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first_img Total assets 25.2 (Unaudited, amounts in thousands) (1,334 Acquisition and integration-related costs c ) % BOCA RATON, Fla.–(BUSINESS WIRE)–Feb 24, 2021– Cross Country Healthcare, Inc. (the “Company”) (Nasdaq: CCRN) today announced financial results for its fourth quarter and full year ended December 31, 2020. % 10,447 0.13 1,689 2019 1,770 Variance2020 vs2019 ) 0.02 215,606 — Diluted EPS, GAAP 11 % 4,612 Bad debt expense December 31, (0.03 36,088 8 ) 93,423 534 (1,240 16,248 27,204 4 % $ (0.03 — $ 1,954 $ $ $ 3,446 Average Nurse and Allied Staffing revenue per FTE per day q 35,869 618,215 90,924 4 Diluted EPS $ 1,064 (979 December 31, (1,144 0.17 Other intangible assets, net (c) )% 3,571 36,778 166 3.4 % change (0.36 3,396 Net income (loss) attributable to common shareholders (2,186 $ ) Physician Staffing statistical data: — Adjusted EPS* 5,900 % 201 (184 % Income (loss) from operations 2019 (5,351 2,702 0.31 100 $ 228 2,199 11,500 ) $ ) 85,465 136 $ 12,671 “Our performance in the fourth quarter once again demonstrates our ability to deliver the critical staff and support needed by our clients. We continue to see significantly higher demand from COVID, driving increases in both the number of clinicians on assignments as well as higher bill rates for the first quarter of 2021,” said Kevin Clark, Co-founder and CEO for Cross Country Healthcare. Fourth quarter consolidated revenue was $215.6 million, representing an increase of 11% sequentially and flat with the prior year. Consolidated gross margin was 25.2%, up 50 basis points year-over-year and sequentially. Net income attributable to common shareholders was $4.6 million compared to losses of $1.1 million in the prior year and $1.3 million in the prior quarter. Diluted EPS was $0.13 per share compared to losses of $0.03 per share in the prior year and $0.04 per share in the prior quarter. Adjusted EBITDA was $11.5 million or 5.3% of revenue, as compared with $8.3 million or 3.9% of revenue in the prior year, and $8.6 million or 4.4% of revenue in the prior quarter. Adjusted EPS was $0.19 compared with $0.07 in the prior year and $0.12 in the prior quarter. For the year ended December 31, 2020, consolidated revenue was $836.4 million, an increase of 2% over the prior year. Consolidated gross margin was 24.2%, down 60 basis points year-over-year. Net loss attributable to common shareholders was $13.0 million, or a net loss of $0.36 per diluted share, compared to a net loss of $57.7 million, or a loss of $1.61 per diluted share in the prior year. Adjusted EBITDA was $36.3 million or 4.3% of revenue, as compared with $25.5 million or 3.1% of revenue in the prior year. Adjusted EPS was $0.46 compared to $0.15 in the prior year. Full year 2020 results included non-cash impairment charges of $16.2 million, which was comprised of $10.7 million, primarily related to goodwill and customer relationships for the Search business, and $5.5 million related to right-of-use assets and related property and equipment in connection with leases that were vacated during the year. Results for the year ended December 31, 2020 also included $6.1 million in restructuring costs primarily comprised of employee termination costs and lease-related exit costs. Quarterly Business Segment Highlights Nurse and Allied Staffing Revenue was $196.4 million, representing a 3% increase year-over-year and 12% sequentially. Contribution income was $22.3 million, compared to $17.8 million in the prior year and $18.2 million in the prior quarter. Average field contract personnel on a full-time equivalent (FTE) basis were 5,798 as compared with 7,339 in the prior year and 5,403 in the prior quarter. Revenue per FTE per day was $368 compared to $284 in the prior year and $353 in the prior quarter. Physician Staffing Revenue was $16.4 million, a decrease of 18% year-over-year and consistent with the prior quarter. Contribution income was $0.9 million, a decrease compared to $1.0 million in the prior year and an increase compared to $0.8 million in the prior quarter. Total days filled were 9,911 as compared with 11,672 in the prior year and 9,682 in the prior quarter. Revenue per day filled was $1,658 as compared with $1,714 in the prior year and $1,699 in the prior quarter. Search Revenue was $2.8 million, a decrease of 24% year-over-year and an increase of 23% sequentially. Contribution income was $0.6 