CCC Intelligent Solutions Holdings Inc. - CCCS STOCK NEWS

CCC Intelligent Solutions Inc. has implemented BillingPlatform to enhance its billing processes, aiming to improve operational efficiency and offer diverse invoicing models. This integration is designed to support CCC’s complex pricing structures and facilitate smoother client management and renewals. The CEO of BillingPlatform highlighted the importance of their enterprise-grade solution in addressing CCC's diverse billing needs. The partnership is positioned to provide significant advantages in monetization and customer experience.

CCC Intelligent Solutions Holdings announced the pricing of a public offering of 20 million shares of common stock at $9.70 per share. This offering, set to close around April 11, 2022, involves existing stockholders as sellers; the Company will not receive any proceeds. An additional 3 million shares may be available through underwriters' options. Morgan Stanley and Citigroup lead the offering with several other financial institutions acting as managers. The registration statement has been approved by the SEC, and the offering documents are accessible online.

CCC Intelligent Solutions Holdings Inc. (NYSE: CCCS) has announced an underwritten public offering of 20 million shares of its common stock by existing stockholders. The Selling Stockholders plan to allow the underwriters a 30-day option to purchase an additional 3 million shares. The offering will not generate any proceeds for the company, as all shares sold will come from the Selling Stockholders. Morgan Stanley and Citigroup are the joint book-running managers for this offering. The SEC has declared the registration statement effective.

CCC Intelligent Solutions (CCCS) announces the integration of asTech® into its CCC Diagnostics network, enhancing the ability of collision repair facilities to digitally capture scan information. This process improves efficiency by allowing wireless uploads of scan reports directly to CCC ONE workfiles. Since 2017, there has been a nearly 900% increase in appraisals requiring diagnostic scans, highlighting their importance in modern vehicle repairs. The integration promotes safe and quality repairs while providing transparency for consumers and insurers.

CCC Intelligent Solutions has released the CCC Crash Course 2022 report, highlighting significant trends in the P&C insurance economy after years of disruption. The report, now in its 27th year, analyzes the effects of labor shortages, supply chain challenges, and technological advancements in vehicle repairs and insurance. It reflects data from over 260 million claims and 50 billion miles of driving, emphasizing the shift towards digital solutions and user experiences in the industry. Key topics include supply-demand imbalances and the impact of inflation on the automotive sector.

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.

CCC Intelligent Solutions Holdings Inc. (NYSE: CCCS) will announce its financial results for the fourth quarter and fiscal year 2021 on March 1, 2022, before U.S. market opening. A conference call will follow at 8:00 AM (ET) to discuss the results and future outlook. Investors can join the call by dialing 1-877-407-0784 (domestic) or 1-201-689-8560 (international), using conference ID 13727037. A live webcast will be available on their Investor Relations website, with a replay accessible later.

CCC Intelligent Solutions has acquired Safekeep, an AI leader in subrogation claims management. This acquisition aims to enhance CCC's digital, AI-powered claims processing capabilities, addressing the need for automation in the traditionally manual subrogation process. The integration will leverage machine learning and predictive models to improve efficiency and reduce administrative costs, benefiting over 300 insurers already utilizing CCC Cloud services. This move is aligned with CCC's vision for complete end-to-end claims processing.

CCC Intelligent Solutions has launched the CCC Mobile Appraiser Pro, a new app designed to enhance the efficiency of field appraisers in the claims process. Nationwide is the first insurer to utilize this app, aiming to speed up claim resolutions and improve policyholder experiences. The app connects to AI-driven estimating tools, supports photo collection, and facilitates data sharing, enabling rapid repair and total loss assessments. This innovation reflects CCC's commitment to digital transformation in the insurance sector.