Summary of IAC FY Conference Call - August 13, 2025 Company Overview - **Company**: IAC (InterActiveCorp) - **Key Businesses**: - People Inc (formerly Dotdash Meredith) - Care.com - Vivien Health (healthcare staffing) - The Daily Beast - Search business - **Financial Position**: $900 million in cash at the parent level with no debt at the parent level, although there is debt at People Inc which was refinanced attractively in June [10][11][12] Rebranding and Digital Transition - **Rebranding**: Transition from Dotdash Meredith to People Inc aimed at simplifying the brand for better recognition and marketability [5][6][13][15] - **Digital Focus**: The company is transitioning from print to digital, with a significant reduction in print publications from 12-13 to 7 over three years. The print business is maintained for branding and cash flow purposes [18][19][20] - **Digital Revenue**: 64% of the company's digital revenue comes from owned and operated (O&O) websites, with a focus on diversifying traffic sources beyond Google [25][28] Growth and Future Opportunities - **Long-term Goals**: Targeting 10% digital growth, with potential upside through new brands and leveraging consumer data [31][33] - **Decipher Tool**: An ad targeting tool that utilizes first-party data to enhance advertising effectiveness, potentially increasing the total addressable market (TAM) for ad sales [33][82] - **Care.com Growth**: Aiming for 10-20% growth in the consumer segment by improving product offerings and marketing strategies [94][97] Advertising Market Insights - **Market Conditions**: The advertising market is described as "good, not great," with sector-specific performance. Health and pharma are solid, while CPG and food and beverage sectors are facing challenges [68][71] - **Programmatic Advertising**: Programmatic revenue accounts for about 25-30% of total digital revenue, with recent improvements noted in pricing and demand [75][77] Strategic Partnerships and Licensing - **LLM Licensing**: The company is exploring licensing deals with LLM (Large Language Model) providers, emphasizing the need for high-quality content and potential economic arrangements [39][41] - **Cloudflare Partnership**: A partnership aimed at blocking LLM crawlers, except for OpenAI, has led to increased discussions with other LLM providers about accessing content [40] Financial Management and Shareholder Value - **Share Repurchases**: The company has been cautious with share buybacks, having repurchased $200 million worth of stock earlier in the year, while also considering M&A opportunities [58][59] - **Corporate Overhead**: Targeting a reduction in corporate overhead expenses, aiming for a run rate of $80-90 million by year-end [63][65] Key Business Segments - **Vivien Health**: Positioned as a strategic asset in healthcare staffing with a marketplace model connecting nurses and healthcare systems, currently generating mid-eight figures in revenue [99][100] - **Care.com**: Focused on stabilizing and growing the consumer segment after a decline in subscribers, with a new CEO implementing product improvements [96][97] Conclusion - The company is optimistic about its future growth prospects, leveraging its strong brand portfolio and digital capabilities to navigate the evolving media landscape [36][56]

Financial Data and Key Metrics Changes - Second quarter revenue was $658 million, down 11% year over year and down 5% sequentially, but at the upper end of guidance [19][7] - Adjusted EBITDA for the second quarter was $58 million, down 38% year over year and 9% sequentially, with an adjusted EBITDA margin of 8.9% [25][26] - Net loss for the second quarter was $116 million, compared to net income of $16 million in the prior year period [27] - Days sales outstanding decreased to 54 days, which is nine days lower than a year ago [28] Business Line Data and Key Metrics Changes - Nurse and Allied revenue was $382 million, down 14% year over year, primarily due to lower volume [20] - Physician and Leadership Solutions segment revenue was $175 million, down 6% year over year [22] - Technology and Workforce Solutions revenue was $102 million, down 9% year over year [24] - Language services revenue was $76 million, up 1% year over year [24] Market Data and Key Metrics Changes - Academic medical centers accounted for about 20% of consolidated revenue year to date, with spending reductions due to federal funding cuts [8] - Travel nurse orders in June were 15% lower than in March, indicating client uncertainty [8] - Locum Tenens demand was 5% higher than Q2, showing signs of recovery [13] Company Strategy and Development Direction - The company aims to diversify revenues and enhance technology-enabled services, with AMN Passport achieving over 300,000 registered users [15] - Focus on operational efficiency and cost management while driving volume growth [17] - The company is positioned to benefit from market share gains in an environment where competitors are struggling [14][92] Management's Comments on Operating Environment and Future Outlook - Management noted that uncertainty regarding government policy has led to cautious client behavior, impacting staffing orders [7] - There are signs of demand stabilization in July, with expectations for improved metrics in the second half of the year [10][38] - The company anticipates double-digit growth in international nurse staffing by 2026, driven by visa retrogression improvements [96][97] Other Important Information - The company recorded a non-cash goodwill impairment charge of $110 million related to the Physician and Leadership Solutions segment [26] - The sale of SmartSquare for $75 million is expected to reduce annualized revenue by approximately $17 million starting in Q3 [25] Q&A Session Summary Question: Insights on clients' contingent labor needs - Management observed that clients are normalizing their utilization of labor, with a focus on permanent hiring and building flexibility [39][40] Question: Drivers behind gross margin improvements in Nurse and Allied - Management indicated that underlying spreads in Nurse and Allied have stabilized, contributing to improved gross margins [43][44] Question: Timing for potential recovery in demand - Management expects to see stabilization and potential growth in demand as the year progresses, particularly in Q4 [56][57] Question: Competitive pricing environment - Management noted that pricing has remained stable, with no significant changes despite competitive pressures [108][109] Question: Future growth expectations for language services - Management anticipates modest growth in language services, with a focus on managing competitive pricing pressures [82]

