Cross ntry Healthcare(US:CCRN)2025-05-07 20:28Financial Performance - First quarter 2025 revenue was $293.4 million, a decrease of 23% year-over-year and 5% sequentially [5]. - Net loss attributable to common stockholders was $0.5 million, compared to net income of $2.7 million in the prior year [5]. - Adjusted EBITDA for Q1 2025 was $8.6 million, representing 2.9% of revenue, down from $15.3 million or 4.0% of revenue in the prior year [5]. - For the three months ended March 31, 2025, Cross Country Healthcare reported a revenue of $293,408,000, a decrease of 23% compared to $379,174,000 for the same period in 2024 [26]. - Adjusted EBITDA for the same period was $8,619,000, with an adjusted EBITDA margin of 2.9%, down from 4.0% in the previous year [22]. - The net loss attributable to common stockholders for Q1 2025 was $(490,000), compared to a net income of $2,692,000 in Q1 2024 [22]. Revenue Breakdown - Nurse and Allied Staffing revenue was $242.3 million, a decrease of 27% year-over-year [6]. - Physician Staffing revenue increased by 9% year-over-year to $51.1 million [7]. - Nurse and Allied Staffing revenue per FTE per day decreased to $360 in Q1 2025 from $397 in Q1 2024 [30]. Cash Flow and Assets - Cash flows provided by operations were $5.7 million, down 5% year-over-year [8]. - As of March 31, 2025, the company had $80.7 million in cash and cash equivalents with no debt outstanding [10]. - Cash and cash equivalents at the end of Q1 2025 were $80,697,000, a slight decrease from $81,633,000 at the end of Q4 2024 [23]. - The total current assets decreased to $325,199,000 as of March 31, 2025, down from $335,000,000 at the end of 2024 [23]. - Total liabilities decreased to $158,025,000 as of March 31, 2025, compared to $170,292,000 at the end of 2024 [23]. - The company reported a net cash provided by operating activities of $5,681,000 for Q1 2025, down from $6,011,000 in Q1 2024 [28]. Costs and Expenses - The company incurred acquisition and integration-related costs of $2,041,000 in Q1 2025, compared to no such costs in Q1 2024 [26]. - The Company incurred a settlement expense of $1.2 million and recorded a $1.8 million recovery related to a previous loss in Q4 2024 [33]. - Legal and other losses in Q1 2024 amounted to $3.7 million, representing an offer to settle a lawsuit and estimated costs related to an unrecoverable asset [33]. - Impairment charges for Q1 2024 and Q4 2024 were related to right-of-use assets and included a write-off of goodwill and intangible assets [33]. Strategic Focus - The company is focused on driving productivity and leveraging AI automation for improved profitability [3]. - The merger with Aya Healthcare is expected to be consummated in the second half of 2025 [3]. Financial Metrics and Definitions - Adjusted EPS, a non-GAAP financial measure, is presented as a useful supplement to reported EPS, reflecting the Company's underlying business performance [33]. - Contribution income is defined as income from operations before various costs, used by management to assess segment performance [33]. - Gross profit margin is calculated by dividing gross profit by revenue from services, excluding allocated depreciation and amortization expense [33]. - Average revenue per FTE per day is calculated by dividing Nurse and Allied Staffing revenue per FTE by the number of days worked [33]. - Days filled is calculated by dividing total hours invoiced during the period by 8 hours [33]. - Revenue per day filled is calculated by dividing reported revenue by days filled for the period presented [33]. - Corporate overhead includes unallocated executive leadership and centralized corporate functional support costs [33].