Group 1: Earnings Performance - AMN Healthcare Services reported quarterly earnings of $0.3 per share, exceeding the Zacks Consensus Estimate of $0.17 per share, but down from $0.98 per share a year ago, representing an earnings surprise of +76.47% [1] - The company has surpassed consensus EPS estimates for the last four quarters [2] - AMN Healthcare's revenues for the quarter ended June 2025 were $658.18 million, surpassing the Zacks Consensus Estimate by 0.87%, but down from $740.68 million year-over-year [2] Group 2: Stock Performance and Market Comparison - AMN Healthcare shares have declined approximately 28% since the beginning of the year, while the S&P 500 has gained 7.9% [3] - The stock is currently rated Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Group 3: Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.19 on revenues of $639.01 million, and for the current fiscal year, it is $1.04 on revenues of $2.63 billion [7] - The outlook for the Medical Services industry, where AMN operates, is currently in the top 40% of Zacks industries, suggesting potential for better performance compared to lower-ranked industries [8]

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This part presents the company's unaudited condensed consolidated financial statements and management's discussion and analysis of financial condition and results of operations [Item 1. Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements and notes, highlighting a significant net loss and asset decrease due to impairment losses [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a decrease in total assets and stockholders' equity as of June 30, 2025, compared to December 31, 2024, largely influenced by a reduction in goodwill and intangible assets Condensed Consolidated Balance Sheet Highlights | Item | June 30, 2025 ($ thousand) | December 31, 2024 ($ thousand) | | :-------------------------------- | :------------------- | :--------------------- | | Cash and cash equivalents | 41,503 | 10,649 | | Total current assets | 571,351 | 594,915 | | Goodwill | 755,809 | 897,456 | | Intangible assets, net | 322,518 | 381,364 | | Total assets | 2,212,221 | 2,415,727 | | Total current liabilities | 573,643 | 545,785 | | Total liabilities | 1,604,625 | 1,709,107 | | Total stockholders' equity | 607,596 | 706,620 | - Total assets decreased by **$203.5 million**, and total stockholders' equity decreased by **$99.0 million** from December 31, 2024, to June 30, 2025[15](index=15&type=chunk) [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) The company reported a significant net loss for both the three and six months ended June 30, 2025, a reversal from net income in the prior year, primarily driven by substantial goodwill and long-lived asset impairment losses Condensed Consolidated Statements of Comprehensive Income (Loss) Highlights | Item | Three Months Ended June 30, 2025 ($ thousand) | Three Months Ended June 30, 2024 ($ thousand) | Six Months Ended June 30, 2025 ($ thousand) | Six Months Ended June 30, 2024 ($ thousand) | | :------------------------------------ | :------------------------------------ | :------------------------------------ | :---------------------------------- | :---------------------------------- | | Revenue | 658,175 | 740,685 | 1,347,708 | 1,561,563 | | Gross profit | 196,399 | 229,827 | 394,519 | 487,333 | | Goodwill impairment loss | 109,515 | — | 109,515 | — | | Long-lived assets impairment loss | 18,262 | — | 18,262 | — | | Net income (loss) | (116,202) | 16,237 | (117,294) | 33,565 | | Basic EPS | (3.02) | 0.43 | (3.06) | 0.88 | | Diluted EPS | (3.02) | 0.42 | (3.06) | 0.88 | - Revenue decreased by **11.1%** for the three months and **13.7%** for the six months ended June 30, 2025, compared to the same periods in 2024[17](index=17&type=chunk) - The company incurred a goodwill impairment loss of **$109.5 million** and a long-lived assets impairment loss of **$18.3 million** in the first half of 2025[17](index=17&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Stockholders' equity decreased from $706.6 million at December 31, 2024, to $607.6 million at June 30, 2025, primarily due to the net loss incurred during the period Condensed Consolidated Statements of Stockholders' Equity Highlights | Item | December 31, 2024 ($ thousand) | June 30, 2025 ($ thousand) | | :-------------------------------- | :--------------------- | :------------------- | | Total stockholders' equity | 706,620 | 607,596 | | Retained earnings | 1,304,696 | 1,187,402 | | Accumulated other comprehensive income (loss) | (11) | 195 | - Comprehensive income (loss) for the six months ended June 30, 2025, was a loss of **$(117.1) million**, compared to an income of **$33.8 million** for the same period in 2024[19](index=19&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities decreased year-over-year, while net cash used in investing and financing activities increased, resulting in a net decrease in cash, cash equivalents, and restricted cash for the six months ended June 30, 2025 Condensed Consolidated Statements of Cash Flows Highlights | Cash Flow Activity | Six Months Ended June 30, 2025 ($ thousand) | Six Months Ended June 30, 2024 ($ thousand) | | :------------------------------------------ | :---------------------------------- | :---------------------------------- | | Net cash provided by operating activities | 171,219 | 180,901 | | Net cash used in investing activities | (46,637) | (43,731) | | Net cash used in financing activities | (141,437) | (119,081) | | Net increase (decrease) in cash, cash equivalents and restricted cash | (16,855) | 18,089 | | Cash, cash equivalents and restricted cash at end of period | 72,450 | 126,362 | - The decrease in net cash from operating activities was primarily due to a smaller reduction in accounts receivable and subcontractor receivables compared to the prior year[125](index=125&type=chunk) - Net cash used in investing activities increased due to a net purchase of investments of **$26.9 million** in 2025, compared to net proceeds of **$4.5 million** in 2024[128](index=128&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations of the accounting policies, significant estimates, and specific financial statement line items, including segment information, goodwill and intangible asset impairments, fair value measurements, and commitments [1. BASIS OF PRESENTATION](index=9&type=section&id=1.%20BASIS%20OF%20PRESENTATION) This note outlines the basis for preparing the unaudited condensed consolidated financial statements, emphasizing U.S. GAAP compliance, the use of estimates, and details on cash, cash equivalents, restricted cash, and accounts receivable policies. It also mentions the adoption of ASU 2023-07 on segment reporting - The company adopted ASU 2023-07, 'Segment Reporting,' for the year ended December 31, 2024, expanding disclosure requirements for reportable segments[28](index=28&type=chunk) Cash, Cash Equivalents and Restricted Cash Reconciliation | Item | June 30, 2025 ($ thousand) | December 31, 2024 ($ thousand) | | :------------------------------------------- | :------------------- | :--------------------- | | Cash and cash equivalents | 41,503 | 10,649 | | Restricted cash and cash equivalents (included in other current assets) | 22,146 | 14,984 | | Restricted cash, cash equivalents and investments | 44,141 | 71,840 | | Total cash, cash equivalents and restricted cash and investments | 107,790 | 97,473 | | Less restricted investments | (35,340) | (8,168) | | Total cash, cash equivalents and restricted cash | 72,450 | 89,305 | Allowance for Credit Losses for Accounts Receivable Activity | Item | 2025 ($ thousand) | 2024 ($ thousand) | | :------------------------------------ | :-------- | :-------- | | Balance as of January 1, | 32,421 | 32,233 | | Provision for expected credit losses | 4,655 | 6,195 | | Amounts written off charged against the allowance | (13,073) | (5,021) | | Allowance for credit losses in assets held for sale | (91) | — | | Balance as of June 30, | 23,912 | 33,407 | [2. HELD FOR SALE](index=11&type=section&id=2.