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 ...

PART I. – FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) This section provides Cross Country Healthcare's unaudited condensed consolidated financial statements for the periods ended September 30, 2022 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20%28Unaudited%29) Total assets increased to $882.5 million, with stockholders' equity growing to $422.7 million, driven by strong net income Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $30,320 | $1,036 | | Accounts receivable, net | $610,897 | $493,910 | | Total current assets | $660,017 | $508,273 | | Total assets | $882,512 | $732,809 | | **Liabilities & Equity** | | | | Total current liabilities | $276,790 | $199,770 | | Long-term debt, less current portion | $129,755 | $176,366 | | Total liabilities | $459,803 | $435,281 | | Total stockholders' equity | $422,709 | $297,528 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20%28Unaudited%29) Q3 2022 revenue increased 69.7% to $636.1 million, with nine-month revenue growing 110.3% to $2.18 billion Q3 2022 vs Q3 2021 Performance (in thousands, except per share data) | Metric | Q3 2022 | Q3 2021 | | :--- | :--- | :--- | | Revenue from services | $636,098 | $374,905 | | Income from operations | $52,175 | $26,447 | | Net income | $34,793 | $23,433 | | Diluted EPS | $0.93 | $0.62 | Nine Months 2022 vs 2021 Performance (in thousands, except per share data) | Metric | Nine Months 2022 | Nine Months 2021 | | :--- | :--- | :--- | | Revenue from services | $2,178,391 | $1,035,973 | | Income from operations | $221,644 | $63,342 | | Net income | $149,670 | $54,429 | | Diluted EPS | $3.97 | $1.46 | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity%20%28Unaudited%29) Stockholders' equity increased to $422.7 million, driven by $149.7 million in net income, partially offset by stock repurchases - During the third quarter of 2022, the company repurchased and retired **1,014,815 shares** of common stock for **$24.3 million**[12](index=12&type=chunk)[16](index=16&type=chunk)[91](index=91&type=chunk) - Retained earnings improved from a deficit of **$(22.7) million** at the end of 2021 to a positive balance of **$126.9 million** as of September 30, 2022, due to strong profitability[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20%28Unaudited%29) Nine-month operating cash flow was $129.7 million, a significant improvement, with $93.7 million used in financing activities Cash Flow Summary - Nine Months Ended Sep 30 (in thousands) | Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $129,730 | $(12,253) | | Net cash used in investing activities | $(6,763) | $(29,360) | | Net cash (used in) provided by financing activities | $(93,674) | $40,869 | | **Change in cash and cash equivalents** | **$29,284** | **$(758)** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) The notes provide detailed explanations of accounting policies, significant transactions, and financial statement line items - On October 3, 2022, after the reporting period, the company acquired **Mint Medical Physician Staffing, LP** and **Lotus Medical Staffing LLC**[117](index=117&type=chunk) - In Q3 2022, the company paid a **$7.5 million** earnout for the WSG acquisition; in Q2 2022, the earnout liability for the Selected acquisition was reversed[43](index=43&type=chunk)[38](index=38&type=chunk)[87](index=87&type=chunk) - On August 16, 2022, the Board authorized a new stock repurchase program for up to **$100.0 million**; as of September 30, 2022, **$87.2 million** remained available[91](index=91&type=chunk)[92](index=92&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 2022 financial performance, including revenue growth, segment results, liquidity, and capital resources - Q3 2022 revenue increased **70% year-over-year** to **$636.1 million**, driven by an increase in professionals on assignment and volume growth[126](index=126&type=chunk) - The company anticipates a **high single-digit sequential decline** in average travel bill rates for the remainder of 2022[127](index=127&type=chunk) - A new stock repurchase program of up to **$100.0 million** was authorized in Q3 2022, with **$24.3 million** worth of stock repurchased during the quarter[130](index=130&type=chunk) [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Q3 2022 revenue grew 69.7% to $636.1 million, with nine-month revenue increasing 110.3% to $2.2 billion Comparison of Three Months Ended September 30 (in thousands) | Line Item | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Revenue from services | $636,098 | $374,905 | 69.7% | | Income from operations | $52,175 | $26,447 | 97.3% | | Net income | $34,793 | $23,433 | 48.5% | Comparison of Nine Months Ended September 30 (in thousands) | Line Item | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Revenue from services | $2,178,391 | $1,035,973 | 110.3% | | Income from operations | $221,644 | $63,342 | 249.9% | | Net income | $149,670 | $54,429 | 175.0% | [Segment Results](index=36&type=section&id=Segment%20Results) Nurse and Allied Staffing revenue grew 71.9% to $612.3 million, driven by increased FTEs and higher revenue per FTE Nurse and Allied Staffing Performance - Q3 2022 vs Q3 2021 | Metric | Q3 2022 | Q3 2021 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $612.3M | $356.1M | 71.9% | | Contribution Income | $77.8M | $40.6M | 91.5% | | FTEs | 12,524 | 9,003 | 39.1% | | Avg. Revenue per FTE per day | $526 | $425 | 23.8% | Physician Staffing Performance - Q3 2022 vs Q3 2021 | Metric | Q3 2022 | Q3 2021 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $23.8M | $18.8M | 27.0% | | Days filled | 13,219 | 12,187 | 8.5% | | Revenue per day filled | $1,803 | $1,540 | 17.1% | [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) The company reported $30.3 million in cash, $129.7 million in nine-month operating cash flow, and $273.3 million ABL availability - Net cash provided by operating activities was **$129.7 million** in the first nine months of 2022, compared to **$12.3 million used** in the same period of 2021, primarily due to strong collections[185](index=185&type=chunk) - Financing activities in the first nine months of 2022 used **$93.7 million**, including **$50.4 million** in term loan repayments, a **$7.5 million** contingent consideration payment, and **$24.3 million** for stock repurchases[186](index=186&type=chunk) - The company had **$273.3 million** of excess availability under its **$300.0 million ABL facility** as of September 30, 2022[194](index=194&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is variable interest rates on its Term Loan and ABL facility, with no material changes since 2021 - A hypothetical **1% change in interest rates** would have impacted interest expense by approximately **$1.2 million** for the nine months ended September 30, 2022[202](index=202&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures are effective[205](index=205&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[206](index=206&type=chunk) PART II. – OTHER INFORMATION [Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various ordinary course legal proceedings, with management expecting no material adverse effect on its financials - The company is involved in various legal proceedings related to employee matters, professional liability, and tax practices, which are considered part of the ordinary course of business[105](index=105&type=chunk) - Management does not expect the outcome of any outstanding legal matters as of September 30, 2022, to have a material adverse effect on the business[105](index=105&type=chunk)[209](index=209&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported compared to the 2021 Annual Report on Form 10-K - No material changes to risk factors were reported compared to the 2021 Form 10-K[210](index=210&type=chunk) [Exhibits](index=43&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files - Exhibits filed include certifications from the CEO and CFO under Rule 13a-14(a) and Section 1350, as well as XBRL interactive data files[212](index=212&type=chunk) Signatures - The report was signed on **November 3, 2022**, by **William J. Burns**, Executive Vice President & Chief Financial Officer[217](index=217&type=chunk)

