AMN Healthcare Services (AMN) 4 May 232023 Q1 Earnings call transcript

Good day, and thank you for standingby. Welcome to the AMN Healthcare First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker presentation there will be a question and answer session. [Operator Instructions] Please be advice that today's conference is being recording.

to Senior conference Director like speaker, to now Reece, Randle of would hand over the our I Investor Relations. ahead. go Please

Good following the Healthcare’s AMN of this A webcast Welcome XXXX conclusion be everyone. will ir.amnhealthcare.com call. this replay first at available call. earnings of afternoon, quarter to

expectations, available beliefs forward-looking remarks statements statements. Various future reflect make to based events plans, the this during trends, we current upon These currently information or it. about company’s call projections, circumstances constitute

indicated those including from these materially its statements forward-looking our update differ and may results with SEC. factors prior and statements, today actual because provided subsequent statements, cautionary most XX-K the to various guidance release The those by or earnings of our forms Our next to release. forward-looking in earnings company any XX-Q, filings intend recently does and filed identified not

contains This release page these the measures to certain information. reconciliations included at and our financial comparable are of call financial Information reports non-GAAP on measures our in directly non-GAAP most ir.amnhealthcare.com. regarding GAAP and earnings

Officer Taylor, Leadership Knudson, and today and call Jeff Executive Allied Officer, of Seedig, Financial and and Officer; Grace, Solutions. Landry Solutions; James Chief the are Group Operating Nursing and Cary Chief President On of Chief Physician COO President

now the I Cary. will turn call to over

with continues the and today. them to reported and bring clients Randy, which results to is workforce, landscape our sustainable strong breadth their you, our and everyone. needs. partnership workforce first are of solutions rebuilding industry AMN quarter we and post-COVID a clinicians quickly is the evident Thank welcome, with to challenges in help moving our clients The solid changing, in

achieve sustainable solutions more that open sustainable by while them landscape Clients could ideas the workforce and a emerge help to cost. to seeking was clients and more growth pandemic. looking workforce. change, new see quality balancing The at create targets, We shaken controllable their more healthcare

their work well-being and on those in options professionals to achieve control, open transition, goals. also flexibility new focusing are to in and Healthcare

healthcare professionals, challenge time. of complicated All change expect a is this we some which continued shortage to of be by the for

latest Our plan professionals nurse or to shows of numbers rising leave position who the change in profession. jobs surveys

a expected speed technology we clients making year, more bringing analytics and to comprehensive to in operationalize are plans, moves decisive clinicians. market solutions the growth benefit and change this our our efficiency We focus and solutions, client workforce to together and in enhanced and direction including all our enable greater and sustainable

quarter set is more become We that and said solution it happening. would our even last and differentiated comprehensive

came the Nurse XX-month In to weeks, our our Allied. businesses, to a team together plan develop accelerate with leadership recent evolution of and starting

with moving will that swiftly to our provide strengthen phase speed unified our sales and the value to are proposition. experience We our changes deliver, desire, clients implementation boost a

AMN pool broader base into job and rated with further enabling a the already clinician we effectively. drive their career engagement for built nurse powerful and top To our Passport search clinicians, to of grow recruiters mobile more engagement, app

engagement, self-service, job time combines AMN customized the app search that Passport AI and only matching, jobs credentialing and and pay. is

any to jobseekers their Passport elevate AMN solution a care digital to continue be will staffing stage businesses. all We at health across all for careers of

which made for new with to platform several care. VMS is we companies our out enterprise management, we year scalable with help features this only more workforce To rolled the shift-wise, health clients believe

newer a our bringing mobile of VMS web using services fresh technologies, We platforms have modernized and and interface. user-friendly advanced cloud the architecture

other for Our powered predictive technology Snowflake data by partners. is AI analytics cloud advanced and and

clients' to integrate with to capabilities drive automation our digital our advanced also HR and efficiencies. We system

