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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...


...adjusted gross profit of $107.3 million, representing an adjusted gross margin of 74%, for the second quarter of 2020.

 

GAAP operating income was $22 million for the second quarter of 2021, compared with GAAP operating income of $15.6 million for the second quarter of 2020. Adjusted operating income was $54.8 million for the second quarter of 2021, compared with adjusted operating income of $42.5 million for the second quarter of 2020.

 

GAAP net income was $3.8 million for the second quarter of 2021, compared with GAAP net loss of $2 million for the second quarter of 2020. Adjusted net income was $26.3 million for the second quarter of 2021, compared with adjusted net income of $17.5 million for the second quarter of 2020.

 

Adjusted EBITDA was $60.1 million for the second quarter of 2021, compared with adjusted EBITDA of $46.9 million for the second quarter of 2020. Adjusted EBITDA grew 28% in the second quarter of 2021 as compared to the second quarter of 2020.

 

Liquidity

 

CCC had $58.5 million in cash and cash equivalents and $1.3 billion of total debt at June 30. The company generated $21.6 million in cash from operating activities and had free cash flow of $13.1 million during the second quarter of 2021, compared with $14.7 million generated in cash from operating activities and had $7.6 million in free cash flow in the second quarter of 2020.

 

2nd Quarter and Recent Business Highlights

 

  • Successfully completed our business combination with Dragoneer Growth Opportunities Corp and began trading under the ticker “CCCS” on the New York Stock Exchange on Aug. 2. CCC received net proceeds from this transaction of more than $600 million.
  • Announced CCC ONE® Estimating-IQ, which will enhance the AI capabilities on the CCC ONE® platform for repair facilities, will be released in the third quarter. Incorporation of advanced AI will accelerate estimating for the tens of thousands of collision repairers using the CCC ONE platform.
  • Announced a partnership with Buckle, an inclusive tech-enabled financial services company, to digitize auto claims for its community of rideshare and delivery drivers. This win reinforces the opportunity we see to expand our solutions to emerging parts of the auto economy ecosystem.
  • Announced the new corporate name CCC Intelligent Solutions Inc. The new name reflects the company’s focus on applying AI, IoT and advanced analytics to power mission-critical workflows, commerce and connections across the multi-trillion-dollar insurance economy. The CCC Cloud platform connects insurers, collision repairers, automakers, lenders, suppliers and more to support the industry’s digital transformation.

 

Source: CCC Intelligent Solutions Inc.

 

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