Latest news with #GitheshRamamurthy
Business Wire
31-07-2025
- Business
- Business Wire
CCC Intelligent Solutions Holdings Inc. Announces Second Quarter 2025 Financial Results
CHICAGO--(BUSINESS WIRE)--CCC Intelligent Solutions Holdings Inc. ('CCC' or the 'Company') (NASDAQ: CCCS), a leading SaaS platform provider for the multi-trillion-dollar insurance economy, today announced its financial results for the three months ended June 30, 2025. 'CCC delivered strong second quarter results, highlighted by 12% year-over-year revenue growth and adjusted EBITDA margin of 42%. Our solid results reflect our durable business model, operating efficiency, and ongoing investment in innovation that are helping our clients rapidly transform their businesses,' said Githesh Ramamurthy, Chairman & CEO of CCC. 'In the second quarter we had several of our larger customers who had been testing our newer solutions progress past the pilot phase into broader rollouts of our solutions across their businesses,' continued Ramamurthy. 'Historically, adoption by these leading customers has helped drive further adoption across the insurance economy, which underscores our confidence in our long-term growth opportunity.' Second Quarter 2025 Financial Highlights Revenue Total revenue was $260.5 million for the second quarter of 2025, an increase of 12% from $232.6 million for the second quarter of 2024. Profitability GAAP gross profit was $194.0 million, representing a gross margin of 74%, for the second quarter of 2025, compared with $177.3 million, representing a gross margin of 76%, for the second quarter of 2024. Adjusted gross profit was $202.5 million, representing an adjusted gross profit margin of 78%, for the second quarter of 2025, compared with $182.1 million, representing an adjusted gross profit margin of 78%, for the second quarter of 2024. GAAP operating income was $24.5 million for the second quarter of 2025, compared with GAAP operating income of $22.5 million for the second quarter of 2024. Adjusted operating income was $94.2 million for the second quarter of 2025, compared with adjusted operating income of $86.0 million for the second quarter of 2024. GAAP net income was $13.0 million for the second quarter of 2025, compared with GAAP net income of $21.4 million for the second quarter of 2024. Adjusted net income was $58.9 million for the second quarter of 2025, compared with adjusted net income of $56.2 million for the second quarter of 2024. Adjusted EBITDA was $108.1 million for the second quarter of 2025, compared with adjusted EBITDA of $95.8 million for the second quarter of 2024. Adjusted EBITDA grew 13% in the second quarter of 2025 compared with the second quarter of 2024. Liquidity CCC had $55.1 million in cash and cash equivalents and $996.0 million of total debt on June 30, 2025. The Company generated $43.1 million in cash from operating activities and had free cash flow of $27.4 million during the second quarter of 2025, compared with $51.8 million in cash generated from operating activities and $36.2 million in free cash flow for the second quarter of 2024. 2 nd Quarter and Recent Business Highlights In Q2, several top-10 insurers (based on 2024 direct premium written) contracted for multiple CCC AI-enabled auto physical damage (APD) solutions that extend their use of CCC's photo-AI capabilities beyond estimating to include earlier stages of claim handling as well as later stages of audit review. In addition, another top-20 insurer contracted for our AI-enabled subrogation platform, which currently serves 25 CCC customers. CCC continued to see solid momentum in its Casualty business during the second quarter of 2025, renewing and expanding its Casualty relationships with top-10 and top-20 insurers. In addition, the April 30 th announcement about the integration of EvolutionIQ's AI-powered medical record synthesis solution, Medhub, into CCC's casualty suite of solutions is generating positive engagement among our auto insurance customers. CCC announced the appointment of Barak Eilam to its Board of Directors on July 14 th. Mr. Eilam is the former CEO of NICE Systems and has over 2 decades of experience in enterprise software, AI, and customer-engagement technologies. Mr. Eilam's proven ability to scale organizations and champion customer-centric innovation will be a strong addition to CCC's next phase of growth. During the second quarter of 2025, CCC repurchased 11 million shares of its stock for approximately $100 million. Year to date, the company has repurchased 18 million shares of CCC stock for approximately $172 million under its current $300 million repurchase authorization. Business Outlook Based on information as of today, July 31, 2025, the Company is issuing the following financial guidance: Conference Call Information CCC will host a conference call today, July 31, 2025, at 5:00 p.m. (Eastern Time) to discuss the Company's financial results and financial guidance. A live webcast of this conference call will be available on the 'Investor Relations' page of the Company's website at and a replay will be archived on the website as well. About CCC Intelligent Solutions CCC Intelligent Solutions Inc. (CCC), a subsidiary of CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS), is a leading SaaS platform provider for the multi-trillion-dollar insurance economy, creating intelligent experiences for insurers, repairers, automakers, part suppliers, and more. The CCC Intelligent Experience (IX) Cloud™ platform, powered by proven AI and an innovative event-based architecture, connects more than 35,000 businesses to power customized applications and platforms for optimal outcomes and personalized experiences that just work. Through purposeful innovation and the strength of its connections, CCC technologies empower the people and industry relied upon to keep lives moving forward when it matters most. Learn more about CCC at Forward Looking Statements This press release contains forward-looking statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: 'may,' 'will,' 'could,' 'would,' 'should,' 'expect,' 'intend,' 'plan,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'project,' 'potential,' 'continue,' 'ongoing' or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Forward-looking statements in this press release include, but are not limited to, future events, goals, plans and projections regarding the Company's financial position, results of operations, market position, product development and business strategy. Such differences may be material. We cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward looking statements are subject to a number of risks and uncertainties, including, among others, our revenues, the concentration of our customers and the ability to retain our current customers; our ability to negotiate with our customers on favorable terms; our ability to maintain and grow our brand and reputation cost-effectively; the execution of our growth strategy; the impact of public health outbreaks, epidemics or pandemics on our business and results of operations; our projected financial information, growth rate and market opportunity; the health of our industry, claim volumes, and market conditions; changes in the insurance and automotive collision industries, including the adoption of new technologies; global economic conditions and geopolitical events, including the imposition of trade tariffs, supply chain disruption and inflationary; competition in our market and our ability to retain and grow market share; our ability to develop, introduce and market new enhanced versions of our solutions; our sales and implementation cycles; the ability of our research and development efforts to create significant new revenue streams; changes in applicable laws or regulations; changes in international economic, political, social and governmental conditions and policies, including corruption risks in China and other countries; our reliance on third-party data, technology and intellectual property; changes in our customers' or the public's perceptions regarding the use of artificial intelligence; our ability to protect our intellectual property; our ability to keep our data and information systems secure from data security breaches; our ability to acquire or invest in companies or pursue business partnerships; our ability to raise financing in the future and improve our capital structure; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; our estimates regarding expenses, future revenue, capital requirements and needs for additional financing; our ability to expand or maintain our existing customer base; our ability to service our indebtedness; and other risks and uncertainties, including those included under the header 'Risk Factors' in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission ('SEC'), which can be obtained, without charge, at the SEC's website ( and in our other filings with the SEC. The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release. Non-GAAP Financial Measures This press release includes certain financial measures not presented in accordance with generally accepted accounting principles in the U.S. ('GAAP'), including, but not limited to, 'adjusted EBITDA,' 'adjusted EBITDA margin,' 'adjusted net income,' 'adjusted operating income,' 'adjusted gross profit,' 'adjusted gross profit margin,' 'adjusted operating expenses,' and 'free cash flow' in each case presented on a non-GAAP basis, and certain ratios and other metrics derived therefrom. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to other measures of profitability, liquidity or performance under GAAP. You should be aware that the Company's calculation of these non-GAAP measures may not be comparable to similarly-titled measures used by other companies. The Company believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Please refer to the reconciliations of these measures below to what the Company believes are the most directly comparable measures evaluated in accordance with GAAP. This press release also includes certain projections of non-GAAP financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included for these projections. CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES (In thousands, except share and per share data) (Unaudited) For the Three Months Ended For the Six Months Ended June 30, June 30, 2025 2024 2025 2024 REVENUES $ 260,451 $ 232,618 $ 512,016 $ 459,855 COST OF REVENUES Cost of revenues, exclusive of amortization of acquired technologies 62,067 53,231 124,271 106,038 Amortization of acquired technologies 4,368 2,090 8,737 8,657 Total cost of revenues 66,435 55,321 133,008 114,695 GROSS PROFIT 194,016 177,297 379,008 345,160 OPERATING EXPENSES: Research and development 59,929 49,253 121,692 98,730 Selling and marketing 43,475 36,321 91,772 71,907 General and administrative 47,630 51,268 114,748 108,329 Amortization of intangible assets 18,512 17,942 37,024 35,884 Total operating expenses 169,546 154,784 365,236 314,850 OPERATING INCOME 24,470 22,513 13,772 30,310 INTEREST EXPENSE (17,836 ) (16,602 ) (34,763 ) (33,054 ) INTEREST INCOME 1,220 2,625 3,168 5,092 CHANGE IN FAIR VALUE OF WARRANT LIABILITIES — 15,963 — 14,378 OTHER (EXPENSE) INCOME—NET (2,057 ) 1,253 (7,154 ) 4,191 PRETAX INCOME (LOSS) 5,797 25,752 (24,977 ) 20,917 INCOME TAX BENEFIT (PROVISION) 7,163 (4,307 ) 20,516 (69 ) NET INCOME (LOSS) INCLUDING NON-CONTROLLING INTEREST 12,960 21,445 (4,461 ) 20,848 LESS: ACCRETION OF REDEEMABLE NON-CONTROLLING INTEREST — (1,221 ) (1,276 ) (2,363 ) NET INCOME (LOSS) ATTRIBUTABLE TO CCC INTELLIGENT SOLUTIONS HOLDINGS INC. COMMON STOCKHOLDERS $ 12,960 $ 20,224 $ (5,737 ) $ 18,485 Net income (loss) per share attributable to common stockholders: Basic $ 0.02 $ 0.03 $ (0.01 ) $ 0.03 Diluted $ 0.02 $ 0.03 $ (0.01 ) $ 0.03 Weighted-average shares used in computing net income (loss) per share attributable to common stockholders: Basic 637,578,033 609,997,114 637,207,185 604,138,246 Diluted 660,622,703 638,367,745 637,207,185 636,990,633 COMPREHENSIVE INCOME (LOSS): Net income (loss) including non-controlling interest 12,960 21,445 (4,461 ) 20,848 Other comprehensive (loss) income—Foreign currency translation adjustment 53 (16 ) 38 (91 ) COMPREHENSIVE INCOME (LOSS) INCLUDING NON-CONTROLLING INTEREST 13,013 21,429 (4,423 ) 20,757 Less: accretion of redeemable non-controlling interest — (1,221 ) (1,276 ) (2,363 ) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CCC INTELLIGENT SOLUTIONS HOLDINGS INC. COMMON STOCKHOLDERS $ 13,013 $ 20,208 $ (5,699 ) $ 18,394 Expand CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) For the Six Months Ended June 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income $ (4,461 ) $ 20,848 Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization of software, equipment, and property 27,373 19,160 Amortization of intangible assets 45,761 44,541 Deferred income taxes (20,516 ) (24,738 ) Stock-based compensation 107,023 85,096 Amortization of deferred financing fees 935 927 Amortization of discount on debt 82 125 Change in fair value of derivative instruments 8,381 134 Change in fair value of warrant liabilities — (14,378 ) Loss on disposal of software, equipment and property — 302 Noncash interest expense 763 — Other — 68 Changes in: Accounts receivable—Net (25,488 ) (18,553 ) Deferred contract costs (785 ) (1,527 ) Other current assets 2,069 5,860 Deferred contract costs—Non-current (1,589 ) 636 Other assets (1,078 ) 391 Operating lease assets 1,328 1,152 Income taxes (27,824 ) (5,769 ) Accounts payable (823 ) 4,633 Accrued expenses (9,231 ) (12,739 ) Operating lease liabilities (2,307 ) (2,236 ) Deferred revenues 4,838 2,437 Other liabilities (2,903 ) 639 Net cash provided by operating activities 101,548 107,009 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of software, equipment, and property (30,549 ) (31,224 ) Acquisition of EvolutionIQ, Inc., net of cash acquired (415,133 ) — Net cash used in investing activities (445,682 ) (31,224 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of stock options 1,934 21,561 Proceeds from employee stock purchase plan 1,650 1,833 Payments for employee taxes withheld upon vesting of equity awards (44,352 ) (52,722 ) Repurchase of common stock (172,495 ) — Proceeds from issuance of long-term debt 225,000 — Payments of fees associated with the debt modification (6,565 ) — Principal payments on long-term debt (5,005 ) (4,000 ) Net cash provided by (used in) financing