The Innovator in Healthcare Workforce Solutions and Staffing Services

AMN Healthcare

Investor Presentation

Q3 2015

Forward-Looking Statements

This investor presentation contains

“forward-looking statements” within the

meaning of Section 27A of the Securities Act

of 1933, as amended, and Section 21E of

the Securities Exchange Act of 1934, as

amended. The Company bases these

forward-looking statements on its current

beliefs, expectations, estimates, forecasts

and projections about future events and the

industry in which it operates. Forward-

looking statements are identified by words

such as “believe,” “anticipate,” “expect,”

“intend,” “plan,” “will,” “should,” “would,”

“project,” “may,” variations of such words and

other similar expressions. In addition,

statements that refer to performance; plans,

objectives and strategies for future

operations; and other characterizations of

future events or circumstances, are forward-

looking statements.

The Company’s actual results could differ

materially from those discussed in, or

implied by, these forward-looking

statements. Factors that could cause actual

results to differ from those discussed in or

implied by the forward-looking statements

contained in this presentation are set forth

in the Company's Annual Report on Form

10-K for the year ended December 31,

2014 and its quarterly and other periodic

reports, its current reports and its other

filings with the SEC. Developments

subsequent to this presentation are likely to

cause these statements to become

outdated with the passage of time. This

presentation was first made publicly

available at www.amnhealthcare.com on

November 17, 2015.

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Key Investor Highlights

• Market leader in healthcare staffing

and physician search

• Innovator in healthcare workforce

solutions: MSP, VMS, RPO, Consulting

• Latest acquisition activity: The First

String, Millican Solutions, B.E. Smith

• Strong demand environment; double-

digit organic revenue growth

• Long-term growth supported by aging

population, clinical labor shortage

• Scalable, efficient operating model

• Strong cash flow and balance sheet

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Staffing and

Recruitment

• Travel nursing

• Per Diem

• Locum tenens

• Allied health staffing

• Physician placement

• Rapid response and

crisis staffing

• International Nursing

• Mid- to senior level

leadership placement

• EMR implementation

Workforce Solutions

• Managed services

programs (MSP)

• Recruitment process

outsourcing (RPO)

• Vendor management

systems (VMS)

• Scheduling and Labor

Management

• Education services

• Float pool management

• Tele health - Pharmacy

Advisory Services

• Workforce analysis

and optimization

• Predictive modeling

and analytics

• Strategy consulting

• Financial & operational

performance

Improvement

• Regulatory compliance

• Labor disruption

AMN Workforce Solutions

Value through leadership, innovation and strategic insight

Executive

Leadership

• Interim leadership

• Executive search

• Physician leadership

search

• Nurse leadership search

-----------------------------------

• Executive coaching

• Leadership training and

Development

Bolstering Staffing Capabilities

Expanding Workforce Solutions

Recent Acquisitions

Premier national travel nurse and

allied staffing company

Leading provider of workforce consulting, labor

optimization, predictive data analytics,

scheduling technology

Leading provider of vendor

management system technology

Well-respected national locum

tenens staffing company

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Nurse leader recruitment, training

and development

Physician executive

recruitment

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B.E. Smith Acquisition

Leading provider of interim healthcare

leadership, executive search and

advisory services.

• 2015 annualized rev: $100 million;

adj. EBITDA margin: 15%

• Purchase price: $160 million

• Immediately accretive to EPS

• Acquisition to close early-January

Market Overview

Source: US Healthcare Staffing Growth Assessment, Staffing Industry Analysts, October 28, 2015. Internal estimates

U.S. Temporary Healthcare Staffing

2016P

$14billion

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~$2billion

Other Addressable Markets: (Perm Placement, RPO,

Workforce Consulting, VMS)

Demand Drivers

• Increased healthcare utilization

• Shortage of clinician & physicians

• Adoption of outsourced solutions

• Aging population & medical

advances

• New emerging clinical roles

• Growth in GDP & decline in

unemployment rate

5 Million More

Healthcare Jobs

Fast Growing

Healthcare Jobs

Growth in Healthcare Employment

Source: Bureau of Labor Statistics, December 2013; BLS Occupational Outlook Handbook January 2014; Job growth is projected from 2012 to 2022.

Nurse

Practitioners

Registered

Nurses

Physician

Assistants

Physical

TherapistsPhysicians

2012: 17 million

2022: 22 million

38% 36% 34% 18%19%

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Healthcare Reform

$7.4 billion less uncompensated

care

16.4 millionmore insured

Aging Healthcare Professionals

Wave of Baby Boomer retirements coming

~ 50% of RNs and physicians are age 50+

Annual Growth in Healthcare Spend Aging Population and Healthcare Utilization

Drivers of Healthcare Employment Growth

Source: HHS.gov as of November 9, 2015: 16.4 million adults have gained insurance coverage since 2010 due to ACA provisions; $7.4 bil lion less

uncompensated care in 2014. National Council of State Boards of Nursing and The Forum of State Nursing Workforce Centers – 2013 data. AMN Healthcare

survey, November 2015. AMA Physician Master File and 2012 Physicians Foundation Survey conducted by Merritt Hawkins – 2012 data. National Health

Expenditure Projections – CMS, October 2014.

