AMN - Earnings call transcript Q1 2019 | AMN Healthcare Services, Inc.

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the AMN Healthcare First Quarter 2019 Earnings Call. At this time, everyone joining by phone will be in a listen-only or muted mode. And then later, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, the conference is being recorded. the Mr. to turn of host, now Relations, Investor will meeting our over Director I Reece. Randy go Please sir. ahead,

Randy Reece

about available this afternoon, statements. Good everyone. or will amnhealthcare.investorroom.com of earnings issued earnings company’s based audio we conclusion for of of statements Welcome first XX this this be call following webcast remarks call. circumstances the the this make Healthcare’s events plans, quarter to the forward-looking XXXX The Various conference call. until are at May future the afternoon. release current Details AMN projections, in upon replay These replay available our reflect information constitute expectations, to during beliefs currently it. call

to a result various those may most Form to in company release. directly release including comparable results recent reconciliations any our of our materially are provided guidance measures identified page on intend most of not actual the The and update its and reports statements in amnhealthcare.investorroom.com. our the indicated to included SEC. differ the next at these regarding financial with contains as or subsequent by prior This certain does GAAP financial filings Information earnings and XX-K those today non-GAAP information. factors, Our statements from these forward-looking non-GAAP earnings call forward-looking measures

and to Kelly Services On the call the Professional turn of President Rakowski, Leadership Workforce Susan. Officer; and Brian call President Solutions. and President Financial of of today are Ralph now Chief Susan Officer; Salka, Dan Chief over Scott, I’ll Search; Henderson, White, Executive Staffing;

Susan Salka

you Thank Randy. so much,

to have all join share. could today some that glad to grateful and are you We positive news us

better with performing that results for our guidance pleased the slightly first expectations. announce all quarter We’re our above to are segments than financial

today optimistic carry through that year. forward remainder will us you’ll positive from many of that the We’re the feeds hear the of

They the Allied discuss which announcement therapy most execution made one schools. collective of school our also teletherapy regarding will the districts and through extended a therapy their Advanced top Medical, some of bring serve delivery acquisition the growing has of clients. We shortage in country particular in to of the increase Advanced a their of network our is chronic to need. have our strides industry. the our agreement recent in launch position acquire nurses capabilities They to also specialties the the placement offerings clients and the staffing This in to across services and technology in have in serve complementary are companies thrilled the ability delivery an critical strong talent platform. of

serving to patients. for by the the separate. and The transaction Workforce the of for then, into acquisition caring we We go these entrepreneurial teams are are introduce genuine normal through the early well will the expectations. a extremely and built regulatory at also us Fuicelli, account clients share HSR The Until They Advanced the an to opportunity we opportune that and travel also Solutions. organizations an common of base a drive time I’ve very We have June. one managers values we see excited AMN organization,, Advanced. organization the and to capable most client passion, to bring nursing exceeding led innovative demand is the and AMN’s team Jennifer and Advanced portfolio of team presents This has ensure review, grow. met. family by the about for remain recruiters close and talented ever therapy their expect is as will strong

on Brian will this a share more on. planning begun later for have However, transaction integration. color we post-close

and health care turnover the continues in organization. to all-time Now double highs for be the and labor The vacancies environment. results back within market digit getting to tight market up any our with

In to staffing leadership. attrition of staffing addition, organizations nursing, Allied their means from and many that strength particular levels. is desired interim health the businesses struggle with travel care health many while rising meet our in care in up, We’ve leakage hiring seen orders

and large, theme strategies. are key is has Another searching address them track can strong delivering partners a health that organizations. results of who care sophisticated workforce large with systems enterprises help management for AMN record such complex

of We add also signed with the totaling XXXX, MSP in over will far expanded spend we’ve is So do we MSP in existing portfolio. management, line $XXX relationships, gross to geographical for win as million gross our strong spend opportunities. mix. not eight and $XXX another The certainly excellent have and contracting in that million future several new clients service new pipeline all under

we’re partnerships pleased of with proud the However, building. strategic are we very and

Now and let’s outlook. review latest results our

quarter First Gross of or million XX.X% $XXX EBITDA of year-over-year. X% grew and revenue was XX.X%, consolidated million $XX was margin adjusted revenue.

against Our a of Nurse quarter our year-over-year Travel a comparing Staffing, flat and very for was million, business, ago. Revenue segment Allied strong year-over-year. posted flat Nurse which year largest despite $XXX was revenue

in in year-over-year a a particularly is assignments this Nursing suggest. winter numbers the than However, difficult and better very flu of strong due first was comparison in revenue to might the XXXX. season story The quarter a surge

reduction gave a one clients In largest guidance demand. to these comps, had mentioned addition of tough that we in we when our

first first in Nurse to revenue continued Travel Nursing year-over-year in two Excluding today, in we’ve we as and seen grew the the quarter, at X% strengthen it’s Demand Travel exited highest this quarter. levels years. one Staffing about client, the

volume respiratory second year-over-year or mid-single-digit are disciplines. our in imaging, growth Order in growing than to and lab quarter. currently lead on fact, the with and travel to our prior us compared bookings strong orders better nurse year. and XX% business continued its trends strength continued in continued therapy up Allied improved staffing revenue In streak and expect more XX% winning growth

expansion. we as a modest progresses. supply-constrained MSP launched we though demand new most being Allied year these volume have expect additions, pricing able the we’re and to these see remain and throughout Nursing should in of client and strong on environment, We services. several environment Even XXXX and include MSP be clients to drive Based positive great growth the some

this look down second segment is $XX event the for to Nurse segment by second disruption total and Allied quarter, to to completely million expect variance labor X% negative As the driven in we This quarter X% a be year-over-year. revenue XXXX. we of

improved. is this expected to segment, prior Excluding we about the was expected XX% the slightly year $XX Tenens up prior quarter year we better glad technology as stabilized measured year. progress. last April million. created talk disruption first and segment we On to to made now about we as is can weekly Locum more net revenue below the way work in by say be event, changes days X%. was than In the our process out by Productivity, of This and call, continue still this at first I’m quarter, further booked,

specialties hospitalist Locum’ Our strong, this medicine rates but there above under are remain total and demand MSP are of both like and emergency new performance area prior segment remains prior significantly is that One strength where our fill year. within demand particular year.

