CCC Intelligent Solutions Holdings Inc. - CCCS STOCK NEWS

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.

Sprinklr has announced significant leadership changes, with Manish Sarin appointed as the new Chief Financial Officer starting January 24, 2022. Sarin brings over 20 years of experience from Exabeam and Proofpoint. Eileen Schloss joins the board to enhance company culture. The transition includes Chris Lynch moving to an advisory role and Vivek Kundra, the COO, departing on February 12, 2022. Sprinklr has reiterated its financial guidance for the fourth quarter and full year fiscal 2022.

CCC Intelligent Solutions announced a 50% year-over-year increase in the use of advanced AI for claims processing. The adoption of its AI-powered touchless estimating solution has doubled to 8 national insurers within three months of launch. Over 9 million unique claims have been processed using CCC's deep learning AI, marking an 80% growth in 2021, with a 6X increase in claims using multiple AI applications. The company highlights a 30% increase in the number of insurers utilizing AI solutions, fueling digital transformation in the insurance industry.

CCC Intelligent Solutions Holdings Inc. (NYSE: CCCS) announced the redemption of all outstanding Public Warrants at a price of $0.10 per Warrant. As of the Redemption Date, December 29, 2021, 91.8% of the 17,299,983 Public Warrants were exercised, resulting in no Public Warrants remaining post-redemption. The Public Warrants ceased trading on the New York Stock Exchange after market close on December 28, 2021, while the company's Common Stock continues to trade under the same symbol.

CCC Intelligent Solutions Holdings Inc. (NYSE: CCCS) will redeem all outstanding Warrants, excluding those held by its Sponsor or Permitted Transferees, at a price of $0.10 per Warrant, effective by 5:00 p.m. on December 29, 2021. Warrant holders can exercise their Warrants at an exercise price of $11.50 per Common Stock share or choose a cashless exercise, receiving shares based on the Redemption Fair Market Value. The last trading day for the Warrants will be December 28, 2021. Evercore serves as the financial advisor for this transaction.