AMN Healthcare Services (AMN) Q4 FY2023 earnings: revenue $818 million, down 27.3% on the year

AMN Healthcare Services Inc. (AMN) reported revenue of $818 million for Q4 FY2023, the quarter ended 31 December 2023, down 27.3% on the same quarter a year earlier. Net income was $12 million, down 84.7% on the year, and diluted earnings per share $0.33. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue$818 milliondown 27.3%

Net income$12 milliondown 84.7%

Diluted EPS$0.33

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	818	853	n/a	n/a
Cost of revenue	557	564	n/a	n/a
Gross profit	261	290	n/a	n/a
Gross margin	31.9%	33.9%	n/a
Selling, general and administrative	185	163	n/a	n/a
Operating income	34.2	86.9	n/a	n/a
Operating margin	4.2%	10.2%	n/a
Interest expense	20.2	11.5	n/a	n/a
Pre-tax income	14.0	75.4	n/a	n/a
Income tax	1.5	22.2	n/a	n/a
Effective tax rate	10.8%	29.5%	n/a
Net income	12.5	53.2	n/a	n/a
Net margin	1.5%	6.2%	n/a
Diluted EPS	$0.33	$1.39	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	-41.1	172	n/a	n/a
Capital expenditure	29.9	29.9	n/a	n/a
Free cash flow	-71.0	142	n/a	n/a
Free cash flow margin	-8.7%	16.7%	n/a
Cash from investing	-324	-33.9	n/a	n/a
Cash from financing	363	-105	n/a	n/a
Depreciation and amortisation	43.1	39.2	n/a	n/a
Share-based compensation	2.6	0.3	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Diluted shares, weighted	38m	38m	n/a	n/a
Shares outstanding at period end	38m	38m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	831	817	n/a	n/a
Debt	1,305	844	n/a	n/a
Operating lease liabilities	37.6	28.5	n/a	n/a
Other liabilities	751	965	n/a	n/a
Total liabilities and equity	2,924	2,655	n/a	n/a
Fixed assets	191	188	n/a	n/a
Goodwill	1,112	936	n/a	n/a
Intangible assets	474	410	n/a	n/a
Cash and equivalents	32.9	29.4	n/a	n/a
Receivables	623	566	n/a	n/a
Other assets	491	527	n/a	n/a
Total assets	2,924	2,655	n/a	n/a

Questions

What was AMN Healthcare Services' revenue in Q4 FY2023?

AMN Healthcare Services (AMN) reported revenue of $818 million for Q4 FY2023, the quarter ended 31 December 2023, down 27.3% on the same quarter a year earlier.

How much did AMN Healthcare Services earn in Q4 FY2023?

Net income for Q4 FY2023 was $12 million, down 84.7% on the year, and diluted earnings per share $0.33.

When did AMN Healthcare Services report Q4 FY2023 results?

AMN Healthcare Services filed its 10-K for the year that ended with the quarter on 22 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	853	818	821	741	688	735	690	658	634	748	1,378	673
Cost of revenue	564	557	563	511	474	516	491	462	450	553	1,010	467
Gross profit	290	261	258	230	213	219	198	196	184	195	369	206
Gross margin	34%	32%	31%	31%	31%	30%	29%	30%	29%	26%	27%	31%
SG&A	163	185	175	149	150	159	148	155	139	152	218	147
Operating income	86.9	34.2	39.9	37.7	22.3	-203	12.5	-124	47.6	8.1	117	26.9
Operating margin	10%	4%	5%	5%	3%	-28%	2%	-19%	8%	1%	9%	4%
Interest expense	11.5	20.2	16.6	15.7	14.4	23.1	12.3	11.4	9.6	12.3	6.7	7.0
Pre-tax income	75.4	14.0	23.3	22.0	7.8	-226	0.2	-135	38.0	-4.2	110	19.9
Tax rate	29%	11%	26%	26%	10%	n/a	697%	n/a	23%	n/a	44%	-6%
Net income	53.2	12.5	17.3	16.2	7.0	-188	-1.1	-116	29.3	-7.7	62.2	21.2
Net margin	6%	2%	2%	2%	1%	-26%	-0%	-18%	5%	-1%	5%	3%
Diluted EPS	$1.39	$0.33	$0.45	$0.42	$0.18	-$4.90	-$0.03	-$3.02	$0.76	-$0.19	$1.59	$0.53
Operating cash flow	172	-41.1	81.4	99.5	66.7	72.8	92.7	78.5	22.7	75.6	562	-190
Capital expenditure	29.9	29.9	18.1	27.3	19.3	16.2	10.0	9.8	7.9	7.9	7.2	8.5
Free cash flow	142	-71.0	63.2	72.2	47.4	56.6	82.7	68.7	14.8	67.6	555	-198
Buybacks	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	38m	38m	38m	38m	38m	38m	38m	38m	38m	38m	39m	39m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 22 February 2024, accession 0001142750-24-000016: the filing on EDGAR. All of AMN Healthcare Services Inc.'s filings: EDGAR company page.

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