AMN HEALTHCARE SERVICES, INC. SAN DIEGO, Nov. 3, 2016 /PRNewswire/ -- AMN Healthcare Services, Inc. (NYSE: AMN), healthcare's leader and innovator in workforce solutions and staffing services, today announced its third-quarter 2016 financial results. Financial highlights are as follows:
Dollars in millions, except per share amounts.
Q3 2016 % Change YTD Sept. % Change
30, 2016 YTD Sept.
Q3 2015 30, 2015
------- --------
Revenue $472.6 23% $1,414.4 33%
------- ------ --- -------- ---
Gross profit $154.5 23% $461.1 37%
------------ ------ --- ------ ---
Net income $27.3 (19)% $79.5 29%
---------- ----- ---- ----- ---
Diluted EPS $0.55 (20)% $1.61 27%
----------- ----- ---- ----- ---
Adj. diluted
EPS* $0.62 29% $1.82 56%
------------ ----- --- ----- ---
Adjusted
EBITDA* $58.1 27% $176.0 49%
-------- ----- --- ------ ---
* 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
-- Strong demand for healthcare workforce solutions and staffing continues,
driving third-quarter 2016 revenue growth of 23% year-over-year, with
12% organic growth.
-- Nurse and Allied Solutions segment revenue up 16% year-over-year driven
primarily by volume growth.
-- Adjusted EBITDA grew 27% year-over-year with a 40 basis point margin
increase.
-- Generated $30 million of operating cash flow in the quarter and $85
million year-to-date, a 52% increase compared to the first nine months
in 2015.
-- Successfully completed a debt offering in October, adding long-term
liquidity at favorable terms to position the Company for further
investment in growth opportunities.
-- Board of Directors authorized a $150 million share repurchase program.
"The demand for healthcare professionals and workforce solutions is strong today and is expected to continue to grow as turnover and vacancies persist at historical high levels," said Susan R. Salka, President and Chief Executive Officer of AMN Healthcare. "Our results this quarter reflect a positive market environment but are also a testament to the team's outstanding execution as we partner with our clients to help them manage their significant labor challenges and enable them to stay focused on delivering quality patient care. We are well positioned to offer strategic solutions to address these issues through our broad suite of services. The current demand levels, indicators of our clients' future needs and our leading market position provide us with optimism heading into 2017."
Ms. Salka added, "I am also pleased to announce that our Board approved a $150 million share repurchase program to leverage our strong financial position and free cash flow as another prudent capital allocation option. Although we will continue to prioritize investing in our current businesses and compelling acquisition opportunities, we are also committed to maximizing shareholder returns, and we believe a share repurchase program provides an additional mechanism to accomplish this."
Third-Quarter 2016 Results
Consolidated revenue was $473 million, an increase of 23% from the same quarter last year, driven by 12% organic growth mainly stemming from the Nurse and Allied Solutions segment.
Revenue for the Nurse and Allied Solutions segment was $287 million, which is 16% higher compared to the same quarter last year and down 2% sequentially. The sequential decline in this segment resulted from minimal labor disruption-related revenue in the third quarter, compared to the prior quarter that had approximately $19 million of revenue from these services. The Travel Nurse division continued with strong performance, with revenue up 21% year-over-year and 4% sequentially. Allied revenue was up 10% year-over-year and 6% sequentially.
Locum Tenens Solutions segment revenue was $109 million, an increase of 7% from the same quarter last year and down 1% sequentially. The Other Workforce Solutions segment revenue was $77 million, an increase of 125% from the same quarter last year and 7% sequentially, with the growth in both periods driven mostly from recent acquisitions.
Gross margin was 32.7%, which is 20 basis points lower than the same quarter last year and flat sequentially. The year-over-year gross margin decline was due to a lower Nurse and Allied Solutions segment gross margin, partially offset by an increase in gross margin in the Locum Tenens segment and greater contribution from the higher-margin Other Workforce Solutions segment.
SG&A expenses were $100 million, or 21.2% of revenue, compared to $83 million, or 21.7% of revenue, in the same quarter last year and $100 million, or 21.0% of revenue, in the previous quarter. The year-over-year 50 basis point decline in percentage of revenue was driven by improved operating leverage. The 20 basis point increase in percentage of revenue from the previous quarter was mainly driven by a $2 million professional liability actuarial credit recorded in the second quarter.
