CCC Intelligent Solutions Holdings Inc. (“CCC” or the “Company”)
(NASDAQ: CCCS), a leading SaaS platform for the P&C insurance
economy, today announced its financial results for the three months
and year ended December 31, 2023.
“CCC delivered another year of strong financial performance,
with year-over-year revenue growth in 2023 of 11% and adjusted
EBITDA margin of 41% – both above our guidance ranges. We believe
our strong performance is the result of a growing interest in
advanced digital solutions across the P&C insurance economy and
the trust our customers place in us from years of delivering
innovation and operational performance,” said Githesh Ramamurthy,
Chairman & CEO of CCC.
“In 2023, we made significant investments in the business to
position CCC for continued growth, including expanding our
multi-sided network as well as increasing our growth capacity and
capabilities,” continued Ramamurthy. “While making these critical
investments to support our customers, we also delivered significant
year-over-year margin expansion.”
Fourth Quarter 2023 Financial Highlights
Revenue
- Total revenue was $228.6 million for the fourth quarter of
2023, an increase of 12% from $204.1 million for the fourth quarter
of 2022.
Profitability
- GAAP gross profit was $172.7 million, representing a gross
margin of 76%, for the fourth quarter of 2023, compared with $145.5
million, representing a gross margin of 71%, for the fourth quarter
of 2022. Adjusted gross profit was $181.5 million, representing an
adjusted gross profit margin of 79%, for the fourth quarter of
2023, compared with $157.2 million, representing an adjusted gross
profit margin of 77%, for the fourth quarter of 2022.
- GAAP operating income was $19.4 million for the fourth quarter
of 2023, compared with GAAP operating income of $9.7 million for
the fourth quarter of 2022. Adjusted operating income was $90.6
million for the fourth quarter of 2023, compared with adjusted
operating income of $72.2 million for the fourth quarter of
2022.
- GAAP net income was $26.3 million for the fourth quarter of
2023, compared with GAAP net income of $1.1 million for the fourth
quarter of 2022. Adjusted net income was $59.0 million for the
fourth quarter of 2023, compared with adjusted net income of $44.0
million for the fourth quarter of 2022.
- Adjusted EBITDA was $100.1 million for the fourth quarter of
2023, compared with adjusted EBITDA of $80.1 million for the fourth
quarter of 2022. Adjusted EBITDA grew 25% in the fourth quarter of
2023 compared with the fourth quarter of 2022.
Full Year 2023 Financial Highlights
Revenue
- Total revenue was $866.4 million for the full year of 2023, an
increase of 11% from $782.4 million for the full year of 2022.
Profitability
- GAAP gross profit was $636.2 million, representing a gross
margin of 73% for the full year of 2023, compared with $568.5
million, representing a gross margin of 73% for the full year of
2022. Adjusted gross profit was $672.2 million, representing an
adjusted gross profit margin of 78% for the full year of 2023,
compared with $604.8 million, representing an adjusted gross profit
margin of 77% for the full year of 2022.
- GAAP operating loss was $23.9 million for the full year of
2023, compared with GAAP operating income of $51.9 million for the
full year of 2022. Adjusted operating income was $315.4 million for
the full year of 2023, compared with adjusted operating income of
$276.7 million for the full year of 2022.
- GAAP net loss was $90.1 million for the full year of 2023,
compared with GAAP net income of $38.4 million for the full year of
2022. Adjusted net income was $210.5 million for the full year of
2023, compared with adjusted net income of $176.4 million for the
full year of 2022.
- Adjusted EBITDA was $353.4 million for the full year of 2023,
compared with adjusted EBITDA of $305.4 million for the full year
of 2022. Adjusted EBITDA grew 16% in the full year of 2023 compared
with the full year of 2022.
