checkAd

     105  0 Kommentare Cross Country Healthcare Announces First Quarter 2022 Financial Results

    Cross Country Healthcare, Inc. (the "Company") (Nasdaq: CCRN) today announced financial results for its first quarter ended March 31, 2022.

    SELECTED FINANCIAL INFORMATION:

     

     

     

    Variance

    Variance

     

     

     

    Q1 2022 vs

    Q1 2022 vs

    Dollars are in thousands, except per share amounts

    Q1 2022

    Q1 2021

    Q4 2021

    Revenue

    $

    788,732

     

     

     

    140

     

    %

     

    23

     

    %

    Gross profit margin*

     

    22.2

     

    %

     

    50

     

    bps

     

    (80

    )

    bps

    Net income attributable to common stockholders

    $

    61,983

     

     

     

    219

     

    %

     

    (20

    )

    %

    Diluted EPS

    $

    1.63

     

     

    $

    1.10

     

     

    $

    (0.44

    )

     

    Adjusted EBITDA*

    $

    97,408

     

     

     

    264

     

    %

     

    20

     

    %

    Adjusted EBITDA margin*

     

    12.3

     

    %

     

    420

     

    bps

     

    (30

    )

    bps

    Adjusted EPS*

    $

    1.70

     

     

    $

    1.12

     

     

    $

    0.30

     

     

    Cash flows used in operations

    $

    (29,038

    )

     

     

    (16

    )

    %

     

    60

     

    %

    * Refer to accompanying tables and discussion of non-GAAP (Generally Accepted Accounting Principles) financial measures below.

    Business Highlights

    • Highest revenue and Adjusted EBITDA in Company history
    • Record number of professionals on assignment
    • Year-over-year and sequential growth across all lines of business
    • First quarter financial performance exceeded all guidance ranges
    • Adjusted EBITDA margin of 12.3%
    • Doubled the asset-based credit facility to $300 million as a cost effective source of liquidity

    “Our historic revenue and adjusted EBITDA performance in the first quarter of 2022 reflects the tremendous success we have had in helping healthcare facilities navigate a challenging workforce environment. As we transition into a post-COVID world, we anticipate ongoing increases in the number of professionals on assignment by continuing to partner with our clients and clinicians to address short- and long-term talent management needs,” said John Martins, President and Chief Executive Officer of Cross Country Healthcare. He continued, “We believe that our investments in people and technology are providing the foundation for the next steps in our evolution as a tech-enabled workforce solutions company.”

    First quarter consolidated revenue was $788.7 million, an increase of 140% year-over-year and 23% sequentially. Consolidated gross profit margin was 22.2%, up 50 basis points year-over-year and down 80 basis points sequentially. Net income attributable to common stockholders was $62.0 million compared to $19.4 million in the prior year and $77.6 million in the prior quarter. Diluted earnings per share (EPS) was $1.63 compared to $0.53 in the prior year and $2.07 in the prior quarter. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was $97.4 million or 12.3% of revenue, as compared with $26.7 million or 8.1% of revenue in the prior year, and $80.9 million or 12.6% of revenue in the prior quarter. Adjusted EPS was $1.70 compared to $0.58 in the prior year and $1.40 in the prior quarter.

    Quarterly Business Segment Highlights

    Nurse and Allied Staffing

    Revenue was $765.6 million, an increase of 145% year-over-year and 23% sequentially. Contribution income was $110.1 million, an increase compared to $37.4 million in the prior year and $92.4 million in the prior quarter. Average field contract personnel on a full-time equivalent (FTE) basis were 13,454 as compared with 6,614 in the prior year and 11,520 in the prior quarter. Revenue per FTE per day was $628 compared to $522 in the prior year and $582 in the prior quarter. The increase in the average number of FTEs was primarily due to headcount growth in travel nurse and allied, as well as the year-over-year additional headcount resulting from the Workforce Solutions Group (WSG) acquisition. In the first quarter of 2022, average bill rates rose slightly as we continued to experience high demand across a wide range of specialties spanning the healthcare continuum. However, it was the spike in professionals on assignment and volume growth that primarily drove the year-over-year and sequential revenue improvement.

