AMN Healthcare Services, Inc. (AMN) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the AMN Healthcare first-quarter 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您稍候。歡迎參加 AMN Healthcare 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your first speaker today, Randy Reese, Vice President, Investor Relations and Strategy. Please go ahead.

現在我想把會議交給今天的第一位講者，投資人關係與策略副總裁 Randy Reese。請開始。

Good afternoon, everyone. Welcome to AMN Healthcare's first-quarter 2026 earnings call. A replay of this webcast will be available at ir.amnhealthcare.com at the conclusion of this call. Remarks we make during this call about future expectations, projections, trends, plans, events, or circumstances constitute forward-looking statements.

各位下午好。歡迎參加 AMN Healthcare 2026 年第一季財報電話會議。本次網路直播的重播將於本通話結束後在 ir.amnhealthcare.com 提供。我們在本次通話中就未來預期、預測、趨勢、計畫、事件或情況所作的評論，均構成前瞻性陳述。

These statements reflect the company's current beliefs based upon information currently available to it. Our actual results may differ materially from those indicated by these forward-looking statements because of various factors and cautionary statements, including those identified in our most recently filed Forms 10-K and 10-Q, our earnings release, and subsequent filings with the SEC. The company does not intend to update guidance or any forward- looking statements provided today prior to its next earnings release.

這些陳述反映公司基於目前可得資訊所持有的當前信念。由於各種因素與警示性陳述（包括我們最近提交的 10-K 與 10-Q 表格、財報新聞稿以及其後向 SEC 提交的文件中所識別者），我們的實際結果可能與這些前瞻性陳述所示存在重大差異。公司無意在下一次財報發布前更新今日提供的指引或任何前瞻性陳述。

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

本通話包含若干非 GAAP 財務資訊。關於這些非 GAAP 指標的資訊，以及其與最直接可比 GAAP 指標之間的調節表，已包含於我們的財報新聞稿中，並刊載於 ir.amnhealthcare.com 的財務報告頁面。

On the call with me today are Cary Grace, President and Chief Executive Officer; and Brian Scott, Chief Financial and Operating Officer. I will now turn the call over to Cary.

今天與我一同參與通話的有：總裁兼執行長 Cary Grace，以及財務與營運長 Brian Scott。現在我把通話交給 Cary。

Thank you, Randy, and good afternoon, everyone. We appreciate you joining us today. The AMN team made important achievements since the start of the year. The first quarter was defined by unusually large labor disruption activity.

謝謝你，Randy，各位下午好。感謝各位今天加入我們。自年初以來，AMN 團隊取得了重要成果。第一季的特點是異常大量的勞動中斷活動。

From an operational standpoint, it was a major milestone for AMN. We successfully supported several large events, two of which were long duration, while continuing to serve the day-to-day (technical difficulty) showcasing our rapid scaling, disciplined execution, broad and deep clinician network, and high-touch service delivery. This experience also validated the investments we’ve made over the past few years in our technology capabilities, including our event management system and AI recruitment, technology that enables coordination, compliance, and real-time execution at scale. And it highlighted the strength of our mission-driven teams working across the company.

從營運角度來看，這對 AMN 而言是一個重大里程碑。我們成功支援了數個大型事件，其中兩個為長期事件，同時持續服務日常業務（技術問題），展現我們快速擴張規模的能力、嚴謹的執行力、廣且深的臨床人員網絡，以及高接觸式的服務交付。這段經驗也驗證了我們過去幾年在技術能力上的投資，包括事件管理系統與 AI 招募等技術，這些技術可在大規模下實現協調、合規與即時執行。同時也凸顯了我們使命導向團隊跨公司協作的力量。

The energy and endurance of the AMN team, balancing event-specific needs and driving business as usual, were awe-inspiring, demonstrating all the values and principles that make AMN special. For the first quarter, AMN delivered revenue of $1.38 billion, above our guidance range and consensus. Gross margin was 26.8%, well above our guidance range. Adjusted EBITDA was $166 million or 12.1% of revenue. The first quarter included $722 million in labor disruption revenue and $656 million in revenue from all other AMN businesses.

AMN 團隊在兼顧事件特定需求並推動日常營運方面所展現的能量與韌性令人讚嘆，充分體現了使 AMN 與眾不同的所有價值觀與原則。第一季，AMN 實現營收 13.8 億美元，高於我們的指引區間與市場共識。毛利率為 26.8%，明顯高於我們的指引區間。調整後 EBITDA 為 1.66 億美元，占營收 12.1%。第一季包含 7.22 億美元的勞動中斷相關營收，以及來自 AMN 其他所有業務的 6.56 億美元營收。

Nurse and Allied Solutions recorded year-over-year growth in traveler volume, excluding labor disruption Travelers, for the first time since 2022. Our Nurse and Allied Staffing businesses performed better than we expected in the first quarter and are on track for continued strong performance in the second quarter.

護理與醫事專業解決方案（Nurse and Allied Solutions）在排除勞動中斷旅任人員後，旅任人員量首次自 2022 年以來出現年增。我們的護理與醫事專業派遣業務第一季表現優於預期，並有望在第二季持續維持強勁表現。

Our International Staffing business grew revenue by 17% quarter-over-quarter (technical difficulty) year-over-year. This was our first quarter of year-over-year growth in this business since the fourth quarter of 2023, shortly after the State Department implemented visa retrogression.

我們的國際派遣業務營收季增 17%（技術問題），並呈現年增。這是自 2023 年第四季以來該業務首次出現年增；當時不久之後，美國國務院實施了簽證倒退（visa retrogression）。

Our Leadership Search business also returned to year-over-year revenue growth. While the revenues from labor disruption events are hard to predict, our ability to move thousands of clinicians to meet the urgent needs of our strategic clients delivered great value on a scale we could not have done just a few years ago.

我們的領導人才搜尋（Leadership Search）業務也恢復年增營收。雖然勞動中斷事件帶來的營收難以預測，但我們能夠調度數千名臨床人員以滿足策略性客戶的緊急需求，所創造的價值非常可觀，其規模是幾年前我們無法做到的。

Our solid performance in the quarter enabled us to pay down our revolver and increase our cash balance, improving our leverage ratio to 1.6 times at quarter end. Our strong balance sheet positions us well in the industry to advance our growth strategy and drive value for our shareholders, clients, and other stakeholder.

本季的穩健表現使我們得以償還循環信貸額度（revolver）並提高現金餘額，將季末槓桿比率改善至 1.6 倍。我們強健的資產負債表使我們在產業中具備良好定位，可推進成長策略並為股東、客戶及其他利害關係人創造價值。

While we view the labor disruption execution as a defining accomplishment, we remain focused on the underlying drivers that enable our long-term growth plans: broader and deeper client and clinician relationships, scaled service execution, and technology enablement of our solutions.

儘管我們將勞動中斷的執行視為一項具代表性的成就，我們仍專注於支撐長期成長計畫的根本驅動因素：更廣且更深的客戶與臨床人員關係、規模化的服務執行，以及以科技賦能我們的解決方案。

In our Solutions segment, first quarter revenue for Nurse and Allied Solutions was $1.13 billion, our second-highest revenue for the segment in company history. Beyond the labor disruption revenue and International Nurse growth, Travel Nurse revenue grew 13% year-over-year, and Allied was up 3%. Bill rates and hours also moved favorably, with average bill rate up 6% year-over-year due to a surge in rapid response placements.

在我們的 Solutions 部門中，第一季護理與醫事專業解決方案營收為 11.3 億美元，為公司歷史上該部門第二高的營收。除勞動中斷營收與國際護理成長外，旅任護理（Travel Nurse）營收年增 13%，醫事專業（Allied）年增 3%。計費費率與工時也呈現有利變化，平均計費費率年增 6%，主要因快速應變（rapid response）派遣大幅增加。

Nurse demand has been muted, though demand in recent weeks improved to be flat year-over-year. Allied demand has been growing year-over-year since 2025. Our teams are executing very well at filling the available demand.

護理需求一直較為低迷，但近幾週需求改善至與去年同期持平。醫事專業需求自 2025 年以來持續年增。我們的團隊在填補現有需求方面執行得非常出色。

For the second quarter, we expect Nurse and Allied Solutions revenue to be flat to down 2% year-over-year, including a normalization of the segment bill rate. First quarter revenue for Physician and Leadership Solutions was $164 million, lower by 6% year-over-year. Locum Tenens volume was down 9% year-over-year, and revenue per day filled was up 3%.

對於第二季，我們預期護理與醫事專業解決方案營收將與去年同期持平至下滑 2%，其中包含該部門計費費率的正常化。第一季醫師與領導力解決方案（Physician and Leadership Solutions）營收為 1.64 億美元，年減 6%。短期代班醫師（Locum Tenens）量年減 9%，而每個填補日的營收年增 3%。

Interim leadership volume was down, partially offset by an increase in pricing. Our search business was highlighted by strong growth in physician permanent placement and new executive searches. We continue to see locums clients focused on managing spend by centralizing program management and hiring permanent physicians. And we have both a healthy pipeline of locums MSP prospects as well as a new locums MSP client in the quarter. We also renewed and expanded the contract with our largest locums client.

臨時領導（Interim leadership）量下滑，但部分被價格上升所抵銷。我們的搜尋業務亮點包括醫師永久任用安置（physician permanent placement）與新的高階主管搜尋強勁成長。我們持續看到代班醫師客戶透過集中化專案管理並聘用永久醫師來控管支出。此外，我們既有健康的代班醫師 MSP 潛在客戶管線，也在本季新增一位代班醫師 MSP 客戶。我們也與最大代班醫師客戶完成合約續約並擴大合作範圍。

MSP volume was up year-over-year. We are driving toward making MSP a higher percentage of our revenue mix. Overall, Locums demand has been softer, with more demand in the third-party channel, which is more competitive and harder to fill. Our lower fill rates in that channel more than offset our MSP progress.

MSP 量較去年同期增加。我們正推動 MSP 在營收組合中占比提高。整體而言，代班醫師需求較為疲弱，且更多需求來自第三方通路；該通路競爭更激烈、也更難填補。我們在該通路較低的填補率，已超過我們在 MSP 方面的進展所帶來的正面影響。

Similar to what we did in our Nurse business to improve performance in vendor-neutral programs, we have initiatives in place to tech-enable and automate our locums recruiting process to increase speed, as well as adding more recruiters to enable higher fill rates.

類似我們在護理業務中為提升供應商中立（vendor-neutral）專案表現所採取的作法，我們已推出多項措施，以科技賦能並自動化代班醫師招募流程來提升速度，同時也增加招募人員以提高填補率。

Leadership Solutions has rolled out refreshed go-to-market approaches for executive and leadership search and interim to align with clients’ current challenges, including accelerating healthcare C-suite turnover, rising demand for digitally fluent, data-driven leaders, and developing sustainable workforce strategies. Operationally, the team is improving fill rates with AI-enabled candidate matching and enhanced tech and data capabilities to support our search consultants.

領導力解決方案（Leadership Solutions）已針對高階主管與領導人才搜尋，以及臨時任用（interim）推出更新的市場進入（go-to-market）策略，以貼合客戶當前的挑戰，包括醫療產業 C-suite 更迭加速、對具備數位素養且以數據驅動的領導者需求上升，以及建立可持續的人力策略。在營運面，團隊正透過 AI 賦能的候選人配對，以及強化的技術與數據能力來支援我們的搜尋顧問，進而提升填補率。

In the second quarter, we expect Physician and Leadership Solutions revenue to be down approximately 6% to 8% year-over-year. Quarter revenue in Technology and Workforce Solutions was $87 million, down 15% year-over-year, or 10% excluding the business we divested last year. Language Services continued the rollout of our tiered service and pricing strategy, and we are pleased with our progress, including increased new sales wins and gross margin improvements in the first quarter. Our updated model enables us to serve our clients with the broadest set of language access services while delivering superior client and patient experience and outcomes.

在第二季，我們預期醫師與領導力解決方案（Physician and Leadership Solutions）營收將較去年同期下降約6%至8%。本季科技與人力解決方案（Technology and Workforce Solutions）營收為8,700萬美元，較去年同期下降15%；若排除我們去年已處分的業務，則較去年同期下降10%。語言服務（Language Services）持續推動我們分級服務與定價策略的上線，我們對進展感到滿意，包括第一季新增銷售得標增加以及毛利率改善。我們更新後的模式使我們能以最完整的語言可近性服務組合服務客戶，同時提供更優異的客戶與病患體驗及成果。

On our WorkWise workforce technology platform, we rolled out new AI-driven tools designed to help our customers fill roles faster and improve the quality of candidate matches. We added automated candidate scoring, improved search across open orders and available staff, and made it easier to create clear job descriptions, improving speed and overall hiring efficiency. We already used our AI recruiter to deploy more than 10,000 clinicians in the first quarter.

在我們的WorkWise人力科技平台上，我們推出了新的AI驅動工具，旨在協助客戶更快補足職缺並提升候選人配對品質。我們新增自動化候選人評分、改善對未結訂單與可用人員的搜尋，並讓建立清晰的職務說明更容易，從而提升速度與整體招募效率。第一季我們已使用AI招募員部署超過10,000名臨床人員。

We also introduced supplier performance analytics, which give clients more transparency into supplier quality, responsiveness, and outcomes. Overall, these updates further differentiate WorkWise and reinforce our ability to help healthcare organizations make better workforce decisions and manage staffing more efficiently.

我們也導入供應商績效分析，讓客戶更透明地掌握供應商品質、回應速度與成果。整體而言，這些更新進一步凸顯WorkWise的差異化，並強化我們協助醫療機構做出更佳人力決策、以更高效率管理人力配置的能力。

Our technology enablement has also strengthened our engagement with healthcare professionals. Our market-leading clinician app, AMN Passport, plays a critical role in how we improve the connection between client needs and the labor force. Over the past year, we increased the features and utility of Passport, and as a result, Passport users are up more than 30% year-over-year, with monthly active users up more than 50%. Based on positive client reception, we are accelerating our go-to-market strategy for WorkWise beyond our current client base, and we expect this acceleration to support new sales heading into the second half of the year.

我們的科技賦能也強化了與醫療專業人員的互動。我們市場領先的臨床人員App——AMN Passport——在我們改善客戶需求與勞動力之間的連結方面扮演關鍵角色。過去一年，我們提升了Passport的功能與實用性；因此，Passport使用者數較去年同期成長逾30%，月活躍使用者（MAU）成長逾50%。基於客戶的正面回饋，我們正加速將WorkWise的上市推廣策略擴展至現有客戶群之外，並預期此加速將支持下半年新增銷售動能。

For the second quarter, we expect Technology and Workforce Solutions revenue to be down approximately 14% to 16% year-over-year, which implies an improved sequential trend compared with the past two quarters. Overall, we are encouraged by our start to the year, with some key solutions returning to year-over-year growth and plans for additional solutions to return to year-over-year growth this year and into next year. We remain confident that we are moving toward a business model in which we can sustain long-term revenue growth and grow adjusted EBITDA at twice the rate of revenue growth.

就第二季而言，我們預期科技與人力解決方案營收將較去年同期下降約14%至16%，這意味著相較於過去兩季，季對季趨勢有所改善。整體來看，我們對今年的開局感到鼓舞，部分關鍵解決方案已恢復至較去年同期成長，並規劃在今年及明年讓更多解決方案回到較去年同期成長。我們仍有信心正朝向一種商業模式邁進：能夠維持長期營收成長，並使調整後EBITDA以營收成長率兩倍的速度成長。

Our first quarter performance was a significant demonstration of AMN’s capability to scale quickly and deliver at a high level, integrating technology, operational execution, and a mission-driven team under intense conditions. Great people are at the center of our mission and our culture. As we celebrate National Nurses Week this week, we are grateful to and for the tens of thousands of nurses we have the privilege of working with, who enable continuous, high-quality patient care delivered across a wide range of care settings and locations.

我們第一季的表現充分展現AMN在高壓條件下，能快速擴張並維持高水準交付的能力，將科技、營運執行與使命導向的團隊整合在一起。優秀的人才是我們使命與文化的核心。在本週慶祝全國護理師週（National Nurses Week）之際，我們感謝並珍惜有幸與數以萬計的護理師共事；他們使得在各式照護場域與地點都能持續提供高品質的病患照護。

With that, I’ll turn the call over to Brian to walk through the financial details and outlook consideration.

接下來，我把電話會議交給Brian，請他說明財務細節與展望考量。

Thank you, Cary, and good afternoon, everyone. First quarter consolidated revenue was $1.38 billion, significantly above the high end of our guidance range, driven in large part by labor disruption revenue exceeding our guidance by $122 million. We also had better-than-expected performance from our Travel Nurse, Allied, and International businesses.

謝謝你，Cary，各位下午好。第一季合併營收為13.8億美元，顯著高於我們指引區間的上緣，主要受惠於勞動力中斷（labor disruption）相關營收較指引高出1.22億美元。我們的旅遊護理（Travel Nurse）、醫技（Allied）與國際業務表現也優於預期。

Consolidated gross margin for the quarter was 26.8%, above the high end of guidance. Year-over-year gross margin declined 190 basis points, and sequentially was up 70 basis points. First quarter consolidated SG&A expenses were $218 million. Adjusted SG&A, excluding certain items, was $205 million, up compared to the prior year and prior quarter, driven by over $70 million in costs related to the large labor disruption events.

