CCC Intelligent Solutions Holdings Inc. Announces Second Quarter 2024 Financial Results
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.
CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con una Crescita dei ricavi del 10% rispetto all’anno precedente che ha raggiunto i 232,6 milioni di dollari e un margine EBITDA rettificato del 41%. L'utile netto GAAP dell'azienda è stato di 21,4 milioni di dollari, rispetto a una perdita netta di 97,3 milioni di dollari nel secondo trimestre del 2023. L'EBITDA rettificato è cresciuto del 18%, raggiungendo i 95,8 milioni di dollari. La base clienti di CCC ora supera le 35.000 unità, comprese oltre 30.000 officine di riparazione. L'azienda ha lanciato CCC® Build Sheets per semplificare il processo di riparazione. Sulla base di questi risultati, CCC ha fornito previsioni per il terzo trimestre e per l'intero anno 2024, prevedendo una continua crescita.
CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS) informó resultados financieros sólidos para el segundo trimestre de 2024, con un crecimiento de ingresos del 10% en comparación con el año anterior, alcanzando los 232,6 millones de dólares y un margen de EBITDA ajustado del 41%. La ganancia neta según GAAP de la empresa fue de 21,4 millones de dólares, en comparación con una pérdida neta de 97,3 millones de dólares en el segundo trimestre de 2023. El EBITDA ajustado creció un 18% hasta alcanzar los 95,8 millones de dólares. La base de clientes de CCC ahora supera los 35,000, incluidas más de 30,000 instalaciones de reparación. La empresa lanzó CCC® Build Sheets para agilizar el proceso de reparación. Basándose en estos resultados, CCC emitió proyecciones para el tercer trimestre y el año completo de 2024, anticipando un crecimiento continuo.
CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS)는 2024년 2분기 강력한 재무 결과를 보고했으며, 전년 대비 10%의 수익 성장으로 2억 3,260만 달러에 달하며 조정된 EBITDA 마진이 41%에 이릅니다. 회사의 GAAP 순이익은 2,140만 달러였으며, 2023년 2분기에는 9,730만 달러의 순손실을 기록했습니다. 조정된 EBITDA는 18% 증가하여 9,580만 달러에 달했습니다. CCC의 고객 수는 35,000명을 초과하며, 30,000개 이상의 수리시설을 포함합니다. 회사는 수리 프로세스를 간소화하기 위해 CCC® Build Sheets를 출시했습니다. 이러한 결과를 바탕으로 CCC는 2024년 3분기 및 연간 가이던스를 발표하였으며, 지속적인 성장을 예상하고 있습니다.
CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS) a annoncé de solides résultats financiers pour le deuxième trimestre de 2024, avec une croissance des revenus de 10 % par rapport à l'année précédente, atteignant 232,6 millions de dollars et une marge EBITDA ajustée de 41 %. Le résultat net GAAP de l'entreprise s'élevait à 21,4 millions de dollars, contre une perte nette de 97,3 millions de dollars au deuxième trimestre de 2023. L'EBITDA ajusté a augmenté de 18 % pour atteindre 95,8 millions de dollars. La base de clients de CCC dépasse désormais 35 000, dont plus de 30 000 ateliers de réparation. L'entreprise a lancé CCC® Build Sheets pour simplifier le processus de réparation. Sur la base de ces résultats, CCC a fourni des prévisions pour le troisième trimestre et l'ensemble de l'année 2024, prévoyant une croissance continue.
CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS) hat starke Finanzergebnisse für das zweite Quartal 2024 bekannt gegeben, mit einem Umsatzwachstum von 10 % im Jahresvergleich auf 232,6 Millionen Dollar und einer bereinigten EBITDA-Marge von 41%. Der GAAP-Nettoertrag des Unternehmens betrug 21,4 Millionen Dollar, verglichen mit einem Nettverlust von 97,3 Millionen Dollar im 2. Quartal 2023. Das bereinigte EBITDA wuchs um 18 % auf 95,8 Millionen Dollar. Die Kundenbasis von CCC übersteigt nun 35.000, darunter mehr als 30.000 Reparatureinrichtungen. Das Unternehmen hat CCC® Build Sheets eingeführt, um den Reparaturprozess zu optimieren. Basierend auf diesen Ergebnissen hat CCC eine Prognose für das 3. Quartal und das Gesamtjahr 2024 herausgegeben, die weiteres Wachstum projiziert.
