0001628280-24-046218 | 10-Q | XBRL Viewer | Cross Country Healthcare INC

LEASES

9 Months Ended

Sep. 30, 2024

The Company's lease population of its right-of-use assets and lease liabilities is substantially related to the rental of office space. The Company enters into lease agreements as a lessee that may include options to extend or terminate early. Some of these real estate leases require variable payments of property taxes, insurance, and common area maintenance, in addition to base rent. Certain of the leases have provisions for free rent during the lease term and/or escalating rent payments and, particularly for the Company’s longer-term leases for its corporate offices, it has received incentives to enter into the leases, such as receiving up to a specified dollar amount to construct tenant improvements. These leases do not include residual value guarantees, covenants, or other restrictions.

The table below presents the lease-related assets and liabilities included on the condensed consolidated balance sheets:


Classification on Condensed Consolidated Balance Sheets:	September 30, 2024		December 31, 2023
	(amounts in thousands)
Operating lease right-of-use assets	$	2,700	$	2,599
Operating lease liabilities - current	$	2,060	$	2,604
Operating lease liabilities - non-current	$	2,348	$	2,663


	September 30, 2024		December 31, 2023
Weighted average remaining lease term	2.7 years		2.2 years
Weighted average discount rate	7.01	%	6.36	%

The table below reconciles the undiscounted cash flows for each of, and total of, the remaining years to the operating lease liabilities (which do not include short-term leases) recorded on the condensed consolidated balance sheets as of September 30, 2024:


	(amounts in thousands)
Years Ending December 31:
2024	$	446
2025	2,442
2026	722
2027	611
2028	531
Thereafter	139
Total minimum lease payments	4,891
Less: amount of lease payments representing interest	(483)
Present value of future minimum lease payments	4,408
Less: operating lease liabilities - current	(2,060)
Operating lease liabilities - non-current	$	2,348

Other Information

The table below provides information regarding supplemental cash flows:


	Nine Months Ended
	September 30,
	2024		2023
	(amounts in thousands)
Supplemental Cash Flow Information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	2,536	$	3,903
Right-of-use assets acquired under operating lease	$	1,375	$	782

The components of lease expense are as follows:


	Three Months Ended
	September 30,
	2024		2023
	(amounts in thousands)
Amounts Included in Condensed Consolidated Statements of Operations and Comprehensive Income (Loss):
Operating lease expense	$	331	$	396
Short-term lease expense	$	332	$	702
Variable and other lease costs	$	150	$	355










	Nine Months Ended
	September 30,
	2024		2023
	(amounts in thousands)
Amounts Included in Condensed Consolidated Statements of Operations and Comprehensive Income (Loss):
Operating lease expense	$	981	$	1,300
Short-term lease expense	$	1,109	$	2,520
Variable and other lease costs	$	765	$	628

Operating lease expense, short-term lease expense, and variable and other lease costs are included in selling, general and administrative expenses, direct operating expenses, and restructuring costs in the condensed consolidated statements of operations and comprehensive income (loss), depending on the nature of the leased asset. Operating lease expense is reported net of sublease income, which is not material.

As of September 30, 2024, the Company did not have any material operating leases that had not yet commenced, and does not have any finance lease contracts.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

FAIR VALUE MEASUREMENTS - Estimated Fair Values of Financial Assets and Liabilities Measured on a Recurring Basis (Details) - Level 1 - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred Compensation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	$ 2,889	$ 3,343
Deferred Compensation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation asset	$ 3,759	$ 3,298

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2023
Related Party Transaction [Line Items]
Revenue from services	$ 315,119	$ 442,291	$ 1,034,064	$ 1,605,693	$ 2,803,381
Accounts receivable	244,987		244,987		$ 641,611	$ 372,352
Related Party
Related Party Transaction [Line Items]
Revenue from services	2,700	$ 0	3,000	$ 0
Accounts receivable	$ 700		$ 700			$ 0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Consolidated net (loss) income	$ 2,555	$ 12,812	$ (10,803)	$ 63,593	$ 72,631	$ 185,982
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	4,498	4,540	13,859	13,876		12,576
Provision for allowances			21,506	13,539		15,328
Deferred income tax (benefit) expense			(2,946)	630		5,110
Non-cash lease expense			731	823		1,850
Impairment charges	0	186	718	719		5,597
Loss on early extinguishment of debt	0	0	0	1,723		3,728
Equity compensation			4,327	5,413		7,393
Other non-cash costs			611	1,003		199
Changes in operating assets and liabilities:
Accounts receivable			105,859	217,223		(153,229)
Prepaid expenses and other assets			622	3,243		(6,915)
Income taxes			(944)	7,922		(20,908)
Accounts payable and accrued expenses			(33,592)	(89,596)		82,940
Operating lease liabilities			(2,228)	(3,559)		(4,962)
Other			(1,838)	(128)		(639)
Net cash provided by operating activities			95,882	236,424		134,050
Cash flows from investing activities
Purchases of property and equipment			(6,183)	(11,099)		(8,786)
Acquisition-related settlements			0	199		94
Net cash used in investing activities			(6,183)	(10,900)		(43,874)
Cash flows from financing activities
Principal payments on term loan			0	(73,875)		(100,438)
Borrowings under Senior Secured Asset-Based revolving credit facility			17,671	665,385		1,700,030
Repayments on Senior Secured Asset-Based revolving credit facility			(17,671)	(742,185)		(1,632,430)
Cash paid for shares withheld for taxes			(2,960)	(4,891)		(5,267)
Stock repurchase and retirement			(33,233)	(51,251)		(35,285)
Payment of contingent consideration			(6,579)	(7,500)		(7,500)
Other			0	(508)		(1,046)
Net cash used in financing activities			(42,772)	(214,825)		(87,599)
Effect of exchange rate changes on cash			0	(2)		(9)
Change in cash and cash equivalents			46,927	10,697		2,568
Cash and cash equivalents at beginning of period			17,094	3,604	3,604	1,036
Cash and cash equivalents at end of period	$ 64,021	$ 14,301	$ 64,021	$ 14,301	$ 17,094	$ 3,604

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company has entered into an arrangement for digital marketing services provided by a firm that is related to a certain member of the Company's Board of Directors, who is a minority shareholder in the firm's parent company and is a member of the parent company's Board of Directors. Management believes that the terms of the arrangement are equivalent to those prevailing in an arm's-length transaction and have been approved by the Audit Committee of the Company's Board of Directors through the Company's related party transaction approval process. The digital marketing firm manages a limited number of digital publishers covering various Company brands for a monthly management fee. During the three and nine months ended September 30, 2024 and 2023, the Company incurred an immaterial amount in expenses and had an immaterial payable balance at September 30, 2024 and December 31, 2023. The Company provides services to entities that are affiliated with certain members of the Company’s Board of Directors. Management believes that the services were conducted on terms equivalent to those prevailing in an arm's-length transaction. Revenue related to these transactions was $2.7 million and $3.0 million for the three and nine months ended September 30, 2024, respectively, and an immaterial amount for the three and nine months ended September 30, 2023. Accounts receivable due from these entities was $0.7 million at September 30, 2024 and an immaterial amount at December 31, 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2023
Fair Value Measurement [Line Items]
Payment of contingent consideration		$ 6,579	$ 7,500	$ 7,500
Current portion of earnout liability		4,100		$ 7,500	$ 6,794
Mint
Fair Value Measurement [Line Items]
Payment of contingent consideration	$ 4,900
Current portion of earnout liability		$ 4,100
HireUp
Fair Value Measurement [Line Items]
Payment of contingent consideration	$ 1,700

SEGMENT DATA (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Information on Operating Segments and Reconciliation to (Loss) Income from Operations

Information on operating segments and a reconciliation to income (loss) from operations for the periods indicated are as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(amounts in thousands)
Revenue from services:
Nurse and Allied Staffing	$	264,853	$	396,595	$	888,490	$	1,474,273
Physician Staffing	50,266		45,696		145,574		131,420
	$	315,119	$	442,291	$	1,034,064	$	1,605,693

Contribution income:
Nurse and Allied Staffing	$	19,251	$	39,226	$	52,254	$	162,876
Physician Staffing	4,629		2,576		11,800		7,841
	23,880		41,802		64,054		170,717

Corporate overhead(a)	15,531		16,412		51,258		53,959
Depreciation and amortization	4,498		4,540		13,859		13,876

Restructuring costs	998		348		4,052		1,690
Legal and other losses	—		—		7,596		1,125
Impairment charges	—		186		718		719
Other costs(b)	—		13		3		59
Income (loss) from operations	$	2,853	$	20,303	$	(13,432)	$	99,289

_______________

(a) Corporate overhead includes unallocated executive leadership and other centralized corporate functional support costs such as finance, IT, legal, human resources, and marketing, as well as public company expenses and corporate-wide projects (initiatives).

(b) Other costs include acquisition and integration-related costs.

IMMATERIAL FINANCIAL RESTATEMENT AND RECLASSIFICATIONS TO PRIOR PERIOD FINANCIAL STATEMENTS - Statement of Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Consolidated net (loss) income	$ 2,555	$ 12,812	$ (10,803)	$ 63,593	$ 72,631	$ 185,982
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	4,498	4,540	13,859	13,876		12,576
Provision for allowances			21,506	13,539		15,328
Deferred income tax (benefit) expense			(2,946)	630		5,110
Non-cash lease expense			731	823		1,850
Impairment charges	0	186	718	719		5,597
Loss on early extinguishment of debt	0	0	0	1,723		3,728
Equity compensation			4,327	5,413		7,393
Other non-cash costs			611	1,003		199
Changes in operating assets and liabilities:
Accounts receivable			105,859	217,223		(153,229)
Prepaid expenses and other assets			622	3,243		(6,915)
Income taxes			(944)	7,922		(20,908)
Accounts payable and accrued expenses			(33,592)	(89,596)		82,940
Operating lease liabilities			(2,228)	(3,559)		(4,962)
Other			(1,838)	(128)		(639)
Net cash provided by operating activities			95,882	236,424		134,050
Cash flows from investing activities
Acquisitions, net of cash acquired						(35,182)
Acquisition-related settlements			0	199		94
Purchases of property and equipment			(6,183)	(11,099)		(8,786)
Net cash used in investing activities			(6,183)	(10,900)		(43,874)
Cash flows from financing activities
Principal payments on term loan			0	(73,875)		(100,438)
Principal payments on note payable						(2,426)
Debt issuance costs						(3,237)
Borrowings under Senior Secured Asset-Based revolving credit facility			17,671	665,385		1,700,030
Repayments on Senior Secured Asset-Based revolving credit facility			(17,671)	(742,185)		(1,632,430)
Cash paid for shares withheld for taxes			(2,960)	(4,891)		(5,267)
Payment of contingent consideration			(6,579)	(7,500)		(7,500)
Stock repurchase and retirement			(33,233)	(51,251)		(35,285)
Other			0	(508)		(1,046)
Net cash used in financing activities			(42,772)	(214,825)		(87,599)
Effect of exchange rate changes on cash			0	(2)		(9)
Change in cash and cash equivalents			46,927	10,697		2,568
Cash and cash equivalents at beginning of period			17,094	3,604	3,604	1,036
Cash and cash equivalents at end of period	$ 64,021	$ 14,301	$ 64,021	14,301	17,094	3,604
As Reported
Cash flows from operating activities
Consolidated net (loss) income					72,631	188,461
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization						12,576
Provision for allowances						15,328
Deferred income tax (benefit) expense						5,062
Non-cash lease expense						1,850
Impairment charges						5,597
Loss on early extinguishment of debt						3,728
Equity compensation						7,393
Other non-cash costs						199
Changes in operating assets and liabilities:
Accounts receivable						(153,229)
Prepaid expenses and other assets						(6,915)
Income taxes						(20,111)
Accounts payable and accrued expenses						79,712
Operating lease liabilities						(4,962)
Other						(639)
Net cash provided by operating activities						134,050
Cash flows from investing activities
Acquisitions, net of cash acquired						(35,182)
Acquisition-related settlements						94
Purchases of property and equipment						(8,786)
Net cash used in investing activities						(43,874)
Cash flows from financing activities
Principal payments on term loan						(100,438)
Principal payments on note payable						(2,426)
Debt issuance costs						(3,237)
Borrowings under Senior Secured Asset-Based revolving credit facility						1,700,030
Repayments on Senior Secured Asset-Based revolving credit facility						(1,632,430)
Cash paid for shares withheld for taxes						(5,267)
Payment of contingent consideration						(7,500)
Stock repurchase and retirement						(35,285)
Other						(1,046)
Net cash used in financing activities						(87,599)
Effect of exchange rate changes on cash						(9)
Change in cash and cash equivalents						2,568
Cash and cash equivalents at beginning of period				3,604	3,604	1,036
Cash and cash equivalents at end of period						3,604
Revisions
Cash flows from operating activities
Consolidated net (loss) income						(2,479)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization						0
Provision for allowances						0
Deferred income tax (benefit) expense						48
Non-cash lease expense						0
Impairment charges						0
Loss on early extinguishment of debt						0
Equity compensation						0
Other non-cash costs						0
Changes in operating assets and liabilities:
Accounts receivable						0
Prepaid expenses and other assets						0
Income taxes						(797)
Accounts payable and accrued expenses						3,228
Operating lease liabilities						0
Other						0
Net cash provided by operating activities						0
Cash flows from investing activities
Acquisitions, net of cash acquired						0
Acquisition-related settlements						0
Purchases of property and equipment						0
Net cash used in investing activities						0
Cash flows from financing activities
Principal payments on term loan						0
Principal payments on note payable						0
Debt issuance costs						0
Borrowings under Senior Secured Asset-Based revolving credit facility						0
Repayments on Senior Secured Asset-Based revolving credit facility						0
Cash paid for shares withheld for taxes						0
Payment of contingent consideration						0
Stock repurchase and retirement						0
Other						0
Net cash used in financing activities						0
Effect of exchange rate changes on cash						0
Change in cash and cash equivalents						0
Cash and cash equivalents at beginning of period				$ 0	$ 0	0
Cash and cash equivalents at end of period						$ 0

SEGMENT DATA

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

SEGMENT DATA

The Company’s segments offer services to its customers as described below:

● Nurse and Allied Staffing – Nurse and Allied Staffing provides traditional staffing, recruiting, and value-added total talent solutions including: temporary and permanent placement of travel nurse and allied professionals, per diem, and healthcare leaders within nursing, allied, physician, human resources, and finance, MSP services, education healthcare services, in-home care services, and outsourcing services. In addition, Nurse and Allied Staffing provides executive search services for healthcare professionals, as well as contingent search and recruitment process outsourcing services, and offers the Company's SaaS-based, proprietary, vendor management technology, Intellify® to facilities to manage all or a portion of their agency services. Its customers include: public and private acute care hospitals, non-acute care hospitals, government facilities, local healthcare plans, national healthcare plans, managed care providers, public schools, charter schools, academic medical centers, Programs of All-Inclusive Care for the Elderly (PACE) programs, outpatient clinics, ambulatory care facilities, physician practice groups, and many other healthcare providers throughout the United States.

● Physician Staffing – Physician Staffing provides physicians in many specialties, as well as certified registered nurse anesthetists, nurse practitioners, and physician assistants as independent contractors on temporary assignments throughout the United States at various healthcare facilities, such as acute and non-acute care facilities, medical group practices, government facilities, and managed care organizations.

The Company evaluates performance of each segment primarily based on revenue and contribution income. The Company defines contribution income as income (loss) from operations before depreciation and amortization, acquisition and integration-related (benefits) costs, restructuring (benefits) costs, legal and other losses, impairment charges, and corporate overhead. The Company does not evaluate, manage, or measure performance of segments using asset information; accordingly, total asset information by segment is not prepared or disclosed. The information in the following table is derived from the segments’ internal financial information as used for corporate management purposes. Certain corporate expenses are not allocated to or among the operating segments.

