Discussion with AMN Healthcare. With us today, we have Cary Grace, who's the President and CEO, and Brian Scott, who's the CFO of the company. I don't know if you do you have any prepared remarks or we just jump right into Q&A? Jump right in. All right, let's do it. Know that we're the last slot between you and flights home or going out to dinner. Yeah. All right, let's do it. I guess when we think about there's been huge ups and downs in this industry over the last, you know, with COVID and post-COVID. Where do you think we are now from a overall demand perspective across, you know, the key business lines? Yeah. For perspective, and I'll give you a couple numbers, I think will paint the picture of the generational cycle that we just went through in the pandemic in the industry. Going into the pandemic, our target TAM, total TAM available, was about $24 billion. In a little bit over two years, it went up to $70 billion. On the other side of the pandemic, it really got to about $34 billion-$35 billion. We've seen some growth from there. If you go back and look at from the original point to now, it's a great growth market. If you look at from the height of the pandemic when you just had a huge surge in demand, we had a reset that we've been going through over the past couple years. We've really seen a lot of stabilization in demand. The things that we look for in stabilization are things like overall utilization of contract spend, bill rates. We've seen stabilization in those metrics in the case of bill rates for a couple of quarters now. What we're seeing largely in our businesses, there's a little bit of variation in it, but in the business that was most impacted by the surge in the pandemic, which was our Travel Nurse business, we actually saw a very good start to the year. Some of that was some stabilization of demand. It was down a little bit, but certainly stabilizing relative to what we've seen. For AMN, we have been executing extremely well on the demand that's out there and significant improvements in our fill rate. For us, we got off to a good start in our businesses. We started to see businesses for the first time since the pandemic return to year-over-year growth. We had several of them return to year-over-year growth in the first quarter. We would expect more to return to growth as we leave this year and into 2027. Yeah. I guess when you think about the bill rates and the, I guess you said the contract spend, like, can you give us some data points on that? Are we back to 2019 levels? Does stabilization happen at a higher level than that? How do you think about that? Yeah. Well, bill rates are higher than they were in 2019, you know, the way to measure it, say, if you look at the bill rate levels, you would expect some normal, you know, increases on an annual basis. What we haven't seen is it keep up as we've reset down. It's come down more than you'd expect considering the rising wages. If you look at perm wages have gone up probably, you know, 25% over the last five years. If you were to go back to our 2019 bill rates, you know, we're probably up more in the mid-teens. That's where I think you've seen still a, you know, a competitive environment and some compression on margins. We've seen, you know, a lot of push from clients to try to get rates back down, which was very appropriate coming out of the pandemic. I think it's probably come down more than it should. We've been in this point of stability in bill rates for the better part of the last year. I think on the demand side, as Cary said, we're executing well in the demand that exists. When we start to see bill rates improve, I think that'll be more indicative of a greater urgency from clients to bring in more contract labor. I think as we progress further with the slowdown in permanent hiring that's gone on, their desire to not continue to perpetuate high wage increases on permanent staff because that's very costly long term. I think that's when you start to see them, you know, relook at contract labor at the levels, particularly the levels, the bill rate levels right now, as being a very smart alternative because it's, you know, you're paying little to no incremental cost for that, and you buy a lot more flexibility, and you actually help manage your overall cost of labor. The other part that I'd say is, you know, for those of you who aren't as familiar with who we are and what we do, we have very intentionally built a platform, both in terms of solutions, ranging from traditional staffing in every type of clinical role to enabling technology, across every type of clinical role. We also support non-clinical, and we do it. We support permanent staffing, kind of what we call core staffing, as well as contract. We have a really unique view when we go in and partner with clients because we're not trying to optimize for one element of their workforce. We come in, and we get a really good sense with them about what they're looking at in rebuilding their workforce. Kevin, to your point, you know, when you think about where we are in stabilization, when we talk to clients, many of them are at or in some cases below their contract utilization rate that they were at pre-COVID. Now there's wide variance of where any individual client's gonna be. There was a really big, very well-placed push coming out of COVID to rebuild your permanent. We benefited from that in our RPO business. What we're seeing now, we're even starting to see some executives come back and say, "It's actually more cost-effective for me to have a more flexible completion strategy on my workforce, particularly with some of the uncertainty around, you know, what's going to happen in terms of utilization and I want to retain some of that flexibility because it's really not costing me very much to do that, if anything at all. Yeah. I think, you know, when we often hear from the provider