AMN HEALTHCARE ANNOUNCES FIRST QUARTER 2022 RESULTS Quarterly revenue of $1.553 billion; GAAP EPS of $3.09 and adjusted EPS of $3.49 DALLAS - AMN Healthcare Services, Inc. (NYSE: AMN), the leader and innovator in total t

AMN HEALTHCARE ANNOUNCES FIRST QUARTER 2022

Quarterly revenue of $1.553 billion;

GAAP EPS of $3.09 and adjusted EPS of $3.49

DALLAS - AMN Healthcare Services, Inc. (NYSE:

AMN), the leader and innovator in total talent solutions for healthcare organizations across the United States, today announced its first

quarter 2022 financial results. Financial highlights are as follows:

Dollars in millions, except per share amounts.

* See "Non-GAAP Measures" below for a

discussion of our use of non-GAAP items and the table entitled "Non-GAAP Reconciliation Tables" for a reconciliation of non-GAAP

"The AMN team continues

to play a vital role in delivering a quality patient experience and supporting caregivers across the country. Strong healthcare demand

in the first quarter was met with the tightest labor market we have ever seen. Our healthcare professionals and AMN team members worked

relentlessly to help address the needs of the healthcare community, reaching our highest placement volume in Company history," said

Susan R. Salka, Chief Executive Officer of AMN Healthcare. "We achieved record performance in our nursing, allied, locum tenens,

interim leadership, search, language services, VMS, MSP and RPO businesses in the quarter.

"We set expectations last

quarter for staffing demand, pay rates and corresponding pricing to trend down to more sustainable levels, and we are pleased to see that

the market is moving in line with our expectations," Ms. Salka said. "While the pressure of the pandemic has eased, healthcare

organizations are still understaffed due to a severe labor shortage, high attrition, changing workforce preferences, and intense competition

for professionals. These conditions are driving a greater need for our powerful portfolio of diversified solutions. The opportunities

ahead for AMN are greater than ever before."

First Quarter 2022 Results

Consolidated revenue for the quarter

was $1.553 billion, a 75% increase over prior year and 14% above prior quarter. Excluding labor disruption revenue, consolidated revenue

grew 22% sequentially. Net income was $146 million (9.4% of revenue), or $3.09 per diluted share, compared with $70 million (7.9% of revenue),

or $1.47 per diluted share, in first quarter 2021. Adjusted diluted EPS in the first quarter was $3.49 compared with $1.70 in the same

quarter of the prior year.

Revenue for the Nurse and Allied

Solutions segment was $1.228 billion up 87% year over year and up 14% from the prior quarter. Travel nurse staffing revenue grew 95% year

over year, with allied division revenue up 64%.

The Physician and Leadership Solutions

segment reported revenue of $180 million, growing 28% year over year and 10% sequentially. Locum tenens revenue was $113 million, up 30%

year over year and 13% sequentially. Interim leadership revenue grew by 14% year over year and by 2% sequentially. Our physician and leadership

search businesses produced revenue growth of 46% year over year and 8% sequentially.

Technology and Workforce Solutions

segment revenue was $145 million, an increase of 64% year over year and 23% sequentially. Language services revenue was $49 million in

the quarter, 20% higher than the prior year. Vendor management systems revenue was $75 million growing 136% year over year. Outsourced

solutions, workforce optimization, and other technology solutions achieved strong revenue growth in the quarter.

Consolidated gross margin was

32.0%, 60 basis points lower year over year and up 10 basis points sequentially. Gross margin was lower year over year due primarily to

higher clinician pay packages and a revenue mix shift toward lower-margin staffing businesses, partly offset by favorable changes in workers'

compensation reserves.

Consolidated SG&A expenses

were $258 million, or 16.6% of revenue, compared with $161 million, or 18.2% of revenue, in the same quarter last year. SG&A was $239

million, or 17.5% of revenue, in the previous quarter. The year-over-year and sequential increase in SG&A costs was driven primarily

by higher employee and related expenses associated with business growth. SG&A margin improved year over year due to operating leverage

on increased revenue.

