AMN HEALTHCARE ANNOUNCES FIRST QUARTER 2023 RESULTS Quarterly revenue of $1.126 billion; GAAP EPS of $2.02 and adjusted EPS of $2.49 DALLAS - AMN Healthcare Services, Inc. (NYSE: AMN), the leader and innovator in total t

AMN HEALTHCARE ANNOUNCES FIRST QUARTER 2023

Quarterly revenue of $1.126 billion;

GAAP EPS of $2.02 and adjusted EPS of

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 2023 financial results. Financial highlights are as follows:

Dollars in millions, except per share amounts.

AMN team delivered a strong first quarter, and we achieved this while accelerating our pace of change to meet the dynamic needs of our

markets," said Cary Grace, President and Chief Executive Officer of AMN Healthcare. "We are adding outstanding, world-class

leadership talent to further strengthen our focus on enabling and implementing sustainable workforce solutions that balance quality and

cost. In a future of continued patient demand growth and constrained labor supply, AMN can add great value by enabling clients to have

more control and flexibility in managing all aspects of their workforce."

have more exciting developments coming this year. Armed with a broadened view of the competitive environment, we are rolling out major

enhancements to key parts of our technology, including ShiftWise VMS and AMN Passport, our client and clinician engagement platforms,

which will strengthen our value proposition to health organizations and health professionals. AMN also is investing in initiatives that

will make our services more tech-enabled and integrated."

First Quarter 2023 Results

Consolidated revenue for

the quarter was $1.126 billion, a 27% decrease from prior year and in line with the prior quarter. Net income was $84 million (7.5% of

revenue), or $2.02 per diluted share, compared with $146 million (9.4% of revenue), or $3.09 per diluted share, in the first quarter of

2022. Adjusted diluted EPS in the first quarter was $2.49 compared with $3.49 in the same quarter a year ago.

Revenue for the Nurse and

Allied Solutions segment was $824 million, lower by 33% compared with the record-high quarter a year ago and flat versus the prior quarter.

Travel nurse staffing revenue dropped by 39% year over year and was up 2% sequentially. Allied division revenue declined 8% year over

year and was flat sequentially. Labor disruption revenue was $6 million in the first quarter compared with $10 million in the prior quarter

and none in the year-ago period.

The Physician and Leadership

Solutions segment reported revenue of $166 million, down 8% year over year and 1% sequentially. Locum tenens revenue was $107 million,

5% lower year over year and up 3% sequentially. Interim leadership revenue fell by 9% year over year and was down 11% from prior quarter.

Our physician and leadership search businesses saw revenue fall by 16% year over year, and the sequential comparison was unchanged.

Technology and Workforce

Solutions segment revenue was $136 million, a decrease of 6% year over year and up 2% sequentially. Language services revenue was $62

million in the quarter, 25% higher than the prior year and up 6% sequentially. Vendor management systems revenue was $54 million, dropping

by 28% year over year and down 2% from the prior quarter.

Consolidated gross margin

was 32.8%, 80 basis points higher year over year and down 50 basis points sequentially. Gross margin was higher year over year due primarily

to a favorable change in revenue mix. On a sequential basis, gross margins were lower in Nurse and Allied Solutions, and growth of language

services revenue reduced the margin for Technology and Workforce Solutions.

Consolidated SG&A expenses

were $206 million, or 18.3% of revenue, compared with $258 million, or 16.6% of revenue, in the same quarter last year. SG&A was $219

million, or 19.5% of revenue, in the previous quarter. The year-over-year decrease in SG&A costs was driven primarily by lower employee

compensation amid less revenue compared with the record quarter last year.

operations was $126 million with an operating margin of 11.2%, compared with $208 million and 13.4%, respectively, in the same

quarter last year. Adjusted EBITDA was $180 million, a year-over-year decrease of 30%. Adjusted EBITDA margin was 15.9%,

representing a decrease of 70 basis points year over year.

cash and cash equivalents totaled $29 million. Cash flow from operations was $43 million for the first quarter, and capital expenditures

were $17 million. The Company ended the quarter with total debt outstanding of $990 million and a net leverage ratio of 1.3 to 1.

Stock Repurchase Update

The Company spent $225

million year to date to repurchase approximately 2.4 million shares of our common stock. As of May 4, 2023, $427 million remained on the

repurchase program authorized by our Board of Directors. In the coming days, AMN intends to implement an accelerated share repurchase

program to buy back approximately $200 million in stock.

"This move is grounded

in the strong cash flow generation of our business model and our confidence in the long-term growth opportunities that AMN is poised to

serve," said Jeff Knudson, Chief Financial Officer of AMN Healthcare. "We are well situated to fund stock repurchases while

continuing to invest in growth through capital expenditures and maintaining sufficient liquidity for potential acquisitions."

Second Quarter 2023 Outlook

Guidance 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 2023 is expected to be 30-32% lower than prior year and 11-14% lower sequentially. Nurse and Allied Solutions segment revenue is expected

to be down 36-38% year over year. Physician and Leadership Solutions segment revenue is expected to be down approximately 5% year over

year. For the Technology and Workforce Solutions segment, we expect revenue to be approximately 15% lower year over year.

Second quarter estimates

for certain other financial items include depreciation of $15 million, non-cash amortization expense of $22 million, share-based compensation

expense of $8 million, integration and other expenses of $2 million, interest expense of $12 million, an adjusted tax rate of 28%, and

39.0 million diluted average shares outstanding.

Conference Call on May 4, 2023

Services, Inc. (NYSE: AMN) will host a conference call to discuss its first quarter 2023 financial results and second quarter 2023

outlook on Thursday, May 4, 2023 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. Interested parties may participate live via telephone by registering at this

link. Registrants will receive confirmation and dial-in details. Following the conclusion of the call, a replay of the

webcast will be available at the Company's investor relations website.

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,

permanent placement, executive search, vendor management systems, recruitment process outsourcing, predictive modeling, language services,

revenue cycle solutions, 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, and (3) adjusted diluted

EPS. The Company provides such non-GAAP financial measures because management believes that they are useful to both management and investors

as a supplement, and not as a substitute, when evaluating the Company's operating performance. Additionally, management believes

that adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted EPS serve as industry-wide financial measures. The Company uses adjusted

EBITDA for making financial decisions, allocating resources and for determining certain incentive compensation objectives. The non-GAAP

measures in this release are not in accordance with, or an alternative to, GAAP measures and may be different from non-GAAP measures,