The following is a summary of the Cross Country Healthcare, Inc. (CCRN) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Cross Country Healthcare reported Q4 2023 revenue of $414 million, a decrease from previous periods primarily attributed to minor setbacks in travel demand and bill rates.

• The Q4 gross profit of $91 million and a gross profit margin of 21.9% shows a slight decrease from past periods.

• Selling expenses were noted at $68 million, lower by 3% sequentially and by 17% over the previous year.

• The adjusted EBITDA was $21 million, representing an EBITDA margin of 5%.

• The company ended 2023 with $17 million in cash, no outstanding debt, and reported generating cash from operations of $249 million, which was a company's historical high.

Business Progress:

• The launch of the vendor management system, Intellify, and the rebranded candidate-facing Xperience app are among the notable achievements of 2023.

• The company plans to expand its client base, grow existing relationships, continue investing in AI and robotic process automation, and advance offshore operations in 2024.

• They plan to further decrease U.S headcount and increase the headcount in their India office by 30%.

• The company foresees revenue of between $370 million and $380 million for Q1 2024 with an adjusted EBITDA range of $13 million-$18 million and adjusted earnings per share between $0.15 to $0.25.

• Strategic acquisitions, share repurchases, and significant investments in high growth areas are also part of the company's 2024 action plan.

More details: Cross Country Healthcare IR

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