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Thursday, 12 August 2021 21:37

CCC Intelligent Solutions Inc. Announces Q2 2021 Results

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CCC Intelligent Solutions Inc., a leading SaaS platform for the Property & Casualty insurance economy, on Aug. 12 announced its financial results for the three months ended June 30.

“We saw continued adoption of digital and AI solutions that accelerated top-line performance in the second quarter," said Githesh Ramamurthy, chairman & CEO of CCC. "Our continuous focus on innovation and customer success has CCC in a terrific position to support the digitization of the P&C insurance economy by delivering the differentiated solutions our customers want to improve their business.

“We are excited by the successful completion of our business combination with Dragoneer Growth Opportunity Corp. and our return to the public markets," Ramamurthy continued. "We have increased flexibility to expand how we invest in the business that will benefit our customers and provide additional growth opportunities for CCC to meet or exceed our long-term growth objectives.”

 

Second Quarter 2021 Financial Highlights

 

Revenue

 

Total revenue was $166.8 million for the second quarter of 2021, compared to $150.7 million for the second 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 16% in the second quarter of 2021.

 

Profitability

 

GAAP gross profit was $121.3 million, representing a gross margin of 73%, for the second quarter of 2021, compared with GAAP gross profit of $100.7 million, representing a gross margin of 67%, for the second quarter of 2020. Adjusted gross profit was $128 million, representing an adjusted gross margin of 77%, for the second quarter of 2021, compared with...


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