Cross Country Healthcare, Inc. (NASDAQ:CCRN) Q1 2018 Earnings Conference Call - Final Transcript

May 03, 2018 • 09:00 am ET


Cross Country Healthcare, Inc. (NASDAQ:CCRN) Q1 2018 Earnings Conference Call - Final Transcript


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Good morning ladies and gentlemen, and welcome to the Cross Country Healthcare Earnings Conference Call for the First Quarter of 2018. This call is being simultaneously webcast live. A replay of this call will also be available until May 17, 2018, and can be accessed either on the company's website or by dialing in 866-443-8011 for the domestic calls and 203-369-1122 for international calls and by entering the pass-code 2018.

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

Chris Pizzi

Thank you and good morning everyone. With me this morning is our Chief Executive Officer, Bill Grubbs; and our Chief Operating Officer, Bill Burns. This call will include a discussion of first quarter 2018 results as disclosed in our press release and will also include a discussion of our financial outlook for the second quarter of 2018. After our prepared remarks, we will open the lines for questions. A copy of our press release is available on our website at

Before we begin, we need to remind you that certain statements made on this call may constitute forward-looking statements. As noted in our press release, forward-looking statements can vary materially from actual results and are subject to known and unknown risks, uncertainties and other factors, including those contained in the company's 2017 annual report on Form 10-K and quarterly reports on Form 10-Q as well as in other filings with the SEC. I would encourage all of you to review the risk factors listed in these documents. The company undertakes no obligation to update any of its forward-looking statements. Also, comments made during this teleconference reference non-GAAP financial measures such as adjusted EBITDA or adjusted earnings per share.

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 the U.S. GAAP. More information related to these non-GAAP financial measures is contained in our press release. Lastly, in order to facilitate a better understanding of underlying trends, we may refer to pro forma information on this call, giving effect to acquisitions and divestitures as though the transactions had occurred at the start of the periods impacted.

As a reminder, we completed the Advantage RN acquisition effective July 1, 2017, and the results of its operations have been included in our reported results beginning with the third quarter of 2017.

With that, I will now turn the call over to our Chief Executive Officer, Bill Grubbs.

Bill Grubbs

Thank you, Chris. Thank you everyone for joining us this morning. This was a good quarter for us, starting the year off stronger than originally anticipated with revenue growing in all three of our reporting segments and improved cost management, our adjusted EBITDA exceeded expectations. The strong start to the year gives us a good foundation to build on and even though we still have some work to do, we believe we will show a year-over-year improvement in our financial results