million, compared to losses of $0.3 million in both the prior year and the prior quarter. Cash Flow and Balance Sheet Highlights Cash flow provided by operations for the quarter was $1.9 million compared to cash flow used in operations of $5.4 million in the prior year and $8.5 million in the prior quarter, with the principal driver being a six day sequential improvement in days’ sales outstanding. Cash flow provided by operating activities for the full year was $27.2 million compared to $5.5 million in the prior year. At December 31, 2020, the Company had $1.6 million in cash and cash equivalents, $53.4 million of borrowings drawn under its asset-based loan facility (ABL), and $18.5 million of letters of credit outstanding. Availability under the ABL is subject to a borrowing base, which was $125.5 million as of December 31, 2020, with $53.6 million available for borrowing as of December 31, 2020. Outlook for First Quarter 2021 The guidance below applies only to management’s expectations for the first quarter of 2021. (100.0 0.06 14,907 8 (184 Facebook 35,247 Gross Profit Margin* 77 (240) bps – (190) bps Net cash used in investing activities % 14,075 247% – 290% ) 6,234 Average revenue per FTE per day is calculated by dividing the Nurse and Allied Staffing revenue per FTE by the number of days worked in the respective periods. Nurse and Allied Staffing revenue also includes revenue from the permanent placement of nurses. 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. — 285.1 There remains a high degree of uncertainty regarding the continued impact from COVID-19 on our business. In particular, the outlook above assumes sequential increases in bill rates and the number of clinicians on COVID assignments, and the continued closures of schools in key markets. As a result of the stronger projected performance for both revenue and Adjusted EBITDA, as well as continued uncertainty from the pandemic, the Company continues the use of wider guidance ranges for the first quarter of 2021. 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 share repurchases. The guidance also reflects the impacts from certain cost actions and actual results may differ depending on timing and further actions it may take. See accompanying Non-GAAP financial measures and tables below. INVITATION TO CONFERENCE CALL The Company will hold its quarterly conference call on Wednesday, February 24, 2021, at 5:00 P.M. Eastern Time to discuss its fourth quarter and full year 2020 financial results. This call will be webcast live and can be accessed at the Company’s website at www.crosscountryhealthcare.com or by dialing 888-566-1099 from anywhere in the U.S. or by dialing 773-799-3716 from non-U.S. locations – Passcode: Cross Country. A replay of the webcast will be available from February 24th through March 11th at the Company’s website and a replay of the conference call will be available by telephone by calling 800-510-0118 from anywhere in the U.S. or 203-369-3808 from non-U.S. locations – Passcode: 2021. ABOUT CROSS COUNTRY HEALTHCARE Cross Country Healthcare, Inc. (CCH) is a leader in providing total talent management including strategic workforce solutions, contingent staffing, permanent placement, and consultative services for healthcare customers. Leveraging our 35 years of industry expertise and insight, CCH solves complex labor-related challenges for customers while providing high-quality outcomes and exceptional patient care. As a multi-year Best of Staffing ® Award winner, CCH is committed to an exceptionally high level of service to both our clients and our healthcare professionals. CCH was the first publicly traded staffing firm to obtain The Joint Commission Certification, which it still holds with a Letter of Distinction. In February 2021, CCH earned Energage’s inaugural 2021 Top Workplaces USA award. CCH has a longstanding history of investing in its diversity, equality, and inclusion strategic initiatives as a key component of the organization’s overall corporate social responsibility program which is closely aligned with its core values to create a better future for its people, communities, the planet, and its shareholders. Copies of this and other news releases as well as additional information about Cross Country Healthcare can be obtained online at www.crosscountryhealthcare.com. Shareholders and prospective investors can also register to automatically receive the Company’s press releases, made with the Securities and Exchange Commission (SEC) filings and other notices by e-mail. NON-GAAP FINANCIAL MEASURES This press release and 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, and 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”, and “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 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 set forth in Item 1A. “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, 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 management’s 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 or (iv) our strategy, which is based in part on this analysis, will be successful. 