%20HELD%20FOR%20SALE) The company classified its Smart Square healthcare scheduling software as held for sale as of June 30, 2025, and completed its sale on July 1, 2025, for $65.3 million cash and a $10.0 million note. This disposal is not considered a discontinued operation - The sale of Smart Square healthcare scheduling software was completed on July 1, 2025, for **$65.3 million** in cash and a **$10.0 million** note[37](index=37&type=chunk) Assets and Liabilities Classified as Held for Sale (June 30, 2025) | Item | Amount ($ thousand) | | :-------------------------- | :------------ | | Accounts receivable, net | 3,643 | | Fixed assets, net | 5,250 | | Intangible assets, net | 1,549 | | Goodwill | 32,132 | | Other assets | 97 | | **Total assets held for sale** | **42,671** | | Accounts payable and accrued expenses | 92 | | Deferred revenue | 6,540 | | **Total liabilities held for sale** | **6,632** | [3. REVENUE RECOGNITION](index=12&type=section&id=3.%20REVENUE%20RECOGNITION) Revenue is primarily generated from temporary staffing, permanent placement of healthcare professionals, and technology-enabled services. Recognition occurs when control of services is transferred, either on a gross basis (as principal) for its own network and language services, or a net basis (as agent) for subcontractor-based MSP and VMS arrangements - Revenue sources include temporary staffing, permanent placement of healthcare professionals, technology-enabled services (language interpretation, vendor management systems), and talent planning[41](index=41&type=chunk) - Revenue is recorded on a gross basis when using its own network of healthcare professionals and for language services, and on a net basis when acting as an agent for subcontractors under MSP or VMS arrangements[42](index=42&type=chunk) [4. NET INCOME (LOSS) PER COMMON SHARE](index=13&type=section&id=4.%20NET%20INCOME%20%28LOSS%29%20PER%20COMMON%20SHARE) The company reported a basic and diluted net loss per common share for both the three and six months ended June 30, 2025, a significant decline from positive earnings per share in the prior year Net Income (Loss) Per Common Share | Period | 2025 Basic EPS | 2024 Basic EPS | 2025 Diluted EPS | 2024 Diluted EPS | | :-------------------------- | :------------- | :------------- | :--------------- | :--------------- | | Three Months Ended June 30, | $(3.02) | $0.43 | $(3.02) | $0.42 | | Six Months Ended June 30, | $(3.06) | $0.88 | $(3.06) | $0.88 | - Anti-dilutive potential common shares excluded from diluted weighted average common shares outstanding were **157 thousand** for the three months and **110 thousand** for the six months ended June 30, 2025[47](index=47&type=chunk) [5. SEGMENT INFORMATION](index=13&type=section&id=5.%20SEGMENT%20INFORMATION) The company operates through three reportable segments: Nurse and Allied Solutions, Physician and Leadership Solutions, and Technology and Workforce Solutions. All segments experienced revenue declines for both the three and six months ended June 30, 2025, compared to the prior year, with varying impacts on gross profit margins - The company's three reportable segments are Nurse and Allied Solutions, Physician and Leadership Solutions, and Technology and Workforce Solutions[48](index=48&type=chunk) Revenue by Reportable Segment (Three Months Ended June 30) | Segment | 2025 ($ thousand) | 2024 ($ thousand) | Change ($ thousand) | Change (%) | | :-------------------------- | :-------- | :-------- | :---------- | :--------- | | Nurse and Allied Solutions | 381,871 | 442,399 | (60,528) | (13.7%) | | Physician and Leadership Solutions | 174,531 | 186,065 | (11,534) | (6.2%) | | Technology and Workforce Solutions | 101,773 | 112,221 | (10,448) | (9.3%) | | **Total Revenue** | **658,175** | **740,685** | **(82,510)** | **(11.1%)** | Revenue by Reportable Segment (Six Months Ended June 30) | Segment | 2025 ($ thousand) | 2024 ($ thousand) | Change ($ thousand) | Change (%) | | :-------------------------- | :-------- | :-------- | :---------- | :--------- | | Nurse and Allied Solutions | 795,132 | 961,696 | (166,564) | (17.3%) | | Physician and Leadership Solutions | 348,596 | 374,862 | (26,266) | (7.0%) | | Technology and Workforce Solutions | 203,980 | 225,005 | (21,025) | (9.3%) | | **Total Revenue** | **1,347,708** | **1,561,563** | **(213,855)** | **(13.7%)** | Gross Margin by Reportable Segment (Three Months Ended June 30) | Segment | 2025 Gross Margin | 2024 Gross Margin | | :-------------------------- | :---------------- | :---------------- | | Nurse and Allied Solutions | 23.9% | 23.8% | | Physician and Leadership Solutions | 28.2% | 30.5% | | Technology and Workforce Solutions | 55.1% | 60.2% | [6. GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS](index=18&type=section&id=6.%20GOODWILL%20AND%20IDENTIFIABLE%20INTANGIBLE%20ASSETS) The company recognized a $109.5 million goodwill impairment loss in the Physician and Leadership Solutions segment and an $18.3 million impairment loss on customer relationships intangible assets in the Nurse and Allied Solutions segment during the second quarter of 2025, driven by declines in forecasted revenue and increased costs - A goodwill impairment loss of **$109.5 million** was recognized for the Physician and Leadership Solutions segment due to lower-than-expected volume, gross margin pressures, and declining demand[61](index=61&type=chunk)[62](index=62&type=chunk) - An impairment loss of **$18.3 million** was recognized on customer relationships intangible assets within the Nurse and Allied Solutions segment[64](index=64&type=chunk) Goodwill Carrying Value by Reportable Segment (June 30, 2025) | Segment | Balance, January 1, 2025 ($ thousand) | Goodwill Impairment Loss ($ thousand) | Goodwill in Assets Held for Sale ($ thousand) | Balance, June 30, 2025 ($ thousand) | | :-------------------------------- | :---------------------------- | :---------------------------- | :---------------------------------- | :---------------------------- | | Nurse and Allied Solutions | 259,137 | — | — | 259,137 | | Physician and Leadership Solutions | 237,760 | (109,515) | — | 128,245 | | Technology and Workforce Solutions | 400,559 | — | (32,132) | 368,427 | | **Total** | **897,456** | **(109,515)** | **(32,132)** | **755,809** | [7. FAIR VALUE MEASUREMENT](index=19&type=section&id=7.%20FAIR%20VALUE%20MEASUREMENT) This note details the company's fair value measurement techniques for recurring and non-recurring assets and liabilities, utilizing Level 1 and Level 2 inputs for financial instruments and Level 3 inputs for impairment testing of intangible assets and goodwill. It also provides the fair value of its senior notes - The company uses Level 1 inputs for money market funds and deferred compensation, and Level 2 inputs for commercial paper and corporate bonds in recurring fair value measurements[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) Unobservable Inputs for Revenue Cycle Solutions Asset Group Fair Value Measurement (June 30, 2025) | Input | Range | Average | | :------------------------ | :------------ | :------ | | Revenue growth rates | (2.1)% - 6.1% | 3.3% | | Long-term growth rate | 3.5% | N/A | | Weighted-average cost of capital | 14.0% | N/A | Fair Value of Senior Notes (June 30, 2025) | Notes | Carrying Amount ($ thousand) | Estimated Fair Value ($ thousand) | | :---------- | :------------------- | :------------------------ | | 2027 Notes | 500,000 | 486,250 | | 2029 Notes | 350,000 | 322,875 | [8. INCOME TAXES](index=21&type=section&id=8.%20INCOME%20TAXES) The company is subject to taxation in various jurisdictions and is assessing the impact of the recently enacted One Big Beautiful Bill Act (OBBBA) on its consolidated financial statements - The One Big Beautiful Bill Act (OBBBA) was enacted on July 4, 2025, and the company is currently assessing its impact on its consolidated financial statements[80](index=80&type=chunk) - The company's effective income tax rate for the six months ended June 30, 2025, was **13%**, down from **26%** in the prior year, primarily due to a significant decline in income before income taxes and a goodwill impairment loss[120](index=120&type=chunk) [9. COMMITMENTS AND CONTINGENCIES](index=21&type=section&id=9.%20COMMITMENTS%20AND%20CONTINGENCIES) The company is involved in various lawsuits, claims, and investigations in the ordinary course of business, including professional liability and class action lawsuits. Liabilities are accrued when an adverse outcome is probable and estimable - The company is involved in various legal proceedings, claims, and investigations related to professional liability, tax, compensation, contract, and employment-related matters[81](index=81&type=chunk) - Accruals for loss contingencies are made when an adverse outcome is probable and the amount can be reasonably estimated, with significant matters including class and representative actions for wage and hour claims[81](index=81&type=chunk) [10. BALANCE SHEET DETAILS](index=22&type=section&id=10.%20BALANCE%20SHEET%20DETAILS) This note provides detailed breakdowns of various balance sheet accounts, including other current assets, fixed assets, other assets, accounts payable and accrued expenses, accrued compensation and benefits, and other current and long-term liabilities Other Current Assets (June 30, 2025) | Item | Amount ($ thousand) | | :-------------------------- | :------------ | | Restricted cash and cash equivalents | 22,146 | | Income taxes receivable | 10,592 | | Subcontractor deposits | 12,930 | | Other | 18,698 | | **Total Other current assets** | **64,366** | Fixed Assets, Net (June 30, 2025) | Item | Amount ($ thousand) | | :-------------------------- | :------------ | | Furniture and equipment | 95,254 | | Software | 427,187 | | Leasehold improvements | 16,058 | | Accumulated depreciation | (380,284) | | **Fixed assets, net** | **158,215** | Accounts Payable and Accrued Expenses (June 30, 2025) | Item | Amount ($ thousand) | | :-------------------------- | :------------ | | Trade accounts payable | 34,740 | | Subcontractor payable | 64,716 | | Accrued expenses | 53,420 | | Loss contingencies | 7,213 | | Professional liability reserve | 9,075 | | Other | 6,459 | | **Total** | **175,623** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section discusses AMN Healthcare's business overview, market trends, critical accounting policies, and financial results, highlighting revenue declines, impairment losses, and liquidity [Overview of Our Business](index=23&type=section&id=Overview%20of%20Our%20Business) AMN Healthcare provides technology-enabled healthcare workforce solutions and staffing services across three reportable segments: nurse and allied solutions, physician and leadership solutions, and technology and workforce solutions. The company reported consolidated revenue declines for both the three and six months ended June 30, 2025 - AMN Healthcare provides technology-enabled healthcare workforce solutions and staffing services to healthcare organizations[84](index=84&type=chunk) - The company operates through three reportable segments: nurse and allied solutions, physician and leadership solutions, and technology and workforce solutions[85](index=85&type=chunk) Consolidated Revenue Overview | Period | 2025 ($ thousand) | 2024 ($ thousand) | | :-------------------------- | :-------- | :-------- | | Three Months Ended June 30, | 658,200 | 740,700 | | Six Months Ended June 30, | 1,347,700 | 1,561,600 | [Operating Metrics](index=23&type=section&id=Operating%20Metrics) The company monitors key operating metrics such as average travelers on assignment, bill rates, billable hours, days filled, revenue per day filled, and minutes for language services to evaluate performance and understand operational trends - Key operating metrics include average travelers on assignment, bill rates, billable hours (nurse and allied solutions), days filled, revenue per day filled (physician and leadership solutions), and minutes (language services)[96](index=96&type=chunk) [Recent Trends](index=24&type=section&id=Recent%20Trends) Post-COVID-19, healthcare organizations are shifting focus to permanent staff hiring and cost management, leading to decreased demand in travel nurse staffing and slowing growth in language services due to increased competition and pricing pressure. Visa retrogression also impacted international nurse staffing - Healthcare organizations are focusing on hiring permanent staff, implementing cost management strategies, and exploring alternative staffing models to decrease reliance on contingent labor[91](index=91&type=chunk) - Demand in the travel nurse business decreased in Q2 2025 due to seasonal fluctuations and lower overall market demand, with open orders dropping below prior year levels[91](index=91&type=chunk) - Growth in the language services business has slowed due to reduced minute growth and lower pricing, a result of increased market competition[94](index=94&type=chunk) [Critical Accounting Policies and Estimates](index=24&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) There have been no material changes to the company's critical accounting policies and estimates compared to its 2024 Annual Report. Management continues to evaluate estimates related to intangible assets, asset impairments, self-insurance, compensation, accounts receivable, contingencies, and income taxes - No material changes have occurred in critical accounting policies and estimates compared to the 2024 Annual Report[95](index=95&type=chunk) - Key estimates include those related to intangible assets, asset impairments, accruals for self-insurance, compensation, accounts receivable, contingencies and litigation, contingent consideration, and income taxes[95](index=95&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) The company experienced significant declines in revenue and gross profit across all segments for both the three and six months ended June 30, 2025, compared to the prior year. This was exacerbated by substantial goodwill and long-lived asset impairment losses, leading to a net loss [Overall Performance](index=25&type=section&id=Overall%20Performance) The company's overall financial performance shifted from net income to a net loss for both the three and six months ended June 30, 2025, with net income (loss) as a percentage of revenue significantly declining Net Income (Loss) as a Percentage of Revenue | Period | 2025 | 2024 | | :-------------------------- | :----- | :----- | | Three Months Ended June 30, | (17.7)% | 2.2% | | Six Months Ended June 30, | (8.7)% | 2.1% | [Comparison of Results for the Three Months Ended June 30, 2025 to the Three Months Ended June 30, 2024](index=25&type=section&id=Comparison%20of%20Results%20for%20the%20Three%20Months%20Ended%20June%2030%2C%202025%20to%20the%20Three%20Months%20Ended%20June%2030%2C%202024) Total revenue decreased 11% to $658.2 million, primarily due to a 14% decline in the nurse and allied solutions segment. Gross profit decreased 15%, and significant goodwill and long-lived asset impairment losses were recognized, leading to a net loss of $(116.2) million - Total revenue decreased **11%** to **$658.2 million**, with the nurse and allied solutions segment experiencing the greatest decline[99](index=99&type=chunk) - Nurse and allied solutions segment revenue decreased **14%** (**$60.5 million**) due to a **16%** decrease in average travelers on assignment, a **2%** decrease in average bill rate, and a **1%** decrease in average billable hours, partially offset by a **$15.0 million** increase in labor disruption revenue[99](index=99&type=chunk) - Physician and leadership solutions segment revenue decreased **6%** (**$11.6 million**) due to lower demand across all businesses, including a **9%** decrease in locum tenens days filled, a **25%** decline in interim leadership, and a **29%** decline in physician permanent placement and executive search[100](index=100&type=chunk) - Technology and workforce solutions segment revenue decreased **9%** (**$10.4 million**) primarily