AMN. managing environment, In our our integration through are We have cost sustainably closely we this also automation current history meet a while base across and to changes structure demand. strong resources, cost scaling platform our of demand flexing in

sustain will these believe for with We efforts, revenue full EBITDA shift coupled margin favorable the above XX% an mix year. adjusted a

priorities Our on the spend million expenditures year, This approximately remains key plan prioritizing to growth. management focused $XX outlined. disciplined initiatives capital I we on technology in capital and operational

given repurchase announcing the growth long-term also accelerated program ahead. opportunities are We see we an share

focused we are opportunities and M&A and confident to to set as our enhance value. to ability Our team strengthen in M&A remains shareholder well solution on continue our use

Finally, empower will delivery new on focus executives centricity with directly and bolster workforce leadership our tech-enabled of to areas and leading transformation our solutions Qualified growth. reporting accelerated our three extremely client me, that

a at newly process past marketing, client responsible years. Officer taking strategy, Meredith the the Business Lapointe XX health helping Chief relations. build for and workforce as known McKinsey is for created for optimization, is Meredith care role well

health the today implemented She qualified conversations is executives uniquely foster being know care best the with sector. across workforce and strategy to strategic is

Meredith our our opportunity set powerful workforce values the was by solutions and AMN and drawn culture of organization. client of value in create the to our to and technology, partnerships, strong

senior McCall leaders. Pat Beeline one X.X, and Randstad growth Pat's top players is operationalize and industry's brought technology acceleration the is recognition to with as him Pat services. leader as coming background a strategic leader enterprise-wide Officer. as sales the staffing and influential and our around most develop already AMN serve ideal innovative focused Chief to People of other Growth to

segment progress segment as important business leaders now partners the most leader. Sivathasan, Nishan Similar to dedicated future central other and client be and and to two This recently and by including the need solutions our Solutions Strategy have our segments, Chief a care. M&A. our Technology will accelerate led Experience tech-driven of we Meredith, Pat and served will enabling our become who Officer, in Workforce are to a key strategy Sean

Now, about which final for will return after I'll comments. our the I Jeff over for outlook, the details and some to results call turn

Cary, good afternoon, and everyone. you, Thank

flat $X.XXX performing Physician range and was and year near billion XX% quarter Technology was down high the pandemic peak from end First and quarter of revenue sequentially. and guidance Solutions our expectations. revenue the of Workforce Consolidated segments above of Leadership last the Solutions the with

year a segment. mix and Nurse towards the decreased margin to primarily points due gross revenue period, in businesses. quarter XX and Sequentially, shift margin for Allied XX.X% up Gross the higher-margin Solutions driven points the basis mainly by was basis XX from prior

revenue. SG&A Consolidated revenue period XX.X% to less variable revenue quarter. year of million million environment, the of previous decrease efforts in $XXX with along SG&A prior XX.X% expenses our lower compared $XXX in revenue expenses the or in million $XXX was compensation of to due The or and in or expenses current demand XX.X% adjust with the primarily with year-over-year were

compared and Sequentially, quarter $XXX lower decrease. Adjusted million in credit and expense compensation reasons were expenses non-recurring primary our revenue XX.X% was the expenses SG&A in period. mainly year or the management The of offset million legal lower increase in variable of XX.X% by excluding prior certain in with the adjusted initiatives. expense, loss by stock-based was expense driven $XXX expenses first revenue, part or revenue the for margin SG&A, year-over-year

down high XX% quarter, revenue flat. down was were XX%, In the and was $XXX were year million, both and were sequentially was the hours Nurse year-over-year Average and XX% Sequentially, record from and sequentially. and worked Allied hours Year-over-year, average X%. down period average XX% prior volume was average of up volume flat rate down and worked the down first hours bill X%.

with $XXX prior period and quarter first the prior revenue was prior down revenue during Allied flat X% quarter. versus from up Nurse quarter million, and of the $XXX X% during quarter. a year year-over-year Travel was XX% decrease million the

comparison. down Year-over-year, packages was lower first prior pay margin Nurse period XX and sequentially. primarily work. basis points from Allied the disruption margin the gross higher basis to quarter during weighed and was hours margin XX.X%, Quarter-over-quarter, and average year lower, the down XX points gross labor revenue less due on

margin XX.X% was points, lower operating lower leverage. due lower margin Sequentially, to loss reflecting expense. credit year-over-year XXX basis operating basis of Segment operating points XXX increased primarily

year revenue X% $XXX decrease million, quarter and year-over-year sequentially. $XXX was assignments Physician first million, and was and excluding X% in the a Locum pandemic-related of from The or growing down Leadership XX%, the up X% by sequentially. Tenens revenue X% prior Solutions

revenue management. were sequentially. million revenue down prior year XX% prior year hospitals prior X% XX% quarter. flat leadership due from and expense to focused prior the of declined and lower was Interim demand on Interim Search down and $XX from year decreased as from search revenue was period from

XX margin margin year-over-year interim to and year-over-year increase both XX.X%, locum Physician for Gross margins segment by tenens, partially points, gross the Solutions up due improved for sequentially. slight and The was primarily mix. was and Leadership basis offset

favorable interim lower by growth prior Segment margin due points, margin liability basis XXX XX.X%, increased the which was primarily XXX expenses. SG&A basis business. to by driven professional margin adjustments. and quarter operating Operating driven Sequentially, was year-over-year, mainly decreased Sequentially, other points

increase was Technology Language during Services up of and year-over-year $XX this revenue million, the quarter-over-quarter. million, X% sequentially. an revenue of generated X% $XXX Solutions and first impressive segment, Within and Workforce quarter X% XX% year-over-year down

the to year-over-year margin basis to high with was The BMS mix XXX year-over-year the XX% record services. and was compared gross and decreased revenue and prior by year shift gross from year $XX down period was decrease language lower, margin Sequentially, ago. XXX sequentially. in driven gross BMS a attributable from primarily revenue XX.X% sequentially. down points margin million a lower of X% Segment points basis

XX points and down the margin points sequentially. Consolidated first decrease year-over-year XX% was EBITDA and million basis $XXX operating XX X% Segment Adjusted of first sequentially. lower adjusted was points The of in sequentially. basis margin decreased basis quarter quarter of XX.X%, EBITDA year-over-year XX.X% basis points XX XXX year-over-year up and increased a

down million, year-over-year and $XX X% First quarter income up XX% net was sequentially.

First was was diluted for earnings period share prior $X.XX to per quarter quarter $X.XX prior in in the per year quarter. $X.XX Adjusted share compared quarter. the in earnings the GAAP the $X.XX and

with quarter sales capital and $XX two was were quarter $XX flow line expenditures days and million Operating in cash than XX year. first the Day for the lower outstanding prior million. days, was prior

equivalents our ratio XX, and X.X March times. a times million, a we net line of had of draw $XXX and revolving long-term leverage million, $XXX of million including one on to As of $XX of cash debt credit

of that $XXX share into days. fees coming and back announced we X.X $XXX excluding repurchase. accelerated million, million we we the excise brokerage for repurchase bought shares enter in Year-to-date, have tax intend a million program share to stock on Today,

on $XXX authorized million program repurchase of the As of by Board today, Directors. our was outstanding

quarter guidance. of period. Average margin XX.X% second year to $XXX the Gross project be projected to revenue. from to in are consolidated to a prior approximately Moving margin Reported diluted projected be $X XX.X%, is of margin Operating projected range XX.X% $XX XX.X% XX.X% to We is to shares be are EBITDA XXXX to to XX% be SG&A to to to XX.X%. is expected down to billion, revenue and to expected XX.X% be expenses XX% adjusted outstanding million. million be XX.X%.

release. Additional second in can found earnings guidance be details today's quarter

lead level be The to travel revenue. April drop in demand by XXXX in the our third of revenue recent seasonal quarter the than demand a returning of nurse intensified quarter, normal in lowest modestly quarter talked Last each spending we second pattern in pullback four of greater months. nurse a after quarter about seasonal The weeks. March Travel and to to us past in improved year. expect the hospitals

finish This view to EBITDA with revenue XXXX and an assumes expect current demand modest $X margin XX.X%. We from billion levels. adjusted approximately in approximately of in improvement

like to back I'd to call the hand Now Cary.

