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CCRN Cross Country Healthcares, Inc. - Registered Shares

Cross Country Healthcare, Inc. (CCH) is a leader in providing total talent management including strategic workforce solutions, contingent staffing, permanent placement and other consultative services for healthcare clients. Leveraging nearly 35 years of expertise and insight, CCH solves complex labor-related challenges for clients while providing high-quality outcomes and exceptional patient care. As a multi-year Best of Staffing® Award winner, CCH is committed to excellence in delivery of its services and was the first public company to earn The Joint Commission Gold Seal of Approval® for Health Care Staffing Services Certification with Distinction. CCH has a longstanding history of investing in its diversity, equality, and inclusion strategic initiatives as a key component of the organization's overall corporate social responsibility program which is closely aligned with its core values to create a better future for its people, communities, the planet, and its shareholders.

Company profile

Ticker
CCRN
Exchange
CEO
Kevin Clark
Employees
Incorporated
Location
Fiscal year end
Former names
CROSS COUNTRY INC
SEC CIK
Subsidiaries
Assignment America, LLC • Cejka Search, Inc. • Credent Verification and Licensing • Cross Country Holdco (Cyprus) Limited • Cross Country Infotech, Pvt. Ltd. • Cross Country Staffing, Inc. • Cross Country Talent Acquisition Group, LLC • MDA Holdings, Inc. • Medical Doctor Associates, LLC • New Mediscan II, LLC ...
IRS number
134066229

CCRN stock data

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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

4 Nov 21
24 Jan 22
31 Dec 22
Quarter (USD)
Sep 21 Jun 21 Mar 21 Dec 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
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) 842K 842K 842K 842K 842K 842K
Cash burn (monthly) 5.76M 217K (positive/no burn) (positive/no burn) 943.67K 860.33K
Cash used (since last report) 22.01M 829.09K n/a n/a 3.61M 3.29M
Cash remaining -21.17M 12.91K n/a n/a -2.76M -2.45M
Runway (months of cash) -3.7 0.1 n/a n/a -2.9 -2.8

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
28 Dec 21 Dircks Thomas C Common Stock Gift Acquire G Yes No 0 49,265 0 49,265
28 Dec 21 Dircks Thomas C Common Stock Gift Dispose G No No 0 49,265 0 66,381
17 Aug 21 Burns William J. Common Stock Sell Dispose S No No 19.91 10,100 201.09K 255,679
16 Aug 21 Trunfio Joseph Common Stock Sell Dispose S No No 19.52 17,000 331.84K 44,923
6 Aug 21 Trunfio Joseph Common Stock Sell Dispose S No No 19.83 33,162 657.6K 101,923
6 Aug 21 Colin Patrick McDonald Common Stock Sell Dispose S No No 20.14 6,378 128.45K 19,993

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

90.5% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 165 153 +7.8%
Opened positions 24 37 -35.1%
Closed positions 12 14 -14.3%
Increased positions 47 39 +20.5%
Reduced positions 68 62 +9.7%
13F shares
Current Prev Q Change
Total value 729.22M 563.27M +29.5%
Total shares 34.38M 34.11M +0.8%
Total puts 23.4K 200 +11600.0%
Total calls 1.09M 687K +58.8%
Total put/call ratio 0.0 0.0 +7267.5%
Largest owners
Shares Value Change
BLK Blackrock 5.53M $117.55M -2.1%
Vanguard 2.51M $53.24M +2.7%
Wellington Management 2.33M $49.54M +138.4%
Systematic Financial Management 2.25M $47.77M -7.5%
Dimensional Fund Advisors 1.77M $37.69M +2.0%
Aristotle Capital Boston 1.62M $34.48M -21.8%
Acadian Asset Management 1.24M $26.39M -10.7%
Driehaus Capital Management 1.22M $25.96M +112.8%
STT State Street 1.21M $25.77M +2.1%
Royce & Associates 1.09M $23.25M -28.3%
Largest transactions
Shares Bought/sold Change
Wellington Management 2.33M +1.35M +138.4%
Driehaus Capital Management 1.22M +648.04K +112.8%
JPM JPMorgan Chase & Co. 492.68K -552.32K -52.9%
Aristotle Capital Boston 1.62M -452.84K -21.8%
Royce & Associates 1.09M -432.51K -28.3%
Balyasny Asset Management 275.98K +275.98K NEW
TROW T. Rowe Price 0 -253.03K EXIT
Tocqueville Asset Management 260.5K -218.1K -45.6%
Millennium Management 287.51K +207.73K +260.4%
Systematic Financial Management 2.25M -181.55K -7.5%

Financial report summary

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Risks
  • Our operations and financial results have been and may continue to be negatively affected by the current ongoing COVID-19 pandemic and could be materially harmed by COVID-19 or the emergence and effects related to any other pandemics, epidemics, or other public health crisis.
  • Decreases in demand or pricing by our clients may adversely affect the profitability of our business.
  • 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 are subject to business and regulatory risks associated with international operations.
  • Our financial results could be adversely impacted by the loss of key management.
  • Our clients may terminate or not renew their contracts with us.
  • If our healthcare facility clients increase the use of intermediary organizations it could impact our profitability and our ability to secure contracts with clients.
  • 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 and our profitability could be adversely impacted.
  • We are dependent on the proper functioning of our information systems and applications hosted by our vendors, and our inability to implement new technology systems and infrastructure could cause disruptions to our ability to operate effectively.
  • 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 security breaches could adversely affect our business, disrupt operations, and harm our reputation.
  • We may be unable to recruit and retain enough quality healthcare professionals to meet our clients’ demands.
  • Our labor costs could be adversely affected by a shortage of experienced healthcare professionals and labor union activity.
  • 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 various litigation, claims, investigations, and other proceedings which could result in substantial judgment, settlement costs, or uninsured liabilities.
  • If applicable government regulations change, we may face increased costs that reduce our revenue and profitability.
  • 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.
  • 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.
Management Discussion
  • Revenue from services increased 93.3% to $374.9 million for the three months ended September 30, 2021, as compared to $194.0 million for the three months ended September 30, 2020, due to strong performance in both our Nurse and Allied and Physician Staffing segments, both resulting from an increase in volume, and higher bill rates in Nurse and Allied. Rates continue to be volatile as we experience record levels of demand stemming in part from the latest variant and vaccination mandates, as well as higher needs from clients due to increases in demand and professionals leaving the bedside. 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 increased $145.1 million, or 99.4%, to $291.1 million for the three months ended September 30, 2021, as compared to $146.0 million for the three months ended September 30, 2020, as a result of revenue increases. As a percentage of total revenue, direct operating expenses increased to 77.6% compared to 75.2% in the prior year period, as compensation costs rose by a higher percentage than our bill rates.
  • Selling, general and administrative expenses increased 29.5% to $52.8 million for the three months ended September 30, 2021, as compared to $40.8 million for the three months ended September 30, 2020, primarily due to increases in compensation and benefit expense, as well as equity compensation expense, partially offset by decreases in legal expenses. As a percentage of total revenue, selling, general and administrative expenses decreased to 14.1% for the three months ended September 30, 2021, as compared to 21.0% for the three months ended September 30, 2020.
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