Cross Country Healthcare Announces Fourth Quarter and Full Year 2024 Financial Results
Cross Country Healthcare (CCRN) reported Q4 2024 financial results with revenue of $309.9 million, down 25% year-over-year. The company posted a net loss of $3.8 million, or $0.12 per share, compared to net income of $9.0 million in the prior year.
Q4 highlights include strong performance in non-travel businesses, with Physician Staffing revenue up 13% and continued growth in Education and Homecare segments. The company maintained a robust balance sheet with $82 million cash and no debt. In 2024, CCRN repurchased over 2.4 million shares for $36.8 million.
For full-year 2024, revenue decreased 33% to $1.3 billion, with a net loss of $14.6 million. The company secured a three-year renewal with its largest managed service program and is awaiting the closing of its pending merger with Aya Healthcare, expected in H2 2024.
Cross Country Healthcare (CCRN) ha riportato i risultati finanziari del quarto trimestre 2024 con un fatturato di 309,9 milioni di dollari, in calo del 25% rispetto all'anno precedente. L'azienda ha registrato una perdita netta di 3,8 milioni di dollari, ovvero 0,12 dollari per azione, rispetto a un utile netto di 9,0 milioni di dollari nell'anno precedente.
I punti salienti del quarto trimestre includono una forte performance nelle attività non di viaggio, con un aumento del 13% nel fatturato della fornitura di medici e una continua crescita nei segmenti dell'istruzione e dell'assistenza domiciliare. L'azienda ha mantenuto un bilancio solido con 82 milioni di dollari in contante e senza debiti. Nel 2024, CCRN ha riacquistato oltre 2,4 milioni di azioni per 36,8 milioni di dollari.
Per l'intero anno 2024, il fatturato è diminuito del 33% a 1,3 miliardi di dollari, con una perdita netta di 14,6 milioni di dollari. L'azienda ha ottenuto un rinnovo triennale con il suo più grande programma di servizi gestiti e sta aspettando la chiusura della fusione in sospeso con Aya Healthcare, prevista per la seconda metà del 2024.
Cross Country Healthcare (CCRN) informó los resultados financieros del cuarto trimestre de 2024 con ingresos de 309,9 millones de dólares, una disminución del 25% interanual. La compañía reportó una pérdida neta de 3,8 millones de dólares, o 0,12 dólares por acción, en comparación con un ingreso neto de 9,0 millones de dólares en el año anterior.
Los aspectos destacados del cuarto trimestre incluyen un fuerte desempeño en los negocios no relacionados con viajes, con un aumento del 13% en los ingresos por contratación de médicos y un crecimiento continuo en los segmentos de educación y atención domiciliaria. La empresa mantuvo un balance sólido con 82 millones de dólares en efectivo y sin deudas. En 2024, CCRN recompró más de 2,4 millones de acciones por 36,8 millones de dólares.
Para el año completo de 2024, los ingresos disminuyeron un 33% a 1,3 mil millones de dólares, con una pérdida neta de 14,6 millones de dólares. La empresa aseguró una renovación de tres años con su mayor programa de servicios administrados y está a la espera del cierre de su fusión pendiente con Aya Healthcare, que se espera para la segunda mitad de 2024.
크로스 카운트리 헬스케어 (CCRN)는 2024년 4분기 재무 결과를 보고하며, 수익이 3억 9천 9백만 달러로 전년 대비 25% 감소했다고 밝혔습니다. 회사는 3백 8십만 달러의 순손실을 기록했으며, 주당 0.12달러의 손실을 보였습니다. 이는 전년의 9백만 달러 순익과 비교됩니다.
4분기 하이라이트에는 비여행 사업 부문에서의 강력한 실적이 포함되어 있으며, 의사 인력 채용 수익이 13% 증가하고 교육 및 홈케어 부문에서 지속적인 성장이 이루어졌습니다. 회사는 8천 2백만 달러의 현금을 보유하고 있으며 부채가 없습니다. 2024년 동안 CCRN은 3680만 달러에 240만 주 이상의 자사주를 매입했습니다.
2024년 전체 연도 동안 수익은 33% 감소하여 13억 달러에 달하며, 순손실은 1460만 달러에 이릅니다. 회사는 가장 큰 관리 서비스 프로그램과 3년 갱신 계약을 체결했으며, 2024년 하반기에 예상되는 Aya Healthcare와의 합병 마감 대기 중입니다.
Cross Country Healthcare (CCRN) a publié les résultats financiers du quatrième trimestre 2024, avec un chiffre d'affaires de 309,9 millions de dollars, en baisse de 25 % par rapport à l'année précédente. L'entreprise a enregistré une perte nette de 3,8 millions de dollars, soit 0,12 dollar par action, contre un bénéfice net de 9,0 millions de dollars l'année précédente.
Les points forts du quatrième trimestre incluent une performance solide dans les activités non liées aux voyages, avec des revenus de recrutement de médecins en hausse de 13 % et une croissance continue dans les segments de l'éducation et des soins à domicile. L'entreprise a maintenu un bilan solide avec 82 millions de dollars en espèces et aucune dette. En 2024, CCRN a racheté plus de 2,4 millions d'actions pour 36,8 millions de dollars.
Pour l'année entière 2024, le chiffre d'affaires a diminué de 33 % pour atteindre 1,3 milliard de dollars, avec une perte nette de 14,6 millions de dollars. L'entreprise a obtenu un renouvellement de trois ans avec son plus grand programme de services gérés et attend la conclusion de sa fusion en attente avec Aya Healthcare, prévue pour le second semestre 2024.