    Physician Staffing

    Revenue was $23.2 million, an increase of 43% year-over-year and 14% sequentially. Contribution income was $1.8 million, an increase compared to $1.4 million in both the prior year and prior quarter. Total days filled were 13,068 as compared with 9,469 in the prior year and 12,739 in the prior quarter. Revenue per day filled was $1,772 as compared with $1,714 in the prior year and $1,588 in the prior quarter. The increase in revenue was primarily due to an increase in volume in primary care physicians and certified registered nurse anesthetists. The increase in contribution income was driven by higher revenue, partially offset by higher direct costs.

    Cash Flow and Balance Sheet Highlights

    Cash flow used in operations for the quarter was $29.0 million, primarily due to the investment in net working capital associated with the continued growth in our business, with accounts receivable increasing $186.7 million this quarter. Days' sales outstanding was 62 days as of March 31, 2022, up 6 days year-over-year and up 4 days sequentially, primarily due to the timing of revenue recognized throughout the quarter given the monthly sequential growth through the first quarter.

    On March 21, 2022, the Company amended its asset-based loan (ABL) Credit Agreement, which increased the aggregate committed size of the facility from $150.0 million to $300.0 million and extended the credit facility for an additional five years.

    At March 31, 2022, the Company had $1.2 million in cash and cash equivalents and $173.9 million principal balance on its term loan, with $51.5 million of borrowings drawn under its ABL facility, and $17.5 million of letters of credit outstanding. As of March 31, 2022, borrowing base availability under the ABL was $300.0 million, with $231.0 million of excess availability.

    Outlook for Second Quarter 2022

    The guidance below applies to management’s expectations for the second quarter of 2022.

     

    Q2 2022 Range

     

    Year-over-Year

     

    Sequential

    Change

     

    Change

     

     

     

     

     

     

    Revenue

    $735 million - $745 million

     

    122% - 125%

     

    (7)% - (6)%

     

     

     

     

     

     

    Gross Profit Margin*

    22.3% - 22.8%

     

    40 bps - 90 bps

     

    10 bps - 60 bps

     

     

     

     

     

     

    Adjusted EBITDA*

    $78.0 million - $83.0 million

     

    222% - 242%

     

    (20)% - (15)%

     

     

     

     

     

     

    Adjusted EPS*

    $1.30 - $1.40

     

    $0.83 - $0.93

     

    ($0.40) - ($0.30)

    * Refer to discussion of non-GAAP financial measures below.

    The above estimates are based on current management expectations and, as such, are forward-looking and actual results may differ materially. The above ranges do not include the potential impact of any future divestitures, mergers, acquisitions, or other business combinations, changes in debt structure, or future significant share repurchases.

    For the second quarter of 2022, average travel bill rates are anticipated to experience a high single to low double-digit decline sequentially. However, revenue guidance assumes volume growth across all lines of business. Looking beyond the second quarter, we anticipate further market share gains despite potential headwinds from changing bill rates or demand from certain specialties. We remain committed to investing in our people and our tech-enabled digital platform by doubling our IT project budget for 2022.

    See accompanying non-GAAP financial measures and tables below.

    INVITATION TO CONFERENCE CALL

    The Company will hold its quarterly conference call on Wednesday, May 4, 2022, at 5:00 P.M. Eastern Time to discuss its first quarter 2022 financial results. This call will be webcast live and can be accessed at the Company’s website at ir.crosscountryhealthcare.com or by dialing 888-566-1290 from anywhere in the U.S. or by dialing 773-799-3776 from non-U.S. locations - Passcode: Cross Country. A replay of the webcast will be available from May 4th through May 18th on the Company’s website and a replay of the conference call will be available by telephone by calling 866-357-1431 from anywhere in the U.S. or 203-369-0118 from non-U.S. locations - Passcode: 5422.

