Cross ntry Healthcare(US:CCRN)2025-05-07 20:45Revenue Performance - Consolidated revenue for Q1 2025 decreased by 22.6% year-over-year to $293.4 million, down from $379.2 million in Q1 2024, primarily due to declines in travel nurse and allied staffing volumes and average bill rates [117][126]. - Nurse and Allied Staffing segment accounted for approximately 83% of total revenue in Q1 2025, while Physician Staffing represented about 17% [115][116]. - Revenue from Nurse and Allied Staffing decreased by $89.9 million, or 27.1%, to $242.3 million in Q1 2025, driven by an 18.8% decline in professionals on assignment [140]. - Physician Staffing revenue increased by $4.1 million, or 8.8%, to $51.1 million in Q1 2025, attributed to higher rates and a favorable specialty mix [143]. - Average revenue per FTE per day in Nurse and Allied Staffing decreased by $37, or 9.3%, to $360 in Q1 2025 [139]. - Total days filled in Physician Staffing decreased by 4.6% to 22,692 in Q1 2025, while revenue per day filled increased by $277, or 14.0%, to $2,253 [145]. Financial Performance - Net loss attributable to common stockholders for Q1 2025 was $0.5 million, compared to net income of $2.7 million in Q1 2024, marking a decline of 118.2% [117][125]. - Cash and cash equivalents as of March 31, 2025, totaled $80.7 million, with cash flow from operating activities at $5.7 million for the quarter [118]. - Corporate overhead decreased to $15.1 million in Q1 2025 from $17.6 million in Q1 2024, representing 5.2% of consolidated revenue [146]. - Net cash provided by operating activities decreased by $0.3 million to $5.7 million in Q1 2025 compared to $6.0 million in Q1 2024 [150]. - Cash and cash equivalents were reported at $80.7 million as of March 31, 2025, with working capital increasing by $1.6 million to $216.2 million [147]. Expenses - Direct operating expenses decreased by 22.2% to $234.8 million in Q1 2025, representing 80.0% of total revenue, up from 79.6% in the prior year [127]. - Selling, general and administrative expenses decreased by 17.0% to $52.5 million, but as a percentage of total revenue, they increased to 17.9% from 16.7% [128]. - Acquisition and integration-related costs of $2.0 million were incurred in Q1 2025 related to the pending Aya Merger, with no such costs in Q1 2024 [131]. Tax and Income - Income tax benefit for Q1 2025 was $0.4 million, compared to an expense of $1.0 million in Q1 2024, primarily due to a decrease in book income [137]. Merger and Acquisition - The Aya Merger is expected to close in the second half of 2025, pending regulatory approvals and other customary closing conditions [119].