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. 16,824 Revenue from services: — (1,144 Loss on derivative g December 31, (l) September 30, 732,815 Total liabilities and stockholders’ equity 1,658 Due to the net loss for the three months ended December 31, 2019 and September 30, 2020, and for the years ended December 31, 2020 and 2019, 472, 228, 340, and 251 shares (in thousands), respectively, were excluded from diluted weighted average shares. $ — 2 Other expense (income), net 0.12 343 December 31, (84 $ 2,008 (8.9 (i) $ 2,033 Operating expenses: 7,113 161,214 18,233 145,965 % December 31, ) 44,870 FTEs p — 173,809 Depreciation and amortization — 213,142 — ) ) 0.10 Q4 2020 Other long-term liabilities 353 (428 544 (Unaudited, amounts in thousands) Acquisition and integration-related costs Operating lease liabilities – non-current (Unaudited) 1,284 — 45,572 836,417 % 75,293 Weighted average common shares outstanding: (Unaudited, amounts in thousands, except per share data) $ Less: Net income attributable to noncontrolling interest in subsidiary 326 Loss on early extinguishment of debt Liabilities and Stockholders’ Equity 215,096 Loss on early extinguishment of debt h 2020 Total 2019 2,199 Other non-current assets 16,248 16,306 Gross profit margin* — (100.0 194,349 (154,737 36,341 $ % Property and equipment, net 0.19 — 13.9 ) December 31, (k) Other expenses (income): 4,867 671 Restructuring costs d 0.02 842 ) 9,911 (Unaudited, amounts in thousands) Net income (loss) attributable to common shareholders Change in cash and cash equivalents 215,606 )% — Nurse and Allied Staffing 291.9 % 382,374 (1.61 % 44,381 )% — ) 280 (68 $ Net income (loss) attributable to common shareholders ) (708 Year Ended 23.4 Tax impact of non-GAAP adjustments Cross Country Healthcare, Inc. 8 ) )% (1,334 Revenue ) % Net income (loss) per share attributable to common shareholders – Basic and Diluted % (188 ) (12,962 Fav (Unfav) 4,822 16,248 Impairment charges (excluding rebranding impacts) f (1,148 Loss from operations 1,600 $ Cross Country Healthcare, Inc. ) 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. 0.05 90 186 820 2020 % $ Current liabilities: 356,973 2020 ) VarianceQ4 2020 vsQ4 2019 % 19 $16.0 million – $18.0 million Nurse and Allied Staffing 1,978 Segment data provided is in accordance with the Segment Reporting Topic of the FASB ASC. December 31, 5,542 (0.01 $ 35,540 ) 2020 (2,940 $ Long-term accrued claims — 3,571 $ Adjusted EPS* $ Other current liabilities Revenue from services % 1,600 $ Impairment charges in 2020 of $16.2 million were comprised of $10.7 million primarily related to goodwill and other intangible assets for the Search business and $5.5 million related to right-of-use assets and related property and equipment in connection with leases that were vacated during the year. Impairment charges in 2019 related to trade name impairment of $14.5 million related to Nurse and Allied Staffing resulting from the Company’s rebranding initiative and $1.8 million related to the Company’s decision to cease use of certain of its leased properties in conjunction with its restructuring plan. Rebranding impairments and accelerated amortization related to finite-lived trade names in connection with the rebranding initiatives. $ 687 (23.6 — $ (55,943 1.25 Restructuring costs are primarily comprised of employee termination costs, lease-related exit costs, and reorganization costs as part of planned cost savings initiatives. 