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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 June 30, 2024
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/99bb45e7c04400bc8662f16931bc8b2c-Cover page photo.10Q.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.)
2999 Olympus BoulevardSuite 500
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 August 6, 2024, there were 38,001,890 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.



Table of Contents
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)
June 30, 2024December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents$48,038 $32,935 
Accounts receivable, net of allowances of $33,407 and $32,233 at June 30, 2024 and December 31, 2023, respectively
508,913 623,488 
Accounts receivable, subcontractor81,296 117,703 
Prepaid expenses19,673 21,889 
Other current assets46,837 45,670 
Total current assets704,757 841,685 
Restricted cash, cash equivalents and investments71,749 68,845 
Fixed assets, net of accumulated depreciation of $322,283 and $285,081 at June 30, 2024 and December 31, 2023, respectively
197,059 191,385 
Other assets256,951 236,796 
Goodwill1,116,307 1,111,549 
Intangible assets, net of accumulated amortization of $491,681 and $442,052 at June 30, 2024 and December 31, 2023, respectively
424,504 474,134 
Total assets$2,771,327 $2,924,394 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses$283,176 $343,847 
Accrued compensation and benefits268,354 278,536 
Other current liabilities22,360 33,738 
Total current liabilities573,890 656,121 
Revolving credit facility345,000 460,000 
Notes payable, net of unamortized fees and premium845,280 844,688 
Deferred income taxes, net20,551 23,350 
Other long-term liabilities109,747 108,979 
Total liabilities1,894,468 2,093,138 
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value; 10,000 shares authorized; none issued and outstanding at June 30, 2024 and December 31, 2023
  
Common stock, $0.01 par value; 200,000 shares authorized; 50,613 issued and 38,000 outstanding at June 30, 2024 and 50,423 issued and 37,810 outstanding at December 31, 2023
506 504 
Additional paid-in capital518,313 506,543 
Treasury stock, at cost; 12,613 shares at June 30, 2024 and December 31, 2023
(1,127,043)(1,127,043)
Retained earnings1,485,240 1,451,675 
Accumulated other comprehensive loss(157)(423)
Total stockholders’ equity876,859 831,256 
Total liabilities and stockholders’ equity$2,771,327 $2,924,394 

See accompanying notes to unaudited condensed consolidated financial statements.
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AMN HEALTHCARE SERVICES, INC.
 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited and in thousands, except per share amounts)
 
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Revenue$740,685 $991,299 $1,561,563 $2,117,522 
Cost of revenue510,858 661,018 1,074,230 1,418,395 
Gross profit229,827 330,281 487,333 699,127 
Operating expenses:
Selling, general and administrative149,044 201,771 323,886 407,370 
Depreciation and amortization (exclusive of depreciation included in cost of revenue)43,101 36,847 85,820 74,424 
Total operating expenses192,145 238,618 409,706 481,794 
Income from operations37,682 91,663 77,627 217,333 
Interest expense, net, and other15,715 12,175 32,343 22,434 
Income before income taxes21,967 79,488 45,284 194,899 
Income tax expense5,730 18,582 11,719 49,883 
Net income$16,237 $60,906 $33,565 $145,016 
Other comprehensive income:
Unrealized gains on available-for-sale securities, net, and other182 50 266 196 
Other comprehensive income182 50 266 196 
Comprehensive income$16,419 $60,956 $33,831 $145,212 
Net income per common share:
Basic$0.43 $1.56 $0.88 $3.60 
Diluted$0.42 $1.55 $0.88 $3.58 
Weighted average common shares outstanding:
Basic38,173 39,151 38,144 40,258 
Diluted38,234 39,341 38,218 40,454 
 
See accompanying notes to unaudited condensed consolidated financial statements.

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AMN HEALTHCARE SERVICES, INC.
 
