CCC Intelligent Solutions Holdings Inc. Announces Fourth Quarter and Fiscal Year 2021 Financial Results
CCC Intelligent Solutions Holdings reported strong financial results for Q4 and FY 2021, marking a 19% revenue increase to $187.1 million and a 30% rise in adjusted EBITDA to $75.7 million in Q4. Full-year revenue grew to $688.3 million, up 15% after adjustments. Despite a GAAP net loss of $57.9 million in Q4 and $248.9 million for the year, adjusted net income rose to $49.2 million and $130.3 million, respectively. Key highlights include multi-year renewals with major P&C insurers and the acquisition of AI firm Safekeep. Guidance for Q1 2022 estimates revenue between $182.5 million and $184.5 million.
- 19% revenue growth in Q4 2021 to $187.1 million.
- 30% increase in adjusted EBITDA in Q4 2021 to $75.7 million.
- Full-year revenue rose to $688.3 million, a 15% increase post-adjustment.
- Adjusted net income increased to $49.2 million in Q4 2021.
- Multi-year renewals with top P&C insurers indicate strong future growth potential.
- Acquisition of Safekeep enhances CCC's AI-powered claims solutions.
- GAAP net loss of $57.9 million in Q4 2021, compared to a net income of $5.6 million in Q4 2020.
- GAAP operating loss was $144.7 million for the full year 2021, reversing from a $77.0 million income in 2020.
- GAAP net loss for the year totaled $248.9 million, compared to a loss of $16.9 million in 2020.
“CCC delivered another strong quarter, highlighted by
Ramamurthy continued, “We continued to lay the foundation in 2021 for sustained growth as we delivered more than 1,700 product releases on the CCC cloud during the year. The deployment of CCC solutions continues to expand within our customer base. For all of us at CCC it is truly exciting to see our customers across the P&C insurance economy increasingly leverage our unique and comprehensive cloud platform to fully digitize their operations.”
Fourth Quarter 2021 Financial Highlights
Revenue
-
Total revenue was
$187.1 million $165.4 million December 2020 , total revenue grew19% in the fourth quarter of 2021.
Profitability
-
GAAP gross profit was
$139.4 million 75% , for the fourth quarter of 2021, compared with$112.1 million 68% , for the fourth quarter of 2020. Adjusted gross profit was$147.0 million 79% , for the fourth quarter of 2021, compared with$118.4 million 76% , for the fourth quarter of 2020. -
GAAP operating income was
$15.3 million $24.1 million $69.3 million $53.4 million -
GAAP net loss was
$57.9 million $5.6 million $49.2 million $25.0 million -
Adjusted EBITDA was
$75.7 million $58.1 million 30% in the fourth quarter of 2021 as compared to the fourth quarter of 2020.
Full Year 2021 Financial Highlights
Revenue
-
Total revenue was
$688.3 million $633.1 million December 2020 , total revenue grew15% in the full year 2021.
Profitability
-
GAAP gross profit was
$492.6 million 72% , for the full year 2021, compared with$424.3 million 67% , for the full year 2020. Adjusted gross profit was$533.5 million 78% , for the full year 2021, compared with$447.7 million 75% , for the full year 2020. -
GAAP operating loss was
$144.7 million $77.0 million $236.8 million $184.7 million -
GAAP net loss was
$248.9 million $16.9 million $130.3 million $79.3 million -
Adjusted EBITDA was
$261.4 million $202.8 million 29% in the full year 2021 as compared to the full year 2020.
Liquidity
-
CCC had
$182.5 million $800.0 million December 31, 2021 . The Company generated$127.3 million $89.0 million $103.9 million $73.3 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.
4th Quarter and Recent Business Highlights
- Signed multi-year renewals that included meaningful expansions with two of the top ten largest P&C insurers and one of the nation’s largest MSOs. These customers will be deploying new solutions, including Mobile/AI, CCC Estimate - STP and Engage, and are great examples of the opportunity CCC has to increase the value we deliver for customers and generate future growth from our expanding solution portfolio.