you, Jeff. Thank

Before team Q&A, and professionals great doing to I excellence. the job consistent care the that we recognize want your dedication move work all and day. for on members Thank to your you are every our health

month. by and recognition the the as to solutions our search. in brand want recognized executive celebrate we our AMN Modern leadership leader nurses, National I health special B.E. was under industry care Nurses Smith give known also Healthcare as team, to Recently,

which to the out their help well own congratulations the fast-moving clients change Our team, leadership is to implement in post-pandemic solutions whole efforts go environment. positioned

second company annual values, our our shared of in ESG is our which are foundation The report. demonstrated

community. an not this sustainability very we diversity, a performance health drives and is demonstrate industry in and are our responsible of. wellness, AMN equity, year the and is exercise. how across inclusion ESG leader AMN, For and proud and governance disclosure, quality reporting something We better that's and AMN

operator, open Now, please the questions. call for

At question session. Kevin of the America. comes of Instructions] Our this question-and-answer [Operator first from time, Fischbeck you. conduct we will Thank Bank

Your line now open. is

I the on were you some why the seasonality think, guess felt the Great. there between the reason year. rest of kind Thanks. of part like was of I you orders was thought? because through mean, seeing, color appreciate disconnect, the I a And the coming you improvement so, are if and it were that persisting do why the longer there? you like is of little demand bit feel than that a clinicians in kind that I is the still fundamental expecting

the largest the of for question. said past the look if comments thanks Kevin, two overall healthcare at would and some of I What Hey, of some the weeks. CEOs the have you say over systems public particularly

very a the I year. in clients partnering reduce frankly, on think and of into had gotten the portion we were this of workforce year to our quarter that of end first spend their all are knowing the in going with tail we pandemic last escalated

So that was partnership. were we in something doing

through last into this the worked We and first last half in year year. that of of part the

we've think we so made progress. And

a I clients. that hospital think, to to comment be We public some again, going with if of you as continue say an hear as executives the will seeing what it's we're well area think those about of and management how more getting how workforce the sustainably we really start focus our more from But grow. to end now holistically standpoint. we're of we thinking to build do

contract from share your of to see it like an respond opportunity little or this additional type Do any about to hearing or guidance I as a your more base, And bit that. from for I solutions. sounds you assume dynamic? or looking expect And does bit we're where you you Thanks. from you guess are to gain that trying valuation think Thanks. churn, you're losses guess do Okay. puts customer customer to this customers a you do are, mentioned the from new takes

Yeah.

rebuild step going for really about bit talk potentially looking future. reflect the me solutions taking the we're us. post-pandemic to seeing what looking as little from and Let they're because their a who of away dynamics how in for coming overall back workforce up are us kind Overall, clients and same heads clients at to are their market dynamics

mentioned a I level. starting a been sustainable really a about, and comments about see year think building getting how the -- end think for had the to the do workforce do cost I ago, opening as how we And minute really past workforce my focus in about the really We're costs now costs so sustainable into of over management future.

ways seeing very are open clients we to be do so, And new that. to

depth And the gone of have to and pipeline seen that biggest probably solutions. so, team a from what standpoint had also we have has who We've opportunities. this means our is, new robustness new clients

and And so sustainability. control terms want transparency, are build to looking make. in the for specific the clients that they're how There's that they want workforce. their not one the are clients things going very to and they starting that It's potentially and themes and looking that thing are for they the of their to type control point of change want their over workforce

pipeline MSP. is The biggest our part of

set. the And them part had they still supplier. involved we in a consolidating could where we we're very that of as amount say, to their in see would tremendous our if the be if and MSP overall. still supplier true, of MSPs So the solution are a serving we incumbent be serve on be of of thinking, or think clients and strength same were a continuing evolution platforms, we in when one programs new a I'd comes to interest how the client a of several as one And thing about typically, could future were where client

say, looking our our feel look as to of team, our So, would solutions, scale, clients sustainable favor workforce total like we brand at for when environment us. type talent we that reputation, our are I tends solutions, overall,

right. All Great. Thanks.

for moment next One our question.

