Financial Data and Key Metrics Changes - Consolidated revenue for Q2 2020 was $216.8 million, representing a 7% increase year-over-year and a 3% sequential increase, primarily driven by nearly 1,000 nurses on COVID-related assignments [23][24] - Adjusted EBITDA for the quarter was $11.6 million, supported by higher gross profit and approximately $2 million in realized cost savings [23] - Gross profit was $50.7 million with a gross margin of 23.4%, down 20 basis points sequentially due to the mix of business from COVID assignments [29][30] Business Line Data and Key Metrics Changes - The Nurse and Allied segment reported revenue of $198.1 million, up 10% year-over-year, largely due to COVID-related assignments generating over $30 million in incremental revenue [24][9] - The Physician Staffing segment experienced a revenue decline of 7% sequentially, with a 6% year-over-year decrease, primarily due to reduced elective procedures impacting specialties like anesthesiology [28] - Local branch-based business saw a decline of approximately 12% to 13% both sequentially and year-over-year, although some revenue was offset by COVID-19 crisis orders [25] Market Data and Key Metrics Changes - Demand for healthcare professionals has shown significant volatility, with orders initially rising over 20% and then falling sharply by more than 80% as hospitals faced lower census [7] - Recent increases in orders have been noted in states like California, Texas, and Florida, particularly in ICU and surgical specialties [8] Company Strategy and Development Direction - The company is focused on integrating and optimizing operations, with plans to save over $20 million annually through operational efficiencies and right-sizing teams [13][12] - Technology initiatives, including the rollout of Cross Country Marketplace and a new applicant tracking system, are expected to enhance productivity and efficiency [16][17] Management's Comments on Operating Environment and Future Outlook - Management anticipates a sequential revenue decline of 17% to 22% for Q3 2020 due to the wind-down of premium rate COVID assignments and lower demand for physician business [20][40] - Despite current challenges, management remains optimistic about sequential improvement in revenue and profitability for Q4 2020 as the market recovers [21][22] Other Important Information - The company ended the quarter with $6.2 million in cash and $49.1 million in outstanding debt, with strong cash flow from operations of $16.6 million [37][38] - The company has implemented a cost action plan expected to drive gross savings of $20 million to $22 million annually [33] Q&A Session Summary Question: Market recovery in the Northeast and Midwest - Management noted that while strong demand is currently in the South and West, there are signs of recovery in the Northeast and Northwest, with orders increasing sharply from historic lows [47] Question: Nurse turnover rates post-crisis - Management indicated that there is a tight supply of nurses, with local staffing needs increasing due to fatigue among core staff, leading to higher demand for contingent staffing [49][50] Question: Guidance on crisis-related orders - Management confirmed that year-over-year orders are up significantly, driven by COVID, particularly in critical care and telemetry [55] Question: Focus on MSP customers and pricing dynamics - Management highlighted that their MSP business is at an all-time high, with a capture rate improvement to 65%, but noted that order flow remains volatile [59][60] Question: Future technology upgrades and cost savings - Management discussed ongoing technology initiatives, including a new applicant tracking system and plans for middle office integration, which are expected to enhance efficiency and reduce costs [66][72] Question: Adjusted EBITDA margin target - Management reaffirmed the goal of achieving 8% adjusted EBITDA margins by Q4 2022, driven by increased volume, productivity improvements, and cost reductions [76]

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, 2020 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 ...

Cross Country Healthcare, Inc. (NASDAQ:CCRN) Q1 2020 Earnings Conference Call May 7, 2020 5:00 PM ET Company Participants Kevin Clark - President, Chief Executive Officer Bill Burns - Chief Financial Officer Buffy White - President of Workforce Solutions and Services Steve Saville - Executive Vice President of Operations Conference Call Participants A.J. Rice - Credit Suisse Jason Plagman - Jefferies Tobey Sommer - SunTrust Henry Chien - BMO Operator Good evening, ladies and gentlemen, and welcome to the Cr ...

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, 2020 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________ FORM 10-K þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2019 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 0-33169 Cross Country Healthcare, Inc. (Exact name of registrant as specified in its charter) Delaware 13-4 ...

