AMN Healthcare Services (AMN) 8 Aug 242024 Q2 Earnings call transcript

Good day, and thank you for standing by. Welcome to the AMN Healthcare Second Quarter 2024 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to turn the call over to Randy Reece, Senior Director of Investor Relations. Please go ahead.

everyone. afternoon, Good Healthcare's AMN XXXX Call. Earnings Welcome Second to Quarter will at call. ir.amnhealthcare.com A replay the available webcast this this of at be conclusion of Remarks constitute call plans, we this expectations, make trends, projections, about events statements. forward-looking future circumstances or during These information available statements to upon currently reflect current based company's the beliefs, it.

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

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

Chief Chief turn On President Grace, the and and over will now Officer; today I Knudson, are call the Cary. Officer. Executive Jeff to call Cary Financial

Thank of market impressive show and our health we of performance. was you for progress continued and some quarter, on latest a caregivers market made challenging Demand review for outlook. Against results stabilizing updated care financial for our joining skilled this the us for signs conditions, improvement.

supply Patient long-term growth drivers labor crucial demand in and of are our businesses.

cash end us Our quarter adjusted consolidated operating revenue adjusted $XX $XX the surpassed of and produce to enabled in margin guidance. $XXX second million income, EBITDA quarter which for the million. million flow the EBITDA million, for net $XXX high was The of

range. have been impacted SG&A, of favorably EBITDA above our discrete would end items margin some that Excluding the high guidance adjusted

clients, expectations. revenue our pressure volume and we quarter analyst EBITDA sell-side be higher see on While adjusted we from to to some margin expect continue than third placement larger

outlook consensus. in outlook would Our though EBITDA X% at is approximately below adjusted with that adjusted line implies revenue the be and quarter midpoint expectations, third EPS our

a aligned our important are market all Solutions with off care. vitally when Coming well Total Talent success. to health continues we in to and for the in long-term net we segments are our today. were better us, AMN how and improve neutral year's XXXX, of behind efforts we These with contracts, year-to-date, we MSP with losses are loss with with RFPs clients situated are net last wins position

The peers. several technology-enabled profit diversification streams, maintain value levels. line enabled to margins staffing At pricing and our of in the at our business attractive portfolio, we time, high-margin including that revenue same delivering are our industry AMN to customers with are has

towards our of reorganization large rollout, has again effectively staffing we this investments vendor-neutral, most capturing working the of go company. progress AMN quarter. Across market we staffing way VMS, and our technology opportunities direct deliver, our to share are replatforming consolidation of brand and we markets, in and the With been third-party made where and

is ShiftWise management. spend Flex than managing under ShiftWise now vendor-neutral more half of our

also deploying clients our began master quarter. this vendor We ShiftWise earlier for Flex MSP

contract, markets. beating recently care We opens rivals. technology in Flex was sector competitive when health multiyear a was of have opportunities awarded us ShiftWise This and out competitive that for current new and demonstrated public platform a list a industry

We and have management deals. the under number in the healthy both in of terms VMS seen a pipeline, increase of spend

professionals to tool to by our market how and on market geographic used Our our by and health ShiftWise provides care intelligence, is by of of and be Insights will with clients bill help rates tool part platform. being to clients them Flex the specialty, area inform Market now some times of powerful attract largest year. set This trends

and flute shift AMN app, pool, agency out leveraging rolling Solutions, are Passport, internal Innovative Workforce internal We management. clinician level our including

deployed have active an these and implementation to pipeline. clients MSP have solutions We some help

gain ability market to our We progress that business improve our and share. internal clients, new will expect serve win

Meanwhile, continues workforce. sustainable clients' deliver to our the needs team help build to AMN high-quality, a current on them

detail. our review second in quarter performance Let's

quarter. Gross revenue lower in Solutions workers' because for entering first the controlling quarter, bill In expenses and Allied was $XXX the rates adjustment consistent of favorable second margin the our than the hours quarter. Nurse comp million, the movement by a and We businesses, reducing offset were of line with and with and Across segment primarily Nurse average Allied quarter assumptions in the margin volume, prior recorded our our Travel costs. gross expectations.