comes now Blair. Trevor, of Our is open. next William from your question Trevor Romeo line

so much afternoon. Thanks good taking questions. for the Hi,

parse about the provided being I QX order year? year. lowest of into the expectations volume trends is, based sequential seeing me could if rest you quarter the wondering, your you're the of rate out of revenue the activity you I for kind for throughout appreciate commentary that that today, just one and on the First of bill kind was

Sure, is This Jeff. Trevor.

we I for a our physician than but solutions take demand balance back, nursing on expected. the for the step that with So, is if up and we ended and within in would line then business we Nurse lower anticipated, line outlook trend TWS And say the followed our leadership view. Allied, just prior industry-wide

think that QX the split QX, now leads revenue the the and quarter of what and And Allied that approximately evenly so to you segment, pretty than will Nurse XX% we can would would bill winter volume. for rate that's quarter about between believe and the year the us frame lower lowest into bill Allied levels. and in orders expect, that as Nurse in fourth needs roll generally then see be we volume the rates And would time sequential a in within and quarter increase flattish QX over be fourth

highlighting a had boomerang Okay. hospitals question Great. on nurses, There back the That's I then recently really news had to follow-up, as of permanent was And helpful. just who on for left an the during come to pandemic that roles. only article the kind dynamic. Thanks.

curious to back your topic, from a hearing clients the that nurses on Just of driving might the you're and work. be bit economic some kind cooled and permanent seeing given to markets what environment hear that travel

Trevor, this Landry. Yes. is

pretty seen nurses a hard assignment have numbers are travel the hiring the to perm a pool pretty the where of high. reports hospital probably are you've course, it's similar So seen that cetera. but et float to up We, is diem, still measure attrition bit, per whenever going little from

still and So lot seeing. a that of churn turnover we're

Maybe work seeing on supply we're temporary our and what interest on in just I'll contracts. in own touch

travel that professionals still attractive flexibility very provides to that So them. these is

is peak in demand of quarter, in because of applicants were QX year new than lot QX but they lower bill rates. the the a and prior was Our of in prior first year, the that peak

they're levels. then consecutive above flat for Honeynet have new XXXX and quarters four applicants, now, well been And our our applicants, they

before pandemic. they fact, In what they're about times two the were

is interest there. that definitely So

really to there's equation. two so that And pieces

making of all the interest. the is our of investments thing contracts. flexibility that working like really They the One been we've pipeline. is second in the then And

us apply to able to paying allowing website, Passport, be lot easier AMN to are clinicians able to those for off. It's be So easier find our us and faster. a mobile all

the Specific grow it to AMN on a It engagement. of us. has continues that really story continues be and strong a to success Passport, are the platform number for is users really,

You to App actually went the Store.

can X. You has X.X see of of rating star it out a that

and really then which marketplace. back-out really, well So above the has is reviews, high other XX,XXX over competitive any it in

All Thanks to That's very much. great right. hear.

One next moment our for question.

of from Tanquilut question comes next Jefferies. Our Brian

open. now line Your is

Hey. Good on the follow-up question afternoon, QX. guys. about Maybe last I'll

some forward, that inflection I As on you the going in to you business bottom. stabilization the seen know about right demand. think think basically or it's you've think few last this is weeks do the

you're maybe trend and year? we as next viewing curious bill look So just demand into rate how

Yes, Brian.

So last demand that increase expect we each the through of have the travel nurse and four to weeks, time seen would continue period. we slightly, June

good billion And in $X adjusted full so would think base billion XXXX the imply -- at and half look just QX we and for that the out into year above back margins, and XX% think EBITDA with just the of to as the into business under beyond. back is we revenue $X.X a QX, about that annualizing half roughly do