Cross Country Healthcare (CCRN) hat die finanziellen Ergebnisse für das vierte Quartal 2024 veröffentlicht, mit Einnahmen von 309,9 Millionen Dollar, was einem Rückgang von 25 % im Vergleich zum Vorjahr entspricht. Das Unternehmen verzeichnete einen Nettoverlust von 3,8 Millionen Dollar, oder 0,12 Dollar pro Aktie, im Vergleich zu einem Nettogewinn von 9,0 Millionen Dollar im Vorjahr.
Die Höhepunkte des vierten Quartals umfassen eine starke Leistung im Nicht-Reisegeschäft, mit einem Anstieg der Einnahmen aus der Arztrekrutierung um 13 % und einem anhaltenden Wachstum in den Bereichen Bildung und häusliche Pflege. Das Unternehmen wies eine solide Bilanz mit 82 Millionen Dollar in bar und ohne Schulden auf. Im Jahr 2024 hat CCRN über 2,4 Millionen Aktien für 36,8 Millionen Dollar zurückgekauft.
Für das Gesamtjahr 2024 sanken die Einnahmen um 33 % auf 1,3 Milliarden Dollar, bei einem Nettoverlust von 14,6 Millionen Dollar. Das Unternehmen sicherte sich eine dreijährige Verlängerung mit seinem größten Managed-Service-Programm und wartet auf den Abschluss seiner bevorstehenden Fusion mit Aya Healthcare, die für die zweite Hälfte von 2024 erwartet wird.
- Physician Staffing revenue up 13% YoY to $53M
- Strong balance sheet with $82M cash and no debt
- Secured 3-year contract renewal with largest managed service program
- 11-day improvement in days' sales outstanding
- Operating cash flow increased to $24.2M in Q4 vs $12.1M prior year
- Q4 revenue declined 25% YoY to $309.9M
- Q4 net loss of $3.8M vs $9.0M profit prior year
- Full-year revenue dropped 33% to $1.3B
- Gross profit margin declined 190 basis points YoY
- Adjusted EBITDA margin decreased to 3.0% from 5.0% prior year
Insights
Cross Country Healthcare's Q4 and full-year 2024 results present mixed signals in a challenging healthcare staffing environment. The company reported Q4 revenue of
The company's core Nurse and Allied Staffing segment, accounting for
Despite these headwinds, several positive elements warrant attention. The Physician Staffing segment delivered
The pending merger with Aya Healthcare represents a potential strategic pivot, expected to close in the second half of 2025. While specific transaction details are , this consolidation move likely reflects industry-wide adjustments as the healthcare staffing market normalizes from post-pandemic peaks.
SELECTED FINANCIAL INFORMATION:
Dollars are in thousands, except per share amounts |
Q4 2024 |
Variance Q4 2024
|
Variance Q4 2024
|
Full Year 2024 |
|
|||||||||||||||
Variance 2024
|
||||||||||||||||||||
Revenue |
$ |
309,940 |
|
|
|
(25 |
) |
% |
|
(2 |
) |
% |
$ |
1,344,004 |
|
|
|
(33 |
) |
% |
Gross profit margin* |
|
20.0 |
|
% |
|
(190 |
) |
bps |
|
(40 |
) |
bps |
|
20.4 |
|
% |
|
(190 |
) |
bps |
Net loss attributable to common stockholders |
$ |
(3,753 |
) |
|
|
(142 |
) |
% |
|
(247 |
) |
% |
$ |
(14,556 |
) |
|
|
(120 |
) |
% |
Diluted EPS |
$ |
(0.12 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.44 |
) |
|
$ |
(2.49 |
) |
|
Adjusted EBITDA* |
$ |
9,271 |
|
|
|
(55 |
) |
% |
|
(10 |
) |
% |
$ |
49,073 |
|
|
|
(66 |
) |
% |
Adjusted EBITDA margin* |
|
3.0 |
|
% |
|
(200 |
) |
bps |
|
(30 |
) |
bps |
|
3.7 |
|
% |
|
(350 |
) |
bps |
Adjusted EPS* |
$ |
0.04 |
|
|
$ |
(0.25 |
) |
|
$ |
(0.08 |
) |
|
$ |
0.46 |
|
|
$ |
(1.77 |
) |
|
Cash flows provided by operations |
$ |
24,234 |
|
|
|
101 |
|
% |
|
224 |
|
% |
$ |
120,116 |
|
|
|
(52 |
) |
% |
| * Represents amounts that are not calculated in accordance with |
Fourth Quarter and Full Year Business Highlights
- Fourth quarter Revenue was at the high end of our guidance range
- Physician and Homecare Staffing experienced sequential and year-over-year revenue growth
- Cross Country Education experienced double-digit sequential revenue growth
- Secured a three-year contract renewal with our largest managed service program
-
Continued strong balance sheet with
$82 million -
Repurchased over 2.4 million shares of common stock for
$36.8 million
“Our fourth quarter top line performance was driven by continued strength in our non-travel businesses such as Physician Staffing, Education and Homecare,” said John A. Martins, President and Chief Executive Officer of Cross Country Healthcare. He continued, “As we await the closing of the pending transaction with Aya Healthcare, which we currently expect to occur in the second half of the year, we continue on our path of delivering clinical excellence in order to meet our clients’ needs in this dynamic and highly competitive market.”
