Methodology

We spoke to 35 staffing firms in 20 states to gauge changes in industry trends such as types of professionals in most demand, supply of
experienced providers, price pressures and specific customer requirements. Our survey markets represent a fairly balanced mix of urban,
suburban and rural locations with travel and per diem placement of staff in nationwide locations.

August Nurse and Allied Staffing Survey Key Takeaways

Our Nurse and Allied Staffing Survey covers trends in the supply of healthcare professionals demand for temporary staffing and changes
in pricing. We discussed the 3Q09 results through mid-August, compared to the prior year. In addition, we asked our contacts their
particular outlook for 2H09 business. The results for this survey reflect a slight increase in demand and a large decrease in supply.
 Temporary nurse demand remains weak. Exactly 75.8% our contacts reported year-over-year declines in demand for nurses. This is
the fifth consecutive survey with significant demand declines. Only 12.1% of our contacts reported an increase in nurse demand,
nearly identical to the 11.8% of our contacts that reported an increase in June.
 The pool of available nurses begins to shrink. Nearly 58% of our contacts experienced an increase in the supply of nurses, down
significantly from the 76.5% reporting increases in June. Layoffs at hospitals in part are making more nurses available for temporary
positions. Those reporting no change increased to 24.2% from 17.6% in the prior quarter, and 18.2% of respondents reported declines
in nurse supply up from 5.9% in June.
 Therapist demand remains mixed. The largest group of contacts, 42.9%, reported increased demand for therapists compared to 3Q08,
while only 28.6% experienced a year-over-year decrease down from 33.3% in June. Another 28.6% had flat demand. Supply of
therapists has strengthened, with 21.4% of respondents reporting an increase in therapist supply, up from 0.0% in June. The majority of
our contacts, 50.0%, reported no change in the supply of therapists while the remainder, 28.6% reported a decrease in supply.
 Allied demand falls. Nearly 67% of our contacts reported that demand for allied staff was down year-over-year, up from 40.0% in
April. Roughly one quarter, 26.7%, reported flat allied demand, and 6.7% of our contacts reported growing demand up from 0.0% in
June.
 Hospital demand remains down, but other client orders begin to rebound. Over three quarters of contacts, 79.3%, found hospital
demand lower than in the prior-year period, up from 72.7% in June. About 14.0% reported flat demand from hospitals so far through
the 3Q09. Demand from nursing homes and clinics has picked up with 15.0% of contacts reporting increases in demand from clinics
and 28.6% reporting demand increases from nursing homes. This is a large improvement compared to June, which saw only 5.6% of
contacts reporting increased demand from clinics and 16.7% reporting increases in demand from nursing homes.
 Pricing pressure remains stable. About one third of contacts, 36.4%, reported declining nurse bill rates in June, similar to the 32.4%
reported in June. Flat pricing remains for most contacts at 60.6%. Therapist bill rates were little changed, with the majority, 69.2%,
reporting flat year-over-year pricing. Most of our contacts, 71.4% reported flat pricing for allied and 28.6% reporting declines in
pricing. This is an improvement over June which saw 50.0% of our contacts report decreases in pricing.
 Costs are largely unchanged. Recruiting, housing, bonuses, benefits and overhead costs were flat year-over-year for a majority of our
contacts. In particular, overhead costs have been significantly reduced, with 34.3% of contacts reporting decreases.
 Outlook positive, but becoming more conservative. Over 65.7% of our contacts expect higher demand in 4Q09 lower than the 85.3%
recorded in June. Many contacts are now doubtful of a quick recovery and expect a much longer road to recovery. One fifth of our
contacts expect demand to remain flat and 14.3% of our contacts expect volumes to continue to fall in 4Q09 up from 5.9% in June. We
remain skeptical that the positive sentiment will translate into a material improvement in operating conditions in 4Q.
Investment Thesis and Valuations
The Nurse and Allied Staffing Survey results reinforce our growing caution about the temporary healthcare staffing industry fundamentals.
Changing economic conditions are impacting firms differently, though declining volumes will likely be the norm for some time. Still,
nursing, allied, and therapy personnel are in demand in some markets, and attracting quality recruits remains of significant importance for
staffing firms.

AMN Healthcare (AHS: NEUTRAL)

We maintain our NEUTRAL rating on AHS shares. Extreme weakness in the nurse staffing segment appears unlikely to change through
2010, and material volume growth may not begin to taking hold until 2011. While AHS is the country’s largest and most diversified
temporary healthcare staffing companies, even the Company’s stronger business lines and diversified services cannot overcome the impact
of a severely weakened economy. Pockets of demand for temporary staffing as well as allied and physician staffing persist in some areas,
and we expect AHS to fare better than its large and smaller competitors. While cost restructuring is a positive, growth will remain
difficult to achieve until hospitals regain some lost volumes and economic headwinds subside.

Shares currently trade at 27.7x our FY10E EPS of $0.32. The median forward P/E over the past five years is 21.3x. Given current market
conditions, we expect multiples to remain depressed, and we see few significant levers to grow earnings through 2010. As a result we see
limited upside to shares at this time and anticipate shares being range bound for several quarters. We reiterate our NEUTRAL rating.

Cross Country Healthcare (CCRN: NEUTRAL)

We maintain our NEUTRAL rating on CCRN shares. While CCRN is one of the country’s largest and most diversified temporary
healthcare staffing companies, its core travel nurse staffing segment has suffered sequential declines in volume that is unlikely to recover
in a worsening economic environment. While the company’s recent MDA acquisition into the locum tenens space will mitigate some of
the negative impact of nursing volumes, physician staffing is also not immune to the weak economy and employment situation.

Shares trade at 41.0x our FY10E EPS of $0.21, in line with the median forward P/E of 23.7x. With few prospects for earnings to turn up
before 2011, we continue to rate shares NEUTRAL.

October Nurse and Allied Staffing Survey Results

Our October bi-monthly survey, covering August 2009 – October 2009, investigated changes in the market for temporary nurse, allied and
therapist staffing nationwide. The majority of temporary assignments are travel positions, though some of our contacts also fill per diem
orders in their local markets. We observed slightly improving conditions for our October Survey. Demand increased for nurses in October,
while supply declined by 15%, which is very similar to what we saw in August.

