CCC Intelligent Solutions Announces Second Quarter 2024 Financial Results

CHICAGO, IL — CCC Intelligent Solutions Holdings Inc. (“CCC” or the “Company”) (NASDAQ: CCCS), a leading cloud platform for the P&C insurance economy, announced its financial results for the three months ended June 30, 2024.

“CCC delivered strong second quarter results, highlighted by 10% year-over-year revenue growth and 41% adjusted EBITDA margin. Our solid performance in the first half of 2024 reinforces our confidence in our durable business model, multisided network, and customer-focused innovation,” said Githesh Ramamurthy, Chairman & CEO of CCC.

“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 for the second quarter of 2024, an increase of 10% from $211.7 million for the second quarter of 2023.

Profitability

GAAP gross profit was $177.3 million, representing a gross margin of 76%, for the second quarter of 2024, compared with $152.6 million, representing a gross margin of 72%, for the second quarter of 2023. Adjusted gross profit was $182.1 million, representing an adjusted gross profit margin of 78%, for the second quarter of 2024, compared with $162.0 million, representing an adjusted gross profit margin of 77%, for the second quarter of 2023.
GAAP operating income was $22.5 million for the second quarter of 2024, compared with GAAP operating loss of $73.2 million for the second quarter of 2023. Adjusted operating income was $86.0 million for the second quarter of 2024, compared with adjusted operating income of $71.8 million for the second quarter of 2023.
GAAP net income was $21.4 million for the second quarter of 2024, compared with GAAP net loss of $97.3 million for the second quarter of 2023. Adjusted net income was $56.2 million for the second quarter of 2024, compared with adjusted net income of $47.8 million for the second quarter of 2023.
Adjusted EBITDA was $95.8 million for the second quarter of 2024, compared with adjusted EBITDA of $80.9 million for the second quarter of 2023. Adjusted EBITDA grew 18% in the second quarter of 2024 compared with the second quarter of 2023.

Liquidity

CCC had $237.9 million in cash and cash equivalents and $780.0 million of total debt on June 30, 2024. The Company generated $51.8 million in cash from operating activities and had free cash flow of $36.2 million during the second quarter of 2024, compared with $69.6 million generated in cash from operating activities and $55.0 million in free cash flow in the second quarter of 2023.

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 over 70% of shares outstanding today.

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.

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For additional details, including financial and supplementary data, view the full Press Release on the CCC website.