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 ...

Revenue Performance - Total revenues for Q1 2024 were $227.237 million, an increase of 10.8% from $204.919 million in Q1 2023[61] - Software subscriptions revenue reached $218.069 million in Q1 2024, up from $196.256 million in Q1 2023, reflecting a growth of 11.1%[61] - Revenue recognized for the three months ended March 31, 2024, was $115,413 million, compared to $103,187 million for the same period in 2023, representing a growth of approximately 11.9%[80] - Total deferred revenue at the end of the period was $47,560 million, up from $41,422 million as of March 31, 2023, indicating an increase of about 14.4%[80] - Revenue for the three months ended March 31, 2024, increased by $22.3 million to $227.2 million, representing a growth of 10.9% compared to the same period in 2023[143] - Software subscription revenues accounted for $218.1 million, or 96% of total revenue during the three months ended March 31, 2024[143] - Revenue from the United States for the three months ended March 31, 2024, was $225,566,000, compared to $203,027,000 in 2023, indicating a growth of about 11.1%[149] - Revenue from China for the three months ended March 31, 2024, was $1,671,000, down from $1,892,000 in 2023, reflecting a decline of approximately 11.7%[149] Financial Position - Accounts receivable as of March 31, 2024, was $102.007 million, slightly down from $102.365 million as of December 31, 2023[62] - Deferred revenues increased to $45.254 million as of March 31, 2024, compared to $43.567 million at the end of 2023, indicating a growth of 3.9%[62] - The expected term for financial instruments decreased to 2.3 years as of March 31, 2024, from 2.6 years at the end of 2023[64] - The risk-free interest rate increased to 4.53% as of March 31, 2024, compared to 4.10% at the end of 2023[64] - The company experienced a decrease in cash and cash equivalents, ending the period at $191.188 million, down from $338.354 million at the end of the same period in 2023[75] - Accounts receivable as of March 31, 2024, was $106,799 million, slightly down from $107,939 million as of December 31, 2023[86] Profitability and Loss - For the three months ended March 31, 2024, the Company reported a net loss of $597,000 compared to a net income of $2.184 million for the same period in 2023[75] - The net loss attributable to common stockholders for Q1 2024 was $(1.739) million, compared to a net income of $2.184 million in Q1 2023[97] - The company reported a comprehensive loss of $(1.814) million for Q1 2024, down from a comprehensive income of $2.218 million in Q1 2023[97] - The company recognized an income tax benefit of $4.2 million for the three months ended March 31, 2024, compared to $0.8 million for the same period in 2023, reflecting a significant increase in tax benefits[85] - The company made income tax payments of $576 thousand for the three months ended March 31, 2024, compared to $224 thousand for the same period in 2023[85] Operating Expenses - Total operating expenses increased to $160.065 million in Q1 2024 from $134.458 million in Q1 2023, primarily due to higher research and development costs[97] - Cost of revenues increased by $2.2 million to $59.4 million, or 3.9%, for the three months ended March 31, 2024[145] - Cost of revenues, exclusive of amortization of acquired technologies, increased by $2.4 million to $52.8 million, or 4.7%[145] - Amortization of acquired technologies was $6.6 million for the three months ended March 31, 2024[146] - The amortization of intangible assets for the three months ended March 31, 2024, was $24.509 million, slightly down from $24.751 million in the same period of 2023[75] Goodwill and Intangible Assets - The Company recorded a goodwill impairment charge of $77.4 million due to adverse impacts from market conditions and increased interest rates affecting its China reporting unit[70] - The total accumulated impairment loss for goodwill as of March 31, 2024, was $676.403 million[71] - The accumulated impairment loss as of December 31, 2023, was $77.4 million, with no changes in the carrying amount of goodwill during the three months ended March 31, 2024[91] - As of March 31, 2024, the net carrying amount of total intangible assets was $990.537 million, with a gross carrying amount of $1,666.940 million and accumulated amortization of $676.403 million[71] - The total intangible assets balance as of March 31, 2024, was $1,015,046 million, with customer relationships and acquired technologies contributing significantly to this total[92] Strategic Focus and Growth Opportunities - The company is focused on expanding its SaaS platform for the property and casualty insurance economy, with operations primarily in the US and China[59] - Future growth opportunities are anticipated through the development and marketing of new technology solutions[59] - The company is investing in new solutions to digitize the entire automotive claims lifecycle and expand into adjacent insurance lines[113] - Approximately $1,533 million of revenue is expected to be recognized from remaining performance obligations, with about $617 million expected in the next twelve months[124] - Software Net Dollar Retention (NDR) was 107% as of March 31, 2024, indicating strong customer retention and expansion[139] Customer Base - The company has over 35,000 total customers, including more than 29,500 automotive collision repair facilities and 27 of the top 30 automotive insurance carriers in the U.S.[113] - The increase in revenue was driven by 8% growth from existing customer upgrades and 3% growth from new customers[144] Derivative Instruments and Fair Value - The fair value of interest rate cap agreements was estimated at $6.9 million as of March 31, 2024, compared to $6.2 million as of December 31, 2023[83] - The estimated fair value of private warrants was $53,086 million as of March 31, 2024, reflecting the company's stock price on the valuation date[83] - The company reported a change in fair value of derivative instruments resulting in a loss of $718,000 for the three months ended March 31, 2024[75] Other Financial Metrics - The Company performed a qualitative assessment for its remaining reporting unit with goodwill and determined no indicators of impairment were present as of November 30, 2023[70] - The company recognized $8.228 million in prepaid SaaS costs as of March 31, 2024, compared to $7.833 million as of December 31, 2023[114] - The company made cash payments for operating leases of $1.8 million in Q1 2024, compared to $0.9 million in Q1 2023[115] - The Company had a gross carrying amount of customer relationships valued at $1,291.830 million as of March 31, 2024[71] - Approximately 36,824,894 common stock equivalent shares were excluded from the computation of diluted per share amounts for the three months ended March 31, 2024, due to their anti-dilutive effect[148] - The Sponsor Vesting Shares, totaling 8,625,000 shares, are non-transferable and subject to forfeiture on the tenth anniversary of the Business Combination if certain triggering events do not occur[148]

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 ...

CHICAGO--(BUSINESS WIRE)--CCC Intelligent Solutions Holdings Inc. (the “Company”) (NASDAQ: CCCS) today announced the proposed secondary offering of 40 million shares of the Company’s common stock (the “Offering”) by affiliates of Advent International, L.P. and Oak Hill Capital Partners (collectively, the “Selling Stockholders”). The Selling Stockholders intend to grant the underwriters a 30-day option to purchase up to an additional 6 million shares of the Company’s common stock. The Offering consists entir ...

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 $0.08 per share when it actually produced earnings of $0.09, delivering a surprise of 12.50%.Over the last four quarters, the company has surpassed consensus EPS estimates just once.CCC Int ...

Customer Dependency and Revenue Risks - A significant portion of the company's revenue is derived from a small number of customers in the P&C insurance and automotive collision industries, with no individual customer accounting for more than 10% of total revenue in 2023[95] - The company expects to continue relying on a limited number of customers for a substantial portion of its revenue, which poses risks if contracts are not renewed or if customers reduce services[95] - The company’s revenue growth rate is dependent on existing customers renewing and upgrading their SaaS software subscriptions, with potential declines in renewals adversely impacting future results[96] - The company’s large customers possess significant bargaining power, which may lead to reduced average selling prices and lower gross margins[95] SaaS Business Expansion - The company is focused on expanding its SaaS business, requiring significant investment in technical, financial, and sales resources, which may not yield immediate revenue increases[96] - The company’s SaaS arrangements include service level agreements that may impose penalties for failing to meet service levels, potentially impacting financial results[96] Economic and Market Conditions - Factors outside the company's control, such as natural disasters and geopolitical events, may adversely affect the P&C insurance economy and hinder revenue growth[97] - Economic uncertainty from global events, including trade tariffs and inflation, may lead to decreased demand for solutions and delayed sales cycles[99] - The company expects to derive most revenue from solutions provided to the P&C insurance and automotive collision industries, which are particularly exposed to economic downturns[99] - The transactional revenue model is sensitive to market conditions, making it difficult to forecast future revenues accurately[98] - Global economic conditions, including inflation and labor shortages, may impair customers' ability to make timely payments, affecting the company's financial results[99] Competition and Market Position - The company faces competition in the market, which could negatively affect market share and profitability due to pricing pressures and increased sales and marketing expenses[99] Cybersecurity and Data Protection - Cybersecurity risks, including data breaches and cyber-attacks, could adversely affect the company's reputation and ongoing operations[107] - The company has implemented security measures to protect data, but cannot guarantee their sufficiency against potential threats[107] - The company maintains liability insurance for cyber-related incidents, but there is a risk that claims could exceed coverage limits[108] Regulatory and Compliance Challenges - The company is subject to aggressive enforcement of anti-corruption laws, including the FCPA and the U.K. Bribery Act, which could result in fines and damage to reputation[104] - International sales efforts expose the company to risks under U.S. trade laws and regulations, with potential penalties for non-compliance[105] - The enactment of new data privacy legislation could cause the company to incur incremental costs and liabilities, adversely affecting business operations and financial plans[112] - The California Privacy Rights Act (CPRA), effective January 1, 2023, expands the California Consumer Privacy Act (CCPA) and introduces additional data protection obligations, which may require modifications to data processing practices[111] - The General Data Protection Regulation (GDPR) imposes fines of up to 4% of total annual worldwide turnover or €20 million for non-compliance, significantly impacting data controllers and processors operating in the EU[111] Financial Performance and Position - Total revenues for 2023 reached $866,378 thousand, an increase of 10.7% from $782,448 thousand in 2022[394] - Net loss attributable to common stockholders for 2023 was $(92,476) thousand, compared to a profit of $38,406 thousand in 2022[392] - Cash and cash equivalents decreased to $195.572 million in 2023 from $323.788 million in 2022, a decline of about 39%[361] - The accumulated deficit increased to $(1.126 billion) in 2023 from $(707.946 million) in 2022, reflecting a worsening of approximately 59%[361] - The company reported total liabilities of $1.252 billion as of December 31, 2023, down from $1.291 billion in 2022, indicating a reduction of about 3%[361] Research and Development - Research and development expenses were $173.1 million, representing 20% of total revenue for the year ended December 31, 2023[101] - Research and development expenses increased to $25,467 thousand in 2023, up from $19,536 thousand in 2022, reflecting a growth of 30.1%[391] Employee and Labor Costs - A significant portion of operating costs consists of personnel-related expenses, with increased labor costs impacting financial condition[99] - The company faces competition for qualified personnel, which may adversely impact its ability to achieve business goals and could lead to increased hiring costs[114] Stock and Equity - The Advent Investor owns approximately 43.62% of the common stock, which may influence significant corporate decisions and affect minority stockholders[116] - Total stockholders' equity decreased to $1.782 billion in 2023 from $2.045 billion in 2022, a decline of approximately 13%[361] Acquisitions and Growth Strategy - The company anticipates continued growth through targeted acquisitions, which may present integration challenges and unforeseen operational difficulties[109] - The company reported a fair value of contingent earnout consideration of $200 million related to acquisitions[364]

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CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) Q3 2023 Earnings Conference Call November 6, 2023 5:00 PM ET Company Participants Bill Warmington - Vice President, Investor Relations Githesh Ramamurthy - Chairman and Chief Executive Officer Brian Herb - Chief Financial Officer Conference Call Participants Matt Bullock - Bank of America Alexei Gogolev - JPMorgan Shlomo Rosenbaum - Stifel Dylan Becker - William Blair Kirk Materne - Evercore Saket Kalia - Barclays Arvind Ramnani - Piper Sandler Operator ...