CCC Intelligent Solutions Holdings Inc. (CCCS) came out with quarterly earnings of $0.09 per share, beating the Zacks Consensus Estimate of $0.08 per share. This compares to earnings of $0.07 per share a year ago. These figures are adjusted for non-recurring items. Over the last four quarters, the company has surpassed consensus EPS estimates two times. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on man ...

Platform and Network - CCC's platform connects over 35,000 businesses and processes more than $1 trillion of historical data, leveraging AI and IoT for insurance and repair solutions[95] - The company has over 300 insurers and 30,000 repair facilities on its network, with 27 of the top 30 U.S. automotive insurance carriers as customers[97] - CCC's platform includes more than 5,500 parts suppliers and 13 of the top 15 automotive manufacturers based on new vehicle sales[97] AI and Technology Investments - CCC's AI solutions are actively used by over 100 U.S. auto insurers and 8,000 U.S. collision repairers in production environments[95] - The company is investing in new solutions to digitize the entire automotive claims lifecycle and expand into adjacent insurance lines[97] - CCC's technology investments focus on digitizing complex processes and interactions across the P&C insurance ecosystem[95] Financial Performance - Revenues increased by $20.9 million to $232.6 million, or 9.9%, driven by 7% growth from existing customer upgrades and 3% growth from new customers[114] - Software subscription revenues accounted for $223.0 million, or 96% of total revenue for the three months ended June 30, 2024[114] - Gross profit increased by $24.7 million to $177.3 million, or 16.2%, with a gross profit margin of 76.2%[116] - Operating income improved to $22.5 million from a loss of $73.2 million in the prior year[112] - Net income attributable to common stockholders was $20.2 million, compared to a loss of $97.7 million in the prior year[112] - Revenue increased by $43.2 million (10.4%) to $459.9 million for the six months ended June 30, 2024 compared to the same period in 2023[136] - Gross profit rose by $44.8 million (14.9%) to $345.2 million for the six months ended June 30, 2024[136] - Net income attributable to common stockholders improved by $114.0 million to $18.5 million for the six months ended June 30, 2024 compared to a loss of $95.5 million in the same period of 2023[136] - Adjusted Gross Profit increased to $359.1 million, with an Adjusted Gross Profit Margin of 78% for the six months ended June 30, 2024[160] - Adjusted EBITDA for the six months ended June 30, 2024, was $189.5 million, compared to $160.4 million for the same period in 2023[169] - Adjusted EBITDA margin for the six months ended June 30, 2024, was 41%, compared to 39% for the same period in 2023[165] - Adjusted operating income for the six months ended June 30, 2024, was $170.1 million, compared to $142.1 million for the same period in 2023[168] - Net income for the six months ended June 30, 2024, was $20.8 million, compared to a net loss of $95.2 million for the same period in 2023[169] - Adjusted Net Income for Q2 2024 was $56.2 million, compared to $47.8 million in Q2 2023[171] Customer Retention and Growth - CCC's Software Net Dollar Retention Rate (NDR) was 107% as of June 30, 2024, indicating strong revenue retention and growth from existing customers[101] - The Software Gross Dollar Retention Rate (GDR) was 99% as of June 30, 2024, reflecting high customer retention[109] - The company's Software NDR and GDR metrics exclude smaller customers representing less than 5% of total revenue within specific sales channels[102][107] - The company's customer agreements include long-term contracts, contributing to the stability of its revenue base[97] Expenses and Costs - Cost of revenues decreased by $3.8 million to $55.3 million, or 6.4%, primarily due to lower amortization of acquired technologies[115] - Research and development expense increased by $5.9 million to $49.3 million, or 13.6%, mainly due to higher stock-based compensation[117] - Selling and marketing expense increased by $0.4 million to $36.3 million, or 1.1%, driven by higher marketing costs[118] - General and administrative expense increased by $5.1 million to $51.3 million, or 11.1%, primarily due to higher personnel-related costs[119] - Amortization of acquired technologies decreased by $4.6 million, or 68.6%, to $2.1 million[115] - Operating expenses decreased by $45.4 million (12.6%) to $314.9 million for the six months ended June 30, 2024[136] - Research and development expenses increased by $14.4 million (17.0%) to $98.7 million for the six months ended June 30, 2024[136] - General and administrative expenses rose by $20.3 million (23.1%) to $108.3 million for the six months ended June 30, 2024[136] - Total stock-based compensation expense increased by $20.4 million (31.5%) to $85.1 million for the six months ended June 30, 2024[136] - Selling and marketing expense increased by $2.4 million to $71.9 million, or 3.5%, for the six months ended June 30, 2024[147] - General and administrative expense increased by $20.3 million to $108.3 million, or 23.1%, for the six months ended June 30, 2024[148] - Interest expense increased by $5.2 million to $33.1 million, or 18.7%, for the six months ended June 30, 2024[152] Cash Flow and Liquidity - Free Cash Flow for Q2 2024 was $36.2 million, down from $55.0 million in Q2 2023[172] - The company generated $107.0 million in cash flows from operating activities in the first six months of 2024[173] - As of June 30, 2024, the company had $237.9 million in cash and cash equivalents[174] - The company has $780.0 million in outstanding term loan principal as of June 30, 2024[174] - The weighted-average interest rate on the Term B Loan was 7.8% in Q2 2024, up from 7.4% in Q2 2023[177] - The company has $249.3 million available to borrow under the 2021 Revolving Credit Facility as of June 30, 2024[179] - Net cash provided by operating activities was $107.0 million for the six months ended June 30, 2024, compared to $102.6 million in 2023[180] - Net cash used in investing activities was $31.2 million for the six months ended June 30, 2024, primarily due to capitalized internally developed software projects and purchases of software, equipment, and property[180] - Net cash used in financing activities was $33.3 million for the six months ended June 30, 2024, mainly due to $52.7 million payments for employee tax liabilities related to the net share settlement of employee equity awards[180] - Change in cash and cash equivalents was $42.3 million for the six months ended June 30, 2024, compared to $79.8 million in 2023[180] - Proceeds from stock option exercises were $21.6 million for the six months ended June 30, 2024[180] Debt and Financing - The company entered into a $800.0 million Term B Loan and a $250.0 million Revolving Credit Facility under the 2021 Credit Agreement[61] - As of June 30, 2024, the outstanding amount on the Term B Loan was $780.0 million, with $8.0 million classified as current[61] - The weighted-average interest rate on the Term B Loan was 7.8% for the three months ended June 30, 2024[63] - The company has an outstanding standby letter of credit for $0.7 million, reducing the available borrowing under the Revolving Credit Facility to $249.3 million as of June 30, 2024[63] - The interest rate cap agreements have an aggregate notional amount of $600.0 million with a one-month SOFR cap rate of 4.00% through July 2025[65] - Cash received from interest rate cap agreements was $4.0 million for the six months ended June 30, 2024[65] - The aggregate fair value of the interest rate cap agreements was $6.1 million as of June 30, 2024[65] - The company entered into interest rate cap agreements with a $600.0 million notional amount and a 4.00% SOFR cap rate[179] Assets and Liabilities - Accounts receivable net of allowance for credit losses was $120.9 million as of June 30, 2024[45] - The allowance for credit losses and sales reserves was $4.1 million as of June 30, 2024[47] - No customer accounted for more than 10% of accounts receivable as of June 30, 2024[47] - Other current assets decreased from $32.36 million in December 2023 to $26.59 million in June 2024[48] - Software, equipment, and property increased from $285.42 million in December 2023 to $314.68 million in June 2024[49] - Depreciation and amortization expense for software, equipment, and property was $19.2 million for the six months ended June 30, 2024, up from $18.0 million in the same period in 2023[51] - Total lease costs for the six months ended June 30, 2024 were $4.90 million, compared to $4.89 million in the same period in 2023[52] - Goodwill impairment charge of $77.4 million was recorded for the China reporting unit in May 2023[54] - Intangible assets net carrying amount was $970.51 million as of June 30, 2024, down from $1.02 billion in December 2023[56] - Future amortization expense for intangible assets is projected to be $780.04 million from 2024 onwards[57] Stock and Compensation - Common stock issued and outstanding increased from 603.13 million shares in December 2023 to 622.80 million shares in June 2024[74] - Secondary offerings resulted in the sale of 141.45 million shares of common stock during the six months ended June 30, 2024[75] - The company granted 10,047,960 RSUs in the six months ended June 30, 2024, with 7,791,614 having time-based vesting and 2,256,346 having performance-based vesting[76] - 12,334,980 RSUs vested in the six months ended June 30, 2024, with 4,537,417 withheld for employee tax obligations[76] - Modifications to performance-based RSUs resulted in an incremental stock-based compensation expense of $67.0 million, recognized ratably over the modified performance periods[76] - The company granted 761,743 stock options under the Cayman Incentive Plans in the six months ended June 30, 2024, with an exercise price equal to the fair value of the underlying shares at the grant date[78] - As of June 30, 2024, there was $209.5 million of unrecognized stock compensation expense related to unvested time-based awards, expected to be recognized over a weighted-average period of 2.7 years[78] - As of June 30, 2024, there was $70.2 million of unrecognized stock-based compensation expense related to unvested performance-based awards, expected to be recognized over a weighted-average period of 1.3 years[78] - Stock-based compensation expense was $85.1 million for the six months ended June 30, 2024[180] Non-Cash Items and Adjustments - The company recognized a $16.0 million income from change in fair value of warrant liabilities for the three months ended June 30, 2024 compared to a $20.4 million expense in the same period of 2023[132] - The company recognized income of $14.4 million from a change in fair value of warrant liabilities for the six months ended June 30, 2024[154] - Net income for the six months ended June 30, 2024, was $20.8 million, adjusted for $111.2 million of non-cash items[180] - Depreciation and amortization expenses were $63.7 million for the six months ended June 30, 2024[180] - Increase in accounts receivable was $18.6 million due to timing of payments for the six months ended June 30, 2024[180] - Decrease in accrued expenses was $12.7 million due to timing of cash disbursements and employee incentive plan payments for the six months ended June 30, 2024[180]

July 30, 2024 – CCC Intelligent Solutions Holdings Inc. ("CCC" or the "Company") (NASDAQ: CCCS), a leading cloud platform for the P&C insurance economy, today 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 innova ...

supersizer Investment action I recommended a buy rating for CCC Intelligent Solutions (NASDAQ:CCCS) when I wrote about it during last November, as I gained confidence in CCCS's ability to continue its positive growth trend. Based on my current outlook and analysis of CCCS, I recommend a buy rating. My key update to my thesis is that I expect CCCS to continue seeing low-teens growth as the growth runway is still long, and the new IX Cloud should make the CCCS platform even stickier, which will provide more o ...

CCC Intelligent Solutions Holdings, Inc. (NASDAQ:CCCS) Q1 2024 Earnings Conference Call April 30, 2024 5:00 PM ET Company Participants William Warmington - VP, IR Githesh Ramamurthy - Chairman & CEO Brian Herb - EVP, CFO & Chief Administrative Officer Conference Call Participants Saket Kalia - Barclays Bank Michael Funk - Bank of America Merrill Lynch Tyler Radke - Citigroup Christopher Moore - CJS Securities Joshua Baer - Morgan Stanley Alexei Gogolev - JPMorgan Chase & Co. Gabriela Borges - Goldman Sachs ...

CCC Intelligent Solutions Holdings Inc. (CCCS) came out with quarterly earnings of $0.09 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.07 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this company would post earnings of $0.09 per share when it actually produced earnings of $0.09, delivering no surprise.Over the last four quarters, the company has surpassed consensus EPS estimates just once.CCC Intelligent ...

As of March 31, 2024, there was $238.9 million of unrecognized stock compensation expense related to unvested time-based awards which is expected to be recognized over a weighted-average period of 2.9 years. As of March 31, 2024, there was $86.9 million of unrecognized stock-based compensation expense related to unvested performance-based awards which is expected to be recognized over a weighted-average period of 1.5 years. 21 17. WARRANTS Upon consummation of the Business Combination, the Company assumed w ...

Profitability Adjusted EBITDA $89.0 million to $91.0 million $389.0 million to $395.0 million | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------|-------|------------------------------------|-------|---------------------| | | | March 31, \n2024 \n(Unaudited) | | December 31, \n2023 | | ASSETS | | | | | | CURRENT ASSETS: | | | | | | Cash and cash equivalents Accounts receivable—Net of allowances of $4,792 and $5,57 ...

CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) Q4 2023 Earnings Conference Call February 28, 2024 5:00 PM ET Company Participants Bill Warmington - VP, IR Githesh Ramamurthy - Chairman and CEO Brian Herb - CFO Conference Call Participants Alexei Gogolev - JPMorgan Samad Samana - Jefferies Callie Valenti - Goldman Sachs Peter Burkly - Evercore ISI Saket Kalia - Barclays Dylan Becker - William Blair Josh Baer - Morgan Stanley Matt Bullock - Bank of America Shlomo Rosenbaum - Stifel Operator Good day, a ...

CHICAGO--(BUSINESS WIRE)--CCC Intelligent Solutions Holdings Inc. (the “Company”) (NASDAQ: CCCS) today announced the pricing of the previously announced secondary offering of the Company’s common stock (the “Offering”) by affiliates of Advent International, L.P. and Oak Hill Capital Partners (collectively, the “Selling Stockholders”) at a price to the public of $11.42 per share. The Offering consists of 43 million shares of the Company’s common stock, upsized from the previously announced size of 40 million ...