Cross Country Healthcare, Inc. (NASDAQ:CCRN) Q1 2023 Earnings Conference Call May 3, 2023 5:00 PM ET Company Participants Josh Vogel - Vice President, Investor Relations John Martins - President and Chief Executive Officer Bill Burns - Chief Financial Officer Dan White - Chief Commercial Officer Marc Krug - Group President, Delivery Conference Call Participants Kevin Fischbeck - Bank of America A.J. Rice - Credit Suisse Tobey Sommer - Truist Securities Bill Sutherland - The Benchmark Company Operator Good a ...

Revenue Performance - Revenue from services decreased by 21.0% to $622.7 million for the three months ended March 31, 2023, compared to $788.7 million for the same period in 2022[15] - Contribution income decreased by 39.0% to $67.2 million for the three months ended March 31, 2023, compared to $110.1 million for the same period in 2022[34] - The average Nurse and Allied Staffing revenue per FTE per day decreased by 18.3% to $513 for the three months ended March 31, 2023[28] Net Income and Expenses - Net income attributable to common stockholders was $29.4 million for the three months ended March 31, 2023, down 52.5% from $62.0 million in the same period in 2022[15] - Bad debt expense increased to $4.9 million, representing 0.8% of revenue for the three months ended March 31, 2023, compared to 0.3% in the prior year[24] - Corporate overhead increased to $18.7 million for the three months ended March 31, 2023, from $16.3 million in the prior year, representing 3.0% of consolidated revenue[31] Cash Flow and Financing Activities - Cash flow provided by operating activities was $46.9 million, with net repayments of $10.4 million on the senior secured asset-based credit facility as of March 31, 2023[13] - For the three months ended March 31, 2023, net cash used in financing activities was $46.7 million, compared to $31.3 million provided by financing activities in the same period of 2022[46] - The company reported $0.3 million in cash and cash equivalents and $73.9 million of term loan outstanding as of March 31, 2023[32] Debt and Loan Agreements - The company entered into a Term Loan Agreement on June 8, 2021, for a total of $100.0 million with an interest rate of one-month LIBOR plus 5.75% per annum, subject to a 0.75% LIBOR floor[39] - The company amended the Term Loan Agreement on November 18, 2021, to include an incremental term loan of $75.0 million, primarily to fund organic growth[41] - The company made optional prepayments totaling $100.0 million on the term loan in 2022, incurring prepayment premiums of $1.0 million and writing off debt issuance costs of $2.7 million[43] Compliance and Financial Ratios - As of March 31, 2023, the company was in compliance with the minimum net leverage ratio covenant under the Term Loan Agreement[40] - As of March 31, 2023, the company had $300.0 million available under the ABL, with $66.4 million drawn and $18.2 million in letters of credit outstanding, leaving $215.4 million of excess availability[49] Other Financial Metrics - Days sales outstanding (DSO) increased by 8 days year-over-year to 70 days as of March 31, 2023[32] - A 1% change in interest rates would have resulted in interest expense fluctuations of approximately $0.4 million for the three months ended March 31, 2023[63] - The company repurchased 1,223,404 shares of common stock for $31.7 million during the first quarter of 2023, with $44.5 million remaining for share repurchase under the New Repurchase Program[37]

Cross Country Healthcare, Inc. (NASDAQ:CCRN) Q4 2022 Earnings Conference Call February 22, 2023 5:00 PM ET Company Participants Josh Vogel - Vice President, Investor Relations John Martins - President and Chief Executive Officer Bill Burns - Executive Vice President, Chief Financial Officer Marc Krug - Group President, Delivery Dan White - Chief Commercial Officer Conference Call Participants Brian Tanquilut - Jefferies A.J. Rice - Credit Suisse Tobey Sommer - Truist Securities Bill Sutherland - The Benchma ...

