Cross Country Healthcare Reports 2023 Performance and 2024 Outlook

TL;DR

<b>Cross Country Healthcare achieved its second-best financial year in 2023, driven by technology advancements and growth in key segments, and is poised for further expansion with a debt-free balance sheet.</b>

AI Summary

CROSS COUNTRY HEALTHCARE INC (CCRN) filed a Proxy Statement (DEF 14A) with the SEC on April 1, 2024. Cross Country Healthcare achieved its second-best full-year financial performance in 2023. The company surpassed revenue guidance in several quarters of 2023. Adjusted EBITDA and EPS were maintained within projected quarterly ranges for 2023. Key technology advancements include the rollout of Intellify®, Xperience™ app re-launch, and Data Aggregation Services (DAS). Significant growth was observed in Physician Staffing, Education, and Homecare segments.

Why It Matters

For investors and stakeholders tracking CROSS COUNTRY HEALTHCARE INC, this filing contains several important signals. The company's focus on technology platforms like Intellify® and enhanced client/candidate experiences aims to drive market differentiation and operational efficiency. A debt-free balance sheet allows Cross Country Healthcare to pursue strategic investments and acquisitions to meet evolving market needs.

Risk Assessment

Risk Level: — CROSS COUNTRY HEALTHCARE INC shows moderate risk based on this filing. The company reports a debt-free balance sheet, indicating strong financial health and low financial risk.

Analyst Insight

Cross Country Healthcare is well-positioned for strategic investments and acquisitions due to its robust, debt-free balance sheet and focus on operational efficiency.

Revenue Breakdown

Key Numbers

• 2023 — Fiscal Year (Second-best full-year financial performance)
• 2023 — Quarterly Performance (Surpassed revenue guidance in several quarters)
• 2023 — Quarterly Performance (Maintained Adjusted EBITDA and EPS within projected ranges)

Key Players & Entities

• Cross Country Healthcare, Inc. (company) — Registrant
• Intellify® (product) — workforce optimization platform
• Xperience™ (product) — app
• Data Aggregation Services (DAS) (service) — new service offering
• Boca Raton, FL (location) — Company Headquarters

FAQ

Risk Factors

• Financial Performance [low — financial]: Achieved second-best full-year financial performance in 2023, surpassing revenue guidance in several quarters.
• Technology and Service Offerings [low — operational]: Rollout of Intellify®, Xperience™ app re-launch, and introduction of Data Aggregation Services (DAS) enhance client and candidate experiences.
• Segment Growth [low — market]: Impressive growth across Physician Staffing, Education, and Homecare segments.

Industry Context

Cross Country Healthcare operates in the healthcare staffing services industry, providing solutions to healthcare facilities.

Regulatory Implications

The filing is a Definitive Proxy Statement (DEF 14A) filed under the Securities Exchange Act of 1934, outlining information for shareholders regarding company matters.

What Investors Should Do

1. Review the detailed financial performance and segment growth reported for 2023.
2. Analyze the impact and strategic importance of new technology platforms like Intellify® and DAS.
3. Assess the company's plans for maximizing returns on investments and potential strategic acquisitions.

Year-Over-Year Comparison

This filing is a DEF 14A, a proxy statement, and does not contain comparative financial data from a previous filing within this document.

Key Financial Figures

• $700 million — e sectors Oversaw revenue growth from $700 million to over $18 billion at Community Health
• $18 billion — evenue growth from $700 million to over $18 billion at Community Health Systems Governanc

Filing Documents

• ny20018339x1_def14a.htm (DEF 14A) — 2134KB
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• 0001140361-24-016761.txt (&nbsp;) — 13412KB
• ccrn-20240514.xsd (EX-101.SCH) — 7KB
• ccrn-20240514_def.xml (EX-101.DEF) — 9KB
• ccrn-20240514_lab.xml (EX-101.LAB) — 19KB
• ccrn-20240514_pre.xml (EX-101.PRE) — 12KB
• ny20018339x1_def14a_htm.xml (XML) — 675KB

Forward Looking Statements

Forward Looking Statements 1 Website References 1 OUR BOARD OF DIRECTORS 2 WHO WE ARE 2 OUR SKILLS, EXPERIENCES, AND ATTRIBUTES 9 Board Skills, Tenure, and Diversity 10 HOW WE ARE SELECTED, ELECTED, AND SERVE 13 WHAT WE ACCOMPLISHED 14 HOW WE ARE EVALUATED 14 HOW WE GOVERN AND ARE GOVERNED 15 Board Independence 15 Governance Frameworks and Policies 15 Board Committees 16 Board and Committee Meetings 19 Risk Oversight 19 Board Leadership Structure 21 HOW YOU CAN COMMUNICATE WITH US 21 Stockholder Engagement 21 NON-EMPLOYEE DIRECTOR COMPENSATION 22 Cash Compensation 23 Equity Compensation 23 Travel Reimbursement 23 Stock Ownership Requirement 23 2023 DIRECTOR COMPENSATION TABLE 24 OUR COMPANY 25 WHAT WE DO 25 WHO WE ARE 26 HOW WE DO WHAT WE DO 31 HOW WE DID 32 RELATED PARTY TRANSACTIONS 32 OUR STOCKHOLDERS 34