4,509 — Three Months Ended 123 — 17,379 Sequential 845,577 (0.36 503 Applicant tracking system costs i 16,306 17,849 4,612 % ) $ 0.06 NM 4,612 Prepaid expenses % of 100 (1,144 310,388 $ 444 % 323 % Applicant tracking system costs i (69.5 2,033 210 39 608 14,804 5,306 Income tax (benefit) expense b (0.03 % (108 0.4 $ — 6,818 17.0 652 ) 2,316 3,075 December 31, Consolidated Balance Sheets Acquisition and integration-related costs c — 51,900 472 ) 31,732 5,663 bps (p) Revenue per day filled is calculated by dividing revenue as reported by days filled for the period presented. $ — Physician Staffing — 1,600 $ — 671 Loss on derivative 22,265 WhatsApp Contingent consideration 1,071 % of Total (381 Adjusted EBITDA* 77,788 9 Commitments and contingencies 16,964 $ 35,869 (q) ) 5,011 50 1 % — 45,726 364 % (h) 100 Income tax (benefit) expense Acquisition and integration-related costs include costs for prior acquisitions, costs incurred for potential transactions, and accretion and valuation adjustments related to the contingent consideration liability for the Mediscan acquisition. Nurse and Allied Staffing statistical data: Search )% 27,204 (68 ) Equity compensation (22.6 820 $ 191,417 0.09 1,714 2,890 Loss on early extinguishment of debt h 444 $ 4,252 Net income attributable to noncontrolling interest in subsidiary — 70,974 (22,010 505 218,874 Segment Data l ) (8.9 9 8,286 0.01 0.05 757,949 (12,962 77 — 3,035 ) (36.6 2019 (19.3 Nonrecurring income tax adjustments 2020 ) 2020 2020 % of September 30, $ 41.7 % $ 600 687 11,832 — (184 ) — ) (9,160 Adjusted EPS: j 26.8 1,978 (15,711 Cross Country Healthcare, Inc. Reconciliation: Legal settlements and fees e 600 — 837 0.01 2,030 Impairment charges (excluding rebranding impacts) f 17.3 Rebranding impairments and accelerated amortization f % 16,248 1,804 ) Accrued employee compensation and benefits Stockholders’ equity: Total current assets Adjusted EBITDA* 6,052 Selling, general and administrative expenses 1,032 ) 154,375 — ) Loss on early extinguishment of debt h December 31, (r) — Total current liabilities ) $ 209,943 (15,711 (1,124 (11 Income (loss) from operations $ 1,032 $ 36,176 5,403 — 295 10 $ Weighted average common shares – basic, GAAP ) Contribution income (loss): m 12,351 (400) bps – (350) bps 26,938 Year Ended Applicant tracking system costs i (156 $ Restructuring costs d 0.04 $ Non-current deferred tax liabilities 34,831 0.04 $ Operating lease liabilities – current 36,404 $ Denominator: ) 3,571 570 5,306 36,088 (12.2 53,408 )% Nonrecurring income tax adjustments (898 340 251 215,606 36,088 Corporate overhead n — 36,428 1,071 Adjusted EBITDA a $ ) 210 $ (9,160 837 — % ) % 3,247 Local NewsBusiness (a) Fav (Unfav) % 1,770 Acquisition and integration-related costs c (57,713 836,417 837,935 ) — Three Months Ended ) 3,247 % Effect of exchange rate changes on cash 0.16 % Physician Staffing 1,929 Three Months Ended Search — 0.05 — 1,071 25.2 0.03 Restructuring costs d 0.05 Rebranding impairments and accelerated amortization f $ 1,284 1,048 (0.04 0.48 Loss on derivative g Depreciation and amortization 22.1 (108 Facebook Pinterest 633,685 Insurance recovery receivable bps — % $ $ Additional paid-in capital 2,199 2019 SELECTED FINANCIAL INFORMATION: Interest expense $center_img 2,316 (0.01 $ % 14,075 Non-GAAP adjustments – pretax: Net cash provided by (used in) operating activities ) 2020 Reconciliation of Non-GAAP Financial Measures 52.5 $ % 0.09 2 Net income (loss) attributable to common shareholders 16,306 31.2 $ (57,713 Legal settlement charges e % ) — 170,003 (12,330 0.12 2020 284 ) 2020 )% Assets Current assets: Total $ 0.98 Nurse and Allied Staffing 1,032 December 31, 0.16 3,497 Loss on early extinguishment of debt for the year ended December 31, 2019 consists of write-off and extinguishment costs related to the refinancing of our debt in the fourth quarter of 2019, and the write-off of debt issuance costs in the prior quarters related to optional prepayments on our term loan made in the first and second quarters and an optional reduction in borrowing capacity under our prior revolving credit facility. 91 Numerator: Loss on derivative represents the amount paid to terminate an interest rate hedge related to our term loan that was refinanced in October 2019. 