Cross Country Healthcare Files 2023 Annual Report on Form 10-K

TL;DR

<b>Cross Country Healthcare, Inc. has filed its 2023 annual report on Form 10-K, detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

CROSS COUNTRY HEALTHCARE INC (CCRN) filed a Annual Report (10-K) with the SEC on February 23, 2024. Filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 6551 Park of Commerce Boulevard, N.W., Boca Raton, FL 33487. Cross Country Healthcare, Inc. is incorporated in Delaware. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking CROSS COUNTRY HEALTHCARE INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial health, operational strategies, and risk factors for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial statements and disclosures within the report are essential for understanding the company's revenue streams, profitability, and balance sheet strength, enabling informed investment decisions.

Risk Assessment

Risk Level: low — CROSS COUNTRY HEALTHCARE INC shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain any immediate red flags or unusual disclosures, indicating a routine update of company information.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-K to identify any specific trends or insights into Cross Country Healthcare's performance and strategic direction.

Key Numbers

• 2023 — Fiscal Year End (Fiscal year end)
• 2023-12-31 — Period End Date (Conformed period of report)
• 2024-02-23 — Filing Date (Filed as of date)

Key Players & Entities

• CROSS COUNTRY HEALTHCARE INC (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240223 (date) — Filed as of date
• 0001141103 (company) — Central Index Key
• 7363 (industry) — Standard Industrial Classification
• DE (jurisdiction) — State of incorporation
• 6551 PARK OF COMMERCE BOULEVARD, N.W. (address) — Business address street 1
• BOCA RATON (city) — Business address city

FAQ

Industry Context

Cross Country Healthcare operates within the healthcare staffing services industry, providing solutions for various healthcare facilities.

Regulatory Implications

The filing adheres to the reporting requirements of the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability.
2. Review any disclosed risk factors and management's mitigation strategies.
3. Compare key financial metrics to previous fiscal years.

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year ended December 31, 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share CCRN The Nasdaq Stock Market
• $28.08 — ice of Common Stock on June 30, 2023 of $28.08 as reported on the Nasdaq Global Select

Filing Documents

• ccrn-20231231.htm (10-K) — 1906KB
• ccrn20231231-10kex21x1.htm (EX-21.1) — 11KB
• ccrn20231231-10kex23x1.htm (EX-23.1) — 3KB
• ccrn20231231-10kex31x1.htm (EX-31.1) — 10KB
• ccrn20231231-10kex31x2.htm (EX-31.2) — 10KB
• ccrn20231231-10kex32x1.htm (EX-32.1) — 5KB
• ccrn20231231-10kex32x2.htm (EX-32.2) — 4KB
• ccrn20231231-10kex97x1.htm (EX-97.1) — 46KB
• cch_finalxlogoxrbg.jpg (GRAPHIC) — 429KB
• ccrn-20231231_g1.jpg (GRAPHIC) — 46KB
• ccrn-20231231_g2.jpg (GRAPHIC) — 79KB
• image_0.jpg (GRAPHIC) — 13KB
• 0001628280-24-006454.txt (&nbsp;) — 11598KB
• ccrn-20231231.xsd (EX-101.SCH) — 69KB
• ccrn-20231231_cal.xml (EX-101.CAL) — 128KB
• ccrn-20231231_def.xml (EX-101.DEF) — 331KB
• ccrn-20231231_lab.xml (EX-101.LAB) — 937KB
• ccrn-20231231_pre.xml (EX-101.PRE) — 645KB
• ccrn-20231231_htm.xml (XML) — 1649KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 21 Item 1C. Cybersecurity 21 Item 2.

Properties

Properties 24 Item 3.

Legal Proceedings

Legal Proceedings 24 Item 4. Mine Safety Disclosures 24 PART I I Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 Item 6. [ Reserved ] 26 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 37 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 38 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 38 Item 9A.

Controls and Procedures

Controls and Procedures 38 Item 9B. Other Information 39 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 39 PART III Item 10. Directors, Executive Officers and Corporate Governance 40 Item 11.

Executive Compensation

Executive Compensation 40 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters 40 Item 13. Certain Relationships and Related Transactions, and Director Independence 40 Item 14. Principal Accountant Fees and Services 41 PART IV Item 15. Exhibits, Financial Statement Schedules 42

Form 10-K Summary

Item 16. Form 10-K Summary 47

SIGNATURES

SIGNATURES 47 All references to "we," "us," "our," "the Company," or "Cross Country" in this Annual Report on Form 10-K means Cross Country Healthcare, Inc., and its consolidated subsidiaries. Website addresses referenced in this Annual Report on Form 10-K are provided for convenience only, and the content on the referenced websites does not constitute a part of this Annual Report on Form 10-K.

Forward-Looking Statements

Forward-Looking Statements In addition to historical information, this Annual Report on Form 10-K contains statements relating to our future results (including certain projections and business trends) that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), and the Private Securities Litigation Reform Act of 1995, and are subject to the "safe harbor" created by those sections. Words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", "suggests", "appears", "seeks", "will", "could", and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results and performance to be materially different from any future results or performance expressed or implied by these forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in the section titled "Item 1A - Risk Factors," and the other documents that we file from time to time with the Securities and Exchange Commission (SEC). Although we believe that these statements are based upon reasonable assumptions, we cannot guarantee future results, and readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date of this filing. There can be no assurance that (i) we have correctly measured or identified all of the factors affecting our business or the extent of these factors' likely impact; (ii) the available information with respect to these factors on which such analysis is based is complete or accurate; (iii) such analysis is correct; or (iv) our strategy, which is based in part on this analysis, will be successful. Except as may be required by law, the Company undertakes

Business

Item 1. Business. Overview of Our Company Cross Country Healthcare, Inc. (Nasdaq: CCRN) is a market-leading, tech-enabled workforce solutions and advisory firm with 37 years of industry experience and insight. We help customers tackle complex labor-related challenges and achieve high-quality outcomes, while reducing complexity and improving visibility through data-driven insights. Leveraging national and in-market staffing teams, we place highly qualified healthcare professionals in virtually every specialty on travel and per diem assignments, local short-term contracts, and permanent positions. We also place teachers, substitute teachers, and other education specialties at educational facilities, healthcare leaders within nursing, allied, physician, human resources at healthcare organizations, and non-healthcare providers to participants in Programs of All-Inclusive Care for the Elderly (PACE) programs. Our diverse customer base includes both public and private acute care and non-acute care hospitals, outpatient clinics, ambulatory care facilities, single and multi-specialty physician practices, rehabilitation facilities, PACE programs, urgent care centers, local and national healthcare systems, managed care providers, public and charter schools, correctional facilities, government facilities, pharmacies, and many other healthcare providers including those in underserved communities. By utilizing the solutions we offer, customers are able to better plan their personnel needs, optimize their talent acquisition and management processes, strategically flex and balance their workforce, have access to quality healthcare personnel, and provide continuity of care for improved patient outcomes. We believe that our national footprint provides a unique value proposition, as we are able to engage with a broader pool of talent and offer customers a more consultative approach relying on our understanding of the local and regional markets they serve. We offer services to

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View this 10-K filing on SEC EDGAR