Cross ntry Healthcare(US:CCRN)2023-05-03 16:00Revenue Performance - Revenue from services decreased by 21.0% to $622.7 million for the three months ended March 31, 2023, compared to $788.7 million for the same period in 2022[15] - Contribution income decreased by 39.0% to $67.2 million for the three months ended March 31, 2023, compared to $110.1 million for the same period in 2022[34] - The average Nurse and Allied Staffing revenue per FTE per day decreased by 18.3% to $513 for the three months ended March 31, 2023[28] Net Income and Expenses - Net income attributable to common stockholders was $29.4 million for the three months ended March 31, 2023, down 52.5% from $62.0 million in the same period in 2022[15] - Bad debt expense increased to $4.9 million, representing 0.8% of revenue for the three months ended March 31, 2023, compared to 0.3% in the prior year[24] - Corporate overhead increased to $18.7 million for the three months ended March 31, 2023, from $16.3 million in the prior year, representing 3.0% of consolidated revenue[31] Cash Flow and Financing Activities - Cash flow provided by operating activities was $46.9 million, with net repayments of $10.4 million on the senior secured asset-based credit facility as of March 31, 2023[13] - For the three months ended March 31, 2023, net cash used in financing activities was $46.7 million, compared to $31.3 million provided by financing activities in the same period of 2022[46] - The company reported $0.3 million in cash and cash equivalents and $73.9 million of term loan outstanding as of March 31, 2023[32] Debt and Loan Agreements - The company entered into a Term Loan Agreement on June 8, 2021, for a total of $100.0 million with an interest rate of one-month LIBOR plus 5.75% per annum, subject to a 0.75% LIBOR floor[39] - The company amended the Term Loan Agreement on November 18, 2021, to include an incremental term loan of $75.0 million, primarily to fund organic growth[41] - The company made optional prepayments totaling $100.0 million on the term loan in 2022, incurring prepayment premiums of $1.0 million and writing off debt issuance costs of $2.7 million[43] Compliance and Financial Ratios - As of March 31, 2023, the company was in compliance with the minimum net leverage ratio covenant under the Term Loan Agreement[40] - As of March 31, 2023, the company had $300.0 million available under the ABL, with $66.4 million drawn and $18.2 million in letters of credit outstanding, leaving $215.4 million of excess availability[49] Other Financial Metrics - Days sales outstanding (DSO) increased by 8 days year-over-year to 70 days as of March 31, 2023[32] - A 1% change in interest rates would have resulted in interest expense fluctuations of approximately $0.4 million for the three months ended March 31, 2023[63] - The company repurchased 1,223,404 shares of common stock for $31.7 million during the first quarter of 2023, with $44.5 million remaining for share repurchase under the New Repurchase Program[37]