activities 167 (33,328 ) NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 37 (136 ) NET CHANGE IN CASH AND CASH EQUIVALENTS (343,930 ) 42,321 CASH AND CASH EQUIVALENTS: Beginning of period 398,983 195,572 End of period $ 55,053 $ 237,893 NONCASH INVESTING AND FINANCING ACTIVITIES: Stock issued related the acquisition of EvolutionIQ, Inc. $ 250,441 $ — Issuance of promissory note to minority investor of redeemable preferred securities $ 22,955 $ — Noncash purchases of software, equipment, and property $ — $ 7,218 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid for interest $ 33,616 $ 31,739 Cash paid for income taxes—Net $ 26,628 $ 30,567 Expand CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES (In thousands, except profit margin percentage data) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (amounts in thousands, except percentages) 2025 2024 2025 2024 Gross Profit $ 194,016 $ 177,297 $ 379,008 $ 345,160 Amortization of acquired technologies 4,368 2,090 8,737 8,657 Stock-based compensation and related employer payroll tax 4,137 2,693 7,238 5,280 Adjusted Gross Profit $ 202,521 $ 182,080 $ 394,983 $ 359,097 Gross Profit Margin 74 % 76 % 74 % 75 % Adjusted Gross Profit Margin 78 % 78 % 77 % 77 % Expand CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES (In thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (dollar amounts in thousands) 2025 2024 2025 2024 Operating expenses $ 169,546 $ 154,784 $ 365,236 $ 314,850 Amortization of intangible assets (18,512 ) (17,942 ) (37,024 ) (35,884 ) Stock-based compensation expense and related employer payroll tax (42,121 ) (38,075 ) (104,939 ) (85,520 ) M&A and integration costs (348 ) — (7,967 ) (477 ) Equity transaction costs, including secondary offerings (165 ) (1,046 ) (452 ) (1,738 ) Litigation (costs) proceeds, net (125 ) (1,624 ) 3,665 (2,200 ) Debt refinancing costs — — (3,119 ) — Adjusted Operating Expenses $ 108,275 $ 96,097 $ 215,400 $ 189,031 Expand CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES (In thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (dollar amounts in thousands) 2025 2024 2025 2024 Operating income $ 24,470 $ 22,513 $ 13,772 $ 30,310 Amortization of intangible assets 18,512 17,942 37,024 35,884 Amortization of acquired technologies—Cost of revenue 4,368 2,090 8,737 8,657 Stock-based compensation expense and related employer payroll tax 46,258 40,768 112,177 90,800 M&A and integration costs 348 — 7,967 477 Equity transaction costs, including secondary offerings 165 1,046 452 1,738 Litigation costs (proceeds), net 125 1,624 (3,665 ) 2,200 Debt refinancing costs — — 3,119 — Adjusted Operating Income $ 94,246 $ 85,983 $ 179,583 $ 170,066 Expand CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES (In thousands, except for EBITDA margin percentage data) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (dollar amounts in thousands) 2025 2024 2025 2024 Net income (loss) $ 12,960 $ 21,445 $ (4,461 ) $ 20,848 Interest expense 17,836 16,602 34,763 33,054 Interest income (1,220 ) (2,625 ) (3,168 ) (5,092 ) Income tax provision (benefit) (7,163 ) 4,307 (20,516 ) 69 Amortization of intangible assets 18,512 17,942 37,024 35,884 Amortization of acquired technologies—Cost of revenue 4,368 2,090 8,737 8,657 Depreciation and amortization of software, equipment and property 2,231 2,299 4,495 4,164 Depreciation and amortization of software, equipment and property—Cost of revenue 11,548 7,418 22,878 14,996 Stock-based compensation expense and related employer payroll tax 46,258 40,768 112,177 90,800 M&A and integration costs 348 — 7,967 477 Equity transaction costs, including secondary offerings 165 1,046 452 1,738 Litigation costs (proceeds), net 125 1,624 (3,665 ) 2,200 Debt refinancing costs — — 3,119 — Change in fair value of derivative instruments 2,640 852 8,381 134 Income from derivative instruments (492 ) (2,008 ) (989 ) (4,039 ) Change in fair value of warrant liabilities — (15,963 ) — (14,378 ) Adjusted EBITDA $ 108,116 $ 95,797 $ 207,194 $ 189,512 Adjusted EBITDA Margin 42 % 41 % 40 % 40 % Expand CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES (In thousands, except share and per share data) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (dollar amounts in thousands) 2025 2024 2025 2024 Net income (loss) $ 12,960 $ 21,445 $ (4,461 ) $ 20,848 Amortization of intangible assets 18,512 17,942 37,024 35,884 Amortization of acquired technologies—Cost of revenue 4,368 2,090 8,737 8,657 Stock-based compensation expense and related employer payroll tax 46,258 40,768 112,177 90,800 M&A and integration costs 348 — 7,967 477 Equity transaction costs, including secondary offerings 165 1,046 452 1,738 Litigation costs (proceeds), net 125 1,624 (3,665 ) 2,200 Debt refinancing costs — — 3,119 — Change in fair value of derivative instruments 2,640 852 8,381 134 Change in fair value of warrant liabilities — (15,963 ) — (14,378 ) Tax effect of adjustments (26,521 ) (13,618 ) (56,394 ) (35,384 ) Adjusted Net Income $ 58,855 $ 56,186 $ 113,337 $ 110,976 Adjusted Net Income Per Share attributable to common stockholders: Basic $ 0.09 $ 0.09 $ 0.18 $ 0.18 Diluted $ 0.09 $ 0.09 $ 0.17 $ 0.17 Weighted average shares outstanding: Basic 637,578,033 609,997,114 637,207,185 604,138,246 Expand
Business Wire
06-05-2025
- Business
- Business Wire
CCC Intelligent Solutions Holdings Inc. Announces First Quarter 2025 Financial Results
CHICAGO--(BUSINESS WIRE)--CCC Intelligent Solutions Holdings Inc. ('CCC' or the 'Company') (NASDAQ: CCCS), a leading SaaS platform provider for the multi-trillion dollar insurance economy, today announced its financial results for the three months ended March 31, 2025. 'CCC delivered strong first quarter results, highlighted by 11% year-over-year revenue growth and adjusted EBITDA margin of 39% – both above our guidance ranges. Our solid start to 2025 reflects multiple new business wins, renewals, and contract expansions across our customer groups, and reinforces the strength of our business model, multisided network, and customer-focused innovation,' said Githesh Ramamurthy, Chairman & CEO of CCC. 'The integration of EvolutionIQ is proceeding on plan and the expected launch of Medhub for Casualty is ahead of schedule. We intend for this to be the first of many new solutions that provide AI-powered synthesis and best next action recommendations based on insurer preferences to enhance insurers' ability to consistently manage increasingly complex injury claims and achieve better outcomes,' continued Ramamurthy. 'We view this as an important step in accelerating our vision of deploying intelligent experiences across the insurance economy.' First Quarter 2025 Financial Highlights Revenue Total revenue was $251.6 million for the first quarter of 2025, an increase of 11% from $227.2 million for the first quarter of 2024. Profitability GAAP gross profit was $185.0 million, representing a gross margin of 74%, for the first quarter of 2025, compared with $167.9 million, representing a gross margin of 74%, for the first quarter of 2024. Adjusted gross profit was $192.5 million, representing an adjusted gross profit margin of 77%, for the first quarter of 2025, compared with $177.0 million, representing an adjusted gross profit margin of 78%, for the first quarter of 2024. GAAP operating loss was $10.7 million for the first quarter of 2025, compared with GAAP operating income of $7.8 million for the first quarter of 2024. Adjusted operating income was $85.3 million for the first quarter of 2025, compared with adjusted operating income of $84.1 million for the first quarter of 2024. GAAP net loss was $17.4 million for the first quarter of 2025, compared with GAAP net loss of $0.6 million for the first quarter of 2024. Adjusted net income was $54.5 million for the first quarter of 2025, compared with adjusted net income of $54.8 million for the first quarter of 2024. Adjusted EBITDA was $99.1 million for the first quarter of 2025, compared with adjusted EBITDA of $93.7 million for the first quarter of 2024. Adjusted EBITDA grew 6% in the first quarter of 2025 compared with the first quarter of 2024. Liquidity CCC had $130.3 million in cash and cash equivalents and $998.5 million of total debt on March 31, 2025. The Company generated $58.5 million in cash from operating activities and had free cash flow of $43.6 million during the first quarter of 2025, compared with $55.2 million in cash generated from operating activities and $39.6 million in free cash flow for the first quarter of 2024. 1 st Quarter and Recent Business Highlights CCC announced that Caliber Collision, the nation's largest auto collision repair provider, has extended its relationship with CCC. Through this multi-year renewal, Caliber will continue to use a broad suite of CCC ONE® solutions, including the addition of CCC® Diagnostics Workflow and CCC® Build Sheets, to streamline operations and enhance services across its repair facilities. With more than 1,800 locations, Caliber offers comprehensive auto repair services across 41 states. Caliber began working with CCC when it had just 100 locations and has grown alongside CCC's technology, leveraging CCC ONE to support its expansion and enhance operational efficiency. By renewing and extending its relationship with CCC, we believe Caliber will be able to drive greater efficiency in vehicle diagnostics and repair planning. CCC announced plans to accelerate the inclusion of EvolutionIQ's proven, high-impact AI in CCC's auto casualty offerings. This next generation of solutions is being designed to provide AI-powered synthesis and best next action recommendations based on insurer preferences to