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Exhibit 99.1
Contact: |
Brian Scott |
Chief Financial Officer & Chief Accounting Officer |
866.861.3229 |
AMN HEALTHCARE ANNOUNCES SECOND QUARTER 2017 RESULTS
Quarterly revenue of $490 million;
GAAP EPS of $0.63 and adjusted EPS of $0.67
SAN DIEGO (August 3, 2017) AMN Healthcare Services, Inc. (NYSE: AMN), healthcares leader and innovator in workforce solutions and staffing services, today announced its second quarter 2017 financial results. Financial highlights are as follows:
Dollars in millions, except per share amounts.
Q2 2017 | % Change Q2 2016 |
YTD June 30, 2017 |
% Change YTD June 30, 2016 |
|||||||||||||
Revenue |
$ | 489.8 | 3 | % | $ | 985.0 | 5 | % | ||||||||
Gross profit |
$ | 161.0 | 4 | % | $ | 322.8 | 5 | % | ||||||||
Net income |
$ | 31.3 | 19 | % | $ | 63.3 | 21 | % | ||||||||
Diluted EPS |
$ | 0.63 | 19 | % | $ | 1.28 | 21 | % | ||||||||
Adj. diluted EPS* |
$ | 0.67 | 10 | % | $ | 1.30 | 8 | % | ||||||||
Adjusted EBITDA* |
$ | 67.2 | 13 | % | $ | 130.3 | 11 | % |
* | See Non-GAAP Measures below for a discussion of our use of non-GAAP items and the table entitled Supplemental Financial and Operating Data for a reconciliation of non-GAAP items. |
Highlights
| Consolidated revenue grew 3% year over year; revenue was 7% higher excluding the significant labor disruption revenue in the prior year quarter. |
| Travel Nurse Staffing, our largest division, grew revenue 9% year over year, driven by both volume and pricing. |
| Our Allied division reached a record high for revenue, growing 12% year over year. |
| Adjusted EBITDA grew 13% year over year, representing a 13.7% margin. |
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Of the $9.0 million increase, $5.0 million was attributable to the additional revenue in connection with the Peak acquisition in June 2016 with the remainder primarily attributable to growth in our VMS, interim leadership, and workforce optimization businesses, partially offset by declines in our permanent placement businesses during the three months ended June 30, 2017.
Of the $20.2 million increase, $12.4 million was attributable to the additional revenue in connection with the Peak acquisition in June 2016 with the remainder primarily attributable to growth in our VMS, interim leadership, and workforce optimization businesses, partially offset by declines in our permanent placement businesses during the six months ended June 30, 2017.
In our locum tenens solutions segment, we have seen a decline in demand in certain specialties such as hospitalists that have negatively impacted our volumes and, as a result, revenue in this segment.
Gross profit increased 4% to $161.0 million for the three months ended June 30, 2017 from $154.8 million for the same period in 2016, representing gross margins of 32.9% and 32.7%, respectively.
Gross profit increased 5% to...Read more
SG&A expenses broken down among...Read more
SG&A expenses broken down among...Read more
the ability of our clients...Read more
Income tax expense was $35.1...Read more
Income tax expense was $20.2...Read more
The increase in unallocated corporate...Read more
The decrease was partially offset...Read more
disruption to or failures of...Read more
The difference in the effective...Read more
The difference in the effective...Read more
Including the impact of the...Read more
Including the impact of the...Read more
the effect of investigations, claims,...Read more
Amortization expense increased 5% to...Read more
Amortization expense increased 2% to...Read more
As an innovative workforce solutions...Read more
voted to amend the guidance...Read more
This standard is effective for...Read more
This guidance provides that the...Read more
The new guidance is effective...Read more
The ASU becomes effective for...Read more
our dependence on third parties...Read more
For public entities, ASU 2016-15...Read more
We are experiencing declines in...Read more
Nurse and allied solutions segment...Read more
Other workforce solutions segment revenue...Read more
Nurse and allied solutions segment...Read more
Other workforce solutions segment revenue...Read more
At the same time, the...Read more
As a result of our...Read more
The decrease was primarily due...Read more
In April 2015, we entered...Read more
The decrease in unallocated corporate...Read more
The $0.9 million decrease was...Read more
The $0.8 million decrease was...Read more
any inability on our part...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Amn Healthcare Services Inc provided additional information to their SEC Filing as exhibits
Ticker: AMN
CIK: 1142750
Form Type: 10-Q Quarterly Report
Accession Number: 0001142750-17-000010
Submitted to the SEC: Fri Aug 04 2017 2:24:43 PM EST
Accepted by the SEC: Fri Aug 04 2017
Period: Friday, June 30, 2017
Industry: Help Supply Services