    ABOUT CROSS COUNTRY HEALTHCARE

    Cross Country Healthcare, Inc. is a market-leading workforce solutions, tech-enabled talent platform, and staffing, recruitment, and advisory firm with 36 years of industry experience and insight. We solve complex labor-related challenges for customers while providing high-quality outcomes and exceptional patient care. As a multi-year Best of Staffing award winner, we are committed to an exceptionally high level of service to our clients and our homecare, education, and clinical and non-clinical healthcare professionals. Our locum tenens line of business, Cross Country Locums, has been certified by the National Committee for Quality Assurance (NCQA), the leader in healthcare accreditation, since 2001. We are the first publicly traded staffing firm to obtain The Joint Commission Certification, which we still hold with a Letter of Distinction. Cross Country Healthcare is rated as the top staffing and recruiting employer for women by InHerSights. For two consecutive years, we have received the Top Workplaces USA award and were recently recognized as a recipient of the Top Workplaces Award for Innovation and Leadership by Energage. We have a history of investing in diversity, equality, and inclusion as a key component of the organization’s overall corporate social responsibility program, closely aligned with its core values to create a better future for its people, communities, and its stockholders.

    Copies of this and other news releases and additional information about the Company can be obtained online at ir.crosscountryhealthcare.com. Stockholders and prospective investors can also register to automatically receive the Company’s press releases, filings with the Securities and Exchange Commission (SEC), and other notices by e-mail.

    NON-GAAP FINANCIAL MEASURES

    This press release and the accompanying financial statement tables reference non-GAAP financial measures, such as gross profit margin, adjusted EBITDA, and adjusted EPS. Such non-GAAP financial measures are provided as additional information and should not be considered substitutes for, or superior to, financial measures calculated in accordance with U.S. GAAP. Such non-GAAP financial measures are provided for consistency and comparability to prior year results; furthermore, management believes they are useful to investors when evaluating the Company's performance as they exclude certain items that management believes are not indicative of the Company's future operating performance. Pro forma measures, if applicable, are adjusted to include the results of our acquisitions, and exclude the results of divestments, as if the transactions occurred in the beginning of the periods mentioned. Such non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies. The financial statement tables that accompany this press release include a reconciliation of each non-GAAP financial measure to the most directly comparable U.S. GAAP financial measure and a more detailed discussion of each financial measure; as such, the financial statement tables should be read in conjunction with the presentation of these non-GAAP financial measures.

    FORWARD LOOKING STATEMENTS

    In addition to historical information, this press release contains statements relating to our future results (including certain projections and business trends) that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act, and are subject to the "safe harbor" created by those sections. Forward-looking statements consist of statements that are predictive in nature, depend upon or refer to future events. Words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", "suggests", "appears", "seeks", "will", "could", and variations of such words and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results and performance to be materially different from any future results or performance expressed or implied by these forward-looking statements. These factors include, but are not limited to, the following: the potential impacts of the COVID-19 pandemic on our business, financial condition, and results of operations, our ability to attract and retain qualified nurses, physicians and other healthcare personnel, costs and availability of short-term housing for our travel healthcare professionals, demand for the healthcare services we provide, both nationally and in the regions in which we operate, the functioning of our information systems, the effect of cyber security risks and cyber incidents on our business, the effect of existing or future government regulation and federal and state legislative and enforcement initiatives on our business, our clientsability to pay us for our services, our ability to successfully implement our acquisition and development strategies, including our ability to successfully integrate acquired businesses and realize synergies from such acquisitions, the effect of potential liabilities, losses, or other exposures in connection with the WSG acquisition, the effect of liabilities and other claims asserted against us, the effect of competition in the markets we serve, our ability to successfully defend the Company, its subsidiaries, and its officers and directors on the merits of any lawsuit or determine its potential liability, if any, and other factors, including, without limitation, the risk factors set forth in Item 1A. "Risk Factors" in the Companys Annual Report on Form 10-K for the year ended December 31, 2021, and in our other filings with the SEC. You should consult any further disclosures the Company makes on related subjects in its filings with the SEC.

    Although we believe that these statements are based upon reasonable assumptions, we cannot guarantee future results and readers are cautioned not to place undue reliance on these forward-looking statements, which reflect managements opinions only as of the date of this press release. There can be no assurance that (i) we have correctly measured or identified all of the factors affecting our business or the extent of these factorslikely impact, (ii) the available information with respect to these factors on which such analysis is based is complete or accurate, (iii) such analysis is correct, and/or (iv) our strategy, which is based in part on this analysis, will be successful. Except as may be required by law, the Company undertakes no obligation to update or revise forward-looking statements. All references to "we", "us", "our", or "Cross Country" in this press release mean Cross Country Healthcare, Inc. and its subsidiaries.

