CCC Intelligent Solutions Holdings Inc. - CCCS STOCK NEWS

CCC Intelligent Solutions (NASDAQ: CCCS) reported strong Q3 2024 results with revenue reaching $238.5 million, up 8% year-over-year. The company achieved a 43% adjusted EBITDA margin and GAAP gross profit of $183.4 million. Notable metrics include GAAP net income of $4.1 million, compared to a net loss of $21.2 million in Q3 2023, and free cash flow of $49.4 million. The company maintains a strong liquidity position with $286.3 million in cash. Recent launches include CCC® Intelligent Reinspection, CCC® Payroll, and CCC® Build Sheets, with over 2,000 repair facilities adopting the latter since its July launch.

CCC Intelligent Solutions Inc. (CCCS) released findings from its Moments of Truth study, examining key drivers of customer satisfaction and retention in auto claims and repair processes. The study, based on data from 2,400 policyholders, revealed that:

1. Consumer satisfaction with insurers and repairers is closely linked, with their collaboration playing a pivotal role in each other's satisfaction scores.

2. Transparency and clear communication about the claims process and repair needs are more important than speed in determining customer satisfaction.

3. Satisfaction with the claims process may not impact insurer loyalty, with factors like loan gap coverage, injury involvement, and first-time claim filing being more predictive of switching behavior.

4. Repairer actions, such as high-quality repairs and offering loaner vehicles, can significantly impact satisfaction with insurers.

CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS), a leading cloud platform for the P&C insurance economy, has announced the date for its third quarter 2024 earnings call. The company will release its financial results for the quarter ended September 30, 2024, after the U.S. financial markets close on Monday, October 28, 2024.

In conjunction with this announcement, CCC will host a conference call on the same day at 5:00 p.m. Eastern Time to discuss the company's financial results and business outlook. Interested parties can access a live webcast of the call on the "Investor Relations" page of the company's website at https://ir.cccis.com. A replay of the call will also be archived on the website for future reference.

CCC Intelligent Solutions Inc. has released its Crash Course Q3 2024 Report, highlighting key trends shaping the auto claims and collision repair industry in 2025. The report, based on 300 million claims-related transactions, reveals:

1. Rising repair costs: Total cost of repair increased 3.7% in H1 2024 compared to H1 2023, with labor rates up 4.9% year-over-year.

2. EV impact: EVs now represent 2.4% of repairable claims, up from 1.6% in 2023, with 46.9% higher average repair costs than non-EVs.

3. Inflation effects: Third-party medical bill severity rose 5.4%, while first-party severity increased 6.1% since H1 2023.

4. Total loss frequency: 1.8% year-over-year increase in vehicles flagged as total losses, with 73% of valuations for vehicles seven years or older.

The report aims to help insurers and repairers navigate industry challenges in 2025.

CCC Intelligent Solutions Inc. (CCCS) has launched CCC® Payroll, a new solution integrated into the CCC ONE® platform to streamline payroll management for collision repair shops. The solution, managed by Check, supports unique compensation structures in the industry and combines labor data with Repair Order tracking for precise calculations. Key features include:

• Real-time pay tracking via mobile app
• Digital pay corrections
• Compliance maintenance
• General ledger management

CCC Payroll aims to simplify the complex payroll process, enhance transparency, and potentially improve employee retention in an industry facing labor shortages. The solution is now available to CCC ONE users.

CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS), a leading cloud platform for the P&C insurance economy, has announced its participation in two upcoming investor conferences. The company will present at:

1. The Citi Global TMT Conference in New York, NY on September 4, 2024, at 7:30 a.m. ET.

2. The Goldman Sachs Communacopia and Technology Conference in San Francisco, CA on September 10, 2024, at 8:50 a.m. PT / 11:50 a.m. ET.

Both presentations will be webcast live and available for replay for a time on CCC's investor relations website under the "Events & Presentations" section at http://ir.cccis.com/.

CCC Intelligent Solutions Inc. (CCC), a leading cloud platform for the P&C insurance economy, has appointed Justin McWhirter as Chief Information Officer (CIO). McWhirter, formerly of Amazon Web Services (AWS), replaces retiring CIO Bill Rocholl. In his new role, McWhirter will oversee IT operations, enhance existing applications, and accelerate innovation and AI initiatives.

At AWS, McWhirter led solution architects, scaled global programs, and provided counsel on cloud migrations and modernization. His experience spans financial services, technology consulting, and e-commerce. McWhirter's appointment comes as CCC introduces its Intelligent Experience (IX) Cloud platform, aiming to bring intelligent experiences through new event-driven architecture.

CCC Intelligent Solutions Inc. (CCCS), a leading cloud platform for the P&C insurance economy, has been awarded the 2024 AI Breakthrough Award for "Best Overall Computer Vision Solution". This recognition highlights CCC's innovative use of AI in the auto insurance and repair industry.

CCC's AI-powered solutions utilize over 300 AI models incorporating computer vision, natural language understanding, and deep learning to streamline operations and digitize assessments. The company's technology helps address industry challenges such as labor shortages, inflation, and increasing vehicle complexity.

Recently, CCC introduced the CCC Intelligent Experience (IX) Cloud™ platform, which enhances existing cloud applications and workflows with proactive insights and AI-driven innovations. Since introducing its first AI solution for vehicle damage assessment in 2013, CCC's AI-powered solutions have been adopted by over 100 auto insurance companies and thousands of collision repair operators.

CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS) reported strong Q2 2024 financial results, with 10% year-over-year revenue growth to $232.6 million and a 41% adjusted EBITDA margin. The company's GAAP net income was $21.4 million, compared to a net loss of $97.3 million in Q2 2023. Adjusted EBITDA grew 18% to $95.8 million. CCC's customer base now exceeds 35,000, including over 30,000 repair facilities. The company launched CCC® Build Sheets to streamline the repair process. Based on these results, CCC issued guidance for Q3 and full-year 2024, projecting continued growth.