AMN Healthcare Services (AMN) FY2021 results: revenue $4.0 billion, up 66.4% on the year

AMN Healthcare Services Inc. (AMN) reported revenue of $4.0 billion for fiscal 2021, the year ended 31 December 2021, up 66.4% on the year before. Net income was $327 million, up 363.3%, and diluted earnings per share $6.81. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2022.

Revenue

$4.0 billion

+66.4% on the year

FY2014FY2021

Operating margin

12.0%

6.2% a year earlier

FY2014FY2021

Net income

$327 million

+363.3% on the year

FY2014FY2021

Diluted EPS

$6.81

+360.1% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	3,984	2,394	2,222	+66.4%
Cost of revenue	2,675	1,602	1,479	+67.0%
Gross profit	1,310	792	743	+65.4%
Gross margin	32.9%	33.1%	33.5%
Selling, general and administrative	730	550	508	+32.9%
Operating income	478	149	177	+220.2%
Operating margin	12.0%	6.2%	8.0%
Interest expense	34.1	57.7	28.4	-41.0%
Pre-tax income	444	91.5	148	+385.0%
Income tax	117	20.9	34.5	+458.7%
Effective tax rate	26.3%	22.8%	23.2%
Net income	327	70.7	114	+363.3%
Net margin	8.2%	3.0%	5.1%
Diluted EPS	$6.81	$1.48	$2.40	+360.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	305	257	225	+18.9%
Capital expenditure	53.6	37.7	35.2	+42.1%
Free cash flow	252	219	190	+14.9%
Free cash flow margin	6.3%	9.2%	8.5%
Cash from investing	-107	-538	-292
Cash from financing	-34.9	211	137
Depreciation and amortisation	104	94.2	58.5	+10.1%
Share-based compensation	25.2	20.5	16.2	+23.2%
Buybacks	2.7	0.0	18.7
Diluted shares, weighted	48m	48m	48m	+0.7%
Shares outstanding at period end	47m	47m	47m	+0.4%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,162	820	737	+41.8%
Debt	842	863	617	-2.4%
Operating lease liabilities	13.4	77.8	91.2	-82.8%
Other liabilities	1,114	593	487	+87.8%
Total liabilities and equity	3,132	2,354	1,932	+33.1%
Fixed assets	127	116	105	+9.4%
Goodwill	892	864	596	+3.2%
Intangible assets	514	565	398	-8.9%
Cash and equivalents	181	29.2	83.0	+519.3%
Receivables	789	376	353	+109.8%
Other assets	628	403	397	+56.0%
Total assets	3,132	2,354	1,932	+33.1%

10-K for the year ended 31 December 2021, filed 24 February 2022: the filing.