    Cross Country Healthcare, Inc.

    Consolidated Statements of Operations

    (Unaudited, amounts in thousands, except per share data)

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    March 31,

     

     

    March 31,

     

     

    December 31,

     

    2022

     

     

    2021

     

     

    2021

     

     

    Revenue from services

    $

    788,732

     

     

     

    $

    329,241

     

     

     

    $

    640,679

     

    Operating expenses:

     

     

     

     

     

     

     

    Direct operating expenses

     

    613,938

     

     

     

     

    257,776

     

     

     

     

    493,529

     

    Selling, general and administrative expenses

     

    76,813

     

     

     

     

    46,327

     

     

     

     

    65,774

     

    Bad debt expense

     

    2,369

     

     

     

     

    504

     

     

     

     

    2,372

     

    Depreciation and amortization

     

    2,719

     

     

     

     

    2,253

     

     

     

     

    2,720

     

    Acquisition and integration-related costs

     

    40

     

     

     

     

     

     

     

     

    83

     

    Restructuring costs

     

    480

     

     

     

     

    1,238

     

     

     

     

    239

     

    Impairment charges

     

    1,741

     

     

     

     

    149

     

     

     

     

     

    Total operating expenses

     

    698,100

     

     

     

     

    308,247

     

     

     

     

    564,717

     

    Income from operations

     

    90,632

     

     

     

     

    20,994

     

     

     

     

    75,962

     

    Other expenses (income):

     

     

     

     

     

     

     

    Interest expense

     

    3,521

     

     

     

     

    671

     

     

     

     

    2,817

     

    Other income, net

     

    (8

    )

     

     

     

    (37

    )

     

     

     

    (154

    )

    Income before income taxes

     

    87,119

     

     

     

     

    20,360

     

     

     

     

    73,299

     

    Income tax expense (benefit)

     

    25,136

     

     

     

     

    912

     

     

     

     

    (4,274

    )

    Net income attributable to common stockholders

    $

    61,983

     

     

     

    $

    19,448

     

     

     

    $

    77,573

     

     

     

     

     

     

     

     

     

    Net income per share attributable to common stockholders - Basic

    $

    1.67

     

     

     

    $

    0.54

     

     

     

    $

    2.10

     

     

     

     

     

     

     

     

     

    Net income per share attributable to common stockholders - Diluted

    $

    1.63

     

     

     

    $

    0.53

     

     

     

    $

    2.07

     

     

     

     

     

     

     

     

     

    Weighted average common shares outstanding:

     

     

     

     

     

     

     

    Basic

     

    37,028

     

     

     

     

    36,181

     

     

     

     

    36,974

     

    Diluted

     

    37,973

     

     

     

     

    37,034

     

     

     

     

    37,736

     

    Cross Country Healthcare, Inc.

    Reconciliation of Non-GAAP Financial Measures

    (Unaudited, amounts in thousands, except per share data)

     

     

    Three Months Ended

     

    March 31,

     

     

    March 31,

     

     

    December 31,

     

    2022

     

     

    2021

     

     

    2021

    Adjusted EBITDA:a

     

     

     

     

     

     

     

    Net income attributable to common stockholders

    $

    61,983

     

     

     

    $

    19,448

     

     

     

    $

    77,573

     

    Interest expense

     

    3,521

     

     

     

     

    671

     

     

     

     

    2,817

     

    Income tax expense (benefit)b

     

    25,136

     

     

     

     

    912

     

     

     

     

    (4,274

    )

    Depreciation and amortization

     

    2,719

     

     

     

     

    2,253

     

     

     

     

    2,720

     

    Acquisition and integration-related costsc

     

    40

     

     

     

     

     

     

     

     

    83

     

    Restructuring costsd

     

    480

     

     

     

     

    1,238

     

     

     

     

    239

     

    Legal settlements and feese

     

     

     

     

     

    375

     

     

     

     

    12

     

    Impairment chargesf

     

