AMN HEALTHCARE ANNOUNCES SECOND QUARTER 2024 RESULTS Quarterly revenue of $741 million; GAAP EPS of $0.42 and adjusted EPS of $0.98 DALLAS - AMN Healthcare Services, Inc. (NYSE: AMN), the leader and innovator in total ta

AMN HEALTHCARE ANNOUNCES

SECOND QUARTER 2024 RESULTS

Quarterly revenue of $741 million;

GAAP EPS of $0.42 and adjusted EPS of $0.98

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 2024 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

"In the second quarter,

we made important progress in strengthening AMN's position with clients in every part of the market for total talent solutions in healthcare,"

said Cary Grace, President and Chief Executive Officer of AMN Healthcare. "We have brought in impressive growth in our VMS sales

pipeline spearheaded by ShiftWise Flex and our fill rates for third-party, direct and MSP orders improved again this quarter. The diversification

of our solutions, with many higher-margin revenue sources beyond staffing, along with careful expense management, enabled us to generate

profit margins above our expectations."

Ms. Grace continued, "Our

largest clients continue to reduce their spend on contingent labor, though we see promising signs of improvement in the travel nurse market

and are heartened to see positive movement in the demand and supply factors that drive our long-term growth potential."

Second Quarter 2024 Results

Consolidated revenue for the quarter

was $741 million, a 25% decrease from prior year and a 10% decrease from the prior quarter. Net income was $16 million (2.2% of revenue),

or $0.42 per diluted share, compared with $61 million (6.1% of revenue), or $1.55 per diluted share, in the second quarter of 2023. Adjusted

diluted EPS in the second quarter was $0.98 compared with $2.38 in the same quarter a year ago.

Revenue for the Nurse and Allied

Solutions segment was $442 million, lower by 36% year over year and down 15% from the prior quarter. Travel nurse staffing revenue dropped

by 42% year over year and 17% sequentially. Allied division revenue declined 17% year over year and was 11% lower than the prior quarter.

The Physician and Leadership Solutions

segment reported revenue of $186 million, up 6% year over year and down 1% sequentially. Locum tenens revenue was $143 million, 17% higher

year over year, with growth coming from the MSDR acquisition, and 2% lower sequentially. Interim leadership revenue was down by 17% year

over year. Our physician and leadership search businesses saw revenue decline by 27% year over year and 1% quarter over quarter.

Technology and Workforce Solutions

segment revenue was $112 million, a decrease of 11% year over year and less than 1% sequentially. Language services revenue was $75 million

in the quarter, 18% higher than the prior year and up 5% sequentially. Vendor management systems revenue was $28 million, 41% lower year

over year and down 5% from the prior quarter.

Consolidated gross margin was

31.0%, 230 basis points lower year over year and down 40 basis points sequentially. Gross margin dropped year over year primarily because

of the growth of lower-margin locum tenens revenue and a lower nurse and allied staffing margin. That change was offset in part by a revenue

mix shift toward higher-margin segments.

Consolidated SG&A expenses

were $149 million, or 20.1% of revenue, compared with $202 million, or 20.4% of revenue, in the same quarter last year. SG&A was $175

million, or 21.3% 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 included lower bonus and incentive compensation,

reduced corporate headcount, a favorable adjustment to accrued professional liability insurance expense, seasonally lower payroll tax

expense, and prudent expense management.

Income from operations was $38

million with an operating margin of 5.1%, compared with $92 million and 9.2%, respectively, in the same quarter last year. Adjusted EBITDA

was $94 million, a year-over-year decrease of 42%. Adjusted EBITDA margin was 12.7%, 360 basis points lower than the year-ago period.

At June 30, 2024, cash and

cash equivalents totaled $48 million. Cash flow from operations was $100 million for the second quarter, and capital expenditures were

$27 million. The Company ended the quarter with total debt outstanding of $1.195 billion and a net leverage ratio of 2.6 to 1 as calculated

under the terms of our credit agreement.

Third 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 third quarter of

2024 is expected to be 20-23% lower than the prior year and 8-10% lower sequentially. Nurse and Allied Solutions segment revenue is expected

to be down 32-34% year over year. Physician and Leadership Solutions segment revenue is expected to grow 12-14% year over year. Technology

and Workforce Solutions segment revenue is projected to be 10-12% lower year over year.

Third quarter estimates for certain

other financial items include depreciation of $20 million, depreciation in cost of revenue of $2 million, non-cash amortization expense

of $22 million, share-based compensation expense of $6 million, integration and other expenses of $6 million, interest expense of $15

million, an adjusted tax rate of 27%, and 38.3 million diluted average shares outstanding.

Conference Call on August 8, 2024

AMN Healthcare Services,

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

August 8, 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 direct staffing, vendor-neutral and 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

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