UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ CCC INTELLIGENT SOLUTIONS HOLDINGS INC. (Exact name of registrant as specified in its charter) | --- | --- | --- | |----------------- ...

CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) Q1 2022 Earnings Conference Call May 5, 2022 5:00 PM ET Company Participants Brian Denyeau – Managing Director-ICR, LLC Githesh Ramamurthy – Chairman and Chief Executive Officer Brian Herb – Chief Financial Officer Conference Call Participants Dylan Becker – William Blair Chris Moore – CJS Securities Peter Burkly – Evercore ISI Jake Titleman – Goldman Sachs Gary Prestopino – Barrington Research Operator Greetings and welcome to the CCC Intelligent Soluti ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to________________ CCC INTELLIGENT SOLUTIONS HOLDINGS INC. (Exact name of registrant as specified in its charter) | --- | --- | --- | |---------------------------------- ...

CC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) Q4 2021 Earnings Conference Call March 1, 2022 8:00 AM ET Company Participants Githesh Ramamurthy – Chairman and Chief Executive Officer Brian Herb – Chief Financial Officer Brian Denyeau – ICR Conference Call Participants Bhavan Suri – William Blair Chris Moore – CJS Securities Maya Prabhu – JPMorgan Kirk Materne – Evercore ISI Gary Prestopino – Barrington Research Yitchuin Wong – Citi Operator Greetings and welcome to the CCC Intelligent Solutions Fourt ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ___________ TO __________ COMMISSION FILE NUMBER 001-03551 CCC Intelligent Solutions Holdings Inc. (Exact name of registrant as specified in its charter) | ...