Nurse Staffing Shows Signs of Recovery

In October 53% of contacts reported a decline in demand which is a significant improvement over the 76% of contacts that reported
declines in August. We also saw a large increase in the number of contacts who reported an increase in demand. October had 21% of
contacts report an increase in demand. This is the largest amount of contacts reporting an increase in demand since September of 2008.
 Change in Nursing Demand - YoY

14% 9% 12%
23% 18% 19%
29% 33% 26%

14% 30%
15%
69% 79% 76%
73% 69% 53%

57% 52% 47%

17% 21%
9% 13% 12% 12%

Apr 2008 July 2008 Sept Nov 2008 Jan 2009 Apr 2009 June August October
2008 2009 2009 2009
Increase Decrease Same Source: Longbow Research

Insights from the Field on Nursing Demand

 “The demand for nurses has been down about 25%.” Account Director, AL

 “We have seen an increase over the past month and a half for nurses.” Recruiter, CA

 “Demand has not shifted at all.” Recruiting Manager, CA

 “The demand has been down just slightly (between 2-5%) and we really have not been affected by it.” Recruiter, FL

 “The demand just has not been out there for us this year. We are probably down 20-25% YoY.” Recruiter, FL

 “The demand has really fallen off for nurses with a YoY decrease of 20%.” Recruiter, GA

 “Our demand was down slightly at the beginning of 3Q09 by about 5% but we have seen some sequential increases and are
probably at, or close to being flat YoY. For the most part; we have maintained.” Recruiter, IN

 “The demand is down about 50% compared to 2 or 3 years ago and is probably down around 30% from the same time last year.”
Recruiter, KS

 “The demand has decreased by 80-90% and if things don't get better sometime soon half of the industry is going to be out of a
job.” Manager, KS

 “We have seen our demand increase by 34% YoY. This is mostly due to new contracts that we have been able to sign over the
past few months.” Recruiter, NY

 “The demand for nurses has declined 10-15% YoY.” Recruiter, TX

 “We have seen a slight decrease of about 5% across all of our specialties.” Recruiter, WA

 “Our demand has declined enormously. We have seen a decline of 70% compared to the same time last year, things really cannot
get much worse.” President, GA
Nursing supply continues to stay strong although there are some sequential decreases. More nurses are looking for work, either because of
layoffs from permanent positions or newly entering the job market. A majority of our survey respondents, 57.6%, reported an increase in
the number of professionals available, down from the previous month. Contacts reporting flat levels of nurses increased 24.2%, while
18.2% of our contacts reported declines in the supply of nurses, up from 5.9% in June.

Change in Nursing Supply - YoY

18% 24%
30% 25%
35% 36% 40% 38% 6% 35%
6%
12% 18%
7% 15%
17% 17%
17%
76%
69%
57% 58% 58%
48% 43% 45% 50%

Apr 2008 July 2008 Sept 2008 Nov 2008 Jan 2009 Apr 2009 June 2009 August October
2009 2009
Increase Decrease Same Source: Longbow Research

The increase in supply has not meant that firms are able to easily meet demand. In August only 67.6% of our contacts reported that they
were able to meet the current demand. This is down from just over 90.0% in June and the lowest level since November of 2008. The
majority of our survey respondents cited the weakening economy as a top influence on the supply of more nurses, as well as allied
technicians and therapists, in the marketplace. Most firms have not needed additional resources directed toward recruiting, though several
contacts are ramping up efforts, trying to take advantage of the plentiful supply available. In some markets, however, finding qualified
staff continues to be a challenge, including parts of California.

Can You Meet Current Demand for Staff?

9% 9%
17%
32% 26%
37%
56%
64%

91% 91%
83%
68% 74%
63%
64%
36%

July 2008 Sept 2008 Nov 2008 Jan 2009 Apr 2009 June 2009 August October
2009 2009
Yes No Source: Longbow Research
Remarks on the Nurse Supply
 “There are a lot of nurses out there; we have had no problem finding nurses searching for jobs.” Recruiter, GA

 “A lot of people out there looking for a job and there just aren't that many jobs out there.” Recruiter, SC

 “Supply has been great; in fact there has been a large influx of highly qualified nurses from Canada that have been coming down
here looking for work.” President, GA

 “There is ample supply of nurses and tech's out there right now, we have no problem finding them at all.” Recruiter, CA

 “This is the worst demand I have seen in the 30 years I have been in this business.” President, GA

 “We have way too many nurses and allied professionals. We have stopped our recruiting efforts but they continue to come in
after seeing the website.” Recruiter, AZ

 “Supply has been pretty steady, we had a few more nurses a few months back because of graduation but everything has stabilized
now for the most part.” Recruiter, OK

 “Supply has increased quite a bit; we are probably seeing nearly double the amount of nurses looking for work.” Recruiter, FL

 “The supply has stayed pretty much the same.” Recruiting Manager, FL

 “Supply has definitely been out there.” Recruiter, CA

 “There is ample supply of nurses and tech's out there right now we have no problem finding them at all.” Recruiter, MN

Therapists Demand Continues to Moderate

Orders for therapists were similar to our June survey. A little less than a third of our survey participants, reported declining demand for
therapists, an improvement from 33.3% in June. Nearly 43% reported higher demand, dropping just slightly from 44.4% of our contacts
in June. Only 28.6% of respondents reported flat demand for therapists in August, up slightly from 22.2% in June. In general, our
contacts reiterated that though declining, demand for therapists across the country is still higher than for nurses and other allied positions.

Change in Therapist Demand - YoY

23% 20% 22%

33% 33% 33% 29% 33%
45%
20%
23%
33%
29%
33%
42%
56%
67% 60% 45%
54%
44% 43%
33%
25%
9% 11%

Apr 2008 July 2008 Sept Nov 2008 Jan 2009 Apr 2009 June August October
2008 2009 2009 2009
Increase Decrease Same Source: Longbow Research
On the supply side, the level of available therapists remains largely stagnant. Exactly half of our contacts reported no change in the supply
of therapists compared to last year at this time. Roughly one-fourth, 28.6% of our contacts saw a decrease in therapist supply. Slightly
more than 20% of our contacts reported increases in the number of this month compared to the beginning of 3Q08.