Cross Country Healthcare, Inc. (NASDAQ:CCRN) Q4 2019 Earnings Conference Call March 4, 2020 5:00 PM ET Company Representatives Kevin Clark - President, Chief Executive Officer Bill Burns - Chief Financial Officer Buffy White - President of Workforce Solutions and Services Steve Saville - Executive Vice President of Operations Conference Call Participants A.J. Rice - Credit Suisse Jason Plagman - Jefferies Jeffrey Silber - BMO Capital Market Jasper Bibb - SunTrust Kevin Steinke - Barrington Research Bill Sut ...

Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2019 was $209.2 million, up 3% sequentially and up 4% year-over-year, driven predominantly by growth in the Nurse and Allied segment [20][21] - Adjusted EBITDA for the quarter was $7.3 million, exceeding the high end of guidance, largely due to revenue overachievement [25] - Gross profit margin for the quarter was 24.4%, down 130 basis points year-over-year and 100 basis points sequentially, attributed to tightening bill-pay spreads [22] Business Line Data and Key Metrics Changes - Revenue for the Nurse and Allied segment was $185 million, up 2% sequentially and up 5% year-over-year, with broad-based growth across all service lines [21] - Physician Staffing reported revenue of $20.4 million, down 4% year-over-year but up 13% sequentially, driven by increased volume across specialties [22] Market Data and Key Metrics Changes - Demand for travel nursing increased with orders growing 16% sequentially and over 50% year-over-year, attributed to MSP wins and broader market conditions [11] - Spend under management at MSPs increased 8% sequentially and 11% year-over-year, indicating strong market demand [12] Company Strategy and Development Direction - The company aims to become a leading total talent solutions provider, focusing on evolving the go-to-market approach, reinvigorating corporate culture, and digitally transforming operations [12][13] - A strategic goal includes achieving a high single-digit EBITDA margin over the next few years, with a target of reaching 8% profitability [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about demand levels, particularly in the travel business, expecting sequential growth in most lines despite holiday impacts [17] - The company is encouraged by favorable market conditions, with a significant year-over-year increase in demand [33] Other Important Information - The company successfully refinanced its senior credit facility to a more flexible $120 million asset-based credit facility, enhancing liquidity for operations and acquisitions [27][28] - The company expects to realize gross savings of $12 million to $13 million annually from cost-saving initiatives [23] Q&A Session Summary Question: Timing for achieving 8% EBITDA margin - Management believes achieving a high single-digit EBITDA margin is possible over the next few years, driven by operating leverage and technology investments [32][34] Question: Outlook for winter orders and demand - Orders are up heading into winter, with a supply-constrained marketplace, although initial activity has been slower than previous years [36][37] Question: Willingness of clients to increase rates - There is upward movement in bill rates, with expectations for continued growth due to high demand [40] Question: M&A strategy and target sectors - The company is looking for acquisition opportunities that can improve margins, particularly in Locums, Allied, Education, and Technology sectors [46] Question: Recruiter headcount and productivity - The company has reached a steady state in recruiter headcount, focusing on improving productivity through training and tools [50][51] Question: IT migration timeline - The first pilot of the new applicant tracking system will roll out soon, with broader implementation expected by late spring [56] Question: Trends in existing accounts vs. new accounts - Existing MSPs show a higher capture rate compared to new ones, with strong opportunities for growth in both [59][61]