Okay. locums then a some That about where, first, drive demand sense. in bit non-nursing and could the in side growth what of thinking Allied and in makes business? of business, gears anything any the the those I terms then maybe And that locums be for should we little maybe mean, business shifting factors you're seeing acceleration

the This speak us. question. locum marketplace, Brian, Thank is James, a of the to good the story locum and for news side you, for we'll is

high still about levels. year-over-year, quarter-over-quarter. business, think demand When in rates our growth revenue higher pre-COVID up in single their is business you XXXX our digits is fuel at are look You XX% our

that and Our solid still quarter-over-quarter but very Locums think year-over-year. the and book expect at we that's to any very more growth standpoint, profitable into QX profitable to looking demand also on be out spreads we're with quarter going up growth. just also have next want From a not have growth that we marketplace. we're there, we The of the growth, laser-focused profitable inside thing are is

see we're of So out that and laser-focused that able Jeff the on some earlier. that, to you're results read in

hit Allied. I'll on Landry. it's Brian, Hey,

on I was Allied it double the in more first the It's what demand, demand guess, pandemic. off, really So before than strong.

on in specialties change really volume of bit. hurting a There comp down a about that. where, that more a you've are are of mix that little we're coming towards the tied a I'd the bit there got year-over-year So say, excited and little because COVID slight is kind headwind

which it's So strength like and offset [ph] to all is and as those respiratory would PTOT but therapists be as imaging. usually good by tech -- then med speeds that's things really this well phlebotomy, tied therapy,

good well of on team are So, also rest question about performing it, through an international The really against year. there's as but address demand, as call detail really exciting school looks performing And is would demand. really that the up as well then unless certainly I our go well area into another won't I businesses business. the our we that out the

and And of with clinician really them the is think when highlights hear the talked very comment overall we them clients to how really needs. built holistically think about, of positioning you I to help the that and which Landry businesses make, able organizations. one the question their would us James is across their both for their strong core that and serve with our partnerships I I all comments being reflective help it's think patients your continue I And their grow them that of we've and

guys. you, Thank Awesome.

for moment next our One question.

Jeffrey from of Capital Markets. comes BMO question Silber next Our

open. now is line Your

. much so you Thank

environment with You declining give level? to you're you a spoke doing costs. what their I'm of working to above your in just this cost margins revenues that keep color can on help terms more your to clients to wondering own try your own internally XX% earlier bit of in little them us if manage manage

Yes.

that me Let first. one take

flexing up For demand. firsthand as all years, of whether meet have be that us help seamlessly. times flexing demand them you value are of and a quickly to core have able who our the to we is because that or throughout conditions And adapted proposition needs to you really always witnessed clients and with AMN need market fluctuate, to in to it has is well been their down there

particularly even our majority our while in look the year-over-year, XX% do is SG&A year-over-year, went that, and you down reduction if headcount. revenues this of ability to expense at not adjusted down has that So XX% impacted quarter, our

so things and are active elements workforce we plan to clients we we that were with of their working knowing into year planning, have key went this the So reduce experience that doing, we is for one that. our spend

are continue how We those primary of to costs. we drivers the as performance manage always attrition management, doing continuous

Okay. That's I and demand think that. Jeff, you if revenue really goals, the numbers XXXX, that adjusted -- helpful. us used know but Appreciate demand had numbers you I mentioned EBITDA improvement? you there's if be gave you don't that improvement. for the What no those word modest assumes some would

in it's say range, on mid-single would into third flat visibility and on right viewpoint the low now, the sequentially again, I that's that then the that be in we for, quarter, environment. and improvement QX Jeff, the as is digit recruiting second the down Yeah, into single and we're the QX. orders is our have digits high And as bill quarter, QX the demand in digits down is in they'll what single informed well rates open QX into

So side the that's equation, rate low from bill again, the what side right that we're now. and not huge a of single-digit on range. volume lift in it's the It's, seeing

the improvement So mostly you're coming that's fourth demand quarter, what is saying? in the

Sequentially be for do expect digits QX, QX down over QX, we yeah, QX. because mid-single will

I that. appreciate much so Thanks clarifying for right. it. All

One moment question. our for next

of question your Tobey, from Our next Truist Tobey now line Securities. open. comes Sommer is

Thanks.

