CCC Intelligent Solutions Holdings Inc. Announces First Quarter 2024 Financial Results
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.
Revenue growth of 11% year-over-year to $227.2 million.
Adjusted EBITDA margin of 41% exceeding guidance ranges.
Introduction of CCC Intelligent Experience (IX) Cloud platform for AI-enabled innovation in P&C insurance.
Launch of CCC Inbound Subrogation, the first end-to-end AI-enabled subrogation solution in the industry to optimize claims demands.
GAAP net loss of $0.6 million for the first quarter of 2024.
Completion of two secondary offerings of common stock without proceeds to the company, increasing the publicly traded float to approximately 60%.
Insights
CCC Intelligent Solutions Holdings Inc.'s report of 11% year-over-year revenue growth and a 41% adjusted EBITDA margin is a testament to the company's operational efficiency and market expansion. A deep dive into the financials shows that CCC's growth is not just top-line. The increase in both GAAP and adjusted gross profits, as well as a significant rise in free cash flow from
However, it's important to note the mixed profitability signals; despite higher revenues and adjusted metrics, GAAP operating income dipped from
The introduction of the CCC Intelligent Experience (IX) Cloud platform represents a significant strategic pivot towards leveraging AI and automation in the P&C insurance sector. By providing an event-driven architecture, CCC is positioning itself at the forefront of the digital transformation in insurance, which is a sector ripe for innovation. The CCC IX Cloud's potential to streamline operations and evoke a new standard in customer interactions is indicative of the company's commitment to staying ahead of the technology curve. This platform could enhance customer satisfaction and retention, which are critical drivers in the P&C insurance industry's competitive landscape.
The focus on intelligent experiences and the launch of CCC Inbound Subrogation reflects an emerging trend in the industry towards data-driven decision-making and process optimization. This is likely to resonate well with clients looking to gain efficiency and improve claim resolution times. However, the long-term success of such innovations will be contingent upon CCC's capacity to seamlessly integrate these solutions with clients' existing systems and demonstrate tangible ROI.
“CCC delivered strong first quarter results, highlighted by
“The CCC Intelligent Experience (IX) Cloud™ platform, powered by our new event-based architecture, is well-positioned to drive the next evolution of the P&C insurance economy,” continued Ramamurthy. “We are excited about the accelerated AI-enabled innovation the CCC IX Cloud will unlock for customers as well as CCC’s large and growing partner ecosystem.”
First Quarter 2024 Financial Highlights
Revenue
-
Total revenue was
$227.2 million 11% from$204.9 million
Profitability
-
GAAP gross profit was
$167.9 million 74% , for the first quarter of 2024, compared with$147.8 million 72% , for the first quarter of 2023. Adjusted gross profit was$177.0 million 78% , for the first quarter of 2024, compared with$156.6 million 76% , for the first quarter of 2023.
-
GAAP operating income was
$7.8 million $13.3 million $84.1 million $70.3 million
-
GAAP net loss was
$0.6 million $2.2 million $54.8 million $46.5 million
-
Adjusted EBITDA was
$93.7 million $79.5 million 18% in the first quarter of 2024 compared with the first quarter of 2023
Liquidity
-
CCC had
$191.2 million $782.0 million $55.2 million $39.6 million $33.1 million $18.5 million
The information presented above includes non-GAAP financial measures such as “adjusted EBITDA,” “adjusted net income,” “adjusted operating income,” “adjusted gross profit,” “adjusted gross profit margin,” and “free cash flow.” Refer to “Non-GAAP Financial Measures” for a discussion of these measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure.
1st Quarter and Recent Business Highlights
- CCC announced its technology-backed vision to power the next evolution of the P&C insurance economy: the CCC Intelligent Experience (IX) Cloud™ platform. The CCC IX Cloud brings intelligent experiences to life through a new event-driven architecture that overlays onto CCC’s existing cloud applications, customer workflows, and customer and partner systems. Intelligent Experiences are those that work for everyone involved in a claim or repair - consumers, businesses, and their employees. Intelligent Experiences synthesize these different perspectives to help deliver the optimal outcome for everyone participating in a given interaction by orchestrating data, AI, and ecosystems at scale, shaping a world where Life Just Works for customers and the millions of their consumers involved in auto claims and repairs each year.
