Financial Data and Key Metrics Changes - Consolidated revenue for Q2 2024 was $340 million, down 10% sequentially and 37% year-over-year, primarily due to declines in travel and local assignments [16][20] - Adjusted EBITDA was $14 million for the quarter, near the high end of guidance, representing an adjusted EBITDA margin of 4.2% [19][25] - Gross profit was $71 million, with a gross margin of 20.8%, up 40 basis points sequentially but down 200 basis points year-over-year due to higher lodging subsidies and insurance costs [16][20] Business Line Data and Key Metrics Changes - Travel Nurse and Allied revenue was $292 million, down 12% sequentially and 41% year-over-year, driven by a decline in billable hours [20][21] - Physician Staffing reported a record $48 million in revenue, up 7% year-over-year and 3% sequentially, with billable days increasing by 2% [22] - Homecare Staffing was up 6% sequentially and 12% year-over-year, supported by recent PACE program wins [21][22] Market Data and Key Metrics Changes - Travel demand has increased by more than 20% since the start of Q2 2024, with open order rates also showing modest improvement [6][8] - The company anticipates third quarter revenue between $305 million and $315 million, reflecting a sequential decline of 7% to 10% [25][24] - The overall effective tax rate was impacted by non-deductible expenses and reserves for uncertain tax positions [20] Company Strategy and Development Direction - The company is focused on leveraging client and candidate-facing technologies to expand market share, particularly in Locums, Homecare, and Education [13][14] - Continued investment in technology, particularly the Intellify platform, is a priority to enhance operational efficiency and client service [10][12] - The company is exploring M&A opportunities to diversify its business and improve its margin profile [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recent trends in travel demand and believes the market is nearing an inflection point [15] - The company is adjusting its cost structure proactively to align with market demand while preserving shareholder value [10][17] - Management noted that hospitals are becoming comfortable with their staffing levels, which may lead to market share growth rather than overall market expansion [56][58] Other Important Information - The company has reduced its U.S. headcount by more than 20% over the last 18 months, partly due to operational expansions in India [10][17] - The company repurchased nearly 1 million shares in Q2 2024, totaling 5 million shares repurchased since August 2022 [14][24] - Cash flow from operations was $82 million in Q2 2024, with days sales outstanding improving to 56 days [23] Q&A Session Summary Question: Can you provide more insight into the volume outlook? - Management noted a steady increase in demand over the last couple of months, with a broad spectrum of specialties seeing growth [27][28] Question: What is the general consensus among clients regarding demand? - Clients are comfortable with their current staffing levels, and there is a recognition of the ongoing supply and demand imbalance in the market [38][40] Question: How do you view the competitive landscape? - The market remains highly competitive, with smaller companies facing challenges due to constrained margins [54][56] Question: What are the expectations for the fourth quarter? - Management anticipates that any winter orders will be incremental and not factored into current projections [62]

Core Insights - Cross Country Healthcare (CCRN) reported a revenue of $339.77 million for the quarter ended June 2024, reflecting a year-over-year decline of 37.2% and an EPS of $0.10 compared to $0.69 a year ago [1] - The reported revenue exceeded the Zacks Consensus Estimate of $334.33 million by 1.63%, while the EPS fell short of the consensus estimate of $0.14 by 28.57% [1] Revenue and Earnings Performance - The company experienced a significant decline in revenue from nurse and allied staffing, reporting $291.45 million, which is a 41.2% decrease year-over-year, but above the average estimate of $284.91 million [6] - Physician staffing revenue was reported at $48.32 million, slightly above the estimated $48.15 million, marking a 6.6% increase compared to the same quarter last year [5] Staffing Metrics - Nurse and allied staffing FTEs were reported at 8,415, surpassing the average estimate of 8,093 [3] - Physician staffing days filled reached 24,252, exceeding the average estimate of 18,924 [3] - Revenue per day filled for physician staffing was $1,992, higher than the average estimate of $1,894 [3] - Average revenue per FTE per day for nurse and allied staffing was $377, slightly below the average estimate of $387.50 [4] Stock Performance - Over the past month, shares of Cross Country have returned 32.2%, contrasting with the Zacks S&P 500 composite's decline of 0.4% [6] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [6]

Cross Country Healthcare (CCRN) came out with quarterly earnings of $0.10 per share, missing the Zacks Consensus Estimate of $0.14 per share. This compares to earnings of $0.69 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -28.57%. A quarter ago, it was expected that this provider of health care staffing and workforce management services would post earnings of $0.17 per share when it actually produced earnings of $0.19, del ...

Exhibit 99.1 CROSS COUNTRY HEALTHCARE ANNOUNCES SECOND QUARTER 2024 FINANCIAL RESULTS BOCA RATON, Fla., July 31, 2024--Cross Country Healthcare, Inc. (the "Company") (Nasdaq: CCRN) today announced financial results for its second quarter ended June 30, 2024. | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------|-------|---------------------|-------|--------------------------------------------|-------|-----------------------------|----------| | ...

Investors are still hanging onto the momentum of some sectors in the stock market today, namely those in the technology sector dealing with the global adoption of artificial intelligence. However, some in the market feel like better opportunities in other areas are beginning to gain more bullish momentum, a rotation with a high acceptance rate. Get ZipRecruiter alerts: Cross Country Healthcare Benefits from Steady Hiring Trends in The Federal Reserve is holding the promise of cutting interest rates over the ...

The accompanying condensed consolidated financial statements include the accounts of Cross Country Healthcare, Inc. and its direct and indirect wholly-owned subsidiaries (collectively, the Company). In the opinion of management, all adjustments necessary for a fair presentation of such unaudited condensed consolidated financial statements have been included. All such adjustments consisted of all normal recurring items, including the elimination of all intercompany transactions and balances. These unaudited ...

Financial Data and Key Metrics Changes - Consolidated revenue for Q1 2024 was $379 million, down 8% sequentially and 39% year-over-year, primarily due to declines in travel and local assignments [92] - Gross profit for the quarter was $77 million, representing a gross margin of 20.4%, down 150 basis points sequentially and 200 basis points year-over-year [42] - Adjusted EBITDA for the quarter was $15 million, with an adjusted EBITDA margin of 4% [71] Business Line Data and Key Metrics Changes - Nurse and Allied reported revenue of $332 million, down 10% sequentially and 43% year-over-year [50] - Travel Nurse and Allied revenue was down 11% sequentially and 48% year-over-year, with billable hours down 9% sequentially [50] - Physician Staffing revenue was $47 million, up 16% year-over-year and flat sequentially, driven by higher billable days and revenue per day [73] Market Data and Key Metrics Changes - The local business experienced a revenue decline of 36% year-over-year and 19% sequentially, primarily due to fewer billable hours [50] - The home care business was up mid-single digits both sequentially and year-over-year, indicating growth potential [87] - Demand for locum tenens is expected to grow as hospitals seek more flexible staffing solutions [6] Company Strategy and Development Direction - The company is focused on targeted investments in technology and businesses to enhance competitive positioning and operational excellence [89] - The Intellify platform is seen as a critical component of the company's value proposition, with strong interest in the market [89] - The company aims to close several accretive acquisitions to diversify its platform and improve margin profiles [90] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about demand leveling off, although it is too early to confirm a trend [5] - The company anticipates a further sequential decline in revenue for Q2 in the mid-teens due to continued softness in travel demand [50] - Management highlighted the importance of maintaining capacity to capitalize on market rebounds [66] Other Important Information - The company has reduced its U.S. headcount by over 20% since the beginning of the year, reflecting efforts to align costs with market conditions [66] - The company ended Q1 with $5 million in cash and no outstanding debt, positioning it well for future investments [96] - The company was recently recognized as one of Newsweek's Greatest Workplaces for Diversity in 2024, reflecting its strong workplace culture [68] Q&A Session Summary Question: What are the demand trends for the first four months of the year? - Management noted that demand has remained soft and has not yet rebounded, with opportunities in programs that have been won still ramping up [77] Question: How is the locum space performing? - Management expressed bullishness on the locum space, citing the need for physicians as a key component for hospital systems to drive revenue [79] Question: What is the outlook for the second quarter? - The company is guiding for revenue between $330 million and $340 million, representing a sequential decline of 10% to 13% [74] Question: How is the company managing its cost structure? - The company has proactively managed costs, resulting in a significant reduction in headcount and leveraging operations in India for cost savings [66] Question: What is the status of the Intellify platform? - Management confirmed that the Intellify platform has a robust pipeline and is expected to contribute to stronger results in the second half of 2024 [30]

For the quarter ended March 2024, Cross Country Healthcare (CCRN) reported revenue of $379.17 million, down 39.1% over the same period last year. EPS came in at $0.19, compared to $0.84 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $373.73 million, representing a surprise of +1.46%. The company delivered an EPS surprise of +11.77%, with the consensus EPS estimate being $0.17.While investors closely watch year-over-year changes in headline numbers -- revenue and ear ...

CROSS COUNTRY HEALTHCARE ANNOUNCES FIRST QUARTER 2024 FINANCIAL RESULTS | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------|-------|---------------------|-------|----------------------------------------------|-------|---------------------------------------| | Dollars are in thousands, except per share amounts \nRevenue | $ | Q1 2024 \n379,174 | | Variance Q1 2024 vs Q1 2023 \n(39) % | | Variance Q1 2024 vs Q4 2023 \n(8) % | | Gross profit margin* | | ...

BOCA RATON, Fla.--(BUSINESS WIRE)--Cross Country Healthcare, Inc. (the “Company”) (Nasdaq: CCRN) announced today that it is scheduled to participate in the Oppenheimer 34th Annual Healthcare Med-Tech & Services Conference taking place March 12-13, 2024. William J. Burns, Executive Vice President & Chief Financial Officer and Josh Vogel, Vice President, Investor Relations, will participate in virtual one-on-one investor meetings on Tuesday, March 12, 2024. No formal presentation will be made. About Cross Co ...