Financial Data and Key Metrics - Q3 2024 revenue was $688 million, above the high end of guidance and down 19% YoY [6][18] - Adjusted EBITDA was $74 million, above consensus estimates but down 45% YoY [6][29] - Net income was $7 million, down 87% YoY, with GAAP diluted EPS of $0.18 and adjusted EPS of $0.61 [30] - Days sales outstanding (DSO) improved to 60 days, a 10-day reduction since the start of 2024 [31] - Operating cash flow was $67 million, with capital expenditures of $19 million [31] Business Segment Performance Nurse and Allied Solutions - Revenue was $399 million, down 30% YoY and 10% sequentially, driven by lower volume and rates in travel nurse and allied staffing [15][21] - Travel nurse revenue was $244 million, down 37% YoY, while allied revenue was $141 million, down 16% YoY [22] - Segment operating margin was 8.8%, down 570 basis points YoY, impacted by lower gross margins and deleveraging of SG&A expenses [23] Physician and Leadership Solutions - Revenue was $181 million, up 13% YoY due to the MSDR acquisition but down 3% sequentially [16][24] - Locum tenens revenue was $142 million, up 26% YoY, while interim leadership and search revenues declined [25] - Segment operating margin was 10%, down 350 basis points YoY, primarily due to lower gross margins [26] Technology and Workforce Solutions - Revenue was $108 million, down 11% YoY, with language services up 13% YoY but VMS revenue down 34% YoY [17][27] - Segment gross margin was 57.9%, down from 65% YoY, driven by a revenue mix shift away from higher-margin VMS and outsourced solutions [28] Market and Industry Trends - Demand for travel nurse staffing has increased 60% from the April low but remains 35% below 2019 levels [8] - Unfilled orders for nurse and allied staffing increased from 9% last quarter to 14% in Q3, indicating pricing challenges [8][9] - Some clients are raising bill rates for hard-to-fill specialties, signaling a potential normalization in the staffing market [39] - The industry is experiencing margin pressure due to competition and wage inflation, but conditions are expected to improve in 2025 [10][38] Strategic Direction and Competitive Landscape - The company is focusing on technology-driven solutions, such as the WorkWise platform, to enhance workforce planning and client engagement [13][14] - AMN has achieved a net positive MSP win-loss score for 2024, reflecting improved competitive positioning [13] - The company is leveraging its broad solution set to help clients build sustainable workforce strategies, with top clients using an average of 10 solutions [14][92] Management Commentary on Operating Environment and Outlook - Management noted signs of market stabilization, with increasing demand for travel nurse staffing and stable bill rates [7][39] - The company expects labor scarcity to reemerge as a key industry driver in 2025, with potential margin improvements as market conditions normalize [10][38] - Q4 2024 revenue guidance is $685 million to $705 million, with adjusted EBITDA margin expected to be 9.2% to 9.7% [33][34] Other Important Information - The company paid down $60 million of revolver debt in Q3, bringing the year-to-date paydown to $175 million [32] - AMN increased its maximum leverage covenant on the revolving line of credit from 4x to 4.5x through the end of 2025 [32] - The international nurse business, impacted by visa retrogression, is expected to taper off in Q2 2025 and resume growth by the end of 2025 [89][90] Q&A Session Summary Margin Outlook and SG&A - Management discussed potential gross margin improvements through favorable business mix and bill-pay spread recovery [42][43] - SG&A expenses are expected to remain stable, with potential leverage as higher-margin businesses grow [44] Language Services Growth - Language services revenue grew 13% YoY in Q3, with strong client demand and high gross margins [46] - The business is expected to grow at double-digit rates with gross margins above 40% [47] Travel Nurse Demand and Pricing - Travel nurse demand has improved since April but remains below pre-pandemic levels [80] - Some clients are raising bill rates for hard-to-fill specialties, indicating potential market normalization [39][52] VMS and MSP Trends - VMS revenue declined in Q3 and is expected to decline further in Q4, reflecting broader market trends [54] - AMN has achieved a net win position in MSPs for 2024, driven by improved competitive positioning [54][78] International Nurse Business - The international nurse business, impacted by visa retrogression, is expected to taper off in Q2 2025 and resume growth by the end of 2025 [89][90] - A $100 million increase in international nurse revenue would improve consolidated adjusted EBITDA margin by 100 basis points [58] Labor Disruption and Seasonal Trends - Q4 guidance includes $45 million in non-recurring revenue from labor disruptions, which is not expected to recur in Q1 [36][65] - Seasonal orders, particularly winter orders, are expected to support Q1 2025 performance [86] Industry Consolidation and Competitive Landscape - Management expects industry consolidation driven by client demand for tech-enabled solutions and market fragmentation [84] - AMN is focused on acquiring capabilities that enhance its competitive positioning or scale opportunities [84]

