2016 Q4 Form 10-Q Financial Statement

#000114275016000024 Filed on November 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $487.9M $472.6M $382.9M
YoY Change 21.19% 23.45% 44.7%
Cost Of Revenue $329.3M $318.2M $256.9M
YoY Change 21.65% 23.87% 39.38%
Gross Profit $158.6M $154.5M $126.0M
YoY Change 20.33% 22.58% 56.91%
Gross Profit Margin 32.51% 32.68% 32.91%
Selling, General & Admin $101.1M $100.0M $83.10M
YoY Change 12.08% 20.33% 37.76%
% of Gross Profit 63.74% 64.74% 65.95%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.700M $7.789M $5.304M
YoY Change 42.59% 46.85% 29.81%
% of Gross Profit 4.85% 5.04% 4.21%
Operating Expenses $108.8M $107.8M $88.40M
YoY Change 13.93% 21.92% 37.26%
Operating Profit $49.81M $46.68M $37.61M
YoY Change 37.19% 24.13% 136.51%
Interest Expense -$6.400M $3.016M $2.013M
YoY Change 220.0% 49.83% 40.47%
% of Operating Profit -12.85% 6.46% 5.35%
Other Income/Expense, Net $200.0K
YoY Change -108.7%
Pretax Income $43.40M $43.67M $35.59M
YoY Change 26.53% 22.68% 146.02%
Income Tax $17.00M $16.37M $1.947M
% Of Pretax Income 39.17% 37.49% 5.47%
Net Earnings $26.35M $27.30M $33.65M
YoY Change 30.68% -18.88% 295.89%
Net Earnings / Revenue 5.4% 5.78% 8.79%
Basic Earnings Per Share $0.55 $0.57 $0.71
Diluted Earnings Per Share $0.54 $0.55 $0.69
COMMON SHARES
Basic Shares Outstanding 48.05M shares 48.05M shares 47.67M shares
Diluted Shares Outstanding 49.41M shares 48.98M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.60M $15.70M $14.40M
YoY Change 10.42% 9.03% 48.45%
Cash & Equivalents $10.62M $15.71M $14.41M
Short-Term Investments
Other Short-Term Assets $34.61M $30.71M $25.08M
YoY Change 45.88% 22.45% -53.39%
Inventory $4.006B
Prepaid Expenses $14.19M $13.93M $12.82M
Receivables $342.0M $331.2M $248.8M
Other Receivables $400.0K $300.0K $4.200M
Total Short-Term Assets $450.6M $433.7M $369.0M
YoY Change 19.97% 17.53% 48.11%
LONG-TERM ASSETS
Property, Plant & Equipment $59.95M $57.97M $45.41M
YoY Change 19.59% 27.66% 55.49%
Goodwill $341.8M $342.2M $201.4M
YoY Change 66.89% 69.86% 38.99%
Intangibles $245.7M $250.5M $177.3M
YoY Change 40.44% 41.22% 22.73%
Long-Term Investments $4.907B
YoY Change -3.33%
Other Assets $57.53M $57.30M $46.63M
YoY Change 20.95% 22.86% 16.45%
Total Long-Term Assets $736.3M $736.1M $496.3M
YoY Change 45.85% 48.33% 30.7%
TOTAL ASSETS
Total Short-Term Assets $450.6M $433.7M $369.0M
Total Long-Term Assets $736.3M $736.1M $496.3M
Total Assets $1.187B $1.170B $865.2M
YoY Change 34.81% 35.2% 37.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $137.5M $118.3M $113.2M
YoY Change 15.73% 4.54% 69.01%
Accrued Expenses $37.25M $99.60M $88.50M
YoY Change 52.03% 12.54% 37.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $2.500M
YoY Change -100.0% -100.0%
Long-Term Debt Due $3.750M $3.800M $7.500M
YoY Change -90.0% -49.33% 0.0%
Total Short-Term Liabilities $274.8M $240.1M $250.1M
YoY Change 9.47% -4.01% 69.26%
LONG-TERM LIABILITIES
Long-Term Debt $359.2M $381.3M $176.8M
YoY Change 98.45% 115.67% 27.38%
Other Long-Term Liabilities $82.10M $86.95M $75.41M
YoY Change 5.07% 15.3% -22.16%
Total Long-Term Liabilities $82.10M $86.95M $75.41M
YoY Change 5.07% 15.3% -22.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $274.8M $240.1M $250.1M
Total Long-Term Liabilities $82.10M $86.95M $75.41M
Total Liabilities $737.5M $736.6M $541.3M
YoY Change 38.48% 36.09% 41.18%
SHAREHOLDERS EQUITY
Retained Earnings $9.671M -$16.68M -$116.3M
YoY Change -110.06% -85.66% -38.11%
Common Stock $481.0K $480.0K $477.0K
YoY Change 0.84% 0.63% 2.36%
Preferred Stock
YoY Change
Treasury Stock (at cost) $13.26M
YoY Change
Treasury Stock Shares 443.0K shares
Shareholders Equity $449.4M $433.2M $324.0M
YoY Change
Total Liabilities & Shareholders Equity $1.187B $1.170B $865.2M
YoY Change 34.81% 35.2% 37.6%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $26.35M $27.30M $33.65M
YoY Change 30.68% -18.88% 295.89%
Depreciation, Depletion And Amortization $7.700M $7.789M $5.304M
YoY Change 42.59% 46.85% 29.81%
Cash From Operating Activities $47.10M $29.50M $21.90M
YoY Change 6628.57% 34.7% 41.29%
INVESTING ACTIVITIES
Capital Expenditures -$4.300M -$4.800M -$6.500M
YoY Change -27.12% -26.15% 47.73%
Acquisitions
YoY Change
Other Investing Activities -$11.80M -$3.300M -$4.200M
YoY Change 156.52% -21.43% 4100.0%
Cash From Investing Activities -$16.10M -$8.100M -$10.70M
YoY Change 53.33% -24.3% 137.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -36.10M -26.80M -11.30M
YoY Change -836.73% 137.17% 66.18%
NET CHANGE
Cash From Operating Activities 47.10M 29.50M 21.90M
Cash From Investing Activities -16.10M -8.100M -10.70M
Cash From Financing Activities -36.10M -26.80M -11.30M
Net Change In Cash -5.100M -5.400M -100.0K
YoY Change 4.08% 5300.0% -102.38%
FREE CASH FLOW
Cash From Operating Activities $47.10M $29.50M $21.90M
Capital Expenditures -$4.300M -$4.800M -$6.500M
Free Cash Flow $51.40M $34.30M $28.40M
YoY Change 678.79% 20.77% 42.71%

Facts In Submission

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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 </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 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 </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:10pt;">, filed with the Securities and Exchange Commission on February 24, 2016 (&#8220;</font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;"> 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. 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. 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>
us-gaap Selling General And Administrative Expense
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CY2016Q3 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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1294000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2016Q3 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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CY2015Q3 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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47466000 shares
CY2016Q3 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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47993000 shares
CY2015Q4 us-gaap Workers Compensation Liability Current
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7701000 USD
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8213000 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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