Net income was $27 million, or $0.55 per diluted share, compared to $34 million, or $0.69 per diluted share, in the same quarter last year. The prior-year quarter included a $12 million benefit related to a reversal of tax reserves. Excluding amortization of intangible assets and acquisition and integration costs, net of tax, adjusted net income per diluted share was $0.62. Adjusted EBITDA was $58 million, a year-over-year increase of 27%. Adjusted EBITDA margin was 12.3%, representing a 40 basis point increase year-over-year and a 20 basis point decrease sequentially. The sequential decline was mainly the result of the previously noted actuarial benefit recorded last quarter.
At September 30, 2016, cash and cash equivalents totaled $16 million. Cash flow from operations was $30 million and capital expenditures were $5 million. The Company ended the quarter with total debt outstanding of $386 million, with a leverage ratio as calculated in accordance with the Company's credit agreement of 1.7 to 1.
On October 3, 2016, the Company completed the offering and sale of $325 million principal amount of its 5.125% Senior Notes due 2024, the proceeds of which were used to repay existing indebtedness under its credit facilities and to pay expenses related to the transaction.
Share Repurchase Program
On November 1, 2016, the Board of Directors approved a share repurchase program under which the Company may repurchase up to $150 million of its common stock.
The amount and timing of the purchases will depend on a number of factors including the price of the Company's shares, trading volume, Company performance, Company liquidity, general economic and market conditions and other factors that the Company's management believes are relevant. The share repurchase program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time.
The Company intends to make all repurchases and to administer the plan in accordance with applicable laws and regulatory guidelines, including Rule 10b-18 of the Exchange Act, and in compliance with its debt instruments. Repurchases may be made from cash on hand, free cash flow generated from the Company's business or from the Company's credit facilities. Repurchases may be made from time to time through open market purchases or privately negotiated transactions. Repurchases may also be made pursuant to one or more plans established pursuant to Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading restrictions.
Fourth-Quarter 2016 Outlook
Metric Guidance*
------ --------
Consolidated revenue $473 - $479 MM
-------------------- --------------
Gross margin 32.5%
------------ ----
SG&A as percentage of revenue 21.0% - 21.5%
----------------------------- ------------
Adjusted EBITDA margin 11.5% - 12.0%
---------------------- ------------
*Note: Guidance percentage metrics
are approximate. For a
reconciliation of Adjusted EBITDA
margin, see the table entitled
"Reconciliation of Guidance
Adjusted EBITDA Margin to Guidance
Operating Margin" below.
The Company's revenue guidance is based on the expectation of a continued strong demand environment, representing year-over-year growth of 18-19%, of which approximately 10% is organic with the remainder from acquisitions.
Conference Call on November 3, 2016
AMN Healthcare Services, Inc. (NYSE: AMN), healthcare's leader and innovator in workforce solutions and staffing services, will host a conference call to discuss its third-quarter 2016 financial results on Thursday, November 3, 2016 at 5:00 p.m. Eastern Time. A live webcast of the call can be accessed through AMN Healthcare's website at http://amnhealthcare.investorroom.com/presentations. Please log in at least 10 minutes prior to the conference call in order to download the applicable audio software. Interested parties may participate live via telephone by dialing (800) 230-1092 in the U.S. or (612) 288-0337 internationally. Following the conclusion of the call, a replay of the webcast will be available at the Company's website. Alternatively, a telephonic replay of the call will be available starting at 7:30 p.m. Eastern Time on November 3, 2016, and can be accessed until 11:59 p.m. Eastern Time on November 17, 2016 by calling (800) 475-6701 in the U.S. or (320) 365-3844 internationally, with access code 403342.
