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CCC Intelligent Solutions Holdings Inc. Announces First Quarter 2024 Financial Results
CHICAGO--(BUSINESS WIRE)-- CCC Intelligent Solutions Holdings Inc. (“CCC” or the “Company”) (NASDAQ: CCCS), a leading cloud platform for the P&C insurance
About this update from Ccc Intelligent Solutions Holdings Inc.
[{"type":"text","content":" CHICAGO--(BUSINESS WIRE)--\nCCC Intelligent Solutions Holdings Inc. (“CCC” or the “Company”) (NASDAQ: CCCS), a leading cloud platform for the P&C insurance economy, today announced its financial results for the three months ended March 31, 2024.\n\n\n“CCC delivered strong first quarter results, highlighted by 11% year-over-year revenue growth and 41% adjusted EBITDA margin –both above our guidance ranges. We believe our solid start to 2024 reflects our durable business model and ongoing innovation that is helping our clients rapidly transform their businesses,” said Githesh Ramamurthy, Chairman & CEO of CCC.\n\n\n“The CCC Intelligent Experience (IX) Cloud™ platform, powered by our new event-based architecture, is well-positioned to drive the next evolution of the P&C insurance economy,” continued Ramamurthy. “We are excited about the accelerated AI-enabled innovation the CCC IX Cloud will unlock for customers as well as CCC’s large and growing partner ecosystem.”\n\n\nFirst Quarter 2024 Financial Highlights\n\n\nRevenue\n\n\n\nTotal revenue was $227.2 million for the first quarter of 2024, an increase of 11% from $204.9 million for the first quarter of 2023.\n\n\n\nProfitability\n\n\n\nGAAP gross profit was $167.9 million, representing a gross margin of 74%, for the first quarter of 2024, compared with $147.8 million, representing a gross margin of 72%, for the first quarter of 2023. Adjusted gross profit was $177.0 million, representing an adjusted gross profit margin of 78%, for the first quarter of 2024, compared with $156.6 million, representing an adjusted gross profit margin of 76%, for the first quarter of 2023.\n\n\n\n\nGAAP operating income was $7.8 million for the first quarter of 2024, compared with GAAP operating income of $13.3 million for the first quarter of 2023. Adjusted operating income was $84.1 million for the first quarter of 2024, compared with adjusted operating income of $70.3 million for the first quarter of 2023.\n\n\n\n\nGAAP net loss was $0.6 million for the first quarter of 2024, compared with GAAP net income of $2.2 million for the first quarter of 2023. Adjusted net income was $54.8 million for the first quarter of 2024, compared with adjusted net income of $46.5 million for the first quarter of 2023.\n\n\n\n\nAdjusted EBITDA was $93.7 million for the first quarter of 2024, compared with adjusted ...