- With the introduction of CCC® Inbound Subrogation, CCC became the first in the industry to offer an end-to-end AI-enabled subrogation solution. Inbound subrogation, the process of evaluating and resolving claims demands initiated by third parties, is a crucial aspect of insurance operations. CCC Inbound Subrogation is part of CCC® Subrogation, a suite of solutions that apply AI and workflow automation to both outbound and inbound subrogation. For inbound subrogation, the solution leverages AI and advanced technology to streamline the claims review process, improving cycle time and reducing manual intervention. For outbound subrogation, our solutions help improve outcomes by connecting to insurer claim data, detecting subrogation potential, and streamlining demands, negotiation, and settlement.
-
Certain existing shareholders recently completed two secondary offerings of the Company’s common stock. The first offering of 49,450,000 shares closed in March 2024. The second offering was 20,000,000 shares closed in April 2024. The Company did not receive any proceeds from the sale of shares by the existing stockholders in either offering. CCC’s publicly traded float1 has increased from approximately
30% of shares outstanding in October 2023 to approximately60% of shares outstanding today.
Business Outlook
Based on information as of today, April 30, 2024, the Company is issuing the following financial guidance:
|
Second Quarter Fiscal 2024 |
|
|
Full Year Fiscal 2024 |
|
|||
Revenue |
|
$ |
228.5 million to |
|
|
$ |
944.0 million to |
|
Adjusted EBITDA |
|
$ |
89.0 million to |
|
|
$ |
389.0 million to |
|
1 As measured by Bloomberg Finance L.P.
Conference Call Information
CCC will host a conference call today, April 30, 2024, at 5:00 p.m. (Eastern Time) to discuss the Company’s financial results and financial guidance. A live webcast of this conference call will be available on the “Investor Relations” page of the Company’s website at https://ir.cccis.com, and a replay will be archived on the website as well.
About CCC Intelligent Solutions
CCC Intelligent Solutions Inc. (CCC), a subsidiary of CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS), is a leading cloud platform for the multi-trillion-dollar P&C insurance economy, creating intelligent experiences for insurers, repairers, automakers, part suppliers, and more. The CCC Intelligent Experience (IX) Cloud, powered by proven AI and an innovative event-based architecture, connects more than 35,000 businesses to power customized applications and platforms for optimal outcomes, and personalized experiences that just work. Through purposeful innovation and the strength of its connections, CCC technologies empower the people and industry relied upon to keep lives moving forward when it matters most. Learn more about CCC at www.cccis.com.
Forward Looking Statements
This press release contains forward-looking statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Forward-looking statements in this press release include, but are not limited to, future events, goals, plans and projections regarding the Company’s financial position, results of operations, market position, product development and business strategy. Such differences may be material. We cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward looking statements are subject to a number of risks and uncertainties, including, among others, our revenues, the concentration of our customers and the ability to retain our current customers; our ability to negotiate with our customers on favorable terms; our ability to maintain and grow our brand and reputation cost-effectively; the execution of our growth strategy; the impact of public health outbreaks, epidemics or pandemics on our business and results of operations; our projected financial information, growth rate and market opportunity; the health of our industry, claim volumes, and market conditions; changes in the insurance and automotive collision industries, including the adoption of new technologies; global economic conditions and geopolitical events; competition in our market and our ability to retain and grow market share; our ability to develop, introduce and market new enhanced versions of our solutions; our sales and implementation cycles; the ability of our research and development efforts to create significant new revenue streams; changes in applicable laws or regulations; changes in international economic, political, social and governmental conditions and policies, including corruption risks in
Non-GAAP Financial Measures
This press release includes certain financial measures not presented in accordance with generally accepted accounting principles in the
The Company believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in and in comparing the Company’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Please refer to the reconciliations of these measures below to what the Company believes are the most directly comparable measures evaluated in accordance with GAAP.