side of things, they talk about contract staffing as, like, a bad thing, you know. How do you overcome that, like, perception that, like, you can be a partner versus being, like, a temporary extra cost or something like that? Yeah. Well, I'll tell you a story 'cause it happened this morning. I was on with a very big prospect, and one of the execs had come from one of our current clients. We were talking about here's how we partner. We are incredibly unique because we support the totality of total talent solutions. We have case studies about it. We can talk about how we help you across the continuum. Oh, by the way, we're the largest healthcare leadership and search firm. When we say the continuum, we mean across the board. As we were talking about this exec chimed in and say, I just wanna tell you firsthand experience, this is what they did for me. They were a true partner. We were at the table. We had goals. We talked about how we were gonna do that together. That is what—what I always want is not for me to be saying it or people to be saying it, but for our clients to be saying it. Now, are we completely there? There was a pretty big emotional overhang for the clients coming out of the pandemic because you saw just really, really significant spikes in bill rates. Everyone was working so fast. People didn't really understand that it was predominantly going to the clinicians, and of course, it was. That's what it took to get people to travel and to put their, you know, health at risk. We monitor, like, how the health is doing overall. I think a lot of that emotional overhang has dissipated. There's still a bit of residual. We actually just had AI go through and do a search at the latest American Hospital Association set of meetings that they had, and it was the first time in three years that you didn't see contract spend come up as one of the key terms. I will say now the conversations go back to contract spend is not the lever to solve your workforce challenges going forward, just mathematically it's not. Now you're back to the real work of, okay, what are the things that we're gonna do to create a cost-effective, sustainable, high quality workforce? It's not gonna be one thing that you have to do. There's not a silver bullet. It's gonna be multiple things. The beauty of what we've built is that we have the multiple things. We have a very unique ability. We go in on the physician side and don't just say, we're going to help you with locums and maximize your revenue. We go in and say, we're going to help you get to the right staffing, and we have one of the largest Perm Phys businesses, and we have one of the largest Locums businesses, and we're going to come in and help you get to the right place. We have technology that can predict with over 95% accuracy what you're going to need, so you're not overstaffed. We have language access services, so you don't have to have clinicians on every shift that have multiple language capabilities. You can do it for a small fraction of the cost bringing in our technology. We're really finding ways that are going to help our clients be able to bend that cost curve. You mentioned a little earlier that, you know, none of your businesses show year-over-year growth for the first time in Q1. You said on the call that you expect basically all of the business to be back kinda year-over-year growth by the end of 2027. Can you talk a little bit about what's there now, what still has to come, and what gives you confidence that the things that aren't there now will- Yeah. ... have turned by 2027? Okay. I'm gonna go by memory and do this in partnership with my wonderful partner to my left here. In Q1, yeah, I'll do a couple of things about Q1. Obviously, strike, supporting labor disruptions, one of our 20 businesses and solutions. It's incredibly important to clients who have it. We supported five strikes in the first quarter. We did an unprecedented level in the industry and for us of strike support. I'd say kind of thing one, all my comments are normalizing for not having that historic level of strike. Our Nurse business got back to year-over-year growth, really driven by international. We had our Travel Nurse business is relatively flat, so we're kind of teetering towards getting to that growth level. Our Allied business is back to year-over-year growth. Our Schools business has been growing throughout this, and we expect that to continue into the year. Our Search business went back to year-over-year growth for the year. Those are the ones that we've already seen go to growth, we would expect, as we leave the year. Did I miss any? No. Okay. You did wonderful. You add the ones when they're gonna go. The next one. As we get further this year, as Cary said, the Nurse, the Travel Nurse business, that international was up 11% year-over-year, we're back to a growth after a couple of years of decline with visa retrogression. The traditional Travel Nurse business, we're like we're kinda right on the cusp. The guide we gave for Q2 would apply, you know, flat to maybe up a little bit in the second quarter. It's a, you know, it's so close right now. In the back half of the year, we'll either be plus or minus a small amount, but the team is working hard to get there. I'd say if anything, when we laid out our plan at the beginning of the year, we thought it might not happen in 2026. It'd probably be in early 2027. You know, I'd say in that one we're at or better than we expected to be. Again, I just emphasize on the Allied part, it's our traditional kind of medical allied, the PT, OT, imaging, respiratory. In fact, in the first quarter, all of our, like the different categories within that were up for the first time in quite some time 'cause respiratory had been on a multi-year decline kinda coming off COVID as well. Really good performance there, and we think that will continue as well. Where