Amn Healthcare Services Inc · NYSE:AMN
Amn Healthcare Services — Investor Presentation (January 2026)
33 slides from Amn Healthcare Services's investor presentation, Jan 14, 2026
Slide 1: The Leader and Innovator in Total Talent Solutions
THE LEADER AND INNOVATOR IN TOTAL TALENT SOLUTIONS 1 Investor Presentation C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . January 2026
Slide 2: Non-GAAP Measures
C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 2 Non-GAAP Measures 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 registrati
Slide 3: Forward-Looking Statements
C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 3 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 amen
Slide 4: Investment Highlights
C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 4 Investment Highlights We Innovate to Solve Problems in the Healthcare Labor Force Technology- Enabled Solutions Provide Flexibility for Professionals and Their Employers Sustainable Long- Term Macro Growth Drivers Aging U.S. and Cli
Slide 5: AMN Overview: Healthcare Total Talent Solutions
Recognized Leader in Technology InnovationC o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 5 AMN Overview: Healthcare Total Talent Solutions WORKFORCE STAFFING Travel Nursing Allied Specialties International Nurse Local/Per Diem Staffing Labor Disruption School Staffing Revenue Cycl
Slide 6: Strategic Growth Pillars
C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 6 Strategic Growth Pillars Expand Share Across the Broader Market • Serve clients across all delivery models (supplier-led, vendor neutral, direct) • Cross-sell our portfolio of solutions into our client base • Accelerate growth in fa
Slide 7: Factors That Enable Our Growth Model
C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 7 Factors That Enable Our Growth Model Macro Factors AMN Factors Aging patient and clinician populations driving demand faster than supply Growing supply of clinicians who prefer/demand flexible work models Increasing specialization a
Slide 8: Long-term Secular Trends Drive Healthcare Labor Demand
C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 8 Long-term Secular Trends Drive Healthcare Labor Demand More Hospital Days • 3x average, 65+ • 4x for 75+ 50% RNs and physicians are 50+ 33% physicians will be 65+ by 2030 61M 78M 2035E2024 Projected to average +5.8% per year for 202
Slide 9: Industry Positioned to Return to Growth
C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 9 Industry Positioned to Return to Growth $24.2 $27.3 $51.4 $72.5 $56.3 $41.9 $39.4 $40.2 2019 2020 2021 2022 2023 2024 2025 2026 $ B ill io n s US Healthcare Staffing Industry Forecast Travel Nurse Per Diem Locum Tenens Allied Other
Slide 10: AMN: A History of Evolving to Meet Changing Needs
10 AMN: A History of Evolving to Meet Changing Needs Nurse Staffing Diversified MSP Provider AMN’s Response C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . Comprehensive Staffing Tech-Enabled Total Talent Solutions Workforce Management Integrated Technology Client Needs Clinician P
Slide 11: Value Proposition: Solving Healthcare Workforce Problems
C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 11 Value Proposition: Solving Healthcare Workforce Problems LEADING TECHNOLOGY & SEAMLESS INTEGRATIONS to make it easier to manage workforce with client HCM and EMR systems PREDICTIVE ANALYTICS & MARKET DATA to forecast needs and fill
Slide 12: Our Enabling Technology Is Differentiated
C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 12 Our Enabling Technology Is Differentiated We Continue to Expand Our Solutions into More Stages of Talent Lifecycle We adopted innovative technology to speed business processes, integrate our vast data resources to power knowledge-r
Slide 13: Our Leading Client VMS Solution: ShiftWise Flex
Time and Invoice Compliance Automation Spend Management Artificial Intelligence Pillars C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . Managing all clinical and non-clinical roles along with all assignment lengths, float pools, internal agency, permanent positions and SOW Our Lead
Slide 14: Innovation in Action: AMN Passport
C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 14 Innovation in Action: AMN Passport MOBILE APP THAT SUPPORTS NURSING, ALLIED, AND LOCUMS NEEDS ACROSS TRAVEL, PERM AND PER DIEM OPPORTUNITIES AI DRIVE Utilizes AI to process secure documents and match clinicians to jobs based on wor
Slide 15: Our Signs of Stabilization and Potential for Growth
C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 15 Our Signs of Stabilization and Potential for Growth Revenue growth rebound in Locum Tenens MSP Demand improving for Interim Leadership and Search after multi- year decline Demand trend sets up for sequential revenue growth in these
Slide 16: Leverage Points Moving Forward
C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 16 Leverage Points Moving Forward Resuming growth of higher-margin businesses International Nurse, Interim Leadership, Search, VMS Debt paydown will reduce interest expense and improve free cash flow and earnings growth Return to YoY
Slide 17: 2026 Base Scenario
C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 17 Q4 2025 Annualized Run Rate Excluding Large Labor Disruption Event 2026 Base Scenario 2026 Sets the Base for Future Growth Revenue $2.5 Billion Gross Margin ~27% Adjusted EBITDA Margin ~6% 2026 Revenue Building from Normalized Q4 R