- 10% year-over-year revenue growth to $232.6 million in Q2 2024
- 41% adjusted EBITDA margin in Q2 2024
- 18% growth in adjusted EBITDA to $95.8 million
- Transition from GAAP net loss to net income of $21.4 million
- Customer base expansion to over 35,000, including 30,000+ repair facilities
- Launch of CCC® Build Sheets to improve repair process efficiency
- Increased public float from 30% to over 70% of shares outstanding
- Decrease in cash from operating activities from $69.6 million in Q2 2023 to $51.8 million in Q2 2024
- Reduction in free cash flow from $55.0 million in Q2 2023 to $36.2 million in Q2 2024
Insights
CCC Intelligent Solutions Holdings Inc. has delivered a robust performance in Q2 2024, demonstrating strong financial health and growth potential. The company's revenue increased by
Particularly noteworthy is the improvement in GAAP profitability. The company swung from a GAAP operating loss of
The company's balance sheet appears solid with
CCC's guidance for Q3 and full-year 2024 suggests continued growth, with projected revenue of
The recent secondary offerings, while not directly benefiting the company financially, have significantly increased the public float from
CCC Intelligent Solutions' strong performance is underpinned by its strategic focus on technological innovation and network expansion within the P&C insurance economy. The company's significant investment in R&D over the past decade has yielded a robust pipeline of new solutions, positioning CCC at the forefront of digital transformation in this sector.
A key highlight is the launch of CCC® Build Sheets, integrated directly into the CCC ONE® platform. This solution exemplifies CCC's commitment to streamlining processes and enhancing efficiency in the collision repair industry. By providing detailed vehicle specifications based on VIN, it addresses critical pain points in the repair process, potentially reducing errors and improving productivity for repair facilities.
The expansion of CCC's network is equally impressive. With over 600 collision repair facilities added year-to-date, bringing the total to over 30,000, CCC is solidifying its position as a dominant platform in the industry. The network now encompasses over 35,000 customers, including 5,500+ parts suppliers, 300+ insurers and 13 of the top-15 automotive OEMs. This extensive network creates a powerful ecosystem that can drive further adoption and entrench CCC's market position.
The company's platform approach, connecting various stakeholders and digitizing processes across the ecosystem, is a strategic advantage. By facilitating improved communication and productivity while reducing leakage, CCC is positioning itself as an indispensable tool in the P&C insurance economy. This approach not only enhances customer stickiness but also creates opportunities for upselling and cross-selling additional services, potentially driving future revenue growth.
“CCC delivered strong second quarter results, highlighted by
“Our significant investment in research and development over the past decade has enabled us to build a robust pipeline of new solutions that help our clients accelerate their digital transformation within the P&C economy,” continued Ramamurthy. “Strong client engagement and feedback across these new solutions increase our confidence in CCC’s long-term growth potential.”
Second Quarter 2024 Financial Highlights
Revenue
-
Total revenue was
$232.6 million 10% from$211.7 million
Profitability
-
GAAP gross profit was
$177.3 million 76% , for the second quarter of 2024, compared with$152.6 million 72% , for the second quarter of 2023. Adjusted gross profit was$182.1 million 78% , for the second quarter of 2024, compared with$162.0 million 77% , for the second quarter of 2023. -
GAAP operating income was
$22.5 million $73.2 million $86.0 million $71.8 million -
GAAP net income was
$21.4 million $97.3 million $56.2 million $47.8 million -
Adjusted EBITDA was
$95.8 million $80.9 million 18% in the second quarter of 2024 compared with the second quarter of 2023.
