2016 Q2 Form 10-Q Financial Statement

#000114275016000021 Filed on August 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $473.7M $350.1M
YoY Change 35.3% 39.55%
Cost Of Revenue $319.0M $240.0M
YoY Change 32.89% 38.14%
Gross Profit $154.8M $110.1M
YoY Change 40.53% 42.72%
Gross Profit Margin 32.67% 31.45%
Selling, General & Admin $99.54M $74.73M
YoY Change 33.21% 34.48%
% of Gross Profit 64.32% 67.86%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.334M $5.232M
YoY Change 40.18% 30.47%
% of Gross Profit 4.74% 4.75%
Operating Expenses $106.9M $79.96M
YoY Change 33.66% 34.21%
Operating Profit $47.88M $30.16M
YoY Change 58.75% 71.53%
Interest Expense $2.800M $1.977M
YoY Change 41.63% -57.29%
% of Operating Profit 5.85% 6.56%
Other Income/Expense, Net $400.0K $0.00
YoY Change -1023545369857030.0% 175.0%
Pretax Income $45.08M $28.18M
YoY Change 59.95% 117.57%
Income Tax $18.76M $12.31M
% Of Pretax Income 41.61% 43.69%
Net Earnings $26.32M $15.87M
YoY Change 65.86% 120.63%
Net Earnings / Revenue 5.56% 4.53%
Basic Earnings Per Share $0.55 $0.33
Diluted Earnings Per Share $0.53 $0.32
COMMON SHARES
Basic Shares Outstanding 48.03M shares 47.57M shares
Diluted Shares Outstanding 49.35M shares 48.86M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.10M $14.50M
YoY Change 45.52% 163.64%
Cash & Equivalents $21.06M $14.47M
Short-Term Investments
Other Short-Term Assets $28.59M $62.00M
YoY Change -53.89% 11.31%
Inventory $3.974B $3.535B
Prepaid Expenses $15.75M
Receivables $330.9M $230.0M
Other Receivables $1.000M $0.00
Total Short-Term Assets $442.6M $343.4M
YoY Change 28.89% 46.01%
LONG-TERM ASSETS
Property, Plant & Equipment $56.58M $41.62M
YoY Change 35.93% 53.78%
Goodwill $342.8M $197.3M
YoY Change 73.74% 36.15%
Intangibles $255.2M $176.9M
YoY Change 44.25% 20.84%
Long-Term Investments $4.286B $4.768B
YoY Change -10.11% 2.19%
Other Assets $54.76M $45.21M
YoY Change 21.12% 20.55%
Total Long-Term Assets $737.9M $482.8M
YoY Change 52.84% 28.22%
TOTAL ASSETS
Total Short-Term Assets $442.6M $343.4M
Total Long-Term Assets $737.9M $482.8M
Total Assets $1.180B $826.2M
YoY Change 42.88% 35.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $132.0M $101.6M
YoY Change 29.91% 55.96%
Accrued Expenses $102.5M $76.60M
YoY Change 33.81% 36.79%
Deferred Revenue
YoY Change
Short-Term Debt $14.40M $0.00
YoY Change
Long-Term Debt Due $11.30M $7.500M
YoY Change 50.67% 0.0%
Total Short-Term Liabilities $301.6M $231.6M
YoY Change 30.21% 66.31%
LONG-TERM LIABILITIES
Long-Term Debt $360.5M $188.6M
YoY Change 91.15% 34.14%
Other Long-Term Liabilities $84.50M $80.64M
YoY Change 4.78% -17.87%
Total Long-Term Liabilities $84.50M $80.64M
YoY Change 4.78% -17.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $301.6M $231.6M
Total Long-Term Liabilities $84.50M $80.64M
Total Liabilities $777.5M $538.1M
YoY Change 44.49% 42.33%
SHAREHOLDERS EQUITY
Retained Earnings -$43.98M -$150.0M
YoY Change -70.68% -23.66%
Common Stock $480.0K $476.0K
YoY Change 0.84% 2.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $402.9M $288.0M
YoY Change
Total Liabilities & Shareholders Equity $1.180B $826.2M
YoY Change 42.88% 35.06%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $26.32M $15.87M
YoY Change 65.86% 120.63%
Depreciation, Depletion And Amortization $7.334M $5.232M
YoY Change 40.18% 30.47%
Cash From Operating Activities $20.10M $25.00M
YoY Change -19.6% 309.84%
INVESTING ACTIVITIES
Capital Expenditures -$6.300M -$8.200M
YoY Change -23.17% 100.0%
Acquisitions
YoY Change
Other Investing Activities -$52.20M -$1.300M
YoY Change 3915.38% -143.33%
Cash From Investing Activities -$58.50M -$9.500M
YoY Change 515.79% 763.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 36.20M -12.60M
YoY Change -387.3% 43.18%
NET CHANGE
Cash From Operating Activities 20.10M 25.00M
Cash From Investing Activities -58.50M -9.500M
Cash From Financing Activities 36.20M -12.60M
Net Change In Cash -2.200M 2.900M
YoY Change -175.86% -176.32%
FREE CASH FLOW
Cash From Operating Activities $20.10M $25.00M
Capital Expenditures -$6.300M -$8.200M
Free Cash Flow $26.40M $33.20M
YoY Change -20.48% 225.49%