Fourth quarter consolidated revenue was
For the year ended December 31, 2024, consolidated revenue was
Quarterly Business Segment Highlights
Nurse and Allied Staffing
Revenue was
Physician Staffing
Revenue was
Cash Flow and Balance Sheet Highlights
Net cash provided by operating activities for the three months ended December 31, 2024 was
During the fourth quarter, the Company repurchased and retired a total of 0.3 million shares of its common stock for an aggregate price of
At December 31, 2024, the Company had
CONFERENCE CALL
As previously disclosed, on December 3, 2024, the Company entered into a merger agreement with Aya Healthcare, Inc. and certain of its subsidiaries (Aya Merger, and such agreement, the Merger Agreement). In light of the pending transaction, the Company will not host an earnings conference call to review fourth quarter and full year 2024 financial results, nor will it provide forward-looking guidance. This press release is also posted on the Company's website at ir.crosscountry.com.
ABOUT CROSS COUNTRY HEALTHCARE
Cross Country Healthcare, Inc. is a market-leading, tech-enabled workforce solutions and advisory firm with 38 years of industry experience and insight. We help clients tackle complex labor-related challenges and achieve high-quality outcomes, while reducing complexity and improving visibility through data-driven insights.
Copies of this and other press releases, as well as additional information about the Company, can be accessed online at ir.crosscountry.com. Stockholders and prospective investors can also register to automatically receive the Company’s press releases, filings with the Securities and Exchange Commission (SEC), and other notices by e-mail.
NON-GAAP FINANCIAL MEASURES
This press release and the 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 GAAP. Such non-GAAP financial measures are provided for consistency and comparability to prior year results; furthermore, management believes such non-GAAP financial measures are useful to investors when evaluating the Company's performance, as such non-GAAP financial measures 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 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
This press release contains “forward-looking statements” within the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not statements of historical fact, including statements relating to our future results (including business trends); statements regarding the proposed Aya Merger; the expected timing and closing of the proposed Aya Merger; the Company’s ability to consummate the proposed Aya Merger; the expected benefits of the proposed Aya Merger and other considerations taken into account by the Board in approving the proposed Aya Merger; the amounts to be received by stockholders; and expectations for the Company prior to and following the closing of the proposed Aya Merger, may be deemed to be forward-looking statements. All such forward-looking statements are intended to provide management’s current expectations for the future of the Company based on current expectations and assumptions relating to the Company’s business, the economy and other future conditions. Forward-looking statements generally can be identified through the use of words such as “believes,” “anticipates,” “may,” “should,” “will,” “plans,” “projects,” “expects,” “expectations,” “estimates,” “forecasts,” “predicts,” “targets,” “prospects,” “strategy,” “signs,” and other words of similar meaning in connection with the discussion of future performance, plans, actions or events. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. Such risks and uncertainties include, among others: (i) the timing to consummate the proposed Aya Merger, (ii) the risk that a condition of closing of the proposed Aya Merger may not be satisfied or that the closing of the proposed Aya Merger might otherwise not occur, (iii) the risk that a regulatory approval that may be required for the proposed Aya Merger is not obtained or is obtained subject to conditions that are not anticipated, (iv) the diversion of management time on transaction-related issues, (v) risks related to disruption of management time from ongoing business operations due to the proposed Aya Merger, (vi) the risk that any announcements relating to the proposed Aya Merger could have adverse effects on the market price of the common stock of the Company, (vii) the risk that the proposed Aya Merger and its announcement could have an adverse effect on the ability of the Company to retain customers and retain and hire key personnel and maintain relationships with its suppliers and customers, (viii) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the Merger Agreement, including in circumstances requiring the Company to pay a termination fee, (ix) the risk that competing offers will be made, (x) unexpected costs, charges or expenses resulting from the Aya Merger, (xi) potential litigation relating to the Aya Merger that could be instituted against the parties to the Merger Agreement or their respective directors, managers or officers, including the effects of any outcomes related thereto, (xii) worldwide economic or political changes that affect the markets that the Company’s businesses serve which could have an effect on demand for the Company’s services and impact the Company’s profitability, (xiii) effects from global pandemics, epidemics or other public health crises, (xiv) changes in marketplace conditions, such as alternative modes of healthcare delivery, reimbursement and customer needs, and (xv) disruptions in the global credit and financial markets, including diminished liquidity and credit availability, changes in international trade agreements, including tariffs and trade restrictions, cyber-security vulnerabilities, foreign currency volatility, swings in consumer confidence and spending, costs of providing services, retention of key employees, and outcomes of legal proceedings, claims and investigations. Accordingly, actual results may differ materially from those contemplated by these forward-looking statements. Investors, therefore, are cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company’s filings with the SEC, including the risks and uncertainties identified in Part I, Item 1A - Risk Factors of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and in the Company’s other filings with the SEC. The list of factors is not intended to be exhaustive.
These forward-looking statements speak only as of the date of this press release, and the Company does not assume any obligation to update or revise any forward-looking statement made in this press release or that may from time to time be made by or on behalf of the Company.
Cross Country Healthcare, Inc. |
|||||||||||||||||||
Consolidated Statements of Operations |
|||||||||||||||||||
(Unaudited, amounts in thousands, except per share data) |
|||||||||||||||||||
|
|||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
December 31, |
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
||||||||||||||||
Revenue from services |
$ |
309,940 |
|
|
$ |
414,035 |
|
|
$ |
315,119 |
|
|
$ |
1,344,004 |
|
|
$ |
2,019,728 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
||||||||||
Direct operating expenses |
|
247,948 |
|
|
|
323,546 |
|
|
|
250,961 |
|
|
|
1,069,752 |
|
|
|
1,569,318 |
|
Selling, general and administrative expenses |
|
55,573 |
|
|
|
67,566 |
|
|
|
54,297 |
|
|
|
233,377 |
|
|
|
300,332 |
|
Credit loss (income) expense |
|
(228 |
) |
|
|
4,165 |
|
|
|
1,512 |
|
|
|
21,432 |
|
|
|
14,562 |
|
Depreciation and amortization |
|
4,341 |
|
|
|
4,471 |
|
|
|
4,498 |
|
|
|
18,200 |
|
|
|
18,347 |
|
Acquisition and integration-related costs |
|
4,216 |
|
|
|
— |
|
|
|
— |
|
|
|
4,219 |
|
|
|
59 |
|
Restructuring costs |
|
281 |
|
|
|
863 |
|
|
|
998 |
|
|
|
4,333 |
|
|
|
2,553 |
|
Legal and other (gains) losses |
|
(928 |
) |
|
|
— |
|
|
|
— |
|
|
|
6,668 |
|
|
|
1,125 |
|
Impairment charges |
|
2,170 |
|
|
|
— |
|
|
|
— |
|
|
|
2,888 |
|
|
|
719 |
|
Total operating expenses |
|
313,373 |
|
|
|
400,611 |
|
|
|
312,266 |
|
|
|
1,360,869 |
|
|
|
1,907,015 |
|
(Loss) income from operations |
|
(3,433 |
) |
|
|
13,424 |
|
|
|
2,853 |
|
|
|
(16,865 |
) |
|
|
112,713 |
|
Other expenses (income): |
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense |
|
608 |
|
|
|
586 |
|
|
|
550 |
|
|
|
2,188 |
|
|
|
8,094 |
|
Loss on early extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,723 |
|
Interest income |
|
(535 |
) |
|
|
(71 |
) |
|
|
(1,107 |
) |
|
|
(2,050 |
) |
|
|
(83 |
) |
Other expense (income), net |
|
408 |
|
|
|
(60 |
) |
|
|
21 |
|
|
|
(605 |
) |
|
|
85 |
|
(Loss) income before income taxes |
|
(3,914 |
) |
|
|
12,969 |
|
|
|
3,389 |
|
|
|
(16,398 |
) |
|
|
102,894 |
|
Income tax (benefit) expense |
|
(161 |
) |
|
|
3,931 |
|
|
|
834 |
|
|
|
(1,842 |
) |
|
|
30,263 |
|
Net (loss) income attributable to common stockholders |
$ |
(3,753 |
) |
|
$ |
9,038 |
|
|
$ |
2,555 |
|
|
$ |
(14,556 |
) |
|
$ |
72,631 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net (loss) income per share attributable to common stockholders - Basic |
$ |
(0.12 |
) |
|
$ |
0.26 |
|
|
$ |
0.08 |
|
|
$ |
(0.44 |
) |
|
$ |
2.07 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net (loss) income per share attributable to common stockholders - Diluted |
$ |
(0.12 |
) |
|
$ |
0.26 |
|
|
$ |
0.08 |
|
|
$ |
(0.44 |
) |
|
$ |
2.05 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
32,338 |
|
|
|
34,481 |
|
|
|
33,016 |
|
|
|
33,379 |
|
|
|
35,158 |
|
Diluted |
|
32,338 |
|
|
|
34,685 |
|
|
|
33,058 |
|
|
|
33,379 |
|
|
35,476 |
|
|
Cross Country Healthcare, Inc. |
|||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures |
|||||||||||||||||||
(Unaudited, amounts in thousands) |
|||||||||||||||||||
|
|||||||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||||||
|
December 31, |
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
Adjusted EBITDA:a |
|
|
|
|
|
|
|
|
|
||||||||||
Net (loss) income attributable to common stockholders |
$ |
(3,753 |
) |
|
$ |
9,038 |
|
|
$ |
2,555 |
|
|
$ |
(14,556 |
) |
|
$ |
72,631 |
|
Interest expense |
|
608 |
|
|
|
586 |
|
|
|
550 |
|
|
|
2,188 |
|
|
|
8,094 |
|
Income tax (benefit) expenseb |
|
(161 |
) |
|
|
3,931 |
|
|
|
834 |
|
|
|
(1,842 |
) |
|
|
30,263 |
|
Depreciation and amortization |
|
4,341 |
|
|
|
4,471 |
|
|
|
4,498 |
|
|
|
18,200 |
|
|
|
18,347 |
|
Acquisition and integration-related costsc |
|
4,216 |
|
|
|
— |
|
|
|
— |
|
|
|
4,219 |
|
|
|
59 |
|
Restructuring costsd |
|
281 |
|
|
|
863 |
|
|
|
998 |
|
|
|
4,333 |
|
|
|
2,553 |
|
Legal, bankruptcy, and other (gains) lossese |
|
(928 |
) |
|
|
— |
|
|
|
— |
|
|
|
26,041 |
|
|
|
1,125 |
|
Impairment chargesf |
|
2,170 |
|
|
|
— |
|
|
|
— |
|
|
|
2,888 |
|
|
|
719 |
|
Loss on disposal of fixed assets |
|
86 |
|
|
|
44 |
|
|
|
— |
|
|
|
86 |
|
|
|
87 |
|
Loss on early extinguishment of debtg |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,723 |
|
Loss on lease termination |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
104 |
|
Interest income |
|
(535 |
) |
|
|
(71 |
) |
|
|
(1,107 |
) |
|
|