本季合併毛利率為26.8%，高於指引上緣。毛利率較去年同期下降190個基點，季對季則上升70個基點。第一季合併SG&A費用為2.18億美元。排除特定項目後的調整後SG&A為2.05億美元，較去年同期與前一季增加，主要因大型勞動力中斷事件相關成本超過7,000萬美元所致。

First quarter Nurse and Allied revenue was $1.1 billion, up 173% year-over-year, 130% sequentially. Excluding $722 million in labor disruption revenue, Nurse and Allied revenue was $405 million, up 8% year-over-year and up 11% sequentially. Nurse revenue excluding labor disruption was $254 million, up 12% year-over-year and 16% sequentially. The growth was driven in part by strong rapid response volume and associated higher bill rates along with the International business recovery.

第一季護理與醫技（Nurse and Allied）營收為11億美元，較去年同期成長173%，季對季成長130%。若排除7.22億美元的勞動力中斷營收，護理與醫技營收為4.05億美元，較去年同期成長8%，季對季成長11%。排除勞動力中斷後的護理（Nurse）營收為2.54億美元，較去年同期成長12%，季對季成長16%。成長部分來自強勁的快速應變（rapid response）量能及其帶動的較高計費單價（bill rates），以及國際業務復甦。

Allied revenue was $151 million, up 3% both year-over-year and sequentially. Year-over-year segment volume increased 3%, average bill rate increased 6%, and average hours worked increased 1%. Sequentially, volume and average bill rate increased 6%, and average hours worked increased 2%. The higher bill rate was driven mostly by the rapid response revenue that is not expected to recur in the second quarter. Nurse and Allied gross margin in the quarter was 25.1%, up 240 basis points year-over-year and 350 basis points sequentially as labor disruption and rapid response revenue had a favorable impact on the segment margin.

醫技（Allied）營收為1.51億美元，較去年同期與季對季皆成長3%。較去年同期而言，該事業部門量（volume）增加3%，平均計費單價上升6%，平均工時增加1%。季對季而言，量與平均計費單價皆上升6%，平均工時上升2%。較高的計費單價主要由快速應變營收所帶動，預期第二季不會再度出現。本季護理與醫技毛利率為25.1%，較去年同期上升240個基點、季對季上升350個基點，因勞動力中斷與快速應變營收對部門毛利率帶來有利影響。

Moving to Physician and Leadership Solutions, first quarter revenue was $164 million, down 6% year-over-year and 3% sequentially. Locum Tenens revenue was $131 million, down 7% year-over-year and 4% sequentially. Interim Leadership revenue was $23 million, down 4% year-over-year and 5% sequentially, while Search revenue of $10 million was up 4% both year-over-year and sequentially.

接著看醫師與領導力解決方案，第一季營收為1.64億美元，較去年同期下降6%，季對季下降3%。短期代班醫師（Locum Tenens）營收為1.31億美元，較去年同期下降7%，季對季下降4%。臨時領導（Interim Leadership）營收為2,300萬美元，較去年同期下降4%，季對季下降5%；而搜尋（Search）營收1,000萬美元，較去年同期與季對季皆成長4%。

Segment gross margin for the first quarter was 26.1%, down 120 basis points year-over-year and 140 basis points sequentially. The decrease in gross margin is primarily due to a lower margin in locums and a drag of 110 basis points from increased sales reserves booked in the quarter.

第一季該部門毛利率為26.1%，較去年同期下降120個基點，季對季下降140個基點。毛利率下降主要因短期代班（locums）毛利率較低，以及本季提列較高銷售準備（sales reserves）造成110個基點的拖累。

In Technology and Workforce Solutions, first quarter revenue was $87 million, down 15% year-over-year and 1% sequentially. Excluding the July 2025 sale of Smart Square, revenue was down 10% year-over-year, driven mainly by a decrease in pricing and billed minutes in language services. First quarter Language Services revenue was $69 million, down 8% year-over-year and 1% sequentially. DMS revenue was $16 million, down 18% year-over-year and 2% sequentially.

在科技與人力解決方案方面，第一季營收為8,700萬美元，較去年同期下降15%，季對季下降1%。若排除2025年7月出售Smart Square的影響，營收較去年同期下降10%，主要由語言服務的定價與計費分鐘數（billed minutes）下降所致。第一季語言服務營收為6,900萬美元，較去年同期下降8%，季對季下降1%。DMS營收為1,600萬美元，較去年同期下降18%，季對季下降2%。

Segment gross margin was 50%, down 550 basis points year-over-year, driven by pricing pressure in language services and an unfavorable business mix. Sequentially, gross margin increased by 190 basis points, which included a 200 basis point improvement in the Language Services margin, reflecting the service model changes Cary mentioned in her opening comments.

該部門毛利率為50%，較去年同期下降550個基點，主要受語言服務定價壓力與不利的業務組合影響。季對季而言，毛利率上升190個基點，其中包含語言服務毛利率改善200個基點，反映Cary在開場談話中提到的服務模式調整。

First quarter net income was $62 million. This compared with a net loss of $1 million in the prior year period and a net loss of $8 million in the prior quarter. First quarter consolidated adjusted EBITDA was $166 million. Adjusted EBITDA margin for the quarter was 12.1%, above the high end of guidance and up 280 basis points from the prior year period and 480 basis points sequentially.

第一季淨利為6,200萬美元。相較之下，去年同期為淨損100萬美元，前一季為淨損800萬美元。第一季合併調整後EBITDA為1.66億美元。本季調整後EBITDA利潤率為12.1%，高於指引上緣，且較去年同期上升280個基點、季對季上升480個基點。

Days sales outstanding for the quarter was 26 days. Excluding working capital effects from the large labor disruption event, DSO was 54 days, 4 days lower year-over-year and 2 days lower sequentially. Operating cash flow for the quarter was $562 million, and capital expenditures were $7 million.

本季應收帳款週轉天數（DSO）為 26 天。若排除大型勞動中斷事件對營運資金的影響，DSO 為 54 天，較去年同期降低 4 天，較前一季降低 2 天。本季營運現金流為 5.62 億美元，資本支出為 700 萬美元。

At quarter end, we had $561 million in cash and equivalents, with a large portion of this cash increase from excess client deposits for the labor disruption events. We ended the first quarter with $367 million in client deposits, of which we have already refunded approximately $250 million this quarter. Assuming the remainder of the deposits are repaid this quarter, we would anticipate having approximately $175 million in cash at quarter end. We ended the first quarter with total debt of $750 million, and our leverage ratio, as calculated per our credit agreement, was 1.6 times.

截至季末，我們持有 5.61 億美元的現金及約當現金，其中現金增加的很大一部分來自勞動中斷事件的客戶超額押金。第一季結束時，我們的客戶押金為 3.67 億美元，其中本季已退還約 2.50 億美元。假設本季退還剩餘押金，我們預期季末現金約為 1.75 億美元。第一季結束時，我們的總負債為 7.50 億美元；依據我們的信貸協議計算之槓桿比率為 1.6 倍。

Moving to the second quarter outlook, we expect consolidated revenue in the range of $620 million to $635 million. Gross margin is expected to be 28% to 28.5%. Reported SG&A is projected to be approximately 23% to 23.5% of revenue, reflecting continued cost discipline while supporting growth initiatives. Operating margin is expected to be minus 0.6% to plus 0.1%. And adjusted EBITDA margin is expected to be 6.7% to 7.2%.

談到第二季展望，我們預期合併營收介於 6.20 億至 6.35 億美元。毛利率預期為 28% 至 28.5%。報告口徑的銷售、一般及管理費用（SG&A）預估約占營收的 23% 至 23.5%，反映在支持成長計畫的同時，持續維持成本紀律。營業利益率預期為負 0.6% 至正 0.1%。調整後 EBITDA 利益率預期為 6.7% 至 7.2%。

Additional guidance details are provided in our earnings release. To echo Cary’s comments, we remain confident that we have the team and strategy to deliver leading tech-enabled solutions that will drive sustainable revenue growth with improved operating leverage.

更多指引細節已載於我們的財報新聞稿。呼應 Cary 的評論，我們仍有信心具備團隊與策略，提供領先的科技賦能解決方案，以推動可持續的營收成長並提升營運槓桿。

With that, operator, please open up the line for questions.