    1,741

     

     

     

     

    149

     

     

     

     

     

    Loss on disposal of fixed assets

     

    19

     

     

     

     

     

     

     

     

    159

     

    Gain on lease termination

     

    (21

    )

     

     

     

    (27

    )

     

     

     

    (308

    )

    Other income, net

     

    (6

    )

     

     

     

    (10

    )

     

     

     

    (5

    )

    Equity compensation

     

    1,601

     

     

     

     

    1,349

     

     

     

     

    1,637

     

    Applicant tracking system costsg

     

    195

     

     

     

     

    375

     

     

     

     

    280

     

    Adjusted EBITDAa

    $

    97,408

     

     

     

    $

    26,733

     

     

     

    $

    80,933

     

    Adjusted EBITDA margina

     

    12.3

    %

     

     

     

    8.1

    %

     

     

     

    12.6

    %

     

     

     

     

     

     

     

     

    Adjusted EPS:h

     

     

     

     

     

     

     

    Numerator:

     

     

     

     

     

     

     

    Net income attributable to common stockholders

    $

    61,983

     

     

     

    $

    19,448

     

     

     

    $

    77,573

     

    Non-GAAP adjustments - pretax:

     

     

     

     

     

     

     

    Acquisition and integration-related costsc

     

    40

     

     

     

     

     

     

     

     

    83

     

    Restructuring costsd

     

    480

     

     

     

     

    1,238

     

     

     

     

    239

     

    Legal settlements and feese

     

     

     

     

     

    375

     

     

     

     

    12

     

    Impairment chargesf

     

    1,741

     

     

     

     

    149

     

     

     

     

     

    Applicant tracking system costsg

     

    195

     

     

     

     

    375

     

     

     

     

    280

     

    Nonrecurring income tax adjustmentsi

     

     

     

     

     

     

     

     

     

    (25,188

    )

    Tax impact of non-GAAP adjustments

     

    184

     

     

     

     

    (2

    )

     

     

     

    (158

    )

    Adjusted net income attributable to common stockholders - non-GAAP

    $

    64,623

     

     

     

    $

    21,583

     

     

     

    $

    52,841

     

     

     

     

     

     

     

     

     

    Denominator:

     

     

     

     

     

     

     

    Weighted average common shares - basic, GAAP

     

    37,028

     

     

     

     

    36,181

     

     

     

     

    36,974

     

    Dilutive impact of share-based payments

     

    945

     

     

     

     

    853

     

     

     

     

    762

     

    Adjusted weighted average common shares - diluted, non-GAAP

     

    37,973

     

     

     

     

    37,034

     

     

     

     

    37,736

     

     

     

     

     

     

     

     

     

    Reconciliation:

     

     

     

     

     

     

     

    Diluted EPS, GAAP

    $

    1.63

     

     

     

    $

    0.53

     

     

     

    $

    2.07

     

    Non-GAAP adjustments - pretax:

     

     

     

     

     

     

     

    Restructuring costsd

     

    0.01

     

     

     

     

    0.03

     

     

     

     

     

    Legal settlements and feese

     

     

     

     

     

    0.01

     

     

     

     

     

    Impairment chargesf

     

    0.05

     

     

     

     

     

     

     

     

     

    Applicant tracking system costsg

     

    0.01

     

     

     

     

    0.01

     

     

     

     

     

    Nonrecurring income tax adjustmentsi

     

     

     

     

     

     

     

     

     

    (0.67

    )

    Adjusted EPS, non-GAAPh

    $

    1.70

     

     

     

    $

    0.58

     

     

     

    $

    1.40

    Cross Country Healthcare, Inc.

