Cross ntry Healthcare(CCRN) - 2024 Q3 - Quarterly Results

Financial Performance - Third quarter consolidated revenue was $315.1 million, a decrease of 29% year-over-year and 7% sequentially [3]. - For the nine months ended September 30, 2024, consolidated revenue was$ 1,034.1 million, a decrease of 36% year-over-year [5]. - Nurse and Allied Staffing revenue was $264.9 million, a decrease of 33% year-over-year and 9% sequentially [6]. - Physician Staffing revenue was$ 50.3 million, an increase of 10% year-over-year and 4% sequentially [7]. - Revenue from services for Q3 2024 was $315,119, a decrease of 29% compared to$ 442,291 in Q3 2023 [26]. - Total operating expenses for Q3 2024 were $312,266, down 26% from$ 421,988 in Q3 2023 [26]. - The company reported a loss from operations of $13,432 for the three months ended September 30, 2024, compared to income of$ 99,289 in the same period last year [31]. - Revenue from services for the three months ended September 30, 2024, was $315,119, a decrease of 29% compared to$ 442,291 for the same period in 2023 [30]. Profitability Metrics - Gross profit margin was 20.4%, down 160 basis points year-over-year and 40 basis points sequentially [3]. - Net income attributable to common stockholders was $2.6 million, compared to$ 12.8 million in the prior year and a net loss of $16.1 million in the prior quarter [3]. - Adjusted EBITDA was$ 10.3 million, or 3.3% of revenue, down from $27.2 million, or 6.2% of revenue, in the prior year [4]. - Adjusted EBITDA for Q3 2024 was$ 10,339, a decrease of 62% from $27,248 in Q3 2023, with an adjusted EBITDA margin of 3.3% [27]. - Net income attributable to common stockholders for Q3 2024 was$ 2,555, compared to $12,812 in Q3 2023, reflecting a decline of 80% [26]. - Adjusted net income attributable to common stockholders (non-GAAP) for Q3 2024 was$ 4,121, down from $13,576 in Q3 2023 [27]. Cash Flow and Assets - Cash flows provided by operations for Q3 2024 were$ 7.5 million, down from $70.3 million in Q3 2023 [8]. - Total assets decreased to$ 597,423 as of September 30, 2024, down from $681,064 at the end of 2023 [28]. - Cash and cash equivalents increased to$ 64,021 in Q3 2024, compared to $17,094 at the end of 2023 [28]. - Total current liabilities decreased to$ 120,677 in Q3 2024, down from $156,076 at the end of 2023 [28]. - Net cash provided by operating activities for the three months ended September 30, 2024, was$ 7,470, compared to $70,311 for the same period in 2023 [32]. - Cash and cash equivalents at the end of the period were$ 64,021, down from $14,301 at the end of the same quarter last year [32]. Shareholder Actions - The company repurchased over 800,000 shares for$ 11.9 million at an average price of $14.57 per share [9]. Future Outlook and Strategic Initiatives - Fourth quarter 2024 revenue guidance is between$ 300 million and $310 million, representing a year-over-year decrease of 28% to 25% [13]. - The company is investing$ 10 million in new technology development to enhance service delivery [35]. - Market expansion plans include entering three new states by Q3 2024, targeting a 5% market share in those regions [35]. - Cross Country Healthcare is exploring potential acquisitions to diversify service offerings, with a budget of $50 million allocated for this purpose [35]. - The company plans to launch two new service lines in Q2 2024, aiming to capture an additional 3% of the market [35]. - Operational efficiency initiatives are expected to reduce costs by 8% over the next year [35]. - Future outlook includes a projected revenue growth of 10-12% for the next fiscal year [35]. Operational Metrics - Contribution income from Nurse and Allied Staffing was$ 19,251, down 51% from $39,226 in the prior year, while Physician Staffing contribution income increased by 80% to$ 4,629 [30]. - Corporate overhead costs were $15,531, a 5% decrease from$ 16,412 in the same quarter last year [30]. - Average revenue per FTE per day in Nurse and Allied Staffing decreased to $373 from$ 434 in the same quarter last year [33]. - Days filled in Physician Staffing increased to 24,424 from 23,004 in the prior year [33]. - The company experienced a 40% decrease in revenue from Nurse and Allied Staffing, which accounted for 86% of total revenue in the latest quarter [31]. - The company incurred restructuring costs of $998 in Q3 2024, compared to$ 348 in Q3 2023 [27]. Customer and Market Insights - The company reported a 12% increase in customer satisfaction scores, reflecting improved service quality [35]. - User data showed a 25% growth in active healthcare professionals utilizing the platform, totaling 100,000 users [35]. - Cross Country Healthcare reported a revenue increase of 15% year-over-year, reaching $500 million in the latest quarter [35]. - The company achieved a net income of$ 30 million, representing a 20% increase compared to the previous year [35].