AMN HEALTHCARE ANNOUNCES THIRD QUARTER 2023 RESULTS Quarterly revenue of $853 million; GAAP EPS of $1.39 and adjusted EPS of $1.97 DALLAS - AMN Healthcare Services, Inc. (NYSE: AMN), the leader and innovator in total tal

AMN HEALTHCARE ANNOUNCES THIRD QUARTER 2023 RESULTS

Quarterly revenue of $853 million;

GAAP EPS of $1.39 and adjusted EPS of $1.97

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 third

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

"The AMN team did an impressive

job balancing business execution in the third quarter alongside our initiatives to sharpen our strategic plan and implement powerful advancements

in our technology platform and processes," said Cary Grace, President and Chief Executive Officer of AMN Healthcare. "At the

same time, we made an important strategic move with the pending acquisition of MSDR, which will bolster our presence in the robust locum

Ms. Grace continued, "I

am pleased to report that, through the course of 2023, we have progressed from identifying needed changes to delivering enhanced technology-enabled

solutions that help clients with their ongoing workforce objectives. These are key milestones on our path toward defining the new normal

for healthcare workforce solutions."

Third Quarter 2023 Results

Consolidated revenue for the quarter

was $853.5 million, a 25% decrease from prior year and 14% lower than the prior quarter. Net income was $53 million (6.2% of revenue),

or $1.39 per diluted share, compared with $92 million (8.1% of revenue), or $2.10 per diluted share, in the third quarter of 2022. Adjusted

diluted EPS in the third quarter was $1.97 compared with $2.57 in the same quarter a year ago.

Revenue for the Nurse and Allied

Solutions segment was $573 million, lower by 31% year over year and down 17% from the prior quarter. Travel nurse staffing revenue dropped

by 34% year over year and 20% sequentially. Allied division revenue declined 12% year over year and 8% versus prior quarter.

The Physician and Leadership Solutions

segment reported revenue of $160 million, down 9% year over year and down 9% sequentially. Locum tenens revenue was $113 million, 6% higher

year over year and down 8% sequentially. Interim leadership revenue fell by 35% year over year and was down 15% from prior quarter. Our

physician and leadership search businesses saw revenue decline by 25% year over year and 10% quarter over quarter.

Technology and Workforce Solutions

segment revenue was $120 million, a decrease of 11% year over year and down 4% sequentially. Language services revenue was $66 million

the quarter, 20% higher than the prior year and up

4% sequentially. Vendor management systems revenue was $38 million, 37% lower year over year and down 18% from the prior quarter.

Consolidated gross margin was

33.9%, 10 basis points higher year over year and improved by 60 basis points sequentially. Gross margin improved year over year and sequentially,

primarily from the release of a workers' compensation reserve in the Nurse and Allied Solutions segment. On a sequential basis, improvement

was partly offset by a drop in margin for Technology and Workforce Solutions from a change in revenue mix within the segment.

Consolidated SG&A expenses

were $163 million, or 19.1% of revenue, compared with $215 million, or 18.9% of revenue, in the same quarter last year. SG&A was $202

million, or 20.4% 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 and a higher allowance for bad debt in the prior-year period. Several favorable items that we expect

will not recur in the fourth quarter reduced SG&A expense by $5 million in the third quarter.

Income from operations was $87

million with an operating margin of 10.2%, compared with $136 million and 12.0%, respectively, in the same quarter last year. Adjusted

EBITDA was $134 million, a year-over-year decrease of 26%. Adjusted EBITDA margin was 15.7%, 30 basis points lower than the year-ago period.

At September 30, 2023, cash

and cash equivalents totaled $29 million. Cash flow from operations was $172 million for the third quarter, and capital expenditures were

$30 million. The Company ended the quarter with total debt outstanding of $945 million and a net leverage ratio of 1.4 to 1.

MSDR Acquisition Agreement

In October 2023, AMN signed a

definitive agreement to acquire MSDR, which includes two locum tenens and advanced practices staffing companies, Medical Search International

and DRW Healthcare Staffing. The purchase price is approximately $300 million, which we expect to

fund with cash on hand and borrowings on our revolving

credit facility. Closing of the transaction is anticipated in the fourth quarter, subject to customary closing conditions and regulatory

Stock Repurchase Update

We completed the $200 million

accelerated share repurchase program in August 2023. As of September 30, 2023, $227 million remained on the repurchase program authorized

by our Board of Directors.

Fourth Quarter 2023 Outlook

*Note: 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 fourth quarter

of 2023 is expected to be 28-30% lower than prior year and 5-7% lower sequentially. Nurse and Allied Solutions segment revenue is expected

to be down 33-35% year over year. Physician and Leadership Solutions segment revenue is expected to be down 12-14% year over year. For

the Technology and Workforce Solutions segment, we expect revenue to be approximately 18% lower year over year. Guidance does not include

any contribution from the MSDR acquisition, which we expect to close later in the fourth quarter.

Fourth quarter estimates for certain

other financial items include depreciation of $17 million, depreciation in cost of revenue of $1.5 million, non-cash amortization expense

of $22 million, share-based compensation expense of $5 million, integration and other expenses of $7 million, interest expense of $11

million, an adjusted tax rate of 28%, and 38.2 million diluted average shares outstanding.

Conference Call on November 2, 2023

AMN Healthcare Services, Inc.

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

November 2, 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