enhance insurers' ability to consistently manage increasingly complex injury claims and achieve better outcomes. Medhub for Casualty will be the first available product with an expected launch in Q3, and a further expectation that it will be followed by other planned innovations leveraging EvolutionIQ's claims guidance across the auto casualty claims lifecycle in later quarters. CCC recently signed a large OEM with a captive insurance business and a leading market position in EVs. This new relationship is with both the insurance and the collision repair sides of the business and CCC's solutions are expected to deliver a stair-step improvement in the OEM's operating efficiency and consumer experience. This signing reflects the continued expansion of the CCC network as well as the applicability of CCC's solutions across the broader insurance economy. Business Outlook Based on information as of today, May 6, 2025, the Company is issuing the following financial guidance: Conference Call Information CCC will host a conference call today, May 6, 2025, at 8:00 a.m. (Eastern Time) to discuss the Company's financial results and financial guidance. A live webcast of this conference call will be available on the 'Investor Relations' page of the Company's website at and a replay will be archived on the website as well. About CCC Intelligent Solutions CCC Intelligent Solutions Inc. (CCC), a subsidiary of CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS), is a leading SaaS platform provider for the multi-trillion-dollar insurance economy, creating intelligent experiences for insurers, repairers, automakers, part suppliers, and more. The CCC Intelligent Experience (IX) Cloud™ platform, powered by proven AI and an innovative event-based architecture, connects more than 35,000 businesses to power customized applications and platforms for optimal outcomes and personalized experiences that just work. Through purposeful innovation and the strength of its connections, CCC technologies empower the people and industry relied upon to keep lives moving forward when it matters most. Learn more about CCC at Forward Looking Statements This press release contains forward-looking statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: 'may,' 'will,' 'could,' 'would,' 'should,' 'expect,' 'intend,' 'plan,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'project,' 'potential,' 'continue,' 'ongoing' or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Forward-looking statements in this press release include, but are not limited to, future events, goals, plans and projections regarding the Company's financial position, results of operations, market position, product development and business strategy. Such differences may be material. We cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward looking statements are subject to a number of risks and uncertainties, including, among others, our revenues, the concentration of our customers and the ability to retain our current customers; our ability to negotiate with our customers on favorable terms; our ability to maintain and grow our brand and reputation cost-effectively; the execution of our growth strategy; the impact of public health outbreaks, epidemics or pandemics on our business and results of operations; our projected financial information, growth rate and market opportunity; the health of our industry, claim volumes, and market conditions; changes in the insurance and automotive collision industries, including the adoption of new technologies; global economic conditions and geopolitical events, including the imposition of trade tariffs, supply chain disruption and inflationary; competition in our market and our ability to retain and grow market share; our ability to develop, introduce and market new enhanced versions of our solutions; our sales and implementation cycles; the ability of our research and development efforts to create significant new revenue streams; changes in applicable laws or regulations; changes in international economic, political, social and governmental conditions and policies, including corruption risks in China and other countries; our reliance on third-party data, technology and intellectual property; changes in our customers' or the public's perceptions regarding the use of artificial intelligence; our ability to protect our intellectual property; our ability to keep our data and information systems secure from data security breaches; our ability to acquire or invest in companies or pursue business partnerships; our ability to raise financing in the future and improve our capital structure; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; our estimates regarding expenses, future revenue, capital requirements and needs for additional financing; our ability to expand or maintain our existing