About AMN Healthcare
AMN Healthcare is the leader and innovator in healthcare workforce solutions and staffing services to healthcare facilities across the nation. The Company provides unparalleled access to the most comprehensive network of quality healthcare professionals through its innovative recruitment strategies and breadth of career opportunities. With insights and expertise, AMN Healthcare helps providers optimize their workforce to successfully reduce complexity, increase efficiency and improve patient outcomes. AMN delivers managed services programs, healthcare executive search solutions, vendor management systems, recruitment process outsourcing, predictive modeling, medical coding and consulting, and other services. Clients include acute-care hospitals, community health centers and clinics, physician practice groups, retail and urgent care centers, home health facilities and many other healthcare settings.
The Company's common stock is listed on the New York Stock Exchange under the symbol "AMN." For more information about AMN Healthcare, visit www.amnhealthcare.com, where the Company posts news releases, investor presentations, webcasts, SEC filings and other material information. The Company also utilizes email alerts and Really Simple Syndication ("RSS") as routine channels to supplement distribution of this information. To register for email alerts and RSS, visit http://amnhealthcare.investorroom.com/emailalerts.
Non-GAAP Measures
This earnings release contains certain non-GAAP financial information, which the Company provides as additional information, and not as an alternative, to the Company's condensed consolidated financial statements presented in accordance with GAAP. These non-GAAP financial measures include (1) adjusted EBITDA, (2) adjusted EBITDA margin and (3) adjusted diluted EPS. The Company provides such non-GAAP financial measures because management believes that they are useful both to management and investors as a supplement, and not as a substitute, when evaluating the Company's operating performance. Additionally, management believes that adjusted EBITDA, adjusted EBITDA margin and adjusted diluted EPS serve as industry-wide financial measures. The Company uses adjusted EBITDA for making financial decisions and allocating resources. The non-GAAP measures in this release are not in accordance with, or an alternative to, GAAP measures and may be different from non-GAAP measures, or may be calculated differently than other similarly titled non-GAAP measures, reported by other companies. They should not be used in isolation to evaluate the Company's performance. A reconciliation of non-GAAP measures identified in this release, along with further detail about the use and limitations of certain of these non-GAAP measures, may be found below in the table entitled "Supplemental Financial and Operating Data" under the caption entitled "Reconciliation of Non-GAAP Items" and the footnotes thereto or on the Company's website at http://amnhealthcare.investorroom.com/financialreports. Additionally, from time to time, additional information regarding non-GAAP financial measures, including pro forma measures, may be made available on the Company's website.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include expectations regarding the outlook for labor shortages, the favorable demand environment, fourth-quarter 2016 revenue, gross margin, SG&A expenses and adjusted EBITDA margin. The Company bases these forward-looking statements on its current expectations, estimates and projections about future events and the industry in which it operates using information currently available to it. Actual results could differ materially from those discussed in, or implied by, these forward-looking statements. Forward-looking statements are identified by words such as "believe," "anticipate," "expect," "intend," "plan," "will," "may," "estimates," variations of such words and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Factors that could cause actual results to differ from those implied by the forward-looking statements contained in this press release are set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 and its other periodic reports as well as the Company's current and other reports filed from time to time with the Securities and Exchange Commission. Be advised that developments subsequent to this press release are likely to cause these statements to become outdated.
Contact:
David Erdman
Director, Investor Relations
866.861.3229
AMN Healthcare Services, Inc.