picks and it to in current generate if growth? business demand to at Travel out rates curious Nurse think your above do As the some bill to require beyond seasonality you stabilize, trends, you'll the I'm to lure pricing business able or be grow up, would increase and market trends supply in additional demand

volume what bit typically be back we able up, rates volumes little and attract to to rates go to that. step to as tend think a from pay you you a if bill So go and about see up see have standpoint,

the we've you've and what XXXX. have of over we couple the QX, quarters point of is really think that since seen that the of balancing past stabilization piece maybe actually I high witnessed seen

the that the you bill of towards we're define not a still volume at slight assuming think in had and a end say And in see volume to would rates point, I increase you're So between we if could that bill this still substantial rates. year. the increase going balance

Okay. you of within how about winter maybe size could and two management from to an than is that average? spend of and higher talk sort perspective detailed of your the much sort business? How questions. influence you book contextualize price Could is MSP and Thank under that orders us churn the And you.

some context and Let winter have I'll me a give MSP, talk then Landry bit orders. overall the about little about

our you talked to of of terms I'd our on particularly about in the MSP limited very we intentional this made our significance programs seen, during and As and we say have as a where just was priority supply clients. spend true MSP COVID, focus strategic

that Our track MSP under spend tends biggest because business Allied overall to MSPs. what our program you see is the in our Nurse and

what and and business, Nurse through seeing of talk tends what to that about some MSP. as with in go you our we're in overall when overall we're we Allied well seeing the So, align

to pandemic programs. provide pandemic, our of during the did out the we come some BMS more able we've we support as than Now, of to have been

seeing the during for you're but pandemic. correlated, still so it's not have seen quite as one And may stay as one alignment that you

quick. Tobey, Hey hit orders is on I'll the winter This Landry. real

So, us latter June end dates to start our in definition that of at the of winter giving whenever a of or or kind QX. bulk orders orders throughout orders start typically timeframe for is QX July either client the

winter of that our kind we orders. label the that’s way So,

those some been accounts plan years, were that, for of just of to different market. fluctuations couple hard last for The with going that the it's on the in

the utilization bill drive reason that in biggest for we you And winter I'd bill this higher needs that them, the the rates our asked are clients rates. higher We increase anticipating about on say is year. rate see

paying of rate So, it customers is the year. of truly higher for geographic of a that time a a it lot that more phenomenon is,

Our question of comes next Suisse. A.J. Credit Rice from

Your line is now open.

Hi the for everybody. Thanks question.

First take of your all, we're point. Jeff, just thickheaded because to just here. sometimes make sure to

EBITDA being The high about this before end $X.X if being was So, million, you And $XXX the billion $XX.X talked million you're at looking for as of margin the million at math in you're now about million were to now $X.X talking $XX.X billion that revenue EBITDA. midpoint, were right, you million the to do billion. before and at I thinking $X $XXX now of $XX year, previously, you -- thinking you're

$XX quarter full a So, admittedly. first with little being a on adjustment million year quarter third lower basis higher, little a being

on that you're significance? somewhat there of other Allied and based any -- say to of is change shake your travel Is making outlook change of where you view Is you would all a out on of and nursing?

Yes, predominantly. your our it's trends I I offset is demand impacting side, A.J., VMS that's say, about on that strength But some Obviously, so Services. the of really nursing as travel Language agree by within business talked well. change we with with nurse would largely a that the would numbers.

year-over-year was up Services Language So XX% the in first quarter.

business to change largely travel Services VMS offset by really and Language coming [ph], So is hit the within being the TWF is any within nurse.

are step Okay. supply demand assignments. up to getting And you who nurses for of about then, when and think willing

really a to concept breakpoint get some of where improves, volume hit to if have might will to hard pull it What improvement little nurses you see get dramatically that and at volume. a back. about talked going You rate point, this it's be you to about

there? you of so meaningful a that where that that floor that, number looking would a today quarter, in assignments people percentage way you'd gives you're are see there's you still back to to you at you travel are As or bottom third be, the close think pretty take where might might some leeway think where a second rates consider to off, willing the

right think demand supply issue. interest I we're Hey, A.J., not is for say it's a it's that Landry. travel, right? it's nurses now, I what the that within is, mean, experiencing there, to probably issue biggest travel would thing is I The a