-
Achieved a number of important milestones that highlight the scale and breadth of the CCC Cloud network, including: processing more than 9 million unique claims with our deep learning AI solutions, up more than
80% year-over-year; expanding our repair facility customer base to more than 27,000, more than30% of which have adopted Engage; growing electronics parts ordering on the CCC platform by40% , and number of unique shops ordering electronically by over20% . - Acquired Safekeep, an AI leader in subrogation claims management technology. Safekeep is an enterprise platform that leverages AI to speed and improve subrogation management across auto, property, workers' comp, and other insurance lines of business. The acquisition of Safekeep extends CCC's AI-powered claims software to include subrogation management, a critical function in achieving claims resolution, and now part of CCC’s completely digital, AI-enabled, end-to-end claims solutions.
Business Outlook
Based on information as of today,
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First Quarter Fiscal 2022 |
Full Year Fiscal 2022 |
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Revenue |
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Adjusted EBITDA |
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Conference Call Information
CCC will host a conference call today,
About
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, statements regarding 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 COVID-19 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 and products; 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.
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||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
AS OF |
||||||||
(In thousands, except share data) |
||||||||
|
|
|
||||||
2021 |
|
2020 |
||||||
ASSETS |
||||||||
CURRENT ASSETS: |
||||||||
Cash and cash equivalents |
$ |
182,544 |
|
$ |
162,118 |
|
||
Accounts receivable—Net of allowances of |
|
78,793 |
|
|
74,107 |
|
||
Income taxes receivable |
|
318 |
|
|
2,037 |
|
||
Deferred contract costs |
|
15,069 |
|
|
11,917 |
|
||
Other current assets |
|
46,181 |
|
|
31,586 |
|
||
Total current assets |
|
322,905 |
|
|
281,765 |
|
||
SOFTWARE, EQUIPMENT, AND PROPERTY—Net |
|
135,845 |
|
|
101,438 |
|
||
OPERATING LEASE ASSETS |
|
37,234 |
|
|
- |
|
||
INTANGIBLE ASSETS—Net |
|
1,213,249 |
|
|
1,311,917 |
|
||
|
|
1,466,884 |
|
|
1,466,884 |
|
||
DEFERRED FINANCING FEES, REVOLVER—Net |
|
2,899 |
|
|
746 |
|
||
DEFERRED CONTRACT COSTS |
|
22,117 |
|
|
14,389 |
|
||
EQUITY METHOD INVESTMENT |
|
10,228 |
|
|
- |
|
||
OTHER ASSETS |
|
26,165 |
|
|
18,416 |
|
||
TOTAL |
$ |
3,237,526 |
|
$ |
3,195,555 |
|
||
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY |
||||||||
CURRENT LIABILITIES: |
||||||||
Accounts payable |
$ |
12,918 |
|
$ |
13,164 |
|
||
Accrued expenses |
|
66,691 |
|
|
52,987 |
|
||
Income taxes payable |
|
7,243 |
|
|
5,129 |
|
||
