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Thursday, 04 August 2022 14:25

CCC Intelligent Solutions Holdings Inc. Reports 16% Revenue Growth in Second Quarter

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CCC Intelligent Solutions Holdings Inc., a leading SaaS platform for the P&C insurance economy, on Aug. 4 announced its financial results for the three months ended June 30 and raised revenue and adjusted EBITDA guidance for fiscal year 2022.

“CCC delivered strong second quarter results, highlighted by 16% revenue growth and 22% adjusted EBITDA growth. Our performance reflects the durability of CCC’s business model and end markets as we help our customers become more operationally efficient through our AI-based solutions and connected network,” said Githesh Ramamurthy, chairman and CEO of CCC.

 

“The growing momentum of CCC® Estimate–STP with insurance carriers and the increased use of our diagnostics-related capabilities by repair shops are just two examples of how our continued focus on innovation is helping our clients address the macro headwinds of inflation, supply chain issues, labor shortages and vehicle complexity,” continued Ramamurthy.

 

Second Quarter 2022 Financial Highlights

 

Revenue

 

Total revenue was $192.8 million for the second quarter of 2022, an increase of 16% from $166.8 million for the second quarter of 2021.

 

Profitability

 

GAAP gross profit was $139.9 million, representing a gross profit margin of 73%, for the second quarter of 2022, compared with $121.3 million, representing a gross profit margin of 73%, for the second quarter of 2021. Adjusted gross profit was $148.4 million, representing an adjusted gross profit margin of 77%, for the second quarter of 2022, compared with $128.0 million, representing an adjusted gross profit margin of 77%, for the second quarter of 2021.

 

GAAP operating income was $12.5 million for the second quarter of 2022, compared with GAAP operating income of $22.0 million for the second quarter of 2021. Adjusted operating income was...


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