Liquidity
- CCC had $195.6 million in cash and cash equivalents and $784.0
million of total debt on December 31, 2023. The Company generated
$250.0 million in cash from operating activities and had free cash
flow of $195.0 million during the full year of 2023, compared with
$199.9 million generated in cash from operating activities and
$152.0 million in free cash flow in the full year of 2022.
The information presented above includes non-GAAP financial
measures such as “adjusted EBITDA,” “adjusted net income,”
“adjusted operating income,” “adjusted gross profit,” “adjusted
gross profit margin,” and “free cash flow.” Refer to “Non-GAAP
Financial Measures” for a discussion of these measures and
reconciliations of each non-GAAP financial measure to the most
directly comparable GAAP financial measure.
4th Quarter and Recent Business Highlights
- CCC continued to deliver innovative solutions to its customers
at scale, touching more claims with more capabilities than ever
before. In 2023, CCC processed the highest number of U.S. auto
insurance claims in the Company’s history, and increasingly those
claims are benefiting from CCC artificial intelligence to help
clients make better decisions faster. To date, over 19 million
unique claims have been processed using a CCC AI-enabled solution
and we have doubled the number of insurers using our AI-based CCC®
Estimate-STP to process claims over the past year.
- CCC continued to expand its network of customers by adding over
1,000 repair facilities and over 500 parts dealers in 2023. In
total, CCC has more than 35,000 companies in its network, including
approximately 29,500 repair facilities, approximately 5,000 parts
suppliers, more than 300 insurers, and 13 of the top-15 automotive
OEMs.
- Mobile Jumpstart is CCC’s new AI-driven feature within CCC ONE®
Estimating-IQ that helps estimators use their mobile phones to
reduce the time it takes to prepare estimates. Since its
introduction in late Q4, more than 3,000 repair facilities have
used Mobile Jumpstart to transform the way repair technicians
prepare estimates in the capacity-constrained collision repair
industry. In January 2024, Mobile Jumpstart users were able to
complete an initial estimate in an average time of less than 2
minutes vs. the traditional industry average of about half an
hour.
- Certain existing shareholders recently completed two secondary
offerings of the Company’s common stock. The first offering was of
69,875,000 shares in November 2023. Of this amount, the Company
repurchased 32,500,000 shares for $328.5 million. The second
offering was of 22,000,000 shares in January 2024. The Company did
not receive any proceeds from the sale of shares by the existing
stockholders in either offering.
Business Outlook
Based on information as of today, February 28, 2024, the Company
is issuing the following financial guidance:
First Quarter Fiscal
2024
Full Year Fiscal 2024
Revenue
$
224.5 million to $226.0
million
$
942.0 million to $950.0
million
Adjusted EBITDA
$
90.5 million to $92.0 million
$
387.0 million to $395.0
million
Conference Call Information
CCC will host a conference call today, February 28, 2024, 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 https://ir.cccis.com, and a replay will be archived on
the website as well.
About CCC Intelligent Solutions
CCC Intelligent Solutions Inc., a subsidiary of CCC Intelligent
Solutions Holdings Inc. (NASDAQ: CCCS), is a leading SaaS platform
for the multi-trillion-dollar P&C insurance economy powering
operations for insurers, repairers, automakers, part suppliers,
lenders, and more. CCC cloud technology connects more than 35,000
businesses digitizing mission-critical workflows, commerce, and
customer experiences. A trusted leader in AI, IoT, customer
experience, network and workflow management, CCC delivers
innovations that keep people’s lives moving forward when it matters
most. Learn more about CCC at www.cccis.com.