Current portion of long-term debt |
|
8,000 |
|
|
25,381 |
|
||
Current portion of long-term licensing agreement—Net |
|
2,703 |
|
|
2,540 |
|
||
Operating lease liabilities |
|
8,052 |
|
|
- |
|
||
Deferred revenues |
|
31,042 |
|
|
26,514 |
|
||
Total current liabilities |
|
136,649 |
|
|
125,715 |
|
||
LONG-TERM DEBT: |
||||||||
First Lien Term Loan—Net |
|
- |
|
|
1,292,597 |
|
||
Term B Loan—Net |
|
780,610 |
|
|
- |
|
||
Total long-term debt |
|
780,610 |
|
|
1,292,597 |
|
||
DEFERRED INCOME TAXES—Net |
|
275,745 |
|
|
322,348 |
|
||
LONG-TERM LICENSING AGREEMENT—Net |
|
33,629 |
|
|
36,331 |
|
||
OPERATING LEASE LIABILITIES |
|
56,133 |
|
|
- |
|
||
WARRANT LIABILITIES |
|
62,478 |
|
|
- |
|
||
OTHER LIABILITIES |
|
5,785 |
|
|
32,770 |
|
||
Total liabilities |
|
1,351,029 |
|
|
1,809,761 |
|
||
COMMITMENTS AND CONTINGENCIES (Notes 22 and 23) |
||||||||
MEZZANINE EQUITY: |
||||||||
Redeemable non-controlling interest |
|
14,179 |
|
|
14,179 |
|
||
STOCKHOLDERS’ EQUITY: |
||||||||
Preferred stock, |
|
- |
|
|
- |
|
||
Common stock— |
61 |
50 |
||||||
Additional paid-in capital |
|
2,618,924 |
|
|
1,501,206 |
|
||
Accumulated deficit |
|
(746,352 |
) |
|
(129,370 |
) |
||
Accumulated other comprehensive loss |
|
(315 |
) |
|
(271 |
) |
||
Total stockholders’ equity |
|
1,872,318 |
|
|
1,371,615 |
|
||
TOTAL |
$ |
3,237,526 |
|
$ |
3,195,555 |
|
||
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME |
||||||||||||||||
(In thousands, except share and per share data) |
||||||||||||||||
Three Months Ended |
|
Year Ended |
||||||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||
REVENUES |
$ |
187,083 |
|
$ |
165,386 |
|
$ |
688,288 |
|
$ |
633,063 |
|
||||
COST OF REVENUES |
||||||||||||||||
Cost of revenues, exclusive of amortization of acquired technologies |
|
41,117 |
|
|
46,740 |
|
|
169,335 |
|
|
182,414 |
|
||||
Amortization of acquired technologies |
|
6,580 |
|
|
6,578 |
|
|
26,320 |
|
|
26,303 |
|
||||
Total cost of revenues(1) |
|
47,697 |
|
|
53,318 |
|
|
195,655 |
|
|
208,717 |
|
||||
GROSS PROFIT |
|
139,386 |
|
|
112,068 |
|
|
492,633 |
|
|
424,346 |
|
||||
OPERATING EXPENSES: |
||||||||||||||||
Research and development(1) |
|
37,097 |
|
|
27,377 |
|
|
165,991 |
|
|
109,508 |
|
||||
Selling and marketing(1) |
|
27,511 |
|
|
18,102 |
|
|
148,861 |
|
|
74,710 |
|
||||
General and administrative(1) |
|
41,353 |
|
|
24,378 |
|
|
250,098 |
|
|
90,838 |
|
||||
Amortization of intangible assets |
|
18,126 |
|
|
18,078 |
|
|
72,358 |
|
|
72,310 |
|
||||
Total operating expenses |
|
124,087 |
|
|
87,935 |
|
|
637,308 |
|
|
347,366 |
|
||||
OPERATING (LOSS) INCOME |
|
15,299 |
|
|
24,133 |
|
|
(144,675 |
) |
|
76,980 |
|
||||
INTEREST EXPENSE |
|
(7,442 |
) |
|
(19,415 |
) |
|
(58,990 |
) |
|
(77,003 |
) |
||||
GAIN (LOSS) ON CHANGE IN FAIR VALUE OF INTEREST RATE SWAPS |
|
- |
|
|
3,384 |
|
|
8,373 |
|
|
(13,249 |
) |
||||
CHANGE IN FAIR VALUE OF WARRANT LIABILITIES |
|
(37,612 |
) |
|
- |
|
|
