AMN 2017 Annual Report

34 AMN HEALTHCARE SERVICES, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands, except per share amounts) Years Ended December 31, 2017 2016 2015 Revenue $ 1,988,454 $ 1,902,225 $ 1,463,065 Cost of revenue 1,344,035 1,282,501 993,702 Gross profit 644,419 619,724 469,363 Operating expenses: Selling, general and administrative 399,700 398,472 319,531 Depreciation and amortization 32,279 29,620 20,953 Total operating expenses 431,979 428,092 340,484 Income from operations 212,440 191,632 128,879 Interest expense, net, and other 19,677 15,465 7,790 Income before income taxes 192,763 176,167 121,089 Income tax expense 60,205 70,329 39,198 Net income $ 132,558 $ 105,838 $ 81,891 Other comprehensive income (loss): Foreign currency translation and other (98) 267 75 Cash flow hedge, net of income taxes (15) (83) 98 Other comprehensive income (loss) (113) 184 173 Comprehensive income $ 132,445 $ 106,022 $ 82,064 Net income per common share: Basic $ 2.77 $ 2.21 $ 1.72 Diluted $ 2.68 $ 2.15 $ 1.68 Weighted average common shares outstanding: Basic 47,807 47,946 47,525 Diluted 49,430 49,267 48,843 See accompanying notes to consolidated financial statements.