Income from operations was $208

million with an operating margin of 13.4%, compared with $104 million and 11.8%, respectively, in the same quarter last year. Adjusted

EBITDA was $258 million, a year-over-year increase of 83%. Adjusted EBITDA margin was 16.6%, representing an increase of 70 basis points

At March 31, 2022, cash and

cash equivalents totaled $113 million. Cash flow from operations was $200 million for the quarter, and capital expenditures were $14 million.

Company ended the quarter with total debt outstanding of $850 million and a net leverage ratio of 1.0 to 1.

During the first quarter, the

Company used $228 million of cash to repurchase 2.3 million shares of our stock. As of March 31, 2022, $250 million remained under our

stock repurchase authorization.

Second Quarter 2022 Outlook

percentage metrics are approximate. For a reconciliation of adjusted EBITDA margin, see the table entitled "Reconciliation of Guidance

Operating Margin to Guidance Adjusted EBITDA Margin" below.

Revenue in the second quarter

of 2022 is expected to be 56-61% higher than prior year. Revenue guidance includes $65-70 million from labor disruption activities. Excluding

labor disruption, Nurse and Allied Solutions segment revenue is expected to grow 57-60% year over year. For the Physician and Leadership

Solutions segment, revenue is expected to be approximately 20% higher than prior year. Technology and Workforce Solutions segment revenue

is expected to grow by approximately 45% compared with the year-ago period.

Second quarter estimates for certain

other financial items include depreciation of $12 million, non-cash amortization expense of $20 million, stock-based compensation expense

of $9 million, interest expense of $9.5 million, integration and other expenses of $4 million, an adjusted tax rate of 27%, and approximately

45.5 million diluted shares outstanding.

Conference Call on May 5, 2022

AMN Healthcare Services, Inc.

(NYSE: AMN), the leader and innovator in total talent solutions for healthcare, will host a conference call to discuss its first quarter

2022 financial results and second quarter 2022 outlook on Thursday, May 5, 2022 at 5:00 p.m. Eastern Time. A live webcast of the

call can be accessed through AMN Healthcare's website at http://ir.amnhealthcare.com. Please log in at least 10 minutes prior to

the conference call in order to download the applicable audio software. Interested parties may participate live via telephone by dialing

(844) 200-6205 in the U.S. or +1-929-526-1599 for international callers and using passcode 308189. Following the conclusion of the call,

a replay of the webcast will be available at the Company's website. Alternatively, a telephonic replay of the call will be available

beginning at 8:00 p.m. Eastern Time on May 5, 2022 and can be accessed until 11:59 p.m. Eastern Time on May 19, 2022 by calling (866)

813-9403 in the U.S. or +44 204 525 0658 internationally, with access code 676296.

About AMN Healthcare

AMN Healthcare is the leader and

innovator in total talent solutions for healthcare organizations across the nation. The Company provides access to the most comprehensive

network of quality healthcare professionals through its innovative recruitment strategies and breadth of career opportunities. With insights

and expertise, AMN Healthcare helps providers optimize their workforce to successfully reduce complexity, increase efficiency and improve

patient outcomes. AMN total talent solutions include managed services programs, clinical and interim healthcare leaders, temporary staffing,

executive search solutions, vendor management systems, recruitment process outsourcing, predictive modeling, language services, revenue

cycle solutions, credentialing, and other services. Clients include acute-care hospitals, community health centers and clinics, physician

practice groups, retail and urgent care centers, home health facilities, schools and many other healthcare settings. AMN Healthcare is

committed to fostering and maintaining a diverse team that reflects the communities we serve. Our commitment to the inclusion of many

different backgrounds, experiences and perspectives enables our innovation and leadership in the healthcare services industry.

The Company's common stock

is listed on the New York Stock Exchange under the symbol "AMN." For more information about AMN Healthcare, visit www.amnhealthcare.com,

where the Company posts news releases, investor presentations, webcasts, SEC filings and other material information. The Company also

utilizes email alerts and Really Simple Syndication ("RSS") as routine channels to supplement distribution of this information.

To register for email alerts and RSS, visit http://ir.amnhealthcare.com.

This earnings release and the

non-GAAP reconciliation tables included with the earnings release contain certain non-GAAP financial information, which the Company provides

as additional information, and not as an alternative, to the Company's condensed consolidated financial statements presented in

accordance with GAAP. These non-GAAP financial measures include (1) adjusted EBITDA, (2) adjusted EBITDA margin, (3) adjusted net income