PART I [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited Q3 2021 financial statements reflect post-Business Combination capital shifts and a **$189.8 million** net loss driven by increased operating expenses [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Post-Business Combination, balance sheets show total assets at **$3.22 billion**, long-term debt reduced, and equity increased Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2021 (Unaudited) | Dec 31, 2020 | | :--- | :--- | :--- | | **Total Current Assets** | $299,841 | $281,765 | | **Goodwill** | $1,466,884 | $1,466,884 | | **Total Assets** | **$3,218,225** | **$3,195,555** | | **Total Current Liabilities** | $153,915 | $125,715 | | **Total Long-Term Debt** | $780,218 | $1,292,597 | | **Warrant Liabilities** | $85,348 | $— | | **Total Liabilities** | $1,367,008 | $1,809,761 | | **Total Stockholders' Equity** | $1,837,038 | $1,371,615 | [Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20(Loss)%20Income) Q3 2021 revenue grew **12.0%** to **$176.6 million**, but a **$189.8 million** net loss resulted from surging operating expenses Q3 2021 vs Q3 2020 Performance (in thousands) | Metric | Q3 2021 | Q3 2020 | | :--- | :--- | :--- | | **Revenues** | $176,628 | $157,754 | | **Gross Profit** | $118,775 | $107,299 | | **Total Operating Expenses** | $307,987 | $84,214 | | **Operating (Loss) Income** | ($189,212) | $23,085 | | **Net (Loss) Income** | ($189,782) | $4,720 | | **Basic (Loss) Income Per Share** | ($0.34) | $0.01 | Nine Months 2021 vs 2020 Performance (in thousands) | Metric | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | | **Revenues** | $501,205 | $467,677 | | **Gross Profit** | $353,247 | $312,278 | | **Operating (Loss) Income** | ($159,974) | $52,847 | | **Net Loss** | ($191,050) | ($22,494) | | **Basic Loss Per Share** | ($0.36) | ($0.04) | [Unaudited Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Nine-month operating cash flow increased to **$96.7 million**, driven by non-cash charges and significant financing activities Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $96,725 | $66,789 | | **Net cash used in investing activities** | ($35,299) | ($24,375) | | **Net cash used in financing activities** | ($62,917) | ($948) | | **Net change in cash and cash equivalents** | ($1,653) | $41,574 | - Key non-cash adjustments reconciling net loss to operating cash flow included **$235.4 million** in stock-based compensation, **$74.0 million** in amortization of intangibles, and a **$26.9 million** change in fair value of warrant liabilities[28](index=28&type=chunk) - Financing activities were dominated by the Business Combination, including **$763.3 million** in net equity infusion, and debt refinancing, which involved **$1.34 billion** in principal payments and **$789.9 million** in proceeds from new debt[28](index=28&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the Business Combination's accounting impacts, including debt refinancing and significant stock-based compensation - The Business Combination with Dragoneer on July 30, 2021, was accounted for as a reverse recapitalization, with CCCIS as the accounting acquirer[32](index=32&type=chunk)[41](index=41&type=chunk) - In September 2021, the company entered a new **$800 million** Term B Loan and a **$250 million** revolving credit facility, repaying its prior First Lien Credit Agreement and recognizing a **$15.2 million** loss on early debt extinguishment for the quarter[63](index=63&type=chunk)[193](index=193&type=chunk) - A modification to performance-based stock awards upon the Business Combination closing resulted in the recognition of **$203.9 million** in additional stock-based compensation[76](index=76&type=chunk)[117](index=117&type=chunk) - Public and Private Warrants are accounted for as liabilities, with a fair value of **$85.3 million** at September 30, 2021, and a **$26.9 million** expense recognized in Q3 2021 due to the change in their fair value[86](index=86&type=chunk) - As of September 30, 2021, the company had approximately **$936 million** in remaining performance obligations, with **$437 million** expected to be recognized as revenue in the next twelve months[35](index=35&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported Q3 2021 revenue growth, a net loss from Business Combination costs, and **30.9%** Adjusted EBITDA growth [Business Overview](index=42&type=section&id=Business%20Overview) CCC provides a SaaS platform for the P&C insurance economy, connecting thousands of companies and processing **$100 billion** annually - The company operates a cloud-based SaaS platform for the P&C insurance economy, processing over **$100 billion** in annual transaction value[100](index=100&type=chunk) - The network includes over **31,500** companies, with more than **300** insurers (including **18** of the top **20** in the U.S.) and over **26,500** collision repair facilities[102](index=102&type=chunk)[108](index=108&type=chunk) - The company utilizes over **$1 trillion** of historical data to power more than **300** AI models in production across over **75** insurers[105](index=105&type=chunk) [Key Performance Measures and Operating Metrics](index=43&type=section&id=Key%20Performance%20Measures%20and%20Operating%20Metrics) Key metrics show Software NDR improved to **113%** and Software GDR remained stable at **98%** Software Net Dollar Retention (NDR) | Quarter Ending | 2021 | 2020 | | :--- | :--- | :--- | | March 31 | 106% | 105% | | June 30 | 110% | 103% | | September 30 | 113% | 103% | Software Gross Dollar Retention (GDR) | Quarter Ending | 2021 | | :--- | :--- | | March 31 | 98% | | June 30 | 98% | | September 30 | 98% | [Results of Operations](index=48&type=section&id=Results%20of%20Operations) Q3 2021 revenue grew **12.0%**, but significant net losses resulted from one-time compensation and debt extinguishment charges Comparison of Three Months Ended September 30 (in thousands) | Metric | 2021 | 2020 | Change % | | :--- | :--- | :--- | :--- | | **Revenue** | $176,628 | $157,754 | 12.0% | | **Gross Profit** | $118,775 | $107,299 | 10.7% | | **Operating (Loss) Income** | ($189,212) | $23,085 | NM | | **Net (Loss) Income** | ($189,782) | $4,720 | NM | - Q3 2021 operating expenses surged to **$308.0 million** from **$84.2 million** in