Brian Tanquilut: Got it. Okay. Thanks for that, Jeff. And then maybe my next question, as I think about the technology side of the business, obviously, VMS is tied to the performance of nurse and allied, but outside of that in the translation services side, is there anything that we need to be thinking about as we model that for Q2 and Q3?
Jeff Knudson: No, we would expect that to continue to grow in line with the Q1 growth rate, really, for the remainder of the year, Brian.
Brian Tanquilut: All right, got it. Awesome. Thank you.
Operator: Thank you. One moment for our next question. And our next question comes from Jeff Silber of BMO Capital Markets. Your line is open.
Jeff Silber: Thanks so much. Just wanted to, again, just come back to some of the numbers within the guidance. The revenue guidance for the second quarter, is it possible to give us some color between bill rates and volumes that go into that?
Jeff Knudson: Yes. Sure Jeff. Bill rates for the Nurse and Allied segment will be down low single digits when compared to Q1 in line with our expectations, given that the winner needs orders that those clinicians will be rolling off in the second quarter. And then volume within nurse and allied will be down in the low double digit range Q2 over Q1.
Jeff Silber: Just writing this down. Thank you so much. And then you’d mentioned some of the issues from an international perspective. When does those visa limits? when are they anniversaried? And do you expect any change, any reopening in that?
Jeff Knudson: No change, really, for the remainder of the year. And we would expect to continue to see quarter-over-quarter sequential declines in that business as we move through the remainder of the year. And the fourth quarter will be the low point, which, absent any intervention, would lead 2025 to be down over 2024 as well, but not to the same degree on a percentage basis.
Cary Grace: And Jeff, they do updates throughout the year. We would expect, really, if there was going to be a change that it would start trending more towards the back of the year, where we would start seeing that in some of the bulletins, potentially.
Jeff Silber: And then just from there, just maybe a broader, maybe political question. We’re heading into election season. I know, there’s not necessarily any federal overriding regulations that impact your business. I know there are some, but from a big picture, not as much as some other industries. But can you talk about what the environment might be like if we do see a change in administration and are there any specific states to call out where there may be some changes going on? Thanks.
Cary Grace: You know what I would say from a state standpoint, I think you’re seeing some of the – it’s a highly regulated space. We would continue for it to be that. So I don’t know if we would envision any material change state-by-state, depending on what happens. And for us on a national level, we really look at it as the demand for healthcare professionals over the intermediate to long-term is a need that’s going to happen regardless of political affiliation. And so we work very closely with our clients to help ensure that we’re supporting them with all the data and facts they need.
Jeff Silber: Appreciate the color. Thanks so much.
Operator: Thank you. One moment for our next question. And our next question comes from Tobey Sommer of Truist Securities. Your line is open.
Tobey Sommer: I wanted to ask you a question, as you work into the back half of the year 3Q, 4Q, based on existing trends in the businesses, will we get to a point where the growing businesses are sort of approximately equivalent, equivalent from a revenue perspective to the travel nurse and associated businesses that are in decline? And if so, when do you see that happening? By my math, it’s kind of early 4Q.
Jeff Knudson: From a segment level and I don’t know, from a segment level, Tobey, I think nursed and allied would continue to be our largest segment even in the back half of the year.
Tobey Sommer: Yes, I’m actually disaggregating it in the businesses with the detail that you provide underneath the segments.
Jeff Knudson: Just looking at travel nurse?
Tobey Sommer: The businesses that are in decline so the associated revenues with travel nurse that influence TWS, et cetera.
Jeff Knudson: I think travel nurse would continue to be our largest business. And then even if you were to take the other two segments in entirety, they would outpace travel nurse, but they wouldn’t outpace the entire nurse and allied segment.
Tobey Sommer: Okay, thanks. The allied modalities that you said are in decline, has the declines that you’ve experienced to-date adjusted the mix sufficiently that the growing modalities can drive growth in the allied business, or do you still have declines in a mix shift on a specialty basis that needs to occur before you can kind of see the segment revenue trend greater influenced by those growing specialties?
Jeff Knudson: Yes. I think as we move through the back half of the year, you’ll see the year-over-year comparisons for allied improve, but it would probably be into 2025 before we would see growth within allied on a year-over-year basis.
Tobey Sommer: And then just a last broad question for me, Cary, from reestablishing the sales force perspective and engaging with clients who hadn’t kind of had an institutional dialogue with the firm for a while. Do you have an expectation that the company is going to be able to retake some share in travel nurse staffing? And I know that maybe doesn’t matter until the market sort of bottoms, but I’m curious about your multiyear view on the market share trends.
Cary Grace: Yes, so the short answer is yes. If you look at, Tobey, the progress that we have made around really post-pandemic, pitching ourselves against the entirety of the market, we are seeing early signs of success. And so from a sales standpoint, almost half of our sales pipeline is in vendor neutral, where we really closed down sales during the pandemic and have been largely, even from a sales standpoint, focused on our MSP clients. You’ve seen us, and I mentioned one of our partners in my opening comments. You’ve seen us in the past couple quarters make substantial progress around how we reestablish those partnerships that had not been our emphasis during the pandemic. So all of those initiatives that we are already seeing early success signs on, we would expect to continue throughout the year and into 2025.
The biggest challenge for us is all of that progress is being really more than overshadowed just by an industry-wide demand reset in travel nurse. So you saw that in the conversation we had. We are very fortunate to have a diversified set of solutions, which certainly helps us as travel nurse goes through this industry-wide demand reset. And for us, the early successful outcomes that we’re having around really again pitching ourselves against the entire market, we would expect to really position us well as demand comes back.