Liquidity
-
CCC had
$237.9 million $780.0 million $51.8 million $36.2 million $69.6 million $55.0 million
The information presented above includes non-GAAP financial measures such as “adjusted EBITDA,” “adjusted net income,” “adjusted EBITDA margin,” “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.
2nd Quarter and Recent Business Highlights
- CCC recently launched CCC® Build Sheets, a new solution designed to streamline the repair process. Integrated directly into CCC ONE®, CCC® Build Sheets provides collision repairers with detailed vehicle specifications based on the Vehicle Identification Number (VIN), helping them write more complete estimates the first time, better understand the parts needed for the repair, access information faster, improve efficiency, and enhance overall shop productivity.
- CCC continued to grow the breadth and depth of its network during the second quarter of 2024, adding over 600 collision repair facilities to its platform in 2024 year-to-date. CCC now has over 30,000 repair facilities on the CCC platform. CCC’s total customer count now exceeds 35,000, including over 5,500 parts suppliers, more than 300 insurers, and 13 of the top-15 automotive OEMs. By connecting these companies and digitizing processes across the ecosystem, CCC’s platform increases their ability to be productive, reduce leakage, and improve communication throughout the P&C insurance economy – which ultimately can result in claims being resolved faster.
-
Certain existing shareholders recently completed two secondary offerings of the Company’s common stock. The first offering of 50,000,000 shares closed in May 2024. The second offering of 30,000,000 shares closed in July 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 over70% of shares outstanding today.
Business Outlook
Based on information as of today, July 30, 2024, the Company is issuing the following financial guidance:
|
Third Quarter Fiscal 2024 |
|
|
Full Year Fiscal 2024 |
|||
Revenue |
|
$ |
236.0 million to |
|
|
$ |
941.0 million to |
Adjusted EBITDA |
|
$ |
97.0 million to |
|
|
$ |
391.0 million to |
1 As measured by Bloomberg Finance L.P.
Conference Call Information
CCC will host a conference call today, July 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) |
||||||
June 30, |
December 31, |
|||||
2024 |
2023 |
|||||
(Unaudited) |
||||||
ASSETS |
||||||
CURRENT ASSETS: |
||||||
Cash and cash equivalents |
$ |
237,893 |
$ |
195,572 |
||
Accounts receivable—Net of allowances of |
|
120,932 |
|
102,365 |
||
Income taxes receivable |
|
4,093 |
|
1,798 |
||
Deferred contract costs |
|
19,427 |
|
17,900 |
||
Other current assets |
|
26,589 |
|
32,364 |
||
Total current assets |
|
408,934 |
|
349,999 |
||
SOFTWARE, EQUIPMENT, AND PROPERTY—Net |
|
176,391 |
|
160,416 |
||
OPERATING LEASE ASSETS |
|
29,799 |
|
30,456 |
||
INTANGIBLE ASSETS—Net |
|
970,505 |
|
1,015,046 |
||
GOODWILL |
|
1,417,724 |
|
1,417,724 |
||
DEFERRED FINANCING FEES, REVOLVER—Net |
|
1,365 |
|
1,672 |
||
DEFERRED CONTRACT COSTS |
|
21,666 |
|
22,302 |
||