Change in Therapist Supply - YoY

27%
40%
50% 50% 50%
62% 67% 67% 63%
33%

30% 10% 17%

29%
15%
55%
33% 40% 33% 38% 33%
23% 30%
21%

Apr 2008 July 2008 Sept 2008 Nov 2008 Jan 2009 Apr 2009 June 2009 August October
2009 2009
Increase Decrease Same Source: Longbow Research

Therapist and Allied Supply Insights

 “The supply has definitely been out there. We have seen 25-30% increase in the supply of nurses and probably a 5 or 10%
increase for allied and therapists.” Recruiter, IN

 “The supply has been up pretty substantially for nurses and techs. We are probably seeing around 20-30% more than we were
seeing this same time last year. Supply of therapists has remained pretty much flat.” Recruiter, GA

 “The supply has stayed pretty flat because we have built up relationships with people, and that is really what drives our supply
not so much the economy.” Recruiter, CT

 “We have seen a pretty steady increase of supply across all of the professionals we staff.” Recruiter, CA

 “It has been difficult finding therapists.” Director, TX

Demand for Allied Healthcare Remains Falls

Allied position orders fell in August according to our survey contacts, with 66.7 % reporting a decline year-over-year. Roughly one-
quarter 26.7% of contacts, noted flat volumes for allied personnel, and 6.7% our contacts reported increased demand for allied staff in
August.
 Change in Allied Demand - YoY

21% 27%
33% 32% 33%
53% 50% 50%
60%
29%

15% 67%
24% 58% 59% 56%
36%
50%
35% 40%
24%
8% 14% 9% 11%
7%
Apr 2008 July 2008 Sept Nov 2008 Jan 2009 Apr 2009 June August October
2008 2009 2009 2009
Increase Decrease Same Source: Longbow Research

The supply side of allied professionals has decreased since June. Year-over-year, 46.7% of respondents reported no change in the
availability of allied staff. While 40% reported increases in supply, and 13.3% reported declines in the number of allied staff available.

Change in Allied Supply - YoY

44% 40% 40% 47%

55% 57% 61% 55% 56%
0%
13% 13%
5% 13%
5%
14% 6% 11%
60%
44% 40% 47% 41% 40%
29% 33% 33%

Apr 2008 July 2008 Sept 2008 Nov 2008 Jan 2009 Apr 2009 June 2009 August October
2009 2009
Increase Decrease Same Source: Longbow Research

Commentary on the Therapist and Allied Staffing Demand

 “The demand for therapists has been nearly insatiable. We are getting a lot of calls for therapists.” Recruiter, CA

 “The demand for therapists has been through the roof. I could go to any place that hires therapists and they would need another
PT or OT.” Recruiter, AL

 “The demand for therapists has been up slightly, probably around 5-10% while the demand for tech's and nurses has declined.”
Recruiter, CA
  “Demand for allied and therapists has not been as bad and is pretty much flat YoY.” Recruiter, FL

 “All of our staff types have been down. Nurses have been down by as much as 20% while allied techs and therapists have been
down about 5-10%.” Recruiter, NC

 “We have seen a slight decrease of about 5% across all of our specialties.” Recruiter, WA

Hospital Demand still Weak, Beginning to Decline Again

Hospitals remain the largest customer for healthcare staffing firms, and August demand for those customers remains well below last year’s
levels for 79.3% of contacts. Nearly 14% of contacts reported flat volumes year-over-year, decreasing slightly from June’s number of
21.2%. Nearly 7% of contacts experienced increases in hospital orders since August 2008, up slightly from 6.1% in June.

Change in Hospital Demand - YoY

7% 14%
25% 22% 21% 21% 26%
39% 36%

20% 30%
9%
90% 79% 48%
67% 73%
50%
55% 52% 48%
26%
14% 12%
3% 6% 7%
Apr 2008 July 2008 Sept Nov 2008 Jan 2009 Apr 2009 June August October
2008 2009 2009 2009
Increase Decrease Same Source: Longbow Research

Clinical settings saw some stabilization year-over-year in August 2009, just under half of our contacts reporting flat volumes year over
year, a slight decline from the 50% we saw in June. Roughly 15% of our contacts noted a year-over-year increase in demand for staff, up
from 5.6% in June. Declines in volume were reported by 40% of survey respondents.
 Change in Clinic Demand - YoY

16% 15%
31% 33%
40% 45% 15%
50% 50% 50%
8%

68%
14% 20% 47% 60% 40% 69%
62% 44%
36% 30%
13% 16% 15%
7% 6%
Apr 2008 July 2008 Sept Nov 2008 Jan 2009 Apr 2009 June August October
2008 2009 2009 2009
Increase Decrease Same Source: Longbow Research

Physicians’ office demand also showed continued declines during this month’s survey. An overwhelming majority of contacts, 60.0%,
reported year-over-year declines in demand for staffing, up compared to 81.8% in June. The remainder of contacts reported flat demand
compared to August 2008, at 40.0%.

Change in Physician Office Demand - YoY

9%
20% 20%
40%
50%
67% 60% 63%
71%

82% 60%
80%
60%
50%
14% 40% 38%
33%
14% 20%
9%

Apr 2008 July 2008 Sept Nov 2008 Jan 2009 Apr 2009 June August October
2008
Increase Decrease 2009Same
2009 2009
Source: Longbow Research

Demand at residential and skilled nursing facilities showed a slight uptick in August. Fewer than 30% of our contacts reported YoY
increases in demand from these types of clients up from 16.7% in our last survey. The majority, 47.6%, of our contacts reported declines
in demand, a large improvement from two thirds of our contacts that reported declines in June. Static volumes measured 23.8% in August.
 Change in Residential/Skilled Nursing Demand - YoY

17% 24% 20%

26%
33% 40% 37%
55% 60%
8%
67% 48% 60%
57%
50% 58%
58%
45% 40%
29%
17% 17% 20%
10% 5%
Apr 2008 July 2008 Sept Nov 2008 Jan 2009 Apr 2009 June August October
2008 2009 2009 2009
Increase Decrease Same Source: Longbow Research

Changes in Client Orders

 “Hospitals have virtually stopped hiring RNs at this point all they want is LPNs.” Recruiter, OK

 “We staff only to hospitals and the demand has certainly shifted downward.” Recruiter, TX

 “Hospitals have been struggling but other than that the rest of our clients have been doing well.” Recruiter, WA

 “All of our client types are down, even huge university medical centers that used to be the focal point of our business. They have
the money and they need the help but a lot of hospitals and other locations that would hire from us have hiring freezes and cannot
spend any money.” President, GA

 “Hospitals have been very bad for us we have not seen any type of demand from hospitals. They just are not ordering any
nurses.” Recruiter, CA

 “The demand by hospitals has declined quite considerably. It is our largest client type and the demand is just not out there.”
Recruiter, FL

 “We deal almost exclusively with hospitals and the demand has been just about the same.” Recruiter, FL

Nurse Bill Rates are Stabilizing

While a majority of firms reported static pricing for nurses in August 2009, totaling 60.6%, over one third of contacts, 36.4%, reported
year-over-year declines in nurse bill rates. This is slightly above our June report of 32.4% reporting declines. This survey also saw 3.0%
of our contacts reporting an increase which is an improvement from our June survey in which no contacts reported an increase.
 Change in Nurse Bill Rates - YoY

46%
59% 56% 61% 59%
67% 67% 72% 68%

8%
9%
17% 10% 34%
46% 36% 41%
32% 19% 32%
17% 23%
9% 9% 3%
Apr 2008 July 2008 Sept Nov 2008 Jan 2009 Apr 2009 June August October
2008 2009 2009 2009
Increase Decrease Same Source: Longbow Research

For allied positions, 28.6% of contacts reported decreases in allied bill rate year-over-year, down from 50.0% in June. Participants
reporting static pricing were 71.4%, up from 50.0% in June. No contacts reported rising bill rates for allied staff.

Change in Allied Bill Rates - YoY

50%
63% 64%
75% 75% 78% 76% 71%
85%

5%
50%
13% 8% 36%
32% 14% 29%
8% 17% 22%
13% 8% 10%

Apr 2008 July 2008 Sept Nov 2008 Jan 2009 Apr 2009 June August October
2008 2009 2009 2009
Increase Decrease Same Source: Longbow Research

Therapist bill rates decreased slightly, with 23.1% of contacts reporting year-over-year declines. This compares to 28.6% of respondents
in June. The majority of contacts, 69.2%, had no change in therapist bill rates compared to August 2008. Only 7.7% of our contacts
reported an increase for therapist bill rates.
 Change in Therapist Bill Rates - YoY

43%
58% 60%
67% 70% 73% 71% 69%
82%

8%
57%
17% 9% 30%
33% 23%
9% 30% 29%
17% 18%
9% 8% 10%

Apr 2008 July 2008 Sept Nov 2008 Jan 2009 Apr 2009 June August October
2008 2009 2009 2009
Increase Decrease Same Source: Longbow Research

Comments on Staff Bill Rates

 “There is just an overabundance of nurses out there right now and the prices are being pushed down.” Recruiter, FL
 “We have had to decrease our prices by about 5-10% depending on qualifications and work experience.” Recruiting Director,
NY
 “The pricing for nurses has decreased by about 5%, although this differs depending on the region of the country.” Recruiter, OK
 “We are kind of stuck in the middle. We have pressure from both personnel and our clients to meet their pricing requirements
and so far we have not had to buckle to pressure from our clients.” Recruiter, FL
 “Our bill rates have come down slightly, only about 2-3%.” Recruiter, AZ
 “It has been a very competitive market out there and we cannot afford to not cut prices.” Recruiter, IN
 “Surprisingly, the orders we get do not even mention price so we have not made any type of cutback in pricing.” Recruiter, MN
 “Pricing has decreased considerably. We are now charging a third of our normal fees and we really cannot decrease our margins
anymore.” President, GA
 “Each contract is negotiated, so some of our contracts we have not had a price decline, but on others we have had to decrease our
bill rate by about 10%.” Recruiter, SC
 “Our pricing has declined 5%. Our clients are forcing us to accept bill rate cutbacks.” Recruiter, TX
 “We have cut our bill rates by $5-6 (10-15%) in order to remain competitive. For the most part the supply is overwhelming out
there and the economy has forced our clients to request lower bill rates and we have had to meet their demands in order to get any
kind of business.” Recruiting Manager, NC
 “Our pricing has decreased about 5% across all of our specialties. We have been feeling some pressure from our clients in terms
of our pricing and have had to accommodate their requests due to the downturn in the economy.” Recruiter, IN

Costs are Being Contained

Major cost items were largely constant for most survey contacts with no significant increases reported. Recruiting costs remain stable with
74.3% of respondents reporting no year-over-year change. Over a quarter, 25.7%, of contacts reported decreased costs and no contacts
reported increasing recruiting expenses.
 Change in Recruiting Costs - YoY

50% 48%

81% 79% 74%

87% 83%
94%

50% 52%
3%
19% 11% 26%
17% 10%
3% 6% 6%
Apr 2008 July 2008 Sept 2008 Nov 2008 Jan 2009 Apr 2009 June 2009 August
Increase Decrease Same 2009
Source: Longbow Research

Housing costs also showed little change this survey, with an overwhelming majority of our contacts, 91.4%, reporting no year-over-year
change. None of our contacts experienced higher housing costs through August 2009 compared to the prior year, and 8.6% reported
declines in housing expenses.

Change in Housing Costs - YoY

50% 55%
64%

93% 93% 91% 91% 91% 88%

21% 15%
16%
29% 30%
20% 3% 6% 6% 9%
7% 3% 3% 3% 9% 3%
Apr 2008 July 2008 Sept Nov 2008 Jan 2009 Apr 2009 June August October
2008 2009 2009 2009
Increase Decrease Same Source: Longbow Research

Other key expense, bonuses, remained mostly stagnant in August 2009. An overwhelming majority of respondents, 85.7%, noted no
change in the bonuses offered to healthcare professionals. There were no reports of increased bonuses year-over-year, and a small group,
14.3%, reported year-over-year declines in bonuses.
 Change in Healthcare Professional Bonuses - YoY

52%
75%
89% 89% 86% 86% 85%
93% 94%
7%

41%
25% 11% 9%
11% 4% 14%
7% 7% 3% 6% 6%
0%
Apr 2008 July 2008 Sept Nov 2008 Jan 2009 Apr 2009 June August October
2008 2009 2009 2009
Increase Decrease Same Source: Longbow Research

Benefits were unchanged as an expense with nearly all of our contacts – 89.2%. Those reporting an increase grew to 2.9%, up from zero in
June, while decreases rose to 14.3% in August up from 5.7% in June.

Change in Benefits Costs - YoY

64%
76% 83%
93% 93% 94% 94% 88%
100%

8%
6%
28% 3%
18% 14% 9%
7% 7% 3% 6% 3% 3%
Apr 2008 July 2008 Sept Nov 2008 Jan 2009 Apr 2009 June August October
2008 2009 2009 2009
Increase Decrease Same Source: Longbow Research

Overhead costs also remained largely the same compared to our June survey. The majority, 65.7%, of contacts reported static overhead
costs year-over-year, slightly lower than the 82.4% reporting in June. Those reporting increases remained at zero, and 34.3% of our
contacts reported a decrease up from 17.6% in June.
 Change in Overhead Costs - YoY

48%
63% 63% 66%
75% 80%
89% 82%
90%

6%
42%
38% 7%
31% 7% 34%
18% 9% 18%
10% 13% 9%
3%
Apr 2008 July 2008 Sept Nov 2008 Jan 2009 Apr 2009 June August October
2008 2009 2009 2009
Increase Decrease Same Source: Longbow Research

Regional Variances to Nursing Demand

Most firms in our survey provide some temporary nurse staffing and have observed changes in location of demand. Through August 2009,
compared to the prior year, demand is falling significantly nationwide. However, a number of states had a growth in nurse demand
including Texas, California, New Jersey, Oregon, Illinois, and Kentucky. Oklahoma came in as being flat year-over-year. The rest of the
territories covered by our survey had annual declines. These areas include Massachusetts, states in the Midwest (MN, IA, IN, OH, KS,
NE), the Southwest (AZ, CO), and the Southeast (FL, NC, GA, AL, AR) which many of our contacts described as having the worst
demand in the nation.

October 2009 Geographic Changes in Nursing Demand - YoY

Increase
Decrease
Static

Source: Longbow Research

Comments on Regional Changes in Demand
 “California has been really strong and we have not seen much weakness anywhere.” Recruiter, AL

 “TX, CA, and NJ have all been strong as well as CA; while FL used to be very strong it is now extremely weak.” Recruiter, CO

 “TX, NJ, and MA have all been very strong.” Recruiter, CA

 “MT, WY, WA, TX, NM have been very strong for us while the entire South East region has just been atrocious.” Recruiter, NC

 “We made a commitment to ensure Texas was one of our best states and so far it certainly has proven to be. While in AZ and CO
there has been virtually no demand.” Recruiting Manager, TX

 “CA has been pretty strong for us while the entire South Eastern region has been very slow.” Recruiter, AZ

Outlook for 2H09

We discussed the outlook for temporary staffing for 2H09 in four key areas: supply, demand, pricing and costs. The results indicate a
general level of confidence that recent declines in the industry will not persist, although we believe the responses do point to challenges
ahead.

Mixed Responses for Future Conditions

A significant majority of our contacts, 60.0%, expect the supply of staff to remain flat in 3Q09 compared to the same period last year,
down from our June survey which saw 94.3% of contacts who expected supply to remain flat. Supply is expected to increase for 37.1% of
respondents, while 2.9% of our respondents project a decrease in overall supply.

Next Quarter Outlook - Staff Supply - YoY

30% 29% 33% 12%

43%
4% 63% 56% 60%
15% 10%
6% 94% 12%
3%
3%
68%
55% 57% 20% 51%
41% 37% 15%
17%
6%
Apr 2008 July 2008 Sept Nov 2008 Jan 2009 Apr 2009 June August October
2008 2009 2009 2009
Increase Decrease Same Source: Longbow Research

The majority of our contacts predict a rebound in demand during 4Q09. A majority of respondents, 65.7%, project greater year-over-year
staffing demand during 4Q09. This is down from the 85.3% reported in June. Additionally, the number of contacts projecting declines
increased to 14.3% up from 5.9% in June. Those expecting flat growth increased to 20.0% up from 8.8% in June.
 Next Quarter Outlook - Staff Demand - YoY

11% 9%
26% 24% 6% 20%
29% 7% 29%
14%
16% 11% 63%
70% 18%
33%

81% 85%
61% 9% 66%
58% 53%
20% 42%
28%
10%

Apr 2008 July 2008 Sept Nov 2008 Jan 2009 Apr 2009 June August October
2008 2009 2009 2009
Increase Decrease Same Source: Longbow Research

Little Change Expected in Bill Rates and Pricing

A majority of survey participants, 91.4%, project flat costs in 4Q09 and 8.6% expect prices to decline.

Next Quarter Outlook - Costs - YoY

53%
63%
82%
91% 94% 91% 94%
100% 100%
16%

31.6% 37.0%
18.2% 3%
6.3% 6% 9% 6%
Apr 2008 July 2008 Sept Nov 2008 Jan 2009 Apr 2009 June August October
2008 2009 2009 2009
Increase Decrease Same Source: Longbow Research

In the same way, most of our contacts expect no change in bill rates year-year-year, with 94.3% projecting stagnant pricing. A small
number, 5.7%, of our contacts project higher bill rates in 3Q09.
 Next Quarter Outlook - Bill Rates - YoY

65%
77% 81% 88% 94% 94% 94%
100% 100%

15%
4%
20.0% 23.1% 6%
14.8%
6.3% 6% 6% 6%
Apr 2008 July 2008 Sept Nov 2008 Jan 2009 Apr 2009 June August October
2008 2009 2009 2009
Increase Decrease Same Source: Longbow Research

Deteriorating Economy and its Impact

Given the uncertainty surrounding the depth and breadth of the recession, we asked our contacts to discuss the impact of the economy.
Unsurprisingly, a majority of our contacts believe that orders have already declined due to the economy – 88.6%, exactly in line with what
we saw in June. The change in supply has been attributed to the economy by 82.4% down slightly from the 96.9% of contacts in June that
believed the economy to be the underlying cause for a change in supply.

Are Declining Orders Due to the Economy? Is Change in Supply Due to the Economy?
6% 11% 11% 13% 3.1%
14% 18%
37% 31% 38% 36%
45%

94% 89% 89% 88% 97%

86% 82%
63% 69% 62% 64%
55%

Nov 2008 Jan 2009 Apr 2009 June 2009 August October Nov 2008 Jan 2009 Apr 2009 June 2009 August October
2009 2009 2009 2009
Yes No Source: Longbow Research Yes No Source: Longbow Research

As for the decline in orders for temporary staffing, we asked our contacts to discuss which clients have been most affected by declining
economic conditions. Half of our contacts felt that all of their clients were impacted by the economy. Hospital orders were deemed most at
risk, with 40.0% of our contacts responding that hospital client orders were the most impacted. The only other client group that was
mentioned was nursing homes with 10.0% of our contacts reporting that nursing homes were the most impacted client.
 Client Orders Most Impacted by the Economy
4.0%

52.0%

44.0%

All Hospitals Other

Source: Longbow Research

Outlook Comments for 2Q09

 “We are expecting our sales to continue to increase. We were doing pretty poorly through the first two quarters but we are really
starting to pick up now and we expect this trend to continue.” Recruiter, AL

 “July has been better than June and we expect this to continue to increase throughout the rest of 2009. We may see some
increases in pricing but not until the first part of 2010.” Manager, AL

 “We have seen some sequential increases since about April or May and we expect to continue to see some increases.” Recruiter,
CO

 “We are forecasting a rebound to 2008 levels by the 3Q09 and hopefully we can see some growth by 4Q09 or 1H10.” Manager,
FL

 “The demand has gotten better and we expect the supply to get better as a lot of nurses who took per diem jobs are now going to
get back into the travel nurse jobs.” Recruiter, CA

 “The past month or two for nurses and allied health has improved, but we expect things to decrease slightly due to seasonality
issues more than anything else. Longer term we expect things to get better as things loosen up in the 2H09 due to the improving
economic conditions.” Recruiter, CT

 “There have been some sequential increases over the past two months and we expect this to continue and hopefully we can see
some YoY gains especially into the later stages of 3Q09 and 4Q09 as the YoY comparisons become more favorable since we saw
some pretty rapid declines this time last year.” Recruiter, GA

 “We have seen some sequential increases that have led to us being just about flat YoY currently. We hope the trend continues
and we are able to do better than just maintain and we can finally see some growth here at the end of the 3Q09 and the beginning
of 4Q09. I just saw a program about the expected shortage of ER nurses in the next 8 months and we are moving to recruit more
ER nurses in order to take advantage of this expected shortage.” Recruiter, IN
  “Although this is the most difficult market I have seen in 15 years of doing healthcare staffing I think things are set to improve
and believe that I will see some improvement in the fall. A big driver for seeing some improvement this fall will be the flu
season. If the flu is a big of an issue as it is supposed to be we could see some great increases.” Recruiting Manager, OK.