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited and in thousands)
 Common StockAdditional
Paid-in
Capital
Treasury StockRetained EarningsAccumulated Other Comprehensive LossTotal
 SharesAmountSharesAmount
Balance, December 31, 202250,109 $501 $501,674 (8,230)$(698,598)$1,240,996 $(939)$1,043,634 
Repurchase of common stock— — — (1,768)(176,300)— — (176,300)
Equity awards vested, net of shares withheld for taxes127 1 (6,135)— — — — (6,134)
Share-based compensation— — 10,318 — — — — 10,318 
Comprehensive income— — — — — 84,110 146 84,256 
Balance, March 31, 202350,236 $502 $505,857 (9,998)$(874,898)$1,325,106 $(793)$955,774 
Repurchase of common stock— — (40,000)(2,354)(211,964)— — (251,964)
Equity awards vested, net of shares withheld for taxes103 1 (3,288)— — — — (3,287)
Share-based compensation— — 4,818 — — — — 4,818 
Comprehensive income— — — — — 60,906 50 60,956 
Balance, June 30, 202350,339 $503 $467,387 (12,352)$(1,086,862)$1,386,012 $(743)$766,297 


 Common StockAdditional
Paid-in
Capital
Treasury StockRetained EarningsAccumulated Other Comprehensive LossTotal
 SharesAmountSharesAmount
Balance, December 31, 202350,423 $504 $506,543 (12,613)$(1,127,043)$1,451,675 $(423)$831,256 
Equity awards vested, net of shares withheld for taxes114 1 (3,974)— — — — (3,973)
Shares purchased under employee stock purchase plan
— — 1,757 — — — — 1,757 
Share-based compensation— — 7,739 — — — — 7,739 
Comprehensive income— — — — — 17,328 84 17,412 
Balance, March 31, 202450,537 $505 $512,065 (12,613)$(1,127,043)$1,469,003 $(339)$854,191 
Equity awards vested, net of shares withheld for taxes43 1 (109)— — — — (108)
Shares issued under employee stock purchase plan
33 — — — — — — — 
Share-based compensation— — 6,357 — — — — 6,357 
Comprehensive income— — — — — 16,237 182 16,419 
Balance, June 30, 202450,613 $506 $518,313 (12,613)$(1,127,043)$1,485,240 $(157)$876,859 

See accompanying notes to unaudited condensed consolidated financial statements.

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AMN HEALTHCARE SERVICES, INC.
 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited and in thousands)
 
Six Months Ended June 30,
 
20242023
Cash flows from operating activities:
Net income$33,565 $145,016 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (inclusive of depreciation included in cost of revenue)89,255 77,068 
Non-cash interest expense and other1,067 1,038 
Change in fair value of contingent consideration liabilities 2,430 
Increase in allowance for credit losses and sales credits7,927 29,432 
Provision for deferred income taxes(2,601)(15,780)
Share-based compensation14,096 15,136 
Loss on disposal or impairment of long-lived assets19 1,933 
Net loss on investments in available-for-sale securities177 155 
Net gain on deferred compensation balances(1,415)(577)
Non-cash lease expense(590)(240)
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable102,736 65,906 
Accounts receivable, subcontractor36,407 100,495 
Income taxes receivable(3,659)8,875 
Prepaid expenses862 743 
Other current assets(1,754)1,820 
Other assets(1,620)894 
Accounts payable and accrued expenses(59,808)(159,862)
Accrued compensation and benefits(20,994)(84,837)
Other liabilities(12,978)50,887 
Deferred revenue209 569 
Net cash provided by operating activities180,901 241,101 
Cash flows from investing activities:
Purchase and development of fixed assets(45,411)(43,936)
Proceeds from sale and maturity of investments4,492 6,987 
Payments to fund deferred compensation plan(4,461)(17,910)
Cash received for working capital settlement of prior year acquisition1,649  
Net cash used in investing activities(43,731)(54,859)
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Six Months Ended June 30,
 
20242023
Cash flows from financing activities:
Payments on revolving credit facility(140,000)(220,000)
Proceeds from revolving credit facility25,000 410,000 
Repurchase of common stock (1)
 (424,744)
Payment of financing costs (3,579)
Cash paid for shares withheld for taxes(4,081)(9,421)
Net cash used in financing activities(119,081)(247,744)
Net increase (decrease) in cash, cash equivalents and restricted cash18,089 (61,502)
Cash, cash equivalents and restricted cash at beginning of period108,273 137,872 
Cash, cash equivalents and restricted cash at end of period$126,362 $76,370 
Supplemental disclosures of cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities$5,265 $4,929 
Cash paid for interest (net of $363 and $658 capitalized for the six months ended June 30, 2024 and 2023, respectively)
$32,725 $22,652 
Cash paid for income taxes$17,580 $9,736 
Supplemental disclosures of non-cash investing and financing activities:
Purchase of fixed assets recorded in accounts payable and accrued expenses$8,037 $10,928 
Excise tax payable on share repurchases$ $3,520 
Right-of-use assets obtained in exchange for operating lease liabilities$4,474 $26,214 
(1) The difference between the amount reported for the six months ended June 30, 2023 and the corresponding amounts presented in the condensed consolidated statements of stockholders’ equity is due to accrued excise tax payable on share repurchases recorded within treasury stock.