接下來，接線員，請開放提問。

Thank you. At this time, we will conduct the question-and-answer session. (Operator Instructions)

謝謝。現在我們將進行問答環節。(接線員指示)

Trevor Romeo, William Blair.

Trevor Romeo，William Blair。

This is Melissa on for Trevor. I guess just to start out, what are conversations with the major hospital operators sounding like on contract labor today? Notice that it’s not being called out on their earnings calls anymore. So are you seeing any bill rate normalization going on outside of those crisis and strike type situations? I know you mentioned seeing it in some pockets last quarter.

我是代替 Trevor 的 Melissa。我想先請教，目前與主要醫院營運商就合約人力的對話大致是什麼樣的情況？注意到他們在法說會上已不太再特別提到這件事。所以，除了危機與罷工這類情境之外，你們是否看到計費費率（bill rate）有任何正常化的趨勢？我知道你們提到上季在某些區域有看到。

Yeah. Thanks, Melissa. Overall, we are seeing clients continue to focus on cost management, as well as ensuring that they have the workforce in place to be able to support increasing levels of patient utilization. So those two themes have continued.

是的。謝謝你，Melissa。整體而言，我們看到客戶仍持續聚焦成本管理，同時也確保具備足夠的人力，以支援病患就醫量（utilization）提升。所以這兩個主題仍在延續。

To your point, the conversation has shifted with clients where getting to more normalized both utilization levels and bill rate levels of contract labor was a lever, a big lever coming out of the pandemic. That really has normalized, and we’ve seen stability for a couple quarters now. The conversations with clients have really shifted back to what are the levers that we can use to more sustainably create a high quality, cost-effective workforce, and gets into a more of a total talent type of solution platform, which we are well-positioned against.

如你所說，與客戶的對話已經轉變；在疫情之後，讓合約人力的使用量與計費費率回到較正常水準，是一個槓桿、而且是很大的槓桿。這部分其實已經回歸常態，我們也已經連續幾季看到穩定。與客戶的對話已真正轉回：我們可以運用哪些槓桿，以更可持續的方式打造高品質、具成本效益的人力配置，並延伸到更偏「全方位人才」（total talent）解決方案的平台，而我們在這方面具備良好定位。

And it’s conversations around how do I do more predictive analytics about what my needs are? How do I ensure that I am leveraging the talent that I have most effectively? How am I tech enabling some of my solutions to be able to close some of the gaps between increasing levels of patient utilization and staffing? So we have seen those conversations really shift back to what are the more sustainable total talent strategies that you’re gonna be able to utilize to support your patient growth volumes.

對話內容也包括：我如何更具預測性地分析我的需求？我如何確保最有效地運用現有人才？我如何以科技賦能部分解決方案，以縮小病患就醫量提升與人力配置之間的缺口？因此，我們確實看到對話已明顯轉回：你可以採用哪些更可持續的全方位人才策略，以支援病患量成長。

Great. Thank you so much, Cary. And then maybe if I could just squeeze one more follow-up. On the labor disruption revenue, is there any additional color you guys could give on the client relationships that you guys developed coming out of that large windfall? Just any additional revenue opportunities that came from that this quarter?

很好。非常謝謝你，Cary。另外如果可以再追問一題。關於勞動中斷帶來的營收，你們能否多分享一些：在那次大型意外之財之後，你們與客戶建立了哪些關係？本季是否因此帶來任何額外的營收機會？

Yeah. So we supported in the quarter five labor disruption events. Three of them were large. Two of the three were indefinite. That was historic for us. That was historic for the industry.

可以。本季我們支援了 5 起勞動中斷事件。其中 3 起規模很大。這 3 起之中有 2 起為無限期。這對我們而言是史無前例。對整個產業而言也是史無前例。

And when you go through those types of crisis events with clients, your relationships get deeper and stronger. It was a incredibly important moment for the clients that we were supporting in those events. And so we were able to do that successfully, help ensure that they were able to go through and deliver continuous high-quality care for their patients. And that is a very important service, not only what we did in the first quarter that took years of planning to get there, but what we would expect to do in future years with clients going through those events.

當你與客戶一起經歷這類危機事件時，彼此關係會更深、更緊密。對於我們在這些事件中所支援的客戶而言，那是一個極其重要的時刻。因此我們能夠成功完成支援，協助他們確保能持續為病患提供高品質照護。這是一項非常重要的服務；不僅是我們第一季所做的（那是多年規劃的成果），也是我們預期未來幾年在客戶面臨此類事件時仍會提供的服務。

Jeffrey Silber, BMO Capital Markets.

Jeffrey Silber，BMO Capital Markets。

Thanks so much. In your prepared remarks, you alluded a few times to your rapid response revenues this quarter. Can you just remind us what the difference between that and your typical labor disruption revenues are and the impact on margins, et cetera?

非常感謝。在你們的事先準備講稿中，你們多次提到本季的快速應變（rapid response）營收。能否請你們再提醒我們，這與一般的勞動中斷營收有何不同，以及對毛利率等的影響？

Yeah. Hey, Jeff. Well, typically they are shorter duration assignments where the client is also looking for us to get somebody deployed very quickly. So that -- in this case, there was some kind of carry over between the or crossover between the labor disruption events and these rapid response orders. And so the rates are typically higher, but it also comes with that as a much higher pay rate as well.

好的。嗨，Jeff。一般而言，這類案子是期間較短的派遣，而且客戶也希望我們能非常快速地派人到位。因此——在這次情況下，勞動中斷事件與這些快速應變訂單之間有一些延續或交疊。所以費率通常較高，但同時也伴隨更高的薪酬成本。

So I wouldn’t think of it as much as a significant margin answer. It does have an impact on the volume and a higher revenue. So we mentioned the bill rate being much higher in the first quarter. That was in part because of the mix of those rapid response orders that we had in that quarter.

因此我不會把它視為一個顯著的毛利率故事。它確實會影響量體並帶來較高營收。所以我們提到第一季計費費率明顯較高。部分原因就是因為第一季快速應變訂單的組合占比較高。

The underlying trend around bill rates hasn’t changed a whole lot the last several quarters, but it was elevated, that’s why we made a point of calling it out as we look at the second quarter. We expect the rates to normalize. It was -- it’s very valuable for clients because, again, they had that rapid need, and we’re able to deliver really high fill rates on those orders.

過去幾季計費費率的基本趨勢並沒有太大改變，但它確實被拉高了，因此我們在展望第二季時特別點出。我們預期費率將回歸正常。這——對客戶而言非常有價值，因為他們有快速的需求，而我們能在這些訂單上提供非常高的填補率（fill rates）。

Hey, Jeff, one of the things that happens when you’re in a longer duration crisis, like two of the labor disruption events that we supported is you can layer in rapid response. It’s still an immediate need, but it is more cost-effective for the client. So it was part of a strategy that we were utilizing with clients to be able to really minimize the cost of them being able to support a long duration crisis.

Jeff，在你處於較長期的危機期間時——例如我們支援的兩起勞動中斷事件——你可以疊加使用快速應變。它仍然是立即性的需求，但對客戶而言更具成本效益。因此，這是我們與客戶共同採用的一部分策略，以盡可能降低他們在支援長期危機時的成本。

Okay. That’s really helpful. Second -- my follow-up question is just regarding the competitive landscape. You obviously saw one of your larger competitors, looks like they’re going private again.

好的。這真的很有幫助。第二個——我的追問是關於競爭格局。你們顯然看到你們較大的競爭對手之一，看起來他們又要再次私有化了。

I’m just curious what you’re seeing from those dynamics? Have you seen some of the smaller players leave? Are the larger players consolidating? I’m just wondering your thoughts on that.

我只是好奇你們從這些動態中看到了什麼？你們有看到一些較小的業者退出嗎？較大的業者是否在整併？我想聽聽你們對此的看法。

Let me start, and then -- I know Brian has thoughts on this as well. We’ve talked for some period of time that we expected there to be consolidation in the industry for a whole host of reasons. Coming out of the pandemic, you had too much supply of competitors. And as you continue to see the tech enablement of these services playing a bigger role, that tends to have a bias towards more scaled players.

我先說，然後——我知道 Brian 對此也有一些想法。我們談了一段時間，我們預期產業會因為各種原因出現整併。疫情之後，競爭對手的供給過多。而隨著你持續看到這些服務的科技賦能扮演更重要的角色，這通常會更偏向規模較大的業者。

You’ve seen some of that consolidation pick up more recently. Obviously, there was an announcement yesterday about one competitor, but you’ve seen some merging in some places, both of more traditional staffing companies, but also of some of the more tech-enabled types of solutions. You’ve seen over the past one year some workforce firms that had gotten into nursing, get out of nursing. So you’re seeing it play out in a couple different ways. But we would expect for that consolidation to continue.

