goodwill [Roll Forward]
Goodwill, beginning balance	328,570
Goodwill, ending balance	331,778
Accumulated impairment loss	60,495	60,495
Physician and Leadership Solutions \| MSDR
Goodwill [Roll Forward]
Goodwill adjustment for acquisition	3,208
Technology and Workforce Solutions
Goodwill [Roll Forward]
Goodwill, beginning balance	400,559
Goodwill, ending balance	400,559
Accumulated impairment loss	0	$ 0
Technology and Workforce Solutions \| MSDR
Goodwill [Roll Forward]
Goodwill adjustment for acquisition	$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 50,560	$ 32,935
Accounts receivable, net of allowances of $31,796 and $32,233 at March 31, 2024 and December 31, 2023, respectively	578,647	623,488
Accounts receivable, subcontractor	97,516	117,703
Prepaid expenses	25,281	21,889
Other current assets	38,742	45,670
Total current assets	790,746	841,685
Restricted cash, cash equivalents and investments	71,912	68,845
Fixed assets, net of accumulated depreciation of $304,689 and $285,081 at March 31, 2024 and December 31, 2023, respectively	194,537	191,385
Other assets	252,397	236,796
Goodwill	1,114,757	1,111,549
Intangible assets, net of accumulated amortization of $466,938 and $442,052 at March 31, 2024 and December 31, 2023, respectively	449,248	474,134
Total assets	2,873,597	2,924,394
Current liabilities:
Accounts payable and accrued expenses	316,016	343,847
Accrued compensation and benefits	280,513	278,536
Other current liabilities	27,374	33,738
Total current liabilities	623,903	656,121
Revolving credit facility	425,000	460,000
Notes payable, net of unamortized fees and premium	844,984	844,688
Deferred income taxes, net	15,472	23,350
Other long-term liabilities	110,047	108,979
Total liabilities	2,019,406	2,093,138
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value; 10,000 shares authorized; none issued and outstanding at March 31, 2024 and December 31, 2023	0	0
Common stock, $0.01 par value; 200,000 shares authorized; 50,537 issued and 37,924 outstanding at March 31, 2024 and 50,423 issued and 37,810 outstanding at December 31, 2023	505	504
Additional paid-in capital	512,065	506,543
Treasury stock, at cost; 12,613 shares at March 31, 2024 and December 31, 2023	(1,127,043)	(1,127,043)
Retained earnings	1,469,003	1,451,675
Accumulated other comprehensive loss	(339)	(423)
Total stockholders’ equity	854,191	831,256
Total liabilities and stockholders’ equity	$ 2,873,597	$ 2,924,394