EQUITY METHOD INVESTMENT |
|
10,228 |
|
10,228 |
||
OTHER ASSETS |
|
42,546 |
|
43,197 |
||
TOTAL |
$ |
3,079,158 |
$ |
3,051,040 |
||
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY |
||||||
CURRENT LIABILITIES: |
||||||
Accounts payable |
$ |
20,954 |
$ |
16,324 |
||
Accrued expenses |
|
61,149 |
|
71,478 |
||
Income taxes payable |
|
215 |
|
3,689 |
||
Current portion of long-term debt |
|
8,000 |
|
8,000 |
||
Current portion of long-term licensing agreement—Net |
|
3,157 |
|
3,061 |
||
Operating lease liabilities |
|
7,128 |
|
6,788 |
||
Deferred revenues |
|
45,988 |
|
43,567 |
||
Total current liabilities |
|
146,591 |
|
152,907 |
||
LONG-TERM DEBT—Net |
|
764,249 |
|
767,504 |
||
DEFERRED INCOME TAXES—Net |
|
170,627 |
|
195,365 |
||
LONG-TERM LICENSING AGREEMENT—Net |
|
26,089 |
|
27,692 |
||
OPERATING LEASE LIABILITIES |
|
48,657 |
|
50,796 |
||
WARRANT LIABILITIES |
|
— |
|
51,501 |
||
OTHER LIABILITIES |
|
10,352 |
|
6,414 |
||
Total liabilities |
|
1,166,565 |
|
1,252,179 |
||
COMMITMENTS AND CONTINGENCIES (Notes 18 and 19) |
||||||
MEZZANINE EQUITY: |
||||||
Redeemable non-controlling interest |
|
18,947 |
|
16,584 |
||
STOCKHOLDERS’ EQUITY: |
||||||
Preferred stock— |
|
— |
|
— |
||
Common stock— |
|
62 |
|
60 |
||
Additional paid-in capital |
|
3,000,367 |
|
2,909,757 |
||
Accumulated deficit |
|
(1,105,619) |
|
(1,126,467) |
||
Accumulated other comprehensive loss |
|
(1,164) |
|
(1,073) |
||
Total stockholders’ equity |
|
1,893,646 |
|
1,782,277 |
||
TOTAL |
$ |
3,079,158 |
$ |
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 |
For the Six Months Ended |
|||||||||||
June 30, |
June 30, |
|||||||||||
2024 |
2023 |
2024 |
2023 |
|||||||||
REVENUES |
$ |
232,618 |
$ |
211,710 |
$ |
459,855 |
$ |
416,630 |
||||
COST OF REVENUES |
||||||||||||
Cost of revenues, exclusive of amortization and impairment of acquired technologies |
|
53,231 |
|
52,047 |
|
106,038 |
|
102,494 |
||||
Amortization of acquired technologies |
|
2,090 |
|
6,646 |
|
8,657 |
|
13,331 |
||||
Impairment of acquired technologies |
|
— |
|
431 |
|
— |
|
431 |
||||
Total cost of revenues |
|
55,321 |
|
59,124 |
|
114,695 |
|
116,256 |
||||
GROSS PROFIT |
|
177,297 |
|
152,586 |
|
345,160 |
|
300,374 |
||||
OPERATING EXPENSES: |
||||||||||||
Research and development |
|
49,253 |
|
43,363 |
|
98,730 |
|
84,359 |
||||
Selling and marketing |
|
36,321 |
|
35,936 |
|
71,907 |
|
69,467 |
||||
General and administrative |
|
51,268 |
|
46,141 |
|
108,329 |
|
88,006 |
||||
Amortization of intangible assets |
|
17,942 |
|
18,022 |
|
35,884 |
|
36,088 |
||||
Impairment of goodwill |
|
— |
|
77,405 |
|
— |
|
77,405 |
||||
Impairment of intangible assets |
|
— |
|
4,906 |
|
— |
|
4,906 |
||||
Total operating expenses |
|
154,784 |
|
225,773 |
|
314,850 |
|
360,231 |
||||
OPERATING INCOME (LOSS) |
|
22,513 |
|
(73,187) |
|
30,310 |
|
(59,857) |
||||
INTEREST EXPENSE |
|
(16,602) |
|
(14,014) |
|
(33,054) |
|
(27,846) |
||||
INTEREST INCOME |
|
2,625 |
|
4,023 |
|
5,092 |
|
7,282 |
||||
CHANGE IN FAIR VALUE OF WARRANT LIABILITIES |
|
