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CCC Intelligent Solutions Inc. (CCC) has been awarded the 2024 Artificial Intelligence Excellence Award by Business Intelligence for its innovative use of computer vision. CCC is a leader in AI-powered solutions for the P&C insurance industry, providing products that analyze and assess vehicle damage photos to streamline the automotive claims and repair process. The company's dedication to leveraging advanced AI technologies to address industry challenges like labor shortages and complex vehicle assessments has been recognized through this award.
CCC Intelligent Solutions Holdings Inc. announced strong first quarter 2024 financial results, with revenue up 11% year-over-year to $227.2 million. The company reported a 41% adjusted EBITDA margin, exceeding guidance. CCC's GAAP gross profit was $167.9 million, with a gross margin of 74%. Adjusted gross profit was $177.0 million, with a margin of 78%. However, GAAP net loss was $0.6 million for the quarter. CCC announced the CCC Intelligent Experience (IX) Cloud platform, aiming to transform the P&C insurance economy by leveraging AI-enabled innovation. The company also introduced CCC Inbound Subrogation, an AI-powered solution for claims demands. CCC completed two secondary offerings of common stock, increasing the publicly traded float to approximately 60% from 30% in October 2023.