CCC Intelligent Solutions Holdings Inc. - CCCS STOCK NEWS

CCC Intelligent Solutions Holdings Inc. (CCCS) reported strong Q2 2022 results with a 16% increase in revenue, totaling $192.8 million, and a 22% rise in adjusted EBITDA to $73.4 million. The company maintained a gross profit margin of 73% and improved adjusted net income to $37.4 million. Notably, 11 insurance carriers are now using CCC® Estimate - STP, contributing to its growth. The company also raised its full-year revenue guidance to between $773 million and $777 million, and adjusted EBITDA guidance to $294 million to $298 million.

CCC Intelligent Solutions announces that AirPro Diagnostics will join the CCC Diagnostics network, allowing collision repair users to capture and document AirPro scan information in CCC ONE workfiles. This integration, set to be operational by September, enhances accessibility and efficiency in repair processes by eliminating the need for physical connections and enabling automatic data uploads. The collaboration aims to improve the quality of vehicle repairs and diagnostic documentation, responding to the growing complexity of modern vehicles.

Guidewire (GWRE) and CCC Intelligent Solutions (CCCS) announced the launch of CCC Safekeep, a new accelerator for Guidewire ClaimCenter. This AI-backed platform enhances subrogation management by automating data handling and streamlining workflows for insurance claims. The integration allows for faster identification and prioritization of recoverable claims, ultimately improving efficiency and accuracy. The CCC Safekeep platform will support various insurance lines, including auto and property.

CCC Intelligent Solutions Holdings Inc. (NYSE: CCCS) will release its financial results for Q2 2022, ending June 30, after U.S. market close on August 4, 2022. Following this, a conference call will occur at 5:00 p.m. ET on the same day to discuss the results and business outlook. A live webcast will be available on their Investor Relations website, with a replay offered afterward. CCC provides a leading SaaS platform for the P&C insurance economy, connecting over 30,000 businesses to enhance digital workflows and customer experiences.

CCC Intelligent Solutions (NYSE: CCCS) announced an expanded partnership with Elephant Insurance to enhance digital claims processing. Utilizing CCC's AI-driven technology, Elephant aims to streamline total loss claims, improving efficiency and customer satisfaction. The collaboration addresses rising total loss situations fueled by increasing vehicle costs and supply chain issues. CCC's solutions will enable real-time engagement with policyholders, facilitating quicker resolutions and improved customer experience. This digital transformation is expected to significantly decrease processing times for claims.

CCC Intelligent Solutions Inc. (NYSE: CCCS) has announced its participation in two upcoming investor conferences. The first is the J.P. Morgan Global Technology, Media and Communications Conference in Boston, scheduled for May 24, 2022, at 10:50 a.m. ET. The second event is the William Blair Growth Stock Conference in Chicago, set for June 7, 2022, at 2:00 p.m. CT. Live webcasts of these presentations will be accessible on CCC's investor relations website.

CCC Intelligent Solutions (NYSE: CCCS) has announced a partnership with Bear River Mutual Insurance Company to enhance claims processing through CCC’s advanced AI and mobile solutions. Bear River Mutual will utilize CCC’s digital tools, including mobile photo capture and Smart Estimate®, improving efficiency and customer service. CCC’s platform supports over 300 auto insurers in the U.S., with a focus on transforming the claims experience for policyholders. This collaboration signifies a shift towards digital claims management in the insurance industry.

CCC Intelligent Solutions Holdings Inc. (NYSE: CCCS) reported strong first quarter 2022 results with 18% revenue growth to $186.8 million and 33% adjusted EBITDA growth to $73.7 million. The company achieved a GAAP net income of $12.0 million, recovering from a loss of $5.1 million in Q1 2021. With 74% gross profit margin, CCC emphasizes its growth potential in the digitizing P&C insurance industry. The company provided guidance for Q2, projecting revenue between $189.5 million and $191.5 million, and adjusted EBITDA between $69 million and $71 million.

CCC Intelligent Solutions Holdings Inc. (NYSE: CCCS) is set to announce its financial results for Q1 FY2022, ending March 31, 2022, on May 5, 2022, after market close. The company will also hold a conference call at 5:00 p.m. ET on the same day to discuss the results and future outlook. CCC, a leader in SaaS for the P&C insurance sector, connects over 30,000 businesses with innovative cloud technology that enhances customer experiences and operational efficiencies.