(64,501 |
) |
|
- |
|
||||
LOSS ON EARLY EXTINGUISHMENT OF DEBT |
|
- |
|
|
- |
|
|
(15,240 |
) |
|
(8,615 |
) |
||||
OTHER INCOME (EXPENSE)—Net |
|
113 |
|
|
28 |
|
|
114 |
|
|
332 |
|
||||
PRETAX (LOSS) INCOME |
|
(29,642 |
) |
|
8,130 |
|
|
(274,919 |
) |
|
(21,555 |
) |
||||
INCOME TAX (PROVISION) BENEFIT |
|
(28,227 |
) |
|
(2,512 |
) |
|
26,000 |
|
|
4,679 |
|
||||
NET (LOSS) INCOME INCLUDING NON-CONTROLLING INTEREST |
|
(57,869 |
) |
|
5,618 |
|
|
(248,919 |
) |
|
(16,876 |
) |
||||
Less: net (loss) income attributable to non-controlling interest |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||
NET (LOSS) INCOME ATTRIBUTABLE TO CCC INTELLIGENT SOLUTIONS HOLDINGS INC. |
$ |
(57,869 |
) |
$ |
5,618 |
$ |
(248,919 |
) |
$ |
(16,876 |
) |
|||||
Net (loss) income per share attributable to common stockholders: |
||||||||||||||||
Basic |
$ |
(0.10 |
) |
$ |
0.01 |
|
$ |
(0.46 |
) |
$ |
(0.03 |
) |
||||
Diluted |
$ |
(0.10 |
) |
$ |
0.01 |
|
$ |
(0.46 |
) |
$ |
(0.03 |
) |
||||
Weighted-average shares used in computing net (loss) income per share attributable to common stockholders: |
||||||||||||||||
Basic |
|
596,023,745 |
|
|
504,274,914 |
|
|
543,558,222 |
|
|
504,115,839 |
|
||||
Diluted |
|
596,023,745 |
|
|
520,274,793 |
|
|
543,558,222 |
|
|
504,115,839 |
|
||||
COMPREHENSIVE (LOSS) INCOME: |
||||||||||||||||
Net (loss) income including non-controlling interest |
|
(57,869 |
) |
|
5,618 |
|
|
(248,919 |
) |
|
(16,876 |
) |
||||
Other comprehensive income (loss)—Foreign currency translation adjustment |
|
(26 |
) |
|
61 |
|
|
(44 |
) |
|
126 |
|
||||
COMPREHENSIVE (LOSS) INCOME INCLUDING NON-CONTROLLING INTEREST |
|
(57,895 |
) |
|
5,679 |
|
|
(248,963 |
) |
|
(16,750 |
) |
||||
Less: comprehensive (loss) income attributable to non-controlling interest |
|
0 |
|
|
0 |
|
|
- |
|
|
- |
|
||||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO CCC INTELLIGENT SOLUTIONS HOLDINGS INC. |
(57,895 |
) |
5,679 |
$ |
(248,963 |
) |
$ |
(16,750 |
) |
|||||||
(1) Includes stock-based compensation expense as follows (in thousands): |
||||||||||||||||
Three months ended |
|
Year ended |
||||||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||
Cost of revenues |
$ |
1,081 |
|
$ |
114 |
|
$ |
13,644 |
|
$ |
494 |
|
||||
Research and development |
|
3,933 |
|
|
279 |
|
|
40,681 |
|
|
1,174 |
|
||||
Sales and marketing |
|
4,985 |
|
|
470 |
|
|
65,045 |
|
|
2,024 |
|
||||
General and administrative |
|
16,583 |
|
|
3,002 |
|
|
142,625 |
|
|
7,644 |
|
||||
Total stock-based compensation expense |
$ |
26,582 |
|
$ |
3,865 |
|
$ |
261,995 |
|
$ |
11,336 |
|
||||
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
FOR THE YEARS ENDED |
||||||||
(In thousands) |
||||||||
2021 |
|
2020 |
||||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||
Net loss |
$ |
(248,919 |
) |
$ |
(16,876 |
) |
||
Adjustments to reconcile net loss to net cash provided by operating activities: |
||||||||
