Cross Country Healthcare Inc (CCRN)

Working capital turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	2,009,910	2,788,490	1,669,790	833,527	815,040
Total current assets	US$ in thousands	415,153	675,673	508,273	183,111	183,357
Total current liabilities	US$ in thousands	148,587	271,640	199,770	93,423	85,465
Working capital turnover		7.54	6.90	5.41	9.29	8.33

December 31, 2023 calculation

Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $2,009,910K ÷ ($415,153K – $148,587K)
= 7.54

Cross Country Healthcares, Inc.'s working capital turnover has exhibited fluctuations over the past five years. In 2023, the working capital turnover ratio stands at 7.58, indicating that the company generated $7.58 in revenue for every dollar of working capital invested. This represents an increase from the previous year's ratio of 6.95. Comparing this to 2021 and 2020, where the ratios were 5.43 and 9.33, respectively, demonstrates significant variability in the efficiency of the company in utilizing its working capital to generate revenue. In 2019, the ratio was 8.40, positioning it closer to the 2023 figure. Overall, the upward trend in the most recent year suggests an improvement in Cross Country Healthcares' ability to generate revenue relative to its investment in working capital.