Amn Healthcare Services Inc · NYSE:AMN
Amn Healthcare Services — Q3 2025 Earnings Presentation
15 slides from Amn Healthcare Services's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025 Financial Report Supplement Slides
Q3 2025 Financial Report Supplement Slides November 6, 2025 THE LEADER AND INNOVATOR IN TOTAL TALENT SOLUTIONS
Slide 2: Non-GAAP Measures
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 registration statements under the Securities Act of 1933, as amended, and peri
Slide 3: Forward-Looking Statements
Forward-Looking Statements Statements in this “Q3 2025 Financial Report Supplement Slides” contain “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”). Forwar
Slide 4: Q3 2025 Summary Financial Results
Q3 2025 Summary Financial Results Consolidated Q3 2025 Income Statement Summary Nurse & Allied Solutions Revenue vs. Guidance Guidance Range Guidance Range Q3 2025 Low High $ Millions Q3 2025 Low High Q3 2024 Labor Disruption Revenue 12 5 5 Revenue $ 634.5 $ 610 $ 625 $ 687.5 Other Nurse & Allied Re
Slide 5: Nurse & Allied Solutions Trends
Nurse & Allied Solutions Trends $s Millions Revenue Trend Segment Operating Margin Trend $455 $39 $413 $35 $399 $382 $361 $32 $62 $16 $39 $12 $28 $29 $141 $149 $147 $146 $142 8.8% 8.6% 7.8% 8.0% 7.5% $258 $244 $227 $220 $207 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Nurse Allied La
Slide 6: Physician & Leadership Solutions Trends
Physician & Leadership Solutions Trends $s Millions Revenue Trend Segment Operating Margin Trend $181 $173 $174 $175 $178 $18 $10 $10 $9 $9 $9 $17 $29 $23 $16 $26 $24 $23 $14 $13 10.0% 9.8% $142 $137 $141 $143 $146 8.8% 8.3% 7.7% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Locum Tene
Slide 7: Technology & Workforce Solutions Trends
Technology & Workforce Solutions Trends $s Millions Revenue Trend Segment Operating Margin Trend $108 $107 $102 $102 $42 $40 $8 $8 $95 $8 $7 $3 $35 $35 $25 $23 $19 $19 $31 $17 39.0% 37.7% $75 $76 $75 $76 $75 34.5% 34.6% 32.6% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Language Servi
Slide 8: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow Balance Sheet Highlights Cash Flow Summary $s Millions 9/30/2025 6/30/2025 $s Millions Q3 2025 Q3 2024 Cash & Cash Equivalents $53 $42 Gross Cash Flow $52 $50 Accounts Receivable, net $391 $388 Working Capital Changes ($29) $16 Total Current Assets $570 $571 Net Cash Prov
Slide 9: Q4 2025 Financial Guidance
Income Statement Assumptions $s Millions Low High Consolidated Revenue $715 $730 Segment Revenue Year-over-year Rates of Change Nurse & Allied Solutions 1% 3% Physician & Leadership Solutions (4%) (2%) Q4 2025 Technology & Workforce Solutions (16%) Margin Guidance (14%) Financial Gross Margin SG&A a
Slide 10: Reconciliation of Non-GAAP Items (Unaudited)
Reconciliation of Non-GAAP Items (Unaudited) Three Months Ended September 30, (Dollars in thousands) 2025 2024 Net Income $ 29,288 $ 6,989 Income tax expense (benefit) 8,703 819 Income before income taxes 37,991 7,808 Interest expense, net, and other 9,627 14,444 Income from operations 47,618 22,252
Slide 11: Reconciliation of Non-GAAP Items (Unaudited)
Reconciliation of Non-GAAP Items (Unaudited) Three Months Ended September 30, (Dollars in thousands) 2025 2024 Net income $ 29,288 $ 6,989 Adjustments: Amortization of intangible assets 20,441 22,104 Acquisition, integration, and other costs (2) 2,727 3,017 Gain on sale of disposal group (39,180) —
Slide 12: Reconciliation of Non-GAAP Items (Unaudited)
Reconciliation of Non-GAAP Items (Unaudited) Third Fourth First Second Third (Dollars in thousands) Quarter Quarter Quarter Quarter Quarter 2024 2024 2025 2025 2025 Revenue Nurse and allied solutions $ 399,368 $ 454,654 $ 413,261 $ 381,871 $ 361,476 Physician and leadership solutions 180,605 173,141
Slide 13: Reconciliation of Non-GAAP Items (Unaudited)
Reconciliation of Non-GAAP Items (Unaudited) Three Months Ended September 30, (Dollars in thousands) 2025 2024 Net cash provided by operating activities $ 22,666 66,703 Purchase and development of fixed assets (7,908) (19,260) Free cash flow (12) $ 14,758 $ 47,443 As of September 30, 2025 2024 Lever
Slide 14: Reconciliation of Non-GAAP Items (Unaudited)
Reconciliation of Non-GAAP Items (Unaudited) (1) A portion of depreciation expense for AMN Language Services is included in cost of revenue. We exclude the impact of depreciation included in cost of revenue from the calculation of adjusted EBITDA. (2) Acquisition, integration, and other costs acquis
Slide 15: Reconciliation of Non-GAAP Items (Unaudited)
Reconciliation of Non-GAAP Items (Unaudited) (6) Adjusted net income represents GAAP net income (loss) excluding the impact of the (A) amortization of intangible assets, (B) acquisition, integration, and other costs, (C) gain on sale of disposal group, (D) goodwill impairment loss, (E) long-lived as
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