CCRNMEDIUM SIGNALFINANCIAL10-K

Cross Country Healthcare shows a meaningful decline in operating cash flow alongside reduced share buyback activity, while strengthening its balance sheet position.

The substantially lower operating cash flow suggests operational challenges or timing issues that merit investor attention, though the company maintained disciplined capital allocation by reducing share repurchases accordingly. The improved balance sheet metrics, including higher cash balances and reduced liabilities, provide some offset to operational concerns.

Comparing 2026-03-09 vs 2025-03-05View on EDGAR →
FINANCIAL ANALYSIS

Cross Country experienced a substantial decline in operating cash flow while significantly reducing share buyback activity from $37.3M to $6.8M. The company's balance sheet showed broad-based improvement with higher cash balances (+33%), meaningfully lower total liabilities (-26%), and reduced current liabilities (-35%). The overall picture suggests operational headwinds offset by stronger liquidity and a more conservative financial position.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
-81.7%
$37.3M→$6.8M

Buyback activity reduced 81.7% — capital being redeployed elsewhere or cash conservation underway.

Operating Cash Flow
Cash Flow
-59.8%
$120.1M→$48.3M

Operating cash flow fell 59.8% — earnings quality concerns; investigate working capital changes and non-cash items.

Interest Expense
P&L
-43.8%
$14.4M→$8.1M

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Current Liabilities
Balance Sheet
-35.4%
$120.4M→$77.8M

Current liabilities reduced — improved short-term financial position and working capital health.

Cash & Equivalents
Balance Sheet
+33.2%
$81.6M→$108.7M

Cash position surged 33.2% — strong cash generation or capital raise providing significant financial cushion.

Total Liabilities
Balance Sheet
-25.9%
$170.3M→$126.1M

Liabilities reduced 25.9% — deleveraging improves balance sheet strength and financial flexibility.

Accounts Receivable
Balance Sheet
-25%
$223.2M→$167.5M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Total Assets
Balance Sheet
-23.8%
$589.3M→$449.0M

Total assets contracted 23.8% — asset sales, write-downs, or balance sheet optimization underway.

Stockholders Equity
Balance Sheet
-22.9%
$419.0M→$322.8M

Equity decreased 22.9% — buybacks or losses reducing book value, monitor solvency ratios.

SG&A Expense
P&L
-14%
$233.4M→$200.7M

SG&A reduced 14% — improved cost efficiency or headcount reduction improving operating margins.

LANGUAGE CHANGES
NEW — 2026-03-09
PRIOR — 2025-03-05
ADDED
As of February 17, 2026 , 32,318,741 s hares of Common Stock, $0.0001 par value per share, were outstanding.
Form 10-K Summary 46 SIGNATURES 46 All references to we, us, our, the Company, or Cross Country in this Annual Report on Form 10-K means Cross Country Healthcare, Inc., and its consolidated subsidiaries.
(Nasdaq: CCRN) is a healthcare workforce solutions company delivering an AI-powered digital platform and advisory services, backed by nearly 40 years of healthcare labor expertise, to help health systems optimize and sustain their entire labor ecosystem.
Through Intellify , Cross Country's cloud-based workforce management and vendor management system, health systems gain clear visibility across internal and contingent labor.
Intel lify integrates with core hospital systems and brings all service lines, including non-clinical, nursing, allied health, and locums, into one centralized view.
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REMOVED
Employer Identification No.) 6551 Park of Commerce Boulevard, N.W.
As of February 18, 2025 , 32,812,580 s hares of Common Stock, $0.0001 par value per share, were outstanding.
Form 10-K Summary 47 SIGNATURES 47 All references to we, us, our, "the Company," or Cross Country in this Annual Report on Form 10-K means Cross Country Healthcare, Inc., and its consolidated subsidiaries.
(Nasdaq: CCRN) is a market-leading, tech-enabled workforce solutions and advisory firm with 38 years of industry experience and insight.
We help customers tackle complex labor-related challenges and achieve high-quality outcomes, while reducing complexity and improving visibility through data-driven insights.
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