Amn Healthcare Services Inc · NYSE:AMN
Amn Healthcare Services — Investor Presentation (February 2026)
28 slides from Amn Healthcare Services's investor presentation, February 2026
Slide 1: Investor Presentation
Investor Presentation February 2026 Confidential. Property of AMN Healthcare. 1 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 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
Slide 4: Investment Highlights
Investment Highlights We Innovate to Sustainable Long- Purpose-Driven, Well-Positioned to Opportunity for Solve Problems in Term Macro Value-Based Generate Long- Strategic M&A to the Healthcare Growth Drivers Organization Term Revenue Expand Offerings, Labor Force Aging U.S. and Celebrating 40 Growt
Slide 5: AMN Overview: Healthcare Total Talent Solutions
AMN Overview: Healthcare Total Talent Solutions Strategic partner to healthcare providers Career partner for ~$40B offering a market-leading spectrum of staffing and workforce solutions professionals across the care spectrum 2026 U.S. Healthcare Staffing Market Size Physician & Technology & Nurse &
Slide 6: Strategic Growth Pillars
Strategic Growth Pillars Expand Share Across the Accelerate Growth as Drive Earnings Growth with Broader Market Industry Demand Increases Operating Leverage • Serve clients across all delivery • Gain incremental share from • Continue automation of tasks models (supplier-led, vendor improved speed to
Slide 7: Factors That Enable Our Growth Model
Factors That Enable Our Growth Model Macro Factors AMN Factors Aging patient and clinician populations Breadth of solutions increases market driving demand faster than supply potential and operating leverage Outsized growth opportunity in Growing supply of clinicians who previously under-penetrated
Slide 8: Long-term Secular Trends Drive Healthcare Labor Demand
Long-term Secular Trends Drive Healthcare Labor Demand U.S. Population Aging Labor Demand 78M Population and Supply** ~900,000 RNs could leave Aged 65+ the workforce by the end ~4.5 Million Global of 2027 61M Shortage of nurses is ~ 24% Voluntary More Hospital Days 50% RNs and expected by 2030 physi
Slide 9: Industry Positioned to Return to Growth
Industry Positioned to Return to Growth US Healthcare Staffing Industry Forecast $72.5 2000-19: Healthcare staffing industry revenue grew at a CAGR of 5% $51.4 $56.3 $41.9 $ Billions • 7% excluding per diem nurse staffing $39.4 $40.2 $27.3 $24.2 2019-22: Industry revenue nearly tripled • Travel nurs
Slide 10: AMN: A History of Evolving to Meet Changing Needs
AMN: A History of Evolving to Meet Changing Needs 1985 - 2008 2009 - 2021 2022 - 2025 2026+ • Cost pressure and focused • Need to create • Inability to address • Desire to simplify and Client efforts to reduce use of sustainable workforce fluctuating volume streamline Needs contingent labor • Slow d
Slide 11: Value Proposition: Solving Healthcare Workforce Problems
Value Proposition: Solving Healthcare Workforce Problems LEADING TECHNOLOGY & PROGRAM MANAGEMENT EXPERTISE SEAMLESS INTEGRATIONS to make in running enterprise-scale outsourcing of it easier to manage workforce with contingent labor across all clinical and client HCM and EMR systems leadership specia
Slide 12: Our Enabling Technology Is Differentiated
Our Enabling Technology Is Differentiated AMN Has the We adopted innovative technology to speed business processes, integrate Industry’s Freshest our vast data resources to power knowledge-rich solutions, and provide the Tech Stack world-class data security that our stakeholders deserve Integrated D
Slide 13: Our Leading Client VMS Solution: ShiftWise Flex
Our Leading Client VMS Solution: ShiftWise Flex Managing all clinical and non-clinical roles along with all assignment lengths, float pools, internal agency, permanent positions and SOW Artificial Intelligence Pillars • Candidate Scoring • Job Descriptions • Supplier Scoring & • Predictive Analytics
Slide 14: Innovation in Action: AMN Passport
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 work history and personal preferences SELF SERVICE Simplify staffing and
Slide 15: Our Signs of Stabilization and Potential for Growth
Our Signs of Stabilization and Potential for Growth Nurse/Allied Doubled our Q425 sequential Bill rates Expecting Potential for vendor-neutral Nurse & growth of 5% trending 15-20% YoY Nurse and Allied direct fill rate YoY Allied • Best Q4 seq. volume modestly higher growth in 2026 gross margin to in
