AMN Healthcare Services Inc at Morgan Stanley Global Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Chris Brustuen - Morgan Stanley & Co. - Analyst : Thank you. So I want to start off on the labor market broadly. What aspects of the healthcare labor market create opportunities for AMN and how will the labor supply and demand change in the future?

Question: Chris Brustuen - Morgan Stanley & Co. - Analyst : Thank you. Shifting your value proposition. How do you describe your value proposition for your business and to healthcare organizations and also the professionals as well?

Question: Chris Brustuen - Morgan Stanley & Co. - Analyst : Thank you. I want to spend a minute in the three segments of the business. So can you describe these three segments? And how are they organized the way that they are?

Question: Chris Brustuen - Morgan Stanley & Co. - Analyst : Thank you. I want to spend a minute on COVID-19. Why was the COVID-19 pandemic a potential opportunity for your business? And why is the current environment somewhat challenging?

Question: Chris Brustuen - Morgan Stanley & Co. - Analyst : Okay. Thank you. Spending a minute on revenue growth. As you return to continued revenue growth, what are some of your long-term objectives as you think about growth, profit margins?

Question: Chris Brustuen - Morgan Stanley & Co. - Analyst : Thank you. It's very helpful. And then hitting on cash flow, can you discuss your ability to generate cash flow? And what do you do with this excess cash? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 06, 2024 / 5:05PM, AMN.N - AMN Healthcare Services Inc at Morgan Stanley Global Healthcare Conference

Question: Chris Brustuen - Morgan Stanley & Co. - Analyst : Impressive free cash flow. Thinking about five years from now, so when you think about five years from now, what's going to be different about AMN and your relationship with your clients?

Question: Chris Brustuen - Morgan Stanley & Co. - Analyst : Thank you and I appreciate all of that. It's helpful. So we had touched on capital expenditures before. You've increased your capital expenditures over the past several years. What new initiatives are you spending on that the company didn't necessarily spend on before?

Question: Chris Brustuen - Morgan Stanley & Co. - Analyst : Impressive. So thinking about that from a competitive positioning standpoint, how are these stepped up internal investments helping AMN's competitive positioning?

Question: Chris Brustuen - Morgan Stanley & Co. - Analyst : So when we think about the competitive landscape, AMN faces more large competitors now relative to 5 to 10 years ago. How has increased competition affected AMN?

Question: Chris Brustuen - Morgan Stanley & Co. - Analyst : Thank you. So thinking about consolidation then across the industry, can you discuss consolidation within the industry? And how do you expect this to happen?

Question: Chris Brustuen - Morgan Stanley & Co. - Analyst : So going back to the growth conversation, can you discuss how the business maintained its strong track record of growth outside of COVID-related revenues?

Question: Chris Brustuen - Morgan Stanley & Co. - Analyst : Thank you. So hitting on the labor inflationary environment that we're in, how have you navigated the labor and inflationary environment? And have you been able to automate any processes to address this area?

Question: Chris Brustuen - Morgan Stanley & Co. - Analyst : I appreciate that speed to fill component of it. Impressive. So going back to the tuck-in M&A conversation, we hit on locums, school based. Can you discuss a little bit more on the opportunities for tuck-in M&A? And are there specific areas of focus when you think of the strategic expansion?

Question: Chris Brustuen - Morgan Stanley & Co. - Analyst : Thank you. I know we only have a few minutes left. Maybe I'll open up any questions from the audience? All right, a few more from me --

Question: Chris Brustuen - Morgan Stanley & Co. - Analyst : We got one. We got a microphone here for you. Thank you. Unidentified Participant Given the investment in AMN Passport, just wondering if you're starting to see the finding of those clinicians is getting a bit easier. As it relates to your tuck in, you guys have scale, does that change your desire to buy them versus organically just win over? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 06, 2024 / 5:05PM, AMN.N - AMN Healthcare Services Inc at Morgan Stanley Global Healthcare Conference

Question: Chris Brustuen - Morgan Stanley & Co. - Analyst : Alright. And we're up on time. I guess we have one more.