CCC Intelligent Solutions (CCCS) - 2024 Q4 - Annual Results

Revenue Performance - Total revenue for Q4 2024 was $246.5 million, an increase of 8% from $228.6 million in Q4 2023[3] - Full year 2024 revenue reached $944.8 million, reflecting a 9% increase from $866.4 million in 2023[5] - Total revenues for the year ended December 31, 2024, increased to $944.8 million, up 9% from $866.4 million in 2023[22] - The company issued financial guidance for Q1 2025 revenue between $249.0 million and $250.5 million[11] - Full year 2025 revenue guidance is set between $1.055 billion and $1.065 billion[11] Profitability Metrics - Adjusted EBITDA for Q4 2024 was $106.3 million, a 6% growth compared to $100.1 million in Q4 2023[7] - GAAP net income for Q4 2024 was $6.3 million, down from $26.3 million in Q4 2023[7] - Operating income for the year ended December 31, 2024, was $80.1 million, compared to an operating loss of $23.9 million in 2023[22] - Net income attributable to common stockholders for the year ended December 31, 2024, was $26.1 million, compared to a net loss of $92.5 million in 2023[23] - Net income for the year ended December 31, 2024, was $31,240, compared to a net loss of $90,071 in 2023, representing a significant turnaround[25] Cash Flow and Liquidity - The company generated $283.9 million in cash from operating activities for the full year 2024, compared to $250.0 million in 2023[9] - Cash flows from operating activities for the year ended December 31, 2024, were $283,886, up from $250,033 in 2023, marking an increase of approximately 13.6%[25] - The company reported net cash provided by operating activities of $113,645 thousand for Q4 2024, compared to $86,895 thousand in Q4 2023, indicating a year-over-year increase of approximately 30.7%[32] - Cash and cash equivalents increased significantly to $399.0 million as of December 31, 2024, compared to $195.6 million in 2023[21] - Cash and cash equivalents at the end of the period increased to $398,983, up from $195,572 at the end of 2023, representing a growth of over 103%[25] Expenses and Investments - Research and development expenses for the year ended December 31, 2024, rose to $201.5 million, a 16.5% increase from $173.1 million in 2023[22] - Operating expenses for the year ended December 31, 2024, decreased to $633,698 from $660,084 in 2023, a reduction of about 4%[28] - Stock-based compensation expense for the year ended December 31, 2024, totaled $171.0 million, an increase from $144.5 million in 2023[23] - The company reported a significant increase in stock-based compensation, totaling $171,038 for the year ended December 31, 2024, compared to $144,518 in 2023, reflecting a rise of approximately 18.3%[25] - Purchases of software, equipment, and property for the year ended December 31, 2024, totaled $53,012 thousand, down from $55,032 thousand in 2023[32] Shareholder Returns - A share repurchase program of up to $300 million was authorized by the board of directors[14] - Basic adjusted net income per share for the year ended December 31, 2024, was $0.39, up from $0.34 in 2023, marking an increase of approximately 14.7%[31] - Diluted adjusted net income per share for the year ended December 31, 2024, was $0.37, compared to $0.32 in 2023, reflecting a growth of approximately 15.6%[31] Acquisitions and Growth - CCC completed the acquisition of EvolutionIQ, enhancing its AI capabilities in claims management[14] - The company added over 1,000 new automotive collision repair facilities, totaling over 30,500 on the CCC ONE® network[14] Amortization and Integration Costs - Total amortization of intangible assets for the year ended December 31, 2024, was $71,768 thousand, slightly down from $71,972 thousand in 2023[31] - The company incurred M&A and integration costs of $9,193 thousand for the year ended December 31, 2024, compared to $3,372 thousand in 2023, indicating a significant increase[31] - The company incurred $8,716 in M&A and integration costs during the three months ended December 31, 2024, compared to $3,372 in the same period of 2023, reflecting a rise of approximately 158%[29]