你最近也看到這種整併加速。當然，昨天有一位競爭對手的公告，但你也在一些地方看到合併，不僅是較傳統的人力派遣公司，也包括一些更偏科技賦能的解決方案。過去一年你也看到一些曾經切入護理領域的人力公司退出護理。所以你會看到它以幾種不同方式在發生。但我們預期這種整併會持續。

Yeah, absolutely. I think that’s -- you said it’s taking a little longer, and we know that there’s still some of our competitors that have are dealing with larger amounts of leverage, and they’re working through that, And I think that will tend to ultimately drive more consolidation as well.

對，完全同意。我想這就是——你說它花的時間稍微久一點，而我們也知道仍有一些競爭對手正面臨較高槓桿、正在消化處理中，

And some of the platform players, again, as they’ve consolidated, I think it’s a reflection of many clients really looking for partners to help them more effectively manage their labor force and be thoughtful about the right mix and fulfillment. And so if you’re purely just a platform player, you may be able to just deliver on some fill, but you’re not really bringing incremental value to the clients as they’re trying to really manage their costs in the most effective way.

另外，一些平台型業者同樣地，隨著他們整併，我認為這反映出許多客戶確實在尋找合作夥伴，協助他們更有效地管理勞動力，並審慎思考正確的組合與履約（填補）。因此，如果你純粹只是平台型業者，你或許能做到部分填補，但當客戶試圖以最有效的方式管理成本時，你其實沒有帶來額外的增量價值。

We think that’s an important part of our strategy, is really being a thought partner with our customers to help them optimize their utilization of perm, contingent. How do we help them on both of those fronts? I think that’s -- more and more of those are the conversations and where we can really be a bigger partner for our customers.

我們認為這是我們策略的重要部分：真正成為客戶的思考夥伴，協助他們最佳化正職（perm）與派遣/彈性用工（contingent）的使用。我們如何在這兩個面向都幫到他們？我想這就是——這類對話愈來愈多，也是在這些地方我們能成為客戶更大的合作夥伴。

A.J. Rice, UBS.

A.J. Rice，瑞銀（UBS）。

Hi, everybody. Thanks for the question. Maybe first, just to ask, you’ve had a lot of moving parts, the labor disruption, your comments about rapid response. When you look at the underlying market dynamics, do you have an updated view on whether you think the key areas, Nursing, Allied, Locum Tenens, what is the year-over-year trend there?

嗨，各位。謝謝讓我提問。也許先問一下，你們有很多變動因素，包括勞動力中斷、以及你們提到的快速應變。當你們看底層市場動態時，對於幾個關鍵領域——護理（Nursing）、醫技（Allied）、代班醫師（Locum Tenens）——你們對其年對年趨勢是否有更新的看法？

Is it growing? What would you say the -- when you normalize, what do you think the underlying market looks like these days?

是在成長嗎？如果把這些因素正常化，你們認為目前底層市場大概是什麼樣子？

Let me give you some comments about what we’re seeing in demand and Brian can kind of layer in. We gave a lot of numbers taking out labor disruption very intentionally so you could get a good sense of where we are in the businesses without those events coming through. We feel good about how we started the year overall.

我先分享一些我們在需求端看到的情況，Brian 也可以再補充。我們刻意提供了很多剔除勞動力中斷的數字，讓你能更清楚了解在沒有那些事件影響下，各項業務目前的狀況。整體而言，我們對今年的開局感覺不錯。

Nurse and Allied, you are seeing healthy demand in Allied. You’re seeing, particularly the past couple weeks, an uptick in demand in Nurse. So we’re about flat year-over-year with where we were this time last year. Allied turned to year-over-year demand growth in 2025 and has continued. And so we see into Q2, continued strong, especially fill performance across Nurse and Allied.

護理與醫技方面，你會看到醫技需求健康。而護理在過去幾週，特別是最近兩週，需求有所回升。所以我們與去年同期大致持平。醫技在 2025 年轉為年對年需求成長，且持續至今。因此展望第二季，我們看到護理與醫技在履約（尤其是填補表現）方面將持續強勁。

If we look at PLS, in locums, I made some comments in my beginning statement where we’ve seen weaker demand as we started off the year. We’ve seen a bit of an uptick over the past couple weeks, and a lot of that demand structurally is in the third-party channel where it’s typically the most competitive and we have harder fill rates.

如果看 PLS，在 locums（代班醫師）方面，我在開場陳述中提到，我們在年初看到需求較弱。過去幾週我們看到一些回升，而其中很大一部分需求結構性地來自第三方通路——那通常競爭最激烈、我們的填補率也較難。

We have a number of initiatives and a lot of successful proof points with what we did in that space in Nurse and Allied, and we have that underway in Locum. So as we go through the year, we feel better about our capabilities in Locums to be able to compete in that space. I would expect to get to year-over-year growth in the first part of 2027. Search is already there, we expect it to stay there in year-over-year growth.

我們有多項計畫，而且在護理與醫技領域已經有很多成功的驗證案例；我們也正在 locum 領域推進同樣的作法。因此隨著今年推進，我們對於在 locums 的能力、能在那個市場競爭，會更有信心。我預期在 2027 年上半年能回到年對年成長。Search（高階/專業人才搜尋）已經是年對年成長，我們預期會維持。

And then if we go into the TWS segment, we talked about, both Brian and I, what we’re seeing already from the service model rollout that we’ve talked about the past two quarters. We feel very good about how that’s being operationalized and the outcomes. And we expect that service model improvements to continue throughout the course of this year.

接著看 TWS 事業群，我和 Brian 都談到，從我們過去兩季提到的服務模式推行中，我們已經看到一些成果。我們對其落地執行與成效感到非常滿意。我們也預期這些服務模式的改善會在今年持續推進。

And for VMS, we would expect us to continue to onboard new client wins as we go through the year and get to year-over-year growth in 2027.

至於 VMS，我們預期今年會持續導入新客戶的得標案，並在 2027 年達到年對年成長。

The only thing I’d add (multiple speakers).

我唯一想補充的是（多位講者）。

Go ahead, Brian.

你先說，Brian。

I was going to add, A.J., just -- you said we’re the allied team has done a really fantastic job, both in our traditional disciplines with therapy, imaging, lab, and respiratory. All of them are up. And then our schools business continues to have really strong momentum as we talked about in the last couple of quarters. So both demand and fulfillment teams performing really well.

A.J.，我想補充一下——你提到我們的醫技團隊做得非常出色，無論是在我們傳統的治療、影像、檢驗（lab）與呼吸治療等領域。這些全部都在成長。另外，我們的學校業務也如同我們在過去幾季所談，持續有非常強的動能。所以不論是需求端或履約（填補）團隊，表現都非常好。

And as Cary mentioned, International is back to growth as well. If you look at the Nurse and Allied segment in total, excluding labor disruption, we’re back to -- the guide would presume kinda flat to slightly up, and that’s where we see the potential to continue to have a positive year-over-year comp going forward here, driven more right now by International, Allies, including the Schools business.

而且如 Cary 提到的，國際業務也回到成長。如果看護理與醫技整體、並剔除勞動力中斷，我們回到——指引假設大致持平到小幅成長，而這也符合我們的觀察：往後有機會持續維持正向的年對年比較，當前主要由國際業務、醫技（含學校業務）所帶動。

The Travel Nurse business is right on the cusp of getting back to positive year-over-year growth on a consistent basis. So I feel really good about the momentum in that segment.

旅遊護理（Travel Nurse）業務也正處在即將回到穩定年對年正成長的臨界點。所以我對那個事業群的動能感覺非常好。

No, I appreciate all that. I guess I was also just sort of trying to get a sense. I know you’re doing a lot of things to get back on a solid growth trajectory. I just was wondering, is the underlying market on some of those key segments help? Or is it still sort of trudging along?

了解，謝謝你們的分享。我想我也是想掌握一下整體感受。我知道你們正在做很多事情，讓業務回到穩健的成長軌道。我只是想知道，那些關鍵事業的底層市場是否有在幫忙？還是仍然有點步履蹣跚、緩慢前行？

I was thinking more in terms of the overall market from what you see. I may ask if there’s anything on that, fine. But you made the comment again about the revenue. You’re moving toward a model where revenues -- well, adjusted EBITDA grows twice as fast as revenues. I wondered if you could flesh that out a little bit.

我更多是在想，從你所看到的整體市場角度來看。我可以問一下是否有任何相關內容，沒問題。但你又再次提到了營收。你們正朝向一種模式前進，也就是——嗯，調整後 EBITDA 的成長速度是營收的兩倍。我想知道你是否可以再多補充說明一下。

Is that business efficiencies you’re working on? Is that just operating leverage as the market starts to rebound? What are some of the pieces that would allow you to have adjusted EBITDA growth consistently 2x revenue growth?

這是你們正在推動的業務效率嗎？還是只是當市場開始回升時的營運槓桿？有哪些要素能讓你們的調整後 EBITDA 成長能夠持續達到營收成長的 2 倍？

Yeah. Thanks, A.J. And I think we talked about that a few months ago, and that’s really meant to be kind of our longer-term growth algorithm. And as we -- when we kind of lay that out, there was a working assumption that we’d have the businesses all predominantly back into a growth mode. And so as Cary kind of walked through some of the service lines and where we are, we have confidence as we move into 2027. We have good opportunity to get back to a growth model across our service lines. That’s really where you start to see that kick in.

是的。謝謝你，A.J.。我想我們幾個月前談過這點，而那其實是我們較長期的成長算法。當我們——在把這個框架攤開來看時，有一個前提假設是我們的各項業務大多都會回到成長模式。因此，正如 Cary 走過一些服務線以及我們目前所處的位置，我們對於邁入 2027 年很有信心。我們在各條服務線上都有很好的機會回到成長模型。這也正是你開始看到那個效應發揮的地方。

It’s partly a function of with top line growth more -- we laid out more in a 4% to 6% range. That would occur some point later in 2027 as we get all the businesses growing. When that happens in conjunction with a lot of the operational changes we continue to make to be a more efficient model, that’s process changes, automation, more deployment of AI. We think can drive a more efficient model.

這部分也有一部分是因為營收端的成長——我們提出的是大約 4% 到 6% 的區間。當我們讓所有業務都恢復成長後，這會在 2027 年稍晚的某個時間點發生。當這件事與我們持續推動的多項營運變革同時發生、讓我們成為更有效率的模式——包括流程變更、自動化、以及更多 AI 的導入——我們認為可以推動更有效率的營運模式。

And we’ve got the ability to leverage our platform already. So I think the combination of continued process improvements and technology improvements, along with getting the top line business growing consistently, that would absolutely give us the opportunity to get that double-digit EBITDA growth.

而且我們已經具備運用我們平台槓桿的能力。所以我認為，持續的流程改善與技術提升，再加上營收端業務能夠持續成長，這樣的組合絕對能讓我們有機會達成雙位數的 EBITDA 成長。

And A.J., the other things that we’d wanna see in terms of just things we track beyond the demand comment that I made is we continue to see stabilization in bill rates in Nurse. You’ve seen some modest increases in Allied and in Locums.

另外，A.J.，就我提到的需求評論之外，我們還會追蹤的一些事項是：我們持續看到護理（Nurse）的計費費率趨於穩定。你也看到 Allied 與 Locums 有一些小幅上升。

We wanna see as we leave this year, increases in those bill rates. We’re seeing that with some clients as they wanna get orders filled, but you wanna see that more sustainably to mirror what you would expect to be some increases in labor market. We saw some modest uptick in average hours worked. That would also be something that as we leave this year, that would be something else that would be very constructive overall of the industry turning from stabilization to more sustained growth.

我們希望在今年結束時，這些計費費率能有所上升。我們在部分客戶那邊已經看到這種情況，因為他們想把訂單補齊，但你會希望看到更具持續性的上升，以呼應你對勞動市場可能出現的一些上行所會有的預期。我們也看到平均工時有些小幅回升。同樣地，當我們離開今年時，這也會是另一個非常具建設性的訊號，代表整體產業正從「穩定」轉向更持續的成長。

Tobey Sommer, Truist.

Tobey Sommer，Truist。

This is Tyler Barishaw for Toby. On your net leverage, you took that down to 1.6. How should we think about it through the remainder of the year?

我是代替 Toby 的 Tyler Barishaw。關於你們的淨槓桿，你們把它降到 1.6。對於今年剩餘時間，我們應該如何看待？

Yeah. Thanks there, Tyler. So the intradynamic, as we talked about in the prepared remarks with the cash balance, our credit agreement actually has a governor on the amount of cash we can apply towards our net debt. So that’s where we get that -- the 1.6 times. But as you -- as I mentioned, as we work through a refunding of a fair amount of the cash balance during the second quarter, that would basically end up with a pretty similar leverage ratio at the end of Q2 based on our guidance.

是的。謝謝你，Tyler。所以就內部動態而言，正如我們在備妥講稿中談到的現金餘額，我們的信貸協議其實對我們可用來抵減淨負債的現金金額設有上限。因此我們才會得到——1.6 倍這個數字。但如我提到的，當我們在第二季處理一筆相當可觀的現金餘額退還（refunding）時，依照我們的指引，第二季末的槓桿比率基本上會落在相當接近的水準。

And right now, if you roll that through the rest of the year, we’d expect to have a leverage ratio that would be at 2 times or less through the remainder of this year. So we feel really positive about our position on the balance sheet. We’ve we paid off our revolver, we’ve extended the maturities of our existing debt out to 2029 and 2031. And so this, we think, puts us in a really strong position on the balance sheet to really focus exclusively on how we grow in the business here.

而目前如果把這個趨勢延伸到今年剩餘時間，我們預期今年其餘期間的槓桿比率會在 2 倍或以下。所以我們對資產負債表的狀況感到非常正面。我們已經償還了循環信貸（revolver），也把現有債務的到期日延長到 2029 年與 2031 年。因此我們認為，這讓我們的資產負債表處於非常強健的位置，能夠在此專注於如何推動業務成長。

And that's investing in our teams and our operations, accelerating some of the capital investments that we have already laid out to grow the business as well, and gives us a lot more flexibility to consider different capital allocation options as we go through this year and into '27.

這包括投資我們的團隊與營運，加速我們先前已規劃、用以推動業務成長的一些資本投資，同時也讓我們在今年以及一路到 2027 年，能更有彈性地考量不同的資本配置選項。

Got it. And you mentioned Nurse and Allied had volume growth for the first time ex Strike since 2022. Can you maybe talk about that? How that’s looking for the rest of the year? Do you think that trend can sustain?

了解。你提到 Nurse 和 Allied 在排除罷工因素後，自 2022 年以來首次出現量的成長。你能否談談這點？今年剩餘時間看起來如何？你認為這個趨勢能持續嗎？

Yeah. For the segment overall, we absolutely see the ability for us to maintain positive year-over-year growth in our volume. Again, I kinda laid out -- and really, all the teams are executing really well. Cary mentioned the demand environment in nursing has been stable, but a bit muted. I think we expect to see that pick up, and we continue to look for ways to expand our client relationships and bring in new clients, both our strategic MSP and VMS, but also more direct relationships. So that will open up more demand opportunity.

是的。就整個部門而言，我們絕對看得到我們有能力維持量的年對年正成長。再次強調，我大致說明過——而且其實所有團隊的執行都非常到位。Cary 提到護理的需求環境是穩定的，但稍微偏弱。我想我們預期它會回升，而我們也持續尋找方法擴大客戶關係並引進新客戶，包括我們的策略性 MSP 與 VMS，也包括更多直接合作關係。因此這將帶來更多需求機會。

But the teams are doing a fantastic job of filling into the demand that we have across our Nurse, Allied, and International businesses. So I think that’s where we have confidence we can continue to grow volume as we go through this year.

但團隊在滿足我們於 Nurse、Allied 與 International 業務所掌握的需求方面做得非常出色。所以我認為，這就是我們有信心在今年剩餘時間持續推動量成長的原因。

Jack Slevin, Jefferies.

Jack Slevin，Jefferies。

This is [Brett Grolkowski] on for Jack Slevin. Thanks for taking the question. I was wondering if you could provide a little -- a bit of additional color here to help us bridge the second quarter gross margin guide.

我是代替 Jack Slevin 的 [Brett Grolkowski]。謝謝讓我提問。我想請問你是否可以再提供一些——額外的說明，幫助我們銜接第二季的毛利率指引。

So they’re bridging from Q1 to Q2?

所以是要從第一季銜接到第二季？

Correct.

沒錯。

Yeah. So there's a couple of moving pieces as you can imagine with -- particularly with the large amount of labor disruption revenue in the first quarter. So that -- the 26.8% that were reported, as I mentioned in the prepared remarks, we did have some drag from the -- some sales adjustments that predominantly hit our Physician and Leadership segment. So what I’d say is if you really tried to kind of strip out some of the different kind of one-time items, you’d look at a gross margin in the first quarter, a little over 27%, or 27.3% to 27.4% range. The guidance we’ve given for Q2, the midpoint is 28.2%.

