AMN HEALTHCARE ANNOUNCES THIRD QUARTER 2022 RESULTS Quarterly revenue of $1.139 billion; GAAP EPS of $2.10 and adjusted EPS of $2.57 DALLAS - AMN Healthcare Services, Inc. (NYSE: AMN), the leader and innovator in total t

AMN HEALTHCARE ANNOUNCES THIRD QUARTER 2022 RESULTS

Quarterly revenue of $1.139 billion;

GAAP EPS of $2.10 and adjusted EPS of $2.57

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 third

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

evolve, innovate and deliver critical workforce solutions has never been stronger. Our talented team is relentlessly focused on our clients,

clinicians, communities and, ultimately, the patients we serve. This, coupled with significant investments we've been making in

our people, processes, and technology, enables us to deliver these outstanding results." said Susan R. Salka, Chief Executive Officer

of AMN Healthcare. "AMN is collaborating with a broad spectrum of organizations and investing to create solutions to address the

labor shortages that are expected to endure for years."

Ms. Salka said, "With AMN

in such a position of strength and a tremendous market need ahead, I am extremely excited about the next steps in the company's

evolution. As recently announced, I will be handing the CEO baton over to Cary Grace soon, and I am confident she and our experienced

leadership team are superbly prepared to ensure that AMN will continue to evolve and make an exceptional impact for all our stakeholders."

Third Quarter 2022 Results

Consolidated revenue for the quarter

was $1.139 billion, a 30% increase over prior year and 20% less than prior quarter. Net income was $92 million (8.1% of revenue), or $2.10

per diluted share, compared with $74 million (8.4% of revenue), or $1.54 per diluted share, in the third quarter of 2021. Adjusted diluted

EPS in the third quarter was $2.57 compared with $1.73 in the same quarter a year ago.

Revenue for the Nurse and Allied

Solutions segment was $828 million, up 32% year over year and down 25% from the prior quarter. Travel nurse staffing revenue grew 31%

year over year and was down 25% sequentially. Allied division revenue grew by 39% year over year and was lower by 8% sequentially. Labor

disruption revenue was $19 million in the third quarter compared with $83 million in the prior quarter and $23 million in the year-ago

The Physician and Leadership Solutions

segment reported revenue of $175 million, growing 16% year over year and flat sequentially. Locum tenens revenue was $106 million, up

19% year over year and flat sequentially. Interim leadership revenue grew by 9% year over year

and was unchanged sequentially. Our physician

and leadership search businesses grew revenue 21% year over year, and the sequential comparison was down 3%.

Technology and Workforce Solutions

segment revenue was $135 million, an increase of 35% year over year and down 10% sequentially. Language services revenue was $56 million

in the quarter, 18% higher than the prior year and up 4% sequentially. Vendor management systems revenue was $60 million, growing 80%

year over year and down 20% from the prior quarter.

Consolidated gross margin was

33.8%, 100 basis points lower year over year and up 150 basis points sequentially. Gross margin was lower year over year due primarily

to higher clinician compensation and lower hours, partially offset by higher margins in our Technology and Workforce Solutions segment.

On a sequential basis, the revenue mix change was favorable to gross margin, and the Nurse and Allied Solutions segment improved its

gross margin by 130 basis points.

Consolidated SG&A expenses

were $215 million, or 18.9% of revenue, compared with $174 million, or 19.8% of revenue, in the same quarter last year. SG&A was $244

million, or 17.1% of revenue, in the previous quarter. The year-over-year increase in SG&A costs was driven primarily by higher employee

and related expenses. SG&A margin improved year over year due to operating leverage on higher revenue.

Income from operations was $136

million with an operating margin of 12.0%, compared with $106 million and 12.1%, respectively, in the same quarter last year. Adjusted

EBITDA was $182 million, a year-over-year increase of 31%. Adjusted EBITDA margin was 16.0%, representing an increase of 20 basis points

At September 30, 2022, cash

and cash equivalents totaled $156 million. Cash flow from operations was $114 million for the third quarter, and capital expenditures

were $20 million. The Company ended the quarter with total debt outstanding of $850 million and a net leverage ratio of 0.8 to 1.

Fourth Quarter 2022 Outlook

Revenue in the fourth quarter

of 2022 is expected to be 21-23% lower than prior year and 6-8% lower sequentially. Excluding labor disruption revenue, we expect fourth

quarter revenue to be down 16-18% year over year, due to lower average travel nurse and VMS bill rates. This is slightly better than our

prior projections. The quarter-over-quarter revenue decline is driven primarily by the continued decline in average travel nurse and VMS

bill rates and hours worked, partially offset by an increase in healthcare professionals on assignment. Nurse and Allied Solutions segment

revenue is expected to be down approximately 29% year over year. Physician and Leadership Solutions segment revenue is expected to be

flat year over year. For the Technology and Workforce Solutions segment, we expect revenue to grow by approximately 10% year over year.

Fourth quarter estimates for certain other financial items include depreciation

of $13.5 million, non-cash amortization expense of $22 million, share-based compensation expense of $5 million, interest expense of $9

million, integration and other expenses of $5 million, and an adjusted tax rate of 27%.

Conference Call on November 3, 2022

AMN Healthcare Services, Inc.

(NYSE: AMN) will host a conference call to discuss its third quarter 2022 financial results and fourth quarter 2022 outlook on Thursday,

November 3, 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. 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 IR 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, 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

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, adjusted net income 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