confidence on We that Locum for performance. improved track increasing have team is our

will year-over-year. about is Tenens’ expected second quarter, but sequentially X% grow Locum be significantly still For revenue down to the

including million. Year-over-year up revenue Other acquisition. in XX% our was growth was April segment our quarter organically flat XXXX Solutions First $XXX Workforce and

to and our lines become leadership flat. questions together placement help interim the XX% growth progress go-to-market can physician your Solutions President an The Welcome a as organic These to AMN has us the year-over-year we last businesses first first of year, strategy, collectively for develop and was as job we quarter. the year-over-year a that Solutions and to year-over-year industry our expect grown certainly we Kelly. the Search grew to both perm of from care permanent might through leadership businesses. business call, quarter. activity Rakowski, you the Leadership terrific clients. VMS her comparison placement of She second and teams for how Kelly flat our more in interim deliver comprised revenue half pipeline answer is partner the and also bringing Workforce about consultative has earnings health about Other this includes first Our where with even and business any are and in we segment’s with year, done knowledge revenue. here benefiting these have who unified joined today

growth have here, we second trends improved also and year-over-year the quarter. in expect However,

up a small with Our be revenue improving and expansions growth, workforce of was growth is decline optimization Workforce offset somewhat to revenue and X% both most quarter wins. solid client year-over-year, predictive cycle. business by at in growth the EBITDA Solutions X% lines In the Avantas expected analytics reported total another and This by several quarter, year-over-year. mid-revenue to second team new driven for the client Other segment in

thoughts. these As I industry environment we think position, offer the and would AMN’s characterizing about

while market relatively of current with most week’s lines. is suggest and Our to business that there’s order appears concern GDP our could last be up environment, that the term. economic to slowdown the downturn likely occur in numbers future demand always trends change near strong not a across this And

partner. innovative us that of solutions to care puts them position suite organizations AMN’s complexity health strategic Second, growing sophisticated and equally be require size partners. the seek unique and to in of the

existing Our and transformative right the time clients new have positive health care. is for continued expanding that winning solution relationships we in in a this success indicator

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and are reaching environment also team further AMN’s and develop to are work they evolving their ensure adding We our goals. resources

to these investments of All organic fuel are made growth.

capabilities committed our also knows Healthcare time, Silversheet and using making of AMN our care to expanded purpose-driven team a we knows long our diversify clients, like Advanced, well AMN to are our deploying and further in positive history and Anyone impact organization a our sheet innovating capital our Healthcare talents through and and who balance value are health a increasing delivering to strengthen members. resources. that acquisitions, new We and professionals has and offering. through

Gender-Equality families, a increase the lower deliver on of We best part equality care take and of issues. and the focus is we serving XX% clients investors on the health diversity as patient through community the Human in and our experience and SDG other these these as As passion important services such best such and trusted critical gender leader our AMN and our take to Fund. improve journey and active patients social an the support positive with issues, and other professionals. Hermes national the also doing beyond same and the our in in I’m a care into costs, particularly partner practices to to care our Bloomberg from inclusion, equality Club partner proud to learn and outcomes local that the are making able with the others Rights as are service. pride as impact AMN, partner We’ve sharpen who possible in several Index, we health issues. organizations global need communities companies these leaders our Campaign, core a social been in to purpose At

you an think I organization when a and recognize dual with a and hope positive impact, are Healthcare, AMN we of deliver So for our social make that attractive you returns shareholders. health to to care purpose:

will us which Q&A Kelly, and financial will session. the for after Brian turn Now call to join Dan update, I over the a for Ralph

Brian Scott

guidance the of high The above Susan, you, $X good end and range. revenue was first Company’s quarter afternoon, $XXX Thank our million everyone. of million

increase XXXX million the cost XX.X% XX all in Allied with $XXX gross certain or XX% in at prior segments last increase accretive segment. and resulted And that basis year-over-year consistent April quarter historically of quarter. compared SG&A XX Of points Nurse revenue. revenue last the to biggest points second of three were margin. acquisitions the Gross basis quarter XXXX from expenses our physician totaled the better year year-over-year consolidated Although basis our year-over-year permanent expected, expenses from physician XX the was placement from up expense, the for SG&A an expenses performed and stock The with and higher margin compensation result guidance the margin was costs. and basis primarily to increase were and better legal recognizing in in quarter XX.X%, shift, XXX our higher year came upside quarter. XX% last of our placement than a points change than SG&A integration points cost perm

year prior First to Segment sequentially. small XX.X%. projects. margin Allied $XXX year, quarter. but the were points points so and expectations Nurse the a gross segment and up few favorable XX margin was the of basis essentially gross in was part Allied revenue prior XX.X% down million, revenue to Segment high-margin quarter from was and EBITDA due margin with XX Nurse higher X% basis prior flat and from

from a the of $XX and Locum X.X%, both basis was margin Tenens sequentially. lower year, First basis, year quarter points driven XX.X% down was prior XX XXX driven revenue. basis EBITDA and margin gross lower the segment XX% deleveraging Tenens less Locum gross by volume. points revenue by was million down on on Locum points sequential of basis X% margin than prior though Tenens better the lower year-over-year, down the adjusted XXX by

of by First the XX% sequentially basis coming basis physician Gross with was Workforce lower was by sequentially. year-over-year, $XXX the Adjusted a Solutions EBITDA points Adjusted year-over-year the MedPartners X% placement year-over-year of On year-over-year and $X.XX partly income quarter of million first Other offset $X.XX consolidated to of from reported in per points was XX.X% XXX up earnings segment but year-over-year sequentially. growth was The due of earnings basis per reclassification. revenue acquisition quarter and X% XX quarter. We by but basis, up margin adjusted the first XX.X% variance $XX share quarter. XX year-over-year. down points perm acquisitions. was of $X.XX year was EBITDA million ago share with down compared the diluted XX in net margin lower million $XX points basis of

in Our XX% basis. rate GAAP quarter on income XX% tax and was adjusted the was

were at XX quarter. end is were with $XX expenditures and for quarter quarter, during by days cash million. Capital XX, in than Our sales $XX ago outstanding $X be At days, tax XXX,XXX the stock XX% the the March compares year quarter of expected quarter for in well. was second rate And $XX Cash million. repurchased we totaled the equivalents better two quarter. million. and first quarter in Days shares XX days provided the million as last operations to

our the As At and debt recently million, added have $XXX we quarter $XXX authorization. on to executed the X.Xx:X. ratio the was Board total prior leverage share end, million was of majority repurchase program, repurchase open-ended our outstanding

