AMN HEALTHCARE ANNOUNCES FIRST QUARTER 2024 RESULTS Quarterly revenue of $821 million; GAAP EPS of $0.45 and adjusted EPS of $0.97 DALLAS - AMN Healthcare Services, Inc. (NYSE: AMN), the leader and innovator in total tal

AMN HEALTHCARE ANNOUNCES FIRST QUARTER 2024 RESULTS

Quarterly revenue of $821 million;

GAAP EPS of $0.45 and adjusted EPS of $0.97

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 2024 financial results. Financial highlights are as follows:

Dollars in millions, except per share amounts.

"While we see healthy trends

in some key businesses in our diversified set of solutions, this is overshadowed by weaker demand and a continued competitive environment

in our largest business, nurse staffing," said Cary Grace, President and Chief Executive Officer of AMN Healthcare. "AMN continues

to innovate and modify our solutions to partner with health systems as they make transformational changes that include new labor models.

This includes broadening our market reach to help more clients develop and implement cost-effective, high-quality workforce solutions

to enable them to meet the growth in healthcare demand."

Ms. Grace continued, "We

continue to proactively manage expenses and capital spending in the near term amidst lower travel nurse demand, while maintaining progress

on key long-term objectives that will build value for all our stakeholders."

First Quarter 2024 Results

Consolidated revenue for the quarter

was $821 million, a 27% decrease from prior year and flat compared with prior quarter. Net income was $17 million (2.1% of revenue), or

$0.45 per diluted share, compared with $84 million (7.5% of revenue), or $2.02 per diluted share, in the first quarter of 2023. Adjusted

diluted EPS in the first quarter was $0.97 compared with $2.49 in the same quarter a year ago.

Revenue for the Nurse and Allied

Solutions segment was $519 million, lower by 37% year over year and down 3% from the prior quarter. Travel nurse staffing revenue dropped

by 44% year over year and 5% sequentially. Allied division revenue declined 13% year over year and was up 4% versus prior quarter.

The Physician and Leadership

Solutions segment reported revenue of $189 million, up 14% year over year and 12% sequentially. Locum tenens revenue was $145 million,

year over year and 17% higher

sequentially, with growth coming primarily from the MSDR acquisition. Interim leadership revenue was down by 25% year over year, though

it grew 3% from prior quarter. Our physician and leadership search businesses saw revenue decline by 29% year over year and 12% quarter

Technology and Workforce Solutions

segment revenue was $113 million, a decrease of 17% year over year and flat sequentially. Language services revenue was $71 million in

the quarter, 16% higher than the prior year and up 4% sequentially. Vendor management systems revenue was $29 million, 46% lower year

over year and down 5% from the prior quarter.

Consolidated gross margin was

31.4%, 140 basis points lower year over year and down 50 basis points sequentially. Gross margin dropped year over year primarily because

of the growth of lower-margin locum tenens revenue, lower nurse staffing margin, and less revenue from the higher-margin business lines.

That change was offset in part by a revenue mix shift toward higher-margin segments.

Consolidated SG&A expenses

were $175 million, or 21.3% of revenue, compared with $206 million, or 18.3% of revenue, in the same quarter last year. SG&A was $185

million, or 22.7% of revenue, in the previous quarter. The year-over-year decrease in SG&A costs was driven primarily by lower employee

compensation amid lower placement volumes. Compared with the prior quarter, SG&A expenses were lower as fourth quarter 2023 expenses

were increased by acquisition, integration and other costs associated with the MSDR acquisition.

Income from operations was $40

million with an operating margin of 4.9%, compared with $126 million and 11.2%, respectively, in the same quarter last year. Adjusted

EBITDA was $98 million, a year-over-year decrease of 46%. Adjusted EBITDA margin was 11.9%, 400 basis points lower than the year-ago period.

At March 31, 2024, cash and

cash equivalents totaled $51 million. Cash flow from operations was $81 million for the first quarter, and capital expenditures were $18

million. The Company ended the quarter with total debt outstanding of $1.275 billion and a net leverage ratio of 2.4 to 1 as calculated

under the terms of our credit agreement.

Second Quarter 2024 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 2024 is expected to be 24-26% lower than prior year and 9-11% 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 grow approximately 10% year over year.

Technology and Workforce Solutions segment revenue is projected to be approximately 12% lower year over year.

Second quarter estimates for certain

other financial items include depreciation of $18 million, depreciation in cost of revenue of $1.8 million, non-cash amortization expense

of $25 million, share-based compensation expense of $7 million, integration and other expenses of $7 million, interest expense of $16

million, an adjusted tax rate of 30%, and 38.3 million diluted average shares outstanding.

Conference Call on May 9, 2024

AMN Healthcare Services,

Inc. (NYSE: AMN) will host a conference call to discuss its first quarter 2024 financial results and second quarter 2024 outlook on Thursday,

May 9, 2024 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, (3) adjusted net income,

and (4) 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, or may be calculated differently than other similarly titled non-GAAP measures, reported by other companies. They

should not be used in isolation to evaluate the Company's performance. A reconciliation of non-GAAP measures identified in this

release, along with further detail about the use and limitations of certain of these non-GAAP measures, may be found below in the table

entitled "Non-GAAP Reconciliation Tables" under the caption entitled "Reconciliation of Non-GAAP Items" and the

footnotes thereto or on the Company's website at https://ir.amnhealthcare.com/financials/quarterly-results. Additionally, from time