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 ...

Financial Data and Key Metrics Changes - Consolidated revenue for Q1 2022 reached an all-time high of $789 million, up 140% year-over-year and more than 20% sequentially [13][32] - Adjusted EBITDA was reported at $97 million, representing a margin above 12% for the second consecutive quarter [17] - Gross margin improved to 22.2%, up 50 basis points year-over-year, driven by a higher mix of profitable business [33] Business Line Data and Key Metrics Changes - Nurse and Allied segment reported revenue of $766 million, a 145% increase year-over-year and 23% sequentially, with the highest number of travelers on assignment in company history [34] - Local staffing business showed growth due to a shift in assignment types, with a notable increase in average bill rates [36] - Education business recovered significantly, achieving the highest single revenue quarter in its history as in-class learning resumed [37] - Physician staffing segment revenue reached $23 million, marking a 43% growth year-over-year, driven by increased billable days [38] Market Data and Key Metrics Changes - Overall demand remains strong, although it has decreased from pandemic peaks, with a noted decline in travel orders [18] - The company anticipates a modest sequential decline in bill rates throughout the year, projecting a 35% decrease compared to Q1 [21] - Demand for healthcare professionals remains elevated, with a 30% increase compared to pre-pandemic levels [61] Company Strategy and Development Direction - The company aims to establish itself as a digital leader in healthcare staffing, focusing on self-service solutions for clients and candidates [12] - Significant investments in technology and personnel are being made to enhance operational efficiency and service delivery [25][40] - The company is actively working to normalize bill rates while addressing labor shortages and increasing core staff through recruitment processing outsourcing [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a run-rate exceeding $2 billion in annualized revenue by year-end, supported by strong demand across all business lines [30][62] - The company is optimistic about future growth, citing a diversified business model and ongoing investments in non-travel segments [63] - Management acknowledged the challenges posed by rising labor costs and the need for flexibility in staffing solutions [20][19] Other Important Information - The company hired over 1,000 new employees in the past year, with a focus on revenue-producing and operational support roles [40] - Technology investments in Q1 2022 amounted to nearly $4 million, more than double the previous year, with a focus on client-facing tools [25] Q&A Session Summary Question: Insights on staffing demand related to COVID - Management indicated that they cannot discern specific COVID-related staffing needs but noted a minimal impact from COVID cases among their clinicians [49][51] Question: Factors supporting bill rates - Management explained that while bill rates are expected to decline, the mix of skills and demand for specific specialties will influence rates [52] Question: Efficiency gains versus increased demand - Management confirmed that productivity improvements are due to both increased demand and enhancements in processes and technology [54][56] Question: Dynamics of nurse placements - Management observed a strong demand for travel nursing, with clinicians preferring flexible work arrangements [58][59] Question: Update on fill rates - Management stated that fill rates are challenging to quantify due to the volume of orders but noted sequential growth in travel assignments [75][76] Question: Capital deployment and M&A strategy - Management reiterated a disciplined approach to M&A, focusing on strategic fits that are accretive to the business [77]

