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 ...

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited statements show revenue growth alongside a net loss driven by goodwill impairment and positive operating cash flow Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2023 (Unaudited) | Dec 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $613,747 | $479,070 | | Cash and cash equivalents | $448,733 | $323,788 | | **Goodwill** | $1,417,724 | $1,495,129 | | **Intangible Assets—Net** | $1,039,555 | $1,118,819 | | **Total Assets** | **$3,341,783** | **$3,350,921** | | **Total Current Liabilities** | $148,554 | $151,565 | | **Long-Term Debt—Net** | $769,136 | $774,132 | | **Total Liabilities** | **$1,282,801** | **$1,291,455** | | **Total Stockholders' Equity** | **$2,043,478** | **$2,045,287** | Statement of Operations Highlights (in thousands, except per share data) | Metric | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $221,147 | $198,734 | $637,777 | $578,342 | | **Gross Profit** | $163,121 | $145,607 | $463,495 | $422,975 | | **Operating Income (Loss)** | $16,571 | $17,054 | $(43,286) | $42,228 | | **Impairment of Goodwill** | - | - | $77,405 | - | | **Net (Loss) Income** | $(21,202) | $9,795 | $(116,362) | $37,334 | | **Diluted EPS** | $(0.04) | $0.02 | $(0.19) | $0.06 | Cash Flow Summary (Nine Months Ended Sep 30, in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $163,138 | $118,438 | | **Net cash used in investing activities** | $(43,187) | $(67,185) | | **Net cash provided by financing activities** | $5,383 | $15,006 | | **Net change in cash and cash equivalents** | $124,945 | $65,609 | | **Cash and cash equivalents, end of period** | $448,733 | $248,153 | - In May 2023, the company performed a quantitative assessment of its China reporting unit due to adverse market conditions and rising interest rates, resulting in a **goodwill impairment charge of $77.4 million**[40](index=40&type=chunk) - The company also recorded an **impairment charge of $5.3 million** on its China reporting unit's customer relationships and acquired technologies intangible assets due to unrecoverable carrying amounts based on cash flow forecasts[243](index=243&type=chunk) - As of September 30, 2023, the company has approximately **$1.423 billion in remaining performance obligations**, with $561 million expected to be recognized as revenue in the next twelve months[214](index=214&type=chunk) Stock-Based Compensation Expense (in thousands) | Category | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | | Cost of revenues | $6,595 | $4,167 | | Research and development | $18,833 | $14,433 | | Sales and marketing | $25,264 | $18,331 | | General and administrative | $53,779 | $43,838 | | **Total** | **$104,471** | **$80,769** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses revenue growth, increased operating expenses, a significant impairment charge, and non-GAAP performance metrics - The company's SaaS platform connects over 35,000 companies in the P&C insurance economy, processing **more than $100 billion in annual transaction value**[98](index=98&type=chunk) - CCC has deep customer penetration, with **18 of the top 20 U.S. automotive insurance carriers** and over 29,000 collision repair facilities on its network[100](index=100&type=chunk)[98](index=98&type=chunk) - The company is actively using AI, with over 100 U.S. auto insurers using its AI-powered solutions and having processed **over 14 million unique claims with deep learning AI** as of year-end 2022[98](index=98&type=chunk) Software Net Dollar Retention (NDR) | Quarter Ending | 2023 | 2022 | | :--- | :--- | :--- | | March 31 | 106% | 114% | | June 30 | 107% | 111% | | September 30 | 107% | 110% | Software Gross Dollar Retention (GDR) | Quarter Ending | 2023 | 2022 | | :--- | :--- | :--- | | March 31 | 99% | 99% | | June 30 | 99% | 99% | | September 30 | 98% | 99% | Q3 2023 vs Q3 2022 Financial Comparison (in thousands) | Metric | Q3 2023 | Q3 2022 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenues | $221,147 | $198,734 | $22,413 | 11.3% | | Gross Profit | $163,121 | $145,607 | $17,514 | 12.0% | | Operating Income | $16,571 | $17,054 | $(483) | -2.8% | | Net (Loss) Income | $(22,212) | $9,795 | $(32,007) | NM | - The increase