On this page of StockholderLetter.com we present the latest annual shareholder letter from CROSS COUNTRY HEALTHCARE INC — ticker symbol CCRN. Reading current and past CCRN letters to shareholders can bring important insights into the investment thesis.

 •  4/1/2024 Letter Continued (Full PDF)
 •  4/3/2023 CCRN Stockholder Letter
 •  More "Diagnostics" Category Stockholder Letters
 •  CCRN Benford's Law Stock Score = 88

CCRN Shareholder/Stockholder Letter Transcript:

2023 ANNUAL R EPORT
L E A D E R S H I P. I N N O V AT I O N . AC C OUNTA B I L I TY.

Q UA LI T Y
I NTE GR I T Y
RE SI LI EN C E
EXC ELLE N C E
I NN OVAT I O N
DISTINCTION
C O MMI T ME N T
ADAPTA BI LI T Y
D ETERMI NAT I O N

Dear Shareholders:
Guided by a pioneering spirit, we have embraced innovation and operational excellence as a
driving force in our business. From spearheading a digital transformation across the organization
to cultivating a culture of creativity and forward-thinking, every initiative has been motivated by a
shared aspiration to push boundaries and deliver solutions that meet the changing needs of clients
and clinicians.
In an era marked by budget constraints, continuing labor shortages, and escalating clinician burnout,
traditional staffing has been under pressure as clients look to return to more normal utilization
of contingent staff. Increasingly, clients are seeking a partner that not only understands these
challenges but can help to overcome them. We stand    rm in our mission to reshape the landscape
through a focus on quality and customizable solutions that serves to deepen our partnerships
with clients and diversify our offerings to meet evolving needs. This strategic approach not only
bolsters our resilience but also cultivates deeper connections, showcasing our adaptability and
leadership throughout the continuum of care.
Re   ecting on our full-year performance, 2023 was a year marked by strong    nancial discipline,
thoughtful strategic investments, and the return of capital to our shareholders. Our key
accomplishments include:

Generating $144 million in adjusted EBITDA, marking the second-best result in our company's
history;

A record year for generating cash, with cash    ow from operations totaling $249 million;

Maintaining a debt-free balance sheet;

Investing more than $20 million in technology including our top three initiatives - Intellify  ,
Xperience   , and our new ERP platform; and

Repurchasing 2.3 million shares of our stock or approximately 6% of outstanding shares.
These results re   ect our ability to navigate the challenging travel market with exceptional adaptability
and determination that underscores our ability to respond effectively to market challenges while
maintaining our    nancial resilience.
INNOVATION AND THE FUTURE
Innovation remains at the forefront of Cross Country's strategic vision, fueling our dedication to
technological progress and operational efficiency. By leveraging cutting-edge technologies to
automate and optimize processes, as well as utilizing our offshore operations, we are continuing
to streamline operations, boost productivity, and reduce costs, while maintaining the capacity for
organic growth. Our commitment to operational excellence enables us to stay competitive in the
market while safeguarding pro   tability.

One very signi   cant achievement for us this past year was the introduction of Intellify  , our
proprietary workforce optimization platform, also known as a vendor management system
(VMS). With its intuitive design and ease of use, Intellify   sets the bar as a leading vendorneutral 'Platform as a Service,' available through both Cross Country and our newly established
technology-focused entity, Intellify Talent Solutions   .
From the candidate perspective, we're proactively harnessing the power of AI and machine
learning to anticipate job compatibility and assess candidate suitability, thus optimizing our
work   ow. Our candidate facing platform, Xperience   , is tailored speci   cally for clinicians, and
transforms the way clinicians engage on opportunities by ensuring seamless alignment with
roles that precisely match their expertise and ambitions.
In addition, we launched a new tech-enabled service called Cross Country Data Aggregation
Services (DAS), which utilizes data analytics to provide healthcare systems with objective, realtime insights into bill rates. DAS not only enhances our value proposition with clients, but also
underscores our capacity to innovate and deploy transformative technologies that address
clients very real concerns around cost rationalization.
FOSTERING EXPANSION AND DIVERSIFICATION
We remain committed to diversifying our portfolio, expanding our addressable market, and
reducing reliance on any single segment. Despite anticipated declines in core travel nurse and
allied primarily with large acute systems, we experienced signi   cant organic growth in alternate
settings such as with schools and in the home through PACE programs, as well as through a
variety of specialties within our physician staffing business. Physician staffing experienced 90%
year-over-year growth, fueled in part by strong industry tailwinds and through the consummation
of our Mint and Lotus acquisitions in late 2022.
Our business development efforts are focused on growing and expanding relationships with
existing clients, winning new business, as well as executing on a disciplined acquisition strategy.
With the health of our balance sheet we are well-positioned to make those investments and
deliver positive returns to our shareholders.
SHAPING OUR FUTURE WITH VISION AND PURPOSE
Cross Country   s future is driven by the steadfast dedication of our talented employees, as
well as our commitment to quality. Our efforts to foster a vibrant and inclusive culture within
Cross Country has yielded tangible results, as re   ected in the achievements we've realized
throughout the year.
L E A D E R SH IP. INNOVATION. AC C O UN TA B I L I T Y.

In 2023, Cross Country received numerous awards, including Newsweek Magazine's 'Most
Loved Workplaces', US News and World Report's List of    Top Places to Work   , and    Top
Workplaces for Diversity, Culture, and Innovation   . These awards serve as a testament to the
inclusive, innovative, and nurturing environment we have cultivated at Cross Country, and
continue to position us as an employer of choice.
Diversity, equity, and inclusion (DEI), lies at the heart of everything we do. Embracing diversity
not only enriches our workplace culture but also strengthens our ability to cater to the varied
needs of our clients and communities. Our    work from where you are most productive   
philosophy and    exible work arrangements have played a pivotal role in reaching talent and
communities nationwide.
CHARTING A COURSE FOR TOMORROW
Filled with optimism for the future, we maintain our
steadfast commitment to driving and embracing
change and delivering exceptional value to our clients
and stakeholders. With a robust sales pipeline, a
debt-free balance sheet, and ongoing investments in
technology, we are poised for continued growth and
success in the years ahead, and we are ready to chart
new paths to rede   ne industry standards.
Along with our entire board, I believe that Cross
Country is on the right path to deliver sustainable
long-term growth by continuing to diversify our
offerings, embracing technology, and expanding our
partnerships with clients and candidates. With the
unwavering support and trust of our shareholders, we
forge ahead to achieve our vision for success.
Sincerely,
John A. Martins
President and CEO



 4/1/2024 Letter Continued (Full PDF)