临时护士人员配置：需求转为正向（周环比增长0.8%）；费率下降（周环比下降0.9%）

Equity ResearchMay 28, 2025Brian 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%-7.2%-6.2%-6.8%-6.3%Exhibit 8 - Aya Healthcare Jobs Available & RN Jul-24Aug-24Sep-24Median Weekly Salary Oct-24Nov-24Dec-24Jan-25Feb-25Mar-25Apr-25 May-25 .Source: Jefferies, Aya Healthcare •This week, bill rates were -0.9%, reaching a median of $2,346/wk. We explain below how thisweek's read is likely skewed by a recent 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 effectively locked in with 99% of total data collected thus far and currentlypoints to a -7.2% pullback from 1Q25. As we've mentioned previously this sequential move issignificantly more bearish than the ones we're seeing in a few new data sources we've beguntracking but haven't layered into this analysis. Mgmt commentary continues to call out ratestability.An Explanation of the Recent Move in Our Bill Rate Data; Why We Don't Think It Should DriveRate Views for AMN & CCRN.•Over the past 3 weeks we've seen Fastaff postings increase 7x going from 197 to 1,388 (thehighest level we've ever recorded even compared to COVID peaks). Given this steep increasethat doesn't match trends seen elsewhere (e.g. Aya JA), we believe there may be some changeto how postings are being assigned among brands within Fastaff's parent (Ingenovis). Thus,we don't think the stepwise downward move in Fastaff median rates should be taken asreflective of current industry trends. This week continued the volume increase for Fastaff, butthe rate remained steadier off the new level at -0.9% 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 before introducingsome sort of combined bill rate index, we thought it would be helpful to emphasize the pointabove by showing outputs from some of that data. Ex. 2 shows that data from both the broaderIngenovis & temp staff posting aggregator Vivian show significantly more bill rate stability overthe past few months in addition to significantly different trends compared to the Fastaff onementioned above (Ingenovis +0.2% W/W, Vivian -0.0% 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.-2004006008001,0001,2001,4001,6001,800PediatricsHome 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). I also certify that no part of my compensation was, is, or will be, directly or indirect