See accompanying notes to unaudited condensed consolidated financial statements.
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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, 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”).
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 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.
 June 30, 2024December 31, 2023
Cash and cash equivalents$48,038 $32,935 
Restricted cash and cash equivalents (included in other current assets)17,811 22,056 
Restricted cash, cash equivalents and investments71,749 68,845 
Total cash, cash equivalents and restricted cash and investments137,598 123,836 
Less restricted investments(11,236)(15,563)
Total cash, cash equivalents and restricted cash$126,362 $108,273 
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
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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:
20242023
Balance as of January 1,$32,233 $31,910 
Provision for expected credit losses6,195 7,007 
Amounts written off charged against the allowance(5,021)(2,516)
Balance as of June 30,$33,407 $36,401 

2. 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 June 30, 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. During the second quarter of 2024, $1,649 was returned to the Company in respect of the final working capital settlement.
The preliminary allocation of the $291,169 purchase price, which was reduced by the final working capital settlement during the second quarter of 2024, consisted of (1) $43,367 of fair value of tangible assets acquired, which included $643 cash received, (2) $24,726 of liabilities assumed, (3) $92,000 of identified intangible assets, and (4) $180,528 of goodwill, of which $91,570 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 and operating leases. 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 ValueUseful Life
(in years)
Identifiable intangible assets
Customer relationships$54,300 
7 - 10
Tradenames and trademarks26,400 3
Staffing databases
11,300 5
$92,000 



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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:
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.

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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 June 30,Six Months Ended June 30,
 2024202320242023
Net income$16,237 $60,906 $33,565 $145,016 
Net income per common share - basic $0.43 $1.56 $0.88 $3.60 
Net income per common share - diluted $0.42 $1.55 $0.88 $3.58 
Weighted average common shares outstanding - basic38,173 39,151 38,144 40,258 
Plus dilutive effect of potential common shares61 190 74 196 
Weighted average common shares outstanding - diluted38,234 39,341 38,218 40,454 
Anti-dilutive potential common shares excluded from diluted weighted average common shares outstanding
494 78 410 227 
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”).
In the second quarter of 2023, the Company entered into an accelerated share repurchase (“ASR”) agreement with a counterparty whereupon the Company prepaid $200,000 and received an initial delivery of 1,760 shares of its common stock. In the third quarter of 2023, the Company received a final delivery of approximately 261 additional shares of its common stock, representing the final settlement of the ASR agreement. During the three months ended June 30, 2023, the prepayment was recognized as a reduction to stockholders’ equity, consisting of (1) an increase in treasury stock, which reflected the fair value of the shares received upon initial delivery, and (2) a reduction in additional paid-in capital, which reflected the pending settlement of the ASR agreement. The effect of the potential share settlement of the ASR agreement was not included in the calculation of diluted net income per common share for the three and six months ended June 30, 2023 because the effect was anti-dilutive. Additional information regarding the Company’s share repurchase program and the shares repurchased thereunder (including the ASR) is disclosed in Part II, Item 8, “Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note (b), Capital Stock—Treasury Stock” of the 2023 Annual Report.

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 (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 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:
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 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Revenue
Nurse and allied solutions$442,399 $689,015 $961,696 $1,513,495 
Physician and leadership solutions186,065 176,229 374,862 341,986 
Technology and workforce solutions112,221 126,055 225,005 262,041 
$740,685 $991,299 $1,561,563 $2,117,522 
Segment operating income
Nurse and allied solutions$46,207 $102,993 $99,549 $216,438 
Physician and leadership solutions21,661 26,456 43,883 51,556 
Technology and workforce solutions47,259 55,623 91,529 122,633 
115,127 185,072 234,961 390,627 
Unallocated corporate overhead26,350 50,357 53,983 81,090 
Depreciation and amortization43,101 36,847 85,820 74,424 
Depreciation (included in cost of revenue)1,637 1,387 3,435 2,644 
Share-based compensation6,357 4,818 14,096 15,136 
Interest expense, net, and other15,715 12,175 32,343 22,434 
Income before income taxes$21,967 $79,488 $45,284 $194,899 

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, 2024$382,420 $328,570 $400,559 $1,111,549 
Goodwill adjustment for MSDR acquisition 4,758  4,758 
Balance, June 30, 2024$382,420 $333,328 $400,559 $1,116,307 
Accumulated impairment loss as of December 31, 2023 and June 30, 2024$154,444 $60,495 $ $214,939 

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Disaggregation of Revenue
The following tables present the Company’s revenue disaggregated by service type:
Three Months Ended June 30, 2024
Nurse and Allied SolutionsPhysician and Leadership SolutionsTechnology and Workforce SolutionsTotal
Travel nurse staffing$276,632 $ $ $276,632 
Labor disruption services372   372 
Local staffing10,794   10,794 
Allied staffing151,373   151,373 
Locum tenens staffing 142,742  142,742 
Interim leadership staffing 30,239  30,239 
Temporary staffing439,171 172,981  612,152 
Permanent placement3,228 13,084  16,312 
Language services  75,318 75,318 
Vendor management systems  27,590 27,590 
Other technologies  5,121 5,121 
Technology-enabled services  108,029 108,029 
Talent planning and acquisition  4,192 4,192 
Total revenue$442,399 $186,065 $112,221 $740,685 
Three Months Ended June 30, 2023
Nurse and Allied SolutionsPhysician and Leadership SolutionsTechnology and Workforce SolutionsTotal
Travel nurse staffing$477,209 $ $ $477,209 
Labor disruption services5,036   5,036 
Local staffing18,775   18,775 
Allied staffing182,212   182,212 
Locum tenens staffing 121,912  121,912 
Interim leadership staffing 36,401  36,401 
Temporary staffing683,232 158,313  841,545 
Permanent placement5,783 17,916  23,699 
Language services  63,650 63,650 
Vendor management systems  46,554 46,554 
Other technologies  5,792 5,792 
Technology-enabled services  115,996 115,996 
Talent planning and acquisition  10,059 10,059 
Total revenue$689,015 $176,229 $126,055 $991,299 
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Six Months Ended June 30, 2024
Nurse and Allied SolutionsPhysician and Leadership SolutionsTechnology and Workforce SolutionsTotal
Travel nurse staffing$611,001 $ $ $611,001 
Labor disruption services400   400 
Local staffing23,292   23,292 
Allied staffing321,129   321,129 
Locum tenens staffing 287,984  287,984 
Interim leadership staffing 60,511  60,511 
Temporary staffing955,822 348,495  1,304,317 
Permanent placement5,874 26,367  32,241 
Language services  146,740 146,740 
Vendor management systems  56,653 56,653 
Other technologies  10,949 10,949 
Technology-enabled services  214,342 214,342 
Talent planning and acquisition  10,663 10,663 
Total revenue$961,696 $374,862 $225,005 $1,561,563 
Six Months Ended June 30, 2023
Nurse and Allied SolutionsPhysician and Leadership SolutionsTechnology and Workforce SolutionsTotal
Travel nurse staffing$1,069,886 $ $ $1,069,886 
Labor disruption services10,738   10,738 
Local staffing44,047   44,047 
Allied staffing378,337   378,337 
Locum tenens staffing 228,615  228,615 
Interim leadership staffing 76,643  76,643 
Temporary staffing1,503,008 305,258  1,808,266 
Permanent placement10,487 36,728  47,215 
Language services  125,326 125,326 
Vendor management systems  100,727 100,727 
Other technologies  13,139 13,139 
Technology-enabled services  239,192 239,192 
Talent planning and acquisition  22,849 22,849 
Total revenue$1,513,495 $341,986 $262,041 $2,117,522 
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6. 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.