是的。如你所想，這裡有幾個變動因素——特別是第一季有大量的勞動中斷（labor disruption）營收。因此——已公布的 26.8%，如我在備妥講稿中提到的，我們確實受到一些拖累，來自——一些銷售調整，主要影響我們的 Physician and Leadership 部門。所以我會說，如果你試著把一些不同的一次性項目剔除，你會看到第一季的毛利率略高於 27%，大約在 27.3% 到 27.4% 的區間。我們給出的第二季指引，其中點是 28.2%。

As we talked about, there’s about $10 million of labor disruption revenue embedded in that guidance. Part of that is actual contractual activities that we’ve got. There’s also a part -- as we reconciled some prior year events and finalize those invoices, there was some benefit from that which is at a kind of flow straight through. So that gross margin is a bit elevated in our guide for the second quarter.

如同我們先前談到的，該指引中包含約 1,000 萬美元的勞動中斷相關營收。其中一部分是我們已取得的實際合約性業務活動。另外還有一部分——當我們對某些前一年度事件進行對帳並完成那些發票時，從中也獲得了一些效益，而這些效益基本上是直接流入的。因此，我們在第二季的指引中，毛利率會略為偏高。

You should think about it still being a little bit more in the 27.5% range for Q2. I think it’s important as you think about that, even as you’re looking at our expectations through the remainder of the year, that’s really the right way to think about the launching point for the third and fourth quarter as well.

你可以把它想成第二季仍會略高一些，大約在 27.5% 的區間。我認為在你思考這點時很重要的是，即使你在看我們對今年剩餘期間的預期，這其實也是思考第三季與第四季起始基準的正確方式。

Great. Thanks. That's helpful. And then maybe for my follow-up, just with the update to visa retrogressions, how should we be thinking about the progression for the International business this year and then as we move into next year?

很好。謝謝。這很有幫助。接著作為追問，關於簽證排期倒退（retrogression）的最新變化，我們應該如何看待今年國際業務的進展，以及進入明年後的走勢？

Yeah. So overall, consistent with what we talked about last quarter. We would expect high teen year-over-year growth in International this year. We had improvement in the retrogression dates over the past quarter, but what you’re really seeing now is those candidates going into the next phase of the approval process, which is sitting at the embassies.

是的。整體而言，與我們上季談到的內容一致。我們預期今年國際業務的年增率會是高十幾％。過去一季排期倒退日期有所改善，但你現在真正看到的是，那些候選人進入核准流程的下一階段，也就是在各地使領館等待。

We haven’t assumed any significant acceleration of those candidates through the embassy process. We’ll know more over the coming, I’d say, kind of quarter plus, how that’s going. But if that goes faster than what we’re anticipating, then you would see maybe some lift at the very end of this year that would help support some low-double-digit growth into next year.

我們並未假設這些候選人在使領館流程中會有任何顯著加速。接下來我想大概在未來一季多一點的時間內，我們會更清楚進展如何。但如果進度比我們預期更快，那麼你可能會在今年年底看到一些上行，進而支撐明年低雙位數的成長。

We are not assuming at this point that you’re gonna see any lift of any of the travel bans or the travel suspensions. That would also be a tailwind to our assumptions and would predominantly affect and be accretive to 2027 growth.

目前我們並未假設任何旅行禁令或旅行暫停措施會解除。若解除，將會對我們的假設形成順風，且主要影響並增厚 2027 年的成長。

Kevin Fischbeck, Bank of America.

美國銀行（Bank of America）的 Kevin Fischbeck。

Maybe to ask a question that was asked earlier, maybe a little bit differently. Do you guys have insight into -- like, what % of your clients are back down to temp staffing as a percentage of their total workforce today, like relative to where they were in 2019? And how many are still kind of at elevated levels versus that level?

我想問一個先前有人問過的問題，但換個角度。你們是否掌握一些洞見——例如，今天你們的客戶中，有多少百分比已經把臨時人力派遣（temp staffing）占其總人力的比重降回到 2019 年相對應的水準？又有多少仍維持在高於那個水準的偏高狀態？

Yeah. We don’t have total insight. Obviously, for companies that are more public about their results, we have some insights. And I think the piece that we always focus on is what is the percentage, ’cause obviously the underlying cost of labor, whether it’s contingent or permanent, has gone up since 2019.

是的。我們沒有完整的洞見。當然，對於那些更公開揭露其業績的公司，我們有一些了解。而我認為我們一直關注的重點是比例是多少，因為顯然自 2019 年以來，不論是約聘或正職，勞動的基礎成本都上升了。

I would say overall, when we compare our current client base to clients that we see -- or I should say prospects that we see in our pipeline, we see more of our non-clients, who may still have a little bit of work to do to get the utilization levels down. We were very partnering with our clients post the pandemic to get them down to more sustainable utilization levels. So I would say generally across our client base, they’re more focused and shifting towards how do I build and retain my workforce as opposed to how am I reducing that.

我會說整體而言，當我們把目前的客戶基礎與我們看到的——或者我應該說，我們在銷售管線中看到的潛在客戶——相比，我們看到更多非客戶可能仍需要再做一些工作，才能把使用率水準降下來。疫情後我們與客戶密切合作，協助他們把使用率降到更可持續的水準。因此我會說，一般而言在我們的客戶群中，他們更聚焦並轉向「如何建立並留住我的人力」而不是「我如何降低人力」。

Yeah. I think there’s also -- I think there's more and more recognition of this inflection we’ve seen where the aggressive permanent hiring that was done post-pandemic has also led to significant wage increases for permanent labor. And so they're -- and you look at the reset that’s occurred on bill rates for contract labor, and you’re suddenly at this point where we talked before the differential is -- can be very small.

是的。我認為另外還有——大家越來越認知到我們看到的這個拐點：疫情後積極的正職招募也導致正職勞動薪資大幅上升。因此他們——再加上你看約聘人力的計費單價（bill rates）已經重置，突然之間就到了我們之前談過的狀態：兩者之間的差距——可能非常小。

Sometimes there’s no differential. And so as clients think about fluctuating patient volumes, managing their total workforce costs, I think that's -- we’re shifting more to that dialogue versus just purely focusing on the contract labor volume. It’s more what is their total cost of their labor and what's the value of having flexibility? I think that’s where we’re seeing more dialogue and less focus on that reduction at this point.

有時甚至沒有差距。因此當客戶在思考病患量的波動、以及管理其整體人力成本時，我認為我們的對話正轉向這個方向，而不再只是單純聚焦於約聘人力的量。更重要的是他們的總勞動成本是多少，以及擁有彈性的價值是什麼？我認為我們看到更多這類對話，而目前對於「降低」的關注相對少了。

Okay. And you mentioned Language Services margins up a couple hundred basis points year-over-year. I guess can you talk a little bit more about what drove that and I guess where generally pricing is going? Has pricing stabilized for that business?

了解。你也提到語言服務（Language Services）的毛利率年對年上升了幾百個基點。能否再多談談是什麼驅動了這個變化，以及整體而言定價走勢如何？這項業務的定價是否已經趨於穩定？

Yeah. Let me do a high level, and then I’m going to turn it over to Nishant to add some color. So we have been operationalizing a new service model that we talked about the past couple quarters, that really has three enhancements to it. One is an increased offshore mix of resources, right? We always have an onshore-offshore mix.

好的。我先從高層次說明，然後我會請 Nishant 補充一些細節。我們一直在落地執行一個新的服務模式，這是我們過去幾季談到的，主要包含三項強化。第一是提高離岸資源的占比，對吧？我們一直都有在岸與離岸的組合。

It’s them utilizing their devices as opposed to us providing it, and it’s more accommodating SLAs. So kind of longer speed to answer in some cases. So we have been rolling that out since the end of last year, and I would attribute that to most of what you’ve seen on the margin piece.

第二是讓他們使用自己的裝置，而不是由我們提供裝置；第三是更具彈性的 SLA。因此在某些情況下，接聽速度（speed to answer）會拉長一些。我們自去年底以來逐步推出這些措施，我會把你在毛利率上看到的大部分變化歸因於此。

But Nishant, maybe talk a little about the competitive environment and pricing.

不過 Nishant，你或許可以談談競爭環境與定價。

Yeah. It’s a great question, Kevin. Competitive environment continues to be there, although we do see it maybe calming down a little bit through this year. But we expect it to sustain through the balance of this year, but it is starting to stabilize a bit more. But feeling much more positive about our competitive position and posture in that market.