customer base; our ability to service our indebtedness; and other risks and uncertainties, including those included under the header 'Risk Factors' in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission ('SEC'), which can be obtained, without charge, at the SEC's website ( and in our other filings with the SEC. The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release. Non-GAAP Financial Measures This press release includes certain financial measures not presented in accordance with generally accepted accounting principles in the U.S. ('GAAP'), including, but not limited to, 'adjusted EBITDA,' 'adjusted EBITDA margin,' 'adjusted net income,' 'adjusted operating income,' 'adjusted gross profit,' 'adjusted gross profit margin,' 'adjusted operating expenses,' and 'free cash flow' in each case presented on a non-GAAP basis, and certain ratios and other metrics derived therefrom. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to other measures of profitability, liquidity or performance under GAAP. You should be aware that the Company's calculation of these non-GAAP measures may not be comparable to similarly-titled measures used by other companies. The Company believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Please refer to the reconciliations of these measures below to what the Company believes are the most directly comparable measures evaluated in accordance with GAAP. This press release also includes certain projections of non-GAAP financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included for these projections. CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES (In thousands, except share and per share data) (Unaudited) For the Three Months Ended March 31, 2025 2024 REVENUES $ 251,565 $ 227,237 COST OF REVENUES Cost of revenues, exclusive of amortization of acquired technologies 62,205 52,808 Amortization of acquired technologies 4,368 6,567 Total cost of revenues 66,573 59,375 GROSS PROFIT 184,992 167,862 OPERATING EXPENSES: Research and development 61,763 49,477 Selling and marketing 48,297 35,586 General and administrative 67,119 57,060 Amortization of intangible assets 18,512 17,942 Total operating expenses 195,691 160,065 OPERATING (LOSS) INCOME (10,699 ) 7,797 INTEREST EXPENSE (16,926 ) (16,452 ) INTEREST INCOME 1,948 2,467 CHANGE IN FAIR VALUE OF WARRANT LIABILITIES — (1,585 ) OTHER (EXPENSE) INCOME—NET (5,097 ) 2,939 PRETAX LOSS (30,774 ) (4,834 ) INCOME TAX BENEFIT 13,353 4,237 NET LOSS INCLUDING NON-CONTROLLING INTEREST (17,421 ) (597 ) LESS: ACCRETION OF REDEEMABLE NON-CONTROLLING INTEREST (1,276 ) (1,142 ) NET LOSS ATTRIBUTABLE TO CCC INTELLIGENT SOLUTIONS HOLDINGS INC. COMMON STOCKHOLDERS $ (18,697 ) $ (1,739 ) Net loss per share attributable to common stockholders: Basic $ (0.03 ) $ (0.00 ) Diluted $ (0.03 ) $ (0.00 ) Weighted-average shares used in computing net loss per share attributable to common stockholders: Basic 636,832,216 598,279,377 Diluted 636,832,216 598,279,377 COMPREHENSIVE LOSS: Net loss including non-controlling interest (17,421 ) (597 ) Other comprehensive income (loss)—Foreign currency translation adjustment (15 ) (75 ) COMPREHENSIVE LOSS INCLUDING NON-CONTROLLING INTEREST (17,436 ) (672 ) Less: accretion of redeemable non-controlling interest (1,276 ) (1,142 ) COMPREHENSIVE LOSS ATTRIBUTABLE TO CCC INTELLIGENT SOLUTIONS HOLDINGS INC. COMMON STOCKHOLDERS $ (18,712 ) $ (1,814 ) Expand CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) For the Three Months Ended March 31, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (17,421 ) $ (597 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization of software, equipment, and property 13,595 9,442 Amortization of intangible assets 22,880 24,509 Deferred income taxes (13,354 ) (12,055 ) Stock-based compensation 61,048 44,971 Amortization of deferred financing fees 474 462 Amortization of discount on debt 47 62 Change in fair value of derivative instruments 5,741 (718 ) Change in fair value of warrant liabilities — 1,585 Loss on disposal of software, equipment and property — 253 Other — 71 Changes in: Accounts receivable—Net 7,364 370 Deferred contract costs (511 ) (793 ) Other current assets (2,394 ) 992 Deferred contract costs—Non-current (603 ) 842 Other assets (2,346 ) 144 Operating lease assets 701 (710 ) Income taxes (1,100 ) 7,235 Accounts payable 4,956 7,395 Accrued expenses (20,983 ) (31,153 ) Operating lease liabilities (1,292 ) 298 Deferred revenues 1,604 1,697 Other liabilities 86 933 Net cash provided by operating activities 58,492 55,235 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of software, equipment, and property (14,846 ) (15,663 ) Acquisition of EvolutionIQ, Inc., net of cash acquired (415,133 ) — Net cash used in investing activities (429,979 ) (15,663 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of