• Over 65 - 3x more

hospital stays

• Over 75 - 4x more

hospital stays

2016–2023P

3.6%

5.6%6.0%

2013 2010 2015 2020 2025 2030

Source: U.S. Department of Health and Human Services

2015P

6.0%5.6%

3.6%

40

72

U.S. population aged 65+in millions

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~ 2/3 of RNs age 54+ plan to retire in next 3 years

% reporting moderate or serious shortage of the

following healthcare professionals:

Projected healthcare labor shortage in 2025

% reporting somewhat or very difficult to recruit

the following healthcare professionals:

Average vacancy rate at your facility for the

following healthcare professionals:

Emerging Talent Shortage

Source: AMN Healthcare 2013 Clinical Workforce Survey of Hospital Leaders; Association of American Medical Colleges, March 2015; Future of

the Nursing Workforce, Health Resources and Services Administration, December 2014

Physicians Nurses AlliedNPs/PAs Physicians Nurses AlliedNPs/PAs

Physicians Nurses AlliedNPs/PAs

90,400

physician shortage

18%17% 15%

13%

78%

67%

51%43%

70%

40%36% 32%

Regional & specialty

nurse shortages

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Leader in Managed Services Programs (MSP)

• Outsourced partner to manage all supplemental

workforce needs under one client contract

• Recruitment, credentialing, clinical support,

reporting, consolidated invoicing

$800 Million+ Annualized MSP Spend Under Management

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500+ affiliates

Fill rates

Clinician quality

Efficiency

Staffing optimization

Controlled spend

Accountability

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Leader in Vendor Management Systems (VMS)

Automates temporary and

float pool staffing through

online order and fulfillment,

scheduling, credential

tracking, time keeping,

reporting, invoicing

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Fill rates

Clinician quality

Efficiency

Staffing optimization

Controlled spend

$800 Million+ Annualized VMS Spend Under Management

Leader in Recruitment Process Outsourcing (RPO)

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Outsourced partner to manage all

recruitment, hiring, and on-boarding

processes for clinician permanent

positions

Recruitment savings &

productivity

Variable cost, flexible delivery

model

State-of-the-art sourcing

Better decision making through

data & insights

Fewer bad hires & lost candidates

Leader in Workforce Optimization: Predictive Analytics & Forecasting

Typical savings:

4% to 7% of

nurse labor

spend

Nurse labor spend

% of hospital budget

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25%

Workforce predictive analytics

Centralized resource management

Scheduling technology & tools

Operational review

Business intelligence

Diverse Client Base

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“AMN knows the national landscape. They know what’s out

there and what the trends are. They bring that valuable

information to us so that we can better plan as partners.”

- Chief Nursing Officer,

Large Integrated Health System & AMN MSP Client

Achievement of 10% Adj. EBITDA Margin Target

7.2%

10.7%

$1.340 B

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8.8%8.4%

7.7%

2012 2013 2014 LTM Q3 152011

$1.036 B$1.012 B

$954 M

Drivers

• Workforce solutions

growth & penetration

• Operating leverage

• Gross margin

improvement

$887 M

Growth in Revenue & Adj. EBITDA Margin

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Financial Metric Q3 2015Variance to

Q3 2014

Variance to

Q2 2015

Revenue $382.9 45% 9%

Gross profit $126.0 57% 14%

Gross margin 32.9% 250 bps 150 bps

Selling, general and administrative $83.1 38% 11%

Adjusted EBITDA $45.6 109% 16%

Adjusted EBITDA margin 11.9% 370 bps 70 bps

Diluted EPS $0.69 283% 116%

Adjusted diluted EPS $0.48 140% 26%

Financial Highlights

$ in millions, except per share amounts

Source: Earnings release. Please also refer to Financial Reconciliation of non-GAAP metrics at

http://amnhealthcare.investorroom.com/financialreports.

Cash Flow Metrics Q3 2015

Operating cash flow $22

Capex $7

Balance Sheet Items 9/30/15

Cash and cash equivalents $14

Accounts receivable, net $249

Working capital $119

Total assets $865

Total debt outstanding $214

Stockholders’ equity $324

Balance Sheet Metrics 9/30/15

Working capital ratio 1.5

Leverage ratio 1.5

Financial Highlights

Source: Earnings release, earnings call

$ in millions

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Outlook

Source: Earnings release on November 4, 2015 and earnings call on November 5,

2015. Guidance is not being updated or reaffirmed, and AHS does not intend to

update guidance prior to its next quarterly earnings release and earnings call.

Financial Metric Q4 2015

Revenue$385 to $390 million

~ 39% yoy

Gross margin ~ 32.0%

SG&A expenses* 21.5% to 22.0%

Adjusted EBITDA margin 10.5% to 11.0%

Interest expense $2.0 million

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Reportable Segments

• All nursing specialties

• Physical therapists, respiratory,

imaging, lab technologists

• Pharmacists and techs

• Temporary physician staffing

• Dentistry staffing

• MSP, VMS, Locums Billing

• Retained physician search

• Contingent search

• Physician executive

recruitment

Nurse and Allied Staffing Locum Tenens Physician Placement

Source: Revenue mix is Q3 2015; earnings release

of revenues70% of revenues26% of revenues4%

• Travel staffing

• Local staffing

• MSP, VMS, RPO, EMR staffing

• Workforce consulting

• All physician specialties

• Advanced practice specialties

• All physician specialties

• Healthcare executive search

• Research & surveys

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The Innovator in Healthcare Workforce Solutions and Staffing Services

Thank You