Cross Country Healthcare, Inc. (NASDAQ: CCRN) is a U.S.-based healthcare staffing and workforce solutions provider headquartered in Boca Raton, Florida. The company was co-founded in 1986 and is known for serving healthcare systems and medical organizations with both talent placement and broader workforce-program support. Business model and segments: Cross Country ...Cross Country Healthcare, Inc. (NASDAQ: CCRN) is a U.S.-based healthcare staffing and workforce solutions provider headquartered in Boca Raton, Florida. The company was co-founded in 1986 and is known for serving healthcare systems and medical organizations with both talent placement and broader workforce-program support.
Business model and segments: Cross Country generally operates through two principal areas. First, its Nurse and Allied Staffing segment supplies registered nurses, licensed practical nurses, nurse assistants, and allied health professionals for per diem/short-term assignments and direct-hire or longer-duration engagements. Second, its Physician Staffing business (marketed as Cross Country Locums) focuses on providing independent contractor physicians and advanced practice providers—covering multiple specialties, as well as roles such as CRNAs and nurse practitioners—typically deployed for temporary assignments across acute and non-acute care settings.
Services and platform/advisory approach: Beyond direct staffing, the company supports healthcare organizations with consultative advisory services and workforce-program solutions. These can include managed service programs (MSP), recruitment process outsourcing (RPO), retained and contingent search services, and related consulting. In practice, this means Cross Country often helps clients address clinician demand variability, staffing compliance, and cycle-time requirements, while managing recruiting and placement operations across multiple facilities.
Customers and use cases: The company’s customers typically include public and private healthcare providers (acute and non-acute facilities), government facilities, managed care organizations, school systems/charter environments (where applicable), outpatient and ambulatory care centers, and physician practice groups. Its staffing model is designed to cover both immediate coverage needs (short-term/per diem) and longer-term staffing and placement needs.
Cost and commercial dynamics: Staffing and workforce solutions businesses commonly involve cost structures driven by recruiter/sales operations, onboarding and operational labor, technology and process controls, and working-capital needs tied to billing cycles and provider utilization. Revenue and profitability in this industry often depend on demand-supply balance in healthcare labor markets, the mix of temporary vs. longer-term placements, and the efficiency of matching and fulfillment operations. Metrics such as cash conversion cycles and margins can therefore be sensitive to billing timing and contract structures.
Financial/lifecycle context: Based on the provided fundamentals snapshot (TTM-style financial ratios and margins), the company has exhibited profitability pressure in the most recent period reflected in those metrics, which can occur in staffing firms during periods of margin compression, cost volatility, or unfavorable mix. Investors typically monitor margins, cash conversion, and growth in managed/outsourced program revenue because these can be more recurring and process-driven than purely transactional staffing.
Key people and leadership: Leadership is associated with Kevin Cronin Clark as CEO, and the company’s origin story also references Chairman Kevin Clark as a co-founder. Cross Country has a long operating history and a documented emphasis on combining clinical recruiting with technology-enabled workforce management.
Wishes/strategic direction (typical for the sector): Continued expansion of tech-enabled workforce solutions, deeper penetration of MSP/RPO and advisory engagements, and sustaining disciplined margin management during labor-market swings are common strategic priorities for companies like Cross Country. Over time, strengthening repeatable program services can help stabilize revenue patterns compared with purely spot staffing demand.
Operator: Good afternoon, everyone, and welcome to the Cross Country Healthcare's Earnings Conference Call for the Fourth Quarter 2025. Please be advised that this call is being recorded, and a replay of the 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, sir. You may go ahead.
Joshua Vogel: Thank you, and good afternoon, everyone. I'm joined today by our Chairman of the Board and Chief Executive Officer, Kevin Clark; as well as Bill Burns, our Chief Financial Officer; Marc Krug, Group President of Delivery; and Amiee Hawkins, Chief Solutions and Operations Officer. Today's call will include a discussion of our financial results for the fourth quarter of 2025 as well as our outlook for the first quarter of 2026. 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 2024 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. With that, I will now turn the call over to our Chief Executive Officer, Kevin Clark.
Kevin Clark: Good afternoon, and thank you for joining us. As you know, 2025 was a challenging year for Cross Country Healthcare. The pending merger introduced uncertainty for our employees and our customers, which weighed on our growth during the year. With that process now behind us, we have improved momentum and a renewed focus across the organization. However, what did not change was the strength of our client relationships, the quality of our clinicians or the financial strength of our balance sheet. I stepped back into the CEO role with a clear objective: restore momentum, sharpen execution and position the company to grow faster than the market again. As reflected in the recent Becker's article on Cross Country, we are advancing a …