due to declines in VMS (**31%**) and outsourced solutions (**46%**) businesses[101](index=101&type=chunk) - Gross profit decreased **15%** to **$196.4 million**, with consolidated gross margin declining to **29.8%** from **31.0%** in the prior year[104](index=104&type=chunk) - A goodwill impairment loss of **$109.5 million** and a long-lived assets impairment loss of **$18.3 million** were recognized[106](index=106&type=chunk)[107](index=107&type=chunk) [Comparison of Results for the Six Months Ended June 30, 2025 to the Six Months Ended June 30, 2024](index=27&type=section&id=Comparison%20of%20Results%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025%20to%20the%20Six%20Months%20Ended%20June%2030%2C%202024) Total revenue decreased 14% to $1,347.7 million, primarily driven by a 17% decline in the nurse and allied solutions segment. Gross profit decreased 19%, and significant impairment losses contributed to a net loss of $(117.3) million - Total revenue decreased **14%** to **$1,347.7 million**, with the nurse and allied solutions segment experiencing the greatest decline[110](index=110&type=chunk) - Nurse and allied solutions segment revenue decreased **17%** (**$166.6 million**) due to a **19%** decrease in average travelers on assignment, a **3%** decrease in average bill rate, and a **1%** decrease in average billable hours, partially offset by a **$54.0 million** increase in labor disruption revenue[111](index=111&type=chunk) - Physician and leadership solutions segment revenue decreased **7%** (**$26.3 million**) due to lower demand, including a **2%** decline in locum tenens revenue (**9%** decrease in days filled, partially offset by **8%** increase in revenue per day filled), a **23%** decline in interim leadership, and a **29%** decline in physician permanent placement and executive search[112](index=112&type=chunk) - Technology and workforce solutions segment revenue decreased **9%** (**$21.0 million**) due to declines in VMS (**32%**) and outsourced solutions (**51%**), partially offset by a **3%** growth in language services (**7%** increase in minutes)[113](index=113&type=chunk) - Gross profit decreased **19%** to **$394.5 million**, with consolidated gross margin declining to **29.3%** from **31.2%** in the prior year[116](index=116&type=chunk) - A goodwill impairment loss of **$109.5 million** and a long-lived assets impairment loss of **$18.3 million** were recognized[118](index=118&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) Net cash provided by operating activities decreased, while net cash used in investing and financing activities increased for the six months ended June 30, 2025. The company maintains a $750.0 million secured revolving credit facility and believes its current liquidity and available borrowings are sufficient to fund operations and future acquisitions Cash Flow Summary (Six Months Ended June 30) | Item | 2025 ($ thousand) | 2024 ($ thousand) | | :-------------------------------------------------- | :-------- | :-------- | | Net cash provided by operating activities | 171,219 | 180,901 | | Net cash used in investing activities | (46,637) | (43,731) | | Net cash used in financing activities | (141,437) | (119,081) | | Net increase (decrease) in cash, cash equivalents and restricted cash | (16,855) | 18,089 | - As of June 30, 2025, **$70.0 million** was drawn with **$659.6 million** available under the **$750.0 million** secured revolving credit facility[123](index=123&type=chunk) - The company had **$500.0 million** in 2027 Notes and **$350.0 million** in 2029 Notes outstanding as of June 30, 2025[123](index=123&type=chunk) - Days Sales Outstanding (DSO) was **54 days** as of June 30, 2025, an improvement from **63 days** as of June 30, 2024[127](index=127&type=chunk) [Recent Accounting Pronouncements](index=31&type=section&id=Recent%20Accounting%20Pronouncements) The company is evaluating the impact of two new FASB ASUs: ASU 2023-09 on Income Tax Disclosures (effective for fiscal years beginning after December 15, 2024) and ASU 2024-03 on Expense Disaggregation Disclosures (effective for fiscal years beginning after December 15, 2026) - ASU 2023-09, 'Income Taxes (Topic 740): Improvements to Income Tax Disclosures,' is effective for fiscal years beginning after December 15, 2024[132](index=132&type=chunk) - ASU 2024-03, 'Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,' is effective for fiscal years beginning after December 15, 2026[133](index=133&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk exposure is interest rate risk associated with its variable interest debt and investment portfolio. A 100 basis point change in interest rates is not expected to materially affect its financial statements or investment portfolio. Foreign currency risk is considered immaterial - The primary market risk exposure is interest rate risk associated with variable interest debt instruments and the investment portfolio[136](index=136&type=chunk) - A **100 basis point** increase in interest rates would not result in a material effect on the unaudited condensed consolidated financial statements or the fair value of the investment portfolio[136](index=136&type=chunk) - Foreign currency risk is considered immaterial as substantially all revenue is generated in the United States[137](index=137&type=chunk) [Item 4. Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO/COO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2025. No material changes in internal control over financial reporting occurred during the quarter - Management concluded that disclosure controls and procedures were effective as of June 30, 2025[139](index=139&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended June 30, 2025[140](index=140&type=chunk) [PART II - OTHER INFORMATION](index=35&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This part covers legal proceedings, risk factors, equity security sales, defaults, mine safety, other information, and exhibits [Item 1. Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) Information regarding legal proceedings is incorporated by reference from Note (9), 'Commitments and Contingencies,' in the financial statements - Information on legal proceedings is incorporated by reference from Note (9), 'Commitments and Contingencies,' in the accompanying financial statements[142](index=142&type=chunk) [Item 1A. Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors disclosed in the 2024 Annual Report. Various factors, including economic downturns, market conditions, regulatory compliance, and asset impairments, could materially affect the company's business and financial results - No material changes to the risk factors disclosed in Part I, Item 1A of the 2024 Annual Report[143](index=143&type=chunk) - Key risk factors include client efficiency, economic downturns, government policies, market consolidation, legal proceedings, regulatory compliance, immigration laws, recruitment/retention, technology disruptions, cybersecurity, AI, acquisitions, brand reputation, goodwill/intangible asset impairment, indebtedness, and insurance accruals[135](index=135&type=chunk)[138](index=138&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company has a share repurchase program with $226.7 million remaining authorization as of June 30, 2025. No shares of common stock were repurchased during the six months ended June 30, 2025 - The company's share repurchase program has a total authorization of **$1,350.0 million**, with **$226.7 million** remaining as of June 30, 2025[144](index=144&type=chunk) - No shares of common stock were repurchased during the six months ended June 30, 2025[145](index=145&type=chunk) [Item 3. Defaults Upon Senior Securities](index=35&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities [Item 4. Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company [Item 5. Other Information](index=35&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, modified, or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the three months ended June 30, 2025 - No Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were adopted, modified, or terminated by directors or officers during the three months ended June 30, 2025[148](index=148&type=chunk) [Item 6. Exhibits](index=36&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report, including various certifications and XBRL documents - Exhibits include certifications (31.1, 31.2, 32.1, 32.2) and XBRL Instance, Schema, Calculation, Definition, Label, and Presentation Documents[149](index=149&type=chunk) [Signatures](index=37&type=section&id=Signatures) The report is signed by Caroline S. Grace, President and Chief Executive Officer, and Brian M. Scott, Chief Financial Officer and Chief Operating Officer, on August 7, 2025 - The report was signed by Caroline S. Grace (President and CEO) and Brian M. Scott (CFO and COO) on August 7, 2025[152](index=152&type=chunk)

Financial Data and Key Metrics Changes - Second quarter revenue was $658 million, down 11% year over year and down 5% sequentially, but at the upper end of guidance [19][7] - Adjusted EBITDA for the second quarter was $58 million, down 38% year over year and 9% sequentially, with an adjusted EBITDA margin of 8.9% [25][26] - Net loss for the second quarter was $116 million, compared to net income of $16 million in the prior year period [27] - Days sales outstanding decreased to 54 days, which is nine days lower than a year ago [28] Business Line Data and Key Metrics Changes - Nurse and Allied revenue was $382 million, down 14% year over year, primarily due to lower volume [20] - Physician and Leadership Solutions segment revenue was $175 million, down 6% year over year [22] - Technology and Workforce Solutions revenue was $102 million, down 9% year over year [24] - Language services revenue was $76 million, up 1% year over year [24] Market Data and Key Metrics Changes - Academic medical centers accounted for about 20% of consolidated revenue year to date, with spending reductions due to federal funding cuts [8] - Travel nurse orders in June were 15% lower than in March, indicating client uncertainty [8] - Locum Tenens demand was 5% higher than Q2, showing signs of recovery [13] Company Strategy and Development Direction - The company aims to diversify revenues and enhance technology-enabled services, with AMN Passport achieving over 300,000 registered users [15] - Focus on operational efficiency and cost management while driving volume growth [17] - The company is positioned to benefit from market share gains in an environment where competitors are struggling [14][92] Management's Comments on Operating Environment and Future Outlook - Management noted that uncertainty regarding government policy has led to cautious client behavior, impacting staffing orders [7] - There are signs of demand stabilization in July, with expectations for improved metrics in the second half of the year [10][38] - The company anticipates double-digit growth in international nurse staffing by 2026, driven by visa retrogression improvements [96][97] Other Important Information - The company recorded a non-cash goodwill impairment charge of $110 million related to the Physician and Leadership Solutions segment [26] - The sale of SmartSquare for $75 million is expected to reduce annualized revenue by approximately $17 million starting in Q3 [25] Q&A Session Summary Question: Insights on clients' contingent labor needs - Management observed that clients are normalizing their utilization of labor, with a focus on permanent hiring and building flexibility [39][40] Question: Drivers behind gross margin improvements in Nurse and Allied - Management indicated that underlying spreads in Nurse and Allied have stabilized, contributing to improved gross margins [43][44] Question: Timing for potential recovery in demand - Management expects to see stabilization and potential growth in demand as the year progresses, particularly in Q4 [56][57] Question: Competitive pricing environment - Management noted that pricing has remained stable, with no significant changes despite competitive pressures [108][109] Question: Future growth expectations for language services - Management anticipates modest growth in language services, with a focus on managing competitive pricing pressures [82]

[Executive Summary](index=1&type=section&id=Executive%20Summary) [Q2 2025 Key Financial Highlights](index=1&type=section&id=Q2%202025%20Key%20Financial%20Highlights) AMN Healthcare's Q2 2025 revenue was **$658.2 million** (down **11%**), adjusted EBITDA **$58.3 million** (down **38%**), and GAAP net loss **$116.2 million** from impairment | Metric | Q2 2025 (Millions USD) | YoY Change (%) | H1 2025 (Millions USD) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $658.2 | (11%) | $1,347.7 | (14%) | | Gross Profit | $196.4 | (15%) | $394.5 | (19%) | | Net Loss | ($116.2) | nm | ($117.3) | nm | | Diluted EPS Loss | ($3.02) | nm | ($3.06) | nm | | Adjusted Diluted EPS* | $0.30 | (69%) | $0.75 | (62%) | | Adjusted EBITDA* | $58.3 | (38%) | $122.5 | (36%) | - GAAP loss includes **$128 million** in non-cash goodwill and intangible asset impairment charges, equivalent to **$2.81** per share[3](index=3&type=chunk) [Business Highlights](index=1&type=section&id=Business%20Highlights) Q2 highlights include revenue and adjusted EBITDA margin exceeding guidance, strong operating cash flow, and a strategic divestiture - Q2 revenue was near the high end of guidance, and adjusted EBITDA margin exceeded guidance[3](index=3&type=chunk) - Allied staffing revenue exceeded expectations[3](index=3&type=chunk) - AMN Passport users surpassed **300,000**[3](index=3&type=chunk) - Smart Square was sold in July for **$75 million**, advancing the WorkWise technology platform partnership strategy[3](index=3&type=chunk) - Operating cash flow reached **$79 million**, reducing debt by **$80 million**, with a net leverage ratio of **3.3:1**[3](index=3&type=chunk) [CEO Commentary](index=2&type=section&id=CEO%20Commentary) CEO noted solid Q2 performance, market progress, stable July orders, and rebounding renewal rates despite policy uncertainties - The company demonstrated solid Q2 financial performance and continued progress in serving all market channels and being a preferred workforce partner[4](index=4&type=chunk) - Third-party rankings confirmed AMN maintained market share in a competitive environment[4](index=4&type=chunk) - Enhanced AI and technology services, broad solutions, and talent teams are expected to drive future market share gains[4](index=4&type=chunk) - Uncertain healthcare policy slowed client decision-making in Q2, but July orders stabilized, and renewal rates rebounded[4](index=4&type=chunk) [Second Quarter 2025 Financial Results](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Results) [Consolidated Results](index=2&type=section&id=Consolidated%20Results) AMN Healthcare's Q2 2025 consolidated revenue was **$658 million** (down **11%**), resulting in a **$116 million** net loss and **$0.30** adjusted diluted EPS | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Consolidated Revenue | $658 Million | $740 Million | -11% | | Net Loss | ($116) Million | $16 Million | nm | | Diluted EPS Loss | ($3.02) | $0.42 | nm | | Adjusted Diluted EPS | $0.30 | $0.98 | -69% | [Segment Performance](index=2&type=section&id=Segment%20Performance) All segments experienced revenue declines, with Nurse and Allied Solutions down **14%**, Physician and Leadership Solutions down **6%**, and Technology and Workforce Solutions down **9%** [Nurse and Allied Solutions](index=2&type=section&id=Nurse%20and%20Allied%20Solutions) Nurse and Allied Solutions revenue decreased to **$382 million** (down **14%**), driven by travel nurse and allied staffing declines, with **$16 million** from labor disruption | Metric | Q2 2025 (Millions USD) | YoY Change (%) | QoQ Change (%) | | :--- | :--- | :--- | :--- | | Nurse and Allied Solutions Revenue | $382 | (14%) | (8%) | | Travel Nurse Staffing Revenue | - | (25%) | (4%) | | Allied Staffing Revenue | - | (4%) | (1%) | | Labor Disruption Revenue Contribution | $16 | - | - | [Physician and Leadership Solutions](index=2&type=section&id=Physician%20and%20Leadership%20Solutions) Physician and Leadership Solutions revenue was **$175 million** (down **6%**), with flat locum tenens revenue but declines in interim leadership and search | Metric | Q2 2025 (Millions USD) | YoY Change (%) | QoQ Change (%) | | :--- | :--- | :--- | :--- | | Physician and Leadership Solutions Revenue | $175 | (6%) | 0% | | Locum Tenens Revenue | $143 | 0% | 1% | | Interim Leadership Revenue | - | (25%) | (5%) | | Physician and Leadership Search Revenue | - | (29%) | (2%) | [Technology and Workforce Solutions](index=3&type=section&id=Technology%20and%20Workforce%20Solutions) Technology and Workforce Solutions revenue was **$102 million** (down **9%**), with language services growing **1%** while VMS revenue declined **31%** | Metric | Q2 2025 (Millions USD) | YoY Change (%) | QoQ Change (%) | | :--- | :--- | :--- | :--- | | Technology and Workforce Solutions Revenue | $102 | (9%) | 0% | | Language Services Revenue | $76 | 1% | 1% | | VMS Revenue | $19 | (31%) | (2%) | [Key Financial Metrics](index=3&type=section&id=Key%20Financial%20Metrics) Consolidated gross margin was **29.8%** (down **120 bps**), with an operating loss of **$124 million** due to impairment, and adjusted EBITDA of **$58 million** (down **38%**) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Consolidated Gross Margin | 29.8% | 31.0% | -120 bps | | SG&A Expenses (% of Revenue) | 23.5% | 20.1% | +340 bps | | Operating Loss | ($124) Million | $38 Million | nm | | Operating Margin | (18.8%) | 5.1% | -2390 bps | | Adjusted EBITDA | $58 Million | $94 Million | -38% | | Adjusted EBITDA Margin | 8.9% | 12.7% | -380 bps | - The year-over-year increase in SG&A expenses was primarily due to unfavorable actuarial adjustments for professional liability insurance this year[10](index=10&type=chunk) - Operating loss primarily resulted from **$128 million** in non-cash goodwill and intangible asset impairment charges[11](index=11&type=chunk) [Balance Sheet and Cash Flow Highlights](index=3&type=section&id=Balance%20Sheet%20and%20Cash%20Flow%20Highlights) As of June 30, 2025, the company held **$42 million** in cash, generated **$79 million** in Q2 operating cash flow, and had **$920 million** in total debt | Metric | As of June 30, 2025 (Millions USD) | | :--- | :--- | | Cash and Cash Equivalents | $42 | | Operating Cash Flow (Q2) | $79 | | Capital Expenditures (Q2) | $10 | | Total Debt | $920 | [Strategic Transactions](index=3&type=section&id=Strategic%20Transactions) AMN Healthcare sold Smart Square for **$75 million** in July, projecting annual revenue and adjusted EBITDA reductions of **$17 million** and **$6 million** - Smart Square nurse scheduling software was sold to symplr in July for **$65 million** in cash and a **$10 million** 18-month note[13](index=13&type=chunk) - The divestiture is expected to reduce Technology and Workforce Solutions and consolidated revenue by approximately **$17 million** annually, and adjusted EBITDA by approximately **$6 million** annually[14](index=14&type=chunk) [Third Quarter 2025 Outlook](index=5&type=section&id=Third%20Quarter%202025%20Outlook) [Consolidated Guidance](index=5&type=section&id=Consolidated%20Guidance) Q3 2025 consolidated revenue is projected between **$610-625 million**, with gross margin **28.7-29.2%** and adjusted EBITDA margin **7.7-8.2%** | Metric | Guidance Range | | :--- | :--- | | Consolidated Revenue | $610 - $625 Million | | Gross Margin | 28.7% - 29.2% | | SG&A as % of Revenue | Approx 23.0% | | Operating Margin | 6.0% - 6.5% | | Adjusted EBITDA Margin | 7.7% - 8.2% | - Q3 2025 revenue is projected to decrease by **9-11%** year-over-year and **5-7%** sequentially[16](index=16&type=chunk) [Segment Revenue Projections](index=5&type=section&id=Segment%20Revenue%20Projections) Q3 segment revenues are expected to decline: Nurse and Allied Solutions down **11-14%**, Physician and Leadership Solutions down **2-4%**, and Technology and Workforce Solutions down **12-14%** | Business Segment | Q3 2025 Revenue YoY Change | | :--- | :--- | | Nurse and Allied Solutions | Down 11-14% | | Physician and Leadership Solutions | Down 2-4% | | Technology and Workforce Solutions | Down 12-14% | - Guidance assumes **$5 million** in labor disruption revenue[16](index=16&type=chunk) [Other Financial Estimates](index=5&type=section&id=Other%20Financial%20Estimates) Q3 financial estimates include **$17 million** depreciation, **$21 million** non-cash amortization, **$7.5 million** stock-based compensation, and **$10.5 million** interest expense | Item | Q3 2025 Estimate (Millions USD) | | :--- | :--- | | Depreciation | $17 | | Depreciation in Cost of Revenue | $2 | | Non-Cash Amortization Expense | $21 | | Stock-Based Compensation Expense | $7.5 | | Integration and Other Costs | $2.5 | | Interest Expense | $10.5 | | Adjusted Tax Rate | 28% | | Average Diluted Shares Outstanding | 38.7 Million Shares | | Smart Square Divestiture Gain (Assumed) | $40 | [Company Information](index=6&type=section&id=Company%20Information) [About AMN Healthcare](index=6&type=section&id=About%20AMN%20Healthcare) AMN Healthcare is a leading US healthcare talent solutions innovator, serving over **2,100** systems and **15 million** patients in 2024 with comprehensive staffing and technology - AMN Healthcare is a leader and innovator in healthcare talent solutions in the United States[20](index=20&type=chunk) - In **2024**, the company served over **2,100** healthcare systems, including **87%** of the nation's top systems, and nearly **15 million** patients[20](index=20&type=chunk) - The company provides a comprehensive network of healthcare professionals and an integrated suite of customized workforce technologies[20](index=20&type=chunk) - The company's common stock is listed on the New York Stock Exchange under the ticker symbol “AMN”[21](index=21&type=chunk) [Conference Call Details](index=6&type=section&id=Conference%20Call%20Details) AMN Healthcare will host a conference call on August 7, 2025, at 5:00 PM ET to discuss Q2 2025 results and Q3 outlook - The conference call will be held on August **7**, **2025**, at **5:00 PM ET**[19](index=19&type=chunk) - Discussion will cover Q2 **2025** financial results and the Q3 outlook[19](index=19&type=chunk) [Non-GAAP Measures](index=6&type=section&id=Non-GAAP%20Measures) [Explanation and Reconciliation](index=6&type=section&id=Explanation%20and%20Reconciliation) This report includes non-GAAP financial measures like adjusted EBITDA and diluted EPS, provided as supplemental information to assess operational performance - Non-GAAP financial measures include Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Diluted EPS[22](index=22&type=chunk) - Management believes these metrics aid in evaluating the company's operating performance and serve as industry-wide financial measures[23](index=23&type=chunk) - Non-GAAP metrics should not be used in isolation, and their reconciliation tables and detailed explanations are available in the “Non-GAAP Reconciliation Tables”[23](index=23&type=chunk) [Forward-Looking Statements & Risk Factors](index=7&type=section&id=Forward-Looking%20Statements%20%26%20Risk%20Factors) [Forward-Looking Statements Disclaimer](index=7&type=section&id=Forward-Looking%20Statements%20Disclaimer) This press release contains forward-looking statements regarding future demand, market share, AI investments, and Q3 2025 projections, with actual results potentially differing materially - This press release contains “forward-looking statements” concerning future demand, market share, AI and technology investments, revenue diversification, healthcare policy impacts, and Q3 **2025** financial projections[24](index=24&type=chunk) - Actual results may differ materially from forward-looking statements[24](index=24&type=chunk) - The company undertakes no obligation to update or revise any forward-looking statements[28](index=28&type=chunk) [Key Risk Factors](index=8&type=section&id=Key%20Risk%20Factors) Forward-looking statements depend on factors like client staffing efficiency, hospital temporary staff utilization, post-pandemic impacts, and talent retention - Risk factors include clients' ability to improve staffing efficiency, hospitals' adjustment to temporary staff utilization, post-pandemic effects, and the ability to attract and retain healthcare professionals[26](index=26&type=chunk) - Ability to adapt to market changes, impact of economic downturns and inflation, technology product development, regulatory compliance, M&A integration, and negative impacts from intermediaries[26](index=26&type=chunk) - Labor market disruptions, cybersecurity incidents, and hospitals' ability to pay[26](index=26&type=chunk)[27](index=27&type=chunk) [Financial Statements](index=10&type=section&id=Financial%20Statements) [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) This section presents AMN Healthcare Services, Inc.'s unaudited condensed consolidated statements of comprehensive income (loss) for Q2 and H1 2025 and 2024 | Metric (Thousands USD) | Q2 2025 | Q2 2024 | Q1 2025 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | $658,175 | $740,685 | $689,533 | $1,347,708 | $1,561,563 | | Cost of Revenue | $461,776 | $510,858 | $491,413 | $953,189 | $1,074,230 | | Gross Profit | $196,399 | $229,827 | $198,120 | $394,519 | $487,333 | | Operating Loss | ($123,715) | $37,682 | $12,507 | ($111,208) | $77,627 | | Net Income (Loss) | ($116,202) | $16,237 | ($1,092) | ($117,294) | $33,565 | | Diluted EPS Loss | ($3.02) | $0.42 | ($0.03) | ($3.06) | $0.88 | [Condensed Consolidated Balance Sheets](index=12&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents AMN Healthcare Services, Inc.'s unaudited condensed consolidated balance sheets as of June 30, 2025, December 31, 2024, and June 30, 2024 | Metric (Thousands USD) | June 30, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | $41,503 | $10,649 | $48,038 | | Total Current Assets | $571,351 | $594,915 | $704,757 | | Goodwill | $755,809 | $897,456 | $1,116,307 | | Intangible Assets, Net | $322,518 | $381,364 | $424,504 | | Total Assets | $2,212,221 | $2,415,727 | $2,771,327 | | Total Current Liabilities | $573,643 | $545,785 | $573,890 | | Revolving Credit Facility | $70,000 | $210,000 | $345,000 | | Notes Payable, Net | $846,463 | $845,872 | $845,280 | | Total Liabilities | $1,604,625 | $1,709,107 | $1,894,468 | | Stockholders' Equity | $607,596 | $706,620 | $876,859 | [Summary Condensed Consolidated Statements of Cash Flows](index=13&type=section&id=Summary%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section provides AMN Healthcare Services, Inc.'s unaudited summary condensed consolidated statements of cash flows for Q2 and H1 2025 and 2024 | Metric (Thousands USD) | Q2 2025 | Q2 2024 | Q1 2025 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $78,548 | $99,515 | $92,671 | $171,219 | $180,901 | | Net Cash Used in Investing Activities | ($20,591) | ($22,332) | ($26,046) | ($46,637) | ($43,731) | | Net Cash Used in Financing Activities | ($80,226) | ($80,108) | ($61,211) | ($141,437) | ($119,081) | | Cash, Cash Equivalents, and Restricted Cash, End of Period | $72,450 | $126,362 | $94,719 | $72,450 | $126,362 | [Supplemental Financial Data & Reconciliations](index=14&type=section&id=Supplemental%20Financial%20Data%20%26%20Reconciliations) [Non-GAAP Reconciliation Tables](index=14&type=section&id=Non-GAAP%20Reconciliation%20Tables) This section provides detailed reconciliation tables for non-GAAP financial measures like adjusted EBITDA, net income, and diluted EPS to their GAAP equivalents | Metric (Thousands USD) | Q2 2025 | Q2 2024 | Q1 2025 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Income (Loss) | ($116,202) | $16,237 | ($1,092) | ($117,294) | $33,565 | | Adjusted EBITDA | $58,289 | $94,087 | $64,200 | $122,489 | $191,753 | | Adjusted EBITDA Margin | 8.9% | 12.7% | 9.3% | 9.1% | 12.3% | | Adjusted Net Income | $11,561 | $37,332 | $17,327 | $28,888 | $74,560 | | Adjusted Diluted EPS | $0.30 | $0.98 | $0.45 | $0.75 | $1.95 | [Supplemental Segment Operating Data](index=15&type=section&id=Supplemental%20Segment%20Operating%20Data) This section provides supplemental operating data for each business segment, including average travelers, fill days, revenue per fill day, and leverage ratio | Business Segment | Q2 2025 | Q2 2024 | Q1 2025 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Nurse and Allied Solutions Revenue (Thousands USD) | $381,871 | $442,399 | $413,261 | $795,132 | $961,696 | | Physician and Leadership Solutions Revenue (Thousands USD) | $174,531 | $186,065 | $174,065 | $348,596 | $374,862 | | Technology and Workforce Solutions Revenue (Thousands USD) | $101,773 | $112,221 | $102,207 | $203,980 | $225,005 | | Average Travelers on Assignment | 8,700 | 10,302 | 8,981 | 8,841 | 10,913 | | Fill Days | 51,325 | 56,244 | 51,342 | 102,667 | 113,093 | | Revenue per Fill Day | $2,777 | $2,538 | $2,743 | $2,760 | $2,546 | | Metric | June 30, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | | Leverage Ratio | 3.3 | 3.0 | 2.6 | [Reconciliation of Guidance Operating Margin to Guidance Adjusted EBITDA Margin](index=16&type=section&id=Reconciliation%20of%20Guidance%20Operating%20Margin%20to%20Guidance%20Adjusted%20EBITDA%20Margin) This section reconciles Q3 2025 guidance for operating margin to adjusted EBITDA margin, detailing adjustments for depreciation, amortization, and other costs | Metric | September 30, 2025 (Low) | September 30, 2025 (High) | | :--- | :--- | :--- | | Operating Margin | 6.0% | 6.5% | | Depreciation and Amortization (Total) | 6.6% | 6.5% | | EBITDA Margin | 12.6% | 13.0% | | Smart Square Divestiture Gain | (6.5%) | (6.4%) | | Stock-Based Compensation Expense | 1.2% | 1.2% | | Integration and Other Costs | 0.4% | 0.4% | | Adjusted EBITDA Margin | 7.7% | 8.2% | [Notes to Non-GAAP Measures](index=17&type=section&id=Notes%20to%20Non-GAAP%20Measures) This section provides detailed notes on non-GAAP measures, explaining definitions, calculation methods, management's rationale for exclusions, and their limitations - Operating margin is defined as operating income (loss) divided by revenue[43](index=43&type=chunk) - Adjusted EBITDA excludes non-operating items such as depreciation, amortization, goodwill impairment, stock-based compensation, and M&A integration costs[43](index=43&type=chunk) - Adjusted Net Income and Adjusted Diluted EPS exclude intangible asset amortization, M&A integration costs, goodwill impairment, and tax impacts[43](index=43&type=chunk) - These non-GAAP metrics aim to provide a more consistent basis for period-over-period comparisons but involve management judgment and should not replace GAAP measures[44](index=44&type=chunk)

Financial Performance - AMN Healthcare reported quarterly revenue of $658 million, an 11% decrease year-over-year and a 5% decrease sequentially [5][8] - The company experienced a net loss of $116.2 million, translating to a diluted loss per share of ($3.02) [5][13] - Adjusted diluted EPS was $0.30, down 69% from the same quarter last year [5][13] Segment Performance - Revenue from the Nurse and Allied Solutions segment was $382 million, a 14% decline year-over-year and an 8% decline from the previous quarter [6][38] - The Physician and Leadership Solutions segment reported revenue of $175 million, down 6% year-over-year and flat sequentially [7][38] - Technology and Workforce Solutions segment revenue was $102 million, a decrease of 9% year-over-year and flat sequentially [10][38] Operational Highlights - The company achieved a consolidated gross margin of 29.8%, which is 120 basis points lower year-over-year but improved by 110 basis points sequentially [11][38] - SG&A expenses were $155 million, representing 23.5% of revenue, an increase from 20.1% in the same quarter last year [12][38] - Cash flow from operations was strong at $79 million, allowing the company to reduce debt by $80 million, resulting in a net leverage ratio of 3.3:1 [8][14] Future Outlook - For Q3 2025, consolidated revenue is expected to be 9-11% lower than the prior year, with specific segment declines projected [17][18] - The company anticipates a gross margin between 28.7% and 29.2% for the upcoming quarter [17] - Labor disruption revenue assumed in guidance is $5 million [18] Strategic Developments - The sale of Smart Square for $75 million is part of the company's strategy to enhance its partnership with symplr [15][16] - AMN Passport, the company's app for healthcare professionals, surpassed 300,000 users, indicating growth in its technology-enabled services [8]

