AMN Healthcare Services, Inc. Announces $250 Million Share Repurchase Program

Rhea-AI Summary

The Board of Directors of AMN Healthcare Services (NYSE: AMN) has authorized an additional $250 million for its stock repurchase program, raising the total repurchase capacity to approximately $326.3 million. The company has repurchased 6.76 million shares at an average price of $77.44 since 2016, amounting to $523.5 million. Recent repurchases include 1.88 million shares at $92.65 for $173.8 million. This program allows flexibility in share purchases based on market conditions and company performance.

Positive

• Authorization of an additional $250 million for stock repurchase boosts shareholder confidence.
• Total repurchase program value now at approximately $326.3 million, indicating strong financial backing.
• Significant past repurchases of 6.76 million shares, enhancing EPS and shareholder value.

Negative

• Recent average repurchase price of $92.65 is higher than average historical prices, potentially indicating overvaluation.
• The repurchase program does not guarantee minimum share purchases, adding uncertainty.

DALLAS--(BUSINESS WIRE)-- The Board of Directors (the “Board”) of AMN Healthcare Services, Inc. (NYSE: AMN, the “Company”) authorized an additional $250 million under the Company’s repurchase program for the company’s common stock (the “Increased Company Repurchase Program”).

The Company has repurchased 6.76 million shares of common stock at an average price of $77.44 per share excluding broker’s fees, resulting in an aggregate purchase price of $523.5 million, under the Share Repurchase Program since first authorized in 2016. Since the beginning of the second quarter, the Company has repurchased 1.88 million shares at an average price of $92.65 for $173.8 million. The total remaining dollar value of common stock that may be repurchased under the Increased Company Repurchase Program is approximately $326.3 million.

The Increased Company Repurchase Program does not require the purchase of any minimum number of shares, does not have an expiration date, and may be suspended or discontinued at any time. The amount and timing of the purchases will depend on a number of factors including the price of the Company’s shares, trading volume, Company performance, Company liquidity, general economic and market conditions, and other factors that the Company’s management believes are relevant.

Repurchases may be made from cash on hand, free cash flow generated from the Company’s business or from the Company’s credit facilities. Repurchases may also be made pursuant to one or more plans established pursuant to Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading restrictions.

About AMN Healthcare

AMN Healthcare is the leader and innovator in total talent solutions for healthcare organizations across the nation. The Company provides access to the most comprehensive network of quality healthcare professionals through its innovative recruitment strategies and breadth of career opportunities. With insights and expertise, AMN Healthcare helps providers optimize their workforce to successfully reduce complexity, increase efficiency and improve patient outcomes. AMN total talent solutions include managed services programs, clinical and interim healthcare leaders, temporary staffing, executive search solutions, vendor management systems, recruitment process outsourcing, predictive modeling, language interpretation services, revenue cycle solutions, credentialing and other services. Clients include acute-care hospitals, community health centers and clinics, physician practice groups, retail and urgent care centers, home health facilities, schools and many other healthcare settings. AMN Healthcare is committed to fostering and maintaining a diverse team that reflects the communities we serve. Our commitment to the inclusion of many different backgrounds, experiences and perspectives enables our innovation and leadership in the healthcare services industry. For more information about AMN Healthcare, visit www.amnhealthcare.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220615005433/en/

Investor Contact 

Randle Reece 

Director, Investor Relations 

AMN Healthcare 

(866) 861-3229 

investorrelations@amnhealthcare.com 

Source: AMN Healthcare Services, Inc.

FAQ

What is the new amount authorized for AMN's stock repurchase program?

AMN has authorized an additional $250 million for its stock repurchase program.

How many shares has AMN repurchased under the stock buyback program?

AMN has repurchased 6.76 million shares at an average price of $77.44 since the program's inception.

What is the current total remaining value for AMN's stock repurchase program?

The total remaining dollar value for repurchase under the program is approximately $326.3 million.

What is the average repurchase price of shares in the recent quarter for AMN?

In the recent quarter, AMN repurchased shares at an average price of $92.65.

Does the stock repurchase program require a minimum number of shares to be purchased?

No, the program does not require the purchase of any minimum number of shares and may be suspended at any time.