Condensed Consolidated Statements of Comprehensive Income
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
------------------ -----------------
September 30, June 30, September 30,
------------- -------------
2016 2015 2016 2016 2015
---- ---- ---- ---- ----
Revenue $472,636 $382,859 $473,729 $1,414,367 $1,060,513
Cost of revenue 318,169 256,850 318,976 953,249 722,954
------- ------- ------- ------- -------
Gross profit 154,467 126,009 154,753 461,118 337,559
------- ------- ------- ------- -------
Gross margin 32.7% 32.9% 32.7% 32.6% 31.8%
Operating expenses:
Selling, general and
administrative (SG&A) 99,995 83,098 99,541 297,359 229,377
SG&A as a % of revenue 21.2% 21.7% 21.0% 21.0% 21.6%
Depreciation and
amortization 7,789 5,304 7,334 21,888 15,631
----- ----- ----- ------ ------
Total operating
expenses 107,784 88,402 106,875 319,247 245,008
------- ------ ------- ------- -------
Income from operations 46,683 37,607 47,878 141,871 92,551
Operating margin (1) 9.9% 9.8% 10.2% 10.0% 8.7%
Interest expense, net,
and other 3,016 2,013 2,800 9,065 5,797
----- ----- ----- ----- -----
Income before income
taxes 43,667 35,594 45,078 132,806 86,754
Income tax expense 16,371 1,947 18,756 53,319 25,028
------ ----- ------
Net income $27,296 $33,647 $26,322 $79,487 $61,726
======= ======= ======= ======= =======
Net income as a % of
revenue 5.8% 8.8% 5.6% 5.6% 5.8%
Other comprehensive income (loss):
Foreign currency
translation and other 40 54 86 165 42
Unrealized gain (loss)
on cash flow hedge,
net of income taxes 231 (367) (111) (343) (331)
--- ---- ---- ---- ----
Other comprehensive
income (loss) 271 (313) (25) (178) (289)
Comprehensive income $27,567 $33,334 $26,297 $79,309 $61,437
======= ======= ======= ======= =======
Net income per common share:
Basic $0.57 $0.71 $0.55 $1.66 $1.30
===== ===== ===== ===== =====
Diluted $0.55 $0.69 $0.53 $1.61 $1.27
===== ===== ===== ===== =====
Weighted average common shares outstanding:
Basic 48,049 47,674 48,034 47,993 47,466
====== ====== ====== ====== ======
Diluted 49,410 48,978 49,348 49,287 48,737
====== ====== ====== ====== ======
AMN Healthcare Services, Inc.
Supplemental Financial and Operating Data
(dollars in thousands, except per share data and revenue per day)
(unaudited)
Three Months Ended Nine Months Ended
------------------ -----------------
September 30, June 30, September 30,
-------------- -------- -------------
2016 2015 (2) 2016 2016 2015 (2)
Revenue
Nurse and allied
solutions $286,810 $246,748 $292,663 $877,197 $690,234
Locum tenens solutions 108,553 101,755 109,129 320,420 285,835
Other workforce solutions 77,273 34,356 71,937 216,750 84,444
$472,636 $382,859 $473,729 $1,414,367 $1,060,513
Reconciliation of Non-GAAP Items:
Segment operating income (3)
Nurse and allied
solutions $37,396 $32,354 $39,503 $118,517 $90,875
Locum tenens solutions 14,026 13,321 16,317 43,634 34,142
Other workforce solutions 20,867 13,074 17,858 56,311 28,397
72,289 58,749 73,678 218,462 153,414
Unallocated corporate overhead 14,235 13,127 14,420 42,460 35,093
------ ------ ------ ------ ------
Adjusted EBITDA (4) 58,054 45,622 59,258 176,002 118,321
Adjusted EBITDA margin (5) 12.3% 11.9% 12.5% 12.4% 11.2%
Depreciation and amortization 7,789 5,304 7,334 21,888 15,631
Share-based compensation 2,704 2,021 2,710 8,795 6,551
Acquisition and integration costs 878 690 1,336 3,448 3,588
--- --- ----- ----- -----
Income from operations 46,683 37,607 47,878 141,871 92,551
Interest expense, net, and other 3,016 2,013 2,800 9,065 5,797
----- ----- ----- ----- -----
Income before income taxes 43,667 35,594 45,078 132,806 86,754
Income tax expense 16,371 1,947 18,756 53,319 25,028
------ ----- ------ ------ ------
Net income $27,296 $33,647 $26,322 $79,487 $61,726
GAAP diluted net income
per share (EPS) $0.55 $0.69 $0.53 $1.61 $1.27
Adjustments:
Amortization of intangible assets 0.09 0.06 0.09 0.28 0.18
Acquisition and integration costs 0.02 0.01 0.03 0.07 0.07
IRS adjustment 0.00 (0.25) 0.00 0.00 (0.25)
Tax effect of adjustments (0.04) (0.03) (0.04) (0.14) (0.10)
Adjusted diluted EPS (6) $0.62 $0.48 $0.61 $1.82 $1.17
Three Months Ended Nine Months Ended
------------------ -----------------
September 30, June 30, September 30,
------------- -------- -------------
2016 2015(2) 2016 2016 2015(2)
Gross Margin
Nurse and allied
solutions 26.7% 27.5% 26.7% 26.7% 27.1%
Locum tenens
solutions 31.2% 30.7% 31.3% 31.2% 29.8%
Other workforce
solutions 56.7% 78.2% 58.9% 58.6% 77.1%
Operating Data:
---------------
Nurse and allied
solutions
Average healthcare
professionals on
assignment -
consolidated (7) 8,458 7,564 8,337 8,423 7,338
Locum tenens
solutions
Days filled (8) 59,612 59,267 61,068 178,846 173,371
Revenue per day
filled (9) $1,821 $1,717 $1,787 $1,792 $1,649
As of September 30, As of June 30,
------------------- --------------
2016 2015 2016
Leverage ratio
(10) 1.7 1.5 1.9
AMN Healthcare Services, Inc.