on targets. and earlier agreement a $XX million million for mentioned, operating $XXX this acquire an is an potential of EBITDA $XX annualized revenue Susan of currently up based $XXX As achieving additional adjusted run executed week, an on Advanced plus of certain million. to financial on Advanced to million Medical rate AMN approximately XXXX

forma the basis emergency skilled positions settings revenue nursing by facility. margin across areas be bank-led this our XX% per consolidated calculated for close over ratio intend The EBITDA health. surgical Just Staffing, points be is slightly to about Travel it is early we from their and is leverage Advanced transaction earnings June, our but margin accretive existing focus staffing adjusted through expected into a to of revenue our or approval is and Pro reduce Allied should and our expected and X.Xx:X. in to to get our home to including hospitals, XX be Nurse expected of adjusted pediatric accretive care. The share. is units, particular credit regulatory gross fund balance room Combining schools, to AMN with immediately to by hard-to-fill on acquisition including

Locum Nurse to labor let’s company in and the X% XXXX expects million, primarily revenue million of and second disruption to Now in year quarter segment prior The turn Tenens a $XXX down decline consolidated $XX to X% event to the year-over-year guidance. due $XXX Allied segment.

SG&A count be any is business guidance decline Excluding XX% normal to due about be material a second prior does expenses not million; to XX.X our $X.X $X amortization revenue expected $X.X of of disruption the and expense be integration $X.X disruption expense expenses labor guidance compensation and stock-based approximately of million; expected labor percentage Diluted other $X.X XX.X%. about acquisition, to seasonal million; consolidated the share reflects expense shares. Medical. following: quarter X% expected Other the approximately extraordinary This sequential the revenue is in does be and lower the million; assume This include will of we to expense million. of are Locum’s XX.X%, million XX%. as Nursing and impact margin of depreciation interest of impact Gross is revenue And to EBITDA pending and approximately estimate Advanced revenue. not of second for event. Adjusted estimates an event, like to the acquisition to quarter to year the to the projected call provide When now, margin open we’d include questions. be acquisition XXXX would the down earnings. able closes, our be of

Operator

of first ahead. line our the go And Crédit from Please Instructions] [Operator Suisse. A.J. with Rice question

A.J. Rice

here. everybody, for questions the Hi thanks

just maybe with all, MSP deeper that you’re has – lot Is with in think you’re penetration in it tone your of existing market, what’s Is a maybe almost it seeing the do do expand underlying bit happening MSP. wins. strength with think’s you market. there Allied. under little what happening and The a like – sounds the the Nursing First you others? thoughts like doing from It accounts? on your been the sounds in Or of chair a guess? stealing pickup Is I – it

Ralph Henderson

the relationships, a also good MSP our direct in our That’s Hi part is but growth story, Ralph. relationships. of as our this Yes, third are A.J., other we as is parties – a certainly seeing in question. large well

it’s So the board. across kind of

would of our wins. think you the share with I in marketplace, there’s bit MSP large seeing as a movement recent agree that well are probably lift given but we an I little overall

Susan Salka

combined and been of the demand, is quarters the that. help acquisition to Nursing we’ve for the all really area. this would a over chronic we last And and business strong Many our surprise across of Allied, bigger know, terms as but their the therapy But the include more couple mentioned the Allied. the in has also we’re all in have really timely, I pick being to MSPs in Allied that And up of – to IRL both the growth Advanced that both shortage why is pickup say it’s Allied, I new our opportunity there that specialties all so winning Medical leverage we had clients. in existing on the example, strongest. databases

will a demand over that, actually have time. that pick up we expect lot So now, but of even

A.J. Rice

anniversary. specific around rate two questions. more we’ve pretty been Maybe the much last headwind you’re about know done. Okay. the premium that for year, the – I talking Is

talked be a here? quarter, quarter, think I factor little first then pretty still it had and with into numbers And much the done eased be Is certainly thinking? of will about does that the second not how much you’ll you that. all

Brian Scott

is that it’s as played expected, this I’ll we of Yes, Brian. about A.J., the couple quickly. kind quarters. answer and talked of out we last

year-over-year pricing really modest quarter, on get quarter X%, Nursing saw we mix decline and And the being rate first pricing we’ll second stabilized mix year-over-year much down over But at was growth mix. last average that seen lap a pretty we rates. was a to quarters, flat The really trends, we’ve a the few But few from the that’s that about pretty as in underlying more looking of much are and lap we basis. the we quarters bill XXXX, quarter the QX. in The change the again, by the basis. last core has as in second

A.J. Rice

or of or this it you were? some enrollment I we "Let’s then is of highlighted Is you’ve the that, thing a back will the that that account where saw less there have – whatever. that revert volume question couple sort sort quarters factor outlook?" large is reason of that would a might into last just year’s Or say, that And to seeing that’s Okay. again – permanent just

Ralph Henderson

in It’s this like not flexibility Hi their thing. if in that a behavior. question. I reason not why A.J., or our the is – us, well. and Ralph. internal a appreciate It’s strategic their it��s volumes shift performs just recruiting in the use for the clients unanticipated clients’ is changes permanent It’s

– make do of shifts. our continue largest clients this our clients. the happens these to in We anticipate of for kind of it’s it is just think, considerable things. shift. It one couple shift All amounts impact to and economic a a quarters, strategic themselves next continue I against not to, of downturns shield to but user other of labor be of They’ll contingent so

A.J. Rice

all right. a lot. Okay, Thanks

Susan Salka

A.J. Thanks,

Operator

from go Please Tobey question line with SunTrust. next the Our ahead. of Sommer

Tobey Sommer

sales-generating year-over-year also in Thanks. Thanks. strong end the I power. the want asking maybe make the decelerate business. folks? a top to different people’s could by a sales-generating or growth your growth trends year-over-year headcount intended year impacts or start labor that you by in of And market, lines either comment those about decline, those in company’s as directly earnings line of turnover Because of