(2,050 |
) |
|
|
(83 |
) |
Other expense (income), net |
|
322 |
|
|
|
(104 |
) |
|
|
21 |
|
|
|
(691 |
) |
|
|
(106 |
) |
Equity compensation |
|
1,698 |
|
|
|
1,166 |
|
|
|
870 |
|
|
|
6,025 |
|
|
|
6,579 |
|
System conversion costsh |
|
926 |
|
|
|
668 |
|
|
|
1,120 |
|
|
|
4,232 |
|
|
|
2,326 |
|
Adjusted EBITDAa |
$ |
9,271 |
|
|
$ |
20,592 |
|
|
$ |
10,339 |
|
|
$ |
49,073 |
|
|
$ |
144,421 |
|
Adjusted EBITDA margina |
|
3.0 |
% |
|
|
5.0 |
% |
|
|
3.3 |
% |
|
|
3.7 |
% |
|
|
7.2 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EPS:i |
|
|
|
|
|
|
|
|
|
||||||||||
Numerator: |
|
|
|
|
|
|
|
|
|
||||||||||
Net (loss) income attributable to common stockholders |
$ |
(3,753 |
) |
|
$ |
9,038 |
|
|
$ |
2,555 |
|
|
$ |
(14,556 |
) |
|
$ |
72,631 |
|
Non-GAAP adjustments - pretax: |
|
|
|
|
|
|
|
|
|
||||||||||
Acquisition and integration-related costsc |
|
4,216 |
|
|
|
— |
|
|
|
— |
|
|
|
4,219 |
|
|
|
59 |
|
Restructuring costsd |
|
281 |
|
|
|
863 |
|
|
|
998 |
|
|
|
4,333 |
|
|
|
2,553 |
|
Legal, bankruptcy, and other (gains) lossese |
|
(928 |
) |
|
|
— |
|
|
|
— |
|
|
|
26,041 |
|
|
|
1,125 |
|
Impairment chargesf |
|
2,170 |
|
|
|
— |
|
|
|
— |
|
|
|
2,888 |
|
|
|
719 |
|
Other expense (income), net |
|
311 |
|
|
|
— |
|
|
|
— |
|
|
|
(804 |
) |
|
|
— |
|
System conversion costsh |
|
926 |
|
|
|
668 |
|
|
|
1,120 |
|
|
|
4,232 |
|
|
|
2,326 |
|
Loss on early extinguishment of debtg |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,723 |
|
Tax impact of non-GAAP adjustments |
|
(1,843 |
) |
|
|
(400 |
) |
|
|
(552 |
) |
|
|
(10,867 |
) |
|
|
(2,167 |
) |
Adjusted net income attributable to common stockholders - non-GAAP |
$ |
1,380 |
|
|
$ |
10,169 |
|
|
$ |
4,121 |
|
|
$ |
15,486 |
|
|
$ |
78,969 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Denominator: |
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average common shares - basic, GAAP |
|
32,338 |
|
|
|
34,481 |
|
|
|
33,016 |
|
|
|
33,379 |
|
|
|
35,158 |
|
Dilutive impact of share-based payments |
|
68 |
|
|
|
204 |
|
|
|
42 |
|
|
|
133 |
|
|
|
318 |
|
Adjusted weighted average common shares - diluted, non-GAAP |
|
32,406 |
|
|
|
34,685 |
|
|
|
33,058 |
|
|
|
33,512 |
|
|
|
35,476 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reconciliation: |
|
|
|
|
|
|
|
|
|
||||||||||
Diluted EPS, GAAP |
$ |
(0.12 |
) |
|
$ |
0.26 |
|
|
$ |
0.08 |
|
|
$ |
(0.44 |
) |
|
$ |
2.05 |
|
Non-GAAP adjustments - pretax: |
|
|
|
|
|
|
|
|
|
||||||||||
Acquisition and integration-related costsc |
|
0.13 |
|
|
|
— |
|
|
|
— |
|
|
|
0.13 |
|
|
|
— |
|
Restructuring costsd |
|
0.01 |
|
|
|
0.02 |
|
|
|
0.03 |
|
|
|
0.13 |
|
|
|
0.07 |
|
Legal, bankruptcy, and other (gains) lossese |
|
(0.03 |
) |
|
|
— |
|
|
|
— |
|
|
|
0.77 |
|
|
|
0.03 |
|
Impairment chargesf |
|
0.07 |
|
|
|
— |
|
|
|
— |
|
|
|
0.09 |
|
|
|
0.02 |
|
Other expense (income),net |
|
0.01 |
|
|
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
System conversion costsh |
|
0.03 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.13 |
|
|
|
0.07 |
|
Loss on early extinguishment of debtg |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.05 |
|
Tax impact of non-GAAP adjustments |
|
(0.06 |
) |
|
|
(0.02 |
) |
|
|
(0.02 |
) |
|
|
(0.33 |
) |
|
|
(0.06 |
) |
Adjusted EPS, non-GAAPi |
$ |
0.04 |
|
|
$ |
0.29 |
|
|
$ |
0.12 |
|
|
$ |
0.46 |
|
|
$ |
2.23 |
|
Cross Country Healthcare, Inc. |
|||||||
Consolidated Balance Sheets |
|||||||
(Unaudited, amounts in thousands) |
|||||||
|
|||||||
|
December 31, |
|
December 31, |
||||
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
81,633 |
|
|
$ |
17,094 |
|
Accounts receivable, net |
|
223,238 |
|
|
|
372,352 |
|
Income taxes receivablej |
|
10,389 |
|
|
|
8,620 |
|
Prepaid expenses |
|
7,848 |
|
|
|
7,681 |
|
Insurance recovery receivable |
|
9,255 |
|
|
|
9,097 |
|
Other current assets |
|
2,637 |
|
|
|
2,031 |
|
Total current assets |
|
335,000 |
|
|
|
416,875 |
|
Property and equipment, net |
|
28,850 |
|
|
|
27,339 |
|
Operating lease right-of-use assets |
|
2,468 |
|
|
|
2,599 |
|
Goodwill |
|
135,060 |
|
|
|
135,430 |
|
Other intangible assets, net |
|
42,186 |
|
|
|
54,468 |
|
Deferred tax assetsj |
|
8,104 |
|
|
|
5,979 |
|
Insurance recovery receivable |
|
20,928 |
|
|
|
25,714 |
|
Cloud computing |
|
10,846 |
|
|
|
5,987 |
|
Other assets |
|
5,809 |
|
|
|
6,673 |
|
Total assets |
$ |
589,251 |
|
|
$ |
681,064 |
|
|
|
|
|
||||
