Cross Country Healthcare Announces First Quarter 2022 Financial Results

About this update from Cross Country Healthcare, Inc.

[{"type":"text","content":" BOCA RATON, Fla.--(BUSINESS WIRE)--\nCross Country Healthcare, Inc. (the \"Company\") (Nasdaq: CCRN) today announced financial results for its first quarter ended March 31, 2022.\n\nSELECTED FINANCIAL INFORMATION:\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nVariance\n\n\n\nVariance\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\nQ1 2022 vs\n\n\n\nQ1 2022 vs\n\n\n\n\n\nDollars are in thousands, except per share amounts\n\n\n\nQ1 2022\n\n\n\nQ1 2021\n\n\n\nQ4 2021\n\n\n\n\n\nRevenue\n\n\n\n$\n\n\n\n788,732\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n140\n\n\n\n \n\n\n\n%\n\n\n\n \n\n\n\n23\n\n\n\n \n\n\n\n%\n\n\n\n\n\nGross profit margin*\n\n\n\n \n\n\n\n22.2\n\n\n\n \n\n\n\n%\n\n\n\n \n\n\n\n50\n\n\n\n \n\n\n\nbps\n\n\n\n \n\n\n\n(80\n\n\n\n)\n\n\n\nbps\n\n\n\n\n\nNet income attributable to common stockholders\n\n\n\n$\n\n\n\n61,983\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n219\n\n\n\n \n\n\n\n%\n\n\n\n \n\n\n\n(20\n\n\n\n)\n\n\n\n%\n\n\n\n\n\nDiluted EPS\n\n\n\n$\n\n\n\n1.63\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n1.10\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n(0.44\n\n\n\n)\n\n\n\n \n\n\n\n\n\nAdjusted EBITDA*\n\n\n\n$\n\n\n\n97,408\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n264\n\n\n\n \n\n\n\n%\n\n\n\n \n\n\n\n20\n\n\n\n \n\n\n\n%\n\n\n\n\n\nAdjusted EBITDA margin*\n\n\n\n \n\n\n\n12.3\n\n\n\n \n\n\n\n%\n\n\n\n \n\n\n\n420\n\n\n\n \n\n\n\nbps\n\n\n\n \n\n\n\n(30\n\n\n\n)\n\n\n\nbps\n\n\n\n\n\nAdjusted EPS*\n\n\n\n$\n\n\n\n1.70\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n1.12\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.30\n\n\n\n \n\n\n\n \n\n\n\n\n\nCash flows used in operations\n\n\n\n$\n\n\n\n(29,038\n\n\n\n)\n\n\n\n \n\n\n\n \n\n\n\n(16\n\n\n\n)\n\n\n\n%\n\n\n\n \n\n\n\n60\n\n\n\n \n\n\n\n%\n\n\n\n\n* Refer to accompanying tables and discussion of non-GAAP (Generally Accepted Accounting Principles) financial measures below.\n\nBusiness Highlights\n\n\nHighest revenue and Adjusted EBITDA in Company history\n\n\n\nRecord number of professionals on assignment\n\n\n\nYear-over-year and sequential growth across all lines of business\n\n\n\nFirst quarter financial performance exceeded all guidance ranges\n\n\n\nAdjusted EBITDA margin of 12.3%\n\n\n\nDoubled the asset-based credit facility to $300 million as a cost effective source of liquidity\n\n\n“Our historic revenue and adjusted EBITDA performance in the first quarter of 2022 reflects the tremendous success we have had in helping healthcare facilities...

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