    Consolidated Balance Sheets

    (Unaudited, amounts in thousands)

     

     

    March 31,

     

     

    December 31,

     

    2022

     

     

    2021

     

     

     

     

     

    Assets

     

     

     

     

    Current assets:

     

     

     

     

    Cash and cash equivalents

    $

    1,208

     

     

     

    $

    1,036

     

    Accounts receivable, net

     

    677,432

     

     

     

     

    493,910

     

    Prepaid expenses

     

    7,689

     

     

     

     

    7,648

     

    Insurance recovery receivable

     

    5,336

     

     

     

     

    5,041

     

    Other current assets

     

    641

     

     

     

     

    638

     

    Total current assets

     

    692,306

     

     

     

     

    508,273

     

    Property and equipment, net

     

    16,706

     

     

     

     

    15,833

     

    Operating lease right-of-use assets

     

    5,447

     

     

     

     

    7,488

     

    Goodwill

     

    119,490

     

     

     

     

    119,490

     

    Trade names, indefinite-lived

     

    5,900

     

     

     

     

    5,900

     

    Other intangible assets, net

     

    40,543

     

     

     

     

    42,344

     

    Non-current deferred tax assets

     

    9,117

     

     

     

     

    11,525

     

    Other non-current assets

     

    26,925

     

     

     

     

    21,956

     

    Total assets

    $

    916,434

     

     

     

    $

    732,809

     

     

     

     

     

     

    Liabilities and Stockholders' Equity

     

     

     

     

    Current liabilities:

     

     

     

     

    Accounts payable and accrued expenses

    $

    164,224

     

     

     

    $

    109,753

     

    Accrued employee compensation and benefits

     

    74,733

     

     

     

     

    65,580

     

    Current portion of debt

     

    1,750

     

     

     

     

    4,176

     

    Operating lease liabilities - current

     

    4,026

     

     

     

     

    4,090

     

    Income tax payable

     

    29,140

     

     

     

     

    7,307

     

    Current portion of earnout liability

     

    8,250

     

     

     

     

    7,500

     

    Other current liabilities

     

    1,122

     

     

     

     

    1,364

     

    Total current liabilities

     

    283,245

     

     

     

     

    199,770

     

    Long-term debt, less current portion

     

    218,475

     

     

     

     

    176,366

     

    Operating lease liabilities - non-current

     

    9,704

     

     

     

     

    10,853

     

    Non-current deferred tax liabilities

     

    207

     

     

     

     

    190

     

    Long-term accrued claims

     

    26,443

     

     

     

     

    25,314

     

    Non-current earnout liability

     

    8,250

     

     

     

     

    9,000

     

    Other long-term liabilities

     

    14,037

     

     

     

     

    13,788

     

    Total liabilities

     

    560,361

     

     

     

     

    435,281

     

     

     

     

     

     

    Commitments and contingencies

     

     

     

     

     

     

     

     

     

    Stockholders' equity:

     

     

     

     

    Common stock

     

    4

     

     

     

     

    4

     

    Additional paid-in capital

     

    318,125

     

     

     

     

    321,552

     

    Accumulated other comprehensive loss

     

    (1,304

    )

     

     

     

    (1,293

    )

    Retained earnings (accumulated deficit)

     

    39,248

     

     

     

     

    (22,735

    )

    Total stockholders' equity

     

    356,073

     

     

     

     

    297,528

     

    Total liabilities and stockholders' equity

    $

    916,434

     

     

     

    $

    732,809

    Cross Country Healthcare, Inc.

    Segment Dataj

    (Unaudited, amounts in thousands)

     

     

    Three Months Ended

     

    Year-over-Year

     

    Sequential

     

    March 31,

    % of

     

    March 31,

    % of

     

    December 31,

    % of

     

    % change

     

    % change

     

    2022

    Total

     

    2021

    Total

     

    2021

    Total

     

    Fav (Unfav)

     

    Fav (Unfav)

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenue from services:

     

     

     

     

     

     

     

     

     

     

     

     

    Nurse and Allied Staffing

    $

    765,580

    97

    %

     

    $

    313,008

    95

    %

     

    $

    620,446

    97

    %

     

    145

    %

     

    23

    %

    Physician Staffing

     

    23,152

    3

    %

     

     

    16,233

    5

    %

     

     

    20,233

    3

    %

     

    43

    %

     

    14

    %

     

    $

    788,732

    100

    %

     

    $

    329,241

    100

    %

     

    $

    640,679

    100

    %

     

    140

    %

     

    23

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    Contribution income:k

     

     

     

     

     

     

     

     

     

     

     

     

    Nurse and Allied Staffing

    $

    110,101

     

     

    $

    37,417

     

     