Condensed Consolidated Balance Sheets
(dollars in thousands)
(unaudited)
September 30, June 30, December 31,
2016 2016 2015
---- ---- ----
Assets
Current assets:
Cash and cash
equivalents $15,708 $21,062 $9,576
Accounts receivable,
net 331,220 330,853 277,996
Accounts receivable,
subcontractor 42,094 46,326 50,807
Prepaid and other
current assets 44,635 44,332 37,249
------ ------ ------
Total current assets 433,657 442,573 375,628
Restricted cash, cash
equivalents 28,222 28,490 27,352
and investments
Fixed assets, net 57,965 56,575 50,134
Other assets 57,296 54,759 47,569
Goodwill 342,174 342,827 204,779
Intangible assets, net 250,455 255,214 174,970
------- ------- -------
Total assets $1,169,769 $1,180,438 $880,432
========== ========== ========
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and
accrued expenses $118,289 $131,965 $118,822
Accrued compensation
and benefits 99,629 102,516 83,701
Current portion of
revolving credit
facility ---- 40,000 30,000
Current portion of
notes payable 3,750 11,250 7,500
Deferred revenue 8,446 6,145 5,620
Other current
liabilities 9,962 9,728 5,374
----- ----- -----
Total current
liabilities 240,076 301,604 251,017
Revolving credit
facility 182,500 166,500 52,500
Notes payable, less
unamortized fees 198,793 194,019 128,490
Deferred income taxes,
net 28,278 30,921 22,431
Other long-term
liabilities 86,949 84,495 78,134
------ ------ ------
Total liabilities 736,596 777,539 532,572
Commitments and contingencies
Stockholders' equity 433,173 402,899 347,860
------- ------- -------
Total liabilities and
stockholders' equity $1,169,769 $1,180,438 $880,432
========== ========== ========
AMN Healthcare Services, Inc.
Summary Condensed Consolidated Statements of Cash Flows
(dollars in thousands)
(unaudited)
Three Months Ended Nine Months Ended
------------------ -----------------
September 30, June 30 September 30,
------------- -------------
2016 2015 2016 2016 2015
---- ---- ---- ---- ----
Net cash
provided by
operating
activities $29,540 $21,950 $20,053 $84,820 $55,637
Net cash used
in investing
activities (8,117) (10,768) (58,451) (241,271) (105,634)
Net cash
provided by
(used in)
financing
activities (26,817) (11,302) 36,268 162,418 51,290
Effect of
exchange
rates on cash 40 54 86 165 42
--- --- --- --- ---
Net increase
(decrease) in
cash and cash
equivalents (5,354) (66) (2,044) 6,132 1,335
Cash and cash
equivalents
at beginning
of period 21,062 14,474 23,106 9,576 13,073
------ ------ ------ ----- ------
Cash and cash
equivalents
at end of
period $15,708 $14,408 $21,062 $15,708 $14,408
======= ======= ======= ======= =======
AMN Healthcare Services, Inc.
Additional Supplemental Non-GAAP Disclosures
Reconciliation of Guidance Adjusted EBITDA Margin to
Guidance Operating Margin
(unaudited)
Three Months Ending
-------------------
December 31, 2016
-----------------
Low High
--- ----
Adjusted EBITDA margin 11.5% 12.0%
Deduct:
Share-based compensation 0.6%
Acquisition and integration costs 0.2%
EBITDA margin 10.7% 11.2%
---- ----
Depreciation and amortization 1.6%
Operating margin 9.1% 9.6%
=== ===
(1) Operating margin represents income
from operations divided by revenue.