15,963 |
|
(20,375) |
|
14,378 |
|
(19,180) |
||||
OTHER INCOME—Net |
|
1,253 |
|
3,928 |
|
4,191 |
|
1,377 |
||||
PRETAX INCOME (LOSS) |
|
25,752 |
|
(99,625) |
|
20,917 |
|
(98,224) |
||||
INCOME TAX (PROVISION) BENEFIT |
|
(4,307) |
|
2,281 |
|
(69) |
|
3,064 |
||||
NET INCOME (LOSS) INCLUDING NON-CONTROLLING INTEREST |
|
21,445 |
|
(97,344) |
|
20,848 |
|
(95,160) |
||||
LESS: ACCRETION OF REDEEMABLE NON-CONTROLLING INTEREST |
|
(1,221) |
|
(315) |
|
(2,363) |
|
(315) |
||||
NET INCOME (LOSS) ATTRIBUTABLE TO CCC INTELLIGENT SOLUTIONS HOLDINGS INC. COMMON STOCKHOLDERS |
$ |
20,224 |
$ |
(97,659) |
$ |
18,485 |
$ |
(95,475) |
||||
Net income (loss) per share attributable to common stockholders: |
||||||||||||
Basic |
$ |
0.03 |
$ |
(0.16) |
$ |
0.03 |
$ |
(0.15) |
||||
Diluted |
$ |
0.03 |
$ |
(0.16) |
$ |
0.03 |
$ |
(0.15) |
||||
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders: |
||||||||||||
Basic |
|
609,997,114 |
|
621,235,776 |
|
604,138,246 |
|
618,740,340 |
||||
Diluted |
|
638,367,745 |
|
621,235,776 |
|
636,990,633 |
|
618,740,340 |
||||
COMPREHENSIVE INCOME (LOSS): |
||||||||||||
Net income (loss) including non-controlling interest |
|
21,445 |
|
(97,344) |
|
20,848 |
|
(95,160) |
||||
Other comprehensive loss—Foreign currency translation adjustment |
|
(16) |
|
(285) |
|
(91) |
|
(251) |
||||
COMPREHENSIVE INCOME (LOSS) INCLUDING NON-CONTROLLING INTEREST |
|
21,429 |
|
(97,629) |
|
20,757 |
|
(95,411) |
||||
Less: accretion of redeemable non-controlling interest |
|
(1,221) |
|
(315) |
|
(2,363) |
|
(315) |
||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CCC INTELLIGENT SOLUTIONS HOLDINGS INC. COMMON STOCKHOLDERS |
$ |
20,208 |
$ |
(97,944) |
$ |
18,394 |
$ |
(95,726) |
||||
CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES |
||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||
(In thousands) |
||||||
(Unaudited) |
||||||
For the Six Months Ended |
||||||
June 30, |
||||||
2024 |
2023 |
|||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||
Net income (loss) |
$ |
20,848 |
$ |
(95,160) |
||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
||||||
Depreciation and amortization of software, equipment, and property |
|
19,160 |
|
17,966 |
||
Amortization of intangible assets |
|
44,541 |
|
49,419 |
||
Impairment of goodwill and intangible assets |
|
— |
|
82,742 |
||
Deferred income taxes |
|
(24,738) |
|
(23,791) |
||
Stock-based compensation |
|
85,096 |
|
64,720 |
||
Amortization of deferred financing fees |
|
927 |
|
851 |
||
Amortization of discount on debt |
|
125 |
|
111 |
||
Change in fair value of derivative instruments |
|
134 |
|
(1,009) |
||
Change in fair value of warrant liabilities |
|
(14,378) |
|
19,180 |
||
Non-cash lease expense |
|
— |
|
1,232 |
||
Loss on disposal of software, equipment and property |
|
302 |
|
— |
||
Other |
|
68 |
|
115 |
||
Changes in: |
||||||
Accounts receivable—Net |
|
(18,553) |
|
2,322 |
||
Deferred contract costs |
|
(1,527) |
|
(315) |
||
Other current assets |
|
5,860 |
|
7,116 |
||
Deferred contract costs—Non-current |