Slide 16: Leverage Points Moving Forward
Leverage Points Moving Forward Return to YoY growth Capacity to support of other staffing much larger revenue businesses with little improvement in variable cost = better Locum Tenens, Allied, incremental profit Schools margins Resuming growth of Anticipated cyclical Debt paydown will higher-margin
Slide 17: After 2026, Our Growth Model
After 2026, Our Growth Model 4 - 6% Modest Uptrend in SG&A Grows at Annual Organic Gross Margins Half the Rate of Revenue Growth from Improved Revenue Growth Revenue Mix Approximately 60% EBITDA to FCF Conversion Confidential. Property of AMN Healthcare. Results in 10 - 15% CAGR for Adjusted EBITDA
Slide 18: Next Chapter in Our Industry & Our Positioning
Next Chapter in Our Industry & Our Positioning Healthcare staffing AMN has the AI-empowerment brand strength, Need for scale, market is turning reaches into every breadth and depth from a focus on breadth and depth step from workforce of expertise, and will force industry restrained demand planning
Slide 19: Appendix
Confidential. Property of AMN Healthcare. 19 Appendix
Slide 20: AMN Historical Financial Summary
AMN Historical Financial Summary Total Revenue ($M) $2,000 Gross Profit ($M) and Margin (%) $5,243 51.0% $1,800 $1,717 $1,600 46.0% $3,984 $3,789 $1,310 $1,400 $1,250 $1,200 $2,984 41.0% $2,730 $1,000 $919 $2,394 $792 $774 $800 33.1% 33.0% 36.0% 32.9% 32.7% 30.8% $600 28.3% $400 31.0% $200 $- 26.0%
Slide 21: Balance Sheet Highlights
Balance Sheet Highlights Net Leverage Ratio1 3.3x Summary Balance Sheet ($M, 12/31/25) 3.0x 2.7x Cash and Cash Equivalents $ 34 2.2x Total Current Assets $ 545 Total Assets $ 2,094 1.1x 1.0x Total Current Liabilities $ 578 Total Debt $ 775 2020 2021 2022 2023 2024 2025 Total Equity $ 642 Debt Maturi
Slide 22: Capital Expenditure Breakdown
Capital Expenditure Breakdown Capital Expenditure Spend ($M) $104 $81 $76 $54 $38 $36 FY20 FY21 FY22 FY23 FY24 FY25 Cap Ex as a % of Revenue 1.6% 1.3% 1.4% 2.7% 2.7% 1.3% Capex Priorities Moving Forward Recent Capex Investments • Nurse & Allied Technology Enhancements - ATS, ERP, and • Continue enha
Slide 23: Reconciliation of Non-GAAP Items (Unaudited)
Reconciliation of Non-GAAP Items (Unaudited) For the Years Ended December 31, (Dollars in thousands) 2020 2021 2022 2023 2024 2025 Net income (loss) $ 70,665 $ 327,388 $ 444,050 $ 210,679 $ (146,979) $ (95,702) Income tax expense (benefit) 20,858 116,533 162,653 73,610 (25,595) (5,361) Income (loss)
Slide 24: Reconciliation of Non-GAAP Items (Unaudited)
Reconciliation of Non-GAAP Items (Unaudited) For the Year Ended Dec 31, (Dollars in thousands) 2025 Revenue Nurse and allied solutions $ 1,647,318 Physician and leadership solutions 696,362 Technology and workforce solutions 386,749 $ 2,730,429 Segment operating income (7) Nurse and allied solutions
Slide 25: Reconciliation of Non-GAAP Items (Unaudited)
Reconciliation of Non-GAAP Items (Unaudited) For the Years Ended December 31, (Dollars in thousands) 2020 2021 2022 2023 2024 2025 Net income (loss) $ 70,665 $ 327,388 $ 444,050 $ 210,679 $ (146,979) $ (95,702) Adjustments: Amortization of intangible assets 63,817 63,015 83,078 89,756 92,770 78,027
Slide 26: Reconciliation of Non-GAAP Items (Unaudited)
Reconciliation of Non-GAAP Items (Unaudited) For the Years Ended December 31, (Dollars in thousands) 2020 2021 2022 2023 2024 2025 Net cash provided by operating activities $ 256,826 $ 305,356 $ 653,733 $ 372,165 $ 320,418 $ 269,457 Purchase and development of fixed assets (37,702) (53,573) (75,831)
Slide 27: Reconciliation of Non-GAAP Items (Unaudited)
Reconciliation of Non-GAAP Items (Unaudited) (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 operating performance, we exclude the impact from the calculations of ad
Slide 28: Reconciliation of Non-GAAP Items (Unaudited)
Reconciliation of Non-GAAP Items (Unaudited) (8) Unallocated corporate overhead (as presented in the tables above) consists of unallocated corporate overhead (as reflected in our quarterly and annual finan cial statements filed with the SEC) less acquisition, integration, and other costs and legal s
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