AMN Healthcare Services, Inc. (AMN) Q3 2024 Earnings Call Transcript

Revenue $688 million, down 19% year-over-year, primarily due to lower volume in nurse and allied, interim and search businesses.

Adjusted EBITDA $74 million, a decrease of 45% year-over-year, primarily due to lower gross margin and deleveraging on lower revenue.

Gross Margin 31%, decreased 290 basis points year-over-year, driven by lower-margin across all three segments, partly offset by a favorable revenue mix shift.

SG&A Expenses $150 million or 21.8% of revenue, down from $163 million or 19.1% of revenue in the prior year period, primarily due to lower employee and professional service expenses.

Nurse and Allied Revenue $399 million, down 30% year-over-year, primarily driven by lower volume and rates in travel nurse and lower volume in allied.

Travel Nurse Revenue $244 million, a decrease of 37% from the prior year period, primarily due to lower demand.

Allied Revenue $141 million, down 16% year-over-year, primarily due to lower volume.

Locum Tenens Revenue $142 million, up 26% year-over-year, driven by the MSDR acquisition.

Operating Cash Flow $67 million, with capital expenditures of $19 million.

Net Income $7 million, down 87% year-over-year.

GAAP-diluted Earnings per Share $0.18.

Adjusted Earnings per Share $0.61, compared with $1.97 in the prior year period.

Days Sales Outstanding 60 days, three days lower than the prior quarter.

Long-term Debt $1.1 billion, including a $285 million draw on the revolving line of credit.

Net Leverage Ratio 2.8 times to 1.