we're a little bit off would be the Interim business, which is stable, but we had a little bit more momentum to start the year, and it's slowed down a little bit. There, you know, we've got very deliberate actions to get that to growth. It'll probably be in the beginning of 2027 as well. The other one, Locums, had a slower start to the year. We expect it to be back to growth in the back half of 2026. It's gonna be more like a first half of 2027. Our VMS and Language Services businesses, they'll both be also in the, in the early part of, like the first half of 2027. I wouldn't say that there's any big surprises for us there. We're more in a stable environment there, and if you look even our expectations through the rest of this year would be pretty flat revenue. As we kinda comp some easier metrics as we go into the first part of 2027, it won't take much to get them back to positive growth. As we laid out our longer term algorithm of getting kinda mid-single digit top- line growth and being able to convert that into double- digit EBITDA growth, we'd look at that as being a back half of 2027, which we start that, start to get on that because that's when we'll have all of our business, we believe, into a sustainable, positive year-over-year growth trajectory. We think about what the company's gonna look like, EBITDA margins, like pre-COVID were kinda in that low double-digit, maybe 12% range, then went up to 16%, and then, you know, in the single- digits. Like where do you think that the EBITDA margin's gonna normalize for you if we think about three to five years from now? There's work to do. Again, if you take what we just talked about, the longer term algorithm, it will obviously start to move our EBITDA margins up. There are some structural changes in just the margin profile of our traditional staffing businesses, just because there's been more competition coming in and some of the pricing headwinds that we talked about earlier. We do think over time, though, we'll see some gross margin improvement in both our traditional staffing businesses and even more strategic growth in higher margin services. We think we can get much better operating leverage on revenue growth, and that's really a function of already this really strong base that we've built of SG&A. We can leverage our existing SG&A to higher revenue. Then longer term, as we make investments in operations, utilization of AI, we can take more costs out over time. So, you know, I think we haven't really set a marker of the EBITDA margin target long term. I think when we get to a more sustained level of growth, that's when we'd set that out there. We absolutely can chart a course back to that improving starting in 2027 and continue to move up longer term as well. I think the thing that you saw in the first quarter, because we had this really big demand spike coming from the strikes that we supported, is you saw the ability of the leverage off of our core platform. The numbers that Brian just talked about, and I'd say particularly the thesis around our EBITDA growth, being double what our revenue growth is, you really started to see the power of that leverage in the first quarter. I guess when we think about the margin opportunity, is it more than on the G&A side or is it more on the gross margin side when we think about ultimately where you will be? I always say we, you know, we focus on the things we have more control over first, and that's, I think that's how we operate. At this point, I'd say it's more on the G&A and operating leverage. We absolutely will focus on how do we, you know, optimize our gross margins across all of our businesses. You know, there are, you know, we don't have that full -line of sight into how, for example, like the staffing gross margins will pick up over time. Hours worked is one we've talked about. That's still running at historically low levels. Again, it's really hard to predict how much that will go back to where it was in the pre-COVID. If it did, that would be margin accretive. International is margin accretive as well. Which is [marked in] margin. Yeah, we're not predicting that, you know, our Nurse and Allied staffing business are gonna go back to where they were in 2019. I think that would be a bit overoptimistic in this environment. We would expect to see some gross margin improvement, you know, more of it will come from operating leverage. Talk a little bit about the competitive environment because, you know, obviously it has been more difficult the last couple of years, but it sounds like you've been winning share again in the first quarter at least. Like, how's that going right now? Yeah. Couple things. When you go back to that $70 billion TAM that I talked about during COVID, it attracted a lot of folks into the space. Whether it was, you know, companies that had been focused on physician, they got into nurse. You really did see a significant number of competitors either kind of broaden their aspirations in the market or come into the market. We've started to see some consolidation. It's still a relatively fragmented market, just across really every solution that we play in. We've started to see some acceleration of consolidation. There was a deal announced last week that had a kind of strategic consolidation piece of that announcement. We've started to see some mid-sized players consolidate. We've seen some of the players who got into the market during this, during the pandemic time period really reestablish their focus and maybe some of their core capabilities. We've seen two or three examples of that. We expect there to be continued both competition and consolidation simultaneously. We talked about this a bit last year. When SIA put out market share data last year for the year before, we had maintained or grown market share in the vast majority of our businesses for the first time since pre-COVID. We