stock options 1,004 8,901 Proceeds from employee stock purchase plan 1,650 1,833 Payments for employee taxes withheld upon vesting of equity awards (43,471 ) (52,581 ) Repurchase of common stock (72,275 ) — Proceeds from issuance of long-term debt 225,000 — Payments of fees associated with the debt modification (6,565 ) — Principal payments on long-term debt (2,503 ) (2,000 ) Net cash provided by (used in) financing activities 102,840 (43,847 ) NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (13 ) (109 ) NET CHANGE IN CASH AND CASH EQUIVALENTS (268,660 ) (4,384 ) CASH AND CASH EQUIVALENTS: Beginning of period 398,983 195,572 End of period $ 130,323 $ 191,188 NONCASH INVESTING AND FINANCING ACTIVITIES: Noncash purchases of software, equipment, and property $ — $ 646 Reclassification of redeemable non-controlling interest $ 22,955 $ — Stock issued related the Acquisition of EvolutionIQ, Inc. $ 250,441 $ — SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid for interest $ 16,358 $ 15,908 Cash paid for income taxes—Net $ 445 $ 576 Expand CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES (In thousands, except profit margin percentage data) (Unaudited) Three Months Ended March 31, (amounts in thousands, except percentages) 2025 2024 Gross Profit $ 184,992 $ 167,862 Amortization of acquired technologies 4,368 6,567 Stock-based compensation and related employer payroll tax 3,101 2,587 Adjusted Gross Profit $ 192,461 $ 177,016 Gross Profit Margin 74 % 74 % Adjusted Gross Profit Margin 77 % 78 % Expand CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES (In thousands) (Unaudited) Three Months Ended March 31, (dollar amounts in thousands) 2025 2024 Operating expenses $ 195,691 $ 160,065 Amortization of intangible assets (18,512 ) (17,942 ) Stock-based compensation expense and related employer payroll tax (62,818 ) (47,446 ) M&A and integration costs (7,619 ) (477 ) Litigation proceeds (costs), net 3,790 (575 ) Debt refinancing costs (3,119 ) — Equity transaction costs, including secondary offerings (287 ) (692 ) Adjusted operating expenses $ 107,126 $ 92,933 Expand CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES (In thousands) (Unaudited) Three Months Ended March 31, (dollar amounts in thousands) 2025 2024 Operating (loss) income $ (10,699 ) $ 7,797 Amortization of intangible assets 18,512 17,942 Amortization of acquired technologies—Cost of revenue 4,368 6,567 Stock-based compensation expense and related employer payroll tax 65,919 50,033 M&A and integration costs 7,619 477 Litigation (proceeds) costs, net (3,790 ) 575 Debt refinancing costs 3,119 - Equity transaction costs, including secondary offerings 287 692 Adjusted operating income $ 85,335 $ 84,083 Expand CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA (In thousands, except for EBITDA margin percentage data) (Unaudited) Three Months Ended March 31, (dollar amounts in thousands) 2025 2024 Net loss $ (17,421 ) $ (597 ) Interest expense 16,926 16,452 Interest income (1,948 ) (2,467 ) Income tax benefit (13,353 ) (4,237 ) Amortization of intangible assets 18,512 17,942 Amortization of acquired technologies—Cost of revenue 4,368 6,567 Depreciation and amortization of software, equipment and property 2,264 1,864 Depreciation and amortization of software, equipment and property—Cost of revenue 11,331 7,578 Stock-based compensation expense and related employer payroll tax 65,919 50,033 M&A and integration costs 7,619 477 Litigation (proceeds) costs, net (3,790 ) 575 Debt refinancing costs 3,119 — Equity transaction costs, including secondary offerings 287 692 Change in fair value of derivative instruments 5,741 (718 ) Income from derivative instruments (497 ) (2,031 ) Change in fair value of warrant liabilities — 1,585 Adjusted EBITDA $ 99,077 $ 93,715 Adjusted EBITDA Margin 39 % 41 % Expand CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA (In thousands, except for EBITDA margin percentage data) (Unaudited) Three Months Ended March 31, (dollar amounts in thousands) 2025 2024 Net loss $ (17,421 ) $ (597 ) Amortization of intangible assets 18,512 17,942 Amortization of acquired technologies—Cost of revenue 4,368 6,567 Stock-based compensation expense and related employer payroll tax 65,919 50,033 M&A and integration costs 7,619 477 Litigation (proceeds) costs, net (3,790 ) 575 Debt refinancing costs 3,119 — Equity transaction costs, including secondary offerings 287 692 Change in fair value of derivative instruments 5,741 (718 ) Change in fair value of warrant liabilities — 1,585 Tax effect of adjustments (29,873 ) (21,766 ) Adjusted net income $ 54,481 $ 54,790 Adjusted net income per share attributable to common stockholders: Basic $ 0.09 $ 0.09 Diluted $ 0.08 $ 0.09 Weighted average shares outstanding: Basic 636,832,216 598,279,377 Diluted 669,658,149 635,104,271 Expand Expand