|
636 |
|
681 |
||
Other assets |
|
391 |
|
(5,267) |
||
Operating lease assets |
|
1,152 |
|
(5) |
||
Income taxes |
|
(5,769) |
|
772 |
||
Accounts payable |
|
4,633 |
|
(8,534) |
||
Accrued expenses |
|
(12,739) |
|
(14,975) |
||
Operating lease liabilities |
|
(2,236) |
|
(249) |
||
Deferred revenues |
|
2,437 |
|
4,825 |
||
Other liabilities |
|
639 |
|
(115) |
||
Net cash provided by operating activities |
|
107,009 |
|
102,632 |
||
CASH FLOWS FROM INVESTING ACTIVITIES: |
||||||
Purchases of software, equipment, and property |
|
(31,224) |
|
(29,084) |
||
Net cash used in investing activities |
|
(31,224) |
|
(29,084) |
||
CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||
Proceeds from exercise of stock options |
|
21,561 |
|
20,827 |
||
Proceeds from employee stock purchase plan |
|
1,833 |
|
1,326 |
||
Payments for employee taxes withheld upon vesting of equity awards |
|
(52,722) |
|
(11,539) |
||
Principal payments on long-term debt |
|
(4,000) |
|
(4,000) |
||
Net cash used in financing activities |
|
(33,328) |
|
6,614 |
||
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
|
(136) |
|
(373) |
||
NET CHANGE IN CASH AND CASH EQUIVALENTS |
|
42,321 |
|
79,789 |
||
CASH AND CASH EQUIVALENTS: |
||||||
Beginning of period |
|
195,572 |
|
323,788 |
||
End of period |
$ |
237,893 |
$ |
403,577 |
||
NONCASH INVESTING AND FINANCING ACTIVITIES: |
||||||
Noncash purchases of software, equipment, and property |
$ |
7,218 |
$ |
550 |
||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: |
||||||
Cash paid for interest |
$ |
31,739 |
$ |
26,946 |
||
Cash paid for income taxes—Net |
$ |
30,567 |
$ |
19,954 |
||
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 June 30, |
Six Months Ended June 30, |
|||||||||||
(amounts in thousands, except percentages) |
2024 |
2023 |
2024 |
2023 |
||||||||
Gross Profit |
$ |
177,297 |
$ |
152,586 |
$ |
345,160 |
$ |
300,374 |
||||
Amortization of acquired technologies |
|
2,090 |
|
6,646 |
|
8,657 |
|
13,331 |
||||
Stock-based compensation and related employer payroll tax |
|
2,693 |
|
2,358 |
|
5,280 |
|
4,473 |
||||
Impairment of acquired technologies |
|
— |
|
431 |
|
— |
|
431 |
||||
Adjusted Gross Profit |
$ |
182,080 |
$ |
162,021 |
$ |
359,097 |
$ |
318,609 |
||||
Gross Profit Margin |
|
|
|
|
|
|
|
|
||||
Adjusted Gross Profit Margin |
|
|
|
|
|
|
|
|
||||
CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES |
||||||||||||
RECONCILIATION OF GAAP OPERATING EXPENSES TO ADJUSTED OPERATING EXPENSES |
||||||||||||
(In thousands) |
||||||||||||
(Unaudited) |
||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||
(dollar amounts in thousands) |
2024 |
2023 |
2024 |
2023 |
||||||||
Operating expenses |
$ |
154,784 |
$ |
225,773 |
$ |
314,850 |
$ |
360,231 |
||||
Amortization of intangible assets |
|
(17,942) |
|
(18,022) |
|
(35,884) |
|
(36,088) |
||||
Stock-based compensation expense and related employer payroll tax |
|
(38,075) |
|
(33,706) |
|
(85,520) |
|
(62,799) |
||||
Litigation costs |
|
(1,624) |
|
(1,537) |
|
(2,200) |
|
(2,523) |
||||