Slide 18: After 2026, Our Growth Model
C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 18 After 2026, Our Growth Model 4 - 6% Annual Organic Revenue Growth Modest Uptrend in Gross Margins from Improved Revenue Mix SG&A Grows at Half the Rate of Revenue Growth Results in 10 - 15% CAGR for Adjusted EBITDA Approximately 60
Slide 19: Next Chapter in Our Industry & Our Positioning
C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 19 Next Chapter in Our Industry & Our Positioning Healthcare staffing market is turning from a focus on restrained demand to concerns about sustainable labor supply AI-empowerment reaches into every step from workforce planning to rec
Slide 20: Appendix
C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 20 Appendix
Slide 21: AMN Historical Financial Summary
C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 21 AMN Historical Financial Summary Total Revenue ($M) Gross Profit ($M) and Margin (%) Adjusted EBITDA ($M) and Margin (%) Free Cash Flow ($M) $2,394 $3,984 $5,243 $3,789 $2,984 $2,717 FY20 FY21 FY22 FY23 FY24 LTM $792 $1,310 $1,717
Slide 22: Balance Sheet Highlights
C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 22 Balance Sheet Highlights 1 Leverage ratio represents the ratio of the consolidated funded indebtedness (as calculated per the Company’s credit agreement) at the end of the subject period to the consolidated adjusted EBITDA (as calc
Slide 23: Capital Expenditure Breakdown
$38 $54 $76 $104 $81 $44 FY20 FY21 FY22 FY23 FY24 LTM C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 23 Capital Expenditure Breakdown Capital Expenditure Spend ($M) Recent Capex Investments • Continue enhancing our Client and Clinician technology • AI Enablement Across our Platfor
Slide 24: Reconciliation of Non-GAAP Items (Unaudited)
Reconciliation of Non-GAAP Items (Unaudited) C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 24 (Dollars in thousands) Q4’25 Guidance Mid Point Q4’25 Guidance Ex. Labor Disruption Q4’25 Ex. Labor Disruption Annualized Revenue $ 722,500 $ 622,500 $ 2,490,000 Gross Margin 25.8% 26.8%
Slide 25: Reconciliation of Non-GAAP Items (Unaudited)
Reconciliation of Non-GAAP Items (Unaudited) C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 25 For the Twelve Months Ended September 30, 2025 (Dollars in thousands) Fourth Quarter 2024 First Quarter 2025 Second Quarter 2025 Third Quarter 2025 Twelve Months Ended Net income (loss)
Slide 26: Reconciliation of Non-GAAP Items (Unaudited)
Reconciliation of Non-GAAP Items (Unaudited) C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 26 For the Years Ended December 31, (Dollars in thousands) 2020 2021 2022 2023 2024 Net income (loss) $ 70,665 $ 327,388 $ 444,050 $ 210,679 $ (146,979) Income tax expense (benefit) 20,858
Slide 27: Reconciliation of Non-GAAP Items (Unaudited)
Reconciliation of Non-GAAP Items (Unaudited) C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 27 For the Twelve Months Ended September 30, 2025 (Dollars in thousands) Fourth Quarter 2024 First Quarter 2025 Second Quarter 2025 Third Quarter 2025 Twelve Months Ended Revenue Nurse and
Slide 28: Reconciliation of Non-GAAP Items (Unaudited)
Reconciliation of Non-GAAP Items (Unaudited) C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 28 For the Year Ended For the Twelve Months Ended (Dollars in thousands) December 31, 2019 September 30, 2025 Revenue Nurse and allied solutions $ 1,562,588 $ 1,611,262 Physician and leader
Slide 29: Reconciliation of Non-GAAP Items (Unaudited)
Reconciliation of Non-GAAP Items (Unaudited) C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 29 For the Twelve Months Ended September 30, 2025 (Dollars in thousands) Fourth Quarter 2024 First Quarter 2025 Second Quarter 2025 Third Quarter 2025 Twelve Months Ended Net income (loss)
Slide 30: Reconciliation of Non-GAAP Items (Unaudited)
Reconciliation of Non-GAAP Items (Unaudited) C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 30 For the Years Ended December 31, (Dollars in thousands) 2020 2021 2022 2023 2024 Net income (loss) $ 70,665 $ 327,388 $ 444,050 $ 210,679 $ (146,979) Adjustments: Amortization of intangi
Slide 31: Reconciliation of Non-GAAP Items (Unaudited)
Reconciliation of Non-GAAP Items (Unaudited) C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 31 For the Twelve Months Ended September 30, 2025 (Dollars in thousands) Fourth Quarter 2024 First Quarter 2025 Second Quarter 2025 Third Quarter 2025 Twelve Months Ended Net cash provided
Slide 32: Reconciliation of Non-GAAP Items (Unaudited)
Reconciliation of Non-GAAP Items (Unaudited) C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 32 (1) Changes in the fair value of equity investments and instruments are recognized in interest expense, net, and other. Since the changes in fair value are unrelated to the Company’s ope
Slide 33: Reconciliation of Non-GAAP Items (Unaudited)
Reconciliation of Non-GAAP Items (Unaudited) C o n fi d e n ti a l. P ro p e rt y o f A M N H e a lt h ca re . 33 (6) During the year ended December 31, 2023, the Company recorded an increase to its legal accrual for a wage and hour claim in connection with reaching an agreement to settle the matter
AMN Healthcare Services — Investor Presentation (January 2026) on 6ix