Liabilities and Stockholders' Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable and accrued expensesj |
$ |
64,946 |
|
|
$ |
92,822 |
|
Accrued compensation and benefits |
|
47,646 |
|
|
|
52,297 |
|
Operating lease liabilities |
|
2,089 |
|
|
|
2,604 |
|
Earnout liability |
|
4,411 |
|
|
|
6,794 |
|
Other current liabilities |
|
1,310 |
|
|
|
1,559 |
|
Total current liabilities |
|
120,402 |
|
|
|
156,076 |
|
Operating lease liabilities |
|
1,782 |
|
|
|
2,663 |
|
Accrued claims |
|
34,425 |
|
|
|
34,853 |
|
Earnout liability |
|
— |
|
|
|
5,000 |
|
Uncertain tax positions |
|
10,117 |
|
|
|
10,603 |
|
Other liabilities |
|
3,566 |
|
|
|
4,218 |
|
Total liabilities |
|
170,292 |
|
|
|
213,413 |
|
|
|
|
|
||||
Commitments and contingencies |
|
|
|
||||
|
|
|
|
||||
Stockholders' equity: |
|
|
|
||||
Common stock |
|
3 |
|
|
|
4 |
|
Additional paid-in capital |
|
202,338 |
|
|
|
236,417 |
|
Accumulated other comprehensive loss |
|
(1,441 |
) |
|
|
(1,385 |
) |
Retained earningsj |
|
218,059 |
|
|
|
232,615 |
|
Total stockholders' equity |
|
418,959 |
|
|
|
467,651 |
|
Total liabilities and stockholders' equity |
$ |
589,251 |
|
|
$ |
681,064 |
|
Cross Country Healthcare, Inc. |
|||||||||||||||||||||
Segment Datak |
|||||||||||||||||||||
(Unaudited, amounts in thousands) |
|||||||||||||||||||||
|
|||||||||||||||||||||
|
Three Months Ended |
|
Year-over-Year |
|
Sequential |
||||||||||||||||
|
December 31, |
% of |
|
December 31, |
% of |
|
September 30, |
% of |
|
% change |
|
% change |
|||||||||
|
|
2024 |
|
Total |
|
|
2023 |
Total |
|
|
2024 |
Total |
|
Fav (Unfav) |
|
Fav (Unfav) |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Revenue from services: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Nurse and Allied Staffing |
$ |
256,929 |
|
83 |
% |
|
$ |
367,155 |
89 |
% |
|
$ |
264,853 |
84 |
% |
|
(30 |
)% |
|
(3 |
)% |
Physician Staffing |
|
53,011 |
|
17 |
% |
|
|
46,880 |
11 |
% |
|
|
50,266 |
16 |
% |
|
13 |
% |
|
5 |
% |
|
$ |
309,940 |
|
100 |
% |
|
$ |
414,035 |
100 |
% |
|
$ |
315,119 |
100 |
% |
|
(25 |
)% |
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Contribution income:l |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Nurse and Allied Staffing |
$ |
20,347 |
|
|
|
$ |
33,901 |
|
|
$ |
19,251 |
|
|
(40 |
)% |
|
6 |
% |
|||
Physician Staffing |
|
3,549 |
|
|
|
|
1,947 |
|
|
|
4,629 |
|
|
82 |
% |
|
(23 |
)% |
|||
|
|
23,896 |
|
|
|
|
35,848 |
|
|
|
23,880 |
|
|
(33 |
)% |
|
— |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Corporate overheadm |
|
17,249 |
|
|
|
|
17,090 |
|
|
|
15,531 |
|
|
(1 |
)% |
|
(11 |
)% |
|||
Depreciation and amortization |
|
4,341 |
|
|
|
|
4,471 |
|
|
|
4,498 |
|
|
3 |
% |
|
3 |
% |
|||
Restructuring costsd |
|
281 |
|
|
|
|
863 |
|
|
|
998 |
|
|
67 |
% |
|
72 |
% |
|||
Legal and other (gains) lossesn |
|
(928 |
) |
|
|
|
— |
|
|
|
— |
|
|
100 |
% |
|
100 |
% |
|||
Impairment chargesf |
|
2,170 |
|
|
|
|
— |
|
|
|
— |
|
|
(100 |
)% |
|
(100 |
)% |
|||
Acquisition and integration-related costsc |
|
4,216 |
|
|
|
|
— |
|
|
|
— |
|
|
(100 |
)% |
|
(100 |
)% |
|||
(Loss) income from operations |
$ |
(3,433 |
) |
|
|
$ |
13,424 |
|
|
$ |
2,853 |
|
|
(126 |
)% |
|
(220 |
)% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Year Ended |
|
|
|
|
Year-over-Year |
|
|
|||||||||||||
|
December 31, |
% of |
|
December 31, |
% of |
|
|
|
|
% change |
|
|
|||||||||
|
|
2024 |
|
Total |
|
|
2023 |
Total |
|
|
|
|
Fav (Unfav) |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Revenue from services: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Nurse and Allied Staffing |
$ |
1,145,419 |
|
85 |
% |
|
$ |
1,841,428 |
91 |
% |
|
|
|
|
(38 |
)% |
|
|
|||
Physician Staffing |
|
198,585 |
|
15 |
% |
|
|
178,300 |
9 |
% |
|
|
|
|
11 |
% |
|
|
|||
|
$ |
1,344,004 |
|
100 |
% |
|
$ |
2,019,728 |
100 |
% |
|
|
|
|
(33 |
)% |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Contribution income:l |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Nurse and Allied Staffing |
$ |
72,601 |
|
|
|
$ |
196,777 |
|
|
|
|
|
(63 |
)% |
|
|
|||||
Physician Staffing |
|
15,349 |
|
|
|
|
9,788 |
|
|
|
|
|
57 |
% |
|
|
|||||
|
|
87,950 |
|
|
|
|
206,565 |
|
|
|
|
|
(57 |
)% |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Corporate overheadm |
|
68,507 |
|
|
|
|
71,049 |
|
|
|
|
|
4 |
% |
|
|
|||||
Depreciation and amortization |
|
18,200 |
|
|
|
|
18,347 |
|
|
|
|
|
1 |
% |
|
|
|||||