is has the for and orders, upward than first since the XX% second since approximately outlook XX% of revenue the measured grew Nurse. an orders quarter and strongest beginning quarter, trend Allied by Demand, Our half April. as to the with year-over-year, Travel third growth lower been but quarter-over-quarter. down on better Nurse nearly in Nurse comparisons, open Allied still Total XX%

Though market XXXX permanent Labor since this was employee hiring to we that XXXX. reduced time, of permanent in continue than At and the strong labor less half job it hospitals seasonality, clients normal last attrition. strongest increase improved utilization data reduce over growth first was was contingent of for past same the amid much year. showed large the see

scenarios since for XXXX. all excluding Allied beyond and the could of into QX. from the down revenue, modestly been and which Taking account beginning QX quarter international, modestly these factors, Nurse in in we challenging range current Visibility has from higher to see Nurse being Allied

receive later more winter us which QX, needs in give to We will QX expect into visibility orders trends.

were Solutions make up lower tenens Leadership business and the decisions. organic locums XX% impacted quarter had down than quarter our million, factors management expected. clients year-over-year. of These hiring on as and business were up MSDR. as well and organic locum X% focused was cost The segment about X% although $XXX to slower Physician We Our X% fall saw year-over-year extensions second had in quarter-over-quarter, off we revenue as

technology MSDRs leadership growth were demand is in fill to as excited we important to Demand with well remains flat this in market. versus Results interim quarter, inconsistent. for locums and first potential are our investments about search though improve healthy our as coupled capabilities, speed our in the

prudent quarter quarter the tenants. spread in the than pay first margin by largely was expense local management. gross to lower was lower due offset a bill Segment This in

expect Physician the and be to third XX% quarter, XX% year-over-year. For Solutions revenue up to Leadership we

In was the $XXX Solutions our expectations. XX% and Services XX% second by growth, of driven with year-over-year outlook. revenue and our Language were lower other All in strong revenue segment million, Workforce this with consistent posted video Technology line quarter interpretation. in segment, by utilization solutions

operating operating substantially quarter. million The TWS also income, this this XX% total income of TWS segment of segment The segment profit contributed improved margin than more quarter. $XX

clients' its margin attractive the tech-enabled more due profile. for and growth earnings revenue Our our segment of long-term to solutions to strategy and continue and share increasing alignment is with its desires

For third to prior XX% to and be Technology XX% we quarter, the project Workforce the revenue from year. Solutions down

and the sector strategy an its This clear in current changing still We has near-term care have that spending and cross-currents. improving our made it health possible. especially perspective carefully ensure having to long-term environment is AMN of important managed as for as

Jim experience share of in Services, We health were former forward past delighted to Scott outstanding systems, American add to White CEO of & and Baylor Jim has as a Hinton Hospital Mexico of Association. New the Board serving invaluable Health to addition as Directors. our Presbyterian

health mission first executive advisory guide of our care. for launched board talent company's recently solutions also providing the help innovative total We to

and care Providence ensure supply. helm aligned of with is Executive AMN Advisory organizations rising extraordinary Mike current they led the growth. the demand complex is is Advisory system Board of At deal increasingly health President future that Our will as the Board closely Butler, with Executive of labor health who our and through needs and

for review. a the want I stakeholders. all care financial professionals to I over call our and for our the recognize serving turn Jeff Before communities impressive team their efforts wonderful AMN our health and to

are positive of in the our enables ability communities. care needs AMN's health Your have mission and such your excellence a serving what impact to

review Jeff quarterly a will and results of Now outlook. continue with our

everyone. Cary, you, and Thank good afternoon,

and in from Tenens Second quarter gross also $XXX sequential and the to with down down segment The XX% million, DMS with expectations. quarter consolidated second Locum Nurse XX% was in the XX%, and expectations. quarter the was businesses. was decrease due for the line second and line lower volume margin and Allied XXXX sequentially, revenue in primarily Consolidated of

