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    AMN Healthcare Services Inc (AMN)

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    AMN Healthcare Services, Inc. is a leading provider of healthcare workforce solutions and staffing services in the United States. The company offers a wide range of technology-enabled talent solutions to healthcare organizations, helping them optimize their workforce, reduce complexity, and improve efficiency. AMN sells temporary and permanent staffing solutions, managed services programs, vendor management systems, and other workforce optimization technologies.

    1. Nurse and Allied Solutions - Provides temporary and permanent staffing solutions for nurses and allied healthcare professionals, including managed services programs and revenue cycle solutions.
    2. Physician and Leadership Solutions - Focuses on placing physicians, dentists, advanced practice providers, and healthcare leaders in temporary and permanent roles, including interim leadership placements and executive search services.
    3. Technology and Workforce Solutions - Offers technology-driven services such as vendor management systems, workforce consulting, predictive labor analytics, staff scheduling, and language interpretation services.
    NamePositionStart DateShort Bio
    Cary GracePresident and Chief Executive OfficerNovember 28, 2022Cary Grace joined AMN Healthcare as President and CEO in 2022. She previously served as CEO of Global Retirement, Investment, and Human Capital at Aon and has over three decades of leadership experience.
    Jeffrey R. KnudsonChief Financial Officer and TreasurerNovember 2021Jeffrey Knudson oversees accounting, finance, investor relations, and more at AMN. He previously held leadership roles at At Home Group, CVS Health, and L Brands, among others.
    Mark C. HaganChief Information and Digital OfficerMarch 2020Mark Hagan joined AMN in 2018 as CIO and was promoted in 2020. He leads AMN's digital strategy and IT operations. He previously worked at Envision Healthcare and TeleTech.
    Whitney M. LaughlinChief Legal Officer and Corporate SecretaryAugust 2023Whitney Laughlin has been with AMN since 2006 and became Chief Legal Officer in 2023. She oversees legal, governance, ESG, and compliance functions. She is a licensed attorney in California and Texas.
    Brian ScottChief Financial Officer and Chief Operating OfficerNovember 21, 2024Brian Scott rejoined AMN in 2024. He previously worked at AMN from 2003 to 2021, leading significant growth. He also held CFO roles at Jack in the Box, ShiftKey, and TheKey.
    1. With Nurse and Allied revenue down 30% year-over-year and average bill rates declining, how do you plan to address the continued pressure on gross margins in this segment, and when do you anticipate stabilization or improvement in pricing and volumes?

    2. Given that Technology and Workforce Solutions revenue decreased by 11% year-over-year, primarily due to a 34% drop in VMS revenue, what steps are you taking to reverse the trend in VMS, and how confident are you in the growth prospects of this segment?

    3. The international nurse business has been significantly impacted by visa retrogression, with expectations of another $60 million year-over-year impact in 2025; what strategies do you have in place to mitigate this risk and accelerate growth in your international segment?

    4. You increased your maximum leverage covenant from 4x to 4.5x through the end of 2025, and your net leverage ratio stands at 2.8x; how does this higher leverage capacity align with your plans for debt repayment and returning to your target leverage ratio, especially in light of declining EBITDA?

    5. As you face intense competition across all service models and suppliers are increasingly not filling orders at uneconomic rates, how do you intend to navigate the competitive pricing environment to protect your margins while maintaining market share, particularly in the Travel Nurse Staffing market?

    Program DetailsProgram 1Program 2Program 3Program 4Program 5
    Approval DateNovember 1, 2016 November 10, 2021 February 17, 2022 June 15, 2022 February 16, 2023
    End Date/DurationNo expiration date No expiration date No expiration date No expiration date No expiration date
    Total Additional Amount$150.0 million $300.0 million $300.0 million $300.0 million $300.0 million
    Remaining Amount$0.0 million $0.0 million $0.0 million $0.0 million $226.7 million
    DetailsCan be discontinued or suspended at any time Can be discontinued or suspended at any time Can be discontinued or suspended at any time Can be discontinued or suspended at any time Can be discontinued or suspended at any time

    Note: The remaining authorization amount of $226.7 million as of September 30, 2024, is allocated entirely to the newest program (Program 5) since earlier programs are assumed to have been fully utilized.