7. 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 six months ended June 30, 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.
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 following table presents the fair value of commercial paper and corporate bonds issued and outstanding:
 As of June 30, 2024As of December 31, 2023
Commercial paper$50,454 $48,206 
Corporate bonds  
Total classified as restricted cash equivalents$50,454 $48,206 
Commercial paper$ $ 
Corporate bonds11,236 15,563 
Total classified as restricted investments$11,236 $15,563 
The Company’s contingent consideration liabilities associated with acquisitions are measured at fair value using a probability-weighted discounted cash flow analysis or a simulation-based methodology for the acquired companies, which are Level 3 inputs. The Company recognizes changes to the fair value of its contingent consideration liabilities in selling, general and administrative expenses in the condensed consolidated statements of comprehensive income. There were no contingent consideration liabilities outstanding as of both June 30, 2024 and December 31, 2023.
The following table presents information about the above-referenced assets and liabilities and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value:
 Fair Value Measurements as of June 30, 2024Fair Value Measurements as of December 31, 2023
Assets (Liabilities)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Deferred compensation$(180,363)$ $ $(180,363)$(165,574)$ $ $(165,574)
Corporate bonds 11,236  11,236  15,563  15,563 
Commercial paper 50,454  50,454  48,206  48,206 
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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 June 30, 2024 and December 31, 2023.
There were no material impairment charges recorded during the six months ended June 30, 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 June 30, 2024As of December 31, 2023
Carrying
Amount
Estimated
Fair Value
Carrying
Amount
Estimated
Fair Value
2027 Notes$500,000 $476,250 $500,000 $468,750 
2029 Notes350,000 313,688 350,000 314,125 
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.

8. INCOME TAXES
The Company is subject to taxation in the U.S. and various states and foreign jurisdictions. With few exceptions, as of June 30, 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.

9. COMMITMENTS AND CONTINGENCIES
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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 reached an agreement to settle this matter in its entirety and accordingly recorded an accrual amounting to $62,000. Final approval of the settlement was granted in the second quarter of 2024, and the Company expects to disburse the settlement amount in the third quarter of 2024.
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.
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10. BALANCE SHEET DETAILS