6,592 ) Legal settlement charges $ 0.46 166 $ $ % Adjusted EPS, non-GAAP j 2,316 2,803 — Goodwill 0.45 View source version on businesswire.com:https://www.businesswire.com/news/home/20210224005831/en/ CONTACT: Cross Country Healthcare, Inc. William J. Burns, 561-237-2555 Executive Vice President & Chief Financial Officer [email protected] KEYWORD: FLORIDA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: GENERAL HEALTH HEALTH PROFESSIONAL SERVICES NURSING HUMAN RESOURCES SOURCE: Cross Country Healthcare, Inc. Copyright Business Wire 2021. PUB: 02/24/2021 04:15 PM/DISC: 02/24/2021 04:15 PM http://www.businesswire.com/news/home/20210224005831/en 101,066 Trade names, indefinite-lived 4,698 (10 690 % 44,957 368 $ 18,298 Adjusted weighted average common shares – diluted, non-GAAP $ 2019 % 382,374 ) ) Accounts payable and accrued expenses ) 822,224 $ 215,096 5,337 Restructuring costs d 608 $ Cross Country Healthcare Announces Fourth Quarter and Full Year 2020 Financial Results 842 24.2 (0.1 — Dilutive impact of share-based payments k 38,987 1.7 4,878 836,417 — Adjusted EPS, a non-GAAP financial measure, is defined as net income (loss) attributable to common shareholders per diluted share before the diluted EPS impact of acquisition and integration-related costs, restructuring costs, legal settlements and fees, impairment charges, rebranding impairments and accelerated amortization, 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. 4,627 19,070 % $ Year Ended $ Year-over-Year ) 193,968 1,600 (29.6 Cross Country Healthcare, Inc. 7,995 8,598 Acquisition and integration-related costs c $ $ — 687 Common stock 1 % 31,307 12,499 Total liabilities — (1,280 December 31, % 30% – 37% 879 ) (0.36 Cash and cash equivalents at beginning of period ) Total Cross Country Healthcare, Inc. stockholders’ equity 1,600 162,632 Noncontrolling interest in subsidiary bps 868 $ 36,322 Accumulated other comprehensive loss $ $ 50 ) (n) 6,890 (Unaudited, amounts in thousands) 14,075 % 0.07 161,935 ) 1,699 — $ 78 % of 166 % $ 2019 2019 $ (12,142 1,600 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. 1,470 Revenue from services: 202,064 % Dollars are in thousands, except per share amounts 827 31,732 $ 144 842 )% Summary Condensed Consolidated Statements of Cash Flows 175,244 (1,334 6,052 FTEs represent the average number of Nurse and Allied Staffing contract personnel on a full-time equivalent basis. 0.02 % 25,468 (17.9 — 11.2 183,111 — Q1 2021 Range 35,815 16,452 39% – 57% $ 4,666 (1,169 3,571 568 — $ 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). 67,934 3,668 $ 2,998 4,627 201 11,502 $ 1,284 25,412 % Other Financial Data 89 (28.8 166 $ Pinterest 100 — (188 2020 Restructuring costs d 34 201 Impairment charges f % Search Contribution income (loss): m 3,619 (57,713 0.07 (0.04 11,500 Total % 1,954 (992 1,978 7,339 September 30, % 1,034 ) 0.05 )% ) ) (381 $ 64,353 $ Depreciation and amortization 19,409 December 31, % 4,612 186 Other expense (income), net 18,586 Loss on disposal of fixed assets (8,426 Cash and cash equivalents % ) — ) (10 $ (2 (f) 2020 Income (loss) before income taxes (1,846 15,234 4,627 Revenue per day filled s 942 2,316 32.3 ) Full Year 2020 (156 (184 $ 24.7 — — * Refer to discussion of Non-GAAP financial measures below. ) Total 5,403 687 $ (12,962 )% 63.6 (b) 10.0 169 23,777 1,355 27.9 690 84.5 % (956 ) $ 36,177 0.19 46,246 — 11,672 189.8 — Impairment charges f 1,681 $ December 31, % of 1,048 2,998 % change 305,643 36,066 % $0.33 – $0.38 $ % 154,909 2019 183,357 December 31, Other current assets 193,968 $0.32 – $0.37 89 36,322 3,554 1,742 18,752 Net cash (used in) provided by financing activities ) % $ 33% – 40% % ) 2,758 ) 10,534 163,500 (2,044 $ 2,030 ) 2.6 December 31, (2,827 ) 36,176 ) — December 31, $ Cash and cash equivalents at end of period )% December 31, % 43 4,037 544 35,815 40,804 74,605 Twitter Consolidated net income (loss) 5,663 (24,211 Adjusted EBITDA: a — ) — — — December 31, ) )% Search 66,288 (g) 21.2% – 21.7% Fav (Unfav) ) 2020 144 601 181,959 — Legal settlements and fees e ) $ Acquisition and integration-related costs c $ Adjusted net income attributable to common shareholders – non-GAAP 36,778 — 391 6,052 $ % ) Accounts receivable, net 842 $ 100.0 % (20 5,798 Interest expense — 35,869 Consolidated gross profit margin o ) (17,599 1,929 $ 0.13 — % Physician Staffing $ Year-over-Year Change $ $ 3,247 Year Ended 3,446 $280 million – $295 million ) $ ) (308 0.15 (12,962 (823 91 169 1,470 6,052 — 0.46 61.7 Cross Country Healthcare, Inc. (8,456 ) 77 2019 Operating lease right-of-use assets 1,032 201 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. Restructuring costs $ 36,177 100 2 (4,615 6,097 Legal settlements and fees e Cross Country Healthcare, Inc. 323 — 364 Sequential Change % $ % Tax impact of non-GAAP adjustments 1,071 Total operating expenses % December 31, $ * Refer to accompanying tables and discussion of Non-GAAP financial measures below. Nurse and