    $

    92,392

     

     

    194

    %

     

    19

    %

    Physician Staffing

     

    1,765

     

     

     

    1,428

     

     

     

    1,428

     

     

    24

    %

     

    24

    %

     

     

    111,866

     

     

     

    38,845

     

     

     

    93,820

     

     

    188

    %

     

    19

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Corporate overheadl

     

    16,254

     

     

     

    14,211

     

     

     

    14,816

     

     

    (14

    )%

     

    (10

    )%

    Depreciation and amortization

     

    2,719

     

     

     

    2,253

     

     

     

    2,720

     

     

    (21

    )%

     

    %

    Acquisition and integration-related costsc

     

    40

     

     

     

     

     

     

    83

     

     

    (100

    )%

     

    52

    %

    Restructuring costsd

     

    480

     

     

     

    1,238

     

     

     

    239

     

     

    61

    %

     

    (101

    )%

    Impairment chargesf

     

    1,741

     

     

     

    149

     

     

     

     

     

    NM

     

     

    (100

    )%

    Income from operations

    $

    90,632

     

     

    $

    20,994

     

     

    $

    75,962

     

     

    332

    %

     

    19

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

    NM-Not meaningful.

    Cross Country Healthcare, Inc.

    Summary Condensed Consolidated Statements of Cash Flows

    (Unaudited, amounts in thousands)

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    March 31,

     

     

    March 31,

     

     

    December 31,

     

    2022

     

     

    2021

     

     

    2021

     

     

     

     

     

     

     

     

    Net cash used in operating activities

    $

    (29,038

    )

     

     

    $

    (24,927

    )

     

     

    $

    (73,365

    )

    Net cash used in investing activities

     

    (2,096

    )

     

     

     

    (1,186

    )

     

     

     

    (4,686

    )

    Net cash provided by financing activities

     

    31,308

     

     

     

     

    38,004

     

     

     

     

    78,226

     

    Effect of exchange rate changes on cash

     

    (2

    )

     

     

     

    (3

    )

     

     

     

    19

     

    Change in cash and cash equivalents

     

    172

     

     

     

     

    11,888

     

     

     

     

    194

     

    Cash and cash equivalents at beginning of period

     

    1,036

     

     

     

     

    1,600

     

     

     

     

    842

     

    Cash and cash equivalents at end of period

    $

    1,208

     

     

     

    $

    13,488

     

     

     

    $

    1,036

     

     

     

     

     

     

     

     

     

    Cross Country Healthcare, Inc.

    Other Financial Data

    (Unaudited)

     

     

    Three Months Ended

     

    March 31,

     

     

    March 31,

     

     

    December 31,

     

    2022

     

     

    2021

     

     

    2021

     

     

     

     

     

     

     

     

    Consolidated gross profit marginm

     

    22.2

    %

     

     

     

    21.7

    %

     

     

     

    23.0

    %

     

     

     

     

     

     

     

     

    Nurse and Allied Staffing statistical data:

     

     

     

     

     

     

     

    FTEsn

     

    13,454

     

     

     

     

    6,614

     

     

     

     

    11,520

     

    Average Nurse and Allied Staffing revenue per FTE per dayo

    $

    628

     

     

     

    $

    522

     

     

     

    $

    582

     

     

     

     

     

     

     

     

     

    Physician Staffing statistical data:

     

     

     

     

     

     

     

    Days filledp

     

    13,068

     

     

     

     

    9,469

     

     

     

     

    12,739

     

    Revenue per day filledq

    $

    1,772

     

     

     

    $

    1,714

     

     

     

    $

    1,588

     

    (a)

    Adjusted EBITDA, a non-GAAP financial measure, is defined as net income (loss) attributable to common stockholders before interest expense, income tax expense (benefit), depreciation and amortization, acquisition and integration-related costs, restructuring costs, legal settlements and fees, impairment charges, gain or loss on derivative, loss on early extinguishment of debt, gain or loss on disposal of fixed assets, gain or loss on sale of business, other expense (income), net, equity compensation, and applicant tracking system costs. Adjusted EBITDA should not be considered a measure of financial performance under GAAP. Management presents Adjusted EBITDA because it believes that Adjusted EBITDA is a useful supplement to net income attributable to common stockholders as an indicator of operating performance. Management uses Adjusted EBITDA for planning purposes and as one performance measure in its incentive programs for certain members of its management team. Adjusted EBITDA, as defined, closely matches the operating measure as defined by the Company's credit facilities. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by the Company's consolidated revenue.

