雅虎香港財經 Cross Country Healthcare, Inc. (NASDAQ:CCRN) Q4 2023 Earnings Call Transcript
Cross Country Healthcare, Inc. (NASDAQ:CCRN) Q4 2023 Earnings Call Transcript February 21, 2024
Cross Country Healthcare, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good afternoon, everyone. Welcome to Cross Country Healthcare’s Earnings Conference Call for the Fourth Quarter 2023. Please be advised that this call is being recorded and a replay of this webcast will be available on the company’s website. Details for accessing the audio replay can be found in the company’s earnings release issued this afternoon. At the conclusion of the prepared remarks, I will open the lines for questions. I would now like to turn the call over to Josh Vogel, Cross Country Healthcare’s Vice President of Investor Relations. Thank you and please go ahead, sir.
Josh Vogel: Thank you and good afternoon, everyone. I’m joined today by our President and Chief Executive Officer, John Martins; as well as Bill Burns, our Chief Financial Officer; and Marc Krug, Group President of Delivery. Today’s call will include a discussion of our financial results for the fourth quarter and full year of 2023 as well as our outlook for the first quarter of 2024. A copy of our earnings press release is available on our website at crosscountry.com. Please note that certain statements made on this call may constitute forward-looking statements. These statements reflect the company’s beliefs based upon information currently available to it. As noted in our press release, forward-looking statements can vary materially from actual results and are subject to known and unknown risks, uncertainties and other factors, including those contained in the company’s 2022 annual report on Form 10-K and quarterly reports on Form 10-Q, as well as in other filings with the SEC.
The company does not intend to update guidance or any of its forward-looking statements prior to the next earnings release. Additionally, we reference non-GAAP financial measures such as adjusted EBITDA or adjusted earnings per share. Such non-GAAP financial measures are provided as additional information and should not be considered substitutes for or superior to those calculated in accordance with U.S. GAAP. More information related to these non-GAAP financial measures is contained in our press release. Also during this call, we may refer to pro forma when normalized numbers pertain to our most recent acquisitions as though the results were included or excluded from the periods presented. With that, I will now turn the call over to our Chief Executive Officer, John Martins.
John Martins: Thanks, Josh, and thank you, everyone, for joining us this afternoon. Overall, I was pleased with our fourth quarter and full year 2023 results, and particularly in how we have responded to the challenging market conditions in our Nurse and Allied segments as health systems seek ways to reduce their reliance on contingent labor. After declining in the first half of 2023, travel demand remained fairly stable. However, coming into the new year, we were seeing another pullback in orders, which appears to be industry-wide across most specialties and geographies. Many systems are nonetheless seeing increases in volumes, which we believe will ultimately translate into rising demand for our services. And with our focus on innovation and operational excellence, as well as the health of our balance sheet, Cross Country is well positioned to weather these near-term headwinds, and we believe we are poised to see sequential growth in the back half of the coming year.
Now I’d like to take a moment to reflect on our full year performance. We generated $144 million of adjusted EBITDA, our second best year in company history, following the record year in 2022. We also had a record year for cash flow from operations, generating $249 million, which enabled us to end the year with a strong debt-free balance sheet. In addition, we invested more than $20 million on technology initiatives and repurchased 2.3 million shares of stock, representing approximately 6% of our outstanding shares this year. Perhaps the most noteworthy accomplishment from 2023 was the rollout of our vendor management system Intellify. This VMS technology amplifies and enhances productivity by more effectively managing, deploying, and anticipating workforce needs for our clients.
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