This press release also includes certain projections of non-GAAP financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included for these projections.
CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(In thousands, except share data) |
||||||||
March 31, |
December 31, |
|||||||
2024 |
2023 |
|||||||
(Unaudited) |
||||||||
ASSETS |
||||||||
CURRENT ASSETS: |
||||||||
Cash and cash equivalents |
$ |
191,188 |
|
$ |
195,572 |
|
||
Accounts receivable—Net of allowances of |
|
102,007 |
|
|
102,365 |
|
||
Income taxes receivable |
|
— |
|
|
1,798 |
|
||
Deferred contract costs |
|
18,693 |
|
|
17,900 |
|
||
Other current assets |
|
31,294 |
|
|
32,364 |
|
||
Total current assets |
|
343,182 |
|
|
349,999 |
|
||
SOFTWARE, EQUIPMENT, AND PROPERTY—Net |
|
164,825 |
|
|
160,416 |
|
||
OPERATING LEASE ASSETS |
|
30,486 |
|
|
30,456 |
|
||
INTANGIBLE ASSETS—Net |
|
990,537 |
|
|
1,015,046 |
|
||
GOODWILL |
|
1,417,724 |
|
|
1,417,724 |
|
||
DEFERRED FINANCING FEES, REVOLVER—Net |
|
1,518 |
|
|
1,672 |
|
||
DEFERRED CONTRACT COSTS |
|
21,460 |
|
|
22,302 |
|
||
EQUITY METHOD INVESTMENT |
|
10,228 |
|
|
10,228 |
|
||
OTHER ASSETS |
|
43,700 |
|
|
43,197 |
|
||
TOTAL |
$ |
3,023,660 |
|
$ |
3,051,040 |
|
||
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY |
||||||||
CURRENT LIABILITIES: |
||||||||
Accounts payable |
$ |
23,718 |
|
$ |
16,324 |
|
||
Accrued expenses |
|
39,503 |
|
|
71,478 |
|
||
Income taxes payable |
|
9,126 |
|
|
3,689 |
|
||
Current portion of long-term debt |
|
8,000 |
|
|
8,000 |
|
||
Current portion of long-term licensing agreement—Net |
|
3,109 |
|
|
3,061 |
|
||
Operating lease liabilities |
|
7,136 |
|
|
6,788 |
|
||
Deferred revenues |
|
45,254 |
|
|
43,567 |
|
||
Total current liabilities |
|
135,846 |
|
|
152,907 |
|
||
LONG-TERM DEBT—Net |
|
765,874 |
|
|
767,504 |
|
||
DEFERRED INCOME TAXES—Net |
|
183,310 |
|
|
195,365 |
|
||
LONG-TERM LICENSING AGREEMENT—Net |
|
26,896 |
|
|
27,692 |
|
||
OPERATING LEASE LIABILITIES |
|
50,066 |
|
|
50,796 |
|
||
WARRANT LIABILITIES |
|
53,086 |
|
|
51,501 |
|
||
OTHER LIABILITIES |
|
7,347 |
|
|
6,414 |
|
||
Total liabilities |
|
1,222,425 |
|
|
1,252,179 |
|
||
COMMITMENTS AND CONTINGENCIES (Notes 18 and 19) |
||||||||
MEZZANINE EQUITY: |
||||||||
Redeemable non-controlling interest |
|
17,726 |
|
|
16,584 |
|
||
STOCKHOLDERS’ EQUITY: |
||||||||
Preferred stock— |
|
— |
|
|
— |
|
||
Common stock— |
|
61 |
|
|
60 |
|
||
Additional paid-in capital |
|
2,911,660 |
|
|
2,909,757 |
|
||
Accumulated deficit |
|
(1,127,064 |
) |
|
(1,126,467 |
) |
||
Accumulated other comprehensive loss |
|
(1,148 |
) |
|
(1,073 |
) |
||
Total stockholders’ equity |
|
1,783,509 |
|
|
1,782,277 |
|
||
TOTAL |
$ |
3,023,660 |
|
$ |
3,051,040 |
|
||
CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
||||||||
(In thousands, except share and per share data) |
||||||||
(Unaudited) |
||||||||
For the Three Months Ended |
||||||||
March 31, |
||||||||
2024 |
2023 |
|||||||
REVENUES |
$ |
227,237 |
|
$ |
204,919 |
|
||
