Company profile

Ticker
CCRN
Exchange
CEO
Kevin C. Clark
Employees
Incorporated
Location
Fiscal year end
Former names
CROSS COUNTRY INC
SEC CIK
IRS number
134066229

CCRN stock data

(
)

Calendar

5 Nov 20
19 Jan 21
31 Dec 21

News

Quarter (USD) Sep 20 Jun 20 Mar 20 Sep 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 3.45M 3.45M 3.45M 3.45M 3.45M 3.45M
Cash burn (monthly) 929.33K 1.78M 127K 1.23M 2.82M (positive/no burn)
Cash used (since last report) 3.4M 6.51M 463.99K 4.48M 10.3M n/a
Cash remaining 50.72K -3.06M 2.98M -1.03M -6.85M n/a
Runway (months of cash) 0.1 -1.7 23.5 -0.8 -2.4 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code 10b5-1 $Price #Shares $Value #Remaining
22 Dec 20 Dircks Thomas C Common Stock Gift Aquire G No 0 74,005 0 74,005
22 Dec 20 Dircks Thomas C Common Stock Gift Dispose G No 0 74,005 0 108,983
31 Aug 20 Kevin Cronin Clark Common Stock Buy Aquire P No 6.29 9,101 57.25K 523,704
28 Aug 20 Kevin Cronin Clark Common Stock Buy Aquire P No 6.22 2,389 14.86K 514,603
13 Aug 20 Cash W Larry Common Stock Buy Aquire P No 6.61 5,000 33.05K 170,870
15 Jun 20 Saville Stephen Alexis Common Stock Buy Aquire P No 5.74 2,000 11.48K 63,548
90.5% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 121 125 -3.2%
Opened positions 9 16 -43.8%
Closed positions 13 31 -58.1%
Increased positions 41 54 -24.1%
Reduced positions 49 30 +63.3%
13F shares
Current Prev Q Change
Total value 281.32M 227.14M +23.9%
Total shares 33.99M 34.2M -0.6%
Total puts 13.5K 103.9K -87.0%
Total calls 22K 19.8K +11.1%
Total put/call ratio 0.6 5.2 -88.3%
Largest owners
Shares Value Change
BLK Blackrock 5.28M $34.27M -3.9%
Vanguard 2.54M $16.5M -1.4%
Aristotle Capital Boston 2.54M $16.48M -12.9%
TROW T. Rowe Price 2.47M $16.04M +0.2%
Systematic Financial Management 2.15M $13.98M +3.0%
Dimensional Fund Advisors 1.94M $12.6M -3.7%
JPM JPMorgan Chase & Co. 1.89M $12.19M -10.9%
Royce & Associates 1.71M $11.09M +2.7%
STT State Street 1.09M $7.1M -4.8%
Heartland Advisors 894.98K $5.81M +10.9%
Largest transactions
Shares Bought/sold Change
Sio Capital Management 401.24K +401.24K NEW
Aristotle Capital Boston 2.54M -374.42K -12.9%
JPM JPMorgan Chase & Co. 1.89M -231.21K -10.9%
BLK Blackrock 5.28M -213.49K -3.9%
J. Goldman & Co 201.65K +201.65K NEW
Acadian Asset Management 787.72K +150.32K +23.6%
BK Bank Of New York Mellon 526.94K +141.25K +36.6%
Renaissance Technologies 211.24K +119.38K +130.0%
MS Morgan Stanley 101.73K -114.82K -53.0%
Millennium Management 80.76K -112.41K -58.2%