Year-over-year, XX primarily gross points, mix. and segment favorable shift. by partly margin, by decreased offset XXX points all segment Nurse gross X due gross segments, to Allied lower decreased Sequentially, Locum's across basis by revenue a mainly driven lower partially and margin mix margin basis offset margins a favorable

actuarial to insurance in sequentially. costs reducing expenses decrease massive lower and drove remain we revenues. employee expenses professional million were XX.X% year in period. the quarter. revenue expenses in $XXX XX.X% SG&A of or or previous $XXX revenue with or the primarily decrease The service steadfast of in SG&A adjustments due Consolidated year-over-year XX.X% employee as million for of expenses million professional and compared prior revenue Lower $XXX was to liability the favorable and

expense to Adjusted second million and compared of and professional reduced change for accrual revenue by third XX.X% $X $XXX quarter million a for in legal was in the not $XXX accrual in with These liability in compensation. SG&A, of revenue or quarter. quarter. and items quarter or incentive expect actuarial the million we million of and settlement recur period in that an do costs, previous integration items adjustment compensation XX.X% SG&A the revenue the the excludes which in changes included Discrete insurance or year $XXX acquisition, prior other the XX.X% stock-based

XX% was year-over-year lower. was and the million $XXX bill shift of X% down toward hours decreased volume second worked Allied and flat. from influenced Sequentially, in worked were down XXXX. Average average revenue and by Allied. and Allied. rates revenue volume was a was mix XX% down and XX% Year-over-year, average hours down The quarter, XX%, Travel Nurse rate were driven and in by while Sequentially, X% sequentially. Nurse second volume lower the lower segment quarter XX%

the was revenue $XXX and Nurse decrease in XXX the expenses and rates. from from prior XX% Allied impact XX.X%, and bill year-over-year Travel period prior XX% to quarter was increases down margin sequentially. XX% allowance of second basis and travel the quarter. the decrease Allied was in housing of revenue second million, year-over-year, Nurse quarter of points year in due in lower and XX% deleveraging primarily quarter the a million, a the $XXX gross

primarily lower housing slight gross by quarter adjustments of adjustments but insurance points, to driven decreased XX.X% margin, first year-over-year, our decreased increased accrual expenses favorable actuarial margin points that XXX increase operating XXX higher gross quarter lower first workers' due with and margin. the The Sequentially, Segment costs. comp points offsetting employee was margin XX along the the from basis benefited mainly sequentially. basis basis

Physician the and Solutions to segment. Moving Leadership

MSDR increased business million, with the quarter the in Second as acquisition. locum lower $XXX of expected. down in million volume and year-over-year growth XX% tenens was the and the to driven revenue quarter $XXX due was revenue MSDR revenue search X% Tenens revenue coming acquisition. Sequentially, X% by Locum year-over-year lower from the up

decreased the was In million leadership prior Gross flat year sequentially Search revenue XXX as XX% down sequentially. and basis X% revenue remain and down points points basis of our Physician period sequentially. low. of margin was $XX for and from XX% volumes down was year-over-year year-over-year segment XX.X%, XXX million Solutions Leadership the $XX

was bill points operating attributable decline tenants within decreased margin. partially gross improved to points. business. year-over-year in interim primarily to Sequentially, XX operating margin XXX gross basis was due by basis margin XX.X%, margin lower Segment The spread year-over-year, offset primarily the lower pay locum decreased which

million, Technology revenue growth. and Services than Sequentially, more in flat. Workforce decrease down for $XXX revenue was business was the quarter Language the VMS as revenue XX% revenue the year-over-year offset the Solutions second

due year-over-year million, $XX revenue in was and Segment was within the and down from the quarter XX.X% an a outsourced increase XX% and XX.X%, the was for X% prior solutions decrease year-over-year XX% of sequentially. to million for year of quarter gross VMS sequentially. X% revenue margin $XX Services lower primarily revenue VMS the period Language businesses.

the margin was the decrease margin, in expenses. prior margin XXX of employee gross SG&A partially by expenses. points quarter, lower the by mainly period, decrease basis due XX.X%, driven basis operating a quarter to second operating prior increased reduction of XXX offset points a from Segment year in Segment from the