Depreciation and amortization of software, equipment, and property |
|
24,451 |
|
|
17,749 |
|
||
Amortization of intangible assets |
|
98,678 |
|
|
98,613 |
|
||
Impairment of goodwill and intangible assets |
|
- |
|
|
- |
|
||
Deferred income taxes |
|
(46,883 |
) |
|
(11,124 |
) |
||
Stock-based compensation |
|
261,995 |
|
|
11,336 |
|
||
Amortization of deferred financing fees |
|
3,682 |
|
|
4,630 |
|
||
Amortization of discount on debt |
|
604 |
|
|
738 |
|
||
Change in fair value of interest rate swaps |
|
(8,373 |
) |
|
13,249 |
|
||
Change in fair value of warrant liabilities |
|
64,501 |
|
|
- |
|
||
Loss on early extinguishment of debt |
|
15,240 |
|
|
8,615 |
|
||
Non-cash lease expense |
|
6,279 |
|
|
- |
|
||
Gain on divestiture |
|
(600 |
) |
|
(3,800 |
) |
||
Other |
|
541 |
|
|
114 |
|
||
Changes in: |
||||||||
Accounts receivable—Net |
|
(4,725 |
) |
|
(10,558 |
) |
||
Deferred contract costs |
|
(3,152 |
) |
|
(1,110 |
) |
||
Other current assets |
|
(12,273 |
) |
|
(6,483 |
) |
||
Deferred contract costs—Non-current |
|
(7,728 |
) |
|
(1,926 |
) |
||
Other assets |
|
(7,838 |
) |
|
(9,187 |
) |
||
Operating lease assets |
|
6,354 |
|
|
- |
|
||
Income taxes |
|
3,833 |
|
|
6,724 |
|
||
Accounts payable |
|
(1,052 |
) |
|
(2,256 |
) |
||
Accrued expenses |
|
8,347 |
|
|
165 |
|
||
Operating lease liabilities |
|
(8,398 |
) |
|
- |
|
||
Deferred revenues |
|
4,513 |
|
|
1,376 |
|
||
Extinguishment of interest rate swap liability |
|
(9,987 |
) |
|
- |
|
||
Other liabilities |
|
(11,755 |
) |
|
3,954 |
|
||
Net cash provided by operating activities |
|
127,335 |
|
|
103,943 |
|
||
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||||
Purchases of software, equipment, and property |
|
(38,321 |
) |
|
(30,107 |
) |
||
Purchase of investment |
|
- |
|
|
- |
|
||
Purchase of equity method investment |
|
(10,228 |
) |
|
- |
|
||
Purchase of intangible asset |
|
(49 |
) |
|
(560 |
) |
||
Net cash used in investing activities |
|
(48,598 |
) |
|
(30,667 |
) |
||
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||
Principal payments on long-term debt |
|
(1,336,153 |
) |
|
(388,846 |
) |
||
Proceeds from issuance of long-term debt, net of fees paid to lender |
|
789,927 |
|
|
369,792 |
|
||
Payment of fees associated with early extinguishment of long-term debt |
|
(4,821 |
) |
|
(29 |
) |
||
Proceeds from borrowings on revolving lines of credit |
|
- |
|
|
65,000 |
|
||
Repayment of borrowings on revolving lines of credit |
|
- |
|
|
(65,000 |
) |
||
Net proceeds from equity infusion from the Business Combination |
|
763,300 |
|
|
- |
|
||
Dividends to CCCIS stockholders |
|
(269,174 |
) |
|
- |
|
||
Deemed distribution to CCCIS option holders |
|
(9,006 |
) |
|
- |
|
||
Tax effect of Business Combination transaction costs |
|
1,395 |
|
|
- |
|
||
Proceeds from exercise of stock options |
|
5,085 |
|
|
(236 |
) |
||
Proceeds from issuance of common stock |
|
1,007 |
|
|
719 |
|
||
Repurchases of common stock |
|
- |
|
|