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT 34 AUDIT MATTERS 36 REPORT OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS 36 AUDIT FEES 37 POLICY ON AUDIT COMMITTEE PRE-APPROVAL OF AUDIT AND NON-AUDIT SERVICES OF THE INDEPENDENT REGISTERED ACCOUNTING FIRM 38 COMPENSATION DISCUSSION AND ANALYSIS 39 COMPENSATION PHILOSOPHY AND OBJECTIVES 40 Consideration of Stockholder Advisory Vote 43 DETERMINATION OF COMPENSATION 43 Role of the Compensation Committee 43 Role of Management 44 Role of the Compensation Consultant 44 Role of Benchmarking 44 COMPONENTS OF FISCAL 2023 NEO COMPENSATION PROGRAM 45 Base Salary 45 Annual Cash Incentive Program 45 Determination of Fiscal 2023 Annual Incentive Bonus Payments 48 Long-Term Incentive Compensation 48 OTHER COMPENSATION AND BENEFITS 51 Nonqualified Deferred Compensation Plans 51 401(k) Plan and Other Benefits 51 Perquisites 51 Employment Agreements 52 Severance & Change of Control Arrangements 55 Anti-Hedging Policy 55 Stock Ownership Guidelines 55 Impact of Accounting and Tax Matters 55 Compensation Recoupment Policy 56 Compensation Risk Management 56 COMPENSATION COMMITTEE REPORT 57 SUMMARY COMPENSATION TABLE 58 GRANTS OF PLAN BASED AWARDS 59 -i- TABLE OF CONTENTS OUTSTANDING EQUITY AWARDS AT 2023 YEAR-END 60 OPTION EXERCISES AND STOCK VESTED IN 2023 61 Potential Payments Upon Termination or Change in Control 61 CEO Pay Ratio 65 Pay versus Performance 66 2023 Most Important Measures (Unranked) 70 Relationship between "Compensation Actually Paid" and Performance Measures 70 OUR ANNUAL MEETING & OTHER INFORMATION 73 OUR PROPOSALS 73 PROPOSAL NO. 1: ELECTION OF DIRECTORS 73 PROPOSAL NO. 2: RATIFICATION OF THE APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 74 PROPOSAL NO. 3: NON-BINDING ADVISORY VOTE TO APPROVE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS 75 PROPOSAL NO.

Forward Looking Statements

Forward Looking Statements This Proxy Statement includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current facts, including statements regarding our environmental, social, and other sustainability plans, initiatives, projections, goals, commitments, expectations, or prospects, are forward-looking. Forward-looking statements include those containing such words as "anticipates," "believes," "could," "estimates," "expects," "forecasts," "goal," "intends," "may," "outlook," "plans," "projects," "seeks," "sees," "should," "targets," "will," "would," or other words of similar meaning. Forward-looking statements reflect management's current expectations and are inherently uncertain. These forward-looking statements rely on assumptions and involve risks and uncertainties, including, but not limited to, factors detailed herein and under Part I, "Item 1A. Risk Factors" and in other sections of our 2023 Annual Report and in other filings with the SEC. Any standards of measurement and performance made in reference to our environmental, social, and other sustainability plans and goals are developing and based on assumptions, and no assurance can be given that any such plan, initiative, projection, goal, commitment, expectation, or prospect can or will be achieved. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on our forward- looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and, except as required by law, we undertake no duty to update or revise any fo

: Gender Identity

Part I: Gender Identity Directors 2 6 0 0

: Demographic Background

Part II: Demographic Background African American or Black 0 1 0 0 Alaskan Native or Native American 0 0 0 0 Asian 0 1 0 0 Hispanic or Latinx 0 0 0 0 Native Hawaiian or Pacific Islander 0 0 0 0 White 2 3 0 0 Two or More Races or Ethnicities 0 1 0 0 LGBTQ+ 0 Did Not Disclose Demographic Background 0 12 TABLE OF CONTENTS HOW WE ARE SELECTED, ELECTED, AND SERVE At the direction of our Board of Directors, the Governance and Nominating Committee, assisted as appropriate by other members of the Board and management: Develops recommendations for the size and composition of the Board, reflecting: current and anticipated operational, business, financial, and sector needs, including needs for any specialized knowledge core competencies, integrity, and leadership a range of complementary and diverse attributes, such as diversity of age, gender, r

View Full Filing

View this DEF 14A filing on SEC EDGAR