look at how we drive that market share growth three ways. How do we win net new clients? How do we do more with the clients that we have? We serve over 2,000 healthcare organizations. We have 20 solutions. Our goal is ultimately to have 20 solutions with all those organizations. How do we fill more of the demand that's available? We made progress on all three of those fronts, and we will continue to drive. We still have significant opportunity to grow in all three of those growth levers. Maybe that's a good way to pivot into the MSP model that you guys have. How is that working? You know, obviously there's been puts and takes about being a part of MSP during COVID and pre-COVID. How is that going? What's the demand for that model now versus, you know, VMS or other alternatives? Yeah. MSPs, for those who don't know the space, 'cause we like to put a lot of jargon around it's effectively a supplier-led managed program. The benefits that you have of that type of program is you have SLAs, and you have a group of partners who are very dedicated to supporting you, in a world of what we think is gonna be, you know, continued constraints on supply of clinicians. That is a one popular model in the marketplace. That had historically been the primary service model that we supported. We did a lot of work three years ago to really strengthen our capabilities across the entirety of the market. We had a very nice direct business, but it included a lot of work on our vendor neutral, both platform and processes. We did a total revamp of our tech platform and our vendor neutral. We re-platformed all of our clients in 2024 and 2025. We've had very good response to that. We continue to see opportunities not just to grow our MSP model, coming out of this reset in the market and where you're starting to see in pockets, you know, more demand for these clinicians. We do think that more will go to MSPs 'cause they want the SLAs around it. That's great. We're phenomenal at supporting that. We are phenomenal at supporting vendor neutral. If you want a little bit more of a competitive marketplace for it, and if you want direct, we'll do that as well. If we look at our pipeline, just under half of our pipeline is MSP, so we're still seeing interest in that. And we also see continued strong interest in vendor neutral as well. I think one of the big differences for us now is on those vendor neutrals, you know, We historically, even if there was our program, we didn't fill many of the orders. It was very low single-digit percentage of them. We were missing out on all that demand. Again, we had a lot of MSP or, you know, demand, and we were winning new contracts, so it didn't really show through as much. Now in this, in this environment, that's created an opportunity for us and it's part of how we're growing volume in what is, you know, pretty stable environment, not a lot of programs moving, in any direction. As we improve our speed to fill, we're able to capture more of that demand in our vendor neutral programs as well as in others as well. That's allowing us to take market share, kind of everything neutral. We do think over time, as we win more accounts, not only does it drive incremental demand opportunity for us, but it is a platform then to really be able to cross-sell a lot more of our services. When you have a kinda deeper relationship, it usually then, it opens the door for us to bring in, you know, whether it's our Locum services or Interim, you know, Perm services. We look at that as another benefit of having MSP. We think it delivers significant value to our clients, but it creates a deeper relationship with them. One of the things that Kevin alluded to in MSPs is because we had built our chassis around a very high touch model pre-COVID, when COVID happened, you had this demand surge, we didn't have all the automation to be able to fill as fast. We did a lot of work, as Brian just talked about and I talked about earlier. If we look back to the demand that we had really helped by the spike that we saw in the labor disruption activity, on an hours adjusted basis, we were just a couple percentage points off of the demand in COVID, the high point of COVID, our fill rates were materially better. We had always been talking about we have a better chassis, we can automate, we have higher ability to fill in some of these surges, we did. If you were doing low single-digit in the vendor neutral, what are you doing now, let's say? We're doing high single- digit in Nurse, and we're doing mid-teens in Allied. When you talk about the cross-selling opportunity, you know, what services make the most sense or resonate the most when you're— I guess I'm assuming you're leading kind of with a nurse relationship and cross-selling to other things? Typically, in our MSP relationships where because of the SLAs, we tend to have a lot of contacting conversations and partnering with them. You almost always have Nurse. The very next big follow on would be Allied. We're increasingly getting more Locums. That's been a strategic focus for us. Those tend to be three of the bigger areas. We had seen historically growth in our Language Services program, really without doing a lot of cross-sell into our current clients. That has been a focus for us, particularly over the past year, and we're seeing some traction in that. The biggest areas that you would typically see would be Nurse, Allied, Locums, Language Services. We love to have the Interim. We love to have all the businesses. We really like to have the interim in leadership, because it helps us maintain relationships across the organization as we place those leaders in. We can go in and ensure that they have great leadership and great building of their bench, and at the same time, we can come in after we place the leaders and then help them execute their strategies. Can you talk a little bit about the Language