Cross ntry Healthcare(CCRN) - 2024 Q4 - Annual Results

Revenue Performance - Fourth quarter revenue was $309.9 million, a decrease of 25% year-over-year and 2% sequentially[6] - Full year revenue for 2024 was $1.34 billion, a decrease of 33% compared to 2023[7] - Revenue from services for the three months ended December 31, 2024, was $309,940, a decrease of 25.1% compared to $414,035 for the same period in 2023[23] - Revenue from services for Q4 2024 was $309,940,000, a decrease of 25% compared to $414,035,000 in Q4 2023[30] - For the year ended December 31, 2024, total revenue from services was $1,344,004,000, a decline of 33% from $2,019,728,000 in 2023[34] Profitability and Loss - Net loss attributable to common stockholders for Q4 2024 was $3.8 million, compared to net income of $9.0 million in the prior year[6] - Net loss attributable to common stockholders for the three months ended December 31, 2024, was $(3,753), compared to a net income of $9,038 for the same period in 2023[25] - The company reported a diluted net loss per share of $(0.12) for the three months ended December 31, 2024, compared to earnings of $0.26 per share for the same period in 2023[25] - The company reported a loss from operations of $3,433,000 in Q4 2024, compared to income of $13,424,000 in Q4 2023[30] Adjusted EBITDA - Adjusted EBITDA for Q4 2024 was $9.3 million, representing 3.0% of revenue, down from 5.0% in the prior year[6] - Adjusted EBITDA for the three months ended December 31, 2024, was $9,271, representing an adjusted EBITDA margin of 3.0%[25] Cash Flow and Liquidity - Cash flows provided by operations for Q4 2024 were $24.2 million, an increase of 101% year-over-year[10] - Cash and cash equivalents increased to $81,633 as of December 31, 2024, compared to $17,094 as of December 31, 2023[27] - Cash and cash equivalents at the end of Q4 2024 were $81,633,000, significantly up from $17,094,000 at the end of Q4 2023[31] - Net cash provided by operating activities for Q4 2024 was $24,234,000, an increase from $12,074,000 in Q4 2023[31] Staffing Revenue - Physician Staffing revenue increased by 13% year-over-year to $53.0 million[9] - Nurse and Allied Staffing revenue was $256.9 million, a decrease of 30% year-over-year[8] - Nurse and Allied Staffing revenue decreased by 30% year-over-year to $256,929,000, while Physician Staffing revenue increased by 13% to $53,011,000[30] - The average revenue per FTE per day for Nurse and Allied Staffing decreased to $363 in Q4 2024 from $414 in Q4 2023[34] Expenses and Liabilities - Total operating expenses for the three months ended December 31, 2024, were $313,373, down from $400,611 in the prior year, reflecting a reduction of 21.8%[23] - Total liabilities decreased to $170,292 as of December 31, 2024, compared to $213,413 as of December 31, 2023, a reduction of 20.2%[27] Shareholder Actions - The company repurchased over 2.4 million shares of common stock for $36.8 million in 2024[4] Merger and Future Outlook - The pending merger with Aya Healthcare is expected to close in the second half of 2025[4] Restructuring Costs - Restructuring costs for the year ended December 31, 2024, were $4,333,000, a 70% increase compared to $2,553,000 in 2023[34]