(2) Effective as of January 1, 2016, we
modified our reportable segments.
We previously utilized three
reportable segments, which we
identified as follows: (a) nurse
and allied healthcare staffing, (b)
locum tenens staffing and (c)
physician permanent placement
services. In light of our
acquisitions over the past several
years as well as our transition to
a healthcare workforce solutions
company, our management renamed our
three reportable segments and also
placed several of our business
lines that were in our nurse and
allied healthcare staffing segment
into a different segment to better
reflect how the business is
evaluated by our chief operating
decision maker. As of January 1,
2016, we began to disclose the
following three reportable
segments: (a) nurse and allied
solutions, (b) locum tenens
solutions, and (c) other workforce
solutions. The nurse and allied
solutions segment consists of our
travel nurse, allied and local
staffing businesses. The locum
tenens solutions segment consists
of our locum tenens staffing
business. The other workforce
solutions segment consists of our
healthcare interim leadership
staffing and executive search
services business, physician
permanent placement services
business, recruitment process
outsourcing business, vendor
management systems business,
workforce optimization services
business, medical coding and
related consulting business, and
our education business. Prior
period data has been reclassified
to conform to the new segment
reporting structure.
(3) Segment operating income represents
net income plus interest expense
(net of interest income) and other,
income tax expense, depreciation
and amortization, unallocated
corporate overhead, acquisition and
integration costs and share-based
compensation.
(4) Adjusted EBITDA represents net
income plus interest expense (net
of interest income) and other,
income tax expense, depreciation
and amortization, acquisition and
integration costs and share-based
compensation. Management believes
that adjusted EBITDA provides an
effective measure of the Company's
results, as it excludes certain
items that management believes are
not indicative of the Company's
operating performance and is a
measure used in credit facilities
and the indenture governing our
5.125% Senior Notes due 2024.
Adjusted EBITDA is not intended to
represent cash flows for the
period, nor has it been presented
as an alternative to income from
operations or net income as an
indicator of operating performance.
Although management believes that
some of the items excluded from
adjusted EBITDA are not indicative
of the Company's operating
performance, these items do impact
the statement of comprehensive
income, and management therefore
utilizes adjusted EBITDA as an
operating performance measure in
conjunction with GAAP measures such
as net income.
(5) Adjusted EBITDA margin represents
adjusted EBITDA divided by revenue.
(6) Adjusted diluted EPS represents GAAP
diluted EPS excluding the impact of
(A) amortization of intangible
assets, (B) acquisition and
integration costs, (C) IRS
adjustment, and (D) tax effect, if
any, of the foregoing adjustments.
Management included this non-GAAP
measure to provide investors and
prospective investors with an
alternative method for assessing
the Company's operating results in
a manner that is focused on its
operating performance and to
provide a more consistent basis for
comparison between periods.
However, investors and prospective
investors should note that this
non-GAAP measure involves judgment
by management (in particular,
judgment as to what is classified
as a special item to be excluded
from adjusted diluted EPS).
Although management believes the
items excluded from adjusted
diluted EPS are not indicative of
the Company's operating
performance, these items do impact
the statement of comprehensive
income, and management therefore
utilizes adjusted diluted EPS as an
operating performance measure in
conjunction with GAAP measures such
as GAAP diluted EPS.
(7) Average healthcare professionals on
assignment represents the average
number of nurse and allied
healthcare professionals on
assignment during the period
presented.
(8) Days filled is calculated by
dividing the locum tenens hours
filled during the period by eight
hours.
(9) Revenue per day filled represents
revenue of the Company's locum
tenens solutions segment divided by
days filled for the period
presented.
(10) Leverage ratio represents the ratio
of the consolidated funded
indebtedness (as calculated per the
Company's credit agreement) at the
end of the subject period to the
consolidated adjusted EBITDA (as
calculated per the Company's credit
agreement) for the twelve month
period ended at the end of the
subject period.
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SOURCE AMN Healthcare Services, Inc.
