AMN Healthcare Services (AMN) FY2022 results: revenue $5.2 billion, up 31.6% on the year

AMN Healthcare Services Inc. (AMN) reported revenue of $5.2 billion for fiscal 2022, the year ended 31 December 2022, up 31.6% on the year before. Net income was $444 million, up 35.6%, and diluted earnings per share $9.90. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2023.

Revenue

$5.2 billion

+31.6% on the year

FY2015FY2022

Operating margin

12.3%

12.0% a year earlier

FY2015FY2022

Net income

$444 million

+35.6% on the year

FY2015FY2022

Diluted EPS

$9.90

+45.4% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	5,243	3,984	2,394	+31.6%
Cost of revenue	3,527	2,675	1,602	+31.9%
Gross profit	1,717	1,310	792	+31.1%
Gross margin	32.7%	32.9%	33.1%
Selling, general and administrative	937	730	550	+28.2%
Operating income	647	478	149	+35.4%
Operating margin	12.3%	12.0%	6.2%
Interest expense	40.4	34.1	57.7	+18.5%
Pre-tax income	607	444	91.5	+36.7%
Income tax	163	117	20.9	+39.6%
Effective tax rate	26.8%	26.3%	22.8%
Net income	444	327	70.7	+35.6%
Net margin	8.5%	8.2%	3.0%
Diluted EPS	$9.90	$6.81	$1.48	+45.4%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	654	305	257	+114.1%
Capital expenditure	75.8	53.6	37.7	+41.5%
Free cash flow	578	252	219	+129.5%
Free cash flow margin	11.0%	6.3%	9.2%
Cash from investing	-171	-107	-538
Cash from financing	-592	-34.9	211
Depreciation and amortisation	137	104	94.2	+32.2%
Share-based compensation	30.1	25.2	20.5	+19.2%
Buybacks	577	2.7	0.0	+21,357.1%
Diluted shares, weighted	45m	48m	48m	-6.6%
Shares outstanding at period end	42m	47m	47m	-11.4%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,044	1,162	820	-10.2%
Debt	844	842	863	+0.1%
Operating lease liabilities	9.4	13.4	77.8	-30.0%
Other liabilities	992	1,114	593	-11.0%
Total liabilities and equity	2,888	3,132	2,354	-7.8%
Fixed assets	149	127	116	+17.4%
Goodwill	935	892	864	+4.8%
Intangible assets	477	514	565	-7.3%
Cash and equivalents	64.5	181	29.2	-64.3%
Receivables	676	789	376	-14.4%
Other assets	587	628	403	-6.6%
Total assets	2,888	3,132	2,354	-7.8%

10-K for the year ended 31 December 2022, filed 22 February 2023: the filing.