The Innovator in Healthcare Workforce Solutions and Staffing Services

Investor Presentation

May 2019

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, 2018 and its 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Developments subsequent to this presentation are likely to cause these statements to become outdated with the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.

2

Non-GAAP Measures

This presentation contains 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 and (2) adjusted EBITDA

margin on slides 10 and 27, respectively. Management believes that adjusted EBITDA and adjusted EBITDA margin

serve as industry-wide financial measures. These non-GAAP measures should not be used in isolation to evaluate

the Company's performance. A reconciliation of the non-GAAP measures identified in this presentation, along with

further detail about the use and limitations of certain of these non-GAAP measures, may be found on the Company's

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

Key Investment Highlights

3

Leader in Attractive Market

Trusted partner in healthcare staffing services: nurse,

allied, locum tenens, physician and executive search,

interim leadership, mid-revenue cycle

Innovator in Workforce Solutions

MSP, VMS, RPO, workforce optimization, scheduling and

credentialing solutions

Differentiated by Technology

Enhances recruiting capabilities and improves efficiency

Scalable Operating Model

Ability to drive attractive cash flow and earnings growth

Strong Cash Flow and Balance Sheet

Disciplined management and conservative balance sheet

AMN at a Glance

Supply ↔ DemandAge demographic shift creates

growth opportunities for AMN

workforce solutions

Diverse Client Base with over 100 MSP clients, which

includes many leading

healthcare systems

Recognized as

largest U.S.

healthcare

staffing firm

2013-18

Revenue Growth

16%

CAGR61%18%

21%Nurse andAlliedSolutions

LocumTenensSolutions

OtherWorkforceSolutions

$2.1B2018 Revenue

Top performer in revenue,

profits, and stock returns

HRO Today’s Recruiting Excellence

Award and Diversity & Inclusion

Excellence award

Innovation leaders 2018 Impact

Awards -Named largest healthcare staffing

firm in the US

4

Our Mission

5

Every day, we . . .

Deliver the best talent and insights to

help healthcare organizations optimize

their workforce

Give healthcare professionals

opportunities to do their best work

towards quality patient care

Create a values-based culture of

innovation where our team members

can achieve their goals

A Recognized Leader

2011-

Peer Review Designation

to AMN MSP (Managed

Services Programs) since

2011

2018

Largest Healthcare

Staffing Company in

the U.S.

Re-Certified through 2020

First Corporate

Certification for Staffing

Services by the

Joint Commission

2018

Exemplary

Compensation

Discussion & Analysis

(CD&A) Award Winner

2016

Healthcare Leader

Based on Customer

Satisfaction and

Quality

2018

The Top Size of Deal

Provider

Based on Customer

Satisfaction and Quality

2018

2019

Gender Equality Index

2018

Top performer in revenue,

profits, and stock returns.

2019

Corporate Equality Index

2018

Best Proxy Statement

6

History of AMN Healthcare

7

Strategic Transformation in Workforce Solutions

1980s 2000–08 2014-15 2018-19

1990s 2010-13 2016

Travel Nurse

American Mobile Nurses:

A founding company

Nurse and Allied

Expansion

Preferred Healthcare,

Medical Express,

NursesRx

Workforce Solutions:

MSP, RPO and VMS

MedFinders,

ShiftWise

Nurse, Physician,

VMS, Interim Leadership,

Workforce Scheduling

Onward Healthcare,

Locum Leaders,

Medefis, The First String,

MillicanSolutions, Avantas

Physician, Allied, Nurse and

Search Expansion

Merritt Hawkins,

Staff Care,

MedTravelers,

O’Grady Peyton

Interim Leadership and

Executive Search, Labor

Disruption, Medical Coding

BE Smith, Peak Health,

HealthSource Global

Mid-Revenue Cycle,

Interim Leadership,

Executive Search,

Credentialing,

Allied and Nurse

MedPartners,

Leaders For Today

Phillips DiPisa,

Silversheet, Advanced

Evolution of AMN: Driving Towards Workforce Solutions

8

AMN has evolved from

traditional healthcare staffing to

providing comprehensive

workforce solutions

4%

2008

WorkforceSolutions

Staffing63%

➢ Staffing and Recruitment

➢ Workforce Solutions

➢ Leadership

➢ Workforce Technologies

2018

Workforce Solutions Now Dominate Revenue Mix

Revenue Growth with Operating Leverage

9

($ Millions)

$1,012 $1,036

$1,463

$1,902 $1,988

$2,136

2013 2014 2015 2016 2017 2018

$85 $91

$165

$237

$256 $270

2013 2014 2015 2016 2017 2018

Revenue Adjusted EBITDA

2019 – A Year of Focus and Investment

Tailwinds

• Recent MSP wins and

strong MSP pipeline

• Healthy demand across

staffing service lines

• Bolstered our Allied and

Nurse capabilities

• Added to high-growth

School staffing offering

• Added new SaaS

credentialing and

Teletherapy platforms

10

Headwinds

• Locum Tenens

turnaround

• Lower staffing volume

with large client

• Tough Q2 comp due to

$25M strike revenue

• Margin impact from

Silversheet acquisition

and investments

Investments

• Locum Tenens

enhancements and

headcount

• Candidate and client

engagement

• Digital and mobile

• Data management,

analytics, and reporting

• Team member retention

and development

Industry Overview

Healthcare Staffing: Large, Fragmented Market

Sources: US Staffing Forecast, Staffing Industry Analysts, April 2019; AMN internal estimates of other markets

U.S. Temporary Healthcare Staffing

12

• Growing economy

• Shortage of clinicians & physicians

• Aging population & medical advances

• Adoption of outsourced solutions

• New emerging clinical roles

Demand Drivers($ Billions)

$15.2

$16.2$16.8

$17.3$17.9

$10

$15

$20

Other Addressable Markets: Greater Than $5 Billion(Interim Leadership, Perm/Search, RPO, Mid-Revenue

Cycle, Workforce Consulting, VMS, Credentialing)

Healthcare Needs Help with Labor Supply

13

Job Openings

Hires

Quits

1%

2%

3%

4%

5%

6%

7%

2013 2014 2015 2016 2017 2018 2019

% o

f E

mp

loym

en

t

5%

12%

11%

Hires Openings Quits

Five-Year CAGRs

JOLTS = Job Openings and Labor Turnover Survey

• Healthcare open jobs are 1.9x monthly hiring

• Hiring is largely offset by rising voluntary attrition

• Stepped-up hiring efforts have made a minor difference

Healthcare Hires, Openings and Quits

Data source: Job Openings and Labor Turnover Surveys, US Bureau of Labor Statistics

Projected Healthcare Labor Shortage in 2030Aging Healthcare Professionals

~ 50% of RNs and physicians are age 50+

Annual Growth in Healthcare Spend Aging Population and Healthcare Utilization

Drivers of Healthcare Employment Growth

Sources: National Council of State Boards of Nursing and The Forum of State Nursing Workforce Centers – 2013 data and Association of American Medical Colleges

April 5, 2016; AMN Healthcare survey, November 2017; AMA Physician Master File and 2012 Physicians Foundation Survey conducted by Merritt Hawkins – 2012 data; National

Health Expenditure Projections – CMS, February 2019; AMN Healthcare 2013 Clinical Workforce Survey of Hospital Leaders; “The Complexities of Physician Supply and Demand,”

Association of American Medical Colleges, March 2018; Future of the Nursing Workforce, Health Resources and Services Administration, December 2014.

• Over 65 - 3x more

hospital days

• Over 75 - 4x more

healthcare days

2010 2015 2020 2025 2030

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

5.5%

4.4%3.9%

40

72

U.S. population aged 65+in millions

55% of RNs who plan to retire will do so by 2020

~38% of active physicians are age 56 & older Up to 104,900

physician shortage

Regional & specialty

nurse shortages

2018–272017 2018

15

Business Overview

Staffing and Recruitment

• Travel nursing

• Allied staffing

• Locum tenens

• Local staffing

• Physician placement

• Rapid response

• EMR implementation

• Labor disruption

Workforce Solutions

• Managed services programs

(MSP)

• Vendor management systems

(VMS)

• Recruitment process

outsourcing (RPO)

• Mid-revenue cycle workforce

solutions

• Scheduling and labor

management

• Credentialing solutions

AMN Portfolio of Solutions

Executive

Leadership

• Interim leadership

• Executive search

• Physician leadership search

• Nurse leadership search

• Leadership training and

development

• Workforce analysis and

optimization

• Predictive modeling and analytics

• Education services

17

Value through leadership, innovation and strategic insight

Staffing and

RecruitmentWorkforce Solutions

Leadership and

Consulting

Leader in Managed Services Programs (MSP)

18

Outsourced partner to manage all supplemental workforce needs

AMN manages staffing vendors, credentialing, clinical support,

reporting, consolidated invoicing

500+ affiliates

Client Benefits AMN Benefits

• Higher fill rates

• Improved fulfillment time

• Staffing optimization

• Controlled spend

• Accountability

• Credentialing compliance

• Cross-selling opportunities

• Recruitment advantages

• Less cyclicality

• Improved demand visibility

• Strong client relationships

• High client retention

2010 2011 2012 2013 2014 2015 2016 2017 2018

$134 $185$265 $296

$350$454

$649

$786$892

$85

$106

$115$110

$154

$308

$369

$379

$346MSP Direct Fill Revenue

Filled by Affiliate Network

MSP: Growth Engine

19

Adoption of MSP has gained momentum

(1) Staffing revenue consists of Nurse, Allied, and Locum Tenens revenue; on a consolidated basis, MSP was 42% of 2018 revenue

MSP direct fill revenue grew from 1% of AMN staffing revenue in 2008 to 51% today (1)

MS

P G

ros

s B

illi

ng

s U

nd

er

Ma

na

ge

me

nt

($M

)

Nurse and Allied Solutions

20

Short- and Long-term

Travel and Local Staffing

• AMN is the largest travel nurse

and allied staffing company

• Travel nurse assignments are

typically 13 weeks

• Over 60% of segment

revenue comes through

exclusive MSP relationships

61%of 2018

AMN

Revenue

Robust Demand: Key Drivers

Shortage of nurses

Shift to MSP relationships

Shift to flexible staffing models

Aging U.S. and clinical population

Favorable economy

Skill Specialties

All nursing specialties

Physical, occupational, speech therapists

Respiratory, imaging, lab

Pharmacists, technicians

Locum Tenens Solutions

21

Shortage of physicians

Growing demand for healthcare services

Specialty-specific demand

Aging physician population

19%

Robust Demand: Key Drivers

We place physicians, advanced

practice clinicians and dentists on

temporary assignments

throughout the United States

Typical assignments range from

days to multiple months

Areas of Practice

18%

• Hospitalists

• Anesthesia/CRNA

• Emergency Medicine

• Internal Medicine

• Psychiatry

• Surgery

• Advanced Practices

• Radiology

• Primary Care

• Dentistry

Locum Tenens Turnaround in Progress

22

Before: Multiple, unintegrated,

inflexible, aging technologiesToday: Integrated, scalable, agile

technology platform

Our focus for growth:

• Enhance system adoption and usability

• Improve data quality and integration

• Sales hires and productivity ramp

• MSP and new client sales

Inconsistent operating model across brands Single, cohesive operating model

Other Workforce Solutions

Workforce and leadership shortages

Rising healthcare costs

Increased administrative complexity

Revenue integrity/capture, quality

reporting

Increased need for data-driven insights

Interim and permanent executive leadership

and permanent physician placement

Recruitment process outsourcing

Mid-revenue cycle solutions

Vendor management systems

Workforce optimization solutions

Credentialing solutions

Informed decision-making

Reduced complexity

Flexible access to scarce talent

Drive optimal workforce mix

Key Demand Drivers

Business Lines

Key Advantages

21%

23

Terms/Impact of AcquisitionSolution Set

Silversheet Acquisition

Subscription-based credentialing and

privileging software platform

Credential Verification Organization

services

Implementation services

$30 million cash

Up to $25 million earn-out based

on revenue and earnings targets

for 2019-20

Near term dilutive; long-term

high-margin, recurring revenue

24

Credentialing Solutions

Provides sophisticated, cloud-based software solutions to

reduce the complexities and challenges of the credentialing

process for clinicians and healthcare organizations

Terms/Impact of AcquisitionSolution Set

Advanced Medical Pending Acquisition

Travel therapy staffing

School therapy staffing

Travel nurse staffing

Teletherapy offering

$200 million cash plus up to $20

million earn-out

Run rate $140M revenue and

$20M EBITDA

Expect to be immediately

accretive to adjusted EPS

Anticipate closing early June

25

Allied and Nurse Staffing Solutions

Innovative healthcare staffing company specializing in

placing therapists and nurses in contract positions across

multiple settings including hospitals, schools, clinics, skilled

nursing facilities and home health

Diverse Client Base

26

As the market leader, AMN delivers a broad suite of

workforce solutions to many leading health systems

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

“

”

Financial Overview

Financial Summary

28 ($ in Millions)

$1,463

$1,902 $1,988

$2,136 $2,146

$-

$500

$1,000

$1,500

$2,000

$2,500

2015 2016 2017 2018 LTM 1Q19

$469

$620 $644 $696

$705

32.1% 32.6% 32.4% 32.6% 32.9%

25%

30%

35%

40%

$0

$200

$400

$600

2015 2016 2017 2018 LTM 1Q19

$165

$237

$256 $270 $270

11.3%

12.5%12.9%

12.7% 12.6%

5%

10%

15%

$0

$50

$100

$150

$200

$250

2015 2016 2017 2018 LTM 1Q19

16%14%

16%14% 14%

0%

5%

10%

15%

2015 2016 2017 2018 LTM 1Q19

Gross ProfitTotal Revenue

Adjusted EBITDA Return on Invested Capital

Historical Credit Statistics

29

Capital Expenditures Free Cash Flow

Total Leverage Ratio* Debt and Credit Facilities

($ in millions)

$27

$22

$27

$35$37

$0

$10

$20

$30

$40

2015 2016 2017 2018 LTM 1Q19

$29

$110

$134

$192

$167

$0

$40

$80

$120

$160

$200

$240

2015 2016 2017 2018 LTM 1Q19

1.4x

1.6x

1.3x

1.7x

1.9x

0.0x

0.2x

0.4x

0.6x

0.8x

1.0x

1.2x

1.4x

1.6x

1.8x

2.0x

2015 2016 2017 2018 Q1 19

* As defined by AMN’s credit agreement

Balances as of 3/31/19. AMN’s $400M revolving credit facility has $15 million

pledged as collateral for letters of credit. Does not include the impact of the

pending $200M acquisition of Advanced Medical, which on a pro forma basis

would increase our leverage ratio to 2.3x.

Interest

Rate

Maturity

Date

Debt

Outstanding

Available

Borrowing

Senior Unsecured Notes 5.125% Oct 2024 325.0$ -

Revolving Credit Facility 4.000% Feb 2023 150.0$ 235.0$

Allocation of Strong Free Cash Flows

30($ Millions)

$504

$-

$100

$200

$300

$400

$500

$600

2014 2015 2016 2017 2018 YTD 2019

$ M

illio

ns

Cumulative Free Cash Flow

$504 Million Free

Cash Flow

Generated Since

2014

$(580)

$(118)

$315

$(600)

$(400)

$(200)

$-

$200

$400

Acquisitions Stock Repurchases Net Borrowing

$ M

illio

ns

Selected Other Uses and Sources of Cash2014 to Date

$699 Million

Spent on

Acquisitions,

Stock Buybacks

Balance Sheet

Remains Strong

Key Investment Highlights

31

Market leader and trusted partner in healthcare staffing

services - nurse, allied, locums, physician and executive

search, interim leadership

Innovator in healthcare workforce solutions: MSP, VMS, RPO,

medical coding, workforce optimization; expanding solutions to

support clients

Positive secular trends supported by aging population and

clinical labor shortages

Investment in technology differentiates AMN services,

enhances recruiting capabilities, and reduces costs

Scalable operating model with leverage

Strong cash flow and balance sheet