    (b)

    The release of the majority of the valuation allowance on deferred tax assets as of December 31, 2021 resulted in an income tax benefit of $4.3 million for the three months ended December 31, 2021.

    (c)

    Acquisition and integration-related costs primarily include costs for legal and professional fees for the Selected, Inc. acquisition that closed late in the fourth quarter of 2021.

    (d)

    Restructuring costs are primarily comprised of employee termination costs, lease-related exit costs, and reorganization costs as part of planned cost savings initiatives.

    (e)

    Legal settlements and fees include legal settlement charges as presented on the consolidated statements of operations as well as legal fees pertaining to non-operational legal matters outside the normal course of operations which are included in selling, general and administrative expenses. For the three months ended March 31, 2021, we incurred legal fees related to various legal matters outside the normal course of operations.

    (f)

    Impairment charges for the three months ended March 31, 2022 were comprised of $1.7 million related to right-of-use assets and related property in connection with leases that were vacated.

    (g)

    Applicant tracking system costs are related to the Company's project to replace its legacy system supporting its travel nurse staffing business. These costs are reported in selling, general and administrative expenses on the consolidated statement of operations and included in corporate overhead in segment data.

    (h)

    Adjusted EPS, a non-GAAP financial measure, is defined as net income (loss) attributable to common stockholders per diluted share before the diluted EPS impact of acquisition and integration-related costs, restructuring costs, legal settlements and fees, impairment charges, gain or loss on derivative, loss on early extinguishment of debt, gain or loss on sale of business, applicant tracking system costs, and nonrecurring income tax adjustments. Adjusted EPS should not be considered a measure of financial performance under GAAP. Management presents Adjusted EPS because it believes that Adjusted EPS is a useful supplement to its reported EPS as an indicator of operating performance. Management believes it provides a more useful comparison of the Company's underlying business performance from period to period and is more representative of the future earnings capacity of the Company.

    (i)

    Non-recurring income tax adjustment for the three months ended December 31, 2021 reflects the reversal of the majority of the valuation allowance on deferred tax assets.

    (j)

    Segment data provided is in accordance with the Segment Reporting Topic of the FASB ASC.

    (k)

    Contribution income is defined as income (loss) from operations before depreciation and amortization, acquisition and integration-related costs, restructuring costs, legal settlement charges, impairment charges, and corporate overhead. Contribution income is a financial measure used by management when assessing segment performance.

    (l)

    Corporate overhead includes unallocated executive leadership and other centralized corporate functional support costs such as finance, IT, legal, human resources, and marketing, as well as public company expenses and corporate-wide projects (initiatives).

    (m)

    Gross profit is defined as revenue from services less direct operating expenses. The Company's gross profit excludes allocated depreciation and amortization expense. Gross profit margin is calculated by dividing gross profit by revenue from services.

    (n)

    FTEs represent the average number of Nurse and Allied Staffing contract personnel on a full-time equivalent basis.

    (o)

    Average revenue per FTE per day is calculated by dividing Nurse and Allied Staffing revenue, excluding permanent placement, per FTE by the number of days worked in the respective periods.

    (p)

    Days filled is calculated by dividing the total hours invoiced during the period, including an estimate for the impact of accrued revenue, by 8 hours.

    (q)

    Revenue per day filled is calculated by dividing revenue as reported by days filled for the period presented.

     




    Business Wire (engl.)
    0 Follower
    Autor folgen

    Cross Country Healthcare Announces First Quarter 2022 Financial Results Cross Country Healthcare, Inc. (the "Company") (Nasdaq: CCRN) today announced financial results for its first quarter ended March 31, 2022. SELECTED FINANCIAL INFORMATION:       Variance Variance       Q1 2022 vs Q1 2022 vs Dollars are in thousands, …

    Schreibe Deinen Kommentar

    Disclaimer