Information on operating segments and a reconciliation to income (loss) from operations for the periods indicated are as follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(amounts in thousands)
Revenue from services:
Nurse and Allied Staffing	$	264,853	$	396,595	$	888,490	$	1,474,273
Physician Staffing	50,266		45,696		145,574		131,420
	$	315,119	$	442,291	$	1,034,064	$	1,605,693

Contribution income:
Nurse and Allied Staffing	$	19,251	$	39,226	$	52,254	$	162,876
Physician Staffing	4,629		2,576		11,800		7,841
	23,880		41,802		64,054		170,717

Corporate overhead(a)	15,531		16,412		51,258		53,959
Depreciation and amortization	4,498		4,540		13,859		13,876

Restructuring costs	998		348		4,052		1,690
Legal and other losses	—		—		7,596		1,125
Impairment charges	—		186		718		719
Other costs(b)	—		13		3		59
Income (loss) from operations	$	2,853	$	20,303	$	(13,432)	$	99,289

_______________

(b) Other costs include acquisition and integration-related costs.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Loss on currency fluctuations	$ 1.5	$ 1.5

DEBT

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

DEBT

The Company's debt consists of the following:


	September 30, 2024				December 31, 2023
	Principal		Debt Issuance Costs		Principal		Debt Issuance Costs
	(amounts in thousands)
Senior Secured Asset-Based Loan, interest of 6.68% and 6.99% at September 30, 2024 and December 31, 2023, respectively	$	—	$	(2,012)	$	—	$	(2,623)



Debt	$	—	$	(2,012)	$	—	$	(2,623)

As of September 30, 2024 and December 31, 2023, there was no debt outstanding on the condensed consolidated balance sheets. The Company has elected to present the debt issuance costs associated with its senior secured asset-based credit facility as an asset, included in other assets on the condensed consolidated balance sheets.

2021 Term Loan Credit Agreement

On June 8, 2021, the Company entered into a Term Loan Credit Agreement (Term Loan Agreement) with certain lenders identified therein (collectively, the Lenders) and Wilmington Trust, National Association as administrative agent and collateral agent, pursuant to which the Lenders extended to the Company a six-year second lien subordinated term loan in the amount of $100.0 million (term loan).

On November 18, 2021, the Company amended the Term Loan Agreement (Term Loan First Amendment), which provided the Company an incremental borrowing in an aggregate amount equal to $75.0 million. Additionally, the Term Loan First Amendment increased the aggregate amount of all increases (as defined in the Term Loan Agreement) to be no greater than $115.0 million.

On April 14, 2023, the Company amended the Term Loan Agreement (Term Loan Second Amendment), which provided the option for all or a portion of the borrowings to bear interest at a rate based on the Secured Overnight Financing Rate (SOFR) or the Base Rate (as defined in the Term Loan Agreement), at the election of the borrowers, plus an applicable margin.

On June 30, 2023, the Company repaid all outstanding obligations of $73.9 million under the term loan and terminated the Term Loan Agreement. As a result, debt issuance costs of $1.7 million were written off in the second quarter of 2023. There were no prepayment premiums associated with the payoff and all subsidiary guarantees of the term loan were automatically released.

2019 Asset-Based Loan Agreement

Effective October 25, 2019, the Company terminated its prior senior credit facility and entered into an asset-based loan agreement, by and among the Company and certain of its domestic subsidiaries, as borrowers or guarantors, Wells Fargo Bank, N.A., and PNC Bank N.A., as well as other Lenders (as defined therein) from time to time parties thereto (Loan Agreement). The Loan Agreement provided for a five-year revolving senior secured asset-based credit facility (ABL) in the aggregate principal amount of up to $120.0 million, including a sublimit for swing loans up to $15.0 million and a $35.0 million sublimit for standby letters of credit.

On June 30, 2020, the Company amended the Loan Agreement (First Amendment), which increased the current aggregate committed size of the ABL from $120.0 million to $130.0 million. All other terms, conditions, covenants, and pricing of the Loan Agreement remained the same.

On March 8, 2021, the Company amended the Loan Agreement (Second Amendment), which increased the current aggregate committed size of the ABL from $130.0 million to $150.0 million, increased certain borrowing base sub-limits, and decreased both the cash dominion event and financial reporting triggers.

On June 8, 2021, the Company amended the Loan Agreement (Third Amendment), which permitted the incurrence of indebtedness and grant of security as set forth in the Loan Agreement and in accordance with the Intercreditor Agreement (as defined in the Loan Agreement), and provides mechanics relating to a transition away from LIBOR as a benchmark interest rate to a replacement alternative benchmark rate or mechanism for loans made in U.S. dollars.

On November 18, 2021, the Company amended the Loan Agreement (Fourth Amendment), whereby the permitted indebtedness (as defined in the Loan Agreement), was increased to $175.0 million.

On March 21, 2022, the Company amended the Loan Agreement (Fifth Amendment), which increased the current aggregate committed size of the ABL from $150.0 million to $300.0 million, extended the term of the credit facility for an additional five years, through March 21, 2027, and increased certain borrowing base sub-limits. In addition, the agreement provides the option for all or a portion of the borrowings to bear interest at a rate based on the SOFR or the Base Rate (as defined in the Loan Agreement), at the election of the borrowers, plus an applicable margin. The applicable margin increased 10 basis points due to the credit spread associated with the transition to SOFR.

On September 29, 2023, the Company amended the Loan Agreement (Sixth Amendment), which changed the minimum fixed charge coverage ratio from a maintenance covenant to a springing covenant based on excess availability, which provides for compliance with the covenant only during a compliance period (any time that excess availability falls below a certain threshold), and in such case, the financial covenant shall be tested during this period.

On July 29, 2024, the Company amended the Loan Agreement (Seventh Amendment), which allows for all share repurchases paid in cash prior to June 30, 2024 and thereafter to be excluded as restricted payments in the fixed charge coverage ratio calculation, if as of the date of the share repurchase, there is no revolving ABL balance (except for interest and fees payable in accordance with the terms of the Loan Agreement).

These amendments were treated as modifications of debt and, as a result, the associated fees and costs were included in debt issuance costs and are amortized ratably over the remaining term of the Loan Agreement.

The ABL availability is subject to a borrowing base of up to 85% of secured eligible accounts receivable, subject to adjustment at certain quality levels, minus customary reserves and subject to customary adjustments. Revolving loans and letters of credit issued under the Loan Agreement reduce availability under the ABL on a dollar-for-dollar basis. At September 30, 2024, there were no borrowings drawn under the ABL, and borrowing base availability under the ABL was $150.2 million, with $135.2 million of availability net of $15.0 million of letters of credit outstanding related to workers' compensation and professional liability policies.

As of September 30, 2024, the interest rate spreads and fees under the ABL were based on SOFR plus 1.85% for the revolving portion of the borrowing base. The Base Rate margin would have been 0.75% for the revolving portion. The SOFR and Base Rate margins are subject to monthly adjustments, pursuant to a pricing matrix based on the Company’s excess availability under the revolving credit facility. In addition, the facility is subject to an unused line fee, letter of credit fees, and an administrative fee. The unused line fee is 0.375% of the average daily unused portion of the revolving credit facility.

The Loan Agreement contains various restrictions applicable to the Company and its subsidiaries. For the three months ended September 30, 2024, the excess availability did not fall below the stated threshold and, as a result, there was no covenant compliance period. Obligations under the ABL are secured by substantially all of the assets of the borrowers and guarantors, subject to customary exceptions.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

LEASES - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
LEASES - Lease Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities			$ 2,536	$ 3,903
Right-of-use assets acquired under operating lease			1,375	782
Operating lease expense	$ 331	$ 396	981	1,300
Short-term lease expense	332	702	1,109	2,520
Variable and other lease costs	$ 150	$ 355	$ 765	$ 628

DEBT (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

The Company's debt consists of the following:


	September 30, 2024				December 31, 2023
	Principal		Debt Issuance Costs		Principal		Debt Issuance Costs
	(amounts in thousands)
Senior Secured Asset-Based Loan, interest of 6.68% and 6.99% at September 30, 2024 and December 31, 2023, respectively	$	—	$	(2,012)	$	—	$	(2,623)



Debt	$	—	$	(2,012)	$	—	$	(2,623)

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 3
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
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-Section 50
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

REVENUE RECOGNITION (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The Company's revenues from customer contracts are generated from temporary staffing services and other services. Revenue is disaggregated by segment in the following table. Sales and usage-based taxes are excluded from revenue.


	Three Months ended September 30, 2024
	Nurse And Allied Staffing		Physician Staffing		Total Segments
	(amounts in thousands)
Temporary Staffing Services	$	257,035	$	47,848	$	304,883
Other Services	7,818		2,418		10,236
Total	$	264,853	$	50,266	$	315,119

	Three Months ended September 30, 2023
	Nurse And Allied Staffing		Physician Staffing		Total Segments
	(amounts in thousands)
Temporary Staffing Services	$	386,536	$	43,165	$	429,701
Other Services	10,059		2,531		12,590
Total	$	396,595	$	45,696	$	442,291

	Nine Months ended September 30, 2024
	Nurse And Allied Staffing		Physician Staffing		Total Segments
	(amounts in thousands)
Temporary Staffing Services	$	864,510	$	138,173	$	1,002,683
Other Services	23,980		7,401		31,381
Total	$	888,490	$	145,574	$	1,034,064

	Nine Months ended September 30, 2023
	Nurse And Allied Staffing		Physician Staffing		Total Segments

Temporary Staffing Services	$	1,437,746	$	124,477	$	1,562,223
Other Services	36,527		6,943		43,470
Total	$	1,474,273	$	131,420	$	1,605,693

REVENUE RECOGNITION

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION


	Three Months ended September 30, 2024
	Nurse And Allied Staffing		Physician Staffing		Total Segments
	(amounts in thousands)
Temporary Staffing Services	$	257,035	$	47,848	$	304,883
Other Services	7,818		2,418		10,236
Total	$	264,853	$	50,266	$	315,119

	Three Months ended September 30, 2023
	Nurse And Allied Staffing		Physician Staffing		Total Segments
	(amounts in thousands)
Temporary Staffing Services	$	386,536	$	43,165	$	429,701
Other Services	10,059		2,531		12,590
Total	$	396,595	$	45,696	$	442,291

	Nine Months ended September 30, 2024
	Nurse And Allied Staffing		Physician Staffing		Total Segments
	(amounts in thousands)
Temporary Staffing Services	$	864,510	$	138,173	$	1,002,683
Other Services	23,980		7,401		31,381
Total	$	888,490	$	145,574	$	1,034,064

	Nine Months ended September 30, 2023
	Nurse And Allied Staffing		Physician Staffing		Total Segments

Temporary Staffing Services	$	1,437,746	$	124,477	$	1,562,223
Other Services	36,527		6,943		43,470
Total	$	1,474,273	$	131,420	$	1,605,693

See Note 12 - Segment Data.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

GOODWILL, TRADE NAMES, AND OTHER INTANGIBLE ASSETS - Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Intangible assets subject to amortization:
Gross Carrying Amount	$ 94,568	$ 101,068
Accumulated Amortization	54,015	52,500
Net Carrying Amount	40,553	48,568
Intangible assets not subject to amortization:
Trade names, indefinite-lived	5,900	5,900
Databases
Intangible assets subject to amortization:
Gross Carrying Amount	39,430	45,930
Accumulated Amortization	22,481	24,971
Net Carrying Amount	16,949	20,959
Customer relationships
Intangible assets subject to amortization:
Gross Carrying Amount	52,538	52,538
Accumulated Amortization	29,699	26,286
Net Carrying Amount	22,839	26,252
Trade names
Intangible assets subject to amortization:
Gross Carrying Amount	900	900
Accumulated Amortization	885	548
Net Carrying Amount	15	352
Software
Intangible assets subject to amortization:
Gross Carrying Amount	1,700	1,700
Accumulated Amortization	950	695
Net Carrying Amount	$ 750	$ 1,005

IMMATERIAL FINANCIAL RESTATEMENT AND RECLASSIFICATIONS TO PRIOR PERIOD FINANCIAL STATEMENTS - Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 64,021		$ 17,094			$ 3,604
Accounts receivable	244,987		372,352			641,611
Income taxes receivable	10,128		8,620			12,637
Prepaid expenses	4,554		7,681			11,067
Insurance recovery receivable	12,102		9,097			7,434
Other current assets	794		2,031			1,042
Total current assets	336,586		416,875			677,395
Property and equipment, net	28,975		27,339			19,662
Operating lease right-of-use assets	2,700		2,599			3,254
Goodwill	135,430		135,430			163,268
Other intangible assets, net	46,453		54,468			44,723
Deferred tax assets	9,038		5,979			7,117
Insurance recovery receivable	21,812		25,714			23,058
Cloud computing	9,735		5,987			4,460
Other assets	6,694		6,673			6,649
Total assets	597,423		681,064			949,586
Current liabilities:
Accounts payable and accrued expenses	58,436		92,822			192,996
Accrued compensation and benefits	54,285		52,297			72,605
Debt						148,735
Operating lease liabilities	2,060		2,604			4,132
Earnout liability	4,100		6,794			7,500
Other current liabilities	1,796		1,559			1,896
Total current liabilities	120,677		156,076			279,129
Operating lease liabilities	2,348		2,663			4,880
Accrued claims	34,893		34,853			35,881
Earnout liability	0		5,000			18,000
Uncertain tax positions	11,169		10,603			7,646
Other liabilities	3,645		4,218			3,838
Total liabilities	172,732		213,413			498,109
Commitments and contingencies
Stockholders’ equity:
Common stock	3		4			4
Additional paid-in capital	204,273		236,417			292,876
Accumulated other comprehensive loss	(1,397)		(1,385)			(1,387)
Retained earnings	221,812		232,615			159,984
Total stockholders’ equity	424,691	$ 433,320	467,651	$ 463,919	$ 464,606	451,477	$ 294,265
Total liabilities and stockholders’ equity	$ 597,423		681,064			949,586
As Reported
Current assets:
Cash and cash equivalents			17,094			3,604
Accounts receivable			372,352			641,611
Income taxes receivable			6,898			10,915
Prepaid expenses			7,681			11,067
Insurance recovery receivable			9,097			7,434
Other current assets			2,031			1,042
Total current assets			415,153			675,673
Property and equipment, net			27,339			19,662
Operating lease right-of-use assets			2,599			3,254
Goodwill			135,430			163,268
Other intangible assets, net			54,468			44,723
Deferred tax assets			5,954			7,092
Insurance recovery receivable			25,714			23,058
Cloud computing			5,987			4,460
Other assets			6,673			6,649
Total assets			679,317			947,839
Current liabilities:
Accounts payable and accrued expenses			85,333			185,507
Accrued compensation and benefits			52,297			72,605
Debt						148,735
Operating lease liabilities			2,604			4,132
Earnout liability			6,794			7,500
Other current liabilities			1,559			1,896
Total current liabilities			148,587			271,640
Operating lease liabilities			2,663			4,880
Accrued claims			34,853			35,881
Earnout liability			5,000			18,000
Uncertain tax positions			10,603			7,646
Other liabilities			4,218			3,838
Total liabilities			205,924			490,620
Commitments and contingencies
Stockholders’ equity:
Common stock			4			4
Additional paid-in capital			236,417			292,876
Accumulated other comprehensive loss			(1,385)			(1,387)
Retained earnings			238,357			165,726
Total stockholders’ equity			473,393			457,219	297,528
Total liabilities and stockholders’ equity			679,317			947,839
Revisions
Current assets:
Cash and cash equivalents			0			0
Accounts receivable			0			0
Income taxes receivable			1,722			1,722
Prepaid expenses			0			0
Insurance recovery receivable			0			0
Other current assets			0			0
Total current assets			1,722			1,722
Property and equipment, net			0			0
Operating lease right-of-use assets			0			0
Goodwill			0			0
Other intangible assets, net			0			0
Deferred tax assets			25			25
Insurance recovery receivable			0			0
Cloud computing			0			0
Other assets			0			0
Total assets			1,747			1,747
Current liabilities:
Accounts payable and accrued expenses			7,489			7,489
Accrued compensation and benefits			0			0
Debt						0
Operating lease liabilities			0			0
Earnout liability			0			0
Other current liabilities			0			0
Total current liabilities			7,489			7,489
Operating lease liabilities			0			0
Accrued claims			0			0
Earnout liability			0			0
Uncertain tax positions			0			0
Other liabilities			0			0
Total liabilities			7,489			7,489
Commitments and contingencies
Stockholders’ equity:
Common stock			0			0
Additional paid-in capital			0			0
Accumulated other comprehensive loss			0			0
Retained earnings			(5,742)			(5,742)
Total stockholders’ equity			(5,742)			(5,742)	$ (3,263)
Total liabilities and stockholders’ equity			$ 1,747			$ 1,747

IMMATERIAL FINANCIAL RESTATEMENT AND RECLASSIFICATIONS TO PRIOR PERIOD FINANCIAL STATEMENTS (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Changes and Error Corrections [Abstract]

Summary of Revisions

CROSS COUNTRY HEALTHCARE, INC.

CONSOLIDATED BALANCE SHEETS

(amounts in thousands)


	Year Ended December 31, 2023
	As Reported		Revisions		As Revised
Assets
Current assets:
Cash and cash equivalents	$	17,094	$	—	$	17,094
Accounts receivable, net	372,352		—		372,352
Income taxes receivable	6,898		1,722		8,620
Prepaid expenses	7,681		—		7,681
Insurance recovery receivable	9,097		—		9,097
Other current assets	2,031		—		2,031
Total current assets	415,153		1,722		416,875
Property and equipment, net	27,339		—		27,339
Operating lease right-of-use assets	2,599		—		2,599
Goodwill	135,430		—		135,430
Other intangible assets, net	54,468		—		54,468
Deferred tax assets	5,954		25		5,979
Insurance recovery receivable	25,714		—		25,714
Cloud computing	5,987		—		5,987
Other assets	6,673		—		6,673
Total assets	$	679,317	$	1,747	$	681,064

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses	$	85,333	$	7,489	$	92,822
Accrued compensation and benefits	52,297		—		52,297
Operating lease liabilities	2,604		—		2,604
Earnout liability	6,794		—		6,794
Other current liabilities	1,559		—		1,559
Total current liabilities	148,587		7,489		156,076
Operating lease liabilities	2,663		—		2,663
Accrued claims	34,853		—		34,853
Earnout liability	5,000		—		5,000
Uncertain tax positions	10,603		—		10,603
Other liabilities	4,218		—		4,218
Total liabilities	205,924		7,489		213,413

Commitments and contingencies

Stockholders’ equity:
Common stock	4		—		4
Additional paid-in capital	236,417		—		236,417
Accumulated other comprehensive loss	(1,385)		—		(1,385)
Retained earnings	238,357		(5,742)		232,615
Total stockholders’ equity	473,393		(5,742)		467,651
Total liabilities and stockholders’ equity	$	679,317	$	1,747	$	681,064

CROSS COUNTRY HEALTHCARE, INC.

CONSOLIDATED BALANCE SHEETS

(amounts in thousands)


	Year Ended December 31, 2022
	As Reported		Revisions		As Revised
Assets
Current assets:
Cash and cash equivalents	$	3,604	$	—	$	3,604
Accounts receivable, net	641,611		—		641,611
Income taxes receivable	10,915		1,722		12,637
Prepaid expenses	11,067		—		11,067
Insurance recovery receivable	7,434		—		7,434
Other current assets	1,042		—		1,042
Total current assets	675,673		1,722		677,395
Property and equipment, net	19,662		—		19,662
Operating lease right-of-use assets	3,254		—		3,254
Goodwill	163,268		—		163,268
Other intangible assets, net	44,723		—		44,723
Deferred tax assets	7,092		25		7,117
Insurance recovery receivable	23,058		—		23,058
Cloud computing	4,460		—		4,460
Other assets	6,649		—		6,649
Total assets	$	947,839	$	1,747	$	949,586

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses	$	185,507	$	7,489	$	192,996
Accrued compensation and benefits	72,605		—		72,605
Operating lease liabilities	4,132		—		4,132
Earnout liability	7,500		—		7,500
Other current liabilities	1,896		—		1,896
Total current liabilities	271,640		7,489		279,129
Debt	148,735		—		148,735
Operating lease liabilities	4,880		—		4,880
Accrued claims	35,881		—		35,881
Earnout liability	18,000		—		18,000
Uncertain tax positions	7,646		—		7,646
Other liabilities	3,838		—		3,838
Total liabilities	490,620		7,489		498,109

Commitments and contingencies

Stockholders’ equity:
Common stock	4		—		4
Additional paid-in capital	292,876		—		292,876
Accumulated other comprehensive loss	(1,387)		—		(1,387)
Retained earnings	165,726		(5,742)		159,984
Total stockholders’ equity	457,219		(5,742)		451,477
Total liabilities and stockholders’ equity	$	947,839	$	1,747	$	949,586

CROSS COUNTRY HEALTHCARE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(amounts in thousands, except per share data)


	Year Ended December 31, 2022
	As Reported		Revisions		As Revised
Revenue from services	$	2,806,609	$	(3,228)	$	2,803,381
Operating expenses:
Direct operating expenses	2,178,923		—		2,178,923
Selling, general and administrative expenses	324,935		—		324,935
Credit loss expense	9,609		—		9,609
Depreciation and amortization	12,576		—		12,576
Restructuring costs	1,861		—		1,861

Impairment charges	5,597		—		5,597
Total operating expenses	2,533,501		—		2,533,501
Income from operations	273,108		(3,228)		269,880
Other expenses (income):
Interest expense	14,391		—		14,391
Loss on early extinguishment of debt	3,728		—		3,728
Other income, net	(1,336)		—		(1,336)
Income before income taxes	256,325		(3,228)		253,097
Income tax expense	67,864		(749)		67,115
Net income attributable to common stockholders	$	188,461	$	(2,479)	$	185,982

Other comprehensive income:
Unrealized foreign currency translation loss, net of tax	(94)		—		(94)
Comprehensive income	$	188,367	$	(2,479)	$	185,888

Net income per share attributable to common stockholders - Basic	$	5.09	$	(0.07)	$	5.02

Net income per share attributable to common stockholders - Diluted	$	5.02	$	(0.07)	$	4.95

Weighted average common shares outstanding:
Basic	37,012		37,012		37,012
Diluted	37,536		37,536		37,536

CROSS COUNTRY HEALTHCARE, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(amounts in thousands)


	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss, net		(Accumulated Deficit) Retained Earnings		Stockholders’ Equity
	Shares	Dollars
As Reported
Balances at December 31, 2022	36,303	$	4	$	292,876	$	(1,387)	$	165,726	$	457,219
Vesting of restricted stock	426	—		(4,905)		—		—		(4,905)
Equity compensation	—	—		6,579		—		—		6,579
Stock repurchase and retirement	(2,344)	—		(57,654)		—		—		(57,654)
Stock repurchase excise tax	—	—		(479)		—		—		(479)
Foreign currency translation adjustment, net of taxes	—	—		—		2		—		2

Net income	—	—		—		—		72,631		72,631
Balances at December 31, 2023	34,385	4		236,417		(1,385)		238,357		473,393
Revisions
Balances at December 31, 2022	—	—		—		—		(5,742)		(5,742)
Vesting of restricted stock	—	—		—		—		—		—
Equity compensation	—	—		—		—		—		—
Stock repurchase and retirement	—	—		—		—		—		—
Stock repurchase excise tax	—	—		—		—		—		—
Foreign currency translation adjustment, net of taxes	—	—		—		—		—		—

Net income	—	—		—		—		—		—
Balances at December 31, 2023	—	—		—		—		(5,742)		(5,742)
As Revised
Balances at December 31, 2022	36,303	4		292,876		(1,387)		159,984		451,477
Vesting of restricted stock	426	—		(4,905)		—		—		(4,905)
Equity compensation	—	—		6,579		—		—		6,579
Stock repurchase and retirement	(2,344)	—		(57,654)		—		—		(57,654)
Stock repurchase excise tax	—	—		(479)		—		—		(479)
Foreign currency translation adjustment, net of taxes	—	—		—		2		—		2

Net income	—	—		—		—		72,631		72,631
Balances at December 31, 2023	34,385	$	4	$	236,417	$	(1,385)	$	232,615	$	467,651

CROSS COUNTRY HEALTHCARE, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(amounts in thousands)


	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss, net		(Accumulated Deficit) Retained Earnings		Stockholders’ Equity
	Shares	Dollars
As Reported
Balances at December 31, 2021	37,024	$	4	$	321,552	$	(1,293)	$	(22,735)	$	297,528
Vesting of restricted stock	499	—		(5,267)		—		—		(5,267)
Equity compensation	—	—		7,393		—		—		7,393
Stock repurchase and retirement	(1,365)	—		(35,285)		—		—		(35,285)

Foreign currency translation adjustment, net of taxes	—	—		—		(94)		—		(94)
Acquisitions	145	—		4,483		—		—		4,483
Net income	—	—		—		—		188,461		188,461
Balances at December 31, 2022	36,303	4		292,876		(1,387)		165,726		457,219
Revisions
Balances at December 31, 2021	—	—		—		—		(3,263)		(3,263)
Vesting of restricted stock	—	—		—		—		—		—
Equity compensation	—	—		—		—		—		—
Stock repurchase and retirement	—	—		—		—		—		—

Foreign currency translation adjustment, net of taxes	—	—		—		—		—		—
Acquisitions	—	—		—		—		—		—
Net loss	—	—		—		—		(2,479)		(2,479)
Balances at December 31, 2022	—	—		—		—		(5,742)		(5,742)
As Revised
Balances at December 31, 2021	37,024	4		321,552		(1,293)		(25,998)		294,265
Vesting of restricted stock	499	—		(5,267)		—		—		(5,267)
Equity compensation	—	—		7,393		—		—		7,393
Stock repurchase and retirement	(1,365)	—		(35,285)		—		—		(35,285)

Foreign currency translation adjustment, net of taxes	—	—		—		(94)		—		(94)
Acquisitions	145	—		4,483		—		—		4,483
Net income	—	—		—		—		185,982		185,982
Balances at December 31, 2022	36,303	$	4	$	292,876	$	(1,387)	$	159,984	$	451,477

CROSS COUNTRY HEALTHCARE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)


	Year Ended December 31, 2022
	As Reported		Revisions		As Revised
Cash flows from operating activities
Consolidated net income	$	188,461	$	(2,479)	$	185,982
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,576		—		12,576
Provision for allowances	15,328		—		15,328
Deferred income tax expense	5,062		48		5,110
Non-cash lease expense	1,850		—		1,850
Impairment charges	5,597		—		5,597
Loss on early extinguishment of debt	3,728		—		3,728
Equity compensation	7,393		—		7,393
Other non-cash costs	199		—		199
Changes in operating assets and liabilities:
Accounts receivable	(153,229)		—		(153,229)
Prepaid expenses and other assets	(6,915)		—		(6,915)
Income taxes	(20,111)		(797)		(20,908)
Accounts payable and accrued expenses	79,712		3,228		82,940
Operating lease liabilities	(4,962)		—		(4,962)
Other	(639)		—		(639)
Net cash provided by operating activities	134,050		—		134,050

Cash flows from investing activities
Acquisitions, net of cash acquired	(35,182)		—		(35,182)
Acquisition-related settlements	94		—		94
Purchases of property and equipment	(8,786)		—		(8,786)
Net cash used in investing activities	(43,874)		—		(43,874)

Cash flows from financing activities

Principal payments on term loan	(100,438)		—		(100,438)
Principal payments on note payable	(2,426)		—		(2,426)
Debt issuance costs	(3,237)		—		(3,237)
Borrowings under Senior Secured Asset-Based revolving credit facility	1,700,030		—		1,700,030
Repayments on Senior Secured Asset-Based revolving credit facility	(1,632,430)		—		(1,632,430)
Cash paid for shares withheld for taxes	(5,267)		—		(5,267)
Payment of contingent consideration	(7,500)		—		(7,500)
Stock repurchase and retirement	(35,285)		—		(35,285)
Other	(1,046)		—		(1,046)
Net cash used in financing activities	(87,599)		—		(87,599)

Effect of exchange rate changes on cash	(9)		—		(9)

Change in cash and cash equivalents	2,568		—		2,568
Cash and cash equivalents at beginning of year	1,036		—		1,036
Cash and cash equivalents at end of year	$	3,604	$	—	$	3,604

EARNINGS PER SHARE - Components of Numerator and Denominator for Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022
Numerator:
Net income (loss) attributable to common stockholders - Basic	$ 2,555	$ 12,812	$ (10,803)	$ 63,593
Net income (loss) attributable to common stockholders - Diluted	$ 2,555	$ 12,812	$ (10,803)	$ 63,593
Denominator:
Weighted average common shares - Basic (shares)	33,016	34,954	33,728	35,386	37,012
Effect of diluted shares:
Share-based awards (shares)	42	198	0	356
Weighted average common shares - Diluted (shares)	33,058	35,152	33,728	35,742	37,536
Net income (loss) per share attributable to common stockholders - Basic (in dollars per share)	$ 0.08	$ 0.37	$ (0.32)	$ 1.80	$ 5.02
Net income (loss) per share attributable to common stockholders - Diluted (in dollars per share)	$ 0.08	$ 0.36	$ (0.32)	$ 1.78	$ 4.95

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Components of Numerator and Denominator for Computation of Basic and Diluted Earnings per Share

The following table sets forth the components of the numerator and denominator for the computation of the basic and diluted earnings per share:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(amounts in thousands, except per share data)
Numerator:
Net income (loss) attributable to common stockholders - Basic and Diluted	$	2,555	$	12,812	$	(10,803)	$	63,593

Denominator:
Weighted average common shares - Basic	33,016		34,954		33,728		35,386
Effect of diluted shares:
Share-based awards	42		198		—		356
Weighted average common shares - Diluteda	33,058		35,152		33,728		35,742

Net income (loss) per share attributable to common stockholders - Basic	$	0.08	$	0.37	$	(0.32)	$	1.80

Net income (loss) per share attributable to common stockholders - Diluted	$	0.08	$	0.36	$	(0.32)	$	1.78

(a) For the nine months ended September 30, 2024, the effect of diluted shares was not included in the weighted average share calculation due to the Company's net operating loss position.

Schedule of Antidilutive Securities

The following table represents the share-based awards that could potentially dilute net income (loss) per share attributable to common stockholders in the future that were not included in the computation of diluted net income (loss) per share attributable to common stockholders because to do so would have been anti-dilutive for the periods presented.


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2024	2023	2024	2023
	(amounts in thousands)
Share-based awards	431	4	314	1

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The following table sets forth the components of the numerator and denominator for the computation of the basic and diluted earnings per share:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(amounts in thousands, except per share data)
Numerator:
Net income (loss) attributable to common stockholders - Basic and Diluted	$	2,555	$	12,812	$	(10,803)	$	63,593

Denominator:
Weighted average common shares - Basic	33,016		34,954		33,728		35,386
Effect of diluted shares:
Share-based awards	42		198		—		356
Weighted average common shares - Diluteda	33,058		35,152		33,728		35,742

Net income (loss) per share attributable to common stockholders - Basic	$	0.08	$	0.37	$	(0.32)	$	1.80

Net income (loss) per share attributable to common stockholders - Diluted	$	0.08	$	0.36	$	(0.32)	$	1.78

(a) For the nine months ended September 30, 2024, the effect of diluted shares was not included in the weighted average share calculation due to the Company's net operating loss position.


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2024	2023	2024	2023
	(amounts in thousands)
Share-based awards	431	4	314	1

LEASES (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information

The table below presents the lease-related assets and liabilities included on the condensed consolidated balance sheets:


Classification on Condensed Consolidated Balance Sheets:	September 30, 2024		December 31, 2023
	(amounts in thousands)
Operating lease right-of-use assets	$	2,700	$	2,599
Operating lease liabilities - current	$	2,060	$	2,604
Operating lease liabilities - non-current	$	2,348	$	2,663


	September 30, 2024		December 31, 2023
Weighted average remaining lease term	2.7 years		2.2 years
Weighted average discount rate	7.01	%	6.36	%

Schedule of Operating Lease Maturity


	(amounts in thousands)
Years Ending December 31:
2024	$	446
2025	2,442
2026	722
2027	611
2028	531
Thereafter	139
Total minimum lease payments	4,891
Less: amount of lease payments representing interest	(483)
Present value of future minimum lease payments	4,408
Less: operating lease liabilities - current	(2,060)
Operating lease liabilities - non-current	$	2,348

Schedule of Lease Costs

The table below provides information regarding supplemental cash flows:


	Nine Months Ended
	September 30,
	2024		2023
	(amounts in thousands)
Supplemental Cash Flow Information:
Cash paid for amounts included in the measurement of operating lease liabilities	$	2,536	$	3,903
Right-of-use assets acquired under operating lease	$	1,375	$	782

The components of lease expense are as follows:


	Three Months Ended
	September 30,
	2024		2023
	(amounts in thousands)
Amounts Included in Condensed Consolidated Statements of Operations and Comprehensive Income (Loss):
Operating lease expense	$	331	$	396
Short-term lease expense	$	332	$	702
Variable and other lease costs	$	150	$	355










	Nine Months Ended
	September 30,
	2024		2023
	(amounts in thousands)
Amounts Included in Condensed Consolidated Statements of Operations and Comprehensive Income (Loss):
Operating lease expense	$	981	$	1,300
Short-term lease expense	$	1,109	$	2,520
Variable and other lease costs	$	765	$	628

DEBT - Narrative (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	$ 0	$ 0

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	24.60%	34.30%	13.50%	29.30%
Uncertain tax positions	$ 11,169		$ 11,169		$ 10,603	$ 7,646
Unrecognized tax benefits that would impact effective tax rate	$ 10,500		10,500
Gross increase to current year unrecognized tax benefits related to federal and state tax issues			$ 500

IMMATERIAL FINANCIAL RESTATEMENT AND RECLASSIFICATIONS TO PRIOR PERIOD FINANCIAL STATEMENTS

9 Months Ended

Sep. 30, 2024

Accounting Changes and Error Corrections [Abstract]

IMMATERIAL FINANCIAL RESTATEMENT AND RECLASSIFICATIONS TO PRIOR PERIOD FINANCIAL STATEMENTS

IMMATERIAL FINANCIAL RESTATEMENT TO PRIOR PERIOD FINANCIAL STATEMENTS

As discussed in Note 2 – Summary of Significant Accounting Policies, the Company identified an error in the consolidated financial statements of prior periods that it concluded was not material to the previously-issued financial statements. A summary of the revisions to the impacted financial statement line items in the previously-issued Consolidated Balance Sheet as of December 31, 2022 and 2023, the Consolidated Statement of Stockholders’ Equity for the years ended December 31, 2022 and 2023, and the Consolidated Statement of Operations and Comprehensive Income and Consolidated Statement of Cash Flows for the year ended December 31, 2022 included in the 2023 Form 10-K, are provided below.

CROSS COUNTRY HEALTHCARE, INC.

CONSOLIDATED BALANCE SHEETS

(amounts in thousands)


	Year Ended December 31, 2023
	As Reported		Revisions		As Revised
Assets
Current assets:
Cash and cash equivalents	$	17,094	$	—	$	17,094
Accounts receivable, net	372,352		—		372,352
Income taxes receivable	6,898		1,722		8,620
Prepaid expenses	7,681		—		7,681
Insurance recovery receivable	9,097		—		9,097
Other current assets	2,031		—		2,031
Total current assets	415,153		1,722		416,875
Property and equipment, net	27,339		—		27,339
Operating lease right-of-use assets	2,599		—		2,599
Goodwill	135,430		—		135,430
Other intangible assets, net	54,468		—		54,468
Deferred tax assets	5,954		25		5,979
Insurance recovery receivable	25,714		—		25,714
Cloud computing	5,987		—		5,987
Other assets	6,673		—		6,673
Total assets	$	679,317	$	1,747	$	681,064

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses	$	85,333	$	7,489	$	92,822
Accrued compensation and benefits	52,297		—		52,297
Operating lease liabilities	2,604		—		2,604
Earnout liability	6,794		—		6,794
Other current liabilities	1,559		—		1,559
Total current liabilities	148,587		7,489		156,076
Operating lease liabilities	2,663		—		2,663
Accrued claims	34,853		—		34,853
Earnout liability	5,000		—		5,000
Uncertain tax positions	10,603		—		10,603
Other liabilities	4,218		—		4,218
Total liabilities	205,924		7,489		213,413

Commitments and contingencies

Stockholders’ equity:
Common stock	4		—		4
Additional paid-in capital	236,417		—		236,417
Accumulated other comprehensive loss	(1,385)		—		(1,385)
Retained earnings	238,357		(5,742)		232,615
Total stockholders’ equity	473,393		(5,742)		467,651
Total liabilities and stockholders’ equity	$	679,317	$	1,747	$	681,064

CROSS COUNTRY HEALTHCARE, INC.

CONSOLIDATED BALANCE SHEETS

(amounts in thousands)


	Year Ended December 31, 2022
	As Reported		Revisions		As Revised
Assets
Current assets:
Cash and cash equivalents	$	3,604	$	—	$	3,604
Accounts receivable, net	641,611		—		641,611
Income taxes receivable	10,915		1,722		12,637
Prepaid expenses	11,067		—		11,067
Insurance recovery receivable	7,434		—		7,434
Other current assets	1,042		—		1,042
Total current assets	675,673		1,722		677,395
Property and equipment, net	19,662		—		19,662
Operating lease right-of-use assets	3,254		—		3,254
Goodwill	163,268		—		163,268
Other intangible assets, net	44,723		—		44,723
Deferred tax assets	7,092		25		7,117
Insurance recovery receivable	23,058		—		23,058
Cloud computing	4,460		—		4,460
Other assets	6,649		—		6,649
Total assets	$	947,839	$	1,747	$	949,586

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses	$	185,507	$	7,489	$	192,996
Accrued compensation and benefits	72,605		—		72,605
Operating lease liabilities	4,132		—		4,132
Earnout liability	7,500		—		7,500
Other current liabilities	1,896		—		1,896
Total current liabilities	271,640		7,489		279,129
Debt	148,735		—		148,735
Operating lease liabilities	4,880		—		4,880
Accrued claims	35,881		—		35,881
Earnout liability	18,000		—		18,000
Uncertain tax positions	7,646		—		7,646
Other liabilities	3,838		—		3,838
Total liabilities	490,620		7,489		498,109

Commitments and contingencies

Stockholders’ equity:
Common stock	4		—		4
Additional paid-in capital	292,876		—		292,876
Accumulated other comprehensive loss	(1,387)		—		(1,387)
Retained earnings	165,726		(5,742)		159,984
Total stockholders’ equity	457,219		(5,742)		451,477
Total liabilities and stockholders’ equity	$	947,839	$	1,747	$	949,586

CROSS COUNTRY HEALTHCARE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(amounts in thousands, except per share data)


	Year Ended December 31, 2022
	As Reported		Revisions		As Revised
Revenue from services	$	2,806,609	$	(3,228)	$	2,803,381
Operating expenses:
Direct operating expenses	2,178,923		—		2,178,923
Selling, general and administrative expenses	324,935		—		324,935
Credit loss expense	9,609		—		9,609
Depreciation and amortization	12,576		—		12,576
Restructuring costs	1,861		—		1,861

Impairment charges	5,597		—		5,597
Total operating expenses	2,533,501		—		2,533,501
Income from operations	273,108		(3,228)		269,880
Other expenses (income):
Interest expense	14,391		—		14,391
Loss on early extinguishment of debt	3,728		—		3,728
Other income, net	(1,336)		—		(1,336)
Income before income taxes	256,325		(3,228)		253,097
Income tax expense	67,864		(749)		67,115
Net income attributable to common stockholders	$	188,461	$	(2,479)	$	185,982

Other comprehensive income:
Unrealized foreign currency translation loss, net of tax	(94)		—		(94)
Comprehensive income	$	188,367	$	(2,479)	$	185,888

Net income per share attributable to common stockholders - Basic	$	5.09	$	(0.07)	$	5.02

Net income per share attributable to common stockholders - Diluted	$	5.02	$	(0.07)	$	4.95

Weighted average common shares outstanding:
Basic	37,012		37,012		37,012
Diluted	37,536		37,536		37,536

CROSS COUNTRY HEALTHCARE, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(amounts in thousands)


	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss, net		(Accumulated Deficit) Retained Earnings		Stockholders’ Equity
	Shares	Dollars
As Reported
Balances at December 31, 2022	36,303	$	4	$	292,876	$	(1,387)	$	165,726	$	457,219
Vesting of restricted stock	426	—		(4,905)		—		—		(4,905)
Equity compensation	—	—		6,579		—		—		6,579
Stock repurchase and retirement	(2,344)	—		(57,654)		—		—		(57,654)
Stock repurchase excise tax	—	—		(479)		—		—		(479)
Foreign currency translation adjustment, net of taxes	—	—		—		2		—		2

Net income	—	—		—		—		72,631		72,631
Balances at December 31, 2023	34,385	4		236,417		(1,385)		238,357		473,393
Revisions
Balances at December 31, 2022	—	—		—		—		(5,742)		(5,742)
Vesting of restricted stock	—	—		—		—		—		—
Equity compensation	—	—		—		—		—		—
Stock repurchase and retirement	—	—		—		—		—		—
Stock repurchase excise tax	—	—		—		—		—		—
Foreign currency translation adjustment, net of taxes	—	—		—		—		—		—

Net income	—	—		—		—		—		—
Balances at December 31, 2023	—	—		—		—		(5,742)		(5,742)
As Revised
Balances at December 31, 2022	36,303	4		292,876		(1,387)		159,984		451,477
Vesting of restricted stock	426	—		(4,905)		—		—		(4,905)
Equity compensation	—	—		6,579		—		—		6,579
Stock repurchase and retirement	(2,344)	—		(57,654)		—		—		(57,654)
Stock repurchase excise tax	—	—		(479)		—		—		(479)
Foreign currency translation adjustment, net of taxes	—	—		—		2		—		2

Net income	—	—		—		—		72,631		72,631
Balances at December 31, 2023	34,385	$	4	$	236,417	$	(1,385)	$	232,615	$	467,651

CROSS COUNTRY HEALTHCARE, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(amounts in thousands)


	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss, net		(Accumulated Deficit) Retained Earnings		Stockholders’ Equity
	Shares	Dollars
As Reported
Balances at December 31, 2021	37,024	$	4	$	321,552	$	(1,293)	$	(22,735)	$	297,528
Vesting of restricted stock	499	—		(5,267)		—		—		(5,267)
Equity compensation	—	—		7,393		—		—		7,393
Stock repurchase and retirement	(1,365)	—		(35,285)		—		—		(35,285)

Foreign currency translation adjustment, net of taxes	—	—		—		(94)		—		(94)
Acquisitions	145	—		4,483		—		—		4,483
Net income	—	—		—		—		188,461		188,461
Balances at December 31, 2022	36,303	4		292,876		(1,387)		165,726		457,219
Revisions
Balances at December 31, 2021	—	—		—		—		(3,263)		(3,263)
Vesting of restricted stock	—	—		—		—		—		—
Equity compensation	—	—		—		—		—		—
Stock repurchase and retirement	—	—		—		—		—		—

Foreign currency translation adjustment, net of taxes	—	—		—		—		—		—
Acquisitions	—	—		—		—		—		—
Net loss	—	—		—		—		(2,479)		(2,479)
Balances at December 31, 2022	—	—		—		—		(5,742)		(5,742)
As Revised
Balances at December 31, 2021	37,024	4		321,552		(1,293)		(25,998)		294,265
Vesting of restricted stock	499	—		(5,267)		—		—		(5,267)
Equity compensation	—	—		7,393		—		—		7,393
Stock repurchase and retirement	(1,365)	—		(35,285)		—		—		(35,285)

Foreign currency translation adjustment, net of taxes	—	—		—		(94)		—		(94)
Acquisitions	145	—		4,483		—		—		4,483
Net income	—	—		—		—		185,982		185,982
Balances at December 31, 2022	36,303	$	4	$	292,876	$	(1,387)	$	159,984	$	451,477

CROSS COUNTRY HEALTHCARE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)


	Year Ended December 31, 2022
	As Reported		Revisions		As Revised
Cash flows from operating activities
Consolidated net income	$	188,461	$	(2,479)	$	185,982
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,576		—		12,576
Provision for allowances	15,328		—		15,328
Deferred income tax expense	5,062		48		5,110
Non-cash lease expense	1,850		—		1,850
Impairment charges	5,597		—		5,597
Loss on early extinguishment of debt	3,728		—		3,728
Equity compensation	7,393		—		7,393
Other non-cash costs	199		—		199
Changes in operating assets and liabilities:
Accounts receivable	(153,229)		—		(153,229)
Prepaid expenses and other assets	(6,915)		—		(6,915)
Income taxes	(20,111)		(797)		(20,908)
Accounts payable and accrued expenses	79,712		3,228		82,940
Operating lease liabilities	(4,962)		—		(4,962)
Other	(639)		—		(639)
Net cash provided by operating activities	134,050		—		134,050

Cash flows from investing activities
Acquisitions, net of cash acquired	(35,182)		—		(35,182)
Acquisition-related settlements	94		—		94
Purchases of property and equipment	(8,786)		—		(8,786)
Net cash used in investing activities	(43,874)		—		(43,874)

Cash flows from financing activities

Principal payments on term loan	(100,438)		—		(100,438)
Principal payments on note payable	(2,426)		—		(2,426)
Debt issuance costs	(3,237)		—		(3,237)
Borrowings under Senior Secured Asset-Based revolving credit facility	1,700,030		—		1,700,030
Repayments on Senior Secured Asset-Based revolving credit facility	(1,632,430)		—		(1,632,430)
Cash paid for shares withheld for taxes	(5,267)		—		(5,267)
Payment of contingent consideration	(7,500)		—		(7,500)
Stock repurchase and retirement	(35,285)		—		(35,285)
Other	(1,046)		—		(1,046)
Net cash used in financing activities	(87,599)		—		(87,599)

Effect of exchange rate changes on cash	(9)		—		(9)

Change in cash and cash equivalents	2,568		—		2,568
Cash and cash equivalents at beginning of year	1,036		—		1,036
Cash and cash equivalents at end of year	$	3,604	$	—	$	3,604

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit losses	$ 35,025	$ 20,547
Property and equipment, accumulated depreciation	$ 20,792	$ 15,808

LEASES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 2,700	$ 2,599	$ 3,254
Operating lease liabilities - current	2,060	2,604	4,132
Operating lease liabilities - non-current	$ 2,348	$ 2,663	$ 4,880
Weighted average remaining lease term	2 years 8 months 12 days	2 years 2 months 12 days
Weighted average discount rate	7.01%	6.36%

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue from Contract with Customer, Product and Service [Extensible List]	Service [Member]	Service [Member]	Service [Member]	Service [Member]
Revenue from services	$ 315,119	$ 442,291	$ 1,034,064	$ 1,605,693
Operating expenses:
Direct operating expenses	250,961	344,932	821,804	1,245,772
Selling, general and administrative expenses	54,297	69,627	177,807	232,825
Credit loss expense	1,512	2,355	21,660	10,397
Depreciation and amortization	4,498	4,540	13,859	13,876
Restructuring costs	998	348	4,052	1,690
Legal and other losses	0	0	7,596	1,125
Impairment charges	0	186	718	719
Total operating expenses	312,266	421,988	1,047,496	1,506,404
Income (loss) from operations	2,853	20,303	(13,432)	99,289
Other expenses (income):
Interest expense	550	669	1,580	7,508
Loss on early extinguishment of debt	0	0	0	1,723
Interest income	(1,107)	(5)	(1,515)	(12)
Other expense (income), net	21	139	(1,013)	145
Income (loss) before income taxes	3,389	19,500	(12,484)	89,925
Income tax expense (benefit)	834	6,688	(1,681)	26,332
Net income (loss) attributable to common stockholders	2,555	12,812	(10,803)	63,593
Other comprehensive income (loss):
Unrealized foreign currency translation loss, net of tax	(8)	(15)	(12)	(7)
Comprehensive income (loss)	$ 2,547	$ 12,797	$ (10,815)	$ 63,586
Net income (loss) per share attributable to common stockholders - Basic (in dollars per share)	$ 0.08	$ 0.37	$ (0.32)	$ 1.80
Net income (loss) per share attributable to common stockholders - Diluted (in dollars per share)	$ 0.08	$ 0.36	$ (0.32)	$ 1.78
Weighted average common shares outstanding:
Basic (shares)	33,016	34,954	33,728	35,386
Diluted (shares)	33,058	35,152	33,728	35,742

DEBT - Long-term Debt (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt	$ 0	$ 0
Debt Issuance Costs	$ (2,012,000)	$ (2,623,000)
Line of Credit \| Senior Secured Asset-Based Loan
Debt Instrument [Line Items]
Effective interest rate percentage	6.68%	6.99%
Debt	$ 0	$ 0
Debt Issuance Costs	$ (2,012,000)	$ (2,623,000)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Estimated Fair Values of Financial Assets and Liabilities Measured on a Recurring Basis

The estimated fair value of the Company’s financial assets and liabilities measured on a recurring basis is as follows:

Fair Value Measurements


	September 30, 2024		December 31, 2023
	(amounts in thousands)
Financial Assets:
(Level 1)
Deferred compensation asset	$	3,759	$	3,298
Financial Liabilities:
(Level 1)
Deferred compensation liability	$	2,889	$	3,343

IMMATERIAL FINANCIAL RESTATEMENT AND RECLASSIFICATIONS TO PRIOR PERIOD FINANCIAL STATEMENTS - Statement of Stockholders' Equity (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 433,320	$ 464,606	$ 467,651	$ 451,477	$ 451,477	$ 294,265
Vesting of restricted stock	(7)	(4)	(2,960)	(4,890)	(4,905)	(5,267)
Equity compensation	870	1,433	4,327	5,413	6,579	7,393
Stock repurchase and retirement	(11,920)	(14,768)	(33,234)	(51,251)	(57,654)	(35,285)
Stock repurchase excise tax	(119)	(145)	(278)	(416)	(479)
Foreign currency translation adjustment, net of taxes	(8)	(15)	(12)	(7)	2	(94)
Acquisitions						4,483
Net income (loss)	2,555	12,812	(10,803)	63,593	72,631	185,982
Ending balance	$ 424,691	$ 463,919	424,691	463,919	467,651	451,477
As Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			473,393	457,219	457,219	297,528
Vesting of restricted stock					(4,905)	(5,267)
Equity compensation					6,579	7,393
Stock repurchase and retirement					(57,654)	(35,285)
Stock repurchase excise tax					(479)
Foreign currency translation adjustment, net of taxes					2	(94)
Acquisitions						4,483
Net income (loss)					72,631	188,461
Ending balance					473,393	457,219
Revisions
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			$ (5,742)	$ (5,742)	(5,742)	(3,263)
Foreign currency translation adjustment, net of taxes						0
Net income (loss)						(2,479)
Ending balance					$ (5,742)	$ (5,742)
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (shares)	33,388	35,305	34,385	36,303	36,303	37,024
Beginning balance	$ 3	$ 4	$ 4	$ 4	$ 4	$ 4
Vesting of restricted stock (shares)	1	1	294	425	426	499
Stock repurchase and retirement (shares)	(817)	(617)	(2,107)	(2,039)	(2,344)	(1,365)
Stock repurchase and retirement			$ (1)
Acquisitions (shares)						145
Ending balance (shares)	32,572	34,689	32,572	34,689	34,385	36,303
Ending balance	$ 3	$ 4	$ 3	$ 4	$ 4	$ 4
Common Stock \| As Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (shares)			34,385	36,303	36,303	37,024
Beginning balance			$ 4	$ 4	$ 4	$ 4
Vesting of restricted stock (shares)					426	499
Stock repurchase and retirement (shares)					(2,344)	(1,365)
Acquisitions (shares)						145
Ending balance (shares)					34,385	36,303
Ending balance					$ 4	$ 4
Common Stock \| Revisions
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (shares)			0	0	0	0
Beginning balance			$ 0	$ 0	$ 0	$ 0
Ending balance (shares)					0	0
Ending balance					$ 0	$ 0
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	215,449	255,216	236,417	292,876	292,876	321,552
Vesting of restricted stock	(7)	(4)	(2,960)	(4,890)	(4,905)	(5,267)
Equity compensation	870	1,433	4,327	5,413	6,579	7,393
Stock repurchase and retirement	(11,920)	(14,768)	(33,233)	(51,251)	(57,654)	(35,285)
Stock repurchase excise tax	(119)	(145)	(278)	(416)	(479)
Acquisitions						4,483
Ending balance	204,273	241,732	204,273	241,732	236,417	292,876
Additional Paid-In Capital \| As Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			236,417	292,876	292,876	321,552
Vesting of restricted stock					(4,905)	(5,267)
Equity compensation					6,579	7,393
Stock repurchase and retirement					(57,654)	(35,285)
Stock repurchase excise tax					(479)
Acquisitions						4,483
Ending balance					236,417	292,876
Additional Paid-In Capital \| Revisions
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			0	0	0	0
Ending balance					0	0
Accumulated Other Comprehensive Loss, net
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,389)	(1,379)	(1,385)	(1,387)	(1,387)	(1,293)
Foreign currency translation adjustment, net of taxes	(8)	(15)	(12)	(7)	2	(94)
Ending balance	(1,397)	(1,394)	(1,397)	(1,394)	(1,385)	(1,387)
Accumulated Other Comprehensive Loss, net \| As Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			(1,385)	(1,387)	(1,387)	(1,293)
Foreign currency translation adjustment, net of taxes					2	(94)
Ending balance					(1,385)	(1,387)
Accumulated Other Comprehensive Loss, net \| Revisions
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			0	0	0	0
Ending balance					0	0
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	219,257	210,765	232,615	159,984	159,984	(25,998)
Net income (loss)	2,555	12,812	(10,803)	63,593	72,631	185,982
Ending balance	$ 221,812	$ 223,577	221,812	223,577	232,615	159,984
Retained Earnings \| As Reported
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			238,357	165,726	165,726	(22,735)
Net income (loss)					72,631	188,461
Ending balance					238,357	165,726
Retained Earnings \| Revisions
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance			$ (5,742)	$ (5,742)	(5,742)	(3,263)
Net income (loss)						(2,479)
Ending balance					$ (5,742)	$ (5,742)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 35,032	$ 19,375	$ 19,640	$ 16,914	$ 18,020	$ 13,058	$ 19,640	$ 13,058
Credit Loss Expense	1,512	18,858	1,290	2,355	3,134	4,908	21,660	10,397	$ 9,609
Write-Offs, net of Recoveries	(1,942)	(3,201)	(1,555)	(1,394)	(4,240)	54
Ending balance	$ 34,602	$ 35,032	$ 19,375	$ 17,875	$ 16,914	$ 18,020	$ 34,602	$ 17,875	$ 13,058

DEBT - 2019 Asset-Based Loan Agreement (Details) - USD ($)			9 Months Ended
	Mar. 21, 2022	Oct. 25, 2019	Sep. 30, 2024	Jul. 29, 2024	Nov. 18, 2021	Mar. 08, 2021	Jun. 30, 2020
Line of Credit Facility [Line Items]
Amount of indebtedness permitted from other sources					$ 175,000,000.0
Senior Secured Asset-Based Loan
Line of Credit Facility [Line Items]
Line of credit term	5 years	5 years
Maximum borrowing capacity	$ 300,000,000.0	$ 120,000,000				$ 150,000,000	$ 130,000,000
Line of credit outstanding			$ 0	$ 0
Borrowing base, percentage of accounts receivable		85.00%
Borrowing base availability			150,200,000
Borrowing availability			135,200,000
Letters of credit outstanding			$ 15,000,000
Quarterly commitment fee on the average daily unused portion percentage			0.375%
Senior Secured Asset-Based Loan \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate, additional credit spread associated with SOFR	0.10%
Interest margin percentage			1.85%
Senior Secured Asset-Based Loan \| Base Rate
Line of Credit Facility [Line Items]
Interest margin percentage			0.75%
Senior Secured Asset-Based Loan \| Swingline Sublimit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 15,000,000
Senior Secured Asset-Based Loan \| Standby Letters Of Credit Sublimit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 35,000,000

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity Registrant Name	CROSS COUNTRY HEALTHCARE, INC
Entity Incorporation, State or Country Code	DE
Entity File Number	0-33169
Entity Tax Identification Number	13-4066229
Entity Address, Address Line One	6551 Park of Commerce Boulevard, N.W.
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33487
City Area Code	561
Local Phone Number	998-2232
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	CCRN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		32,916,647
Entity Central Index Key	0001141103
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company has historically calculated the provision for income taxes during interim reporting periods by applying an estimate of the Annual Effective Tax Rate (AETR) for the full fiscal year to ordinary income for the reporting period. For the three and nine months ended September 30, 2024, the Company used actual results to calculate the provision for income taxes. It determined that since small changes in estimated ordinary income would result in significant changes in the estimated AETR, the historical method would not provide a reliable estimate for the three- and nine-month periods ended September 30, 2024. The Company’s effective tax rate was 24.6% and 13.5% for the three and nine months ended September 30, 2024, respectively, and 34.3% and 29.3% for the three and nine months ended September 30, 2023, respectively. In addition to using actual results, a book loss primarily driven by credit loss expense as discussed in Note 2 - Summary of Significant Accounting Policies, relative to nondeductible items, caused the year-to-date effective tax rates to be significantly different from the historical annual effective tax rate. As of September 30, 2024, the Company had approximately $11.2 million of unrecognized tax benefits included in other non-current liabilities, $10.5 million, net of deferred taxes, which would impact the effective tax rate if recognized. During the nine months ended September 30, 2024, the Company had net increases of $0.5 million to its current year unrecognized tax benefits related to federal and state tax provisions. Effective January 1, 2024, many jurisdictions implemented the Pillar Two rules issued by the Organization for Economic Co-operation and Development. In general, large multinational entity groups with consolidated revenue in excess of 750 million Euros in at least two of the preceding four years could be subject to the new rules in jurisdictions with an effective tax rate below fifteen percent. The Company currently does not operate in any jurisdictions that have implemented the Pillar Two rules, but jurisdictions may adopt retroactively to January 1, 2024. The Company does not expect the adoption of the Pillar Two rules by any jurisdiction in which it currently operates to have a material impact on its financial statements. The tax years 2012 through 2023 remain open to examination by certain taxing jurisdictions to which the Company is subject to tax.

- Definition

The entire disclosure for income tax.

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+ Details

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value hierarchy was established which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:

Level 1—Quoted prices in active markets for identical assets or liabilities.

Level 2—Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Items Measured at Fair Value on a Recurring Basis:

The Company’s financial assets/liabilities required to be measured on a recurring basis were primarily its: (i) deferred compensation asset included in other assets; and (ii) deferred compensation liability included in other liabilities on its condensed consolidated balance sheets.

Deferred compensation—The Company utilizes Level 1 inputs to value its deferred compensation assets and liabilities. The Company’s deferred compensation assets and liabilities are measured using publicly available indices, as per the plan documents.

The estimated fair value of the Company’s financial assets and liabilities measured on a recurring basis is as follows:

Fair Value Measurements


	September 30, 2024		December 31, 2023
	(amounts in thousands)
Financial Assets:
(Level 1)
Deferred compensation asset	$	3,759	$	3,298
Financial Liabilities:
(Level 1)
Deferred compensation liability	$	2,889	$	3,343

Items Measured at Fair Value on a Non-Recurring Basis:

The Company’s non-financial assets, such as goodwill, trade names, other intangible assets, right-of-use assets, and property and equipment, are measured at fair value when there is an indicator of impairment and are recorded at fair value only when an impairment charge is recognized.

The Company did not record any material impairment charges during the three and nine months ended September 30, 2024 and 2023.

Other Fair Value Disclosures:

Financial instruments not measured or recorded at fair value in the condensed consolidated balance sheets consist of cash and cash equivalents, accounts receivable, and accounts payable and accrued expenses. The estimated fair value of accounts receivable and accounts payable and accrued expenses approximate their carrying amount due to the short-term nature of these instruments.

Other financial instruments measured or recorded at fair value include earnout liabilities related to the (i) Mint and (ii) HireUp acquisitions, as discussed below.

(i) Potential earnout payments related to the Mint acquisition are contingent upon meeting certain performance requirements based on 2022 through 2024 performance. On a quarterly basis, the Company performs an analysis using multiple forecasted scenarios to determine the fair value of the earnout liability. In the fourth quarter of 2023, the Company performed the earnout calculation for the first measurement period, resulting in an earnout of $4.9 million, which was paid in the first quarter of 2024. During the first quarter of 2024, the Company determined that the earnout for the second measurement period would only be partially achieved and, as a result, recognized a decrease in the fair value of the related liabilities. The remaining liability of $4.1 million is included in the current portion of earnout liability on the condensed consolidated balance sheets. The carrying amount of the earnout liability approximates fair value. See Note 4 - Acquisitions.

(ii) Potential earnout payments related to the HireUp acquisition were contingent upon meeting certain performance requirements based on 2022 through 2024 performance. Quarterly throughout 2023 and in the first quarter of 2024, the Company performed analyses using multiple updated forecasted scenarios and determined that the earnout would only be partially achieved. As a result, the Company recognized a decrease in the fair value of the related liabilities in the second and third quarters of 2023 and the first quarter of 2024. The remaining liability of $1.7 million was paid in the first quarter of 2024. See Note 4 - Acquisitions.

Concentration of Credit Risk:

See discussion of credit losses and allowance for credit losses in Note 2 - Summary of Significant Accounting Policies. Overall, based on the large number of customers in differing geographic areas, primarily throughout the United States and its territories, the Company believes that the concentration of credit risk is limited.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,555	$ 12,812	$ (10,803)	$ 63,593	$ 72,631	$ 185,982

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

STOCKHOLDERS' EQUITY - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	May 14, 2024	May 01, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase and retirement	$ 11,920		$ 14,768	$ 33,234	$ 51,251	$ 57,654	$ 35,285
Unrestricted shares of common stock outstanding (shares)	32,572,284			32,572,284
Performance attainment percentage		101.00%
Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for share-based payments (shares)								2,400,000
Restricted Stock And Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period, net (shares)	1,163		430	294,414	424,704
Performance Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (shares)		145,908		145,908
Selling, General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 900		$ 1,400	$ 4,300	$ 5,400
Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional authorized amount									$ 59,000
Common shares amount left remaining to repurchase under the plan (up to)	$ 44,100			$ 44,100					$ 100,000
Shares repurchased and retired (shares)	816,879		616,824	2,107,035	2,038,691
Stock repurchase and retirement	$ 11,900		$ 14,800	$ 33,200	$ 51,200
Average market price (in dollars per share)	$ 14.57		$ 23.92	$ 15.75	$ 25.12

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Nature of Business The accompanying condensed consolidated financial statements include the accounts of Cross Country Healthcare, Inc. and its direct and indirect wholly-owned subsidiaries (collectively, the Company). In the opinion of management, all adjustments necessary for a fair presentation of such unaudited condensed consolidated financial statements have been included. All such adjustments consisted of all normal recurring items, including the elimination of all intercompany transactions and balances. The accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These operating results are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023 included in the 2023 Form 10-K. The December 31, 2023 condensed consolidated balance sheet included herein was derived from the December 31, 2023 audited consolidated balance sheet included in the 2023 Form 10-K. Certain prior year amounts have been reclassified to conform to the current year presentation. See the consolidated statements of operations and comprehensive income (loss).

DEBT - 2021 Term Loan Credit Agreement Narrative (Details) - USD ($)			3 Months Ended	9 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 08, 2021	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022	Nov. 18, 2021
Debt Instrument [Line Items]
Repayment of outstanding obligations				$ 0	$ 73,875,000	$ 100,438,000
Secured Debt \| 2021 Term Loan Credit Agreement
Debt Instrument [Line Items]
Debt term		6 years
Face amount		$ 100,000,000
Repayment of outstanding obligations	$ 73,900,000
Write off of debt issuance costs			$ 1,700,000
Prepayment premium paid			$ 0
Secured Debt \| 2021 Term Loan Credit Agreement, Incremental Term Loan
Debt Instrument [Line Items]
Face amount							$ 75,000,000
Secured Debt \| 2021 Term Loan Credit Agreement, Aggregate Amount of All Possible Increases
Debt Instrument [Line Items]
Face amount							$ 115,000,000

STOCKHOLDERS' EQUITY - Restricted Stock Activity (Details) - $ / shares	3 Months Ended	9 Months Ended
	Mar. 31, 2024	Sep. 30, 2024
Restricted Stock Awards
Number of Shares
Unvested restricted stock awards, beginning balance (shares)	547,534	547,534
Granted (shares)		375,377
Vested (shares)		(309,847)
Forfeited (shares)		(62,157)
Unvested restricted stock awards, ending balance (shares)		550,907
Weighted Average Grant Date Fair Value
Unvested restricted stock awards, beginning balance (in dollars per share)	$ 20.42	$ 20.42
Granted (in dollars per share)		18.05
Vested (in dollars per share)		19.06
Forfeited (in dollars per share)		20.65
Unvested restricted stock awards, ending balance (in dollars per share)		$ 19.54
Performance Stock Awards
Number of Shares
Unvested restricted stock awards, beginning balance (shares)	417,197	417,197
Granted (shares)		170,880
Vested (shares)	(145,908)	(145,908)
Forfeited (shares)		(23,875)
Unvested restricted stock awards, ending balance (shares)		418,294
Weighted Average Grant Date Fair Value
Unvested restricted stock awards, beginning balance (in dollars per share)	$ 18.75	$ 18.75
Granted (in dollars per share)		18.67
Vested (in dollars per share)		12.71
Forfeited (in dollars per share)		21.39
Unvested restricted stock awards, ending balance (in dollars per share)		$ 20.68

GOODWILL, TRADE NAMES, AND OTHER INTANGIBLE ASSETS - Estimated Annual Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 2,467
2025	9,571
2026	8,362
2027	6,191
2028	4,791
Thereafter	9,171
Net Carrying Amount	$ 40,553	$ 48,568

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unbilled contracts receivable	$ 67,500						$ 67,500			$ 89,900
Sales allowance, billing-related adjustments	400						400			$ 900
Credit loss expense	$ 1,512	$ 18,858	$ 1,290	$ 2,355	$ 3,134	$ 4,908	$ 21,660	$ 10,397	$ 9,609
Managed Service Programs (MSP) Customer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Credit loss expense		$ 19,400
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Threshold period, past due for payment of services provided							30 days
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Threshold period, past due for payment of services provided							60 days

STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Restricted Stock Activity

The following table summarizes restricted stock awards and performance stock awards activity issued under the 2020 Plan and the 2024 Plan (Plans) for the nine months ended September 30, 2024:


	Restricted Stock Awards			Performance Stock Awards
	Number of Shares	Weighted Average Grant Date Fair Value		Number of Target Shares	Weighted Average Grant Date Fair Value
Unvested restricted stock awards, January 1, 2024	547,534	$	20.42	417,197	$	18.75
Granted	375,377	$	18.05	170,880	$	18.67
Vested	(309,847)	$	19.06	(145,908)	$	12.71
Forfeited	(62,157)	$	20.65	(23,875)	$	21.39
Unvested restricted stock awards, September 30, 2024	550,907	$	19.54	418,294	$	20.68

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 64,021		$ 17,094			$ 3,604
Accounts receivable, net of allowances of $35,025 in 2024 and $20,547 in 2023	244,987		372,352			641,611
Income taxes receivable	10,128		8,620			12,637
Prepaid expenses	4,554		7,681			11,067
Insurance recovery receivable	12,102		9,097			7,434
Other current assets	794		2,031			1,042
Total current assets	336,586		416,875			677,395
Property and equipment, net of accumulated depreciation of $20,792 in 2024 and $15,808 in 2023	28,975		27,339			19,662
Operating lease right-of-use assets	2,700		2,599			3,254
Goodwill	135,430		135,430			163,268
Other intangible assets, net	46,453		54,468			44,723
Deferred tax assets	9,038		5,979			7,117
Insurance recovery receivable	21,812		25,714			23,058
Cloud computing	9,735		5,987			4,460
Other assets	6,694		6,673			6,649
Total assets	597,423		681,064			949,586
Current liabilities:
Accounts payable and accrued expenses	58,436		92,822			192,996
Accrued compensation and benefits	54,285		52,297			72,605
Operating lease liabilities	2,060		2,604			4,132
Earnout liability	4,100		6,794			7,500
Other current liabilities	1,796		1,559			1,896
Total current liabilities	120,677		156,076			279,129
Operating lease liabilities	2,348		2,663			4,880
Accrued claims	34,893		34,853			35,881
Earnout liability	0		5,000			18,000
Uncertain tax positions	11,169		10,603			7,646
Other liabilities	3,645		4,218			3,838
Total liabilities	172,732		213,413			498,109
Commitments and contingencies
Stockholders’ equity:
Common stock	3		4			4
Additional paid-in capital	204,273		236,417			292,876
Accumulated other comprehensive loss	(1,397)		(1,385)			(1,387)
Retained earnings	221,812		232,615			159,984
Total stockholders’ equity	424,691	$ 433,320	467,651	$ 463,919	$ 464,606	451,477	$ 294,265
Total liabilities and stockholders’ equity	$ 597,423		$ 681,064			$ 949,586

EARNINGS PER SHARE - Anti-dilutive Securities (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Share-based awards (shares)	431	4	314	1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restructuring (Benefits) Costs (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022
Restructuring Reserve [Roll Forward]
Charged to restructuring	$ 998			$ 348	$ 4,052	$ 1,690	$ 1,861
Employee Termination Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	277	$ 324	$ 895		895
Charged to restructuring	634	1,740	188
Payments	(254)	(1,787)	(759)
Balance at end of period	657	277	324		657
Lease-Related Exit Costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	1,237	1,491	1,184		1,184
Charged to restructuring	0	0	525
Payments	(245)	(254)	(218)
Balance at end of period	$ 992	$ 1,237	$ 1,491		$ 992

GOODWILL, TRADE NAMES, AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill	$ 135,430	$ 135,430	$ 163,268
Nurse And Allied Staffing
Goodwill [Line Items]
Goodwill	112,500
Physician Staffing
Goodwill [Line Items]
Goodwill	$ 22,900

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

GOODWILL, TRADE NAMES, AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL, TRADE NAMES, AND OTHER INTANGIBLE ASSETS

The Company had the following acquired intangible assets:


	September 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(amounts in thousands)
Intangible assets subject to amortization:
Databases	$	39,430	$	22,481	$	16,949	$	45,930	$	24,971	$	20,959
Customer relationships	52,538		29,699		22,839		52,538		26,286		26,252

Trade names	900		885		15		900		548		352
Software	1,700		950		750		1,700		695		1,005
Other intangible assets, net	$	94,568	$	54,015	$	40,553	$	101,068	$	52,500	$	48,568

Intangible assets not subject to amortization:
Trade names, indefinite-lived					$	5,900					$	5,900

As of September 30, 2024, estimated future annual amortization expense was as follows:


	(amounts in thousands)
Years Ending December 31:
2024	$	2,467
2025	9,571
2026	8,362
2027	6,191
2028	4,791
Thereafter	9,171
	$	40,553

Goodwill, Trade Names, and Other Intangible Assets Impairment

The Company tests reporting units’ goodwill and intangible assets with indefinite lives for impairment annually during the fourth quarter and more frequently if impairment indicators exist. The Company performs quarterly qualitative assessments of significant events and circumstances, such as reporting units’ historical and current results, assumptions regarding future performance, strategic initiatives and overall economic factors, and macro-economic developments, to determine the existence of potential indicators of impairment and assess if it is more likely than not that the fair value of reporting units or intangible assets is less than their carrying value. If indicators of impairments are identified a quantitative impairment test is performed.

As of September 30, 2024, the Company performed a qualitative assessment of each of its reporting units and determined that it was not more likely than not that the fair value of its reporting units dropped below their carrying value. Although management believes that the Company’s current estimates and assumptions utilized in its qualitative testing are reasonable and supportable, there can be no assurance that the estimates and assumptions management used for purposes of its assessment as of September 30, 2024 will prove to be accurate predictions of future performance.

As of September 30, 2024, goodwill by reporting segment was: $112.5 million for Nurse and Allied Staffing and $22.9 million for Physician Staffing, for a total of $135.4 million.

For its long-lived assets and definite-lived intangible assets, the Company reviews for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. As of September 30, 2024, the Company performed a qualitative assessment of its trade names and other intangible assets and determined it was not more likely than not that their carrying value may not be recoverable. During the nine months ended September 30, 2023, the Company wrote off an abandoned IT project, resulting in an impairment charge.

LEASES - Operating Lease Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 446
2025	2,442
2026	722
2027	611
2028	531
Thereafter	139
Total minimum lease payments	4,891
Less: amount of lease payments representing interest	(483)
Present value of future minimum lease payments	4,408
Less: operating lease liabilities - current	(2,060)	$ (2,604)	$ (4,132)
Operating lease liabilities - non-current	$ 2,348	$ 2,663	$ 4,880

SEGMENT DATA (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
SEGMENT DATA (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue from services	$ 315,119	$ 442,291	$ 1,034,064	$ 1,605,693	$ 2,803,381
Contribution income:	23,880	41,802	64,054	170,717
Corporate overhead	15,531	16,412	51,258	53,959
Depreciation and amortization	4,498	4,540	13,859	13,876	12,576
Restructuring costs	998	348	4,052	1,690	1,861
Legal and other losses	0	0	7,596	1,125
Impairment charges	0	186	718	719	5,597
Other costs	0	13	3	59
Income (loss) from operations	2,853	20,303	(13,432)	99,289	$ 269,880
Nurse and Allied Staffing
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue from services	264,853	396,595	888,490	1,474,273
Contribution income:	19,251	39,226	52,254	162,876
Physician Staffing
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Revenue from services	50,266	45,696	145,574	131,420
Contribution income:	$ 4,629	$ 2,576	$ 11,800	$ 7,841

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Allowance for Doubtful Accounts

The opening balance of the allowance for credit losses is reconciled to the closing balance for expected credit losses as follows:




	2024		2023
	(amounts in thousands)
Balance at January 1	$	19,640	$	13,058
Credit Loss Expense	1,290		4,908
Write-Offs, net of Recoveries	(1,555)		54
Balance at March 31	19,375		18,020
Credit Loss Expense	18,858		3,134
Write-Offs, net of Recoveries	(3,201)		(4,240)
Balance at June 30	35,032		16,914
Credit Loss Expense	1,512		2,355
Write-Offs, net of Recoveries	(1,942)		(1,394)
Balance at September 30	$	34,602	$	17,875

Schedule of Employee Termination Costs and Lease-Related Exit Costs

Reconciliations of the employee termination costs and lease-related exit costs beginning and ending liability balance is presented below:



	Employee Termination Costs		Lease-Related Exit Costs
	(amounts in thousands)
Balance at January 1, 2024	$	895	$	1,184
Charged to restructuring	188		525
Payments	(759)		(218)
Balance at March 31, 2024	324		1,491
Charged to restructuring	1,740		—
Payments	(1,787)		(254)
Balance at June 30, 2024	277		1,237
Charged to restructuring	634		—
Payments	(254)		(245)
Balance at September 30, 2024	$	657	$	992

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue from services	$ 315,119	$ 442,291	$ 1,034,064	$ 1,605,693	$ 2,803,381
Temporary Staffing Services
Disaggregation of Revenue [Line Items]
Revenue from services	304,883	429,701	1,002,683	1,562,223
Other Services
Disaggregation of Revenue [Line Items]
Revenue from services	10,236	12,590	31,381	43,470
Nurse And Allied Staffing
Disaggregation of Revenue [Line Items]
Revenue from services	264,853	396,595	888,490	1,474,273
Nurse And Allied Staffing \| Temporary Staffing Services
Disaggregation of Revenue [Line Items]
Revenue from services	257,035	386,536	864,510	1,437,746
Nurse And Allied Staffing \| Other Services
Disaggregation of Revenue [Line Items]
Revenue from services	7,818	10,059	23,980	36,527
Physician Staffing
Disaggregation of Revenue [Line Items]
Revenue from services	50,266	45,696	145,574	131,420
Physician Staffing \| Temporary Staffing Services
Disaggregation of Revenue [Line Items]
Revenue from services	47,848	43,165	138,173	124,477
Physician Staffing \| Other Services
Disaggregation of Revenue [Line Items]
Revenue from services	$ 2,418	$ 2,531	$ 7,401	$ 6,943

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

ACQUISITIONS (Details) - USD ($) $ in Thousands				3 Months Ended			9 Months Ended		12 Months Ended
ACQUISITIONS (Details) - USD ($) $ in Thousands	Dec. 13, 2022	Oct. 03, 2022	Jun. 08, 2021	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2023
Business Acquisition [Line Items]
Payment of contingent consideration							$ 6,579	$ 7,500	$ 7,500
Current portion of earnout liability							4,100		$ 7,500	$ 6,794
HireUp
Business Acquisition [Line Items]
Cash consideration, gross	$ 6,000
Equity consideration for acquisition, value	$ 800
Equity consideration for acquisition (shares)	29,811
Earnout liabilities	$ 8,000
Payment of contingent consideration				$ 1,700
Mint
Business Acquisition [Line Items]
Cash consideration, gross		$ 27,000
Equity consideration for acquisition, value		$ 3,600
Equity consideration for acquisition (shares)		114,278
Earnout liabilities		$ 10,000
Payment of contingent consideration				$ 4,900
Current portion of earnout liability							$ 4,100
Workforce Solutions Group, Inc.
Business Acquisition [Line Items]
Cash consideration, gross			$ 25,000
Equity consideration for acquisition, value			$ 5,000
Equity consideration for acquisition (shares)			307,730
Earnout liabilities			$ 15,000
Payment of contingent consideration					$ 7,500	$ 7,500
Contingent consideration liability, term			3 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Management has assessed various accounting estimates and other matters, including those that require consideration of forecasted financial information, using information that is reasonably available to the Company at the time. Significant estimates and assumptions are used for, but not limited to: (i) the valuation of accounts receivable; (ii) goodwill, trade names, and other intangible assets; (iii) other long-lived assets; (iv) revenue recognition; (v) accruals for health, workers’ compensation, and professional liability claims; (vi) valuation of deferred tax assets; (vii) legal contingencies; and (viii) income taxes. Accrued insurance claims and reserves include estimated settlements from known claims and actuarial estimates for claims incurred but not reported. As additional information becomes available to the Company, its future assessment of these estimates could materially and adversely impact the Company's consolidated financial statements in future reporting periods. Actual results could differ from those estimates.

Risks and Uncertainties

The Company’s future results of operations and liquidity could be materially adversely affected by macroeconomic factors contributing to delays in payments from customers and inflationary pressure, uncertain or reduced demand, and the impact of any initiatives or programs that the Company may undertake to address financial and operational challenges faced by its customers. See associated risk factors in Item 1A. Risk Factors in the 2023 Form 10-K.

Restatement of Prior Period Financial Statements

In connection with the preparation of the Company’s financial statements for the quarter ended September 30, 2024, the Company identified an accounting error related to Medical Staffing Network Healthcare, LLC, which the Company acquired on June 30, 2014. The error pertains to an elimination entry that was improperly recorded, which resulted in the overstatement of revenue and the understatement of subcontractor liabilities. It was determined that the impact of the error was inconsequential in 2023 and 2024, and primarily related to the fiscal years of 2020 through 2022, during which time the Company's business greatly accelerated as a result of the pandemic. This non-cash error did not affect client billings, payments to health care professionals, or payments to subcontractors.

Management assessed the materiality of the error, including the presentation in prior period consolidated financial statements, on a qualitative and quantitative basis in accordance with SEC Staff Accounting Bulletin No. 99, Materiality, codified in Accounting Standards Codification (ASC) Topic 250, Accounting Changes and Error Corrections. Based on this assessment, the Company concluded that the error and the related impacts did not result in a material misstatement of the previously issued consolidated financial statements as of and for the fiscal years ended December 31, 2021 through 2023. However, correcting the cumulative effect of the error in the third quarter of 2024 would have had a material effect on the results of operations for that period.

Therefore, the relevant prior periods’ financial statements and related footnotes have been corrected. Previously reported financial information for such an immaterial error will be corrected in future filings, as applicable.

The Company has provided a summary of the revisions to the impacted financial statement line items from the previously issued financial statements. See Note 16 - Immaterial Financial Restatement to Prior Period Financial Statements.

Accounts Receivable, net

The timing of revenue recognition, billings, and collections results in billed and unbilled accounts receivable from customers, which are classified as accounts receivable on the condensed consolidated balance sheets and are presented net of allowances for credit losses and sales allowances. Estimated revenue for the Company employees’, subcontracted employees’, and independent contractors’ time worked but not yet billed at September 30, 2024 and December 31, 2023 totaled $67.5 million and $89.9 million, respectively.

The Company generally does not require collateral and mitigates its credit risk by performing credit evaluations and monitoring at-risk accounts. The allowance for credit losses is established for losses expected to be incurred on accounts receivable balances. Accounts receivable are written off against the allowance for credit losses when the Company determines amounts are no longer collectible. Judgment is required in the estimation of the allowance and the Company evaluates the collectability of its accounts receivable based on a combination of factors. The Company bases its allowance for credit losses estimates on its historical write-off experience, current conditions, an analysis of the aging of outstanding receivable and customer payment patterns, and specific reserves for customers in adverse condition adjusted for current expectations for the customers or industry. Based on the information currently available, the Company also considered expectations of future economic conditions when estimating its allowance for credit losses.

The opening balance of the allowance for credit losses is reconciled to the closing balance for expected credit losses as follows:




	2024		2023
	(amounts in thousands)
Balance at January 1	$	19,640	$	13,058
Credit Loss Expense	1,290		4,908
Write-Offs, net of Recoveries	(1,555)		54
Balance at March 31	19,375		18,020
Credit Loss Expense	18,858		3,134
Write-Offs, net of Recoveries	(3,201)		(4,240)
Balance at June 30	35,032		16,914
Credit Loss Expense	1,512		2,355
Write-Offs, net of Recoveries	(1,942)		(1,394)
Balance at September 30	$	34,602	$	17,875

In addition to the allowance for credit losses, the Company maintains a sales allowance for billing-related adjustments that may arise in the ordinary course of business and adjustments to the reserve are recorded as contra-revenue. The sales allowance balance as of September 30, 2024 and December 31, 2023 was $0.4 million and $0.9 million, respectively.

The Company’s contract terms typically require payment between 30 to 60 days from the date of invoice and are considered past due based on the particular negotiated contract terms. The majority of the Company's customers are healthcare systems with a significant percentage in acute-care facilities. No single customer accounted for more than 10% of the Company’s revenue for the three and nine months ended September 30, 2024 and 2023, or the Company’s accounts receivable balance as of

September 30, 2024 and December 31, 2023. In 2023, there was an increase in credit loss expense primarily driven by a deterioration in the accounts receivable aging stemming from a single MSP customer. On May 6, 2024, the customer filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code. As a result, the Company recorded an associated credit loss expense of $19.4 million during the quarter ended June 30, 2024.

Restructuring Costs

The Company considers restructuring activities to be programs whereby it fundamentally changes its operations, such as closing and consolidating facilities, reducing headcount, and realigning operations in response to changing market conditions. As a result, restructuring costs on the condensed consolidated statements of operations and comprehensive income (loss) primarily include employee termination costs and lease-related exit costs.

Reconciliations of the employee termination costs and lease-related exit costs beginning and ending liability balance is presented below:



	Employee Termination Costs		Lease-Related Exit Costs
	(amounts in thousands)
Balance at January 1, 2024	$	895	$	1,184
Charged to restructuring	188		525
Payments	(759)		(218)
Balance at March 31, 2024	324		1,491
Charged to restructuring	1,740		—
Payments	(1,787)		(254)
Balance at June 30, 2024	277		1,237
Charged to restructuring	634		—
Payments	(254)		(245)
Balance at September 30, 2024	$	657	$	992

Recent Accounting Pronouncements

On December 14, 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires that public business entities, on an annual basis, (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). The amendments also require that all entities disclose, on an annual basis, disaggregated information regarding income taxes paid and income tax expense. This guidance is effective for annual periods beginning after December 15, 2024. The amendments should be applied prospectively, but retrospective application is permitted. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company expects to adopt this standard for its annual report for the fiscal year ended December 31, 2025. The Company expects this ASU to only impact its disclosures with no impacts to results of operations, cash flows, and financial condition.

On November 27, 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and requires certain disclosures related to the chief operating decision maker. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company expects to adopt this standard for its fiscal year ended December 31, 2024. The Company expects this ASU to only expand its disclosures with no impacts to results of operations, cash flows, and financial condition.

IMMATERIAL FINANCIAL RESTATEMENT AND RECLASSIFICATIONS TO PRIOR PERIOD FINANCIAL STATEMENTS - Statement of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenue from services	$ 315,119			$ 442,291			$ 1,034,064	$ 1,605,693		$ 2,803,381
Operating expenses:
Direct operating expenses	250,961			344,932			821,804	1,245,772		2,178,923
Selling, general and administrative expenses	54,297			69,627			177,807	232,825		324,935
Credit loss expense	1,512	$ 18,858	$ 1,290	2,355	$ 3,134	$ 4,908	21,660	10,397		9,609
Depreciation and amortization	4,498			4,540			13,859	13,876		12,576
Restructuring costs	998			348			4,052	1,690		1,861
Impairment charges	0			186			718	719		5,597
Total operating expenses	312,266			421,988			1,047,496	1,506,404		2,533,501
Income (loss) from operations	2,853			20,303			(13,432)	99,289		269,880
Other expenses (income):
Interest expense	550			669			1,580	7,508		14,391
Loss on early extinguishment of debt	0			0			0	1,723		3,728
Other income, net	21			139			(1,013)	145		(1,336)
Income (loss) before income taxes	3,389			19,500			(12,484)	89,925		253,097
Income tax expense (benefit)	834			6,688			(1,681)	26,332		67,115
Net income (loss) attributable to common stockholders	2,555			12,812			(10,803)	63,593	$ 72,631	185,982
Other comprehensive income (loss):
Unrealized foreign currency translation loss, net of tax	(8)			(15)			(12)	(7)	2	(94)
Comprehensive income (loss)	$ 2,547			$ 12,797			$ (10,815)	$ 63,586		$ 185,888
Net income per share attributable to common stockholders - Basic (in dollars per share)	$ 0.08			$ 0.37			$ (0.32)	$ 1.80		$ 5.02
Net income per share attributable to common stockholders - Diluted (in dollars per share)	$ 0.08			$ 0.36			$ (0.32)	$ 1.78		$ 4.95
Weighted average common shares outstanding:
Basic (shares)	33,016			34,954			33,728	35,386		37,012
Diluted (shares)	33,058			35,152			33,728	35,742		37,536
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenue from services										$ 2,806,609
Operating expenses:
Direct operating expenses										2,178,923
Selling, general and administrative expenses										324,935
Credit loss expense										9,609
Depreciation and amortization										12,576
Restructuring costs										1,861
Impairment charges										5,597
Total operating expenses										2,533,501
Income (loss) from operations										273,108
Other expenses (income):
Interest expense										14,391
Loss on early extinguishment of debt										3,728
Other income, net										(1,336)
Income (loss) before income taxes										256,325
Income tax expense (benefit)										67,864
Net income (loss) attributable to common stockholders									72,631	188,461
Other comprehensive income (loss):
Unrealized foreign currency translation loss, net of tax									$ 2	(94)
Comprehensive income (loss)										$ 188,367
Net income per share attributable to common stockholders - Basic (in dollars per share)										$ 5.09
Net income per share attributable to common stockholders - Diluted (in dollars per share)										$ 5.02
Weighted average common shares outstanding:
Basic (shares)										37,012
Diluted (shares)										37,536
Revisions
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenue from services										$ (3,228)
Operating expenses:
Direct operating expenses										0
Selling, general and administrative expenses										0
Credit loss expense										0
Depreciation and amortization										0
Restructuring costs										0
Impairment charges										0
Total operating expenses										0
Income (loss) from operations										(3,228)
Other expenses (income):
Interest expense										0
Loss on early extinguishment of debt										0
Other income, net										0
Income (loss) before income taxes										(3,228)
Income tax expense (benefit)										(749)
Net income (loss) attributable to common stockholders										(2,479)
Other comprehensive income (loss):
Unrealized foreign currency translation loss, net of tax										0
Comprehensive income (loss)										$ (2,479)
Net income per share attributable to common stockholders - Basic (in dollars per share)										$ (0.07)
Net income per share attributable to common stockholders - Diluted (in dollars per share)										$ (0.07)
Weighted average common shares outstanding:
Basic (shares)										37,012
Diluted (shares)										37,536

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Nature of Business	Nature of Business The accompanying condensed consolidated financial statements include the accounts of Cross Country Healthcare, Inc. and its direct and indirect wholly-owned subsidiaries (collectively, the Company). In the opinion of management, all adjustments necessary for a fair presentation of such unaudited condensed consolidated financial statements have been included. All such adjustments consisted of all normal recurring items, including the elimination of all intercompany transactions and balances.
Basis of Accounting	The accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These operating results are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023 included in the 2023 Form 10-K. The December 31, 2023 condensed consolidated balance sheet included herein was derived from the December 31, 2023 audited consolidated balance sheet included in the 2023 Form 10-K. Certain prior year amounts have been reclassified to conform to the current year presentation. See the consolidated statements of operations and comprehensive income (loss).
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Management has assessed various accounting estimates and other matters, including those that require consideration of forecasted financial information, using information that is reasonably available to the Company at the time. Significant estimates and assumptions are used for, but not limited to: (i) the valuation of accounts receivable; (ii) goodwill, trade names, and other intangible assets; (iii) other long-lived assets; (iv) revenue recognition; (v) accruals for health, workers’ compensation, and professional liability claims; (vi) valuation of deferred tax assets; (vii) legal contingencies; and (viii) income taxes. Accrued insurance claims and reserves include estimated settlements from known claims and actuarial estimates for claims incurred but not reported. As additional information becomes available to the Company, its future assessment of these estimates could materially and adversely impact the Company's consolidated financial statements in future reporting periods. Actual results could differ from those estimates.
Risks and Uncertainties	Risks and Uncertainties The Company’s future results of operations and liquidity could be materially adversely affected by macroeconomic factors contributing to delays in payments from customers and inflationary pressure, uncertain or reduced demand, and the impact of any initiatives or programs that the Company may undertake to address financial and operational challenges faced by its customers. See associated risk factors in Item 1A. Risk Factors in the 2023 Form 10-K.
Restatement of Prior Period Financial Statements	Restatement of Prior Period Financial Statements In connection with the preparation of the Company’s financial statements for the quarter ended September 30, 2024, the Company identified an accounting error related to Medical Staffing Network Healthcare, LLC, which the Company acquired on June 30, 2014. The error pertains to an elimination entry that was improperly recorded, which resulted in the overstatement of revenue and the understatement of subcontractor liabilities. It was determined that the impact of the error was inconsequential in 2023 and 2024, and primarily related to the fiscal years of 2020 through 2022, during which time the Company's business greatly accelerated as a result of the pandemic. This non-cash error did not affect client billings, payments to health care professionals, or payments to subcontractors. Management assessed the materiality of the error, including the presentation in prior period consolidated financial statements, on a qualitative and quantitative basis in accordance with SEC Staff Accounting Bulletin No. 99, Materiality, codified in Accounting Standards Codification (ASC) Topic 250, Accounting Changes and Error Corrections. Based on this assessment, the Company concluded that the error and the related impacts did not result in a material misstatement of the previously issued consolidated financial statements as of and for the fiscal years ended December 31, 2021 through 2023. However, correcting the cumulative effect of the error in the third quarter of 2024 would have had a material effect on the results of operations for that period. Therefore, the relevant prior periods’ financial statements and related footnotes have been corrected. Previously reported financial information for such an immaterial error will be corrected in future filings, as applicable. The Company has provided a summary of the revisions to the impacted financial statement line items from the previously issued financial statements. See Note 16 - Immaterial Financial Restatement to Prior Period Financial Statements.
Accounts Receivable, net	Accounts Receivable, net The timing of revenue recognition, billings, and collections results in billed and unbilled accounts receivable from customers, which are classified as accounts receivable on the condensed consolidated balance sheets and are presented net of allowances for credit losses and sales allowances. Estimated revenue for the Company employees’, subcontracted employees’, and independent contractors’ time worked but not yet billed at September 30, 2024 and December 31, 2023 totaled $67.5 million and $89.9 million, respectively. The Company generally does not require collateral and mitigates its credit risk by performing credit evaluations and monitoring at-risk accounts. The allowance for credit losses is established for losses expected to be incurred on accounts receivable balances. Accounts receivable are written off against the allowance for credit losses when the Company determines amounts are no longer collectible. Judgment is required in the estimation of the allowance and the Company evaluates the collectability of its accounts receivable based on a combination of factors. The Company bases its allowance for credit losses estimates on its historical write-off experience, current conditions, an analysis of the aging of outstanding receivable and customer payment patterns, and specific reserves for customers in adverse condition adjusted for current expectations for the customers or industry. Based on the information currently available, the Company also considered expectations of future economic conditions when estimating its allowance for credit losses. In addition to the allowance for credit losses, the Company maintains a sales allowance for billing-related adjustments that may arise in the ordinary course of business and adjustments to the reserve are recorded as contra-revenue. The sales allowance balance as of September 30, 2024 and December 31, 2023 was $0.4 million and $0.9 million, respectively. The Company’s contract terms typically require payment between 30 to 60 days from the date of invoice and are considered past due based on the particular negotiated contract terms. The majority of the Company's customers are healthcare systems with a significant percentage in acute-care facilities.
Restructuring Costs	Restructuring Costs The Company considers restructuring activities to be programs whereby it fundamentally changes its operations, such as closing and consolidating facilities, reducing headcount, and realigning operations in response to changing market conditions. As a result, restructuring costs on the condensed consolidated statements of operations and comprehensive income (loss) primarily include employee termination costs and lease-related exit costs.
Recent Accounting Pronouncements	Recent Accounting Pronouncements On December 14, 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires that public business entities, on an annual basis, (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). The amendments also require that all entities disclose, on an annual basis, disaggregated information regarding income taxes paid and income tax expense. This guidance is effective for annual periods beginning after December 15, 2024. The amendments should be applied prospectively, but retrospective application is permitted. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company expects to adopt this standard for its annual report for the fiscal year ended December 31, 2025. The Company expects this ASU to only impact its disclosures with no impacts to results of operations, cash flows, and financial condition. On November 27, 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and requires certain disclosures related to the chief operating decision maker. This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. The Company expects to adopt this standard for its fiscal year ended December 31, 2024. The Company expects this ASU to only expand its disclosures with no impacts to results of operations, cash flows, and financial condition.

CONTINGENCIES	9 Months Ended
CONTINGENCIES	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES Legal Proceedings From time to time, the Company is involved in various litigation, claims, investigations, and other proceedings that arise in the ordinary course of its business. These proceedings primarily relate to employee-related matters that include individual and collective claims, professional liability, tax, and payroll practices. The Company establishes reserves when available information indicates that a loss is probable and an amount or range of loss can be reasonably estimated. These assessments are performed at least quarterly and are based on the information available to management at the time and involve significant management judgment to determine the probability and estimated amount of potential losses, if any. Based on the available information considered in its reviews, the Company adjusts its loss contingency accruals and its disclosures as may be required. Actual outcomes or losses may differ materially from those estimated by the Company's current assessments, including available insurance recoveries, which would impact the Company's profitability. Adverse developments in existing litigation claims or legal proceedings involving the Company or new claims could require management to establish or increase litigation reserves or enter into unfavorable settlements or satisfy judgments for monetary damages for amounts in excess of current reserves, which could adversely affect the Company's financial results. The Company believes that the outcome of any outstanding loss contingencies as of September 30, 2024 will not have a material adverse effect on its business, financial condition, results of operations, or cash flows. Sales and Other State Non-Income Tax Liabilities The Company's sales and other state non-income tax filings are subject to routine audits by authorities in the jurisdictions where it conducts business in the United States which may result in assessments of additional taxes. The Company accrues sales and other non-income tax liabilities based on the Company's best estimate of its probable liability utilizing currently available information and interpretation of relevant tax regulations. Given the nature of the Company's business, significant subjectivity exists as to both whether sales and other state non-income taxes can be assessed on its activity and how the sales tax will ultimately be measured by the relevant jurisdictions. The Company makes a determination for each reporting period whether the estimates for sales and other non-income taxes in certain states should be revised. The expense is included in selling, general and administrative expenses in the Company's condensed consolidated statements of operations and comprehensive income (loss) and the liability is reflected in sales tax payable within other current liabilities in its condensed consolidated balance sheets.

GOODWILL, TRADE NAMES, AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Acquired Intangible Assets

The Company had the following acquired intangible assets:


	September 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(amounts in thousands)
Intangible assets subject to amortization:
Databases	$	39,430	$	22,481	$	16,949	$	45,930	$	24,971	$	20,959
Customer relationships	52,538		29,699		22,839		52,538		26,286		26,252

Trade names	900		885		15		900		548		352
Software	1,700		950		750		1,700		695		1,005
Other intangible assets, net	$	94,568	$	54,015	$	40,553	$	101,068	$	52,500	$	48,568

Intangible assets not subject to amortization:
Trade names, indefinite-lived					$	5,900					$	5,900

Schedule of Estimated Annual Amortization Expense

As of September 30, 2024, estimated future annual amortization expense was as follows:


	(amounts in thousands)
Years Ending December 31:
2024	$	2,467
2025	9,571
2026	8,362
2027	6,191
2028	4,791
Thereafter	9,171
	$	40,553

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss, net	Retained Earnings
Beginning balance (shares) at Dec. 31, 2021		37,024
Beginning balance at Dec. 31, 2021	$ 294,265	$ 4	$ 321,552	$ (1,293)	$ (25,998)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock (shares)		499
Vesting of restricted stock	(5,267)		(5,267)
Equity compensation	7,393		7,393
Stock repurchase and retirement (shares)		(1,365)
Stock repurchase and retirement	(35,285)		(35,285)
Foreign currency translation adjustment, net of taxes	(94)			(94)
Net income (loss)	185,982				185,982
Ending balance (shares) at Dec. 31, 2022		36,303
Ending balance at Dec. 31, 2022	451,477	$ 4	292,876	(1,387)	159,984
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock (shares)		425
Vesting of restricted stock	(4,890)		(4,890)
Equity compensation	5,413		5,413
Stock repurchase and retirement (shares)		(2,039)
Stock repurchase and retirement	(51,251)		(51,251)
Stock repurchase excise tax	(416)		(416)
Foreign currency translation adjustment, net of taxes	(7)			(7)
Net income (loss)	63,593				63,593
Ending balance (shares) at Sep. 30, 2023		34,689
Ending balance at Sep. 30, 2023	463,919	$ 4	241,732	(1,394)	223,577
Beginning balance (shares) at Dec. 31, 2022		36,303
Beginning balance at Dec. 31, 2022	451,477	$ 4	292,876	(1,387)	159,984
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock (shares)		426
Vesting of restricted stock	(4,905)		(4,905)
Equity compensation	6,579		6,579
Stock repurchase and retirement (shares)		(2,344)
Stock repurchase and retirement	(57,654)		(57,654)
Stock repurchase excise tax	(479)		(479)
Foreign currency translation adjustment, net of taxes	2			2
Net income (loss)	72,631				72,631
Ending balance (shares) at Dec. 31, 2023		34,385
Ending balance at Dec. 31, 2023	467,651	$ 4	236,417	(1,385)	232,615
Beginning balance (shares) at Jun. 30, 2023		35,305
Beginning balance at Jun. 30, 2023	464,606	$ 4	255,216	(1,379)	210,765
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock (shares)		1
Vesting of restricted stock	(4)		(4)
Equity compensation	1,433		1,433
Stock repurchase and retirement (shares)		(617)
Stock repurchase and retirement	(14,768)		(14,768)
Stock repurchase excise tax	(145)		(145)
Foreign currency translation adjustment, net of taxes	(15)			(15)
Net income (loss)	12,812				12,812
Ending balance (shares) at Sep. 30, 2023		34,689
Ending balance at Sep. 30, 2023	463,919	$ 4	241,732	(1,394)	223,577
Beginning balance (shares) at Dec. 31, 2023		34,385
Beginning balance at Dec. 31, 2023	467,651	$ 4	236,417	(1,385)	232,615
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock (shares)		294
Vesting of restricted stock	(2,960)		(2,960)
Equity compensation	4,327		4,327
Stock repurchase and retirement (shares)		(2,107)
Stock repurchase and retirement	(33,234)	$ (1)	(33,233)
Stock repurchase excise tax	(278)		(278)
Foreign currency translation adjustment, net of taxes	(12)			(12)
Net income (loss)	(10,803)				(10,803)
Ending balance (shares) at Sep. 30, 2024		32,572
Ending balance at Sep. 30, 2024	424,691	$ 3	204,273	(1,397)	221,812
Beginning balance (shares) at Jun. 30, 2024		33,388
Beginning balance at Jun. 30, 2024	433,320	$ 3	215,449	(1,389)	219,257
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock (shares)		1
Vesting of restricted stock	(7)		(7)
Equity compensation	870		870
Stock repurchase and retirement (shares)		(817)
Stock repurchase and retirement	(11,920)		(11,920)
Stock repurchase excise tax	(119)		(119)
Foreign currency translation adjustment, net of taxes	(8)			(8)
Net income (loss)	2,555				2,555
Ending balance (shares) at Sep. 30, 2024		32,572
Ending balance at Sep. 30, 2024	$ 424,691	$ 3	$ 204,273	$ (1,397)	$ 221,812

ACQUISITIONS	9 Months Ended
ACQUISITIONS	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS	ACQUISITIONS HireUp On December 13, 2022, the Company purchased and acquired substantially all of the assets and assumed certain liabilities of HireUp Leadership Inc. (HireUp) for a purchase price of $6.0 million in cash, subject to adjustment, and $0.8 million in shares (or 29,811 shares) of the Company's common stock. The transaction was treated as a purchase of assets for income tax purposes. The sellers were eligible to receive up to an additional $8.0 million in earnout cash consideration based on HireUp's revenues and Adjusted EBITDA for each of the twelve-month periods ending on the first and second anniversaries of the first day after the closing date. Quarterly throughout 2023, and during the first quarter of 2024, the Company performed analyses using multiple updated forecasted scenarios and determined that the earnout would only be partially achieved. As a result, the Company recognized a decrease in the fair value of the related liabilities in the second and third quarters of 2023 and the first quarter of 2024. The Company paid the remaining earnout liability of $1.7 million in the first quarter of 2024. See Note 10 - Fair Value Measurements. Mint On October 3, 2022, the Company purchased and acquired substantially all of the assets and assumed certain liabilities of Mint Medical Physician Staffing, LP and Lotus Medical Staffing LLC (collectively, Mint) for a purchase price of $27.0 million in cash, subject to adjustment, and $3.6 million in shares (or 114,278 shares) of the Company's common stock. The transaction was treated as a purchase of assets for income tax purposes. The sellers were eligible to receive up to an additional $10.0 million in earnout cash consideration based on Mint's revenues and gross profit for each of the twelve-month periods ending on the first and second anniversaries of the first day of the calendar month following the closing date. In the fourth quarter of 2023, the Company performed a calculation for the first measurement period, resulting in the achievement of a $4.9 million earnout, which was paid in the first quarter of 2024. During the first quarter of 2024, the Company performed analyses using multiple updated forecasted scenarios and determined that the earnout for the second measurement period would only be partially achieved and, as a result, recognized a decrease in the fair value of the related liabilities. The remaining liability of $4.1 million is included in the current portion of earnout liability on the condensed consolidated balance sheets. See Note 10 - Fair Value Measurements. Cross Country Workforce Solutions Group (CCWSG) On June 8, 2021, the Company purchased and acquired substantially all of the assets and assumed certain liabilities of Workforce Solutions Group, Inc. (WSG) for a purchase price of $25.0 million in cash and $5.0 million in shares (or 307,730 shares) of the Company's common stock. The sellers were eligible to receive an earnout based on the business' performance through three years after the acquisition date that could provide up to an additional $15.0 million in cash. In the third quarter of 2022, the Company determined that the contingent consideration earnout was achieved for the 2021 through 2022 period and, as a result, the Company made a $7.5 million earnout payment. In the third quarter of 2023, the Company determined that the contingent consideration earnout was achieved for the 2022 through 2023 period and, as a result, the Company made the final $7.5 million earnout payment.

STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Stock Repurchase Program

On May 1, 2023, the Company’s Board of Directors authorized approximately $59.0 million in additional share repurchases to be added to the prior authorized repurchase program, such that, effective for trades made after May 3, 2023, the aggregate amount available for stock repurchases was set at $100.0 million (the Repurchase Program). The shares can be repurchased from time-to-time in the open market or in privately negotiated transactions. The Repurchase Program does not obligate the Company to repurchase any particular number of shares of common stock and may be discontinued by the Board of Directors at any time. Decisions regarding the amount and the timing of repurchases under the Repurchase Program will be subject to the Company’s available liquidity and cash on hand, applicable legal requirements, the terms of the Company’s Loan Agreement, general market conditions, and other factors.

During the fourth quarter of 2022, the Company entered into a Rule 10b5-1 Repurchase Plan to allow for share repurchases during the Company's blackout periods, effective through November 2, 2023. During the third quarter of 2023, the Company entered into a new Rule 10b5-1 Repurchase Plan to allow for share repurchases during the Company's blackout periods, beginning on January 2, 2024 and effective through November 7, 2024.

During the three months ended September 30, 2024, the Company repurchased a total of 816,879 shares of common stock for $11.9 million, at an average price of $14.57 per share. During the nine months ended September 30, 2024, the Company repurchased a total of 2,107,035 shares of common stock for an aggregate of $33.2 million, at an average price of $15.75 per share. During the three months ended September 30, 2023, the Company repurchased a total of 616,824 shares of common stock for $14.8 million, at an average price of $23.92 per share. During the nine months ended September 30, 2023, the Company repurchased a total of 2,038,691 shares of common stock for $51.2 million, at an average price of $25.12 per share.

As of September 30, 2024, the Company had $44.1 million remaining for share repurchase under the Repurchase Program, subject to certain conditions in the Company's Loan Agreement. As of September 30, 2024, the Company had 32,572,284 unrestricted shares of common stock outstanding.

Share-Based Payments

On May 14, 2024, the Company's stockholders approved the Cross Country Healthcare, Inc. 2024 Omnibus Incentive Plan (2024 Plan). Pursuant to the 2024 Plan, awards may be granted to employees, non-employee directors, consultants, and key advisors of the Company and its subsidiaries, including stock options (including incentive stock options and nonqualified stock options), stock appreciation rights, stock awards, stock units, other stock-based awards, and cash awards. The 2024 Plan was adopted principally to serve as a successor plan to the Cross Country Healthcare, Inc. 2020 Omnibus Incentive Plan (2020 Plan) and to increase the number of shares of Company common stock reserved for equity-based awards to 2,400,000 shares (in addition to the share reserve amount that remained available under the 2020 Plan immediately prior to the adoption of the 2024 Plan and other eligible returning shares). No awards may be granted under the 2024 Plan after May 13, 2034.

The following table summarizes restricted stock awards and performance stock awards activity issued under the 2020 Plan and the 2024 Plan (Plans) for the nine months ended September 30, 2024:


	Restricted Stock Awards			Performance Stock Awards
	Number of Shares	Weighted Average Grant Date Fair Value		Number of Target Shares	Weighted Average Grant Date Fair Value
Unvested restricted stock awards, January 1, 2024	547,534	$	20.42	417,197	$	18.75
Granted	375,377	$	18.05	170,880	$	18.67
Vested	(309,847)	$	19.06	(145,908)	$	12.71
Forfeited	(62,157)	$	20.65	(23,875)	$	21.39
Unvested restricted stock awards, September 30, 2024	550,907	$	19.54	418,294	$	20.68

Restricted stock awards granted under the Company’s Plans entitle the holder to receive, at the end of a vesting period, a specified number of shares of the Company’s common stock. Share-based compensation expense is measured by the market value of the Company’s stock on the date of grant.

Awards granted to non-employee directors under the Plans will vest on the first anniversary of such grant date, or earlier subject to retirement eligibility. In addition, effective for the three months ended June 30, 2020, the Company implemented modified guidelines that provide for accelerated vesting of restricted stock grants on the last date of service when a retirement-eligible director retires.

Pursuant to the Plans, the number of target shares that are issued for performance-based stock awards are determined based on the level of attainment of the targets. During the first quarter of 2024, the Company's Compensation Committee of the Board of Directors approved a 101% level of attainment for the 2021 performance-based share awards, resulting in the issuance of 145,908 performance shares that vested on March 31, 2024.

During the three and nine months ended September 30, 2024, $0.9 million and $4.3 million, respectively, was included in selling, general and administrative expenses related to share-based payments, and a net of 1,163 and 294,414 shares, respectively, of common stock were issued upon the vesting of restricted and performance stock.

During the three and nine months ended September 30, 2023, $1.4 million and $5.4 million, respectively, was included in selling, general and administrative expenses related to share-based payments, and a net of 430 and 424,704 shares, respectively, of common stock were issued upon the vesting of restricted and performance stock.

COMPREHENSIVE INCOME (LOSS)	9 Months Ended
COMPREHENSIVE INCOME (LOSS)	Sep. 30, 2024
Equity [Abstract]
COMPREHENSIVE INCOME (LOSS)	COMPREHENSIVE INCOME (LOSS) Total comprehensive income (loss) includes net income or loss and foreign currency translation adjustments, net of any related deferred taxes, and is included within the accompanying condensed consolidated statements of operations and comprehensive income (loss). Certain of the Company’s foreign subsidiaries use their respective local currency as their functional currency. Assets and liabilities of these operations are translated at the exchange rates in effect on the balance sheet date. Income statement items are translated at the average exchange rates for the period. The cumulative impact of currency fluctuations related to the balance sheet translation is included in accumulated other comprehensive loss in the accompanying condensed consolidated balance sheets and was an unrealized loss of $1.5 million as of September 30, 2024 and December 31, 2023. The income tax impact related to components of other comprehensive income (loss) for the three and nine months ended September 30, 2024 and 2023 is included in unrealized foreign currency translation loss, net of tax in the condensed consolidated statements of operations and comprehensive income (loss).