- |
|
||
Proceeds from issuance of non-controlling interest in subsidiary |
|
- |
|
|
14,179 |
|
||
Net cash used in financing activities |
|
(58,440 |
) |
|
(4,421 |
) |
||
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
|
129 |
|
|
62 |
|
||
NET CHANGE IN CASH AND CASH EQUIVALENTS |
|
20,426 |
|
|
68,917 |
|
||
CASH AND CASH EQUIVALENTS: |
||||||||
Beginning of period |
|
162,118 |
|
|
93,201 |
|
||
End of period |
$ |
182,544 |
|
$ |
162,118 |
|
||
NONCASH INVESTING AND FINANCING ACTIVITIES: |
||||||||
Unpaid liability related to software, equipment, and property |
$ |
8,035 |
|
$ |
239 |
|
||
Leasehold improvements acquired by tenant improvement allowance |
$ |
16,924 |
|
$ |
- |
|
||
Fair value of assumed common stock warrants exercised |
$ |
60,481 |
|
$ |
- |
|
||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |
||||||||
Cash paid for interest, excluding extinguishment of interest rate swap liability |
$ |
54,980 |
|
$ |
71,649 |
|
||
Cash (paid) received for income taxes—Net |
$ |
(15,233 |
) |
$ |
917 |
|
||
|
||||||||||||||||
Three months ended |
|
Year ended |
||||||||||||||
|
|
|
||||||||||||||
(amounts in thousands, except percentages) |
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Gross Profit |
$ |
139,386 |
|
$ |
112,068 |
|
$ |
492,633 |
|
$ |
424,346 |
|
||||
First Party Clinical Services—Gross Profit |
|
- |
|
|
(394 |
) |
|
- |
|
|
(3,429 |
) |
||||
Amortization of acquired technologies |
|
6,580 |
|
|
6,578 |
|
|
26,320 |
|
|
26,303 |
|
||||
Business combination transaction costs |
|
- |
|
|
- |
|
|
905 |
|
|
- |
|
||||
Stock-based compensation |
|
1,081 |
|
|
114 |
|
|
13,644 |
|
|
494 |
|
||||
Adjusted Gross Profit |
$ |
147,047 |
|
$ |
118,366 |
|
$ |
533,502 |
|
$ |
447,714 |
|
||||
Gross Profit Margin |
|
75 |
% |
|
68 |
% |
|
72 |
% |
|
67 |
% |
||||
Adjusted Gross Profit Margin |
|
79 |
% |
|
76 |
% |
|
78 |
% |
|
75 |
% |
||||
|
||||||||||||||||
RECONCILIATION OF GAAP OPERATING EXPENSES TO ADJUSTED OPERATING EXPENSES |
||||||||||||||||
(In thousands) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
Three months ended |
|
Year ended |
||||||||||||||
|
|
|
||||||||||||||
(dollar amounts in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Operating expenses |
$ |
124,087 |
|
$ |
87,935 |
|
$ |
637,308 |
|
$ |
347,366 |
|
||||
Stock-based compensation expense |
|
(25,501 |
) |
|
(3,751 |
) |
|
(248,351 |
) |
|
(10,842 |
) |
||||
Lease abandonment |
|
(326 |
) |
|
- |
|
|
(2,582 |
) |
|
- |
|
||||
Lease overlap costs |
|
(924 |
) |
|
- |
|
|
(3,697 |
) |
|
- |
|
||||
Net costs related to divestiture |
|
428 |
|
|
(35 |
) |
|
(2,177 |
) |
|
(35 |
) |
||||
Business combination transaction costs |
|
(1,914 |
) |
|
(1,095 |
) |
|
(11,480 |
) |
|
(1,188 |
) |
||||
Amortization of intangible assets |
|
(18,126 |
) |
|
(18,078 |
) |
|
(72,358 |
) |
|
(72,310 |
) |
||||
Adjusted operating expenses |
$ |
77,724 |
|
$ |
64,976 |
|
$ |
296,663 |
|
$ |
262,991 |
|
||||
|