Financial report summary

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Risks
  • Decreases in demand by our clients may adversely affect the profitability of our business.
  • Our clients may terminate or not renew their contracts with us.
  • We may be unable to recruit enough quality healthcare professionals to meet our clients’ demands.
  • If our healthcare facility clients increase the use of intermediaries it could impact our profitability.
  • Our costs of providing services may rise faster than we are able to adjust our bill rates and pay rates and, as a result, our margins could decline.
  • Our labor costs could be adversely affected by a shortage of experienced healthcare professionals and labor union activity.
  • We may face challenges competing in the marketplace if we are unable to anticipate and quickly respond to changing marketplace conditions, such as alternative modes of healthcare delivery, reimbursement, and client needs.
  • We may face difficulties integrating our acquisitions into our operations and our acquisitions may be unsuccessful, involve significant cash expenditures or expose us to unforeseen liabilities.
  • If applicable government regulations change, we may face increased costs that reduce our revenue and profitability.
  • The healthcare industry is highly regulated. Any material changes in the political, economic or regulatory environment that affect the purchasing policies, practices and operations of healthcare organizations, or that lead to consolidation in the healthcare industry, could reduce the funds available to purchase our services or otherwise require us to modify our offerings.
  • We operate our business in a regulated industry and modifications, inaccurate interpretations or violations of any applicable statutory or regulatory requirements may result in material costs or penalties as well as litigation and could reduce our revenue and earnings per share.
  • We are subject to litigation, which could result in substantial judgment or settlement costs; significant legal actions could subject us to substantial uninsured liabilities.
  • If provisions in our corporate documents and Delaware law delay or prevent a change in control, we may be unable to consummate a transaction that our stockholders consider favorable.
  • Stock issuable under our stock incentive plans are presently in effect and sales of this stock could cause our stock price to decline.
  • We are dependent on the proper functioning of our information systems and applications hosted by our vendors.
  • We are dependent on third parties for the execution of certain critical functions.
  • Our collection, use, and retention of personal information and personal health information create risks that may harm our business.
  • Cyber security risks and cyber incidents could adversely affect our business and disrupt operations.
  • Losses caused by natural disasters, such as hurricanes and fires, could cause us to suffer material financial losses.
  • We have a level of indebtedness which may have an adverse effect on our business or limit our ability to take advantage of business, strategic or financing opportunities.
  • We are subject to business risks associated with international operations.
  • Due to inherent limitations, there can be no assurance that our system of disclosure and internal controls and procedures will be successful in preventing all errors and fraud, or in making all material information known in a timely manner to management.
  • Impairment in the value of our goodwill, trade names, or other intangible assets could negatively impact our net income and earnings per share.
  • We could suffer adverse tax and other financial consequences if taxing authorities do not agree with our tax positions, if there are further legislative tax changes, or if we are unable to utilize our net operating losses.
  • If certain of our healthcare professionals are reclassified from independent contractors to employees our profitability could be materially adversely impacted.
  • If the method for paying locum tenens physicians changes, it could negatively impact our profitability.
  • Our financial results could be adversely impacted by the loss of key management.
Management Discussion
  • Revenue from services decreased 7.3% to $194.0 million for the three months ended September 30, 2020, as compared to $209.2 million for the three months ended September 30, 2019, primarily due to volume declines across all of our lines of business. Bill rates for COVID-19 assignments trended downward in the third quarter, but remained higher than pre-COVID-19 rates, and were up as compared to the prior year. See further discussion in Segment Results.
  • Direct operating expenses are comprised primarily of field employee compensation and independent contractor expenses, housing expenses, travel expenses, and related insurance expenses. Direct operating expenses decreased $12.2 million, or 7.7%, to $146.0 million for the three months ended September 30, 2020, as compared to $158.2 million for the three months ended September 30, 2019 as a result of revenue declines. As a percentage of total revenue, direct operating expenses decreased to 75.2% compared to 75.6% in the prior year period.
  • Selling, general and administrative expenses decreased 8.1% to $40.8 million for the three months ended September 30, 2020, as compared to $44.4 million for the three months ended September 30, 2019, primarily due to reductions in headcount, lower healthcare costs, and lower rent expense due to the closure of a significant number of offices, enabled by our ability to work remotely. These reductions were partially offset by increases in IT expenses and legal fees, as well as additional compensation expense related to the short-term incentive plan. As a percentage of total revenue, selling, general and administrative expenses decreased to 21.0% for the three months ended September 30, 2020 as compared to 21.2% for the three months ended September 30, 2019.
Content analysis ?
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