The most impactful of these investments remains our client-facing workforce solutions platform, Intellify. Whether clients are managing their labor through VMS, MSP, or multiple programs across their enterprises, We're navigating per diem shifts, coordinating internal flow pools, arranging locum tenens placements. Intellify is streamlining their processes, saving them time and resources.

Jul 31, 2024 / CEO / receipt, needs a key / John Martins, CEO | earnings call 2024-07-31 | transcript 15d3a0af-aaa6-4105-abeb-ad8186e5fc7c | chars 6408-6798 | segment 6

Specific to travel, we have started to see some positive signs in the market. After troughing at the end of the first quarter, travel demand has been steadily rising for the last couple of months, and today is up more than 20% relative to the start of the second quarter.

Jul 31, 2024 / CEO / receipt, needs a key / John Martins, CEO | earnings call 2024-07-31 | transcript 15d3a0af-aaa6-4105-abeb-ad8186e5fc7c | chars 2755-3026 | segment 2

It is clear that health systems have reduced their reliance on continued leave. Yet there remain structural staffing shortages and high turnover within these settings. Accordingly, we believe that a stronger travel environment could emerge sometime in the back half of this year. Having said that, given the current market headwinds, we have taken actions to better align our core structure to the demand environment.

May 1, 2024 / CEO / receipt, needs a key / John Martins, CEO | earnings call 2024-05-01 | transcript dba32704-dd32-45e6-ac99-6f959abe81b3 | chars 5590-6007 | segment 5

As you can see in today's press release, our first quarter 2024 revenue and adjusted EBITDA were in line with expectations. I am pleased that our team continued to perform well in this difficult environment as demand for travel assignments softened further since the end of last year.

May 1, 2024 / CEO / receipt, needs a key / John Martins, CEO | earnings call 2024-05-01 | transcript dba32704-dd32-45e6-ac99-6f959abe81b3 | chars 2469-2753 | segment 2

Looking more closely at our travel business, while demand is down across the market in the high double digits since we exited 2023, our weekly production is only down in the mid to high single digits, indicating our ability to execute.

May 1, 2024 / CEO / receipt, needs a key / John Martins, CEO | earnings call 2024-05-01 | transcript dba32704-dd32-45e6-ac99-6f959abe81b3 | chars 3172-3407 | segment 3

Accordingly, travel rates in the first quarter were down roughly 2% sequentially and are expected to decline in the low single digits for the next couple of quarters as the market finds its floor.

May 1, 2024 / CEO / receipt, needs a key / John Martins, CEO | earnings call 2024-05-01 | transcript dba32704-dd32-45e6-ac99-6f959abe81b3 | chars 3581-3777 | segment 3

Similar to travel, our local or per diem business has faced market headwinds. In the first quarter, we saw a double-digit sequential decline in volume and a mid to high single-digit decline in rates.

May 1, 2024 / CEO / receipt, needs a key / John Martins, CEO | earnings call 2024-05-01 | transcript dba32704-dd32-45e6-ac99-6f959abe81b3 | chars 3778-3977 | segment 3

As you can see in today's press release, our first quarter 2024 revenue and adjusted EBITDA were in line with expectations. I am pleased that our team continues to perform well in this difficult environment, as demand for travel assignments softened further since the end of last year.

May 1, 2024 / CEO / receipt, needs a key / John Martins, CEO | earnings call 2024-05-01 | transcript dba32704-dd32-45e6-ac99-6f959abe81b3 | chars 53067-53352 | segment 53

After declining in the first half of 2023, travel demand remained fairly stable, However, coming into the new year, we are seeing another pullback in orders, which appears to be industry-wide across most specialties and geographies.

Feb 21, 2024 / CEO / receipt, needs a key / John Martins, CEO | earnings call 2024-02-21 | transcript 36f3a9b4-c57c-49fb-816b-e94e56c91d14 | chars 2782-3014 | segment 2

Our most recent win is also our largest to date, with annual spend expected to be in excess of $100 million once fully implemented. On the back of this win, we are continuing to expand the functionality of Intellify by introducing predictive analytics and time and attendance, building on our robust baseline feature set that already includes industry-leading dashboards and reporting, internal resource pools, internal travel programs, MSPs for nurse and allied, per diem, locums, non-clinical, and RPO.

Nov 1, 2023 / CEO / receipt, needs a key / John Martins, CEO | earnings call 2023-11-01 | transcript b5e5b5fe-a6ac-4e65-a27d-e96781bf9e13 | chars 6364-6868 | segment 6