Susan Salka

immediately fill have that that the we first some have members helpful. we with are that start that, Ralph going as of Advanced, in. very fact adding sales both But very instantly the for chime while well And then much to great and to I’ll fantastic existing and looking will perhaps acquisition capacity account on still Tobey. teams, as capability front because with Kelly Thanks, the forward be of some recruitment management. remember even is we trained our sales we within can recruiters and rates add be kind

plan much grow to more to we’ll each on for the businesses it respective then add. determine So and we’ll can continue of how need see being up certain, how as year-over-year to you

and I’ll add So color Ralph to that. any if more have ask Kelly to maybe they

Ralph Henderson

On mid-single in the of we’re headcount up in Travel business, digits Nurse kind side headcount. producer

had low our digits. Our talked, we needing back And Allied plan to think, certain I very We double as of complete that aggressive business, a usual. did business then to hiring gosh, get Locum’s level. kind about

is up our as so And well there from last considerably headcount quarter.

businesses, to first it. quarter And April’s the quite come our in other has had the convincing do [indiscernible] little was more the down. than you actually it come turnover as Kelly, your which part around, to turnover So as hoped Locum’s business. is want talk And higher about of question But on begun we turnover segment, then a well, our recently was

Kelly Rakowski

less Search to is that. stable and add business leadership year. steady which, and physician very had our and two We’ve in past again, From low PO headcount, strong recruiter and some the inter-management than side. quarter, headcount, both I’ll on search when going particularly demand you’re We’ve the Kelly. plan our to is and is over X% just change. our certainly perm turnover Leadership rates, first add sales the acquisitions which including tremendous and Portfolio, very through the This Yes. and to had engagement

As we management the look market. strengthen our large to help sales account serve we to of anticipate sales our better to and force adding accounts,

Tobey Sommer

Thanks very much. Could higher you comment on where $XX that, the MSP exactly on pipeline million, don’t million and but maybe specifically or MSPs million the annual $XX of size? $XX And I be should spend? and in Thanks. breakpoint

Dan White

Sure. is Dan. Tobey, this

today As little all when in pipeline far fairly about add we just those our count spend. prepared are category those at full be in is improvement gross year’s good you size. to have would we would remarks, in greater wins last a is Two deal that year’s significant year the so signed, There those. be and just a nice this what’s that the than already asked What’s about, $XXX XX% of last million of a color probably of is over of the average in ones. of shared kind and greater XX% over MSP eight of a two

XX on number sooner. adoption time our faster of is XX% ago, it months so those up grow improve not A was than only these good the also now service that our of think teams One that is is purposeful is improving. year, of we’ve but that based lot these revenue average of service is we’re to to The very is of made new two a also lines the which things really processes. deals in I implementations about getting sales that to is the last and reflection from lines obvious that X.X actions

good this. feel So really, I really about

gives of of helpful, XX% too, about business, that things is team, the which as in Locum’s, lot the to be the nicely picking a of heard which you really way pipeline I is been the great that too, they’ve before, pride XX% now is think acting. might up me One in just

Tobey Sommer

just of Travelers could I If you. couple Thank a ask questions.

revenue, direct your it. get trying to if to staffing revenue spend own MSP client add you the Beyond or nurse to now do much to think I’m travel spend either see? in you could How

Dan White

I sure understand make question. me Let the

Tobey Sommer

spend different much do way you your as nurse manage say. to How travel MSPs a

Dan White

I travel don’t know specifically spend alone.

Dan. over I’m $X.X billion sorry. We under management. is little now right this have Tobey,

I would imagine... So

Brian Scott

That’s and/or between VMS. MSP

Dan White

this Yes, I think is…

Brian Scott

at for look the MSP. you is just and of the through as MSP, well. more also more Allied Locums market it’s billion, $X.X coming largest overall, but if Yes, includes part is Within and about which still nursing

Tobey Sommer

Okay.

Just comment more in the a or going months, number? quoted comment field a So a been whoever’s a that Has it, can you consistently growth to bit nursing? – about that travel little number year-over-year to building you trying for developed. for recent high get sense how that’s

Susan Salka

about demand? asking the this Tobey, you – are Yes. quarter’s

Tobey Sommer

you. thank am, I

Susan Salka

Yes.

particular would in first is overly the more specialties. one and incremental well So pickup area. nice it’s quarter of it not in say, spread any building picked geographic steam And a it’s through really And the it March as up what’s April. and terms really about I in as across was great concentrated,

positive fact And challenges of nurses the difficulty really a and strength not the the specialty but having of typical that most And other board the medical-surgical good for, specialties the seen we’ve we only the nurses. specialties two that position. grown sign has in of the finding continue which clients they’re are med-surg, that one The to grow. to that’s have across demand the demand is number with is always terms having

that’s that’s usually, sustain. of sign demand a going So to

Tobey Sommer

for Thank questions. Terrific. you my answering

Susan Salka

Tobey. you, Thank

Operator

Our next question from ahead. Company. Jason go Plagman and Please with Jefferies

Jason Plagman

Hey, good afternoon.

some reinvigorate call, I’d second to kind I outlook both in of and thought on have about Kelly the strategy we ask Just and XXXX. those since growth into of the businesses OWS half organic in

Kelly Rakowski

Kelly. Great. Jason. This Thank you, is

disparately about really businesses very align search We’re and strategy side. as what ability well our as a around and leadership all AMN excited the on has run to been the physician with

internal So confusion. and market we which offerings, is creating did of things. have our spent One last several months overlap portfolio. doing confusion, some quite was some a some aligning frankly, We few

which to resources gotten we’ve performance those more of and allowed increases, some the our MSP, that fill better, rate get in market. fulfillment importantly, seen that’s out So some but us sales helped why lift needs businesses better aligned, align we’ve is and really

needs. So three resolving on getting we and sales were calling aligning the – to offerings same sometimes focused calling that we’re our and on clients, more or different had also folks segmenting their the and market four

So specific more the the ambulatory the much supporting, we’re way around we instance, than more and are larger systems that. differently way practices for supporting getting

to expect definitely we see So organic some those efforts. growth from

at for to we’re consultative also clients and that our the more which us. addition more will can we create portfolio, looking services create for more stickiness that, In to value add

things leadership in us with between be and engaged which and development succession So like transactions. to clients planning, coaching allow our

lift So see in also expect will out subsequent carry from to fiscal but into that years. that this we year, some

Jason Plagman

That’s helpful. Tenens that wins of prior the then I And ask specialties geographies about wanted new expansion you and Kaiser into Great. win. contract talked service also about couple and lines, quarters, in pace your the the to a MSP additional of and

those be can update an give on two, helpful. that will you If

Dan White

been in people’s business So of of all we last excited names weekend. here, the really to live that without went many trying had I’m the closed use that – first has quarter too to as say

expansions are So the I about really, were well. to as all us implementations and we good growth also faster underway line and of signs gotten really other are expecting, And very that the positive regard. feel in the and for service some well, than has business additions as that very, then

that. Locum’s, slightly half you early we will, pickup, We’re of Allied and days, feel seeing in about if very year but good the for albeit second both

Operator

Jeff next BMO. Silber question, of line Our with from the

Henry Chien

I Hey, you Advanced I bit, if – a in mean wanted I to for on and the everybody. that you Chien but makes wondering what touched therapeutic that space? any the if organization, kind about it was you little acquisition. could Allied there’s on features unique ask of them It’s Henry Jeff. to attracted differentiating

Susan Salka

with to have is lot know that, Thanks, say I’ll as Henry. and This I Ralph’s Susan. a going to well. start

affiliate vendor watched within because and we’ve do the of a As MSP were had We’ve in grow work market. with them to benefit I things organization our fantastic innovative able program. they mentioned, being the this to continue

are. their So quality their we see clinicians, also could the how teams, they of quality the responsive of

full And to they’ve in some really what our a through believe actually and do to things organization. I do early way, year. children, tends so that, of school have the bit begun just the by because also in patients, innings very And teletherapy. for school complementary the important opportunity it’s it they’ll little to into early interesting We they’ve love on a also us really innovate the success. was business really to in nice help And add contracts, our and as what’s had do but some they school longer-term serving wonderful continue It’s it usually business.

that terms it success building renewal element there’s in nice a in business those of revenue really contracts. recurring to generally stickiness So of it, they’ve and has quickly. And rather had

team had job base Allied Our also business. good of done building a a of

that see be to interesting. really market So travel create the the together of some that ago. ability XX will and nursing opportunities years we’ve across nursing travel I bring to like created the as perhaps

a So think innovation. consolidation. there’s of opportunity I still very for It’s fragmented, lot

mind, have were elements. so of they team nursing in really great some Keep as well a Allied. the And those as attractive

pick going about the... more I’m Ralph of some So let to and up talk

Ralph Henderson

points. finer The

Susan Salka

points, The thank finer you.

Ralph Henderson

We got and what vendor. top, won not, reiterate were know affiliate year said. they the Susan supplier the top I’ll of one because an them the award as of if they’ve to supplier, Well, our

We them we’ve their got So we know quality been the and very – them. by of their all always management to were through impressed work team, that.

Also us acquisition large capacity great our a doing help a model. very margins made with standpoint, Allied and they’re line in had under nursing travel we pricing it beneficial. – much be a and so both does and from were that would a There’s our there, an that line expand they recruitment upside and think have They job producing, was well. with AMN as and that team that I ours, the think, favorable capacity. our that philosophy in

because their think think, they didn’t go hard-to-find fruit. like customers that I and they position, Allied One of their most specialize specialties of the market and things, both our the their businesses, nursing in is in in after these just low-hanging I

where room, sit certainly And – platform will those so an starting in of that as expand places AMN their speech today. capabilities those loosen think there benefit like But – does think strength bit down up customers for the lot as schools are but that SLP, have the on regulations well, in and there’s AMN there, allow I opportunity teletherapy. I women will I road and teletherapy, surgeries, to the children, our a little more a they of top from emergency capabilities.

about question. and answers it. tell hope but kind your of So can go you that we’re I on excited on, probably can

Henry Chien

you Yes, no, much. that’s Thank great. so

Operator

go And to Blair. Tim ahead. Please McHugh we’ll go William with

Tim McHugh

follow-up that maybe side then maybe Allied were within to Advanced. on you Nursing business? rate growth little that bit about maybe Travel Can the from perspective? talk an wanted And versus of overall the Just a they seeing

Brian Scott

a Tim, this it’s Brian. question because – on Sure, great now is It’s rate. on really a their growth trajectory they’re right Yes. nice

And made If nursing you XXXX, integrating performed back but the had business, years Allied well space they has were of of had that, bit very a into last acquisitions little a a in through nursing the look couple a ago. couple of the they business slowdown they that. year, in as

they schools about – and the about, we well. at last their well. doubled mid-teens up continued of looking grew side of growing they’re as And of and Allied although XX% into it mix again business the double this year, that’s as year So talked digits revenue that it very kind in year still XXXX were last overall only business growth quickly,

kind into growth overall seeing school fits the the rates Allied that – umbrella. of So we’re and

think, market talked And very capability I on You’re expecting looking now getting well. we’re consistent is a the same as invested nursing the with at in track. growth double-digit business they Ralph stabilizing the with XXXX, as have, about, And and they’ve seeing the last year, a as business and that environment of get have as opportunity well well. more with growing our nursing their giving we to to team that quickly in of demand lot them perfect access them in timing lot adding it’s orders, resources, more the for there’s kind

Tim McHugh

on Okay. the we demand about get But with of as I a they’re think the your way guess, your Great. nursing is to And overlap but geographic? is I capacity well. any kind then, specialty more I specialized know were I capacity side if up, line? guess, the though, think supply. terms when business parts in there there’s of that just of from are about their Or specialized,

So I’m trying to understand, I about guess, the think overlap as that. we

Susan Salka

candidates, as think be we in to compare where there to Tim, databases. way some might it, degree as are there always One overlap

the So capabilities. about relationship recruiter much is of it and

of have we recruiter have our their in may candidate though same a stronger relationship databases, the even so individual. may both that And with

quickly haven’t our able And that overlap; first for think second, so we don’t are by clients. candidates and the pretty going to a position of that think be is, I they had ramp placement much they there all, gaining up the have, MSP of to perhaps that that always access they to

really see as completely pretty incremental both to we So this business. being nursing and our therapy much

Tim McHugh

in sorry. some And Great. understand then were trying through you they to those... I’m the guess a Okay. question. past programs? Did subcontractor MSP of last they I say that I’m part of your were

Dan White

same MSP most They were before of specifically And MSP programs as at Tim. the is supplier our think I well. been mentioned Yes, Dan, programs Ralph award to for have under this one part. briefly they’re extent on a focused Allied the time, those the that our winners

from a business only way high-performance view, we respect. of point also but do not the that So

Tim McHugh

Okay, thank you.