Restructuring costsd |
|
4,333 |
|
|
|
|
2,553 |
|
|
|
|
|
(70 |
)% |
|
|
|||||
Legal and other lossesn |
|
6,668 |
|
|
|
|
1,125 |
|
|
|
|
|
(493 |
)% |
|
|
|||||
Impairment chargesf |
|
2,888 |
|
|
|
|
719 |
|
|
|
|
|
(302 |
)% |
|
|
|||||
Acquisition and integration-related costsc |
|
4,219 |
|
|
|
|
59 |
|
|
|
|
|
NM |
|
|
|
|||||
(Loss) income from operations |
$ |
(16,865 |
) |
|
|
$ |
112,713 |
|
|
|
|
|
(115 |
)% |
|
|
|||||
NM - Not meaningful |
|||||||||||||||||||||
Cross Country Healthcare, Inc. |
||||||||||||||||||||||
Summary Condensed Consolidated Statements of Cash Flows |
||||||||||||||||||||||
(Unaudited, amounts in thousands) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended |
|
|
Year Ended |
||||||||||||||||||
|
December 31, |
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
December 31, |
||||||||||
|
|
2024 |
|
|
|
|
2023 |
|
|
|
|
2024 |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided by operating activities |
$ |
24,234 |
|
|
|
$ |
12,074 |
|
|
|
$ |
7,470 |
|
|
|
$ |
120,116 |
|
|
$ |
248,498 |
|
Net cash used in investing activities |
|
(2,531 |
) |
|
|
|
(2,875 |
) |
|
|
|
(1,124 |
) |
|
|
|
(8,714 |
) |
|
|
(13,775 |
) |
Net cash used in financing activities |
|
(4,077 |
) |
|
|
|
(6,416 |
) |
|
|
|
(11,926 |
) |
|
|
|
(46,849 |
) |
|
|
(221,241 |
) |
Effect of exchange rate changes on cash |
|
(14 |
) |
|
|
|
10 |
|
|
|
|
— |
|
|
|
|
(14 |
) |
|
|
8 |
|
Change in cash and cash equivalents |
|
17,612 |
|
|
|
|
2,793 |
|
|
|
|
(5,580 |
) |
|
|
|
64,539 |
|
|
|
13,490 |
|
Cash and cash equivalents at beginning of period |
|
64,021 |
|
|
|
|
14,301 |
|
|
|
|
69,601 |
|
|
|
|
17,094 |
|
|
|
3,604 |
|
Cash and cash equivalents at end of period |
$ |
81,633 |
|
|
|
$ |
17,094 |
|
|
|
$ |
64,021 |
|
|
|
$ |
81,633 |
|
|
$ |
17,094 |
|
Cross Country Healthcare, Inc. |
||||||||||||||||||||||
Other Financial Data |
||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended |
|
|
Year Ended |
||||||||||||||||||
|
December 31, |
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
December 31, |
||||||||||
|
|
2024 |
|
|
|
|
2023 |
|
|
|
|
2024 |
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue from services |
$ |
309,940 |
|
|
|
$ |
414,035 |
|
|
|
$ |
315,119 |
|
|
|
$ |
1,344,004 |
|
|
$ |
2,019,728 |
|
Less: Direct operating expenses |
|
247,948 |
|
|
|
|
323,546 |
|
|
|
|
250,961 |
|
|
|
|
1,069,752 |
|
|
|
1,569,318 |
|
Gross profit |
$ |
61,992 |
|
|
|
$ |
90,489 |
|
|
|
$ |
64,158 |
|
|
|
$ |
274,252 |
|
|
$ |
450,410 |
|
Consolidated gross profit margino |
|
20.0 |
% |
|
|
|
21.9 |
% |
|
|
|
20.4 |
% |
|
|
|
20.4 |
% |
|
|
22.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nurse and Allied Staffing statistical data: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
FTEsp |
|
7,621 |
|
|
|
|
9,570 |
|
|
|
|
7,660 |
|
|
|
|
8,205 |
|
|
|
10,831 |
|
Average Nurse and Allied Staffing revenue per FTE per dayq |
$ |
363 |
|
|
|
$ |
414 |
|
|
|
$ |
373 |
|
|
|
$ |
378 |
|
|
$ |
462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Physician Staffing statistical data: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Days filledr |
|
25,427 |
|
|
|
|
23,578 |
|
|
|
|
24,424 |
|
|
|
|
97,888 |
|
|
|
92,504 |
|
Revenue per day filleds |
$ |
2,085 |
|
|
|
$ |
1,988 |
|
|
|
$ |
2,058 |
|
|
|
$ |
2,029 |
|
|
$ |
1,927 |
|
(a) |
Adjusted EBITDA, a non-GAAP financial measure, is defined as net income (loss) attributable to common stockholders before interest expense, income tax expense (benefit), depreciation and amortization, acquisition and integration-related (benefits) costs, restructuring (benefits) costs, legal and other losses, customer bankruptcy loss, 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 lease termination, gain or loss on sale of business, interest income, other expense (income), net, equity compensation, and system conversion costs. Adjusted EBITDA is not and 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 (loss) attributable to common stockholders 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 as defined by the Company's credit facilities. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by the Company's consolidated revenue. |
(b) |
The decrease in income tax expense for the 2024 periods related to a decrease in book income primarily driven by credit loss expense. |
(c) |
Acquisition and integration costs relate primarily to fees associated with the pending Aya Merger. |