Redwire Corporation (NYSE:RDW) Q3 2024 Earnings Conference Call November 7, 2024 9:00 AM ET Company Participants Peter Cannito - Chairman, Chief Executive Officer Jonathan Baliff - Chief Financial Officer Jeff Zeunik - Senior Vice President, Financial Planning Analysis, Investor Relations Conference Call Participants Suji DeSilva - Roth Capital Greg Konrad - Jefferies Brian Kinstlinger - Alliance Global Partners Griffin Boss - B. Riley Securities Operator Thank you for standing by. My name is Janine, and I ...

Financial Data and Key Metrics - Q3 2024 commercial revenue reached $19.5 million, a 29% increase from Q2 and 44% year-over-year growth [5][23] - Gross profit margin for Q3 was 83.7%, slightly down from 84.5% in Q3 2023, due to ongoing engineering and validation of RECELL GO [25] - Net loss for Q3 was $16.2 million, or $0.62 per share, compared to a net loss of $8.7 million, or $0.34 per share, in Q3 2023 [28] - Cash, cash equivalents, and marketable securities stood at $44.4 million as of September 30, 2024, down from $89.1 million at the end of 2023 [28] Business Line Data and Key Metrics - 75% of the revenue base transitioned to RECELL GO by the end of September 2024, just four months after FDA approval [7] - 23 new account conversions for full-thickness skin defects were achieved in Q3, below the initial expectation of 40-50, but the total number of accounts now stands at approximately 300, more than double the number from a year ago [8] - RECELL GO Mini, designed for smaller wounds up to 480 square centimeters, is on track for approval by year-end 2024, with a launch expected in early 2025 [19] Market Data and Key Metrics - The company estimates it holds approximately 20% of the burn market, with a clear path to doubling that share over time through RECELL GO adoption [11] - The total addressable market for RECELL-eligible cases in the burn market alone is estimated at nearly $1.5 billion in the US [16] - International expansion is progressing, with CE mark approval for RECELL GO expected by Q1 2025, enabling entry into Europe and Australia [20] Company Strategy and Industry Competition - The company is focusing on converting its business to the RECELL GO platform, which offers significant workflow efficiencies, reduces operating room time, and accelerates patient healing [6][10] - Cohealyx, a collagen-based dermal matrix, is expected to receive FDA clearance by year-end 2024, with a launch planned for 2025 [12][18] - The company plans to use RECELL, PermeaDerm, and Cohealyx together as a comprehensive treatment solution for full-thickness wounds, improving patient outcomes and streamlining clinician experience [12][15] Management Commentary on Operating Environment and Future Outlook - Management is confident in achieving cash flow break-even and profitability by Q3 2025, driven by strong revenue growth and operational efficiencies [23][30] - The company expects Q4 2024 commercial revenue to be in the range of $22.3 million to $24.3 million, representing 14% to 25% sequential growth and 58% to 72% year-over-year growth [30] - The upcoming launches of Cohealyx and RECELL GO Mini, along with expanded adoption of PermeaDerm, are expected to drive strong financial results and create lasting shareholder value [30] Other Important Information - The company completed Project Phoenix, a manufacturing facility upgrade, which increased capacity by 10x and improved engineering capabilities [38] - The Vitiligo TONE Study and health economic study have been submitted for publication, with payer activity expected to begin in 2025, leading to potential coverage policies by the end of 2025 [21][61] Q&A Session Summary Question: Hospital VAC Process and Sales Team Performance - The company deliberately focused on accelerating RECELL GO conversions, which impacted the number of new account approvals through the VAC process [33] - The sales team is performing well, with 29.6 consecutive quarters of growth, and the company expects a strong Q4 [35] Question: RECELL GO Mini Adoption and Manufacturing Capacity - RECELL GO Mini is expected to accelerate adoption by better matching the device size to the wound size [37] - Manufacturing capacity has been significantly expanded through Project Phoenix, ensuring the company can meet growing demand [38] Question: Growth Drivers and Gross Margin Impact - The company has multiple growth drivers, including RECELL GO, RECELL GO Mini, PermeaDerm, and Cohealyx, which will contribute to revenue growth without significantly increasing operating expenses [40] - While Cohealyx and PermeaDerm have lower gross margins than RECELL, their operating margin contribution is substantial due to minimal additional operating expenses [42] Question: Q4 Guidance and CE Mark Delay - Q4 revenue guidance reflects strong growth in the burns business, driven by RECELL GO adoption [45] - The CE mark delay is not expected to significantly impact growth expectations for 2025, as international expansion is still in the early stages [47] Question: RECELL GO Mini Rollout and Outpatient Use - RECELL GO Mini will be rolled out in Q1 2025, targeting trauma centers and smaller wounds, with potential for outpatient use [49][56] Question: Cohealyx Post-Market Study and Vitiligo Timeline - The Cohealyx post-market study will focus on demonstrating faster time to graft readiness and wound closure compared to competitors [54] - Vitiligo revenue is expected to be a 2026 event, with studies expected to be published by the end of 2024 or early 2025 [61]