Operator

Johnson And Inc. our Stephens with next question, Jacob

open. is line Your

Jacob Johnson

demand guess, going back the taking questions. the for environment. I Thanks to

like we pickup data Nurse that suggested, this job widespread. are you it nurse’s From As and kind kind it for track, systems. up of the demand picking at Allied openings the suggests health is of seems

about Your competitor was backdrop. talking yesterday improved an demand

interested into anything it to where shortages? any point this or can is clinician hospital Or aging driving Or anecdotal be you demand? volumes? getting if increased just to it the So turnover? I’d color population what’s leading add is there’s this Is are we

Ralph Henderson

Yes, do start to good, have that against, that or executed from that. I to demand something hiring in the flat come our this of they’re year, quits may create doesn’t probably customers, But fluctuate interestingly, slowdown not been our of think pretty have lot stronger. by add Hospital as which their volume. use some I by acceleration and either that a From was for changes, I’ll pent-up are actually opportunities proportionately volumes we always last wasn’t have hearing probably us. they to is contingent demand labor, job from think and I’m Ralph. others what And both but hence seeing that. retirement accelerated. internal

is flu the weaker. like lot there’s though season even So a kind a of –

happen. higher demand to We’re unusual an kind thing just seeing that’s of

is guess volumes patient So with recruit ability their I it probably would to combined internally. underlying

Kelly Rakowski

perspective demand to the contingent clinical outsourcing where add similar is managing mostly Kelly. process as just hires, I’ll of a And that. From This side. recruiting the seen level we’re we’ve

requisitions So our about opened up new XX% were year-over-year.

is hiring it think the all that hospitals. in a I their So we’re trend seeing throughout needs of

Jacob Johnson

the That’s it. Got And from helpful. about of here. segment then thinking Locum maybe the trajectory

were maybe I last confident getting timing today, ability feel on there to we than want of any on as potential Kind of we then here you And in do call? commentary think revenue quarter to sit you get back rate. million we run about give to talked quarterly more the $XXX your conference last that?

Dan White

on yet. this definitely do we’re right we us to unfolds. there. rebuilding We talked to million a for million kind we that the $XXX get little we don’t place technology, have, that that in basis. That be and But of do have processes of think think, team, getting kind trajectory, think, going back $XX in about I year I a date cautious on about it a year how the to just in now, I but future quarterly the being that see $XX million, to a

in a ramp. lot are early have their of We recruiters who new very

but them future probably success. our to are it and they retention so doing that meaningful, XX will very in them for well, of define to months speed far group up really anything produce takes So getting that

is that So group good doing. quarter us question, probably ask how every

Jacob Johnson

the then with surprised touting road? down Locums question, and into month all you’re some Will telehealth conference telehealth something of mentioned attended be since your do. there Locum a last opportunity kind looking you your to peers interested, last was of see And is you’re something just potential or their abilities. I’d segment that I doing teletherapy. currently

Dan White

We’ve looked acquisitions years. with teletherapy for various gosh, various exploring at been four We’ve models. almost their

become of work. or And point specialty. So future that haven’t rule far doing supporting a behavioral they that customers who It’s But us. us our the out been entry have wouldn’t are mostly type I a – provider in good we’ve the for to in for found to doesn’t just that model.

Jacob Johnson

for Thanks taking the questions. Great.

Operator

Mitra Ramgopal from question next Our & with ahead. go Company. Please Sidoti

Mitra Ramgopal

Yes, hi, good afternoon.

school look to profile a at of get to end market of sense again how can follow the some big and the opportunities and of acquisition. trying as those I’m in Medical on there? growth you opportunities wanted in staffing teletherapy up terms terms Just Advanced be, also the

Brian Scott

other today. a It’s to Brian. probably the it’s of fragmented is It’s very large equivalent market. highly categories this and some Mitra,

as it approaches Allied, that’s at mentioned, So we’ve sophisticated in and those solution, more Susan of Nurse and look our just where consultative today bring really seen towards as we the schools. is staffing evolution more

seeing the year in growing we XX% opportunity. acceleration it’s just well. XXXX think growing to we grow So a of a good they’re so opportunity demand large also It’s I Again, accelerate. are this to as really and in as not it, issue. a and There’s market already there with looking but it’s great forward mentioned, lot within really and needs schools

doing customers right this ensure combining business, with right our job, think you therapy. – this I a talent, how time. not the ahead. things just With we And and about see about of can it’s good help have school that it’s they the market those we lot So really the talked again,

find Sometimes skilled it’s the needs to meet to in right rural areas. very the of labor the difficult some

a that as is this great So to well. way address

we’re talking innovation they to some things Advanced. do sophistication We really good can market. to So the the that’s bring that think about

Mitra Ramgopal

to sales addition there standpoint. Boda’s earlier Ralph’s from from Is that it Okay. synergies recruiting from a should be think seems like opportunity, the force some comment I revenue fair? And in

Dan White

And our in Nurse level before, the business are talked where we our probably, Yes, would them participate in improve programs. particularly growth be. We orders there as expect MSP should some they exclusively, revenue at have for today. Travel a those would of time we higher that period their from at so to

businesses, other to us businesses then and customers, opportunity – their for so the lines their opportunities, also, there’s probably there’s So ways some cross-selling of I into executive both services sell and there. interim think some search like Kelly’s

I good. not good there’s think The for that’s source a that. question, TAM

go So for let back there me a second. just

a $X don’t have million of to $X any to from of We systems one. kind had of employees. hire but the that of school never – type these have range billion, lot haven’t numbers They’ve seen

so provide kind trying And the really address to of students. they’re legislation for and support that

it but reason So to own. school of are out systems fast, the that market their problem is – unlikely the also the why growing large that’s part I on going be able it’s and so think to very it’s the figure

it’s a like feel do we pretty big So market.