M&A and integration costs |
|
— |
|
— |
|
(477) |
|
— |
||||
Equity transaction costs, including secondary offerings |
|
(1,046) |
|
— |
|
(1,738) |
|
— |
||||
Impairment of goodwill |
|
— |
|
(77,405) |
|
— |
|
(77,405) |
||||
Impairment of intangible assets |
|
— |
|
(4,906) |
|
— |
|
(4,906) |
||||
Adjusted operating expenses |
$ |
96,097 |
$ |
90,197 |
$ |
189,031 |
$ |
176,510 |
||||
CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES |
||||||||||||
RECONCILIATION OF GAAP OPERATING (LOSS) INCOME TO ADJUSTED OPERATING INCOME |
||||||||||||
(In thousands) |
||||||||||||
(Unaudited) |
||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||
(dollar amounts in thousands) |
2024 |
2023 |
2024 |
2023 |
||||||||
Operating income (loss) |
$ |
22,513 |
$ |
(73,187) |
$ |
30,310 |
$ |
(59,857) |
||||
Amortization of intangible assets |
|
17,942 |
|
18,022 |
|
35,884 |
|
36,088 |
||||
Amortization of acquired technologies—Cost of revenue |
|
2,090 |
|
6,646 |
|
8,657 |
|
13,331 |
||||
Stock-based compensation expense and related employer payroll tax |
|
40,768 |
|
36,064 |
|
90,800 |
|
67,272 |
||||
Litigation costs |
|
1,624 |
|
1,537 |
|
2,200 |
|
2,523 |
||||
M&A and integration costs |
|
— |
|
— |
|
477 |
|
— |
||||
Equity transaction costs, including secondary offerings |
|
1,046 |
|
— |
|
1,738 |
|
— |
||||
Impairment of goodwill |
|
— |
|
77,405 |
|
— |
|
77,405 |
||||
Impairment of intangible assets |
|
— |
|
4,906 |
|
— |
|
4,906 |
||||
Impairment of acquired technologies - Cost of revenue |
|
— |
|
431 |
|
— |
|
431 |
||||
Adjusted operating income |
$ |
85,983 |
$ |
71,824 |
$ |
170,066 |
$ |
142,099 |
||||
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 June 30, |
Six Months Ended June 30, |
|||||||||||
(dollar amounts in thousands) |
2024 |
2023 |
2024 |
2023 |
||||||||
Net income (loss) |
$ |
21,445 |
$ |
(97,344) |
$ |
20,848 |
$ |
(95,160) |
||||
Interest expense |
|
16,602 |
|
14,014 |
|
33,054 |
|
27,846 |
||||
Interest income |
|
(2,625) |
|
(4,023) |
|
(5,092) |
|
(7,282) |
||||
Income tax benefit |
|
4,307 |
|
(2,281) |
|
69 |
|
(3,064) |
||||
Amortization of intangible assets |
|
17,942 |
|
18,022 |
|
35,884 |
|
36,088 |
||||
Amortization of acquired technologies—Cost of revenue |
|
2,090 |
|
6,646 |
|
8,657 |
|
13,331 |
||||
Depreciation and amortization of software, equipment and property |
|
2,299 |
|
2,187 |
|
4,164 |
|
4,414 |
||||
Depreciation and amortization of software, equipment and property—Cost of revenue |
|
7,418 |
|
6,573 |
|
14,996 |
|
13,552 |
||||
Stock-based compensation expense and related employer payroll tax |
|
40,768 |
|
36,064 |
|
90,800 |
|
67,272 |
||||
Change in fair value of derivative instruments |
|
852 |
|
(3,613) |
|
134 |
|
(1,009) |
||||
Change in fair value of warrant liabilities |
|
(15,963) |
|
20,375 |
|
(14,378) |
|
19,180 |
||||
Income from derivative instruments |
|
(2,008) |
|
— |
|
(4,039) |
|
— |
||||
Litigation costs |
|
1,624 |
|
1,537 |
|
2,200 |
|
2,523 |
||||
M&A and integration costs |
|
— |
|
— |
|
477 |
|
— |
||||