XX.X% for margin insurance adjusted X% million, $XX a the EBITDA quarter mainly and consolidated of actuarial of quarter to end and guidance sequentially. high year-over-year of Adjusted adjustments was Second decrease employee lower the above and the due EBITDA was range, XX% expenses. favorable

a XXX Sequentially, revenue follow favorable down XX EBITDA to points, due basis margin lower the on basis and declines. Technology driven up to while primarily adjusted by Workforce we Solutions reduced expenses and Year-over-year, deleveraging revenue, points, adjusted shift. margin the SG&A was was EBITDA mix segment

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

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

outstanding by than for to was quarter we below in DSO start days. year day ago, prior the sales for higher our low DSO Since reduced and XXXX. Days the days quarter the XX a X was than lower mark which XX the and XXXX, year X XX, have end of expect days

Operating second quarter $XXX million. cash $XX and flow for was were expenditures the million, capital

for CapEx year $XX to million. the expect to $XX We total million

As debt net line and including had of our $XX on of cash of June credit leverage ratio XX, draw a of and $XXX long-term equivalents revolving we billion, $X.X a of million, X.Xx:X. million

During the pay $XX we paid million down quarter, bringing million. debt, year-to-date to revolver off $XXX of the

million XX.X% projected XX.X%. third are be project period. $XXX revenue to XX% prior and margin million, revenue. down projected $XXX million to consolidated $XX.X SG&A in XX% to year to Gross to XXXX be of a we quarter XX% expenses range the guidance. Reported Moving is from between to to be of

be margin diluted to is adjusted to XX.X% X.X% is Average margin shares projected expected Operating be EBITDA million. XX.X to XX.X%. outstanding be and are approximately X.X% expected to to

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

And questions. now, please for call operator, the open

Our Blair. William Instructions] Trevor first will Romeo for be question today coming of [Operator from

any just of it And Allied be talked I could in potential the for assumptions QX. the you rate and QX, thinking bill have one, would on outcomes to guide? QX think, you volume if and Cary embedded to range details I Nurse great are think relative about a then that provide

these to always quarters I calls look think of give the ahead. Jeff, kind you I X for appreciate on tend

shaping QX helpful. any you thoughts on see volumes see would what you'd point bill this for and rates at how based up just on be So could really

Thanks, Trevor. Yes.

quarter, to down and relates QX have we in international. When it QX excluding as fourth bill about of low think we volumes low double So range the the and guide, from QX mentioned Allied rates digits the digits single down levels. Nurse sequentially Cary scenarios, from

be in the to Visa fourth sequentially million the from impact business, million $X quarter of on down business with the we would to So retrogression international expect that $X QX.

segment. that's point the on drag So a XXX about within basis growth the

bill in, within quarter come winter us only factor but then when volumes big quarter swing where And will within the bill we and again, so rates where look rates at dates the be also for not volumes and those a the orders quarter-over-quarter, land. the start

from to single-digit single then and of maybe slightly outcomes we being those digit down from So fourth a within would in low see increase low anywhere quarter-over-quarter. bill the rates range down quarter, flattish to volumes ranging

Trevor, them gotten orders, And some accept indications to in we've from those quarter. later until clients but we see the wouldn't

will be And from Brian question of our Tanquilut next coming Jefferies.

to follow-up question. I'll Maybe Trevor's

more think you're thinking to also, even than pronounced orders that? expectation? you orders So how number order Maybe to low just about like us low are if minus bridge you we're in different said, volume single then typical Because seeing QX. plus up XX% XX%, Like how seasonality? the in translate help that. single And does seeing Jeff, here I are seasonal plus patterns normally

what curious seeing. what you're just So you're thinking or

the the of up Yes. And in seen a versus XX% to seen and have normally, trough this leading went back at XX% lower somewhere we what years to XX% range on seasonality, and demand up here looked couple year, we increase would honestly. we've quite the off XXXX. Brian,