Braemar Hotels & Resorts Inc. (NYSE:BHR) Q3 2024 Earnings Conference Call November 7, 2024 11:00 AM ET Company Participants Deric Eubanks - Chief Financial Officer Richard Stockton - President and Chief Executive Officer Chris Nixon - Executive Vice President and Head of Asset Management Conference Call Participants Jonathan Jenkins - Oppenheimer Daniel Hogan - Robert W. Baird Operator Hello and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would ...

Bentley Systems, Incorporated (NASDAQ:BSY) Q3 2024 Earnings Conference Call November 7, 2024 8:15 AM ET Company Participants Eric Boyer - IR Greg Bentley - Executive Chair Nicholas Cumins - Chief Executive Officer Werner Andre - Chief Financial Officer Julien Moutte - Chief Technology Officer Conference Call Participants Joseph Vruwink - Robert W. Baird & Co. Matt Hedberg - RBC Clarke Jeffries - Piper Sandler Kristen Owen - Oppenheimer Jason Celino - KeyBanc Jay Vleeschhouwer - Griffin Michael Funk - Bank o ...

Vasta Platform Limited (NASDAQ:VSTA) Q3 2024 Earnings Conference Call November 7, 2024 5:00 PM ET Company Participants Cesar Silva – Chief Financial Officer Guilherme Melega – Chief Executive Officer Conference Call Participants Lucca Marquezini – Itaú Marcelo Santos – JP Morgan Operator Thank you for standing by. My name is Novi, and I will be your conference operator today. At this time, I would like to welcome everyone to the Vasta Platform Third Quarter 2024 Financial Results Conference Call. All lines ...

Kura Oncology, Inc. (NASDAQ:KURA) Q3 2024 Earnings Conference Call November 7, 2024 4:30 PM ET Company Participants Pete De Spain - Head, Investor Relations Dr. Troy Wilson - President and CEO Tom Doyle - Senior Vice President, Finance and Accounting Dr. Mollie Leoni - Executive Vice President, Clinical Development Conference Call Participants Li Watsek - Cantor Jonathan Chang - Leerink Partners Jason Zemansky - Bank of America Roger Song - Jefferies Charles Zhu - LifeSci Capital Phil Nadeau - TD Cowen Pete ...

Berry Corporation (NASDAQ:BRY) Q3 2024 Earnings Conference Call November 7, 2024 11:00 AM ET Company Participants Todd Crabtree - Investor Relations Fernando Araujo - Chief Executive Officer & Director Danielle Hunter - President Michael Helm - VP, Chief Financial Officer & Chief Accounting Officer Conference Call Participants Charles Meade - Johnson Rice Michael Schwartz - Jefferies Jay Spencer - Stifel Nicolaus Operator Welcome to the Berry Corporation Q3 2024 Earnings Call. At this time, all speakers are ...

United Fire Group, Inc. (NASDAQ:UFCS) Q3 2024 Earnings Conference Call November 6, 2024 10:00 AM ET Company Participants Tim Borst - Vice President of Investor Relations Kevin Leidwinger - President and Chief Executive Officer Julie Stephenson - Executive Vice President and Chief Operating Officer Eric Martin - Executive Vice President and Chief Financial Officer Conference Call Participants Paul Newsome - Piper Sandler Operator Good day, and welcome to the United Fire Group Insurance 2024 Third Quarter Con ...

Abacus Life, Inc. (NASDAQ:ABL) Q3 2024 Earnings Conference Call November 7, 2024 5:00 PM ET Company Participants Robert Phillips – Senior Vice President- Investor Relations and Corporate Affairs Jay Jackson – Chairman and Chief Executive Officer Bill McCauley – Chief Financial Officer Conference Call Participants Crispin Love – Piper Sandler Andrew Kligerman – TD Cowen Mike Grondahl – Northland Securities Operator Good day, ladies and gentlemen, and thank you for standing by. At this time all participants a ...