Services business that was under pressure last year? It seemed like Q1 was maybe a little bit of a turning point there. What are you seeing there? Yeah, last year was a— there were some industry shifts with one of the major competitors, aggressively reducing price to take share. I think it caught the industry a little bit off guard, including ourselves. You know, the back half of the year, we typically, you know, would not only grow minutes with existing clients, but we would also have growth and utilization from new client wins. That really stalled out as we were, you know, kind of adapting to this competitive threat. They were large enough where it was making an impact, not just on us, but really every other competitor in the market. We've made a variety of structural changes in how we operate. You know, part of how they were able to bring the pricing down is they're not delivering the same quality of service, right? We typically focus really on having all of our clients have Service-Level Agreements where there's a very quick speed to a connection. There's technology that comes with it as well, there's certain clients that still want all of that. There's also a buyer subset, particularly when procurement's involved, where they were willing to take they want a lower price, even if that meant a trade-off of having little or no SLAs. Again, that implies a longer connection time. We've, for those clients, we now have a service offering that kind of mirrors what that competitor has, which allows us for that, for that buyer to be able to match that and deliver that service. As we've done that and even, you know, adapted or adjusted some of the pricing for existing clients down, you've seen the impact on our pricing and our revenue being down year-over-year. Now we do have the service offering in market. You know, in the first quarter, we had about $6 million of new contract wins. That's significantly more than we had all the back half of last year. As those start to get implemented over the next couple of quarters, that's going to be upside revenue opportunity as well. It is still a very competitive environment, but we've now, you know, we've got a plan in place that we've started the first phase of execution on and seen really good results. Our gross margins actually picked up a bit in the first quarter, and we think we're, you know, we're in a really good competitive position. We still have more work to do in the coming quarters as we look at our cost structure, the blend of our onshore and offshore interpreters. As we adjust that, we can actually continue to bring down our cost of sales to mirror some of the pressure we've seen on the pricing side. Again, it helps us then be competitive in winning new business, and we have a really healthy pipeline if you look to the back half of the year as well. One of the things that's capturing everyone's attention is AI. Can you talk a little bit about how you guys view AI? You know, it seems like you're one of those names that has some opportunities, has some potential threats. Like how do you balance those two, and where do you see the biggest opportunity for you? Yeah. Let me answer it broadly, and then I'm going to piggyback on too, because we get this question a bit in our Language Services business as well. We look at AI as being incredibly important to operationalizing our future strategy, and I put it in kind of three categories. One is we sell, client-facing technology, and so we are very focused on how do we embed AI into that technology, whether it's around candidate matching, predictive analytics, even just core customer support within our vendor management system. It's very important for us to have our client-facing platforms, have AI embedded in it. We also look at how do we use AI to enable faster and better production of our team. This has many, many, many applications, but the one that we rolled out most recently was our AI recruiter. We rolled it out in the middle of supporting these very large labor disruption events. Think of it in a labor disruption event, it's accelerated everything of what we do. You have four days to recruit, in this case, thousands and thousands of nurses. We use AI recruiter to get through typically what would've been a top of the funnel taken three days in literally hours. We are able to leverage our people to then do the completion strategy at the end. We were able to support this type of spike in demand at the highest level fill rates that we've ever been able to do before. It was a lot of things, the automation I talked about, but from a recruiting standpoint, the use of our AI recruiter was incredibly important. We're using AI to enable our technology and ops. Probably one of the first places that we saw really big improvements with AI was in development. We can now use, in our tech development team, we are using AI extensively, and the amount that we can develop at a fraction of the cost that even we could do 18 months ago is pretty astounding. We're using it in the operations team, this is Brian's kind of COO role, around credentialing and other of our core operations. We think it's incredibly important. In our Language Services business that Brian talked about earlier, the place that we play in Language Services has a regulatory moat around it, and so you are required for reimbursement to have a human interpreter. That is where we play today. We think that there's an opportunity because we have these relationships to support the entirety of the patient experience who needs access to interpretation capabilities, and that is something that we are in process of, starting to look at and build around how would we support that. We would do that in an AI-enabled way outside of that moat that is regulated by having a human. I think that's all we have time for, so thank you very much. Thank you for having us. Thanks, Kevin.