Q3 2020, primarily due to a **$218.0 million** increase in stock-based compensation related to the Business Combination[141](index=141&type=chunk)[144](index=144&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk) Comparison of Nine Months Ended September 30 (in thousands) | Metric | 2021 | 2020 | Change % | | :--- | :--- | :--- | :--- | | **Revenue** | $501,205 | $467,677 | 7.2% | | **Gross Profit** | $353,247 | $312,278 | 13.1% | | **Operating (Loss) Income** | ($159,974) | $52,847 | NM | | **Net Loss** | ($191,050) | ($22,494) | -749.3% | [Non-GAAP Financial Measures](index=53&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP measures show Adjusted EBITDA increased **30.9%** to **$70.1 million** for Q3 2021, reflecting core business performance Reconciliation of Net (Loss) Income to Adjusted EBITDA (in thousands) | | Three Months Ended Sep 30, | Nine Months Ended Sep 30, | | :--- | :--- | :--- | :--- | :--- | | | **2021** | **2020** | **2021** | **2020** | | Net (loss) income | $(189,782) | $4,720 | $(191,050) | $(22,494) | | Adjustments... | | | | | | Stock-based compensation expense | 219,876 | 1,869 | 235,413 | 7,471 | | Loss on early extinguishment of debt | 15,240 | — | 15,240 | 8,615 | | Business combination transaction costs | 5,516 | 93 | 10,471 | 93 | | Change in fair value of warrant liabilities | 26,889 | — | 26,889 | — | | *Other adjustments* | *(17,530)* | *(4,256)* | *(11,298)* | *16,092* | | **Adjusted EBITDA** | **$70,139** | **$53,601** | **$185,678** | **$144,676** | Reconciliation of Gross Profit to Adjusted Gross Profit (in thousands) | | Three Months Ended Sep 30, | Nine Months Ended Sep 30, | | :--- | :--- | :--- | :--- | :--- | | | **2021** | **2020** | **2021** | **2020** | | Gross Profit | $118,775 | $107,299 | $353,247 | $312,278 | | Adjustments | 19,654 | 6,072 | 33,208 | 17,070 | | **Adjusted Gross Profit** | **$138,429** | **$113,371** | **$386,455** | **$329,348** | | **Adjusted Gross Profit Margin** | 78% | 76% | 77% | 75% | [Liquidity and Capital Resources](index=56&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains **$160.5 million** in cash, with new debt facilities supporting liquidity - The company held **$160.5 million** in cash and cash equivalents as of September 30, 2021[187](index=187&type=chunk) - In September 2021, the company entered a new credit agreement for an **$800 million** Term B Loan and a **$250 million** revolving credit facility, replacing its prior First Lien Credit Agreement[191](index=191&type=chunk)[192](index=192&type=chunk) - Net cash from operating activities for the first nine months of 2021 was **$96.7 million**, compared to **$66.8 million** for the same period in 2020[214](index=214&type=chunk)[217](index=217&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=61&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces interest rate risk on **$800.0 million** of floating-rate debt, with a **100-basis point** increase impacting annual interest expense - The company is exposed to interest rate risk on **$800.0 million** of floating-rate debt[228](index=228&type=chunk) - A **100-basis point** increase in interest rates would result in an estimated **$8.0 million** increase in annual interest expense[230](index=230&type=chunk) - Foreign currency risk is present due to operations in China, but a **10%** change in exchange rates is not expected to have a material impact[232](index=232&type=chunk) [Item 4. Controls and Procedures](index=61&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2021, with no material changes - Management concluded that disclosure controls and procedures were effective as of September 30, 2021[233](index=233&type=chunk) - No material changes to internal control over financial reporting were identified during the third quarter of 2021[234](index=234&type=chunk) PART II [Item 1. Legal Proceedings](index=62&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal actions, none expected to materially affect its financial position or operations - The company is involved in various legal actions from time to time in the ordinary course of business[238](index=238&type=chunk) - Management does not expect currently pending or threatened legal matters to have a material adverse effect on the company's financial condition or operations[238](index=238&type=chunk) [Item 1A. Risk Factors](index=62&type=section&id=Item%201A.%20Risk%20Factors) Risk factors have changed post-Business Combination, with relevant details available in the July 6, 2021 Proxy Statement/Prospectus - Following the Business Combination, relevant risk factors are detailed in the Proxy Statement/Prospectus filed on July 6, 2021[239](index=239&type=chunk)

Table of Contents Title of each classTrading Symbol(s)Name of each exchange on which registered Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-fifth of one redeemable warrant DGNR.U New York Stock Exchange LLC Class A ordinary shares included as part of the units DGNR New York Stock Exchange LLC Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 DGNR WS New York Stock Exchange LLC U ...

Table of Contents Title of each classTrading Symbol(s)Name of each exchange on which registered Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-fifth of one redeemable warrant DGNR.U New York Stock Exchange LLC Class A ordinary shares included as part of the units DGNR New York Stock Exchange LLC Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 DGNR WS New York Stock Exchange LLC U ...

Table of Contents Title of each classTrading SymbolName of each exchange on which registered Units, each consisting of one Class A ordinary share, $0.0001 par value, and one fifth of one redeemable warrant DGNR.U New York Stock Exchange LLC Class A ordinary shares included as part of the units DGNR New York Stock Exchange LLC Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 DGNR WS New York Stock Exchange LLC UNIT ...

Table of Contents Title of each classTrading Symbol(s)Name of each exchange on which registered Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-fifth of one redeemable warrant DGNR.U New York Stock Exchange LLC Class A ordinary shares included as part of the units DGNR New York Stock Exchange LLC Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 DGNR WS New York Stock Exchange LLC U ...