Rounding Out C1Q EPS Model Updates: AMN, CCRN, CVSA

Research evidence excerpt

Rounding Out C1Q EPS Model Updates: AMN, CCRN, CVSA

USA | Healthcare Services EquityMayResearch14, 2026

KEY STOCKS FEATURED INCLUDE:Rounding Out C1Q EPS Model Updates: AMN,

TICKER RATING PRICE TARGETCCRN, CVSA

AMN HOLD $29.00

Numbers inch higher for CVSA and we believe momentum should continue CCRN HOLD $13.25

as commentary next quarter can further solidify the Chamberlain recovery & CVSA BUY $175.00

temper fears around the Grad PLUS expiration at 7/1; this remains our top pick.

AMN delivered a huge 1Q driven by Strike Revs; credit is due, but we still want

to see signs of core inflection & worry not all investors understand deposit

KEY CHANGES INCLUDE:

repayments/EV math. Expecting CCRN's PE acquisition to close as announced

in 3Q26. TICKER RATING PRICE TARGET

AMN HOLD $29.00 ($20.00)

AMN: Credit is Due for 1Q Strike Performance & Core Biz Trajectory is Consistent; Return of CCRN HOLD $13.25 ($10.00)

$367MM Client Deposits Will Shift EV Math in the Rest of FY26.

There was a lot to like in the 1Q print including $722MM in Strike Revs which represents a•

creditworthy massive undertaking for the company. While this doesn't shift the core recovery

story, the cash flow is notable benefit that allowed AMN to paydown their revolver.

We remain focused on N&A and TWS margins with both showing positive underlying trends•

(N&A core running ~22% GM% & TWS aided by 200bp Q/Q improvement for Language)

We're not sure all investors caught mgmt's comments on the return of the $367MM client•

deposits related to strikes that sit on AMN's B/S at 1Q (in Other Current Liabilties). Mgmt noted

that $250MM has already been refunded and that cash should sit at $175MM for 2Q assuming

the rest is paid back in the quarter. This swings leverage & valuation materially and we would