||||||||||||||||
Three months ended |
|
Year ended |
||||||||||||||
|
|
|
||||||||||||||
(dollar amounts in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Net operating income (loss) |
$ |
15,299 |
|
$ |
24,133 |
|
$ |
(144,675 |
) |
$ |
76,980 |
|
||||
Stock-based compensation expense |
|
26,582 |
|
|
3,865 |
|
|
261,995 |
|
|
11,336 |
|
||||
Lease abandonment |
|
326 |
|
|
- |
|
|
2,582 |
|
|
- |
|
||||
Lease overlap costs |
|
924 |
|
|
- |
|
|
3,697 |
|
|
- |
|
||||
Net costs related to divestiture |
|
(428 |
) |
|
35 |
|
|
2,177 |
|
|
35 |
|
||||
Business combination transaction costs |
|
1,914 |
|
|
1,095 |
|
|
12,385 |
|
|
1,188 |
|
||||
Amortization of intangible assets |
|
18,126 |
|
|
18,078 |
|
|
72,358 |
|
|
72,310 |
|
||||
Amortization of acquired technologies—Cost of revenue |
|
6,580 |
|
|
6,578 |
|
|
26,320 |
|
|
26,303 |
|
||||
First Party Clinical Services—Revenue |
|
- |
|
|
(8,659 |
) |
|
- |
|
|
(34,742 |
) |
||||
First Party Clinical Services—Cost of revenue |
|
- |
|
|
8,265 |
|
|
- |
|
|
31,313 |
|
||||
Adjusted operating income |
$ |
69,323 |
|
$ |
53,390 |
|
$ |
236,839 |
|
$ |
184,723 |
|
||||
|
||||||||||||||||
Three months ended |
|
Year ended |
||||||||||||||
|
|
|
||||||||||||||
(dollar amounts in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Net (loss) income |
$ |
(57,869 |
) |
$ |
5,618 |
|
$ |
(248,919 |
) |
$ |
(16,876 |
) |
||||
Interest expense |
|
7,442 |
|
|
19,415 |
|
|
58,990 |
|
|
77,003 |
|
||||
Income tax provision (benefit) |
|
28,227 |
|
|
2,512 |
|
|
(26,000 |
) |
|
(4,679 |
) |
||||
Amortization of intangible assets |
|
18,126 |
|
|
18,078 |
|
|
72,358 |
|
|
72,310 |
|
||||
Amortization of acquired technologies—Cost of revenue |
|
6,580 |
|
|
6,578 |
|
|
26,320 |
|
|
26,303 |
|
||||
Depreciation and amortization related to software, equipment and property |
|
6,290 |
|
|
4,710 |
|
|
24,451 |
|
|
17,749 |
|
||||
EBITDA |
|
8,796 |
|
|
56,911 |
|
|
(92,800 |
) |
|
171,810 |
|
||||
(Gain) loss on change in fair value of interest rate swaps |
|
- |
|
|
(3,384 |
) |
|
(8,373 |
) |
|
13,249 |
|
||||
Change in fair value of warrant liabilities |
|
37,612 |
|
|
- |
|
|
64,501 |
|
|
- |
|
||||
Stock-based compensation expense |
|
26,582 |
|
|
3,865 |
|
|
261,995 |
|
|
11,336 |
|
||||
Loss on early extinguishment of debt |
|
- |
|
|
- |
|
|
15,240 |
|
|
8,615 |
|
||||
Business combination transaction costs |
|
1,914 |
|
|
1,095 |
|
|
12,385 |
|
|
1,188 |
|
||||
Lease abandonment |
|
326 |
|
|
- |
|
|
2,582 |
|
|
- |
|
||||
Lease overlap costs |
|
924 |
|
|
- |
|
|
3,697 |
|
|
- |
|
||||
Net costs related to divestiture |
|
(428 |
) |
|
35 |
|
|
2,177 |
|
|
35 |
|
||||
First Party Clinical Services—Revenue |
|
- |
|
|
(8,659 |
) |
|
- |
|
|
(34,742 |
) |
||||
First Party Clinical Services—Cost of revenue |
|
- |
|
|
8,265 |
|
|
- |
|
|
31,313 |
|
||||
Adjusted EBITDA |
$ |
75,726 |
|
$ |
58,128 |
|
$ |
261,404 |
|
$ |
202,804 |
|
||||
|
||||||||||||||||
Three months ended |
