AMN HEALTHCARE ANNOUNCES SECOND QUARTER 2023 RESULTS Quarterly revenue of $991 million; GAAP EPS of $1.55 and adjusted EPS of $2.38 DALLAS - AMN Healthcare Services, Inc. (NYSE: AMN), the leader and innovator in total ta

AMN HEALTHCARE ANNOUNCES SECOND

QUARTER 2023 RESULTS

Quarterly revenue of $991 million;

GAAP EPS of $1.55 and adjusted EPS of $2.38

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 second

quarter 2023 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

"Our AMN team delivered

solid financial results while hitting milestones on our strategic initiatives," said Cary Grace, President and Chief Executive Officer

of AMN Healthcare. "We continue to help our clients deal with a difficult balancing act of managing total labor costs against the

need to handle greater patient volumes. Contingent labor costs are stabilizing, and we are strengthening our ability to provide strategic

talent solutions that offer labor flexibility at sustainable costs."

Ms. Grace said, "We have

accelerated investments in technology enablement across our solutions to support our clients and healthcare professionals. Key focus areas

of investment include our VMS solution, improving and rationalizing our enterprise systems, expanding the capabilities of our market-leading

AMN Passport app, and empowering our workforce analytics and scheduling solution with AI."

Second Quarter 2023 Results

Consolidated revenue for the quarter

was $991.3 million, a 31% decrease from prior year and 12% lower than the prior quarter. Net income was $61 million (6.1% of revenue),

or $1.55 per diluted share, compared with $124 million (8.7% of revenue), or $2.77 per diluted share, in the second quarter of 2022. Adjusted

diluted EPS in the second quarter was $2.38 compared with $3.31 in the same quarter a year ago.

Revenue for the Nurse and Allied

Solutions segment was $689 million, lower by 37% year over year and down 16% from the prior quarter. Travel nurse staffing revenue dropped

by 38% year over year and 19% sequentially. Allied division revenue declined 12% year over year and 7% versus prior quarter.

The Physician and Leadership Solutions

segment reported revenue of $176 million, up slightly year over year and growing 6% sequentially. Locum tenens revenue was $122 million,

15% higher year over year and up 14% sequentially. Interim leadership revenue fell by 24% year over year and was down 10% from prior quarter.

Our physician and leadership search businesses saw revenue decline by 19% year over year and 5% quarter over quarter.

Technology and Workforce Solutions

segment revenue was $126 million, a decrease of 16% year over year and down 7% sequentially. Language services revenue was $64 million

in the quarter, 19% higher than the prior year and up 3% sequentially. Vendor management systems revenue was $47 million, dropping by

38% year over year and down 14% from the prior quarter.

Consolidated gross margin was

33.3%, 100 basis points higher year over year and improved by 50 basis points sequentially. Gross margin improved primarily to a favorable

change in revenue mix. On a sequential basis, gross margin also was higher in Nurse and Allied Solutions offset by a drop in margin for

Technology and Workforce Solutions due to a change in revenue mix within the segment.

Consolidated SG&A expenses

were $202 million, or 20.4% of revenue, compared with $244 million, or 17.1% of revenue, in the same quarter last year. SG&A was $206

million, or 18.3% of revenue, in the previous quarter. The year-over-year decrease in SG&A costs was driven primarily by lower employee

compensation with the drop in revenue.

Income from operations was $92

million with an operating margin of 9.2%, compared with $184 million and 12.9%, respectively, in the same quarter last year. Adjusted

EBITDA was $162 million, a year-over-year decrease of 30%. Adjusted EBITDA margin was 16.3%, same as the year-ago period.

At June 30, 2023, cash and

cash equivalents totaled $7 million. Cash flow from operations was $198 million for the second quarter, and capital expenditures were

$26 million. The Company ended the quarter with total debt outstanding of $1.0 billion and a net leverage ratio of 1.5 to 1.

Stock Repurchase Update

The Company spent $425

million year to date to repurchase 4.1 million shares of our common stock, which includes initial delivery of 1.76 million shares

from a $200 million accelerated share repurchase agreement. The total number of shares repurchased under the ASR will depend on the

average price of our stock over the agreement term, and final settlement will be no later than the fourth quarter of 2023. As of

June 30, 2023, $227 million remained on the repurchase program authorized by our Board of Directors.

Third Quarter 2023 Outlook

Revenue in the third quarter of

2023 is expected to be 24-26% lower than prior year and 13-15% lower sequentially. Nurse and Allied Solutions segment revenue is expected

to be down 31-33% year over year. Physician and Leadership Solutions segment revenue is expected to be down 3-5% year over year. For the

Technology and Workforce Solutions segment, we expect revenue to be 10-12% lower year over year.

Third quarter estimates for certain

other financial items include depreciation of $16 million, non-cash amortization expense of $23 million, share-based compensation expense

of $5 million, integration and other expenses of $3.5 million, interest expense of $12 million, an adjusted tax rate of 28%, and 38.6

million diluted average shares outstanding.

Conference Call on August 3, 2023

AMN Healthcare Services, Inc.

(NYSE: AMN) will host a conference call to discuss its second quarter 2023 financial results and third quarter 2023 outlook on Thursday,

August 3, 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,

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