So in yes, were pre-pandemic. quite are trends but base to not back was demand off a it the where we improved, lower

starting within a traveler thing stable sequence at volumes and through look end July of is we the would with Nurse think is point I in as at lower within the say we the I when than July QX. September, we quarter, monthly just count think the about Allied, albeit third were one the

was improved second quarter, we the the trend point quarter. much were low in the a from that's June within where where So

but off would demand, when it's in rates would the it a that we're at about clients, Cary so low historically reductions that with basis of continuation points we're range. just MSP gets back And average, about our norm, what of to end normal end say low what -- of we're but I the at be utilization. said the extension seeing XXX from within the standpoint, some And seeing still

think you then line forward? on SG&A maybe makes And discrete or that just G&A as out? That maybe call just G&A, think we should sense. any one-timers you Okay. the how modeling going be items would I And about

Yes.

had $X points the second basis XXX within added of that So to items quarter, EBITDA about million we margin. discrete adjusted

actuarial of a So ex of would was an we that related in the to XX.X%, points professional adjustment those, have we XX which QX on true About up $X been million twice at and million above QX. liability end basis insurance, year which guide. the high $X

compensation some dollars related quarter, accruals. to The those third adjusted on pretty despite see We would remaining the to levels incentive million but to QX in reported expect back as that, adjusted variable the flattish in and we was half SG&A. recur $X wouldn't SG&A

our from Capital Jeff question Markets. of coming Silber be next And will the line of BMO

. that to but dig demand your moving gauge, most to that's we of the some the wanted to Do staff? going it's I will hospital of do the think into with you've comfortable clients of you in it talking know temporary to about. lower? direction? tough to take think permanent go I been trends get right it What are mix

So standpoint. I'll bit what a Jeff, seeing about from talk a macro maybe we're little

we've board patient been most we're seen our also retention They've hiring. the permanent utilization Against of very clients, seeing strong over quarters is for higher to seeing past X across that, So higher rates. the what X

are some to COVID. a workers roles. clinical rates rates And we've support Now effort lower-paid unusually lot coming of to during also the those off hire of seen retention retention low of

from you're still hiring, even especially efforts, higher seeing the been open and these all they've with strong, X.X:X roles standpoint. permanent a around But very

look the of in now that's patient the seeing pressure ranges we're the contingent still premium, increase workforce and And if to you back utilization against back, available. And of XX% XX%. normal you so getting we're half the year, at we're in as

are from sets to the of of seeing hiring retention it efforts. they from a be. factored And think, have a some have or more demand so contingent their some of I interesting clients target in they permanent efforts those making They spend What of want where we're underestimated even of is not dynamics, standpoint. if may the

over seeing X we're they're in, where say, factors past play So and or particularly quarter I'd coming out. those the

your at handle could can if current workforce right. move you own That's about environment? Are you've right point All And If to question direction? the that similar rightsized think where can turn ask in your enough how workforce. I helpful. a demand you . you quickly the things the start

Yes. We ourselves, feel our about demand conditions. of meet positioning saw we our different of terms as our conscientious are. able both demand rightsizing very shake in and to be capabilities workforce We've But good been we out in where we are about parts rising business. to

the And line of our today will Rice A.J. next of from coming question UBS. be

following quarter. margin to stable into you on point I how just Maybe does that from with a -- degree, with QX comment we're you're of gross too, QX? think translate guess, -- With revenue, and Cary, do Jeff's at some about what fourth envisioning to

flatten How that about step would sort of Is any SG&A? down. or Is there that reason out. up

we're generally? for we we're estimate, think necessarily not at I'm here but directionally, think I where looking specific bottoming out is

And reasonable in standpoint, high say, on from XX the essentially quarter. way dollars in from same guide standpoint fourth A.J., then XX.X, that's levels where XX.X, about think I is I were the would is be to to and think the relatively to that, midpoint we from Yes. margins, flattish adjusted for for XXs, estimate which and reasonable the the a about fourth the QX a standpoint, an consolidated gross the something way. being SG&A also nurse the would quarter right think also QX a of that over and both Allied low QX

helpful. That's Okay.

the forward? priority. Where use or from about as the exit on ended ratio think year, here. X% debt-to-EBITDA, a as go X.Xx thinking of quarter at you'll above Just cash by I down that guess you comfortable flow you calculation, our at are be is debt paying I you leverage you

first half million off paid and paydown $XXX of second Yes. that this as million we've includes we've a priority the A.J. been Debt in year, through has gone $XX the quarter year-to-date, alone,

of flow remainder probably excess continue we'll prioritize paydown of 'XX the with to the debt cash this into part early free for year as and So well.