COST OF REVENUES |
||||||||
Cost of revenues, exclusive of amortization of acquired technologies |
|
52,808 |
|
|
50,447 |
|
||
Amortization of acquired technologies |
|
6,567 |
|
|
6,685 |
|
||
Total cost of revenues |
|
59,375 |
|
|
57,132 |
|
||
GROSS PROFIT |
|
167,862 |
|
|
147,787 |
|
||
OPERATING EXPENSES: |
||||||||
Research and development |
|
49,477 |
|
|
40,996 |
|
||
Selling and marketing |
|
35,586 |
|
|
33,531 |
|
||
General and administrative |
|
57,060 |
|
|
41,865 |
|
||
Amortization of intangible assets |
|
17,942 |
|
|
18,066 |
|
||
Total operating expenses |
|
160,065 |
|
|
134,458 |
|
||
OPERATING INCOME |
|
7,797 |
|
|
13,329 |
|
||
INTEREST EXPENSE |
|
(16,452 |
) |
|
(13,832 |
) |
||
INTEREST INCOME |
|
2,467 |
|
|
3,259 |
|
||
CHANGE IN FAIR VALUE OF WARRANT LIABILITIES |
|
(1,585 |
) |
|
1,195 |
|
||
OTHER INCOME (EXPENSE)—Net |
|
2,939 |
|
|
(2,550 |
) |
||
PRETAX (LOSS) INCOME |
|
(4,834 |
) |
|
1,401 |
|
||
INCOME TAX BENEFIT |
|
4,237 |
|
|
783 |
|
||
NET (LOSS) INCOME INCLUDING NON-CONTROLLING
|
|
(597 |
) |
|
2,184 |
|
||
LESS: ACCRETION OF REDEEMABLE NON-CONTROLLING INTEREST |
|
(1,142 |
) |
|
— |
|
||
NET (LOSS) INCOME ATTRIBUTABLE TO CCC INTELLIGENT
|
$ |
(1,739 |
) |
$ |
2,184 |
|
||
Net (loss) income per share attributable to common stockholders: |
||||||||
Basic |
$ |
(0.00 |
) |
$ |
0.00 |
|
||
Diluted |
$ |
(0.00 |
) |
$ |
0.00 |
|
||
Weighted-average shares used in computing net (loss) income per share
|
||||||||
Basic |
|
598,279,377 |
|
|
616,217,176 |
|
||
Diluted |
|
598,279,377 |
|
|
646,380,961 |
|
||
COMPREHENSIVE (LOSS) INCOME: |
||||||||
Net (loss) income including non-controlling interest |
|
(597 |
) |
|
2,184 |
|
||
Other comprehensive (loss) income—Foreign currency translation
|
|
(75 |
) |
|
34 |
|
||
COMPREHENSIVE (LOSS) INCOME INCLUDING
|
|
(672 |
) |
|
2,218 |
|
||
Less: accretion of redeemable non-controlling interest |
|
(1,142 |
) |
|
— |
|
||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO CCC
|
$ |
(1,814 |
) |
$ |
2,218 |
|
||
CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
For the Three Months Ended |
||||||||
March 31, |
||||||||
2024 |
2023 |
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||
Net (loss) income |
$ |
(597 |
) |
$ |
2,184 |
|
||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
||||||||
Depreciation and amortization of software, equipment, and property |
|
9,442 |
|
|
9,206 |
|
||
Amortization of intangible assets |
|
24,509 |
|
|
24,751 |
|
||
Deferred income taxes |
|
(12,055 |
) |
|
(6,763 |
) |
||
Stock-based compensation |
|
44,971 |
|
|
29,234 |
|
||
Amortization of deferred financing fees |
|
462 |
|
|
427 |
|
||
Amortization of discount on debt |
|
62 |
|
|
56 |
|
||
Change in fair value of derivative instruments |
|
(718 |
) |
|
2,604 |
|
||
Change in fair value of warrant liabilities |
|
1,585 |
|
|
(1,195 |
) |
||
Non-cash lease expense |
|
— |
|
|
942 |
|
||
Loss on disposal of software, equipment and property |
|
253 |
|
|
— |
|
||
Other |
|
71 |
|
|
58 |
|
||
Changes in: |
||||||||
Accounts receivable—Net |
|
370 |
|
|
6,084 |
|
||
Deferred contract costs |
|
(793 |
) |
|
(783 |
) |
||
Other current assets |
|
992 |
|
|
1,726 |
|
||
Deferred contract costs—Non-current |
|
842 |
|
|
(51 |
) |
||
Other assets |
|
144 |
|
|
(8,519 |
) |
||
Operating lease assets |
|
(710 |
) |
|
(417 |
) |
||
Income taxes |
|
7,235 |
|
|
5,778 |
|
||
Accounts payable |
|
7,395 |
|
|
(11,897 |
) |
||
Accrued expenses |
|
(31,153 |
) |
|
(25,690 |
) |
||
Operating lease liabilities |
|
298 |
|
|
415 |
|
||
Deferred revenues |
|
1,697 |
|
|
5,033 |
|
||
Other liabilities |
|
933 |
|
|
(105 |
) |
||
Net cash provided by operating activities |
|
55,235 |
|
|
33,078 |
|
||
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||
Purchases of software, equipment, and property |
|
(15,663 |
) |
|
(14,534 |
) |
||
Net cash used in investing activities |
|
(15,663 |
) |
|
(14,534 |
) |
||
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||
Proceeds from exercise of stock options |
|
8,901 |
|
|
8,109 |
|
||
Proceeds from employee stock purchase plan |
|
1,833 |
|
|
1,326 |
|
||
Payments for employee taxes withheld upon vesting of equity awards |
|
(52,581 |
) |
|
(11,449 |
) |
||
Principal payments on long-term debt |
|
(2,000 |
) |
|
(2,000 |
) |
||
Net cash used in financing activities |
|
(43,847 |
) |
|
(4,014 |
) |
||
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
|
(109 |
) |
|
36 |
|
||
NET CHANGE IN CASH AND CASH EQUIVALENTS |
|
(4,384 |
) |
|
14,566 |
|
||
CASH AND CASH EQUIVALENTS: |
||||||||
Beginning of period |
|
195,572 |
|
|
323,788 |
|
||
End of period |
$ |
191,188 |
|
$ |
338,354 |
|
||
NONCASH INVESTING AND FINANCING ACTIVITIES: |
||||||||
Noncash purchases of software, equipment, and property |
$ |
646 |
|
$ |
626 |
|
||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |
||||||||
Cash paid for interest |
$ |
15,908 |
|
$ |
13,446 |
|
||
Cash paid for income taxes—Net |
$ |
576 |
|
$ |
202 |
|
||
CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES RECONCILIATION OF GROSS PROFIT TO ADJUSTED GROSS PROFIT (In thousands, except profit margin percentage data) (Unaudited) |
||||||||
Three Months Ended March 31, |
||||||||
(amounts in thousands, except percentages) |
2024 |
2023 |
||||||
Gross Profit |
$ |
167,862 |
|
$ |
147,787 |
|
||
Amortization of acquired technologies |
|
6,567 |
|
|
6,685 |
|
||
Stock-based compensation and related employer payroll tax |
|
2,587 |
|
|
2,116 |
|
||
Adjusted Gross Profit |
$ |
177,016 |
|
$ |
156,588 |
|
||
Gross Profit Margin |
|
74 |
% |
|
72 |
% |
||
Adjusted Gross Profit Margin |
|
78 |
% |
|
76 |
% |
||
CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES RECONCILIATION OF GAAP OPERATING EXPENSES TO ADJUSTED OPERATING EXPENSES (In thousands) (Unaudited) |
||||||||
Three Months Ended March 31, |
||||||||
(dollar amounts in thousands) |
2024 |
2023 |
||||||
Operating expenses |
$ |
160,065 |
|
$ |
134,458 |
|
||
Amortization of intangible assets |
|
(17,942 |
) |
|
(18,066 |
) |
||
Stock-based compensation expense and related employer payroll tax |
|
(47,446 |
) |
|
(29,094 |
) |
||
Litigation costs |
|
(575 |
) |
|
(986 |
) |
||
M&A and integration costs |
|
(477 |
) |
|
— |
|
||
Equity transaction costs, including secondary offerings |
|
(692 |
) |
|
— |
|
||
Adjusted operating expenses |
$ |
92,933 |
|
$ |
86,312 |
|
||
CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES RECONCILIATION OF GAAP OPERATING (LOSS) INCOME TO ADJUSTED OPERATING INCOME (In thousands) (Unaudited) |
||||||
Three Months Ended March 31, |
||||||
(dollar amounts in thousands) |
2024 |
2023 |
||||
Operating income |
$ |
7,797 |
$ |
13,329 |
||
Amortization of intangible assets |
|
17,942 |
|
18,066 |
||
Amortization of acquired technologies—Cost of revenue |
|
6,567 |
|
6,685 |
||
Stock-based compensation expense and related employer payroll tax |
|
50,033 |
|
31,210 |
||
Litigation costs |
|
575 |
|
986 |
||
M&A and integration costs |
|
477 |
|
— |
||
Equity transaction costs, including secondary offerings |
|
692 |
|
— |
||
Adjusted operating income |
$ |
84,083 |
$ |
70,276 |
||
CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES RECONCILIATION OF GAAP NET (LOSS) INCOME TO ADJUSTED EBITDA (In thousands, except for EBITDA margin percentage data) (Unaudited) |
||||||||
Three Months Ended March 31, |
||||||||
(dollar amounts in thousands) |
2024 |
2023 |
||||||
Net (loss) income |
$ |
(597 |
) |
$ |
2,184 |
|
||
Interest expense |
|
16,452 |
|
|
13,832 |
|
||
Interest income |
|
(2,467 |
) |
|
(3,259 |
) |
||
Income tax benefit |
|
(4,237 |
) |
|
(783 |
) |
||
Amortization of intangible assets |
|
17,942 |
|
|
18,066 |
|
||
Amortization of acquired technologies—Cost of revenue |
|
6,567 |
|
|
6,685 |
|
||
Depreciation and amortization of software, equipment and property |
|
1,864 |
|
|
2,227 |
|
||
Depreciation and amortization of software, equipment and property—Cost of revenue |
|
7,578 |
|
|
6,979 |
|
||
Stock-based compensation expense and related employer payroll tax |
|
50,033 |
|
|
31,210 |
|
||
Change in fair value of warrant liabilities |
|
1,585 |
|
|
(1,195 |
) |
||
Change in fair value of derivative instruments |
|
(718 |
) |
|
2,604 |
|
||
Income from derivative instruments |
|
(2,031 |
) |
|
— |
|
||
Litigation costs |
|
575 |
|
|
986 |
|
||
M&A and integration costs |
|
477 |
|
|
— |
|
||
Equity transaction costs, including secondary offerings |
|
692 |
|
|
— |
|
||
Adjusted EBITDA |
$ |
93,715 |
|
$ |
79,536 |
|
||
Adjusted EBITDA Margin |
|
41 |
% |
|
39 |
% |
||
CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES RECONCILIATION OF GAAP NET (LOSS) INCOME TO ADJUSTED NET INCOME (In thousands, except share and per share data) (Unaudited) |
||||||||
Three Months Ended March 31, |
||||||||
(dollar amounts in thousands) |
2024 |
2023 |
||||||
Net (loss) income |
$ |
(597 |
) |
$ |
2,184 |
|
||
Amortization of intangible assets |
|
17,942 |
|
|
18,066 |
|
||
Amortization of acquired technologies—Cost of revenue |
|
6,567 |