Expectations for Flu Season

Has the flu increased demand?

44%

56%

October 2009
Yes No Source: Longbow Research

Risks
CCRN

Potential downside risks to our investment thesis include, but are not limited to:

 Alternative staffing solutions gain traction. Hospitals administrators may begin relying more on overtime and part-time staff to
alleviate workforce pressures as they work to reduce extra costs associated with travel nurse staffing. Larger healthcare operators are
actively seeking to find more permanent, cost effective solutions to manage staffing shortages.

 Insurance costs. As insurance rates rise for clinicians nationwide, staffing firms also face the same cost increases. Some specialty
areas such as obstetricians face particularly high rates, and regionally, Pennsylvania is known as one of the most expensive states to
obtain malpractice insurances. Health insurance costs also are a significant source of cost pressure.

 Immigration restrictions. A key future supply source, both for hospitals and staffing firms, is the foreign population of nurses and
physicians. Maintaining current immigration policy, or a reduction in the number of visas available for healthcare professionals,
would further constrain supply of available professionals.

Potential upside risks to our thesis include, but are not limited to:

 Rapid recovery in hospital volumes. A quick turnaround in the acute care hospital industry will have a near immediate impact upon
travel nurse volumes. Whether through legislation to expand healthcare access or an economic recovery, a return of solid hospital
admissions growth will increase demand for nurse and allied staffing.

 Consolidation in the staffing industry. The economic downturn is putting intense pressure upon smaller staffing firms. Opportunities
for strategic acquisitions at attractive prices may provide considerable growth in revenue and earnings during the recession.
AHS

Potential downside risks to our investment thesis include, but are not limited to:

 Alternative staffing solutions gain traction. Hospitals administrators may begin relying more on overtime and part-time staff to
alleviate workforce pressures as they work to reduce extra costs associated with travel nurse staffing. Larger healthcare operators are
actively seeking to find more permanent, cost effective solutions to manage staffing shortages.
 Malpractice insurance costs. As insurance rates rise for physicians nationwide, staffing firms also face the same cost increases. Some
specialty areas such as obstetricians face particularly high rates, and regionally, Pennsylvania is known as one of the most expensive
states to obtain malpractice insurances. These high costs limit put pressure on margins and some companies risk losing business.
 Immigration restrictions. A key future supply source, both for hospitals and staffing firms, is the foreign population of nurses and
physicians. Maintaining current immigration policy, or a reduction in the number of visas available for healthcare professionals, would
further constrain supply of available professionals.
Potential upside risks to our thesis include, but are not limited to:

 Rapid recovery in hospital volumes. A quick turnaround in the acute care hospital industry will have a near immediate impact upon
travel nurse volumes. Whether through legislation to expand healthcare access or an economic recovery, a return of solid hospital
admissions growth will increase demand for nurse and allied staffing.

 Consolidation in the staffing industry. The economic downturn is putting intense pressure upon smaller staffing firms. Opportunities
for strategic acquisitions at attractive prices may provide considerable growth in revenue and earnings during the recession.
CCRN
Financial Summary Model
In millions, expect per share data
David Bachman, Longbow Research

FY FY Mar-08 Jun-08 Sep-08 Dec-08 FY Mar-09 Jun-09 Sep-09 Dec-09 FY Mar-10 Jun-10 Sep-10 Dec-10 FY
2006 2007 1Q08 2Q08 3Q08 4Q08 2008 1Q09 2Q09 3Q09E 4Q09E 2009E 1Q10E 2Q10E 3Q10E 4Q10E 2010E
Consolidated Revenues 655.2 718.3 179.3 171.0 178.1 205.9 734.2 175.4 149.0 132.5 136.2 593.2 131.9 133.7 133.9 136.3 535.7
YoY growth 1.5% 9.6% 1.8% -2.5% -3.8% 13.3% 2.2% -2.1% -12.8% -25.6% -33.8% -19.2% -24.8% -10.3% 1.0% 0.1% -9.7%
Cost of Goods Sold 502.5 543.6 134.1 125.3 130.7 151.6 541.7 130.4 108.3 95.9 99.0 433.6 96.9 97.6 97.7 100.2 392.4
Gross Profit 152.7 174.7 45.2 45.6 47.4 54.3 192.6 45.1 40.8 36.6 37.2 159.6 34.9 36.1 36.1 36.1 143.3
Gross Margin 23.3% 24.3% 25.2% 26.7% 26.6% 7.5% 26.2% 25.7% 27.4% 27.6% 27.3% 26.9% 26.5% 27.0% 27.0% 26.5% 26.7%

Operating Expenses 117.6 132.6 35.1 34.5 36.2 42.7 148.6 37.9 36.3 33.3 33.8 141.2 32.2 32.1 31.6 31.9 127.7
Operating Profit 35.1 42.1 10.1 11.1 11.3 11.6 44.0 7.2 4.5 3.3 3.4 18.4 2.8 4.0 4.6 4.2 15.6
Operating Margin 5.4% 5.9% 5.6% 6.5% 6.3% 5.6% 6.0% 4.1% 3.0% 2.5% 2.5% 3.1% 3.9% 4.1% 2.6% 3.0% 2.9%

Interest Expense 1.5 2.6 0.6 0.5 0.8 2.3 4.2 1.7 1.5 1.4 1.5 6.2 1.3 1.3 1.3 1.4 5.4
Non-Recurring Costs 6.7 0.1 (0.0) (0.0) (0.1) 244.1 244.0 (0.1) 0.1 0.0 0.0 0.0 1.0 2.0 3.0 4.0 10.0
Pre-Tax Income 26.9 39.4 9.4 10.6 10.5 (234.8) (204.2) 5.5 2.9 1.9 1.9 12.2 0.5 0.7 0.2 (1.1) 0.2

Taxes Paid 10.2 14.8 3.6 4.2 4.4 (73.4) (61.2) 2.5 0.6 0.8 0.8 4.7 0.2 0.3 0.1 (0.4) 0.1
Tax Rate 36.0% 37.8% 38.0% 39.9% 41.5% 31.3% 37.7% 45.1% 20.9% 43.0% 43.0% 38.0% 39.0% 39.0% 39.0% 39.0% 39.0%

Net Income 21.0 24.6 5.8 6.4 6.2 5.6 24.0 3.0 2.3 1.1 1.1 7.5 0.9 1.6 2.0 1.7 6.2
Income Margin 3.2% 3.4% 3.3% 3.7% 3.5% 2.7% 3.3% 1.7% 1.5% 0.8% 0.8% 1.3% 0.7% 1.2% 1.5% 1.3% 1.2%

Diluted Shares 32.7 32.5 31.3 30.9 30.9 30.9 31.0 30.9 31.0 31.0 31.0 30.9 30.9 30.8 30.8 30.7 30.8
EPS $0.64 $0.77 $0.19 $0.21 $0.20 $0.18 $0.78 $0.10 $0.07 $0.03 $0.04 $0.24 $0.03 $0.05 $0.06 $0.06 $0.21
YoY growth 38.8% 19.5% 24.4% 21.1% -8.6% -19.9% 2.4% -47.4% -64.0% -82.8% -80.7% -69.2% -70.8% -28.6% 85.2% 61.7% -12.3%

EBITDA 42.1 50.4 12.5 13.5 13.8 15.0 54.8 10.5 7.8 6.8 6.3 31.3 5.7 7.1 7.8 7.2 27.7
EBITDA Per Share $1.29 $1.55 $0.40 $0.44 $0.45 $0.49 $1.77 $0.34 $0.25 $0.22 $0.20 $1.01 $0.18 $0.23 $0.25 $0.24 $0.90

Cash Flow Items

Depreciation & Amortization 7.0 8.4 2.5 2.4 2.5 3.4 10.8 3.3 3.3 3.4 2.9 13.0 2.9 3.1 3.2 3.0 12.2
Cash From Operations 32.9 36.0 11.3 15.8 13.8 10.1 51.0 25.6 24.8 20.0 22.0 92.4 26.0 21.0 22.0 20.0 89.0
Net Fixed Assets (9.3) (8.3) (0.8) (1.5) (1.1) (1.3) (4.7) (1.0) (0.7) (0.4) (0.4) (2.4) (0.3) (0.4) (0.3) (0.3) (1.3)
Free Cash Flow 23.6 27.7 10.5 14.4 12.6 8.8 46.3 24.6 24.2 19.6 21.6 90.0 25.7 20.6 21.7 19.7 87.7
FCF Per Share $0.72 $0.85 $0.34 $0.47 $0.41 $0.28 $1.49 $0.80 $0.78 $0.63 $0.70 $2.91 $0.83 $0.67 $0.70 $0.64 $2.85

Balance Sheet Ratios

Cash & Equivalents 0.0 9.1 3.5 4.8 12.6 15.2 15.2 19.1 16.5 12.1 13.1 13.1 13.4 13.4 13.0 13.5 13.5
Debt 21.5 39.5 42.1 34.3 144.4 133.1 133.1 117.4 93.0 107.6 98.4 98.4 87.0 87.8 89.1 90.0 90.0
Shareholder's Equity 374.9 390.4 386.4 392.4 398.8 234.0 234.0 237.2 242.0 210.4 194.1 194.1 197.4 205.0 202.2 203.4 203.4
Interest Coverage 24.0x 16.3x 15.8x 20.8x 14.3x 5.1x 10.4x 4.2x 3.0x 2.3x 2.3x 3.0x 2.1x 3.0x 3.4x 3.1x 2.9x
Debt/Total Capital 0.1 0.1 0.08 0.07 0.25 0.33 0.3 0.32 0.26 0.32 0.32 0.3 0.29 0.28 0.29 0.29 0.3
ROA 0.0 0.1 0.04 0.05 0.04 0.05 0.1 0.03 0.02 0.01 0.01 0.0 0.09 0.01 0.02 0.02 0.0
ROE 0.1 0.1 0.06 0.06 0.06 0.10 0.1 0.05 0.04 0.02 0.02 0.0 0.15 0.02 0.03 0.04 0.0

Revenue Drivers
YoY Growth in Revenue
FTEs -1.1% -7.9% -6.1% -10.4% -13.3% -15.2% -11.2% -24.4% -39.5% -49.0% -45.0% -39.5% -37.0% -16.5% 4.0% 1.0% -12.1%
Revenue per FTE per day 4.9% 1.1% 3.7% 3.4% 2.0% 1.6% 2.7% -1.3% -2.1% -2.2% -1.5% -1.8% -1.0% -1.0% -1.0% 0.0% -0.8%

Source: Company Reports, Longbow Research

AHS
Financial Summary Model
In millions, expect per share data
David Bachman, Longbow Research

FY FY Mar-08 Jun-08 Sep-08 Dec-08 FY Mar-09 Jun-09 Sep-09 Dec-09 FY Mar-10 Jun-10 Sep-10 Dec-10 FY
2006 2007 1Q08 2Q08 3Q08 4Q08 2008 1Q09 2Q09 3Q09E 4Q09E 2009E 1Q10E 2Q10E 3Q10E 4Q10E 2010E
Consolidated Revenues 1,081.7 1,164.0 293.6 312.7 315.0 295.9 1,217.2 249.6 199.1 169.0 163.7 781.4 169.2 172.2 171.3 167.0 679.7
YoY growth 53.2% 7.6% 3.4% 6.4% 4.9% 3.5% 4.6% -15.0% -36.3% -46.4% -44.7% -35.8% -32.2% -13.5% 1.4% 2.0% -13.0%
Cost of Goods Sold 792.4 860.9 216.1 230.2 234.0 220.0 900.2 185.6 145.5 125.7 122.4 579.2 125.6 127.8 127.6 124.4 505.3
Gross Profit 289.3 303.2 77.5 82.5 81.1 75.9 317.0 64.0 53.7 43.3 41.2 202.2 43.7 44.4 43.7 42.6 174.3
Gross Margin 26.7% 26.0% 26.4% 26.4% 25.7% 7.5% 26.0% 25.6% 27.0% 25.6% 25.2% 25.9% 25.8% 25.8% 25.5% 25.5% 25.7%