[PART I. – FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20%E2%80%93%20FINANCIAL%20INFORMATION) Presents unaudited condensed consolidated financial statements and management's discussion for the period [Item 1. Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) Unaudited financial statements for Q3 and nine months 2019 show decreased assets, equity, and a net loss due to impairment and tax expense [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance sheets show total assets decreased to **$394.0 million** and stockholders' equity to **$163.6 million** by September 30, 2019 Condensed Consolidated Balance Sheet Highlights | Account | Sep 30, 2019 (in thousands) | Dec 31, 2018 (in thousands) | | :--- | :--- | :--- | | **Total Assets** | **$393,991** | **$427,003** | | Cash and cash equivalents | $9,458 | $16,019 | | Goodwill | $101,066 | $101,060 | | **Total Liabilities** | **$230,344** | **$208,805** | | Long-term debt, less current portion | $70,556 | $77,944 | | **Total Stockholders' Equity** | **$163,647** | **$218,198** | | Accumulated deficit | ($140,631) | ($84,062) | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q3 2019 revenue grew to **$209.2 million**, but net loss widened to **$3.1 million**; nine-month net loss was **$56.6 million** Key Operating Results (in thousands, except per share data) | Metric | Q3 2019 | Q3 2018 | Nine Months 2019 | Nine Months 2018 | | :--- | :--- | :--- | :--- | :--- | | Revenue from services | $209,200 | $200,717 | $607,128 | $615,577 | | Income (loss) from operations | $119 | $2,645 | ($17,665) | $11,235 | | Net (loss) income attributable to common shareholders | ($3,128) | ($441) | ($56,569) | $2,740 | | Diluted Net (loss) income per share | ($0.09) | ($0.01) | ($1.58) | $0.08 | - The nine months ended September 30, 2019 included significant expenses not present in the prior year, including **$16.3 million** in impairment charges and **$1.6 million** in legal settlement charges[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Nine-month operating cash flow decreased to **$10.9 million**; cash and cash equivalents declined by **$6.6 million** Cash Flow Summary (Nine Months Ended Sep 30) | Cash Flow Activity | 2019 (in thousands) | 2018 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $10,893 | $21,757 | | Net cash used in investing activities | ($2,042) | ($3,554) | | Net cash used in financing activities | ($15,413) | ($15,591) | | **Change in cash and cash equivalents** | **($6,561)** | **$2,528** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail lease standard adoption, **$14.5 million** trade name impairment, **$36.0 million** deferred tax valuation allowance, and subsequent debt refinancing - Effective January 1, 2019, the Company adopted the new lease standard (ASU No. 2016-02, Leases), recognizing right-of-use assets of **$22.0 million** and lease liabilities of **$28.6 million** on the balance sheet at the transition date[29](index=29&type=chunk)[30](index=30&type=chunk) - In Q2 2019, a rebranding effort resulted in a **$14.5 million** write-off of indefinite-lived trade names in the Nurse and Allied Staffing segment, recorded as an impairment charge[47](index=47&type=chunk) - In Q2 2019, the company recorded an additional valuation allowance of **$36.0 million** against its deferred tax assets, concluding it was not more likely than not that they would be realized, resulting in a **$35.8 million** income tax expense[115](index=115&type=chunk) - Subsequent to the quarter end, on October 25, 2019, the company terminated its existing credit agreement and entered into a new **$120.0 million** senior secured asset-based credit facility (ABL)[62](index=62&type=chunk)[126](index=126&type=chunk) [Item 2. 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 2019 revenue growth offset by lower profitability, a nine-month revenue decline, and debt refinancing [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Q3 2019 revenue grew **4.2%** to **$209.2 million**, but operating income declined **95.5%**; nine-month revenue fell **1.4%** Comparison of Results for the Three Months Ended September 30 | Metric | 2019 | 2018 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue from services | $209.2M | $200.7M | 4.2% | | Direct operating expenses | $158.2M | $149.2M | 6.1% | | Income from operations | $0.1M | $2.6M | (95.5)% | | Net loss attributable to common shareholders | ($3.1M) | ($0.4M) | (609.3)% | Comparison of Results for the Nine Months Ended September 30 | Metric | 2019 | 2018 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue from services | $607.1M | $615.6M | (1.4)% | | (Loss) income from operations | ($17.7M) | $11.2M | (257.2)% | | Net (loss) income attributable to common shareholders | ($56.6M) | $2.7M | NM | [Segment Results](index=36&type=section&id=Segment%20Results) Q3 2019 Nurse and Allied Staffing revenue grew **5.1%** to **$185.0 million**, while