Core Insights - The average starting salary for physicians is $403,000, with orthopedic surgeons earning the highest at $576,000 and pediatricians the lowest at $258,000 [1][2][3] Salary Trends - Specialists, particularly orthopedic surgeons, gastroenterologists ($552,000), urologists ($521,000), radiologists ($500,000), and hematologists/oncologists ($490,000), command the highest starting salaries [2][3] - The average starting salary for otolaryngologists increased by 36% from $358,000 to $487,000, while cardiologists saw a 19% increase from $396,000 to $470,000, and hematologists/oncologists increased by 10% from $444,000 to $490,000 [4] Demand for Healthcare Professionals - There is a strong demand for specialists driven by the growing senior citizen population, leading to high starting salary offers [3] - The five specialties with the most demand are hematologists/oncologists, gastroenterologists, endocrinologists, and radiologists, although job prospects are abundant across all medical specialties [5][6] Nurse Practitioners (NPs) Salary Insights - The average starting salary for NPs is $180,000, reflecting a 9.6% increase from $164,000 in 2024 [5] Additional Compensation - Physicians are offered an average signing bonus of $38,315 (up 23% from $31,103), a relocation allowance of $12,619 (up 12% from $11,284), and a continuing medical education allowance of $4,073 (up 3% from $3,969) [6][7] - The combined average of signing bonuses, relocation, and CME allowances totals $58,854, in addition to the average starting salary of $403,000 [7] Report Overview - The data is based on a representative sample of 1,420 search engagements conducted by AMN Healthcare from April 1, 2024, to March 31, 2025 [8]

Core Viewpoint - AMN Healthcare Services (AMN) is expected to report a year-over-year decline in earnings and revenues for the quarter ended June 2025, with the actual results being crucial for its near-term stock price movement [1][2]. Earnings Expectations - The upcoming earnings report is anticipated to show earnings of $0.17 per share, reflecting a significant year-over-year decrease of 82.7% [3]. - Revenues are projected to be $652.49 million, which is an 11.9% decline from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has been revised down by 8.43% over the last 30 days, indicating a reassessment by analysts [4]. - The Most Accurate Estimate for AMN is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +0.58% [12]. Earnings Surprise Prediction - A positive Earnings ESP reading suggests a potential earnings beat, but the current Zacks Rank of 4 indicates a lower likelihood of this outcome [10][12]. - Historical performance shows that AMN has beaten consensus EPS estimates in the last four quarters, with a notable surprise of +136.84% in the most recent quarter [13][14]. Industry Comparison - Charles River Laboratories (CRL), another player in the medical services industry, is expected to report earnings of $2.5 per share, down 10.7% year-over-year, with revenues of $982.87 million, a 4.2% decline [18][19]. - CRL has a positive Earnings ESP of +0.11% and a Zacks Rank of 3, indicating a higher likelihood of beating consensus EPS estimates [20].

Group 1 - AMN Healthcare Services, Inc. has scheduled a conference call for August 7, 2025, to discuss its Q2 2025 financial results and Q3 2025 outlook [1] - The earnings news release is expected to be issued after market close on the same day at approximately 4:15 p.m. Eastern Time [1] - A live webcast of the call will be accessible through a provided link and on AMN Healthcare's investor relations website [2] Group 2 - Following the call, a replay of the webcast will be available on the Company's investor relations website [3] - AMN Healthcare is recognized as a leader in total talent solutions for healthcare, addressing workforce challenges to improve clinical outcomes [4] - In 2024, AMN Healthcare professionals reached nearly 15 million patients across over 2,100 healthcare systems, including 87% of the top healthcare systems nationwide [4] Group 3 - The Company's common stock is listed under the symbol "AMN" on the New York Stock Exchange [5] - AMN Healthcare provides various channels for distributing information, including email alerts and RSS feeds [5] - Contact information for investor relations is available, including a dedicated Vice President for Investor Relations and Strategy [6]

Core Insights - AMN Healthcare Services, Inc. announced the sale of its Smart Square scheduling software to symplr for $75 million, establishing a commercial partnership to enhance operational technology and workforce solutions [1][10] - The partnership is expected to strengthen AMN's Scheduling and Staff Planning business, boosting its position in the healthcare workforce management niche [2] Company Performance - Following the announcement, AMN's shares gained nearly 0.5%, reflecting positive market sentiment [3] - AMN Healthcare has a market capitalization of $843.9 million and an earnings yield of 4.8%, outperforming the industry average of 4.2% [4] Strategic Rationale - AMN Healthcare aims to meet the increasing demand for integrated workforce management solutions by combining its capabilities with symplr's software, which is expected to streamline various administrative processes for healthcare organizations [5][6] - The partnership is anticipated to enhance AMN's WorkWise technology suite, providing clients with a comprehensive solution for workforce management [6] Industry Outlook - The global workforce management market was valued at $8.07 billion in 2022 and is projected to reach $19.35 billion by 2030, growing at a CAGR of 11.7%, driven by workforce optimization and technological advancements [8] - The recent announcement is expected to significantly boost AMN Healthcare's business in light of the market potential [8] Recent Developments - In May, AMN reported a 4.9% year-over-year increase in revenues from its Technology and Workforce Solutions segment's Language services [9]

Company Overview - AMN Healthcare is a leader and innovator in total talent solutions for healthcare, uniquely positioned to serve growing health systems and diverse care settings[5] - The company has over 12,000 total employees[8] - AMN Healthcare has a strong ESG/CSR track record[8] Financial Performance - In 2019, AMN Healthcare's revenue was $2.222 billion, with a gross profit of $743 million and a gross margin of 33.5%[8] - Adjusted EBITDA for 2019 was $277 million, representing an adjusted EBITDA margin of 12.5%[8] - Free cash flow in 2019 was $190 million, with a free cash flow conversion rate of 68%[8] - As of Q3 2020, Nurse and Allied Solutions accounted for 69% of revenue, Physician and Leadership Solutions 20%, and Technology and Workforce Solutions 11%[8, 11] - Managed Services Programs (MSPs) account for 56% of revenue from these segments[12] Market Position and Strategy - AMN Healthcare manages over $3.4 billion in spend under management[19] - The company is well-positioned to capture long-term U.S secular trends, including the aging population and healthcare professionals, job openings/turnover, and healthcare spend[37] - The total addressable market is approximately $22 billion, including $17 billion for the U.S Healthcare Staffing Market and $5 billion for other addressable markets[42, 43] - The company's strategic approach to M&A focuses on accretive profit margins and revenue growth, with a ROIC greater than the cost of capital[104]