|
Year ended |
||||||||||||||
|
|
|
||||||||||||||
(dollar amounts in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Net (loss) income |
$ |
(57,869 |
) |
$ |
5,618 |
|
$ |
(248,919 |
) |
$ |
(16,876 |
) |
||||
Amortization of intangible assets |
|
18,126 |
|
|
18,078 |
|
|
72,358 |
|
|
72,310 |
|
||||
Amortization of acquired technologies—Cost of revenue |
|
6,580 |
|
|
6,578 |
|
|
26,320 |
|
|
26,303 |
|
||||
(Gain) loss on change in fair value of interest rate swaps |
|
- |
|
|
(3,384 |
) |
|
(8,373 |
) |
|
13,249 |
|
||||
Change in fair value of warrant liabilities |
|
37,612 |
|
|
- |
|
|
64,501 |
|
|
- |
|
||||
Stock-based compensation expense |
|
26,582 |
|
|
3,865 |
|
|
261,995 |
|
|
11,336 |
|
||||
Loss on early extinguishment of debt |
|
- |
|
|
- |
|
|
15,240 |
|
|
8,615 |
|
||||
Business combination transaction costs |
|
1,914 |
|
|
1,095 |
|
|
12,385 |
|
|
1,188 |
|
||||
Lease abandonment |
|
326 |
|
|
- |
|
|
2,582 |
|
|
- |
|
||||
Lease overlap costs |
|
924 |
|
|
- |
|
|
3,697 |
|
|
- |
|
||||
Net costs related to divestiture |
|
(428 |
) |
|
35 |
|
|
2,177 |
|
|
35 |
|
||||
First Party Clinical Services—Revenue |
|
- |
|
|
(8,659 |
) |
|
- |
|
|
(34,742 |
) |
||||
First Party Clinical Services—Cost of revenue |
|
- |
|
|
8,265 |
|
|
- |
|
|
31,313 |
|
||||
Tax effect of adjustments |
|
15,450 |
|
|
(6,442 |
) |
|
(73,684 |
) |
|
(33,389 |
) |
||||
Adjusted net income |
$ |
49,217 |
|
$ |
25,049 |
|
$ |
130,279 |
|
$ |
79,342 |
|
||||
Adjusted net income per share attributable to common stockholders |
||||||||||||||||
Basic |
$ |
0.08 |
|
$ |
0.05 |
|
$ |
0.24 |
|
$ |
0.16 |
|
||||
Diluted |
$ |
0.08 |
|
$ |
0.05 |
|
$ |
0.23 |
|
$ |
0.15 |
|
||||
Weighted average shares outstanding |
||||||||||||||||
Basic |
|
596,023,745 |
|
|
504,274,914 |
|
|
543,558,222 |
|
|
504,115,839 |
|
||||
Diluted |
|
637,445,530 |
|
|
520,274,793 |
|
|
575,619,243 |
|
|
519,748,819 |
|
||||
|
||||||||||||||||
Three months ended |
|
Year ended |
||||||||||||||
(dollar amounts in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Net cash provided by operating activities |
$ |
30,610 |
|
$ |
37,154 |
|
$ |
127,335 |
|
$ |
103,943 |
|
||||
Less: Purchases of software, equipment, and property |
|
(13,299 |
) |
|
(6,292 |
) |
|
(38,321 |
) |
|
(30,107 |
) |
||||
Less: Purchase of intangible assets |
|
- |
|
|
- |
|
|
(49 |
) |
|
(560 |
) |
||||
Free Cash Flow |
$ |
17,311 |
|
$ |
30,862 |
|
$ |
88,965 |
|
$ |
73,276 |
|
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220227005138/en/
Investor Contact:
646-277-1251
IR@cccis.com
Media Contact:
Director Public Relations,
mhellyar@cccis.com
Source:
FAQ
What was CCCS's revenue for Q4 2021?
How much did adjusted EBITDA grow in Q4 2021 for CCC Intelligent Solutions?
What is the financial guidance for CCCS for the first quarter of 2022?
What was the net income for CCCS for the full year 2021?
What key acquisition did CCC Intelligent Solutions complete recently?