Equity transaction costs, including secondary offerings |
|
1,046 |
|
— |
|
1,738 |
|
— |
||||
Impairment of goodwill |
|
— |
|
77,405 |
|
— |
|
77,405 |
||||
Impairment of intangible assets |
|
— |
|
4,906 |
|
— |
|
4,906 |
||||
Impairment of acquired technologies - Cost of Revenue |
|
— |
|
431 |
|
— |
|
431 |
||||
Adjusted EBITDA |
$ |
95,797 |
$ |
80,899 |
$ |
189,512 |
$ |
160,433 |
||||
Adjusted EBITDA Margin |
|
|
|
|
|
|
|
|
||||
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 June 30, |
Six Months Ended June 30, |
|||||||||||
(dollar amounts in thousands) |
2024 |
2023 |
2024 |
2023 |
||||||||
Net income (loss) |
$ |
21,445 |
$ |
(97,344) |
$ |
20,848 |
$ |
(95,160) |
||||
Amortization of intangible assets |
|
17,942 |
|
18,022 |
|
35,884 |
|
36,088 |
||||
Amortization of acquired technologies—Cost of revenue |
|
2,090 |
|
6,646 |
|
8,657 |
|
13,331 |
||||
Stock-based compensation expense and related employer payroll tax |
|
40,768 |
|
36,064 |
|
90,800 |
|
67,272 |
||||
Change in fair value of warrant liabilities |
|
(15,963) |
|
20,375 |
|
(14,378) |
|
19,180 |
||||
Change in fair value of derivative instruments |
|
852 |
|
(3,613) |
|
134 |
|
(1,009) |
||||
Litigation costs |
|
1,624 |
|
1,537 |
|
2,200 |
|
2,523 |
||||
M&A and integration costs |
|
— |
|
— |
|
477 |
|
— |
||||
Equity transaction costs, including secondary offerings |
|
1,046 |
|
— |
|
1,738 |
|
— |
||||
Impairment of goodwill |
|
— |
|
77,405 |
|
— |
|
77,405 |
||||
Impairment of intangible assets |
|
— |
|
4,906 |
|
— |
|
4,906 |
||||
Impairment of acquired technologies-cost revenue |
|
— |
|
431 |
|
— |
|
431 |
||||
Tax effect of adjustments |
|
(13,618) |
|
(16,587) |
|
(35,384) |
|
(30,633) |
||||
Adjusted net income |
$ |
56,186 |
$ |
47,842 |
$ |
110,976 |
$ |
94,334 |
||||
Adjusted net income per share attributable to common stockholders: |
||||||||||||
Basic |
$ |
0.09 |
$ |
0.08 |
$ |
0.18 |
$ |
0.15 |
||||
Diluted |
$ |
0.09 |
$ |
0.07 |
$ |
0.17 |
$ |
0.15 |
||||
Weighted average shares outstanding: |
||||||||||||
Basic |
|
609,997,114 |
|
621,235,776 |
|
604,138,246 |
|
618,740,340 |
||||
Diluted |
|
638,367,745 |
|
651,427,506 |
|
636,990,633 |
|
648,887,781 |
||||
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 June 30, |
Six Months Ended June 30, |
|||||||||||
(dollar amounts in thousands) |
2024 |
2023 |
2024 |
2023 |
||||||||
Net cash provided by operating activities |
$ |
51,774 |
$ |
69,554 |
$ |
107,009 |
$ |
102,632 |
||||
Purchases of software, equipment, and property |
|
(15,561) |
|
(14,560) |
|
(31,224) |
|
(29,084) |
||||
Free Cash Flow |
$ |
36,213 |
$ |
54,994 |
|
$ |
75,785 |
|
$ |
73,548 |
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240729541676/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
What was CCC Intelligent Solutions' (CCCS) revenue growth in Q2 2024?
How did CCC Intelligent Solutions' (CCCS) profitability change in Q2 2024 compared to Q2 2023?
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What new product did CCC Intelligent Solutions (CCCS) launch in Q2 2024?