Financial Performance - AMN Healthcare reported quarterly revenue of $658 million, an 11% decrease year-over-year and a 5% decrease sequentially [5][8] - The company experienced a net loss of $116.2 million, translating to a diluted loss per share of ($3.02) [5][13] - Adjusted diluted EPS was $0.30, down 69% from the same quarter last year [5][13] Segment Performance - Revenue from the Nurse and Allied Solutions segment was $382 million, a 14% decline year-over-year and an 8% decline from the previous quarter [6][38] - The Physician and Leadership Solutions segment reported revenue of $175 million, down 6% year-over-year and flat sequentially [7][38] - Technology and Workforce Solutions segment revenue was $102 million, a decrease of 9% year-over-year and flat sequentially [10][38] Operational Highlights - The company achieved a consolidated gross margin of 29.8%, which is 120 basis points lower year-over-year but improved by 110 basis points sequentially [11][38] - SG&A expenses were $155 million, representing 23.5% of revenue, an increase from 20.1% in the same quarter last year [12][38] - Cash flow from operations was strong at $79 million, allowing the company to reduce debt by $80 million, resulting in a net leverage ratio of 3.3:1 [8][14] Future Outlook - For Q3 2025, consolidated revenue is expected to be 9-11% lower than the prior year, with specific segment declines projected [17][18] - The company anticipates a gross margin between 28.7% and 29.2% for the upcoming quarter [17] - Labor disruption revenue assumed in guidance is $5 million [18] Strategic Developments - The sale of Smart Square for $75 million is part of the company's strategy to enhance its partnership with symplr [15][16] - AMN Passport, the company's app for healthcare professionals, surpassed 300,000 users, indicating growth in its technology-enabled services [8]

Orthopedic Surgeons at the High End of the Salary Scale, Pediatricians at the Low End DALLAS, Aug. 05, 2025 (GLOBE NEWSWIRE) -- The average starting salary for physicians is $403,000, with orthopedic surgeons at the high end of the starting salary scale at $576,000 and pediatricians at the low end at $258,000, according to an annual report from AMN Healthcare's Physician Solutions division (formerly known as Merritt Hawkins). The 2025 Review of Physician and Advanced Practitioner Recruiting Incentives, now ...

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Cross Country Healthcare (CCRN) due to lower revenues, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - The upcoming earnings report is expected to show quarterly earnings of $0.07 per share, reflecting a 30% decrease year-over-year, and revenues of $293.95 million, down 13.5% from the previous year [3]. - The consensus EPS estimate has been revised down by 2.27% over the last 30 days, indicating a bearish sentiment among analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that the Most Accurate Estimate for Cross Country is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -44.44%, suggesting a challenging outlook for beating earnings expectations [12]. - The stock currently holds a Zacks Rank of 4, further complicating the prediction of an earnings beat [12]. Historical Performance - In the last reported quarter, Cross Country was expected to post earnings of $0.04 per share but exceeded expectations with earnings of $0.06, resulting in a surprise of +50.00% [13]. - Over the past four quarters, the company has beaten consensus EPS estimates twice [14]. Conclusion - Cross Country does not appear to be a strong candidate for an earnings beat, and investors should consider additional factors when evaluating the stock ahead of the earnings release [17].

Group 1 - AMN Healthcare Services, Inc. has scheduled a conference call for August 7, 2025, to discuss its Q2 2025 financial results and Q3 2025 outlook [1] - The earnings news release is expected to be issued after market close on the same day at approximately 4:15 p.m. Eastern Time [1] - A live webcast of the call will be accessible through a provided link and on AMN Healthcare's investor relations website [2] Group 2 - Following the call, a replay of the webcast will be available on the Company's investor relations website [3] - AMN Healthcare is recognized as a leader in total talent solutions for healthcare, addressing workforce challenges to improve clinical outcomes [4] - In 2024, AMN Healthcare professionals reached nearly 15 million patients across over 2,100 healthcare systems, including 87% of the top healthcare systems nationwide [4] Group 3 - The Company's common stock is listed under the symbol "AMN" on the New York Stock Exchange [5] - AMN Healthcare provides various channels for distributing information, including email alerts and RSS feeds [5] - Contact information for investor relations is available, including a dedicated Vice President for Investor Relations and Strategy [6]

Company Overview - AMN Healthcare is a leader and innovator in total talent solutions for healthcare, uniquely positioned to serve growing health systems and diverse care settings[5] - The company has over 12,000 total employees[8] - AMN Healthcare has a strong ESG/CSR track record[8] Financial Performance - In 2019, AMN Healthcare's revenue was $2.222 billion, with a gross profit of $743 million and a gross margin of 33.5%[8] - Adjusted EBITDA for 2019 was $277 million, representing an adjusted EBITDA margin of 12.5%[8] - Free cash flow in 2019 was $190 million, with a free cash flow conversion rate of 68%[8] - As of Q3 2020, Nurse and Allied Solutions accounted for 69% of revenue, Physician and Leadership Solutions 20%, and Technology and Workforce Solutions 11%[8, 11] - Managed Services Programs (MSPs) account for 56% of revenue from these segments[12] Market Position and Strategy - AMN Healthcare manages over $3.4 billion in spend under management[19] - The company is well-positioned to capture long-term U.S secular trends, including the aging population and healthcare professionals, job openings/turnover, and healthcare spend[37] - The total addressable market is approximately $22 billion, including $17 billion for the U.S Healthcare Staffing Market and $5 billion for other addressable markets[42, 43] - The company's strategic approach to M&A focuses on accretive profit margins and revenue growth, with a ROIC greater than the cost of capital[104]

Core Insights - The article discusses the potential for AMN Healthcare Services, Inc. to experience accelerated free cash flow growth due to shifts in US age demographics and the implementation of its WorkWise and ShiftWise solutions [1]. Company Overview - AMN Healthcare Services, Inc. is positioned to benefit from demographic changes in the US, which may lead to increased demand for its services [1]. Investment Strategy - The author emphasizes a focus on small and medium-cap companies, particularly in mature industries such as mining, oil and gas, and real estate, indicating a preference for deep value investments and dividend investing [1]. Financial Expectations - The author targets an internal rate of return of approximately 5%-7% for investments, reflecting a conservative investment approach [1].

Financial Performance & Growth - The company's LTM (Last Twelve Months) revenue as of September 30, 2022, was approximately $5.5 billion[13] - The company's LTM Adjusted EBITDA reached $895 million[82] - The company's LTM Free Cash Flow reached $550 million[87] - The company's revenue increased from $1.988 billion in FY17 to $5.481 billion LTM[82] - The company's Adjusted EBITDA margin was 16.3% LTM[82] Market Position & Strategy - The company estimates a total addressable market of approximately $46 billion[53] - The company estimates the 2022 U.S Healthcare Staffing Market is approximately $40 billion[54] - The company's revenue from Technology and Workforce Solutions was 12% of total revenue in Q3 2022[61] - The company spent $378 million with small businesses and diverse-owned companies[44] Capital Allocation & Debt - The company's total debt was $850 million as of September 30, 2022[92] - The company has $534 million in total available liquidity as of September 30, 2022[92]

Core Viewpoint - AMN Healthcare Services (AMN) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Ratings - The Zacks rating system is based on changes in earnings estimates, which are tracked through the Zacks Consensus Estimate for EPS from sell-side analysts [2]. - The Zacks rating upgrade for AMN reflects an optimistic earnings outlook, likely leading to increased buying pressure and a rise in stock price [4][6]. Impact of Institutional Investors - Changes in a company's future earnings potential, as indicated by earnings estimate revisions, are strongly correlated with stock price movements, largely due to institutional investors adjusting their valuations based on these estimates [5]. - An increase in earnings estimates typically results in higher fair value for a stock, prompting institutional investors to buy or sell accordingly, which influences stock price movements [5]. Earnings Estimate Revisions for AMN - For the fiscal year ending December 2025, AMN is expected to earn $1.08 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 9.7% over the past three months [9]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, where Zacks Rank 1 stocks have generated an average annual return of +25% since 1988 [8]. - AMN's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [11].