in Q3 revenue was primarily a result of **8% growth from existing customer upgrades** and expanding solution offerings, and **3% growth from new customers**[95](index=95&type=chunk) Nine Months 2023 vs 2022 Financial Comparison (in thousands) | Metric | Nine Months 2023 | Nine Months 2022 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenues | $637,777 | $578,342 | $59,435 | 10.3% | | Gross Profit | $463,495 | $422,975 | $40,520 | 9.6% | | Operating (Loss) Income | $(43,286) | $42,228 | $(85,514) | NM | | Net (Loss) Income | $(117,687) | $37,334 | $(155,021) | NM | - For the nine months ended Sep 30, 2023, the company recorded **impairment charges of $77.4 million for goodwill** and **$4.9 million for intangible assets** related to its China reporting unit[125](index=125&type=chunk) Adjusted EBITDA Reconciliation (in thousands) | Period | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Net (Loss) Income | $(21,202) | $9,795 | $(116,362) | $37,334 | | Adjustments... | ... | ... | ... | ... | | **Adjusted EBITDA** | **$92,927** | **$78,116** | **$253,360** | **$225,297** | Adjusted Net Income and EPS | Period | Q3 2023 | Q3 2022 | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | :--- | :--- | | **Adjusted Net Income (thousands)** | $57,161 | $46,604 | $151,494 | $132,449 | | **Adjusted Diluted EPS** | $0.09 | $0.07 | $0.23 | $0.21 | Free Cash Flow Reconciliation (in thousands) | Period | Nine Months 2023 | Nine Months 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $163,138 | $118,438 | | Less: Purchases of software, equipment, and property | $(43,187) | $(38,844) | | **Free Cash Flow** | **$119,951** | **$79,594** | - The company believes its existing cash of **$448.7 million**, operating cash flows, and available credit will be sufficient to fund operations for at least the next twelve months[136](index=136&type=chunk) - As of September 30, 2023, the company had **$786.0 million principal outstanding on its Term B Loan** and **$249.3 million available under its revolving credit facility**[136](index=136&type=chunk)[137](index=137&type=chunk) - In May 2023, the company amended its credit agreement to **replace LIBOR with SOFR** as the benchmark interest rate[137](index=137&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Market risk disclosures remain materially unchanged from the 2022 Annual Report on Form 10-K - There have been **no material changes** in the company's market risk from what was disclosed in the 2022 Annual Report on Form 10-K[180](index=180&type=chunk) [Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes in internal controls - The principal executive officer and principal financial officer concluded that as of September 30, 2023, the company's **disclosure controls and procedures were effective**[159](index=159&type=chunk) - **No changes in internal control over financial reporting** occurred during Q3 2023 that materially affected, or are reasonably likely to materially affect, internal controls[182](index=182&type=chunk) [PART II. OTHER INFORMATION](index=46&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) Pending legal actions are not expected to have a material adverse effect on the company's financial position - Management believes that pending or threatened legal actions are **not expected to have a material adverse effect** on the Company's consolidated financial position or results of operations[183](index=183&type=chunk)[69](index=69&type=chunk) [Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) This section references the risk factors detailed in the company's 2022 Annual Report on Form 10-K - The report refers to the 'Risk Factors' section in the **Annual Report on Form 10-K for the year ended December 31, 2022**, for a detailed discussion of business risks[184](index=184&type=chunk) [Other Information](index=46&type=section&id=Item%205.%20Other%20Information) Two company executives terminated their Rule 10b5-1 trading arrangements during the third quarter of 2023 - During Q3 2023, **two executives, Mary Jo Prigge and Rodney Christo, terminated their Rule 10b5-1 trading arrangements**[187](index=187&type=chunk)