Susan Salka

– huge Mitra, are there – quite towards psychologists, familiar, you funding going which a categories. is Right in lot focus other primary categories, a there But more about do not is probably opportunity. a there think areas help are bit therapy, That’s once the how speech so to as honestly, you in a channel of school resources to on occupational to of of we’re schools platform, add and is therapy, helping for really PT. an now, not schools whole a there’s they’re little support health have we – behavioral bring then in another doing opportunity now.

relationship, platform with they we about think more we’re can already school what at So maybe relationship more existing how upon have districts. a build excited about clients, but these of consultative

Mitra Ramgopal

things still certainly really forward as wondering, you a or finally, to do. areas Okay. you Or to I your it we overall the closed No, your look looking there businesses? existing It in expect should explore And haven’t that’s acquisition, of seems number would still get of really offering still terms but consolidating some like now, or into? yet, you needs know still on you’re I’m like has great. just are

Susan Salka

Silversheet is continue three focused we think what One area and great you’re of opportunities, this it’s be strategy, was referring still When Workforce and where example something credentialing this compliance. year really our did on about in earlier might to clients if and we for of really very categories. a we that’s Solutions, looking our to acquisition to help

maybe our retaining that and onboarding, credentialing, staff helps that anything are developing want So at. to at and optimizing better look their clients areas we recruiting, be

scale would yet. scale not where to in we we be really Second demand, more create areas at strong ourselves where are perhaps see

So schools example was great of that. a

division, is therapy can rates, always and demand great growing. then higher a be certainly helpful that. achieve fill have have certainly the even this pieces but even when so bigger is it We And helps us nursing

future where we innovation to an or where look some scale growth. to feel either we add talents, So we at some categories we’ll area in can continue see cases, that important

Mitra Ramgopal

Okay. for questions. That’s again the Thanks, great. taking

Susan Salka

Thanks, Mitra.

Operator

R.W. go question of Mark ahead. the Baird. line next Our Please with from Marcon

Mark Marcon

typically a school competitive million if What I And bit How are you do $X in talk area? Or that little granularly And set? therapy? particular assignments? the think placement. that – including we wondering are as little area? And billion, was about long relates to economics has more the the bit people how of being the was Ralph, could a placed? was who when about a about said school that $X you that specifically types it to

Ralph Henderson

schools. No. the That’s

look probably – something deal, the months nine we that, how school because should the the at probably don’t help. we therapy year. market The months of but give some market is to guidance its therapy we behavioral market. The billion around the billion is own, are right now $X the on when that’s they as the we about big, long, on other think as same close as specialties the right, That’s rest therapies. $X assignment you speech You’re schools summer when primary we another lengths the need – to probably really and are

opportunities do that much school could we need we provide districts at school support in there’s area. that in But really probably So We don’t those specialties. now, these think right also later nursing but date. a beyond

So upsides well. to it as there’s there’s other – and

Susan Salka

that the we all under the to fragmented in competitive Getting players, revenue. believe landscape, million are $XXX and very we think they are of

continue that have out footprint. to ourselves, there this opportunity to build and our are think So also to growing. But could that we might gives future tuck us into plenty the we certainly opportunities, is growth of acquisitions other market as about

Mark Marcon

much their how would And then national describe And regards on that? with you how look coverage invest basis, Great. a to to would increase to you it?

Brian Scott

This within schools, is They’re Brian. they’re and and growing today across already Allied well. national and in as Nurse even the their multiple states provider that’s

school the as are platform of in very to bigger looking this national And in a them continuing districts. be but any player states ones, a new allows to really some They’re efficiently space. well. you’d they’re lot imagine, really they their win So market to serve

kind we of what fragmented, mom-and-pops more of they probably about the – so more more relationship. and them each other relationship sophistication finding to bring it’s The at a really consistency, get want like markets, is of a once in as in, can it’s – a I lot little when the more they very said, put districts that them and they’re they in and that with expand preferred come local help

more you’re likely that recurring to you job, come them as they’re really going tailwinds and there district time. you’re year, in good to the comes school some have revenue is create So – need. should if Once to school doing up, and for that year it you’re more good a over school back again next

as our So consistency we revenue well. model create will in over think more it time

Mark Marcon

to of correct? that growing. part it’s Great. the margins going to sounds How impact be the like just that And business. then fastest on the that because – Is is going it

Brian Scott

similar. pretty are Yes, margins the

I for probably Allied the aligned much – within time enablement, very have slightly – they allow margins can for segments. our overall technology as higher business the EBITDA and their it gross Nurse as think But are margin. with over

the As very with But brings it down margins I it’s our one. consistent within Nurse existing mentioned, segment Allied on slightly. a consolidated basis and

as profile. scale, we in current it will term can right more again, near So all margin in fit in with grow, our we the get cases, but

Mark Marcon

supply? the the number that, Great. – number Okay. start regards with the how that to Or really one. just do what up, think we regards comment all, to two, if to you regards filling then demand constraints seeing And about is resumption demand? with outstripping a – the you premium see picking with first could do pricing? just And to of are demand

Ralph Henderson

Yes.

starts time demand pricing. going we’re more to remain think frame sustained to impact before to see have to I high it at for that levels little

environment, where time So from a new that I’ll is us the new never first. It’s supply-constrained takes to issue things just our – you yesterday, so one big the us two the and bit so pivot with efforts it this want we’re demand is align exactly Right you served demand. of same to recruitment – little address for it. now, client the always to never

Excluding see MSPs, although could in it. front well I we it think get where coming we of

any across all other demand way not widespread. we So I is characterize have. non-MSP. don’t know It if could the It’s centered It other MSP and and we than that there any it’s is specialties is place. geographically both

Brian Scott

It really client. us continue have the will to want able make rates. volatility And strategic rates to a changes of the for standard. allow more level needs industry the to We fill in to work attract both is the consistently standard us appropriate little would premium allow well. their And that term well. supply – we dialogues, demand to period, where as premium in really is to for be as long get same It’s the to if this and more more the from Ideally those we Brian. a as really we at on don’t with can creates to the draw their them. clients for is need us pricing We staff a prefer

Mark Marcon

quickly Brian, on could do you that? potentially you do think point, how that

Brian Scott

programs, is adjust we to a dialogue well. market we that we and to one more mentioned, with it then having our that’s the continuing quickly, our – supply, increasing clients to about real daily Well, If able And the underlying our was rates but of encounter with as even time. and to It’s cull a attract kind modestly. conditions be we been MSP we’re have more our customers continuing dialogue. have of more that – can would growing probably ability that’s the as – little quickly talk all could them I benefits of a

Susan Salka

their know, client on across share about region. pricing. ultimately, I as within this the decision think with something specialties what’s be. discussion. should they and pricing the a the on is really that then certain make data them country, is what decide with the they Mark, consultative happening It’s ultimately you We And in discussion

say it’s how really since when and much controlling exactly difficult to So we’re for that. us not

Operator

Our line next question Company. go from The Benchmark Bill Please Sutherland ahead. from the of

Bill Sutherland

everybody. Hey Thanks.

system feel up this got you so be that you’ve the functionality the at like at – at On Locum, Just a couple do point? everyone like here. XXX%, can productive

Ralph Henderson

last something Yes, to us since I appreciate that. at dominated the had that question. the several right We last think a increase releases I I’m This do not we call, of on it’s so this all of point. the a that’s drag that and were productivity, glad call, system which we speed with see to the placement the system have recruiter the we’re enhancements starting can benefits grow now.