Allied Staffing 77 36,176 ) 24.7 35,815 356,973 Revolving credit facility (0.05 7,523 12.1 1 By Digital AIM Web Support – April 6, 2021 VarianceQ4 2020 vsQ3 2020 822,224 9,458 Cash flows from operations (1.61 Accumulated deficit $ 6,037 1,600 $ 12,671 Basic 1,470 ) $ ) )% ) $0.13 – $0.18 % Three Months Ended 938 (141,775 December 31, September 30, Days filled r ) 5,900 9 2020 49,877 2019 ) $ $ Impairment charges f Total stockholders’ equity 0.03 Adjusted EBITDA, a non-GAAP (Generally Accepted Accounting Principles) financial measure, is defined as net income (loss) attributable to common shareholders before interest expense, income tax (benefit) expense, 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, applicant tracking system costs, and includes net income attributable to noncontrolling interest in subsidiary. 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 shareholders 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 typically used in the Company’s credit facilities in calculating various ratios. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by the Company’s consolidated revenue. 24.2 — Loss on derivative g % — 24.7 0.02 (60 ) Consolidated Statements of Operations Direct operating expenses $ 24.8 $ 169,528 2,890 2020 TAGS  16,019 (18 $ 282 (2,788 (14,987 Corporate overhead n — 9,682 December 31, 20,011 Year-over-Year $ 0.03 Revenue ) % change (38 2020 0.01 $ Year Ended $ % 946 Income tax expense for the year ended December 31, 2019 includes $35.8 million of expense related to the establishment of valuation allowances on our deferred tax assets in the second quarter. 12,671 $ (d) 1,340 % 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 which are included in selling, general and administrative expenses. For the year ended December 31, 2019, we incurred legal settlement charges pertaining to the resolution of a medical malpractice lawsuit in excess of carrier limits as well as a California wage and hour class action settlement. For the year ended December 31, 2020, we incurred $3.0 million in legal fees related to an ongoing legal matter outside the normal course of operations. ) Diluted 196,374 446 Depreciation and amortization 0.2 2,272 (297 (j) ) ) (e) WhatsApp 0.13 Physician Staffing September 30, Impairment charges (m) (o) Three Months Ended December 31, 16,429 5,455 NM-Not meaningful. — )% (s) Non-GAAP adjustments – pretax: (600 1,978 % Twitter 9 ) Previous articleLOGIX Announces the LOGIX Texas Metro Fiber Network to Deliver Dense Last Mile Connectivity for Wholesale CarriersNext articleJill Biden says things get better, including after divorce Digital AIM Web Supportlast_img read more

first_img New Delhi: The premier fifty-over World Cup is around the corner and each and every team is looking to keep all boxes turned for the big event. The tournament is scheduled to start on May 30, and India will be playing its first game against South Africa on June 5 at Rose Bowl, Southampton. Before all of this, the International Cricket Council (ICC) on Thursday warned fans against potential scams making it clear that there is no competition, lottery or promotion associated with upcoming men’s World Cup in England. “The ICC stress there is no such competition, lottery or promotion associated with ICC or the ICC Men’s Cricket World Cup 2019 and that any approaches via e-mail in the UK should be reported to Action Fraud online here or by calling 0300 123 2040,” ICC said in a release. “Approaches outside of the UK should be reported to [email protected] The ICC or CWC19 will never ask for confidential information of this kind from you in an email. The governing body said incidents of scams have always been reported during global events.”Illegal scammers contact people, usually via email, claiming that they have won a cash prize via a lottery or competition and requiring the person to share a range of personal information, including their name, age, bank account, and passport details. The victim is often asked to pay a fee to obtain the prize money,” ICC said.The ICC also recommended some actions against fraud and noted the online resources which are available for victims of fraud. ICC warns populous ahead of the start of World cup. World Cup is scheduled to start on May 30. India will play South Africa in their opening game. For all the Latest Sports News News, Cricket News News, Download News Nation Android and iOS Mobile Apps. highlightslast_img read more