$AMN Healthcare Services (AMN.US)$Revenue has been growing f...
$AMN Healthcare Services(AMN.US$Revenue has been growing for 5 consecutive years, with an average growth rate of 48% in the past 2 years. Operating profit declined in the first 3 years due to excessive cost growth, and grew rapidly in the next 2 years. The 2-year average growth rate reached 108%, and increased 35.4% in 2022. Net profit was similar, reaching 35.6% in 2022.
2023Q1 revenue fell 27.5%, operating profit fell 40%, and net profit fell 42.4%.
Interest expenses increased amid fluctuations and reached 6% of operating profit in 2022, which is not a heavy burden.
The balance ratio has increased from 57.2% to 63.9% over the past 5 years, and continued to grow to 66.8% in 2023Q1.
Accounts receivable increased by 580 million dollars in 2021 to 1.03 billion, accounting for 25.9% of revenue, which is very unhealthy. In 2022, it fell back to 950 million, accounting for 18% of revenue, and returned to the normal range.
Goodwill and other intangible assets increased from $990 million to $1.43 billion in 2020. They should have been acquired. There was little change in the next two years. Currently, they account for 145% of the 1,044 million net assets, and the assets are very poor.
Long-term loans of 984 million yuan. Considering the amount of net assets, the leverage ratio is extremely high.
Treasury stocks have reached 875 million, and borrowing money to buy them back is also very strange. This is two different things from using one's own cash to buy back.
In the past two years, net operating cash flow began to exceed net investment, and there was a slight surplus in 5 years.
Currently, the price-earnings ratio is 10.6 and the price-earnings ratio is TTM 11.8. If net profit falls by 40% for the whole year, the corresponding price-earnings ratio is 15.5. You can wait a few more quarterly reports before making a judgment.
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