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; 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, 2023 filed with the Securities and Exchange
Commission (“SEC”), which can be obtained, without charge, at the
SEC’s website (www.sec.gov), 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 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 in 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
CONSOLIDATED BALANCE
SHEETS
AS OF DECEMBER 31, 2023 AND
2022
(In thousands, except share
data)
December 31,
December 31,
2023
2022
ASSETS CURRENT ASSETS: Cash and cash equivalents
$
195,572
$
323,788
Accounts receivable—Net of allowances of $5,574 and $5,339 as of
December 31, 2023 and 2022, respectively
102,365
98,353
Income taxes receivable
1,798
4,015
Deferred contract costs
17,900
16,556
Other current assets
32,364
36,358
Total current assets
349,999
479,070
SOFTWARE, EQUIPMENT, AND PROPERTY—Net
160,416
146,443
OPERATING LEASE ASSETS
30,456
32,874
INTANGIBLE ASSETS—Net
1,015,046
1,118,819
GOODWILL
1,417,724
1,495,129
DEFERRED FINANCING FEES, REVOLVER—Net
1,672
2,286
DEFERRED CONTRACT COSTS
22,302
20,161
EQUITY METHOD INVESTMENT
10,228
10,228
OTHER ASSETS
43,197
45,911
TOTAL
$
3,051,040
$
3,350,921
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES: Accounts payable
$
16,324
$
27,599
Accrued expenses
71,478
71,445
Income taxes payable
3,689
922
Current portion of long-term debt
8,000
8,000
Current portion of long-term licensing agreement—Net
3,061
2,876
Operating lease liabilities
6,788
5,484
Deferred revenues
43,567
35,239
Total current liabilities
152,907
151,565
LONG-TERM DEBT—Net
767,504
774,132
DEFERRED INCOME TAXES—Net
195,365
241,698
LONG-TERM LICENSING AGREEMENT—Net
27,692
30,752
OPERATING LEASE LIABILITIES
50,796
54,245
WARRANT LIABILITIES
51,501
36,405
OTHER LIABILITIES
6,414
2,658
Total liabilities
1,252,179
1,291,455
COMMITMENTS AND CONTINGENCIES (Notes 23 and 24) MEZZANINE EQUITY:
Redeemable non-controlling interest
16,584
14,179
STOCKHOLDERS’ EQUITY: Preferred stock—$0.0001 par; 100,000,000
shares authorized; no shares issued or outstanding
—
—
Common stock—$0.0001 par; 5,000,000,000 shares authorized;
603,128,781 and 622,072,905 shares issued and outstanding at
December 31, 2023 and 2022, respectively
60
62
Additional paid-in capital
2,909,757
2,754,055
Accumulated deficit
(1,126,467)
(707,946)
Accumulated other comprehensive loss
(1,073)
(884)
Total stockholders’ equity
1,782,277
2,045,287
TOTAL
$
3,051,040
$
3,350,921
CCC INTELLIGENT SOLUTIONS
HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(In thousands, except share
and per share data)
(Unaudited)
Three months ended December
31,
Year ended December
31,
2023
2022
2023
2022
REVENUES
$
228,601
$
204,106
$
866,378
$
782,448
COST OF REVENUES Cost of revenues, exclusive of amortization of
acquired technologies
49,370
51,827
203,324
187,001
Amortization of acquired technologies
6,567
6,745
26,464
26,938
Impairment of acquired technologies
—
—
431
—
Total cost of revenues (1)
55,937
58,572
230,219
213,939
GROSS PROFIT
172,664
145,534
636,159
568,509
OPERATING EXPENSES: Research and development (1)
45,215
42,246
173,106
156,957
Selling and marketing (1)
35,779
30,863
140,851
119,594
General and administrative (1)
54,367
44,665
191,844
167,758
Amortization of intangible assets
17,942
18,066
71,972
72,278
Impairment of goodwill
—
—
77,405
—
Impairment of intangible assets
—
—
4,906