好的。Kevin，這是個很好的問題。競爭環境仍然存在，雖然我們確實看到今年可能稍微趨緩一些。但我們預期競爭態勢會持續到今年剩餘期間，不過也開始更趨於穩定。同時，我們對自己在該市場的競爭地位與應對姿態感到更為正面。

I just wanna point out that the 200 basis points was sequential. That we’re still down -- we’re down year-over-year. But we’ve seen that decline, we saw it throughout 2025. And so with the model changes, this is the first quarter we’ve seen it start to inflect back up again.

我想補充一點：那 200 個基點是按季（sequential）變動。我們年對年仍然是下降——但我們在 2025 年全年都看到那樣的下滑。因此隨著模式調整，這是我們第一季看到它開始出現向上拐點。

So even though we’re seeing pricing come down, the changes we’ve made in our cost structure for how we’re delivering our services, which again focus is still always on the highest quality in the industry. But we’ve been able to bring down our cost for the delivery that’s helping us improve that margin.

所以即使我們看到定價下滑，我們在服務交付方式上的成本結構調整——再次強調，我們的重點始終是提供業界最高品質——但我們已能降低交付成本，這正在幫助我們改善毛利率。

I guess maybe is this the bottom then? Do you think this is -- you can keep going up from here? Or is this the right way to think about it as those two things cost better? Pricing pressure still there offset?

我想也許這就是底部了嗎？你認為從這裡還能——繼續往上走嗎？或者，是否應該用這樣的方式來理解：那兩項因素的成本變得更有利？定價壓力仍在，但被抵銷了？

I think there’s gonna be a cycle that you have to work through for some of these pricings as maybe some contracts come up. I think there’s still gonna be a tail of that that we’ve already factored into this. And so -- but we do believe that, to Nishant’s comment, it’s a much more stable environment than we had seen in the past.

我認為有些定價你必須經歷一個週期，可能是因為某些合約到期需要重新談。我認為我們已經把其中仍會延續的一段影響納入考量。因此——但我們確實相信，呼應 Nishant 的評論，現在的環境比我們過去看到的要穩定得多。

We’re also seeing and expect metrics quarter-over-quarter to be flat. So there’s more stability that we’re seeing than we had seen in the past. So we think it’s gonna be competitive, and we think there’s gonna continue to be competition for the business and particularly consolidation. We’ve been very focused on not just gaining new clients, but consolidating spend with some of our larger clients.

我們也看到並預期各項指標將在季度對季度上持平。所以我們看到的穩定性比過去更高。因此我們認為競爭會很激烈，也認為爭取業務的競爭、尤其是整併，將會持續。我們一直非常專注於不僅獲取新客戶，也要在一些較大型客戶中整併其支出。

The other piece that I’ll mention, I know we talked about this on the last call as well, is one of our areas of focus in our service model is how do we support the end-to-end patient experience. So while there is a moat around the clinical experience that there has to be a human involved in that interpretation, there is an opportunity for us from an admission standpoint, a discharge standpoint, to use more AI-enabled capabilities that we are working on.

另外一點我想提到，我知道我們在上一通電話會議也談過，就是我們服務模式的重點之一：如何支援端到端的病患體驗。因此，雖然臨床體驗存在護城河，因為詮釋必須有人類參與，但從入院、出院的角度來看，我們有機會運用更多我們正在開發的 AI 賦能能力。

Mark Marcon, Baird.

Mark Marcon，Baird。

Hey, good afternoon, and thanks for taking my questions. You mentioned some changing dynamics with the clients that are less focused on reducing their contract labor. I was wondering if you could talk about any sort of impact that that could potentially have with regards to their willingness to see increased bill rates and to raise them to levels where we could actually -- they’re more compelling to the nurses and we can have bigger fill rates.

嗨，下午好，謝謝讓我提問。你提到客戶端有一些動態變化，他們不再那麼專注於降低合約人力。我想請你談談，這可能會對他們願意接受更高的計費費率（bill rates）並把費率提高到我們實際上——對護理人員更具吸引力、也能有更高的填補率（fill rates）的水準——產生什麼影響？

I think we continue to see overall focus on cost management. So where we’re seeing clients increase bill rates is when positions are not getting filled. And so I think that dynamic is going to be the dynamic that is going to really be the tailwind behind bill rates increasing.

我認為我們仍然看到整體上對成本管理的關注。因此，我們看到客戶提高計費費率的情況，通常是在職缺無法被填補時。所以我認為，這個動態將會是推動計費費率上升的主要順風因素。

When you have positions that are priced appropriately, you see them filled. So that dynamic I think will continue. And as clients need more of these positions, with a higher degree of urgency, you will see more of those bill rates increase. But I would expect that to happen over time, and it’ll really be probably market by market and client by client.

當職缺的定價適當時，你會看到它們被填補。所以我認為這個動態會持續。而當客戶以更高的急迫性需要更多這類職缺時，你會看到更多計費費率上調。但我預期這會隨時間逐步發生，而且很可能會因市場而異、也會因客戶而異。

Great. And then with regards to just the cost consciousness, are you seeing any sort of attitudinal change at all with regards to the pressures that they were feeling when we were going through the early stages of [DOGE]? Is that starting to lift at all? Is that going to have any impact with regards to leadership within PLT? And how we should think about that portion of the business?

很好。另外，關於成本意識，你是否看到在態度上有任何改變，尤其是相較於我們在早期階段經歷[DOGE] 時他們所感受到的壓力？那種壓力有開始緩解嗎？這是否會對 PLT 的領導層產生任何影響？以及我們應該如何看待這部分業務？

What I would say overall is while we saw this time last year much more of a pause to step back and assess, okay, what are the implications of Big Beautiful Bill? What we’re seeing now is much -- is really a focus on just how do we support what is expected to be an increase in patient utilization just from an aging population demographic, and do that when we know there is going to be, at some point, a limited amount of clinicians?

我想整體來說，去年這個時候我們看到更多的是暫停一下、退一步評估：好，Big Beautiful Bill 的影響是什麼？而我們現在看到的是——更聚焦於：如何支援預期會增加的病患使用量（utilization），這主要來自人口老化的人口結構；並且在我們知道某個時間點臨床人員將會有限的情況下做到這一點？

And so how do we start having those strategies and do that in a way that is cost-effective? Because our costs are going up higher than what we are getting reimbursed for. So I’d say that is still the general theme that we are hearing, and what we are feeling is still a focus on those cost-spending strategies for the workforce, including how do we ensure on the physician side that we are fully staffed so that we can maximize revenue.

因此，我們要如何開始制定這些策略，並以具成本效益的方式來做？因為我們的成本上升幅度高於我們獲得的報銷（reimbursement）。所以我會說，這仍然是我們聽到的、也感受到的總體主題：仍聚焦於人力的成本支出策略，包括如何確保在醫師端人力配置完整，以便最大化營收。

And to your other question on the leadership side, we did talk about that in the prepared remarks that as we talk about the aging clinical population, in fact, you’re also seeing an aging leadership population within healthcare and a changing of the skill sets needed to navigate this environment. And so we are -- as we drive our go-to-market strategy and the way we’re interacting with clients and bringing value, there’s a lot of opportunity for us to help them find the right talent for where they are in that journey.

至於你提到的另一個關於領導層的問題，我們在事先準備的發言中也談到：當我們談到臨床人力老化時，事實上你也會看到醫療體系內的領導層人口也在老化，而且在這種環境中所需的技能組合正在改變。因此，當我們推動我們的市場進入（go-to-market）策略，以及我們與客戶互動並帶來價值的方式時，我們有很多機會協助他們在其旅程所處階段找到合適的人才。

And so I think we’re feeling good about our position in that market to grow our leadership, both interim and our search businesses, to address some of the talent. Kind of the pending talent gaps we think are gonna occur, as well as some of the new skills that are needed to help our clients navigate this world as well.

因此，我認為我們對自己在該市場中的定位感到樂觀，能夠擴大我們的領導力業務——包括臨時（interim）與獵才（search）業務——以因應部分人才需求。也就是我們認為將會出現的潛在人才缺口，以及協助客戶在這個世界中前行所需的一些新技能。

Thank you. I am showing no further questions at this time. So I would like to turn it back to Cary Grace for closing remarks.

謝謝。我這邊顯示目前沒有其他問題。因此我想把時間交回給 Cary Grace 作結語。

Thank you all for your interest in AMN, and a very special thank you to our extraordinary team and the strong partnerships that we have with our clients, clinicians, and suppliers who collectively helped us get off to a very strong start to the year.

感謝各位對 AMN 的關注，也特別感謝我們卓越的團隊，以及我們與客戶、臨床人員與供應商之間的強大合作夥伴關係；大家共同協助我們在今年有一個非常強勁的開局。

Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect.

感謝各位參與今天的會議。本節目到此結束。您現在可以斷線。