|
|
6,685 |
|
||
Stock-based compensation expense and related employer payroll tax |
|
50,033 |
|
|
31,210 |
|
||
Change in fair value of warrant liabilities |
|
1,585 |
|
|
(1,195 |
) |
||
Change in fair value of derivative instruments |
|
(718 |
) |
|
2,604 |
|
||
Litigation costs |
|
575 |
|
|
986 |
|
||
M&A and integration costs |
|
477 |
|
|
— |
|
||
Equity transaction costs, including secondary offerings |
|
692 |
|
|
— |
|
||
Tax effect of adjustments |
|
(21,766 |
) |
|
(14,046 |
) |
||
Adjusted net income |
$ |
54,790 |
|
$ |
46,494 |
|
||
Adjusted net income per share attributable to common stockholders: |
||||||||
Basic |
$ |
0.09 |
|
$ |
0.08 |
|
||
Diluted |
$ |
0.09 |
|
$ |
0.07 |
|
||
Weighted average shares outstanding: |
||||||||
Basic |
|
598,279,377 |
|
|
616,217,176 |
|
||
Diluted |
|
635,104,271 |
|
|
646,380,961 |
|
||
CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES RECONCILIATION OF NET CASH FLOW FROM OPERATING ACTIVITIES TO FREE CASH FLOW (In thousands) (Unaudited) |
||||||||
Three Months Ended March 31, |
||||||||
(dollar amounts in thousands) |
2024 |
2023 |
||||||
Net cash provided by operating activities |
$ |
55,235 |
|
$ |
33,078 |
|
||
Purchases of software, equipment, and property |
|
(15,663 |
) |
|
(14,534 |
) |
||
Free Cash Flow |
$ |
39,572 |
|
$ |
18,544 |
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240429663674/en/
Investor Contact:
Bill Warmington
VP, Investor Relations, CCC Intelligent Solutions Inc.
312-229-2355
IR@cccis.com
Media Contact:
Michelle Hellyar
Senior Director, Public Relations, CCC Intelligent Solutions Inc.
mhellyar@cccis.com
Source: CCC Intelligent Solutions Inc.
FAQ
<p>What were CCC Intelligent Solutions Holdings Inc.'s revenue for the first quarter of 2024?</p>
CCC Intelligent Solutions Holdings Inc. reported total revenue of $227.2 million for the first quarter of 2024, representing an 11% increase year-over-year.
<p>What is the adjusted EBITDA margin for CCC Intelligent Solutions Holdings Inc. in the first quarter of 2024?</p>
The adjusted EBITDA margin for CCC Intelligent Solutions Holdings Inc. in the first quarter of 2024 was 41%, exceeding guidance ranges.
<p>What is the latest innovation introduced by CCC Intelligent Solutions Holdings Inc. in the P&C insurance economy?</p>
CCC Intelligent Solutions Holdings Inc. introduced the CCC Intelligent Experience (IX) Cloud platform to drive AI-enabled innovation in the P&C insurance economy.
<p>What is the purpose of CCC Inbound Subrogation announced by CCC Intelligent Solutions Holdings Inc.?</p>
CCC Inbound Subrogation is an AI-enabled solution that optimizes claims demands, streamlining the claims review process and reducing manual intervention in insurance operations.
<p>How did CCC Intelligent Solutions Holdings Inc. increase its publicly traded float?</p>
CCC Intelligent Solutions Holdings Inc. increased its publicly traded float to approximately 60% through two secondary offerings of common stock, with no proceeds to the company.