—
Total operating expenses
153,303
135,840
660,084
516,587
OPERATING INCOME (LOSS)
19,361
9,694
(23,925)
51,922
INTEREST EXPENSE
(16,652)
(13,204)
(63,577)
(38,990)
INTEREST INCOME
3,806
908
16,252
908
CHANGE IN FAIR VALUE OF WARRANT LIABILITIES
30,308
2,621
(15,096)
26,073
GAIN ON SALE OF COST METHOD INVESTMENT
—
—
—
3,587
OTHER INCOME—Net
(3,761)
(205)
1,799
6,362
PRETAX INCOME (LOSS)
33,062
(186)
(84,547)
49,862
INCOME TAX (PROVISION) BENEFIT
(6,770)
1,258
(5,524)
(11,456)
NET INCOME (LOSS) INCLUDING NON-CONTROLLING INTEREST
26,292
1,072
(90,071)
38,406
LESS: ACCRETION OF REDEEMABLE NON-CONTROLLING INTEREST
(1,080)
—
(2,405)
—
NET INCOME (LOSS) ATTRIBUTABLE TO CCC INTELLIGENT SOLUTIONS
HOLDINGS INC.'S COMMON STOCKHOLDERS
$
25,212
$
1,072
$
(92,476)
$
38,406
Net income (loss) per share attributable to common
stockholders: Basic
$
0.04
$
0.00
$
(0.15)
$
0.06
Diluted (2)
$
(0.01)
$
0.00
$
(0.15)
$
0.06
Weighted-average shares used in computing net income (loss) per
share attributable to common stockholders: Basic
609,128,048
612,448,089
617,889,384
607,760,886
Diluted
609,387,346
643,941,176
617,889,384
642,841,596
COMPREHENSIVE INCOME (LOSS): Net income (loss) including
non-controlling interest
26,292
1,072
(90,071)
38,406
Other comprehensive income (loss)—Foreign currency translation
adjustment
85
235
(189)
(569)
COMPREHENSIVE INCOME (LOSS) INCLUDING NON-CONTROLLING INTEREST
26,377
1,307
(90,260)
37,837
Less: accretion of redeemable non-controlling interest
(1,080)
—
(2,405)
—
COMPREHENSIVE INCOME (LOSS) INCLUDING NON-CONTROLLING INTEREST
$
25,297
$
1,307
$
(92,665)
$
37,837
(1) Includes stock-based
compensation expense as follows (in thousands):
Three months ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Cost of revenues
$
2,207
$
1,645
$
8,802
$
5,812
Research and development
6,634
5,103
25,467
19,536
Sales and marketing
7,940
6,978
33,204
25,309
General and administrative
23,266
15,002
77,045
58,840
Total stock-based compensation expense
$
40,047
$
28,728
$
144,518
$
109,497
(2) The following table sets
forth a reconciliation of the numerator and denominator used to
compute diluted earnings per share of common stock (in thousands,
except for share data):
Three months ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Numerator
Net income (loss)
$
26,292
$
1,072
$
(90,071)
$
38,406
Accretion of redeemable
non-controlling interest
(1,080)
—
(2,405)
—
Change in fair value of
in-the-money warrant liabilities
(30,308)
—
—
—
Net (loss) income attributable to
common stockholders
$
(5,096)
$
1,072
$
(92,476)
$
38,406
Denominator
Weighted average shares of common
stock - basic
609,128,048
612,448,089
617,889,384
607,760,886
Dilutive effect of stock-based
awards
-
31,493,087
-
35,080,710
Dilutive effect of assumed
conversion of warrants
259,298
-
-
-
Weighted average shares of common
stock - diluted
609,387,346
643,941,176
617,889,384
642,841,596
CCC INTELLIGENT SOLUTIONS
HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
FOR THE YEARS ENDED DECEMBER
31, 2023 AND 2022
(In thousands)
Year ended December
31,
2023
2022
CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income
$
(90,071)
$
38,406
Adjustments to reconcile net (loss) income to net cash provided by
operating activities: Depreciation and amortization of software,
equipment, and property
36,902
27,933
Amortization of intangible assets
98,436
99,216
Impairment of goodwill and intangible assets
