Singapore markets close in 5 hours 23 minutes
  • Straits Times Index

    3,133.79
    +22.14 (+0.71%)
     
  • Nikkei

    26,768.77
    +276.80 (+1.04%)
     
  • Hang Seng

    22,314.19
    +595.13 (+2.74%)
     
  • FTSE 100

    7,208.81
    +188.36 (+2.68%)
     
  • BTC-USD

    21,138.94
    -241.26 (-1.13%)
     
  • CMC Crypto 200

    461.32
    +7.42 (+1.64%)
     
  • S&P 500

    3,911.74
    +116.01 (+3.06%)
     
  • Dow

    31,500.68
    +823.28 (+2.68%)
     
  • Nasdaq

    11,607.62
    +375.42 (+3.34%)
     
  • Gold

    1,836.90
    +6.60 (+0.36%)
     
  • Crude Oil

    107.58
    -0.04 (-0.04%)
     
  • 10-Yr Bond

    3.1250
    +0.0570 (+1.86%)
     
  • FTSE Bursa Malaysia

    1,437.98
    +1.28 (+0.09%)
     
  • Jakarta Composite Index

    6,987.03
    -55.91 (-0.79%)
     
  • PSE Index

    6,208.24
    -9.32 (-0.15%)
     

Cross Country Healthcare Announces First Quarter 2022 Financial Results

  • Oops!
    Something went wrong.
    Please try again later.
·19-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

BOCA RATON, Fla., May 04, 2022--(BUSINESS WIRE)--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 clients ability 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 factors likely 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220503006262/en/

Contacts

Cross Country Healthcare, Inc.
William J. Burns, Executive Vice President & Chief Financial Officer
561-237-2555
wburns@crosscountry.com

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting