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Strategies & Market Trends : Value Investing
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From: Sean Collett1/2/2024 10:15:16 AM
1 Recommendation

Recommended By
E_K_S

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Opened a tracking position in CCRN (Cross Country Healthcare, Inc.) at $23.09/s. They are a company that provides staffing and consulting services in the medical industry. The reason for only tracking at the moment is quarterly revenue has been on the decline; their nursing placement has seen a pretty good decline as pandemic needs have slowed. They have been growing via acquisition and while nursing placement has declined their physician placement has been growing even still which is positive as these placements are higher $. If they can grow that side then there is some potential. While revenue has been on the decline recently it is worth noting their annual revenue in 2017 was $865.05M and in 2022 it was at $2.8B.

With the US medical system still suffering from a decline in workers I think this will eventually level off and they can start to see some revenue stabilization. For example, there was a story ran in October about how 20% of nursing jobs in Alabama were still vacant due to these shortages.

While the recent revenue decline is not ideal what is ideal is there is no debt. They have around $5.8M in lease liabilities but they recently just repaid their outstanding obligations and that is all they have left. They have an asset-based loan agreement (instead of a credit facility) with no borrowings drawn on it and access to $209.5M if needed. They also have $14.3M in cash & equivalents.

In 2022 they approved a $100M share repurchase and have executed $86M on it and recently refreshed the repurchase for another $100M with $83.7M remaining on it. The shares they have bought back have been retired and NOT stored in the treasury. They have 34,688,631 shares outstanding according to their latest 10-Q.

Looking at the charts they seem to have some support so I will be using this as a good entry point. If the support changes I will of course adjust.

Happy investing.

-Sean
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