8/13/2019 AHS Jan 2013

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Percentsharestraded

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Target Price Range2015 2016 2017

AMN HEALTHCARE NYSE-AHS 11.55 25.1 50.2

24.0 1.63 NilTIMELINESS 1 Raised 10/26/12

SAFETY 3 New 1/25/02

TECHNICAL 4 Raised 1/11/13BETA 1.05 (1.00 = Market)

2015-17 PROJECTIONSAnnl Total

Pr ice Gain Ret urnHigh 25 (+115%) 20%Low 15 (+30%) 6%

Insider DecisionsF M A M J J A S O

to Buy 0 0 0 0 0 1 1 0 0Options 3 4 7 0 0 0 0 0 0to Sell 0 0 0 1 1 1 1 0 0

Institutional Decisions1Q2012 2Q2012 3Q2012

to Buy 37 57 67to Sell 35 38 42Hlds(000) 34090 34535 35230

High: 27.9 37.4 19.0 21.6 20.7 28.3 29.1 20.4 11.0 10.0 9.3 12.2Low: 20.0 13.0 8.9 10.7 12.9 17.3 16.4 7.4 4.6 4.1 3.6 3.9

% TOT. RETURN 12/12THIS VL ARITH.*

S TO CK I ND EX

1 yr. 160.7 17.43 yr. 27.5 40.15 yr. -32.7 40.9

CAPITAL STRUCTURE as of 9/30/12Total Debt$173.5 mill. Due in 5 Yrs$173.5 mill.LT Debt$158.0 mill. LT Interest $20.0 mill.(Total interest coverage: 1.8x)

(51% of Capl)Leases, UncapitalizedAnnual rentals $14.8 mill.No Defined Benefit Pension Plan

Pfd Stock$22.6 mill. Pfd DivdNil4.5 mill. shs. Series A, liqu. val. $10 a sh., eachconvertible into one com. sh.Common Stock44,386,650 shs.as of 11/1/12MARKET CAP: $525 million (Small Cap)

CURRENT POSITION 2010 2011 9/30/12($MILL.)

Cash Assets 1.9 4.0 3.8Receivables 127.5 169.2 161.6Inventory (Avg Cst) - - - - - -Other 49.9 39.3 28.3

C urre nt Asse ts 17 9. 3 2 12 .5 1 93 .7Accts Payable 45.9 49.8 43.6Debt Due 18.3 34.6 15.5Other 53.7 55.7 56.4Current Liab. 117.9 140.1 115.5

ANNUAL RATES Past Past Estd 09-11of change (per sh) 10 Yrs. 5 Yrs. to 15-17Revenues 8.5% -4.0% 4.0% Cas h Flow 5.5% - 17.5% 24.0%Earnings - - - - NMFDividends - - - - NilBook Value 2.5% -9.5% 13.0%

Cal- Fullendar Year

QUARTERLY REVENUES($ mill.)Mar.31 Jun.30 Sep.30 Dec.31

2009 2 49.6 19 9.1 1 66 .4 1 44 .7 7 59 .82010 1 43.3 14 9.3 1 76 .3 2 20 .3 6 89 .22011 215.8 220.6 229.0 222.1 887.52012 226.4 235.8 243.9 238.9 9452013 240 250 255 255 1000

Cal- Fullendar YearEARNINGSPER SHAREA

Mar.31 Jun.30 Sep.30 Dec.31

2009 .04 .13 d.06 d.08 .032010 .02 - - d.23 d.02 d.232011 .04 .01 .02 .04 .112012 .07 - - .12 .13 .32 2013 .10 .11 .15 .14 .50

Cal- Fullendar Year

QUARTERLY DIVIDENDS PAIDMar.31 Jun.30 Sep.30 Dec.31

20092010 NO CASH DIVIDENDS2011 BEING PAID20122013

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

- - - - - - 7.19 8.00 12.24 18.96 25.40 22.19 22.63 31.28 34.41 37.37 23.28

- - - - - - .47 d.01 .24 1.37 1.52 .82 .91 1.31 1.42 1.50 .45

- - - - - - .34 d.16 .09 1.12 .95 .55 .69 1.02 1.05 1.02 .03

- - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - .08 .08 .11 .11 .46 .18 .12 .28 .27 .27 .12

- - - - - - d.10 2.33 6.43 7.23 4.13 4.83 6.19 7.07 8.16 8.72 5.24

- - - - - - 20.38 28.84 42.29 40.91 28.12 28.34 31.20 34.58 33.83 32.58 32.63

- - - - - - - - - - NMF 21.8 14.5 27.9 22.9 21.8 20.1 14.7 NMF

- - - - - - - - - - NMF 1.19 .83 1.47 1.22 1.18 1.07 .88 NMF

- - - - - - - - - - - - - - - - - - - - - - - - - - - -

7 75 .7 7 14 .2 6 29 .0 7 05 .8 1 08 1.7 1 16 4.0 1 2 17 .2 7 59 .8

11.6% 9.6% 6.7% 7.5% 7.7% 7.3% 7.1% 6.2%

3.8 4.8 5.8 6.2 10.3 11.7 14.4 13.8

52.4 37.8 17.4 22.2 35.1 36.5 34.4 .9

3 9. 5% 3 8. 7% 3 7. 8% 4 0. 2% 3 8. 2% 3 9. 9% 4 3. 9% NM F

6.7% 5.3% 2.8% 3.1% 3.2% 3.1% 2.8% .1%

137.3 76.9 77.2 100.1 114.9 114.4 88.5 74.3

1.0 125.5 96.9 194.8 160.5 120.4 100.2 100.1

295.8 116.1 136.8 193.2 244.6 276.1 284. 1 170.8

17.6% 16.1% 9.2% 7.0% 10.6% 10.5% 9.6% 1.6%

17.7% 32.5% 12.7% 11.5% 14.3% 13.2% 12.1% .5%

17.7% 32.5% 12.7% 11.5% 14.3% 13.2% 12.1% .5%

- - - - - - - - - - - - - - - -

2010 2011 2012 2013 VALUE LINEPUB. LLC 15-17

17.59 21.94 21.25 21.75 Revenues per sh 26.50.18 .53 .65 .85 Cash Flow per sh 1.40

d.23 .11 .32 .50 Earnings per sh A .95- - - - - - Nil Divds Decld per sh Nil

.11 .11 .15 .15 Capl Spending per sh .253.21 2.56 4 .20 4.90 Book Value per sh C 7.40

39.19 40.45 44.50 46.00 Common Shs Outstg B 46.00- - NMF 23.0 Avg Annl P/E Ratio 20.0- - NMF 1.45 Relative P/E Ratio 1.35- - - - - - Avg Annl Divd Yield Nil

689.2 887.5 9 45 1000 Revenues ($mill) 12203. 4% 6. 1% 7 .5 % 8 .0 % Operating Margin 9.5%15.1 16. 4 1 5.0 16.0 Depreciation ($mill) 20.0d8.1 5.0 1 5.0 24.0 Net Profit ($mill) 46.0

- - 6 4.0% 50.0% 45.0% Income Tax Rate 45.0%NMF .6% 1 .6% 2 .4% Net Profit Margin 3.8%61.4 72. 4 95.0 130 Working Capl ($mill) 200

200.8 174.2 155 140 Long-Term Debt ($mill) 80.0181.8 159.7 195 225 Shr. Equity ($mill) 340NMF 4.5% 8 .0% 9 .0% Return on Total Capl 12.0%NMF 3.1% 7.5% 10.5% Return on Shr. Equity 13.5%NMF 4.8% 8.0% 10.5% Retained to Com Eq 13.5%

- - - - - - Nil All Divds to Net Prof Nil

Companys Financial Strength BStocks Price Stability 40Price Growth Persistence 10Earnings Predictability 25

(A) Based on diluted earnings. Includes non-cash stock-based compensation expense: 00,56; 01, 57; 02, 1; 03, 2. Excludes non-recurring losses: 99, 60; 00, 7; 01, 23;

09, $3.78; 10, $1.26. Excl. inc./(loss) from dis-continued ops.: 11, (68); Q112, 2. Nextearnings report due mid-March.

(B) In millions.(C) Includes intangibles. In 2011: $266.9 mil-lion, $6.60/sh.

BUSINESS: AMN Healthcare Services, Inc. provides temp. andpermanent staffing services to hospitals and other healthcarefacilities. Recruits physicians, nurses, physical therapists, andmedical technicians. Has three units: nurse & allied healthcarestaffing (64% of 11 revs, 66% of oper. income); locum tenens(temp physician) staffing (31%, 23%); and physician permanent

placement (5%, 11%). Has about 1,840 employees (excluding5,320 healthcare workers that are contracted to work for AMN).EdgePoint Investment owns 16.5% of common stock; offs./dirs.,3.0% (3/12 proxy). Chmn.: Douglas Wheat. Pres./CEO: SusanSalka. Inc.: DE. Addr.: 12400 High Bluff Dr., Suite 100, San Diego,CA 92130. Tel.: 866-871-8519. Internet: www.amnhealthcare.com.

AMN Healthcare appears to be show-ing resilience amid improving condi-tions in the healthcare staffing mar-ket. Indeed, recent results have been quitei m pr e s si v e. An d ch a n ces a r e t h e com p a n yh a d a s ol id f in i sh t o 2012, p u sh i n g f u ll -y ea r t ot a l s u p a t a v ig or ou s p a c e. O f p a r -ticular note, th e core nurse/allied sta ffingca t eg or y h a s s how n s tr en gt h of la t e,driven by double-digit volume increases.This largely reflects the ongoing pickup ind em a n d f or t e m por a r y n u r s e a n d a l li edh ea l th pr of es sion a ls . L ik ew i se, t h ep er m a n en t p hy si ci a n s t a ff in g li ne h a sb ee n b en e f it i n g f r om i n cr e a s e d s ea r ch e s .

Th i n g s cou l d b e b et t e r i n t h e t e m por a r yphysicians unit, however, where weaknessin some of the larger specialties continuesto offset strength in smaller ones.The earnings recovery should contin-ue in 2013. O u r e xp ect a t i on l a r g e ly a s -s um es d em a n d r em a i ns on a n u ps w in g .This will hinge on such factors as a declinei n t h e u n em p loy m en t r a t e , w h i ch w o u ldp r om p t m obi li t y a m on g e m pl oy e d h e a l t h -ca r e p r of es s ion a l s ; a n e a s in g o f h os pi t a lb u d g e t i n g i s s u e s ; a n d a n u p t i ck i n p a t i e n ta d m i ss ion s , a s i n di vi du a l s r e su m e n on -

elective/nonur gent procedures. Mean wh ile,d es pi t e i n ve st m e nt s f or s t r a t e gi c i n it i a -t i v es (d i s cu s s ed b el ow ) , m a r g i n s s t a n d t of u r t h er e xp a n d d u e t o f ir m er p r ic in g a n dg r e a t e r S G &A l ev e r a g e, a s r e v en u e s r i s e.The bottom line should get an added boost,w i t h d eb t r e fi n a n ci n g cos t s (i n cu r r ed i nthe second quarter of 2012) out of the way.Long-term growth prospects seempromising. AMN is currently investing toe xp a n d i t s w or kf or ce s ol u t i on s off er i n g s ,ca n d i d a t e r e cr u it m e nt ca p a b i li t ie s, a n dt e ch n ology i n f r a s t r u ct u r e. Th e s t r a t e g ici n it i a t i v e s s h ou l d h e lp t o b et t e r p os i t iont h e com p a n y f or t h e l i ke l y r i s e i n d e m a n d

for health professionals over the long haul,b r ou g h t a b ou t b y i n du s t r y t r e nd s (i .e .,a g in g p op ul a t ion , n u rs e s h or t a g e) a n dhealthcare reform.AMN stock is a top-notch choice forthe year ahead, and has reboundpotential to spare, too. Th e i s su e h a sr e g a i n ed s om e g r ou n d s i n ce e a r l y 2 01 2,reflecting increased investor confidence int h e com p a n y s a b i l i t y t o r e t u r n t o g r ow t h .A M N s e f f or t s t o p a y d ow n d e b t w i t h ca s hflow likely havent gone unnoticed, either.J . Su san F er r ar a J an uar y 11, 2013

LEGENDS12.0 x Cash Flowp sh

. . . . Relative Price StrengthOptions: Yes

Shaded areas indicate recessions

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