Physician Staffing and Search segments showed mixed results Segment Revenue - Q3 | Segment | Q3 2019 (in thousands) | Q3 2018 (in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Nurse and Allied Staffing | $184,974 | $175,945 | 5.1% | | Physician Staffing | $20,407 | $21,158 | (3.5)% | | Search | $3,819 | $3,614 | 5.7% | Segment Contribution Income - Q3 | Segment | Q3 2019 (in thousands) | Q3 2018 (in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Nurse and Allied Staffing | $16,097 | $16,507 | (2.5)% | | Physician Staffing | $811 | $1,307 | (37.9)% | | Search | $78 | $97 | (19.6)% | [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) Cash was **$9.5 million** as of September 30, 2019; nine-month operating cash flow decreased to **$10.9 million**, followed by a **$120.0 million** ABL facility refinancing - Working capital decreased by **$13.3 million** to **$96.2 million** as of September 30, 2019, from **$109.5 million** at year-end 2018[200](index=200&type=chunk) - Net cash provided by operating activities decreased to **$10.9 million** in the first nine months of 2019 from **$21.8 million** in the same period of 2018, primarily due to lower collections and timing of payments[202](index=202&type=chunk) - In October 2019, the company replaced its senior credit facility with a new **$120.0 million** ABL facility, which had **$21.4 million** of borrowing availability at closing[208](index=208&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risk is interest rate exposure on variable-rate debt, with a swap terminated and continued exposure under the new ABL facility - The company's main market risk exposure is from changes in interest rates on its variable-rate term loan[219](index=219&type=chunk) - An interest rate swap agreement, which previously hedged a portion of the term debt, was terminated in September 2019[219](index=219&type=chunk) - After refinancing in October 2019, the company continues to be exposed to interest rate risk under the new variable-rate ABL facility[220](index=220&type=chunk) [Item 4. Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective, with no material changes to internal controls except for new controls related to ASC 842 lease adoption - The CEO and CFO concluded that the company's disclosure controls and procedures are effective as of September 30, 2019[222](index=222&type=chunk) - No material changes were made to internal control over financial reporting during the quarter; the company implemented new controls related to the adoption of the new lease standard, ASC 842[223](index=223&type=chunk) [PART II. – OTHER INFORMATION](index=44&type=section&id=PART%20II.%20%E2%80%93%20OTHER%20INFORMATION) Details legal proceedings, risk factors, and exhibits filed with the quarterly report [Item 1. Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company recorded **$1.6 million** in Q2 2019 legal settlement charges and received a grand jury subpoena in October 2019 - In Q2 2019, the company recorded **$1.6 million** in legal settlement charges related to a medical malpractice lawsuit and a California wage and hour class action settlement[226](index=226&type=chunk) - In October 2019, the company received a grand jury subpoena concerning Advantage On Call, a business acquired in 2017, related to an investigation of healthcare services; the company is cooperating[226](index=226&type=chunk) [Item 1A. Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor highlights the potential phase-out of LIBOR, which could impact credit agreements and interest rates - A new risk factor has been disclosed regarding the planned phase-out of LIBOR by the end of 2021[227](index=227&type=chunk)[228](index=228&type=chunk) - The company's credit agreements use LIBOR as a reference rate, and its discontinuation will require amending these agreements to use a replacement rate, which may not be as favorable[228](index=228&type=chunk) [Item 6. Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists exhibits including CEO and CFO certifications and XBRL data files filed with the Form 10-Q - The exhibits include CEO and CFO certifications as required by Sarbanes-Oxley rules[230](index=230&type=chunk)

Cross Country Healthcare, Inc. (NASDAQ:CCRN) Q2 2019 Results Conference Call July 31, 2019 5:00 PM ET Company Participants Bill Burns - CFO Kevin Clark - President and CEO Conference Call Participants A.J. Rice - Credit Suisse Jeff Silber - BMO Capital Markets Jason Plagman - Jeffries Kevin Steinke - Barrington Research Tobey Sommer - SunTrust Operator Good evening, ladies and gentlemen, and welcome to the Cross Country Healthcare Earnings Conference Call for the Second Quarter 2019. This call is being simu ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ——————— FORM 10-Q ——————— þ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended June 30, 2019 Or o 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 ...