fbpx
Wednesday, 26 May 2021 20:01

CCC Information Services Inc. Announces 1Q Financial Results

Index

Share This:

 

CCC Information Services Inc., a leading SaaS platform for the Property & Casualty insurance economy, announced its financial results for the three months ended March 31.

"CCC's first quarter performance benefitted from several positive trends across our business, and continued to demonstrate the significant value we deliver to all participants in the P&C insurance economy," said Githesh Ramamurthy, chairman and CEO. "Our first quarter results came in as expected, and our accelerating growth positions us well to deliver on our plan of double-digit revenue growth in the second quarter and for the full year, excluding First Party Clinical Services revenue which was divested in Q4 2020.

 

"Our customers are increasingly embracing digitization to improve efficiency, enhance the consumer experience and manage the growing complexity of the auto insurance economy.

"Our return to the public markets via our business combination with Dragoneer Growth Opportunities Corp. (DGNR) will position us to deliver more innovation and value to our customers going forward," Ramamurthy continued. "CCC's cloud platform is a key enabler of the P&C industry's digital transformation, which is still in its early stages. We believe this provides a great opportunity for CCC to generate an attractive combination of top and bottom-line growth that will create significant value for shareholders."

 

First Quarter 2021 Financial Highlights

 

Revenue

 

Total revenue was $157.8 million for the first quarter of 2021, compared to $159.2 million for the first quarter of 2020. Adjusted for the impact of the divestiture of a portion of our professional services casualty solution in December 2020, total revenue grew 7% in the first quarter of 2021.

 

Profitability

GAAP operating income was $7.2 million for the first quarter of 2021, compared with GAAP operating income of $14.1 million for the first quarter of 2020. Adjusted operating income was...


Previous Page Continue reading »