Company Overview - CCC's platform facilitates over $100 billion in annual transactions within the P&C insurance economy[12] - The company boasts a high gross dollar retention rate of 99% and a net dollar retention of 107%[19] - CCC has demonstrated durable, long-term organic growth with an 11% revenue CAGR from 2015 to 2022[19] Financial Performance - The company has a strong adjusted EBITDA margin of 39% in 2022[19] - CCC targets long-term revenue growth of 7-10% annually[59] - As of June 30, 2023, the adjusted gross profit margin was calculated to be 77%[105] Market and Solutions - Nearly half (42%) of the entire P&C insurance market is auto insurance, with claims of approximately $225 billion[28] - CCC connects over 35,000 companies within the insurance economy, facilitating over $100 billion in annual transactions[30, 31] - The US auto market presents a $9 billion market opportunity for CCC[72] - CCC's cloud platform processes 49 billion database transactions daily[87]

CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) Q2 2023 Earnings Conference Call August 1, 2023 5:00 PM ET Company Participants Bill Warmington - VP, IR Githesh Ramamurthy - Chairman and CEO Brian Herb - CFO Conference Call Participants Kirk Materne - Evercore ISI Dylan Becker - William Blair Gabriela Borges - Goldman Sachs Saket Kalia - Barclays Michael Funk - Bank of America Tyler Radke - Citi Chris Moore - CJS Securities Gary Prestopino - Barrington Research Arvind Ramnani - Piper Sandler Operator ...

Revenue and Deferred Revenue - Revenue recognized from deferred revenue for Q2 2023 was $39.1 million, compared to $32.2 million in Q2 2022[9] - Deferred revenue balance at the end of Q2 2023 was $41.203 million, up from $34.742 million in Q2 2022[9] - Revenue recognized from deferred revenue for H1 2023 was $34.6 million, compared to $30.2 million in H1 2022[9] - Total deferred contract costs at the end of Q2 2023 were $36.351 million, slightly up from $35.890 million in Q2 2022[9] Acquisition and Goodwill - Total purchase price for the acquisition was $32.5 million, with goodwill accounting for $28.245 million[6] - The company recorded a measurement period adjustment of $0.9 million for deferred tax liabilities, increasing goodwill[6] - The fair value of acquired technology intangible asset was determined to be $4.8 million[6] - Transaction costs associated with the acquisition amounted to $1.2 million[6] Financial Performance - Total revenues for Q2 2023 were $211.71 million, compared to $192.79 million in Q2 2022[36] - Net loss for Q2 2023 was $97.66 million, compared to a net income of $15.56 million in Q2 2022[36] - Gross profit for Q2 2023 was $152.59 million, up from $139.94 million in Q2 2022[36] - Operating loss for Q2 2023 was $73.19 million, compared to an operating income of $12.52 million in Q2 2022[36] - Comprehensive loss for Q2 2023 was $97.94 million, compared to a comprehensive income of $15.26 million in Q2 2022[36] - Net loss attributable to common stockholders was $97.7 million for the three months ended June 30, 2023, and $95.5 million for the six months ended June 30, 2023[91] - Net loss for the three months ended June 30, 2023 was $97.3 million, compared to a net income of $15.6 million in the same period in 2022[224] - Adjusted EBITDA for the six months ended June 30, 2023 was $160.4 million, with an Adjusted EBITDA Margin of 39%[224] - Adjusted EBITDA for the six months ended June 30, 2023 was $142.1 million, compared to $133.5 million in the same period in 2022[235] - Adjusted net income for the six months ended June 30, 2023 was $94.3 million, compared to $86.3 million in the same period in 2022[238] - Adjusted earnings per share (diluted) for the six months ended June 30, 2023 was $0.15, compared to $0.13 in the same period in 2022[238] Expenses and Costs - Research and development expenses for Q2 2023 were $43.36 million, up from $38.76 million in Q2 2022[36] - Total cost of revenues for Q2 2023 was $59.12 million, up from $52.85 million in Q2 2022[36] - Interest expense for Q2 2023 was $14.01 million, compared to $7.94 million in Q2 2022[36] - Depreciation and amortization expense for software, equipment, and property was $8.8 million for Q2 2023[53] - Total lease costs for Q2 2023 were $2,503, with operating lease costs at $1,486 and variable lease costs at $1,017[54] - Selling and marketing expense increased by $4.8 million to $35.9 million, or 15.6%, for Q2 2023 compared to Q2 2022[133] - Research and development expense increased by $4.6 million to $43.4 million, or 11.9%, for the three months ended June 30, 2023[164] - Selling and marketing expense increased by $11.6 million to $69.5 million for the six months ended June 30, 2023, primarily due to higher personnel-related costs[215] - General and administrative expense increased by $4.3 million to $88.0 million for the six months ended June 30, 2023, primarily due to higher personnel-related costs[228] - Adjusted operating expenses were $176.5 million for the six months ended June 30, 2023[221] Intangible Assets and Impairment - Net carrying amount of intangible assets as of June 30, 2023 is $1,064,064, with customer relationships contributing $848,661 and acquired technologies at $24,933[74] - The company recorded an impairment charge of $5.3 million for its China reporting unit's customer relationships and acquired technologies intangible assets during the three months ended June 30, 2023[98] - Amortization expense for intangible assets was $24.7 million for the three months ended June 30, 2023, and $49.4 million for the six months ended June 30, 2023[99] - The company recorded a goodwill impairment charge of $77.4 million for its China reporting unit due to adverse market conditions and increased interest rates[96] - The company recorded a goodwill impairment charge of $77.4 million for the China reporting unit during the three months ended June 30, 2023[171] - Impairment of goodwill for the six months ended June 30, 2023 was $77.4 million[235] Loans and Interest Rates - Term B Loan outstanding amount as of June 30, 2023 is $788.0 million, with $8.0 million classified as current[78] - Weighted-average interest rate on Term B Loan for Q2 2023 was 7.4%, with interest payments of $14.6 million[78] - Unamortized debt discount for Term B Loan as of June 30, 2023 is $1.6 million[77] - Unamortized financing costs for Term B Loan as of June 30, 2023 are $7.7 million[77] - Deferred financing fees asset balance for 2021 Revolving Credit Facility as of June 30, 2023 is $2.0 million[77] - The company entered into two interest rate cap agreements with an aggregate notional value of $600.0 million, a cap rate of 4.0%, and an expiration date of July 31, 2025[80] - The aggregate fair value of the interest rate cap agreements was $13.0 million as of June 30, 2023, compared to $12.0 million as of December 31, 2022[80] - The company's Term B Loan balance was $788.0 million as of June 30, 2023, compared to $792.0 million as of December 31, 2022[79] - The weighted-average interest rate on the outstanding borrowings under the Term B Loan increased from 3.2% in 2022 to 7.1% in 2023[103] - The weighted-average interest rate on the Term B Loan for the six months ended June 30, 2023 was 7.1%, compared to 3.2% in the same period in 2022[227] Warrant Liabilities - The company had 17,800,000 Private Warrants outstanding as of June 30, 2023, with an exercise price of $11.50 per share[86] - The company recognized a loss of $20.4 million as a change in fair value of warrant liabilities for the three months ended June 30, 2023[86] - The company's warrant liability was $55.6 million as of June 30, 2023, compared to $36.4 million as of December 31, 2022[86] - The company recognized a loss of $20.4 million from a change in fair value of warrant liabilities for the three months ended June 30, 2023[167] - Change in fair value of warrant liabilities resulted in an expense of $19.2 million for the six months ended June 30, 2023[207] Cash Flow and Working Capital - Net cash provided by operating activities was $102.6 million for the six months ended June 30, 2023, compared to $87.7 million in the same period in 2022[168] - Free cash flow for the six months ended June 30, 2023 was $73.5 million, compared to $62.2 million in the same period in 2022[238] - The company generated $102.6 million in cash flows from operating activities during the six months ended June 30, 2023[238] - As of June 30, 2023, the company had cash and cash equivalents of $403.6 million and a working capital surplus of $416.3 million[238] Stock and Compensation - The company issued 1,818 shares of Series A Preferred Stock