Cross Country Healthcare Files Q2 2024 10-Q

TL;DR

CCRN's Q2 10-Q is in - check financials for the latest performance update.

AI Summary

Cross Country Healthcare Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position. Key financial data points and operational information are presented for the second quarter and the first half of 2024, compared to the same periods in 2023.

Why It Matters

This filing provides investors with a detailed look at Cross Country Healthcare's financial health and operational performance during the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the healthcare staffing industry can be subject to regulatory changes and economic fluctuations.

Key Numbers

• 2024-06-30 — Period End Date (End of the reporting quarter)
• 2024-01-01 to 2024-06-30 — Year-to-Date Period (First half of 2024 financial data)
• 2023-01-01 to 2023-06-30 — Prior Year-to-Date Period (First half of 2023 financial data for comparison)
• 2024-04-01 to 2024-06-30 — Current Quarter (Second quarter of 2024 financial data)
• 2023-04-01 to 2023-06-30 — Prior Year Quarter (Second quarter of 2023 financial data for comparison)

Key Players & Entities

• CROSS COUNTRY HEALTHCARE INC (company) — Filer
• 20240630 (date) — Period of Report
• 20240801 (date) — Filing Date
• BOCA RATON, FL (location) — Business Address

FAQ

Key Financial Figures

• $0.0001 — ich registered Common stock, par value $0.0001 per share CCRN The Nasdaq Stock Market

Filing Documents

• ccrn-20240630.htm (10-Q) — 1109KB
• ccrn20240630-10qex31x1.htm (EX-31.1) — 10KB
• ccrn20240630-10qex31x2.htm (EX-31.2) — 10KB
• ccrn20240630-10qex32x1.htm (EX-32.1) — 5KB
• ccrn20240630-10qex32x2.htm (EX-32.2) — 5KB
• ccrn-20240630_g1.jpg (GRAPHIC) — 429KB
• 0001628280-24-033927.txt ( ) — 6984KB
• ccrn-20240630.xsd (EX-101.SCH) — 41KB
• ccrn-20240630_cal.xml (EX-101.CAL) — 68KB
• ccrn-20240630_def.xml (EX-101.DEF) — 151KB
• ccrn-20240630_lab.xml (EX-101.LAB) — 550KB
• ccrn-20240630_pre.xml (EX-101.PRE) — 365KB
• ccrn-20240630_htm.xml (XML) — 801KB

– FINANCIAL INFORMATION

PART I. – FINANCIAL INFORMATION 1 Item 1. Condensed Consolidated Financial Statements 1 Condensed Consolidated Balance Sheets (Unaudited) 1 Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited) 2 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) 3 Condensed Consolidated Statements of Cash Flows (Unaudited) 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 6 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34

– OTHER INFORMATION

PART II. – OTHER INFORMATION 35 Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 5. Other Information 36 Item 6. Exhibits 37

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS CROSS COUNTRY HEALTHCARE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, amounts in thousands) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 69,601 $ 17,094 Accounts receivable, net of allowances of $ 35,744 in 2024 and $ 20,547 in 2023 242,333 372,352 Income taxes receivable 8,967 6,898 Prepaid expenses 6,248 7,681 Insurance recovery receivable 8,796 9,097 Other current assets 1,813 2,031 Total current assets 337,758 415,153 Property and equipment, net of accumulated depreciation of $ 18,859 in 2024 and $ 15,808 in 2023 29,033 27,339 Operating lease right-of-use assets 2,635 2,599 Goodwill 135,430 135,430 Other intangible assets, net 49,016 54,468 Deferred tax assets 10,064 5,954 Insurance recovery receivable 23,332 25,714 Cloud computing 8,916 5,987 Other assets 6,699 6,673 Total assets $ 602,883 $ 679,317 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued expenses $ 55,682 $ 85,333 Accrued compensation and benefits 46,609 52,297 Operating lease liabilities 2,085 2,604 Earnout liability 4,100 6,794 Other current liabilities 1,639 1,559 Total current liabilities 110,115 148,587 Operating lease liabilities 2,652 2,663 Accrued claims 35,614 34,853 Earnout liability — 5,000 Uncertain tax positions 11,642 10,603 Other liabilities 3,798 4,218 Total liabilities 163,821 205,924 Commitments and contingencies Stockholders' equity: Common stock 3 4 Additional paid-in capital 215,449 236,417 Accumulated other comprehensive loss ( 1,389 ) ( 1,385 ) Retained earnings 224,999 238,357 Total stockholders' equity 439,062 473,393 Total liabilities and stockholders' equity $ 602,883 $ 679,317 See accompanying notes to the condensed consolidated financial statements 1 CROSS COUNTRY HEALTHCARE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (Unaudited

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View this 10-Q filing on SEC EDGAR