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Exhibit 99.1
Contact:
Randle Reece
Director, Investor Relations
866.861.3229
AMN HEALTHCARE ANNOUNCES FIRST QUARTER 2018 RESULTS
Quarterly revenue of $522 million, up 6% over prior year;
GAAP EPS of $0.87 and adjusted EPS of $0.81
SAN DIEGO (May 3, 2018) AMN Healthcare Services, Inc. (NYSE: AMN), the leader and innovator in healthcare workforce solutions and staffing services, today announced its first quarter 2018 financial results. Financial highlights are as follows:
Dollars in millions, except per share amounts.
Q1 2018 | % Change Q1 2017 |
|||||||
Revenue |
$ | 522.5 | 6 | % | ||||
Gross profit |
$ | 167.8 | 4 | % | ||||
Net income |
$ | 42.7 | 33 | % | ||||
Diluted EPS |
$ | 0.87 | 34 | % | ||||
Adj. diluted EPS* |
$ | 0.81 | 29 | % | ||||
Adjusted EBITDA* |
$ | 66.5 | 5 | % |
* | 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
| AMN Healthcare reached record highs for revenue and EPS in the quarter. |
| First quarter consolidated revenue of $522 million increased 6% year over year. |
| Growth was led by our Nurse and Allied Solutions segment with revenue up by 8%. |
| Adjusted EBITDA of $67 million grew 5% year over year and was 12.7% of revenue. |
| Operating cash flow in the first quarter was strong at $60 million. |
| In April we completed the acquisitions of MedPartners, Phillips DiPisa and Leaders For Today, which we expect to be immediately accretive. |
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Amn Healthcare Services Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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security breaches and other disruptions that could compromise our information and expose us to liability, which could cause our business and reputation to suffer and could subject us to substantial liabilities
The 14% effective tax rate in the three months ended Mach 31, 2018 differs from our estimated annual effective income tax rate of 25% primarily due to a discrete tax benefit of $4.5 million in the three months ended March 31, 2018 relating to the application of ASU 2016-09, Stock Compensation - Improvements to Employee Share-Based Payment Accounting and the out of period discrete tax benefit of $2.5 million recorded in the three months ended March 31, 2018 relating to COLI as discussed above.
Gross profit increased 4% to $167.8 million for the three months ended March 31, 2018 from $161.8 million for the same period in 2017, representing gross margins of 32.1% and 32.7%, respectively.
SG&A expenses broken down
Amortization expense decreased 4% to...Read more
Income tax expense was $7.2...Read more
Although these changes are expected...Read more
disruption to or failures of...Read more
MedPartners provides mid-revenue cycle management...Read more
In our locum tenens solutions...Read more
the effect of investigations, claims,...Read more
the ability of our clients...Read more
The increase in net cash...Read more
As an innovative workforce solutions...Read more
We currently estimate our annual...Read more
The increase in SG&A expenses...Read more
This standard is effective for...Read more
The ASU becomes effective for...Read more
our substantial indebtedness and any...Read more
Depreciation expense increased 13% to...Read more
The difference in the effective...Read more
our increasing dependence on third...Read more
Other workforce solutions segment revenue...Read more
Nurse and allied solutions segment...Read more
We work to pass these...Read more
The overall increase was partially...Read more
These fair value changes had...Read more
As of March 31, 2018,...Read more
Net cash used in financing...Read more
Borrowings under the Senior Credit...Read more
Locum tenens solutions segment revenue...Read more
We believe that cash generated...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: 0001142750-18-000007
Submitted to the SEC: Fri May 04 2018 5:22:58 PM EST
Accepted by the SEC: Fri May 04 2018
Period: Saturday, March 31, 2018
Industry: Help Supply Services