Operating Expenses 215.8 229.9 58.5 63.9 64.0 58.8 245.1 232.2 43.4 38.5 37.3 351.4 37.2 37.5 37.3 36.4 148.5
Operating Profit 73.5 73.2 19.0 18.7 17.0 17.2 71.9 (168.2) 10.2 4.7 3.9 (149.3) 6.4 6.9 6.3 6.2 25.8
Operating Margin 6.8% 6.3% 6.5% 6.0% 5.4% 5.8% 5.9% -67.4% 5.1% 2.8% 2.4% -19.1% 3.9% 4.1% 2.6% 3.0% 3.8%

Interest Expense 16.7 12.5 2.8 2.7 2.6 2.7 10.7 2.2 2.3 2.0 2.0 8.5 1.9 1.9 1.9 1.8 7.5
Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Pre-Tax Income 56.8 60.8 16.2 16.0 14.5 14.5 61.2 (170.4) 7.9 2.7 2.0 (157.8) 4.6 5.0 4.5 4.3 18.4

Taxes Paid 21.7 24.2 6.7 6.7 5.0 6.9 25.2 (48.6) 3.5 0.5 0.4 (44.1) 1.9 2.1 1.9 1.8 7.7
Tax Rate 37.8% 39.6% 41.2% 41.5% 34.4% 47.5% 41.2% 28.5% 44.8% 20.0% 20.0% 28.3% 42.0% 42.0% 42.0% 42.0% 42.0%

Net Income 35.1 36.5 9.5 9.4 9.5 7.6 36.0 (121.8) 4.4 2.2 1.6 (113.7) 2.6 2.9 2.6 2.5 10.6
Income Margin 3.2% 3.1% 3.2% 3.0% 3.0% 2.6% 3.0% -48.8% 2.2% 1.3% 1.0% -14.6% 1.6% 1.7% 1.5% 1.5% 1.6%

Diluted Shares 34.3 34.9 34.2 34.3 33.9 32.9 33.8 32.6 32.9 32.9 32.9 32.8 32.6 32.6 32.6 34.5 33.1
EPS $1.02 $1.05 $0.28 $0.27 $0.28 $0.24 $1.07 $0.11 $0.17 $0.07 $0.05 $0.39 $0.08 $0.09 $0.08 $0.07 $0.32
YoY growth 46.0% 2.5% 19.5% 4.5% -3.5% -8.1% 2.4% -1443.3% -51.3% -76.5% -80.3% -426.4% -102.2% -33.1% 20.6% 52.9% -109.2%

EBITDA 83.8 84.9 22.4 22.4 20.8 20.8 86.3 14.5 17.1 10.8 9.8 52.2 9.5 10.0 9.4 9.2 38.1
EBITDA Per Share $2.44 $2.43 $0.65 $0.65 $0.61 $0.63 $2.55 $0.44 $0.52 $0.33 $0.30 $1.59 $0.29 $0.31 $0.29 $0.27 $1.15

Cash Flow Items

Depreciation & Amortization 10.3 11.7 3.4 3.7 3.8 3.6 14.4 3.5 3.4 3.0 2.9 12.9 3.0 3.0 3.1 3.1 12.3
Cash From Operations 54.5 18.9 16.9 11.9 21.1 13.8 63.7 37.6 36.4 7.2 7.5 88.6 2.7 4.9 6.4 7.2 21.2
Net Fixed Assets (9.7) 60.3 (2.6) (2.5) (2.0) (1.7) (8.8) (1.2) (1.2) (1.0) (0.9) (4.3) (0.9) (1.0) (1.0) (0.9) (3.8)
Free Cash Flow 44.8 79.2 14.3 9.4 19.2 12.1 54.9 36.3 35.2 6.2 6.6 84.3 1.8 4.0 5.4 6.3 17.4
FCF Per Share $1.31 $2.27 $0.42 $0.27 $0.57 $0.37 $1.62 $1.12 $1.07 $0.19 $0.20 $2.57 $0.05 $0.12 $0.17 $0.18 $0.53

Balance Sheet Ratios

Cash & Equivalents 4.4 18.5 7.8 8.4 7.8 11.3 11.3 16.7 23.5 7.1 7.6 7.6 38.1 7.5 7.8 7.9 7.9
Debt 173.4 147.0 133.0 129.2 121.5 114.8 114.8 113.0 90.0 76.7 66.3 66.3 55.5 41.9 30.6 18.8 18.8
Shareholder's Equity 244.5 276.1 287.0 296.4 275.3 284.1 284.1 165.1 171.4 173.6 175.1 175.1 177.8 180.7 183.3 185.8 185.8
Interest Coverage 4.4x 5.9x 6.8x 7.0x 6.7x 6.4x 6.7x -76.5x 4.4x 2.3x 2.0x -17.5x 3.5x 3.6x 3.4x 3.4x 3.5x
Debt/Total Capital 0.4 0.3 0.29 0.28 0.28 0.26 0.3 0.37 0.31 0.28 0.25 0.2 0.21 0.15 0.11 0.05 0.1
ROA 0.1 0.1 0.06 0.06 0.06 0.05 0.0 -1.11 0.04 0.02 0.02 0.0 -1.26 0.03 0.03 0.03 0.0
ROE 0.2 0.1 0.13 0.13 0.14 0.11 0.1 -2.95 0.10 0.05 0.04 0.0 -2.56 0.06 0.06 0.06 0.1

Revenue Drivers
Nurse and allied healthcare staffing
Nurse Travel Count 6.5% 1.2% -2.0% 2.7% 4.2% 3.3% 2.0% -20.3% -49.2% -63.0% -60.0% -48.1% -50.0% -25.0% 4.0% 4.0% -16.8%
Rev. per traveler per day 8.8% 4.1% 3.0% 4.1% 2.1% 2.0% 2.8% 1.9% 1.6% 1.0% 1.0% 1.4% 1.0% 1.0% 1.0% 1.0% 1.0%
Gross profit per traveler per day 13.8% 1.0% 6.1% 9.6% -0.6% -1.4% 3.4% -2.3% 3.5% -2.0% -2.0% -0.7% 0.0% 0.0% 0.0% 0.0% 0.0%
Locum Tenens Staffing
Locum Tenens Days Filled 17.0% 9.5% 0.8% 0.4% 2.8% 2.9% 1.7% -0.6% -5.4% -6.5% -5.0% -4.4% 0.0% 0.0% -1.0% 0.0% -0.3%
Rev. per day filled 0.7% 5.8% 6.1% 4.4% 0.0% -2.5% 2.0% -1.5% -0.2% -2.5% -2.5% -1.7% 0.0% 0.0% 0.0% 0.0% 0.0%
Gross profit per day filled 0.6% 4.0% 12.3% 5.5% -1.7% -2.9% 3.3% -3.3% 0.8% -2.5% -2.5% -1.9% 0.0% 0.0% 0.0% 0.0% 0.0%

Source: Company Reports, Longbow Research