-- trying to it's balance how get at I'm a would I between Where And guess leverage you and what feel acquisitions, be what -- sort ratio buybacks to of of the guys that good potentially at would you is a back comfortable point? sort leverage?

debt X.X We'd back see below deprioritize want to before would . paydown. it we

question from of Marcon will Baird. coming be Mark line of next the Our

the about Really some bit found helpful. was can just the of of for. what I rates the are looking pay traveling seeing talk volumes comments terms little in you on wondering, the you're a nurses that

that premiums mention perm are above to did XX% to for coming contingent. You the XX% down

so fill the that That's sufficient is to question. first And demand?

Yes.

at specialties. that typically has I think and differences historically, premium, been if have look Obviously, you're in that geography you demand. fulfill to going sufficient to

a I we an at permanent macro is premium the of off think, the from Mark, is things look wage. look increasing of when standpoint you one at that

And very I these as going at that's to you've past years, that the now we into look But base dynamic increasing. had X.X one the normalized premium is be that over a high off of down. at, ranges, really wages factors the coming where, a gotten contingent of so think you it's

Great.

the issue. from sounds, it be? And So the expectations filling . not in just line that orders your clients. demand what It's the are fill with still like rates an correct? Is would Cary, is

fill. I'd if have Yes, they're to you high if to hard are hard have fill, market, that orders to you priced going fill I -- are But at you rates. say that largely that mean see be specialties

coming demand the about is back. really it So

just expect prognostication well. sort It you then of a of of to are bill holding facing characteristics. that I like with balance you rates the regards bit rates the and competition relatively on front? mean, talk the And in is are space And you're terms what little demand a about the same obviously, the can flow -- entire you would this through how Great. . everybody bill how bit up in talk you Okay. you confident year? Can seeing sounds the to little gave that just

Yes.

Let bit have a transparency we the competition then a bit can me talk bill on little and Jeff little about talk about rates.

a competitive in been have environment. We

We be a competitive continue to in environment.

changing term. So the short in intermediate and I that see don't

seen so the in as past over everyone pressure industry has we've And the year.

So reflected performance also what from both standpoint, that's in but forecast. our seen you have a

Yes, the at Mark. And into single our when future third TOA, rates we the I for we third that on that then assignment low say, would just bill rates down that booking quarter, bill look for where travelers the quarter. digit we're on have and in supports the July

that, And believe, the some bill those in rate on then the flattish bill rates influence offset scenario obviously, needs seasonally, And nonwinter orders. needs we'll from would the on orders. any winter in get we pressure

note, Great. traction ShiftWise. you're really And seeing a then positive on with nice

getting . you And of implications mentioned to? up what You to that? be XX%. think would Where can do the get that

Yes.

XX% context So the give let what for me is.

on are ShiftWise happy we we So very doing with Flex. how are

our goal to ShiftWise is so Flex. And #X into ShiftWise clients replatform our

that number are client is XX% So putting spend to them ShiftWise of management, over terms in under halfway we Flex. on

with significant our we the majority and have end MSP this And We expect completed, also as expect, have with started progress our year clients. to made we we VMS first MSP to clients. clients would of our

for first us existing is clients. So priority replatforming

we when from quarter-over-quarter at piece, look our basis. second it building progress Mark, very a pipeline, we is The against saw healthy which

that? Great. . What implications financial the are of

do platform re-platforming think standpoint. be not about ShiftWise for those existing a can clients. a of first on existing implications, financial enhanced They're some technology especially So that we capabilities has one that with should be the to a accretive revenue Flex from opportunities, think that standpoint because We the there's you clients. if more from

you that as then the pipeline, at pipeline. and pipeline impact any wins started from pipeline to revenue down onboard that until our work If you wouldn't XXXX look have really impact

impact this year. have So it won't an

it should have of impact get back expect XXXX. an you half You into as of the to more

Fischbeck line of America. of from question be coming Bank Kevin the next will Our of

second revenue. Great. of still the I stable say orders little sounds but QX QX, since then about you're of going to about up. guess it that still up the average stable-ish orders despite company like to beginning a below are the XX% QX, the bit talking also kind And

in that mentioned mean coming if something market? you mean over next are that not there the between filled quarters? that orders are to Does guess, revenue that So better orders Or at they're I and isn't these why be does around, a at market. correlation that able numbers the XX% the are

I'd is, Yes. One things. to mix are orders below. some or of X say rates market be that always have going at you

orders to you tend and they And so they in to at come see rates what tend aren't for low is fill that very that market, have age.

you have be that So them demand, that's to those see market. to of you going going to see going increased true And you're age. some tend as orders are not to at be

seen look about that we've for since you at We've from they seeing a rate. have this in open earlier. beginning lot our little of the reduced demand when utilization. talked orders a terms the increases extension had we're Jeff overall where what clients We're what seeing bit In seen and of and large of some also April

piece, we that's but still seeing clients. Kevin, some so have where we the around the we're And demand, some signs are stabilization promising of seeing that with our

at to of that? an then later, does past, are implication a little they been color as a as And through? I come those guess, I -- Or in that for point. the the orders kind pushed I it's far you'd have the orders sounds lower? a guess, be not is little there bit It does in think, come if bit winter little that when Is bit that historically, Okay. of orders, in. follow necessarily back going this that like guess mean I

Yes.

don't a coming we standpoint, think, pre-pandemic weeks couple more year. it in seen terms prior. expecting had what last frame, like normal, that in time But was late mid- I those shift volume. to and anything know November where of signals were what in QX like timing did the we a of later which Kevin, starts I was look later we're XXXX a versus from see of last in to than year

a just that bit if that's is [indiscernible] And they to the longer is it, it they But need to new hospitals mean temp are that and view use normal? staffing, waiting that be? a little Does they'll that way need eventually the and it's going just

on could normal. quarter. I see if don't we know look first it had later, would They say of first new could the the probably last went into I that but seen into little year, those also look then we was a Yes, . into some what with like benefit orders in maybe then started par longer the the but total it's duration quarter. did It XXXX. a of

part the don't I'd and winter seeing that the I that Kevin, we delays these orders. can other not call but some normal, with know of we're a board. across new just again, just this say, It's

I know anything I read would that So into don't that.

Okay. the I last And SG&A on then, side. question guess,

lower should of spiked about there that this on compensation commentary there something there? on Is If with G&A demand be G&A for? the be going is as costs press out in Is release lower You the and $X I the that demand. million. anything we lookout guess to Because percentage about Or revenue does Will forward? good base next a be a thinking pressure year? else improve?

again, next is compensation, had that similar inflationary-type variable think would 'XX a now. for that on right the you have adjustments then merit we've I to reset hit year in standpoint have given normal incentive would in and that would in as we base a last aren't probably just other XXXX your year year biggest thing that and and the base from

a there to Is that? size way

$X probably incentive you $X . quarter in range. the that can to think million side, million per the On variable about and

of the will our And next coming from Truist be Sommer of Tobey line question Securities.

if about period I you a the you as for internal was time. you're wondering make all protracted changes you how could doing of falling with is marketplace demand feel idiosyncratic talk the to now could address

You brands. consolidated some

How prosecuting services, You're you understanding. do trying . changes more you you're my to control? cross-sell the is can like feel

Yes.

to ourselves to Tobey, the a So go-to-market think that TAM, ensure pieces, bigger of first that our core we are that we we talked about you if aligning market changing the strategy. some are model is our about,

very been, number MSP. of part a had focused the market a we minority a years, in but of on for important So

progress segments we all So that. to seeing on and of have market, we're ourselves the aligned

So relationships. filled third-party look physicians if increases and at QX in the we direct you QX, healthy in saw to

we made So including of a automation. our in that that, fill. to were number initiatives We operational against aimed had progress significant speed

able So some increases. achieve there being operational behind and to were those enhancements technology of