Facts In Submission

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us-gaap Repayments Of Secured Debt
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us-gaap Basis Of Accounting
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BASIS OF PRESENTATION</font></div><div style="line-height:120%;padding-top:12px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The condensed consolidated balance sheets and related condensed consolidated statements of comprehensive income and cash flows contained in this Quarterly Report on Form&#160;10-Q (this &#8220;Quarterly Report&#8221;), which are unaudited, include the accounts of AMN&#160;Healthcare Services, Inc. and its wholly-owned subsidiaries (collectively, the &#8220;Company&#8221;). 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. </font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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. Please refer to the Company&#8217;s audited consolidated financial statements and the related notes for the fiscal year ended December&#160;31, </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">, contained in the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended December&#160;31, </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">, filed with the Securities and Exchange Commission on February 24, 2016 (&#8220;2015 Annual Report&#8221;). </font></div><div style="line-height:120%;padding-top:12px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 asset impairments, accruals for self-insurance, compensation and related benefits, accounts receivable, contingencies and litigation, earn-out liabilities, and income taxes. Actual results could differ from those estimates under different assumptions or conditions. </font></div><div style="line-height:120%;padding-top:12px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recently Adopted Accounting Pronouncements</font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued ASU 2015-05,&#160;&#8220;Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40), Customer&#8217;s Accounting for Fees Paid in a Cloud Computing Arrangement.&#8221;&#160;This standard provides guidance about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the software license element of the arrangement should be accounted for by the customer consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 is effective for fiscal years beginning after December 15, 2015, and interim periods within those years. This standard can be adopted either prospectively to all arrangements entered into or materially modified after the effective date or retrospectively. The Company adopted this pronouncement prospectively beginning January 1, 2016 and the adoption did not have a material effect on the Company&#8217;s consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In September 2015, the FASB issued ASU 2015-16, &#8220;Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments.&#8221; This standard requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The standard requires that the acquirer record, in the same period&#8217;s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The standard also requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those years. The Company adopted this pronouncement prospectively beginning January 1, 2016 and the adoption did not have a material effect on the Company&#8217;s consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassification</font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications that are not material have been made to the prior year&#8217;s consolidated financial statements to conform to the current year presentation.</font></div></div>
CY2016Q2 us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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CY2015Q4 us-gaap Stockholders Equity
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CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2015Q4 us-gaap Workers Compensation Liability Current
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8440000 USD
CY2015Q4 us-gaap Workers Compensation Liability Noncurrent
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16899000 USD
CY2016Q2 us-gaap Workers Compensation Liability Noncurrent
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18866000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 asset impairments, accruals for self-insurance, compensation and related benefits, accounts receivable, contingencies and litigation, earn-out liabilities, and income taxes. Actual results could differ from those estimates under different assumptions or conditions. </font></div></div>

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