at $7,854 per share, representing a 10.0% ownership interest in CCC Cayman as of June 30, 2023[82] - Total stock-based compensation expense was $35.5 million for the three months ended June 30, 2023, compared to $28.4 million in the same period in 2022[85] - The company granted 539,400 stock options under the Cayman Incentive Plans during the six months ended June 30, 2023[109] - Stock-based compensation expense and related employer payroll tax for the six months ended June 30, 2023 was $67.3 million, compared to $53.3 million in the same period in 2022[235] Taxes - Income tax payments for the six months ended June 30, 2023 were $20.0 million, with refunds totaling $39 thousand[65] - The company's effective tax rate for the three months ended June 30, 2023 was 2.3%, compared to 39.4% for the same period in 2022[64] - Income tax benefit for the six months ended June 30, 2023 was $3.1 million, compared to an income tax provision of $9.3 million in the same period in 2022[218] Customer and Market Data - One customer accounted for 11% of accounts receivable as of June 30, 2023[67] - The company has customer agreements with more than 300 insurers and over 35,000 total customers, including 29,000 automotive collision repair facilities[122] - The company processed more than $1 trillion of historical data across its network, leveraging insurance claims, vehicle repair, and automotive parts information[121] - The company has processed more than 14 million unique claims using CCC deep learning AI as of December 31, 2022, a 50% increase over December 31, 2021[121] Other Financial Metrics - Accounts receivable as of June 30, 2023, were $96.14 million, down from $98.35 million as of December 31, 2022[67] - Total other liabilities as of June 30, 2023 are $1,550, including deferred revenue—non-current at $1,139[77] - Total accrued expenses decreased from $71.445 million in December 2022 to $54.711 million in June 2023[100] - Credit card processing revenues increased from $198 million in June 2022 to $274 million in June 2023[113] - Employee health insurance benefits decreased to $209 million as of June 30, 2023, from $501 million as of December 31, 2022[142] - Software NDR was 107% for Q2 2023, compared to 111% for Q2 2022[152] - Software GDR remained stable at 99% for both Q2 2023 and Q2 2022[154] - Revenues increased by $18.9 million to $211.7 million, or 9.8%, for Q2 2023 compared to Q2 2022[155] - Cost of revenues increased by $6.3 million to $59.1 million, or 11.9%, for Q2 2023 compared to Q2 2022[163] - Total revenues increased by $18.9 million to $211.7 million, or 9.8%, for the three months ended June 30, 2023, compared to the same period in 2022[156] - Software subscription revenues accounted for $202.9 million, or 96%, of total revenue for the three months ended June 30, 2023[156] - Gross profit increased by $12.6 million to $152.6 million, or 9.0%, for the three months ended June 30, 2023, with a gross profit margin of 72.1%[158] - Revenue increased by $37.0 million to $416.6 million, or 9.8%, for the six months ended June 30, 2023[199] - Gross profit increased by $23.0 million to $300.4 million, or 8.3%, for the six months ended June 30, 2023[203] - Cost of revenues increased by $14.0 million to $116.3 million, or 13.7%, for the six months ended June 30, 2023[202] - Interest expense increased by $12.6 million to $27.8 million, or 82.2%, for the six months ended June 30, 2023[206] - Amortization of acquired technologies was $13.3 million for the six months ended June 30, 2023[202] - Interest income was $7.3 million for the six months ended June 30, 2023[217] - Adjusted Gross Profit for the six months ended June 30, 2023 was $318.6 million, with an Adjusted Gross Profit Margin of 76%[233] - Interest expense for the six months ended June 30, 2023 was $27.8 million, compared to $15.3 million in the same period in 2022[224] - The Company recognized $1.0 million income from a change in fair value of derivative instruments for the six months ended June 30, 2023[230] - Adjusted operating income for the three months ended June 30, 2023 was $71.8 million, compared to $66.7 million in the same period in 2022[235] - The company had $788.0 million aggregate principal outstanding on its term loan as of June 30, 2023[238]