From the brand with standpoint, completed brand we a integration. are

that B.E. different And the and brands. We're audience, Smith, serves reinvigoration see very of separate, consolidated a staffing which keeping will you range. a so we've

seeing now our outcomes So strong clinicians over on who XXX,XXX in testing. are overall seeing our brand We're we're app. Passport

number build sustainable On seeing talked digitization we're our a we about I we've how ourselves on and So in on the clients progress of But entirety innovate know company, to strategy align to market. focused against opening align help with the workforces. our of comments. initiatives and of these been the them go-to-market again, I very our my

ShiftWise analytics with done and we've and market what well is that scheduling. workforce AI-enabled the data of Flex lot and the a as data planning and as So

second in in for scheduling the platform rated row. was a year Our class #X

to done a they set of of around help a clients want work have So ensuring where go. lot we we've that with services to tech-enabled

the thing as on really say and with clinicians that that clinicians connecting I'd And client so our to technology enhancements we've connect same done we clients. can Passport the to clinician for important

how And you to at about it? think it's this do share, choose wallet in influencing market share, . however juncture, you think your

Yes.

clients on we losses, going where we of focused were year a was look year loss So net significant year last came and at wins out from position. of period during to last experienced If we in a this us. a we favorable net COVID, that in terms versus market growth share standpoint, during not of what MSP

are net We and from neutral expect to be this on clients year.

so position get into And we're a getting and translate is that Obviously, net we where want to progress. to worth.

when the your an you've sort you updates are visa or that out indicate anticipating a see you the tell that And of what Are respect turn with retrogression? business to dates and could in some update? signs you're that either future there international seen any

bullet Visas was There September. will looking and late the for in comes I neutral. largely year. set That October say, bulletin, which out What the a for typically is in today, was next would we're release it

in that future. we And what idea, bullet so leases in we have of as a for comes better terms the should about out, expect would

keeping international up-to-date. are pipeline the strategy we intentionally is on Our side very our very

our get all Visa we So of that those numbers as go. awarded have get ready to clarified and place and commissions in

Our Benchmark of next question Bill will be coming from Sutherland the line of Company.

Jeff, Did what's questions impact call the guidance? just the I here. think this the out MSDR all point, acquisition. wondering in in in XQ Locum on you we've XQ? And was at I the checked

Bill, Yes. that to It was second million modestly revenue down maybe QX. into expect would sequentially we be the of $XX and quarter, in

Is that seasonality?

No.

in we're that but Demand is gets probably decision-making seeing and the broadly the was in what from Locums, year-over-year. just lower think we're Cary what delays is more beginning it's the Locums. where and down probably I of in year, of still client of more a down earlier cost extensions focus and with talking healthy, seeing it to about certainly on

is I Is away getting was normal. is what's lodging and from what to is the travelers margin of gross to is guys that what pay that of spread taking you costs the weighing comments related back And other that spread bill earlier travelers on are in the expenses. kind seeing? something But sort

slightly the When levels. all margins first favorable didn't the actually the from and gross spread in a And accurate. we housing that quarter came QX adjustment Yes. workers' as Nurse think diems per Allied. bill over as downdraft well QX quarter, the comp within and That's had about Allied in repeat of Nurse second the elements the and in improved pay we other

-- difference out in like the just today. your big in little I then don't on they a just made . competitively. a what And impact curious looks kind curious zooming it Okay. you of past, haven't think, the But bit, marketplace's And -- do. about how

Bill? marketplaces, What

. marketplaces be far that as to government automated are positions. as very designed The

Got it.

particularly it's the the equation, to at think access when supply-demand -- I you -- look who quarters, demand. been over premium the has X seen that in is past we've on what actually been has the --

side be vendor-neutral, a MSP see marketplaces so not tend as but And you the in it relationships. for demand would conduit they're direct supply, to directly connected or always the to

environment. there, are of out they factor we haven't in but seen them much obviously this a be So lower demand as

This would back ahead. . to you. go turn I over Please call today's the conclude to like Thank Cary Q&A does ahead session. and for remarks. go closing

all of interest the forward AMN. future you mission of for look important to update We Thank to our continuing continued you care. empowering on your in

today's meeting. concludes This you. Thank

disconnect. all may You