82,742
—
Deferred income taxes
(46,333)
(34,401)
Stock-based compensation
144,518
109,497
Amortization of deferred financing fees
1,753
1,878
Amortization of discount on debt
233
257
Change in fair value of derivative instruments
5,743
(5,663)
Change in fair value of warrant liabilities
15,096
(26,073)
Change in fair value of estimated contingent consideration
—
(100)
Loss on early extinguishment of debt
—
—
Non-cash lease expense
1,232
3,697
Gain on divestitures
—
—
Gain on sale of cost method investment
—
(3,587)
Loss on disposal of software, equipment and property
79
2,651
Other
620
104
Changes in: Accounts receivable—Net
(4,001)
(19,844)
Deferred contract costs
(1,344)
(1,487)
Other current assets
4,046
9,792
Deferred contract costs—Non-current
(2,141)
1,956
Other assets
(3,649)
(14,501)
Operating lease assets
1,186
3,448
Income taxes
4,984
(10,018)
Accounts payable
(11,270)
15,516
Accrued expenses
1,041
4,592
Operating lease liabilities
(2,145)
(7,241)
Deferred revenues
8,321
4,196
Extinguishment of interest rate swap liability
—
—
Other liabilities
4,055
(317)
Net cash provided by operating activities
250,033
199,907
CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of software,
equipment, and property
(55,032)
(47,951)
Proceeds from sale of cost method investment
—
3,901
Acquisition of Safekeep, Inc., net of cash
—
(32,242)
Purchase of equity method investment
—
—
Purchase of intangible asset
—
—
Net cash used in investing activities
(55,032)
(76,292)
CASH FLOWS (USED IN) PROVIDED BY FINANCING ACTIVITIES: Proceeds
from exercise of stock options
25,381
27,693
Proceeds from employee stock purchase plan
4,761
3,197
Principal payments on long-term debt
(8,000)
(8,000)
Payments for employee taxes withheld upon vesting of equity awards
(16,715)
(5,015)
Repurchase of common stock
(328,453)
—
Proceeds from issuance of long-term debt, net of fees paid to
lender
—
—
Net proceeds from equity infusion from the Business Combination
—
—
Payment of fees associated with early extinguishment of long-term
debt
—
—
Dividends to CCCIS stockholders
—
—
Deemed distribution to CCCIS option holders
—
—
Proceeds from issuance of common stock
—
—
Tax effect of Business Combination transaction costs
—
—
Net cash (used in) provided by financing activities
(323,026)
17,875
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
(191)
(246)
NET CHANGE IN CASH AND CASH EQUIVALENTS
(128,216)
141,244
CASH AND CASH EQUIVALENTS: Beginning of period
323,788
182,544
End of period
$
195,572
$
323,788
NONCASH INVESTING AND FINANCING ACTIVITIES: Noncash purchases of
software, equipment, and property
$
2,044
$
100
Leasehold improvements acquired by tenant improvement allowance
$
—
$
—
Fair value of assumed Public Warrants exercised
$
—
$
—
Contingent consideration related to business acquisition
$
—
$
200
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid for
interest
$
61,367
$
36,636
Cash paid for income taxes—Net
$
42,948
$
55,697
CCC INTELLIGENT SOLUTIONS
HOLDINGS INC. AND SUBSIDIARIES
RECONCILIATION OF GROSS PROFIT
TO ADJUSTED GROSS PROFIT
(In thousands, except profit
margin percentage data)
(Unaudited)
Three months ended December
31,
Year ended December
31,
(dollar amounts in thousands)
2023
2022
2023
2022
Gross Profit
$
172,664
$
145,534
$
636,159
$
568,509
Amortization of acquired technologies
6,567
6,745
26,464
26,938
Stock-based compensation and related employer payroll tax
2,223
1,712
9,129
6,090
Impairment of acquired technologies
—
—
431
—
Contract termination costs
—
3,248
—
3,248
Business combination transaction costs
—
—
—
—
Adjusted Gross Profit
$
181,454
$
157,239
$
672,183
$
604,785
Gross Profit Margin
76%
71%
73%
73%
Adjusted Gross Profit Margin
79%
77%
78%
77%
CCC INTELLIGENT SOLUTIONS
HOLDINGS INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP
OPERATING EXPENSES TO ADJUSTED OPERATING EXPENSES
(In thousands)
(Unaudited)
Three months ended December
31,
Year ended December
31,
(dollar amounts in thousands)
2023
2022
2023
2022
Operating expenses
$
153,303
$
135,840
$
660,084
$
516,587
Amortization of intangible assets
(17,942)
(18,066)
(71,972)
(72,278)
Stock-based compensation expense and related employer payroll tax
(38,001)
(27,279)
(138,578)
(105,775)
Goodwill and intangible asset impairment charges
—
—
(82,311)
—
Plaintiff litigation costs
(1,150)
(894)
(5,068)
(894)
M&A and integration costs
(3,372)
(11)
(3,372)
(1,772)
Business combination transaction and related costs, including
secondary offering costs
(2,031)
(174)
(2,031)
(1,330)
Lease abandonment
—
(4,915)
—
(6,137)
Lease overlap costs
—
—
—
(1,338)
Change in fair value of contingent consideration
—
100
—
100
Income related to divestiture, net
—
459
—
877
Adjusted operating expenses
$
90,807
$
85,060
$
356,752
$
328,040
CCC INTELLIGENT SOLUTIONS
HOLDINGS INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP
OPERATING (LOSS) INCOME TO ADJUSTED OPERATING INCOME
(In thousands)
(Unaudited)
Three months ended December
31,
Year ended December
31,
(dollar amounts in thousands)
2023
2022
2023
2022
Operating income (loss)
$
19,361
$
9,694
$
(23,925)
$
51,922
Amortization of intangible assets
17,942
18,066
71,972
72,278
Amortization of acquired technologies—Cost of revenue
6,567
6,745
26,464
26,938
Stock-based compensation expense and related employer payroll tax
40,224
28,991
147,707
111,865
Goodwill and intangible asset impairment charges
—
—
82,742
—
Plaintiff litigation costs
1,150
894
5,068
894
M&A and integration costs
3,372
11
3,372
1,772
Business combination transaction and related costs, including
secondary offering costs
2,031
174
2,031
1,330
Lease abandonment
—
4,915
—
6,137
Contract termination costs
—
3,248
—
3,248
Lease overlap costs
—
—
—
1,338
Change in fair value of contingent consideration
—
(100)
—
(100)
Income related to divestiture, net
—
(459)
—
(877)
Adjusted operating income
$
90,647
$
72,179
$
315,431
$
276,745
CCC INTELLIGENT SOLUTIONS
HOLDINGS INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP NET
(LOSS) INCOME TO ADJUSTED EBITDA
(In thousands, except for
EBITDA margin percentage data)
(Unaudited)
Three months ended December
31,
Year ended December
31,
(dollar amounts in thousands)
2023
2022
2023
2022
Net income (loss)
$
26,292
$
1,072
$
(90,071)
$
38,406
Interest expense
16,652
13,204
63,577
38,990
Interest income
(3,806)
(908)
(16,252)
(908)
Income tax provision (benefit)
6,770
(1,258)
5,524
11,456
Amortization of intangible assets
17,942
18,066
71,972
72,278
Amortization of acquired technologies—Cost of revenue
6,567
6,745
26,464
26,938
Depreciation and amortization related to software, equipment and
property
2,046
2,327
8,577
10,161
Depreciation and amortization related to software, equipment and
property—Cost of revenue
6,831
5,451
28,325
17,772
Stock-based compensation expense and related employer payroll tax
40,224
28,991