The other issue there, remember the user adoption of it.

assessment some individual they now. process using good. And team, pipeline the then want new they I in think through functionality finding best in and us and to users top very database used where the that more recently see the and we’ve the highlight some delivered resulted get of their that stood. the them usability our in have around got IT or of search at strong And may a early went the can industry of here of clients. they we funnel The candidates turn just the so progress. that the one to those, be adoption I months the kind the in We system, right filtering has three to for So tools behind to to was new so sorting

the up, screening number who submitting candidates of candidates So is is up. the interviewing with and number clients were are of

number the back hopefully – last assignment maybe and up. increase we to better we’ll the just of out a so that candidates in and QX here year. the half be sequential step the get And in an of is And little see things

Bill Sutherland

Are Got up it. you producers? XXX back towards getting

Ralph Henderson

We are.

producers call. at we think targeted about we’re of number the talked last the I

is with side pretty you’re to the closer on account there, XXX, yes. the close managers, So recruitment our count but

Bill Sutherland

for couple how cycle about the forward? business, look you you a Kelly, at do mid-revenue When think Just going that maybe.

Susan Salka

Susan. Bill, this answer to that. is that Kelly, And report her since doesn’t make I No. won’t

within demand business. cycle, that good we So see mid-revenue really

last bringing businesses the Health have together. two so you organization recall, As year, we and Peak those which we and then been acquired we’ve MedPartners

fantastic leadership a now the have very Allied helping successful the We growing business, the Peak Allied both and that’s team. leader a founder moved sales a build team, woman and of – we over been organization our from there,

And so the two cycle. together are of coleading them mid-revenue

disruption mentioned year. and need have reach MedPartners last doing that off but The team but place changes by We and accident leadership been that in it’s bit to the did of making one second and way, of in that up I in-house in a rather chalk would mentioned year. the last to little create large we year-over-year. quarter still the there the a for that that good was And the her, to she along And but fabulously, us bring the than leaders and the over does that might both job bit. that to were of some call back recall, to a not quite it. plane we down unfortunate when that is now services because client the only just I of getting I we a President she that consistency little bit also is out was now some benefit leadership down behind if actually working because of terrific that decision is role. there. their quarter, to through made first outsourcing chose she she strength. time with done have coding in changes with was office other leadership you certainly mention disruption integrated fine, us They’ve business a for from news phone MedPartners come Peak give a crash there integration, and and running. it That’s the back the The is go a we always

some And so the of feeling we’re of effects that.

Bill Sutherland

to process? expand here’s just service – try or normal can you do for think boutique to you email, Or just that to an one to Maybe add? a with When in do you area, Okay. you hiring the find want a consultative want Kelly. something

Kelly Rakowski

Good Bill. you, Thank question.

them meaningful are to with them relevant likely strategic organization say do talent those with inside if have basis, build either perspective what most on We’re a do smaller would today. think some some side. we And want today more a But would aligned up to starting it services order capabilities an would first I mass have that for a partnerships. the off provides market looking we and We to we we of so on most – are services couple of critical the our might one-off acquisition, them in and say roll be that. we I do there. on some

market it’s you of rolling then combination a specific in up yet, going to that have and as plans some that today, our some any for we’ll certainly area. decisions growing So keep from don’t strength we probably be analysis we and posted couple. we and a talent that make But do have and

Bill Sutherland

All right. Thanks everybody.

Susan Salka

Thanks, Bill.

Operator

line have from [indiscernible] the we of question with Berenberg. Alex And a

line open. is Your

Unidentified Analyst

in Hey, looking acquisitions, good the afternoon. Most Solutions you’re Workforce what especially multiples marketplace seeing potential with have potential you M&A. quick just When but of are targets? at my now, questions I right are answered, on a

Susan Salka

It’s thanks. Alex, Susan.

the an increases well know, technology you opportunity, the element discussed anytime past probably put into you As we’ve in multiple. a and it acquisition

we’ve come Workforce and some component. about And probably a likely of the that looked are to have opportunities at Solutions that do technology

appropriate XX So There to look there those be to perhaps that those. much from make even work can for too been EBITDA times And run have more. when at us. anywhere to felt we’re times willing multiple XX was or done we to

the we think And of be away, it’s XX put multiple the we probably the of ranges higher will then I pay it right in, front, margins business, think absolutely on depends between at if backed for It of the on the out that they’re would categories And time, a us. range, variety so to business, the we there. of but the staffing the sort X would and times a factors. solution right the I service growth

that hopefully So helps.

Unidentified Analyst

helpful. That’s Yes.

Dan White

discussions, is fabulous example. that. around around And to discussions walks data of Dan. and an here, saying, revenue the had improvement those on color We’ve greater. time-to-revenue this is, improvement where think as based to client early can with each it’s Alex, about of or client XX% really a of you an in often my some just clients we away our Silversheet time wanted give do what I kind we

about with you for frankly, potential it’s serious a talk really some customers those returns starving kinds are fabulous nickels, of add for us value. really when way the So that for to

Unidentified Analyst

Thank I Awesome. you, appreciate it.

Dan White

Thanks, Alex.

Operator

closing remarks. you, I’ll for speakers and our turn back to any it Thank

Susan Salka

Lory. everybody next our us updating we on today, joining during progress and really our appreciate to look call. We forward you Thank you, earnings

Operator

this Thank our conclude teleconference you. And and will for today. ladies gentlemen,

at that participants services. As Thank code dial replay access that may at for and replay with And you you made access a XXXXXX. now today replay. TeleConference XXX-XXXX. available XXX-XXXX can And by today. teleconference Time midnight conference AT&T the disconnect. replay code the reminder, your Eastern. the Executive using (XXX) may And XX Enter And access is international for participation dialing p.m. digitized will being conclude our XXXXXX. Eastern (XXX) call AT&T system X:XX for May begins The until TeleConference you X running for

AMN Healthcare Services (AMN) 3 May 192019 Q1 Earnings call transcript