The consolidated balance sheets detail is as follows:
June 30, 2024December 31, 2023
Other current assets:
Restricted cash and cash equivalents$17,811 $22,056 
Income taxes receivable9,009 5,350 
Other20,017 18,264 
Other current assets$46,837 $45,670 
Fixed assets:
Furniture and equipment$80,589 $71,815 
Software422,150 388,812 
Leasehold improvements16,603 15,839 
519,342 476,466 
Accumulated depreciation(322,283)(285,081)
Fixed assets, net$197,059 $191,385 
Other assets:
Life insurance cash surrender value$180,473 $162,780 
Operating lease right-of-use assets34,930 34,543 
Other41,548 39,473 
Other assets$256,951 $236,796 
Accounts payable and accrued expenses:
Trade accounts payable$50,119 $54,128 
Subcontractor payable85,730 122,983 
Accrued expenses63,390 82,257 
Loss contingencies71,977 69,837 
Professional liability reserve6,193 7,761 
Other5,767 6,881 
Accounts payable and accrued expenses$283,176 $343,847 
Accrued compensation and benefits:
Accrued payroll$48,002 $53,633 
Accrued bonuses and commissions15,660 31,236 
ESPP contributions
1,029 950 
Workers compensation reserve10,850 12,130 
Deferred compensation180,363 165,574 
Other12,450 15,013 
Accrued compensation and benefits$268,354 $278,536 
Other current liabilities:
Client deposits$ $8,707 
Operating lease liabilities6,226 7,993 
Deferred revenue11,541 11,303 
Other4,593 5,735 
Other current liabilities$22,360 $33,738 
Other long-term liabilities:
Workers compensation reserve$20,559 $21,169 
Professional liability reserve36,869 36,891 
Operating lease liabilities39,167 37,603 
Other13,152 13,316 
Other long-term liabilities$109,747 $108,979 
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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, 2023, filed with the Securities and Exchange Commission (“SEC”) on February 22, 2024 (“2023 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 technology-enabled healthcare workforce solutions and staffing services to healthcare organizations across the nation. The Company provides access to a comprehensive network of healthcare professionals through its recruitment strategies and breadth of career opportunities. The Company helps providers optimize their workforce to reduce complexity and increase efficiency. The Company’s total talent solutions include vendor neutral and managed services programs, clinical and interim healthcare leaders, temporary staffing, permanent placement, executive search, vendor management systems, recruitment process outsourcing, predictive modeling, language services, revenue cycle solutions, and other services. Clients include acute-care hospitals, community health centers and clinics, physician practice groups, retail and urgent care centers, home health facilities, schools and many other healthcare settings.
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 June 30, 2024, we recorded revenue of $740.7 million, as compared to $991.3 million for the same period last year. For the six months ended June 30, 2024, we recorded revenue of $1,561.6 million, as compared to $2,117.5 million for the same period last year.
Nurse and allied solutions segment revenue comprised 62% and 72% of total consolidated revenue for the six months ended June 30, 2024 and 2023, respectively. Through our nurse and allied solutions segment, we provide hospitals and other healthcare facilities with a comprehensive set of staffing solutions, including direct, vendor neutral, and managed services solutions in which we manage and staff all the temporary and permanent nursing and allied staffing needs, as well as the revenue cycle management needs, of a client. A majority of our placements in this segment are under our managed services solution. 
Physician and leadership solutions segment revenue comprised 24% and 16% of total consolidated revenue for the six months ended June 30, 2024 and 2023, 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, generally 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.
Technology and workforce solutions segment revenue comprised 14% and 12% of total consolidated revenue for both of the six months ended June 30, 2024 and 2023, 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”)-based VMS technologies through which our clients can self-manage the procurement of contingent clinical labor and their internal float pool, (3) workforce optimization services that include consulting, data analytics, predictive modeling, and SaaS-based scheduling technology, and (4) recruitment process outsourcing services in which we recruit, hire and/or onboard permanent clinical and nonclinical positions on behalf of our clients.
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.
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;
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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;
Revenue per day filled is calculated by dividing revenue of our locum tenens business by days filled for the period, which is an indicator of labor market trends and costs in our locum tenens business within our physician and leadership solutions segment; and
Minutes represent the time-based utilization of interpretation services that we are able to bill our clients, which are used by management as a measure of volume in our language services business within our technology and workforce solutions segment.
Recent Trends
Since the COVID-19 pandemic, healthcare organizations have aggressively hired permanent staff and focused on cost containment and alternative staffing models that enable them to reduce utilization of contingent labor across the industry. As a result, demand in our travel nurse business has declined significantly to below pre-pandemic levels. While our largest clients continue to reduce spend on contingent labor, we began to see demand increase during the second quarter, although still below pre-pandemic levels. In our allied staffing business, demand continues to be above pre-pandemic levels, and certain specialties such as therapy and imaging are up significantly year-over-year, offsetting the decline in laboratory and other specialties involved in treating COVID-19 patients.
In our nurse and allied solutions segment, we have seen a decrease in overall staffing volume from prior year due to lower travel nurse demand. Compared to the prior quarter, the average number of travelers on assignment in the second quarter was down due to seasonality, as well as visa retrogression impacting international nurse staffing. Bill rates in the second quarter were down modestly sequentially due to seasonal trends and continued client focus on cost savings.
In our physician and leadership solutions segment, demand for our locum tenens staffing business declined from prior year and prior quarter. Certified registered nurse anesthetists (CRNAs) continue to be the largest specialty for our locum tenens staffing business. Revenue per day filled increased in the second quarter as compared to the prior year. Demand for our interim leadership and search businesses continues to be below prior year as some healthcare organizations defer hiring decisions or increase insourcing.
In our technology and workforce solutions segment, our language services business continued to experience increased utilization in our existing clients and growth from new clients. Volumes in our VMS business followed similar trends as our travel nurse business, although to a greater extent as compared to the prior year. VMS bill rates in the second quarter were flat sequentially, but down year-over-year.
Critical Accounting Policies and Estimates
The preparation of our consolidated financial statements in conformity with United States generally accepted accounting principles (“U.S. GAAP”) requires us to make estimates and judgments that affect our reported amounts of assets and liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate our 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 (“earn-out”) liabilities associated with acquisitions, and income taxes. We base these estimates on the information that is currently available to us and on various other assumptions that we believe are reasonable under the circumstances. Actual results could vary from these estimates under different assumptions or conditions. If these estimates differ significantly from actual results, our consolidated financial statements and future results of operations may be materially impacted. There have been no material changes in our critical accounting policies and estimates as compared to the critical accounting policies and estimates described in our 2023 Annual Report.
 
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Results of Operations
The following table sets forth, for the periods indicated, selected unaudited condensed consolidated statements of operations data as a percentage of revenue. Our results of operations include three reportable segments: (1) nurse and allied solutions, (2) physician and leadership solutions, and (3) technology and workforce solutions. The MSDR acquisition impacts the comparability of the results between the three and six months ended June 30, 2024 and 2023. See additional information in the accompanying Note (2), “Acquisitions.” Our historical results are not necessarily indicative of our future results of operations.
 Three Months Ended June 30,Six Months Ended June 30,
 202420232024