147,707
111,865
Goodwill and intangible asset impairment charges
—
—
82,742
—
Change in fair value of warrant liabilities
(30,308)
(2,621)
15,096
(26,073)
Change in fair value of derivative instruments
6,306
328
5,743
(5,663)
Income from derivative instruments
(2,016)
—
(6,460)
—
Plaintiff litigation costs
1,150
894
5,068
894
M&A and integration costs
3,372
11
3,372
1,772
Business combination transaction and related costs, including
secondary offering costs
2,031
174
2,031
1,330
Lease abandonment
—
4,915
—
6,137
Contract termination costs
—
3,248
—
3,248
Lease overlap costs
—
—
—
1,338
Change in fair value of contingent consideration
—
(100)
—
(100)
Gain on sale of cost method investment
—
—
—
(3,587)
Income related to divestiture, net
—
(459)
—
(877)
Adjusted EBITDA
$
100,053
$
80,080
$
353,415
$
305,377
Adjusted EBITDA Margin
44%
39%
41%
39%
CCC INTELLIGENT SOLUTIONS
HOLDINGS INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP NET
(LOSS) INCOME TO ADJUSTED NET INCOME
(In thousands, except share
and per share data)
(Unaudited)
Three months ended December
31,
Year ended December
31,
(dollar amounts in thousands)
2023
2022
2023
2022
Net income (loss)
$
26,292
$
1,072
$
(90,071)
$
38,406
Amortization of intangible assets
17,942
18,066
71,972
72,278
Amortization of acquired technologies—Cost of revenue
6,567
6,745
26,464
26,938
Stock-based compensation expense and related employer payroll tax
40,224
28,991
147,707
111,865
Goodwill and intangible asset impairment charges
—
—
82,742
—
Change in fair value of warrant liabilities
(30,308)
(2,621)
15,096
(26,073)
Change in fair value of derivative instruments
6,306
328
5,743
(5,663)
Plaintiff litigation costs
1,150
894
5,068
894
M&A and integration costs
3,372
11
3,372
1,772
Business combination transaction and related costs, including
secondary offering costs
2,031
174
2,031
1,330
Lease abandonment
—
4,915
—
6,137
Contract termination costs
—
3,248
—
3,248
Lease overlap costs
—
—
—
1,338
Change in fair value of contingent consideration
—
(100)
—
(100)
Income related to divestiture, net
—
(459)
—
(877)
Gain on sale of cost method investment
—
—
—
(3,587)
Tax effect of adjustments
(14,584)
(17,302)
(59,638)
(51,495)
Adjusted net income
$
58,992
$
43,962
$
210,486
$
176,411
Adjusted net income per share attributable to common
stockholders Basic
$
0.10
$
0.07
$
0.34
$
0.29
Diluted
$
0.09
$
0.07
$
0.32
$
0.27
Weighted average shares outstanding Basic
609,128,048
612,448,089
617,889,384
607,760,886
Diluted
649,260,826
643,941,176
651,587,360
642,841,596
CCC INTELLIGENT SOLUTIONS
HOLDINGS INC. AND SUBSIDIARIES
RECONCILIATION OF NET CASH
FLOW FROM OPERATING ACTIVITIES TO FREE CASH FLOW
(In thousands)
(Unaudited)
Three months ended December
31,
Year ended December
31,
(dollar amounts in thousands)
2023
2022
2023
2022
Net cash provided by operating activities
$
86,895
$
81,469
$
250,033
$
199,907
Less: Purchases of software, equipment and property
(11,845)
(9,107)
(55,032)
(47,951)
Free Cash Flow
$
75,050
$
72,362
$
195,001
$
151,956
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240226271984/en/
Investor Contact: Bill Warmington VP, Investor Relations,
CCC Intelligent Solutions Inc. 312-229-2355 IR@cccis.com
Media Contact: Michelle Hellyar Senior Director, Public
Relations, CCC Intelligent Solutions Inc. mhellyar@cccis.com
CCC Intelligent Solutions (NASDAQ:CCCS)
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