(d) |
Restructuring costs were primarily comprised of employee termination costs, lease-related exit costs, and reorganization costs as part of planned cost savings initiatives. |
(e) |
Includes legal costs and other settlement charges as presented on the consolidated statements of operations and losses pertaining to matters outside the normal course of operations. The Company incurred a settlement expense of |
(f) |
Impairment charges for the year ended December 31, 2024 were related to right-of-use assets and related property in connection with vacated leases during 2024, as well as the write-off of goodwill and intangible assets associated with the impairment of a previous asset acquisition. Impairment charges for the year ended December 31, 2023 primarily related to the write-off of an abandoned IT project. |
(g) |
Loss on early extinguishment of debt for the year ended December 31, 2023 consisted of the write-off of debt issuance costs related to the payoff and termination of the term loan on June 30, 2023. |
(h) |
System conversion costs include enterprise resource planning system costs related to the upgrading and integrating of our middle and back-office platforms, with certain development costs capitalized and amortized in accordance with the Company's policies, and applicant tracking system costs related to the Company's project to replace its legacy system supporting its travel nurse staffing business. |
(i) |
Adjusted EPS, a non-GAAP financial measure, is defined as net income (loss) attributable to common stockholders per diluted share before the diluted EPS impact of acquisition and integration-related (benefits) costs, restructuring (benefits) costs, legal and other losses, customer bankruptcy loss, impairment charges, gain or loss on derivative, loss on early extinguishment of debt, gain or loss on sale of business, system conversion costs, and nonrecurring income tax adjustments. Adjusted EPS is not and 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 Adjusted EPS 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 than EPS. Quarterly non-GAAP adjustment may vary due to rounding. |
(j) |
Financial information included in the December 31, 2023 balance sheet includes immaterial revisions to the Company's previously-reported financial information. Please see the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, as filed with the SEC, for more information. |
(k) |
Segment data is provided in accordance with the Segment Reporting Topic of the Financial Accounting Standards Board Accounting Standards Codification. |
(l) |
Contribution income is defined as income (loss) from operations before depreciation and amortization, acquisition and integration-related (benefits) costs, restructuring (benefits) costs, legal and other (gains) losses, impairment charges, and corporate overhead. Contribution income is a financial measure used by management when assessing segment performance. |
(m) |
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 Company-wide projects (initiatives). |
(n) |
Legal and other losses includes legal costs and other settlement charges as presented on the consolidated statements of operations and losses pertaining to matters outside the normal course of operations. |
(o) |
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. |
(p) |
FTEs represent the average number of Nurse and Allied Staffing contract personnel on a full-time equivalent basis. |
(q) |
Average revenue per FTE per day is calculated by dividing the Nurse and Allied Staffing revenue, excluding permanent placement, per FTE by the number of days worked in the respective periods. |
(r) |
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. |
(s) |
Revenue per day filled is calculated by dividing revenue as reported by days filled for the period presented. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250304948294/en/
Cross Country Healthcare, Inc.
William J. Burns, 561-237-2555
Executive Vice President & Chief Financial Officer
wburns@crosscountry.com
Source: Cross Country Healthcare, Inc.
FAQ
What were Cross Country Healthcare's (CCRN) Q4 2024 revenue and earnings?
How much cash does CCRN have on its balance sheet as of December 2024?
How many shares did CCRN repurchase in 2024?
When is the Aya Healthcare merger with CCRN expected to close?
What was CCRN's performance in Physician Staffing for Q4 2024?
