临时护士人员配置需求持续下降（周环比-3.0%）；费率上升（周环比+0.2%）

Brian Tanquilut * | Equity Analyst(615) 963-8338 | btanquilut@jefferies.comJack Slevin, CFA * | Equity Analyst(212) 284-4686 | jslevin@jefferies.comMeghan Holtz * | Equity Associate+1 (212) 708-2876 | mholtz1@jefferies.comExhibit 5 - Aya Healthcare Travel RN Index -Exhibit 6 - Historical Max, Median, andExhibit 7 - Fastaff Quarterly Bill Rates (DaysQ/QY/Y-1.8%-24.9%0.0%-31.3%-1.3%-19.1%-6.7%-9.5%7.3%-1.1%0.9%-0.3%-7.0%-6.0%-5.3%-4.6%Exhibit 8 - Aya Healthcare Jobs Available & RNEquity ResearchMay 20, 2025 Jul-24Aug-24Sep-24Median Weekly Salary Oct-24Nov-24Dec-24Jan-25Feb-25Mar-25Apr-25 Source: Jefferies, Aya Healthcare Fastaff Bill Rates Up +0.2% This Week Though We Discuss Noise in the Data Below, WeightedAvg. Analysis Pointing to 2Q Step Down.•This week, bill rates were +0.2%, reaching a median of $2,368/wk. We explain below how thisweek's read is likely skewed by a large move in the volume of postings on Fastaff's side &show that rates from other sources we've begun tracking are showing stability.•2Q25 data is locked in with >98% of total data collected thus far and currently points to a -7.0%pullback from 1Q25. As we've mentioned previously this sequential move is significantly morebearish than the ones we're seeing in a few new data sources we've begun tracking but haven'tlayered into this analysis. Mgmt commentary continues to call out rate stability.An Explanation of the Recent Move in Our Bill Rate Data; Why We Don't Think It Should DriveRate Views for AMN & CCRN.•Last week we saw Fastaff postings total nearly quadruple compared to the prior week goingfrom 197 to 761 (the highest level we've ever recorded even compared to COVID peaks). Giventhis steep increase that doesn't match trends seen elsewhere (e.g. Aya JA), we believe theremay be some change to how postings are being assigned among brands within Fastaff'sparent (Ingenovis). Thus, we don't think the -13.6% W/W reading from last week should betaken as reflective of current industry trends. This week saw jobs again increase, but rateremain steadier off the new level at +0.2% W/W.•Incrementally, over the past 6 months we've begun tracking other data sources to augment& improve our bill rate analysis. While we'll wait until we have a bit more history beforeintroducing some sort of combined bill rate index, we thought it would be helpful to emphasizethe point above by showing outputs from some of that data. Ex. 2 Shows that data from boththe broader Ingenovis & temp staff posting aggregator Vivian show significantly more bill ratestability over the past few months in addition to significantly different trends compared to theFastaff one mentioned above (Ingenovis -0.1% W/W, Vivian +0.8% W/W).Exhibit 2 - Bill Rate Readings Across Data Sources (Indexed to 10/15/24 Levels).75.080.085.090.095.0100.0105.0110.0Source: Jefferies Analysis, Fastaff, Ingenovis, VivianPlease see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Fastaff (Median Bill Rate)Ingenovis (Median Bill Rate, Inclusive of Fastaff & Trustaff)Vivian (Avg. Bill Rate) Exhibit 3 - Aya Job Openings by Specialty, W/W Growth.-30%-20%-10%0%10%20%PediatricsHome HealthSource: Jefferies, Aya HealthcareExhibit 4 - Aya Job Openings by Specialty.-2004006008001,0001,2001,4001,6001,8002,000PediatricsHome HealthSource: Jefferies, Aya HealthcarePlease see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company Valuation/RisksAMN Healthcare ServicesPT is equivalent to a EV/EBITDA-to-Growth ratio that is in line with the current Healthcare Provider group average. Risks include soft hospital patientvolumes and margin compression.Cross Country HealthcareOur PT is based on an ~14.1x EV/EBITDA multiple and our 2025 EBITDA estimate. Risks include decline in hospital utilization trends, health systemscontinue to curtail their utilization of contingent labor, and disruption related to implementing new IT platforms.Analyst Certification:I, Brian Tanquilut, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Jack Slevin, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Meghan Holtz, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies)