AMN Healthcare Services : Investor Presentation - January 2023

Investor Presentation

January 2023

Confidential. Property of AMN Healthcare.

THE LEADER AND INNOVATOR IN TOTAL TALENT SOLUTIONS

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Non-GAAP Measures

Confidential. Property of AMN Healthcare.

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This presentation contains certain financial measures that are not in accordance with generally accepted accounting principles in the United States ("GAAP") or with rules adopted by the SEC that apply to registration statements under the Securities Act of 1933, as amended, and periodic reports under the Exchange Act. These "non-GAAP financial measures," as defined under the rules of the SEC, are intended as supplemental measures of our operating performance that are not required by, or presented in accordance with GAAP, and are not intended be an alternative to the Company's condensed consolidated financial statements presented in accordance with GAAP. The non-GAAP financial measures included in this presentation consist of (1) Adjusted EBITDA, (2) Adjusted Net Income, (3) Adjusted EBITDA Margin, and

1. Free Cash Flow (which means cash flow from operations less capital expenditures) referenced throughout the presentation. Management believes that the items excluded from Adjusted EBITDA, Adjusted Net Income, Adjusted EBITDA Margin, and Free Cash Flow are significant components in understanding and assessing operating performance. Therefore, Adjusted EBITDA, Adjusted Net Income, Adjusted EBITDA Margin, and Free Cash Flow should not be considered a substitute for net income, cash flows from operating, investing or financing activities, operating margin, or cash flow from operations, as the case may be. Because Adjusted EBITDA, Adjusted Net Income, Adjusted EBITDA Margin, and Free Cash Flow are not measurements determined in accordance with GAAP and are thus susceptible to varying calculations, the Adjusted EBITDA, Adjusted Net Income, Adjusted EBITDA Margin, and Free Cash Flow numbers contained herein may not be comparable to other similarly titled measures of other companies. In addition, our management believes that Adjusted EBITDA and Adjusted EBITDA Margin serve as industry-wide financial measures. The non-GAAP measures contained in this presentation should not be used in isolation to evaluate the Company's performance. A quantitative reconciliation of the Adjusted EBITDA, Adjusted Net Income, Adjusted EBITDA Margin and Free Cash Flow non-GAAP measures identified in this presentation, along with further detail about the use and limitations of certain of these non-GAAP measures, to the most directly comparable GAAP financial measures may be found in the appendix slides to this presentation and on the Company's website at http://ir.amnhealthcare.com.

Forward-Looking Statements

Confidential. Property of AMN Healthcare.

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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 "Exchange Act"). Forward-looking statements include, among others, statements concerning the trajectory of the healthcare industry and economic recovery, future demand for our services and demand within the healthcare industry, duration and severity of labor shortages, our debt and leverage strategies, our capabilities related to our digital customer experience and technology-enabled solutions and analytics, our ability to attract and retain talent and continue to serve the needs of large and growing clients, our ability to deliver long-term profitable growth, our working capital needs and our capabilities to address challenges and trends in the healthcare industry. AMN Healthcare Services, Inc. (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 and other cautionary statements 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 (i) the Company's Annual Report on Form 10-K for the year ended December 31, 2021, (ii) its subsequent periodic reports, current reports, and other SEC filings, and (iii) the cautionary statements included in the Company's most recent earnings release issued on November 3, 2022, including our financial condition and our results of operations, the intensity, impact and duration of and reasons behind the workforce shortages, our ability to attract new clients and the opportunities ahead for AMN and the vital role it plays in healthcare delivery, our ability to anticipate and quickly respond to changing marketplace conditions, such as alternative modes of healthcare delivery, reimbursement, or client needs, and our ability to manage the pricing impact that the labor market and consolidation of healthcare delivery organizations may have on our business.

Be advised that developments subsequent to this presentation are likely to cause these statements to become outdated and the Company is under no obligation (and expressly disclaims any such obligation) to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

Investment Highlights

Confidential. Property of AMN Healthcare.

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Purpose-Driven,	Leader and	Experienced,	Well-Positioned to	Continued
Values-Based	Innovator in Total	Diverse and Deep	Generate Long-	Opportunity for
Organization	Talent Solutions	Leadership Team	Term Profitable	Disciplined and
Committed to	for Healthcare;	Driving Tech-	Growth with Strong	Strategic M&A to
Serving All Our	Uniquely Positioned	Enabled Innovation	Balance Sheet	Deliver Higher
Stakeholders	to Serve Growing	that Benefits	and Cash Flow	Margins and More
	Health Systems	Healthcare	Generation	Resilient Revenues
	and Diverse Care	Professionals and
	Settings	Clients

AMN Overview

Confidential. Property of AMN Healthcare.

~4K		500+
Corporate Employees		MSP/VMS Clients

$5.5B		$4.5B
LTM Revenue		Market Cap

#1

Leader in Healthcare Total

Talent Solutions

Nurse & Allied		Physician &		Technology &
	Leadership		Workforce
Solutions
	Solutions		Solutions
WORKFORCE		WORKFORCE		TALENT MANAGEMENT
STAFFING		STAFFING		Vendor Management
Travel Nursing		Physician Staffing		Systems
Allied Healthcare		Interim Leadership		Recruitment Solutions
Local Staffing				Float Pool Management
Rapid Response		LEADERSHIP SEARCH		Scheduling & Staff
Revenue Cycle Solutions		Executive Search		Planning
School Staffing		Academic Leadership		Credentialing
Labor Disruption		Clinical Leadership		Analytics & Assessment
International Staffing and
Permanent Placement		PHYSICIAN SEARCH		VIRTUAL CARE
		Retained Search for		Language Services
		Physicians and Advanced		Teleservices Platforms
		Practices

>60%

of Revenue from These Segments is Derived from

Managed Services Programs (MSPs)

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Revenue is LTM as of September 30, 2022. Market capitalization as of December 31, 2022.