not the certainly There's enough go per not there. -- and there's to desire to travel work all the the throughout temporary needs permanent diem fill marketplace. and around is to But of nurses in

issue. an been hasn't that So

it supply-demand. pay is -- pay the on it, the On economics piece of

customers. when our that the those to work Actually, and the decisions having be pay So location is where factor to we pay is where goes believe one the making contracts. travel. only number with is and over we're still preference But we to one we into making going clinicians needs to factored think all are that their when be, the decision demand they're everything conversations

in other does rank high top that the and is working conditions. flexibility four. things like But its really location. things So rank Pay the

right now, back up, So, pop to supply anyways, issue. it. we seeing be today, a we'll capture the can able we're to not get demand If

Okay.

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interest. as huge it's lifestyle much a So we're still anything, the And as choice. seeing

it the but to Interesting. willingness last you there. be time about you've prepared on question One Cary, do little before, interest -- remarks, in has know talked I final mentioned to obviously, M&A. company had the in M&A, a

way look any in look you've or broaden out the at, guys for what the that latest might there, Does might understand competitive you you what's landscape gotten to thing, organization, now deals? that the where

I'll quarter. from we -- M&A areas. with always my with start first growth key way accelerate a at are our thinking consistent in last interested very looking as to comments in Overall, Yes. --

true. remains that so, And

environment bit period, stabilize through we go there we slow of you a expect the time think a this some a as saw what as is for that number was volatility, would comment as start broader that market we and you year. saw a relatively across M&A see would I general industries, to

areas see in demand. specialized And where more enablement, we that strong growth think are opportunities we're our tech continued for better going to provide opportunities, in clients, interested we really solutions particularly

Okay. Great. Thanks a lot.

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trend. of a in reasons. their patients as look we number in really you are business macro five to primary not One love if coming for that One the So biggest speak is going at English language.

demographic compelling. so And incredibly is that

part you of language desire The strong when be patient-centric, is that it have other piece you systems, create optimized to a is a workforces and they services. look at of really how a and -- very health

shifts. that do to ability very without multiple an languages during across language in them to literally gives some having of cost-effective those of hundreds This clinicians way a schedule

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Yes.

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color about And more about? initiatives some the some are initiatives? those you on accelerate a spoke you excited what the the Great. Could Cary, to of leadership little some you of changes, most bit businesses. of provide And

Yes.

AMN a really I was my I of our this our talking I week. of you this opportunities very all clinicians, that AMN's going of at and were committed sense chapter anniversary celebrated next and five-month to I we joined spend enter as was to you market, So all of clients, quickly And the to growth. get what when better understanding what

for that workforce. today we do is, us constraints levers sustainability, sustainable going into it is coming for think our I And to be that critical looking There some and clients argue announcements able One incredibly on focus we about create clinician going to are There is build in that clear utilization think areas really speaking, can long-term demand. emphasize is focus years. to is they three different could to That priority, I different be their increased intermediate The I huge in ways is broadly supply. intended made. are the the think help them are the broadly that partners, made a how about who really very a you they're workforces. changes around as around that into term, the of

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our for area integrating job a of of seamlessly the haven't as of of clients, will for them be We us. an benefit good done focus which

we is highlight solutions. piece position to and really want our last the And tech-enabled

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our We make we solutions. are to and we across technology have that phenomenal to that board, have invest want we sure the highlighting in tech-enabled continued all of

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did, and who with have look came the you Officer, Pat focus leader McCall, role. we at that in into an if a so that Chief a And have I outstanding we realignment Revenue

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responsible And accelerate Officer dedicated go then in technology is areas. way over finally, our who been Nishan, and lead for in going all growth Strategy has workforce M&A and solutions, a our and Chief to Marketing our having those

doing us. the So have for around are initiative. internally alignment we to continue one around AMN And we leadership our areas how same strong of we key focus prioritize

Thank you much. so

I it now would back Grace, to Chief to like Executive turn Officer. Cary

for all interest to thank to your in We over you joining for Thank this and look you forward and you the continued weeks months. talking in AMN. call, us coming

participation your today's conclude for the you in This conference. Thank does program.

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