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 March 31, 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 (S ...

Company Structure and Segments - In 2021, the company modified its reportable segments, consolidating the previously reported Search segment into Nurse and Allied Staffing, resulting in two main segments: Nurse and Allied Staffing and Physician Staffing [35]. - The company generated a majority of its revenue from staffing registered nurses on long-term travel contract assignments, typically lasting 13 weeks [38]. - The company entered into an asset purchase agreement with Workforce Solutions Group, Inc. in June 2021 to enhance service delivery to needy populations [38]. - The company acquired Selected, a subscription-based platform, in 2021 to improve direct hire candidate review processes [44]. - The company utilizes artificial intelligence and a proprietary on-demand staffing platform, Cross Country Marketplace, to enhance recruitment and candidate experience [42]. - The company employs an average of 8,679 full-time equivalent field employees in Nurse and Allied Staffing as of 2021 [79]. Market Overview - The healthcare staffing market size was estimated at $24.7 billion in 2021, with travel nursing accounting for $11.8 billion, per diem nursing at $4.6 billion, allied health at $4.4 billion, and locum tenens and advanced practitioners at $4.0 billion [57]. - The U.S. telehealth market was valued at $10 billion in 2020 and is expected to reach $43 billion by 2026, growing at an annual rate of 28% [64]. - The nursing home and assisted living facilities market is valued at $450 billion and is expanding annually [63]. - The U.S. is expected to face a physician shortage ranging between 37,800 and 124,000 by 2034 [68]. - More than 80,000 qualified applicants to nursing programs have been turned away due to insufficient faculty and resources [67]. Employment Trends - The U.S. Bureau of Labor Statistics reported a national unemployment rate of 4.2% in November 2021, with temporary help services gaining 6,200 jobs [58]. - The healthcare sector lost 527,000 jobs during the COVID pandemic but gained back 77,000 jobs by November 2021, with overall employment in healthcare projected to grow by 7.7% over the next decade [61]. - Employment of registered nurses is projected to grow 9% from 2020 to 2030, increasing from 3.1 million to 3.4 million [65]. - The company anticipates a 4% growth in the U.S. staffing industry in 2022, although the healthcare staffing segment is expected to decline by 9% due to easing pandemic conditions [58]. Nurse Satisfaction and Retention - 32% of surveyed nurses are "very/completely" satisfied with their occupation, down from 52% prior to the pandemic [62]. - 97% of surveyed nurses agreed that increasing pay rates and incentives would help attract and retain more nurses [62]. Financial and Operational Insights - A 1% change in interest rates on variable rate debt would have resulted in interest expense fluctuating approximately $1.1 million for the year ended December 31, 2021 [278]. - Approximately 1% of selling, general and administrative expenses are related to software development and IT support in Pune, India [280]. - Fluctuations in foreign currency values impact reported results, as expenses in foreign currencies are translated into U.S. dollars at monthly average exchange rates [281]. - The translation of non-U.S. subsidiary assets and liabilities into U.S. dollars affects stockholders' equity, recorded as accumulated other comprehensive loss [282]. Company Ranking - The company ranks as the seventh-largest healthcare staffing firm in the U.S., with a 4% market share in 2020 [74].