Financial Performance - For the year ended December 31, 2022, total revenue increased by 67% year-over-year to $2.8 billion, driven by strong performance in both Nurse and Allied Staffing and Physician Staffing segments[162]. - Nurse and Allied Staffing represented approximately 96% of total revenue for the year ended December 31, 2022, with revenue from this segment reaching $2.7 billion, an increase of 68.2% from $1.6 billion in 2021[161][179]. - Net income attributable to common stockholders for the year ended December 31, 2022, was $188.5 million, compared to $132.0 million in 2021, reflecting a year-over-year increase of 42.7%[162]. - Contribution income for the year ended December 31, 2022, increased by $149.7 million or 72.8% to $355.4 million, with a contribution income margin of 13.2%[224]. Cash Flow and Expenses - Cash flow provided by operating activities was $134.1 million for the year ended December 31, 2022, compared to a cash outflow of $85.6 million in 2021, indicating a significant improvement in operational cash flow[184]. - Direct operating expenses increased by 67.4% to $2.2 billion for the year ended December 31, 2022, as a result of revenue increases, maintaining a consistent percentage of total revenue at 77.6%[168]. - Selling, general and administrative expenses rose by 50.6% to $324.2 million for the year ended December 31, 2022, but decreased as a percentage of total revenue to 11.6% from 12.8% in 2021[169]. - Corporate overhead increased to $67.1 million for the year ended December 31, 2022, but decreased as a percentage of consolidated revenue to 2.4% from 3.3% in 2021[181]. - Income tax expense for the year ended December 31, 2022, totaled $67.9 million, up from $1.2 million in 2021, with an effective tax rate of 26.5% compared to 1.0% in 2021[196]. Staffing and Workforce - The average number of FTEs in Nurse and Allied Staffing increased by 49.6% to 12,980 in 2022, driven by headcount growth and the WSG acquisition[198][200]. - Average revenue per FTE per day in Nurse and Allied Staffing rose by 12.3% to $565 in 2022, reflecting increased travel bill rates[198][200]. - Total days filled in Physician Staffing increased by 35.9% to 60,038 in 2022, with revenue per day filled at $1,769, up 10.2% from $1,605 in 2021[198][225]. - The healthcare workforce shortage has been exacerbated by the pandemic, but the company has successfully hired and retained healthcare professionals due to its strong culture and operational performance[266]. Investments and Acquisitions - The company made optional prepayments on its term loan totaling $100 million in 2022 to reduce interest costs[163]. - The company entered into asset purchase agreements in 2022 to expand its locum tenens portfolio and strengthen its position in talent management[163]. - The company acquired HireUp Leadership Inc. in December 2022, enhancing its ability to recruit healthcare leaders across various specialties[262]. - The company’s acquisitions in 2022 and 2021 are part of its strategy to expand its service offerings and support critical healthcare needs[262]. Technology and Operations - The proprietary vendor management system, Intellify, is expected to be fully deployed by 2024, enhancing customer visibility and management of spend[264]. - The company has improved its applicant tracking system and on-demand staffing platform, leading to increased efficiency and candidate conversion ratios[264]. - The healthcare staffing industry is increasingly relying on technology, with over 66% of health systems and hospitals using automation tools for revenue cycle operations[263]. - The company continues to modernize its technologies and processes to optimize relationships with healthcare professionals and customers[265]. Financial Position and Capital Management - Working capital increased by $95.5 million to $404.0 million as of December 31, 2022, compared to $308.5 million in 2021, primarily due to an increase in accounts receivable[202]. - Net cash used in financing activities for the year ended December 31, 2022, was $87.6 million, compared to net cash provided of $119.1 million in 2021[204]. - Net cash used in investing activities for the year ended December 31, 2022, was $43.9 million, an increase from $34.0 million in 2021, primarily due to acquisitions of Mint and HireUp totaling $35.1 million[228]. - The company authorized a new repurchase program for up to $100.0 million of its common stock in the third quarter of 2022[227]. Compliance and Risk Management - The company was in compliance with its minimum net leverage ratio covenant as of December 31, 2022[229]. - The company maintains various insurance policies to cover potential liabilities arising from its operations[271]. - As of December 31, 2022, total unrecognized tax benefits recorded was $7.6 million[223]. - The company recorded a valuation allowance release of $37.5 million for deferred tax assets in 2021, indicating improved realizability of these assets[252]. Community and Employee Engagement - The company believes that taking care of its people and communities will lead to overall success, a mindset that has resonated with employees and customers[266]. - The company offers competitive compensation and benefits, including professional liability insurance, a 401(k) plan, health insurance, and reimbursed travel[268]. - The number of students receiving special education services was 7.2 million, or 15% of all public school students, highlighting the increased need for healthcare services in schools[274]. - The company is positioned to assist healthcare systems in managing costs through vendor-neutral and tech-enabled platforms, such as Intellify[275].

Cross Country Healthcare, Inc. (NASDAQ:CCRN) Q3 2022 Earnings Conference Call November 2, 2022 4:30 PM ET Company Participants Josh Vogel - VP, IR John Martins - President and CEO Bill Burns - EVP and CFO Marc Krug - Group President, Delivery Daniel White - CCO Conference Call Participants Kevin Fischbeck - Bank of America A.J. Rice - Credit Suisse Brian Tanquilut - Jefferies Tobey Sommer - Truist Securities Kevin Steinke - Barrington Research Good afternoon, everyone. Welcome to the Cross Country Healthcar ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ——————— FORM 10-Q ——————— ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended September 30, 2022 Or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period From _________ to _________ ——————— CROSS COUNTRY HEALTHCARE, INC. (Exact name of registrant as specified in its charter) ——————— Delaware 0-33169 13-406622 ...

Q2 2022 Investor Relations September 2022 Forward Looking Statements This presentation contains forward-looking statements. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", "appears","seeks", "will" and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncert ...

Cross Country Healthcare, Inc. (NASDAQ:CCRN) Q2 2022 Earnings Conference Call August 3, 2022 5:00 PM ET Company Participants Josh Vogel - Vice President, Investor Relations John A. Martins - President and Chief Executive Officer William J. Burns - Executive Vice President and Chief Financial Officer Daniel J. White - Chief Commercial Officer Conference Call Participants Kevin Fischbeck - Bank of America Taji Phillips - Jefferies Financial Group Inc. Tobey Sommer - Truist Securities William Sutherland - The ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ——————— FORM 10-Q ——————— ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended June 30, 2022 Or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period From _________ to _________ ——————— CROSS COUNTRY HEALTHCARE, INC. (Exact name of registrant as specified in its charter) ——————— Delaware 0-33169 13-4066229 (St ...

Q1 2022 Investor Relations June 2022 Forward Looking Statements This presentation contains forward-looking statements. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", "appears","seeks", "will" and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainti ...