CCRN - Earnings call transcript Q2 2019 | Cross Country Healthcare, Inc.

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Operator

Good evening, ladies and gentlemen, and welcome to the Cross Country Healthcare Earnings Conference Call for the Second Quarter 2019. This call is being simultaneously webcast live. A replay of this call will also be available until August 15, 2019, and can be accessed at or on the company's website or by dialing 1-800-839-5574 for domestics call, and 203-369-3669 for international calls, and by entering the passcode 2019.

I will now turn the call over to Bill Burns, Cross Country Healthcare's Chief Financial Officer. Please go ahead, sir.

Bill Burns

afternoon, good and you, everyone. Thank by I'm Officer, and Executive President Clark. joined today Kevin Chief our Today's a for will press at second of call www.crosscountryhealthcare.com. include as release, quarter for financial XXXX which and the a results copy our is in outlook contained the of quarter discussion third our of available our

At lines for of prepared we remarks, our conclusion questions. the will the open

statements we forward-looking made to that on statements. call begin, remind need we certain Before constitute this may everyone

undertakes forward-looking and statements and in release, vary including XX-K As in update any materially no Annual Form and known results noted Report as reports press of XXXX in contained its actual can are and as other forward-looking from our on those on the company's Form statements. the with unknown well company other to subject obligation XX-Q, filings risks, to quarterly The uncertainties, factors, SEC.

financial or to non-GAAP GAAP. financial contained Also, are not related reference calculated during information as information and superior substituted non-GAAP teleconference be Such with accordance in non-GAAP share. measures such More to per should in considered EBITDA measures comments for this our financial release. as press these earnings additional or measures, adjusted financial is provided made U.S. measures adjusted

to start occurred may to a acquisitions had divestitures periods Lastly, refer in and on transactions order our call, the we of the effect giving facilitate though impacted. to better information underlying trends, understanding this pro forma of as the

call Chief Officer, Executive turn With that, and I Kevin will over to President the our now Clark.

Kevin Clark

Cross full experience making, revenue to go. progress to afternoon. are across thank experienced quarter and everyone producers though market our still beginning pleased with in investments all conditions. of have are we This growth have first the my continue to our favorable impact, us Country, segments as an a sequential ways We we and joining I'm to this Bill, you, you and Thank since returning to we is for

Allied in and reported and by strong fueled performance nurse Our continued Allied travel segment both growth year-over-year education.

cash significant into operations of our additional details company an debt. million In to $X addition, will would go status on payment and the made on our I an update from you with and the more provide generate the turnaround. continued we on numbers; therefore, like to Bill

We special. it our are people a clearly is that business, employees Cross and make Country

Just this Country similar the been employer from more quarter, healthcare since XXXth than their have than individuals whom many with years, of month, of our have XXXX. since celebrated Last our We who we nurses of founded. we some Cross the more loyalty celebrated choice. professionals was one assignment made Cross us for of that been XX her also see have XX here who company Country with began

a not that also establishes blueprint have With to to need our been foundation, clear changes my priority only we it employees ensure framework has a a guide for make. strategic to we plan provides that the being decision-making, but the

our our the As I the infusion approach, organization. throughout technology culture, call, last the of and core go-to-market our shared of strategy evolving include reinvigorating the tenets on

our infused operationalizing tenured our to believe are for time. on path. am relatively I of to into period right a strategy, the new confident changes in necessary team employees, I we way have we of our on we performance. driving proud better the the making incredibly that embracing right am Having place such all in continue the organization leverage employees and and well changes for to organization our are We our short aligning the I better talent are

complete of we part our approach, we and go-to-market evolving nearly effort. with our need As our refresh branding, to that are

the will a core our This for us disparate breadth market the and brands growth. Country realignment Cross greatest to of extent. from name reputation Country our brands, reduced portfolio Cross is services of over both excellence. strength drive as to leveraging the well help have as and XX depth both to clinical efficient be Healthcare We X leader our the due more

improvements we candidate that also will are attraction, the making changes brand In marketing our combination the to ability efforts our have highest professionals. in just on our can and approach brands. in Modest significant engagement, with strengthen continue to revenue and our go-to-market meaningful quality beyond the lead-to-applicant refresh, for attract plan the conversions our impact changing improve well investment. a return on greatly The extends improving

to our to solutions organizational continuing structure have to are the to clients. to we evolve right only ability our not also ensure optimize We our deliver but talent,

more our that compelling to of Southeast convey witness and is that talent with program, a beds value passion that Our It this firsthand just to our significant we closely working over teams won or the new and, than total the collaboratively service spend ensure as message a new clients. to It large dedication more to with X,XXX in teaching million. our we $XX system offer team we met solutions. proposition successfully the and and managed are clear client month, of This we differentiated, great discuss a was client can MSP. is highly estimated

number million, unified major Another key is business full is smaller scheduled and talent a solutions transformation. credentialing around of digital and focus be tracking project next estimated to a with we begin year, the The cost to between later for $XX of part second of our piloting strategy implementation million platform. and expect company applicant this the the is our one Internally, half implementing and year. the and $XX provider around of propelling turning us is element for the to total

our continues is most clients. to therefore, and the with data-centric are beacon mobile-enabled customer, to models and, way we easiest tools, more interact to looking and create towards shift the seamless market the our As

X number funded revenue path important across we've reductions move primarily take mentioned last will incremental are it's note the months, the other As realizing a so for many fronts. in company I In the significant swiftly through the we overhead. technology continuing on producers call, the time, last to added vision to along of

the are investments quarter second on the as seeing to We is to steadily quarter. already expected nurses throughout rose and of third returns working grow throughout on the the number continue assignment

business staffing the it with than changes, majority clear are initiatives a steady to contributor, pleased progress. especially growth by better to that revenue the in revenue a It From have see the as expand came service show as physician can services, increased I we practitioners to sequentially our that include a me such of other sequentially also X% perspective, second with an seems but been investments part spend anticipated, core coming was cross-selling year-over-year Our physicians. along XX%. organizational and the experienced fairly I and quarter producers in confident starting under vital Advanced or to from offering, growth to MSP that growth continue and to Allied quarters. ramp business that of we is additional Locums. return the sequential remain programs management and

rate tend Overall, largely rate the have implementation. XX%, and due to wins, a impact of new slightly lower our capture was capture mix which down from to the spend following

ramp. As quarter, has of second yet the to million spend end $XX of we of approximately the that have

especially of our all quarter As the we the of level and in activity third of encouraged travel of am across business, by look and and XXXX, the business. rest I lines demand our at

vacation, our sequential expect third businesses for for improvement growth to expect time we the of exception most years. and the of our is businesses impacted to quarter report of With year-over-year all than more which by the for business, X education our the in summer first see timing in

more Burns, in will detail. With to over review our that, results Bill let me who turn the call

Bill Burns

Kevin. Thanks,

our were and performance Kevin guidance and, As on that margin, from incremental of were second already exceeded end to our the labor physician lesser disruptions. mentioned, our and for revenue end margin ranges revenue, related gross the range. results main upper we for better-than-expected gross The X with adjusted EPS a quarter drivers to extent, EBITDA, over-achievement top revenue business pleased of adjusted our the at

For segment, Revenue the and consolidated over was prior and our quarter, and year for the largest over was improvement. sequentially. up decline nurse X% X% $XXX.X Allied, the million, representing a X% revenue year a sequential X% prior

in driven favorable continues sequential the was segment premium to pricing partly was nurse sequentially. associated electronic large the a and, by On medical assignments a primarily to basis, XX% both mix. Allied by project price. driven a price records for Revenue disruption mix, XX% increase and Year-over-year, favorable a in a growth of up increase rise primarily mentioned and and was across physician decline earlier. rate increases the our rates driven due to by decline partly a and offset be by The with year-over-year labor bill down but volume $XX specialties most I staffing for volume, million, in Year-over-year offset in volume volume. lesser by the and was extent,

advanced a growth driven for physicians On both practice sequential the increased basis, by specialties. was volume and

in well and lower return changes have we across XX.X%, progression favorable investments pricing this impacts business costs. to from favorable segments, Gross for end growth. made, believe as profit margin of as from high its above year-over-year is our With was the to quarter the range, guidance we we workers' experienced continue the well-positioned impacts most as compensation

monitor our above costs, continue which enter our we the healthcare slightly were half, quarter. for to As second we expectations closely the

up basis was higher system. SG&A basis the over as gross insurance predominantly our year payroll applicant year-over-year On Sequentially, of including quarter. flat $XX.X expenses the X% sequentially. was lower the to well largely first health spreads. reset consulting gross and the Total million, due with improved points due connection margin costs, were fees, impact XX the and tax The margin a in of main professional in prior the annual basis, tracking bill-pay to replacement as increase drivers of XX other consulting points down

as realized consulting and result, we expect a million estimate a From for to our and $XX of merit full identifying that we'll were professional gross a health savings of the million cost fully now and realizing to $X offset sequential million compensation date, continue associated make total and higher fees progress well We annual increases have and, perspective, savings by implemented. as lower realize when year. on savings; with we and as in we the million cycle, $X.X costs, insurance payroll basis, On $X between taxes.

Given the incremental producers revenue to in level the in demand, realized growth. of we majority reinvesting order savings organic drive in the rise of are

range, guidance end our $X.X million, leverage couple and there call driven a out. EBITDA Adjusted associated items higher operating the largely quarter better are Below to for with adjusted high spreads. favorable by bill-pay the of above EBITDA, of revenue was

in rebranding million our $XX.X charges recognized to we related First, entirely impairment initiatives.

valuation of the to The case. tax recorded earlier million as second matters on well and the finally, a quarter, in medical $XX.X pertaining reserves case a action the wage we million $X.X a related as And liability legal charge of to tax for hour establishment item two primarily California we deferred was assets. disclosed class provision

to of liabilities. offset should Unfortunately, attributable have note greatly It's impairment us to we three diluted by net results million, shareholders share, items in $X.X such be cash valuation year year. were net utilize that items, the $XX.X and important our as continue to or income negatively $X.XX share prior or more that to charges losses future continue the establish to to as requiring impacted tax cumulative net able the would other loss was the these allowance. per brand $XX to operating in we than million quarter in per and the this compared for to of impact Due million, $X.XX common

senior cash balance Turning of sheet, we and with to million of the $XX.X outstanding. million the quarter $XX.X debt ended

bringing As credit operating million of continued facility. due cash generating $XX.X million have primarily our This million. quarter to did favorable amounts $XX to June any for from another on our revolving cash, $XX.X strong was generated operations activity, XX, drawn we year-to-date collection with not

quarter the sales outstanding since the was year. representing start improvement for and days X-day days, of XX a Our first quarter the the XX days over

additional replacing $XXX,XXX, between tracking were to project for legacy $XX expected applicant debt term our expenditures to our second Capital again our strong we collections will loan. quarter, estimate half, million making system. and once Spend is related Due we million an the this and were on our prepayment $X cost able to to including in million project the in by complete. reduce cash to ramp costs $XX total the

to structure. As of reducing to we we indebtedness, debt mentioned level are and we options our committed on previous explore the for continue calls,

the to structure growth. ensure flexible but Our goal that not optimal to have only is capital cost-effective, support our we is

to This for third brings me guidance quarter XXXX. our

nurse the $XXX and due range between in X%, basis, lines reflecting million is Our from a this expectation outlook of most grow be for X% to digits. with year-over-year million, revenue sequential anticipated Allied to travel in between reflects an from $XXX to exception mid-single impact summer business and the of and nurse to the On break. with growth education grow

impact be be between $XXX,XXX, guidance in $X $X.XX and the million margin shares. and depreciation $X.X $X.XX. in XX%, expected the the XX.X and tax changes current bill EBITDA profitability earnings higher due the disruption to of million perspective, the to $X expense, stock is $X.X adjusted interest mix and quarter count amortization, a is $X.X experienced diluted share per the slightly and pertaining between in to of we a gross below and million From education million of second rates is a expense EMR Adjusted implied labor quarter. between comp share and million, Also of expense, of from the projected to XX.X% and with million

the this questions. remarks; concludes and, lines open This prepared for to point, I'd like Operator? our at

Operator

from [Operator Suisse. question Instructions] comes Rice, first Credit A.J. Our

A.J. Rice

questions Maybe a couple just quick here.

lot First improve wonder could the Allied all what and the and progress possible, going good it's like if things performance, the you're there's to we to, to company-specific seeing on company-specific market, developments not it you of you're underlying talk all, possible, there. of beyond in a generally doing. nurse if things seems of it's particularly maybe tone making get market you're obviously the obviously in and just I about

Kevin Clark

our Nurse positive. question. backdrop up and orders Allied, up. is sequentially. really great They're up year-over-year. Yes, market The are They're very

haven't but in rates, an our increase bill We is demand certainly seen there.

business we're our travel for growth mid-single with out bullish. quarter-over-quarter the so calling we're business, core nurse So main digits

segment of business component our QX. as about is up described, up even year-to-date. for XX% our And we year-over-year just is Allied year-over-year The

our market been in the getting actions plan success. spent for strategic seeing company company we're consolidating that place restructuring taking in the January having traction. So and reorganizing remain time and the strong, but not we've We've and I since are our the joined brands, the just

bullish I'd the end so, of on And year. say head and towards we're bullish the QX, we're as we

A.J. Rice

sort was still but that's somewhat the were filled. pay thing supply-demand, was one to that guess the positions they're concept around there maybe I seeing willing not amount premiums willing any Are pay, in this hospitals to tightening, marketplace? to to intra-quarter get of of a little you reluctant floated the boost that

Kevin Clark

mean, this calling look I hospital Yes. year. if they're marketplace X% the for hospitals, I for you revenues out at mean, growth

consolidation even is though this the business hospital growing So is there massive going on.

are care the cost home systems of industry. to from healthcare is hospital aggregating. urgent is happening And expanding and what's there care lot So They the hospice. are continuum a of pressure in

no pressure, So there's rates that we bill upward or on right rates. cost of terms see premium outside or special pressure in now EMRs disruption it of labor

A.J. Rice

And exactly on targeting things of color Is that pickup sequentially. the any and you've you're a mostly on where abated where quickly Is been you're more Just specialties? from on a hospitalists, areas the is through, done? little sort where is less particular demand, has marketplace improvement, internal now there the more growth? worked bit it or going sequential Locums dynamic in concentrated just in the there the pressure maybe seeing

Kevin Clark

Yes, a question. so that's great

and our demand our specialty And rapidly surgery segments growing is anesthesiology substantially. practice on quarter-over-quarter. the most the So side, up advanced CRNA are

of continue Our that pickup. that wins, particular up there. really be coming but a seeing leadership couple the anesthesiology and from to demand. lot would in behind respect lines see the that of we made, in of A of medicine, been and But business largest California. among trust one and changes physician primary also and part the is this terms in I followed creating client hospital say it's surgery that by business to employees great ER, pick care And closely we're

account the have focused the we opportunity are and And selling, solutions. just we regional so to that managers Country total business the across notion Healthcare restructured enterprise that's this market now. to of Cross go around on we've how cross-sell whole services talent So our

physician, across in working to permanent health advisory talking we're And nursing and and our So our providing and and RPO Allied business. we're contingent large labor around services traction. these gaining the addition services that's to systems,

So things. of it's really a combination

also management demand the I I better but there. that up, reorganization it's we've and created is think just think probably

A.J. Rice

Last question, technical one. a

had On your helps more rate those point, there obviously sort the DSOs, of run bringing we down, significantly. or at this opportunity good Are of quarters you X flow at a which cash is there? normalized

Bill Burns

A.J. Yes,

of days. concerted on is throughout pretty for the probably XX in to north to think more a days since 'XX going this know we'll and, part a we've low hard for XX the mark. us continue little is that collections, of XX-day and It I bit up down. we're of the that effort I focused somewhere on just at I XX year, normalized point. mean, push to run that start we've days. stay Obviously, don't bringing the it stay drifted had but a XX historically

Operator

from Markets. Our comes Capital next question Jeff Silber, BMO

Jeff Silber

you the on where your you where are, you terms stand are forward? you what were, Can plans just remind us going in recruiter of now, where side

Kevin Clark

revenue-producing about employees -- of and back grow, revenue say now terms I kind year-to-date. that our so more staffing, to where added think adding that we've question. Well, we're we our And in backing headcount, Jeff, to is it's the about we if XX% producer of your at we're answers optimal optimized level and we've as filling, of kind would

Jeff Silber

colors How Yes, business? are that to are you these would from new great. be people? that them these does. you taking And Any curious. the I'm to just Are able Are people find competitors?

Kevin Clark

a are for transformation position relaunching honor competitors. a our things in is Yes. bit underdog, where of recruiting et about non-competes, certainly fantastic business. But digital Country we experience Cross We're I our the but always are recruiters. I of cetera. a Healthcare like creating look company, mean, respectful we very We we're this mean, away we story. an from

We've candidates. of a applications. lot have a We lot had had of

So very some situation, that also a I've And of brought it's into terrific we able been because part company the the that really changes been made example, an account our and best pick company. recruiter executives to we've the the we've managers. reorganized good industry. the as candidates, also screen is when from

And so, creating attracting of hiring. the to folks over past that we're have that are not behind momentum come two the and just the myself, but some that others quarters company

Jeff Silber

helpful. that's Okay,

the mentioned spend, $XX the $XX -- guess is the You capital capital million to million. I

that of expense? is Is First all be to that of all, any spending? capital going

Bill Burns

Bill. is this Jeff, Yes.

would I capitalized think expense. is about balance we're a now. third The rest operating the it sheet, onto how of wind be being would up that seeing right

Jeff Silber

a again, us just what And and what more benefits exactly see? you'll can give spending you little you're bit Thanks. color you on think

Bill Burns

is exists, of tied entirely system, and the travel but will all project will tracking eventually our be the particularly business. travel predominantly around well applicant as also is functionality other to legacy replacement and the our cover nurse travel that, for business, of parts other That it for nursing, of But initial backbone credentialing, example. that an the Allied as project replacing as

Jeff Silber

in-house? third-party And or you're building is this a are something system using, you

Bill Burns

It a party. third by is sourced

Jeff Silber

more. labor you quarter, for Sorry, the quantify revenues us? The disruption that in can one

Bill Burns

that, number, million. of was big $X the it relative wasn't reason was about to strong its expectation it's It driver without It but overdrive Yes, I of was expectations. a beating that our on part -- quarter was was revenues. for it part a the own on to but the speaking

Operator

Jason Jeffries. question next comes Our from Plagman,

Jason Plagman

versus your are MSP business if difference buckets, the on that'd call or you you And could broad-based, out trends, variation any non-MSP? into between helpful. further -- any it step one it taking Just separate seeing demand be those you'd

Kevin Clark

in so just I've Country, also a about that. we're we our about our was here -- the since second Cross excited look, back win non-clinical very very not win I That first includes but requirements. particular MSP had clinicians, excited been the Well, large quarter, -- at

to So see. was great that

a But specialties is our the look, backdrop There shortage in, do healthy that healthy marketplace. great we a demand. company. business is it's tremendous a There's all across which for

Florida is, actually becoming is for a some points. are a bit example, Just seasonal of little needs in market, chronic. the additional different what couple typically is What

many in We do we professionals this and amount have there winter. this Southwest as healthcare a business summer that have we fair did we as System of with,

little Texas, Sun make I Belt remain but and early it's to seasonal So all Florida, needs, too on think we the of a the optimistic. other terms Arizona markets the in

as the ultra-focused company we the excellent clinically change. -- And provide different also reputation a the I'd proven we're we get are when we've And company, marketplace our And orders. most that's the say about conversions. think client, I what's candidates. high very And right on that lead a do is in can best the we bit a filling that we quality to typically of

Jason Plagman

I per outlook in the I other, think on don't Any year-to-date, how mentioned there or one noticed gears. performance the diem performed or second and you they And branch switching QX business. in update half? for

Kevin Clark

on second sequential are branch trends seeing local also for We the very quarter positive our in business. a basis

see to in quarter sequential expect growth. We again terms third the in growth of

also quarters So a it's a Cross model spent X time it's here made number actually, changes of of again, amount Country. the We've first we've fair business. strong, rethinking and the to that at delivery

better at, job orders. getting think, filling open so some the of hard-to-fill we're And I

And question on of just biggest be and this business less are medical that, to even your like I days. back component demand constantly just and Allied the these technologists. lab other Allied imaging want for to in millennials in side, the the our is to example, changing, working want the front needs seems for respiratory, but It did on say going

is that of interesting now It's less about, in our year-round me more year-round. to But seasonal and think for terms for be healthcare to of market, around as It example, more what's need our respiratory, an is allergies. a seems for company professionals.

lot diagnostic a procedures, care. requiring more So insurance people there's insured, being more requirements, and more more

Allied the well. business, driving part as that's So of what's

Operator

next from Barrington of Steinke Kevin Research. Our comes question

Kevin Steinke

go-to-market rollout the to give manageable change any brands, you're how handful evolution more reception can the brand that into us to maybe your consolidation the sense your on of seeing down any just marketplace? of you of brands that strategy, that proceeding, So is a of or

Kevin Clark

been nurses, consolidate approach. answer we platform. really all to Country really, our same Cross branding great the consolidated too. early terrific. Nurses once Country downstream June. Country it, great all We Love fantastic. other Healthcare question. and which Cross to relaunched of marketplace We brands It's Advantage reception Yes, in the it's than ATS Cross The in will we our around launched But has are it's RN, been the on gone of divisional a

we our just, our brand, we kind of We parent So Country went perm we'll Allied. relaunching solutions live next course, group, X, and our And relaunched on as moniker, as Search, business. in Country and branding couple Healthcare, July a division, Cross that months, relaunched under Cross very recap, Country workforce RPO our a associates Cross around Country Cross new strong Nurses. of well. be the doctors' orders are Cross which the is weeks, Country medical

to happening. resources about us brand pools talent our and us spend capital talent equity, engaging build opportunity reaching acquisition, So investment, It's excited on to the that created very, very an customers. enabling and more the concentrate and of our we're especially single we're our around awareness brand for what's nurturing a and for

Kevin Steinke

And then, MSP a out that you million-plus of $XX differentiation enabled on the Cross if competitive you were so, some was business? for the win and to that that came assuming that Country process, won, I'm points that of what

Kevin Clark

the all, competitors because we business took, great. very Well, Yes. we excited We're have. that against it we biggest won first the of was

with we nursing, able market it were solutions is of we to our to MSP course, what expertise. clinical bring means, went our robust down. nursing, also great but as travel local allied. total marketplace. RPO, was our we talent our so management local our And We before, our total knock that offering, talent kind and our whole And I not that could of services And all mentioned just perm, bring to allied, a into both them of travel And non-clinical. have this

have a an a first time. we've been and experience. MSP We marketplace the this at back were to the company long in in XXXX, lot of We win

we excited solid. and So the pipeline win, that are is about

in quarters. report the and coming to business that We win more expect on

Kevin Steinke

And just incremental I just million. the being system, million was dollar then, there $XX an tracking the think increase lastly, to to maybe in allocated applicant $XX amount

to to would it helpful. comment I on know if a just expanded that, significant or previously $XX be $XX don't think I any bit, maybe there's million. was anything million that it's if but being

Kevin Clark

of what really would the just the part for be, our to or And it's later project think some the the estimates, second this refined estimates looking year, we've to just see year, of the project of functionality spend I pilot at project. a as We to earlier full total program, the made the we refining including ahead that implementation. that plan quarter. had change the launch this early

that's So out. I think slightly had originally called we really, it is higher what than

Operator

in from comes Tobey Our last question queue of SunTrust. Sommer

Tobey Sommer

a when the and of you of anticipate terms In timing at actual would the new system, cut-over migration this stage?

Kevin Clark

of to from onboard a we're smaller We that, job from we've like feel get a business. few make of sure got we on-boarding And terrific we terrific piloting plan, that although Yes, we we make so a do the business. our want months sure will, pieces so roll then, bigger it going a with. we of out And live. our part we right fall, we're there, it's pilot want this team away and to the

Tobey Sommer

either your on systems, selection do would that vendor Based mitigate risk experience, and deploy is, disruption kind these what to systems about you risk? how and maybe philosophy there your what does of think

Kevin Clark

used that a for the system software It's my here, in look, and Yes. that a very dynamically. that I prior that's today. record even system have platform, ours footprint, it's And have the those though staffing companies one, there's tools the I about company largest we And applications continue system, that strong helped like integration. very successful big Well, and for It's But track we it in in it's tracking tools company we company. not staffing for we important, company 'XXs of an 'XXs, a technology that have I it team. chose the have years, largest an can we growing are is experience. of And applicant it's using the the leverage also than industry. sophisticated is their so And platform. their because a ATS are, XX and the I'm tools well-tested larger ecosystem back much number the with management a open and company create familiar just use. attributes most now, which legacy it's but to a they partner

recruiters So and things, that for we're forth. around components because of so example, applicant tracking workflows other the to to assignments this and been tools, various around texting and very be how -- software to of familiar there's architecture going our system continue we price they've using

rollout So on our but that's part planned basis, confident a the feel about partner. very we of

We of put around teams that feel business process the we've about we entire year. have the people engaged confident the it, that

we're so, traction we're to again, make to going lose the sure don't be careful, that we and And going in marketplace.

The lot is momentum. a have of on. turnaround We

are and We're a company, year-over-year want track. keep morale growing momentum this sustained at on and a that We terrific growing lot to of There's quarter. sequentially. the we

Tobey Sommer

in orders what growth a in tell up being new What supply. lot of year-over-year period decent time in And your a for terms of experience for as travelers this you of the long does I'm now would without attract in favorable to growth? get and volume get bill historically say movement we to start trying is supply to some at you rates persists how before new get

Kevin Clark

great another Tobey. that's Yes, question,

coming, in to the you to your I way mean, here yet they to getting think orders up it's expansion. to as question, right in rate they is the were my see bill not we'll rate not think XXXX, direction, are, start back moving experience, I that expansion all the bill but XXXX double-digits but where today, of see I because is coming. kind it's when

are an hour. bill positions. rate markets for, example in seeing $XXX seeing nurses rate around We're We OR seeing specialties, hard-to-find up for bill rates range. rates cardiac bill like expansion $XX approaching cath certain We're the bill say, in geography

So to specialties. board, across certain we're in just, date. seeing not expansion here the It's

candidate to also improved up line to focus. into algorithm and would next main example, So that funnel, of because I the think think, mid more that single laser whole We've we're business quarter also for be how tightly candidates submitted say with working. leads around our we I this submissions business much convert managing the digits we will

work the working solid. of backdrop know. favor, our is aging as The we're market economic So is strong. remaining country The and demographics better, our to we very

note, We've are It's XX% There's shift become That's business over the mix. also millennials. nurse our big last X about millennials years. to segment. largest travel a a our of the interesting seen

And in. so, address transformation digital with kind that things of the doing we're market a segment we're of lot

year. So It's rates due think will severe would is healthy. continue the modestly I coming demand shortages, in look, I fill to follow probably say, would and

Tobey Sommer

but to that strategy From be to Last would been resources standpoint, question voluntary need some strategy. I the you just trying over access you the your liquidity sense a execute the access to get payments mid-term, know able of to I'm whether you've look you now the company give get execute have more your funds the from you to need debt, a all to or to for making me. to latitude

Bill Burns

Yes. Tobey. Thanks,

how that we availability. adequate have do looking have the And that structure The to of certainly, have we to forward. then, earlier we're was structure to remarks we optimal the continue about debt have capital access that as on. is what for today funds us well in sight as and our the for does would point work think move at much we're current structure need for line in everything governors I we

continue the noted been in very closed to with $XX to that company, at in acquisitions. And that are earlier the million And look generation to need successful. point, about we've We'll we quarter investments continue the make. opportunities the to we'll I at cash. we cash this other with look capital

we the So sheet what terms availability revolver. beyond in of what's the on have balance that's on and above just

now. to we things cash we structure. looking at do sufficient are internally need do right to as the all if look out, But we debt flexibility, maximum want our to have So, we and certainly

Kevin Clark

forward the the last Thanks, to I everybody We in we next look our the in think call, Well, taking question. that everybody. to to earnings future, thank our us want the on reporting earnings turnaround. continuation of call, was a time for and join

Operator

And all for Thank conference. that speakers. today's concludes you, Thank you joining.

time. disconnect may You at this

Cross Country Healthcare (CCRN) 3 Aug 192019 Q2 Earnings call transcript