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CCC Intelligent Solutions Holdings Inc. Announces First Quarter Fiscal Year 2022 Financial Results
CHICAGO--(BUSINESS WIRE)-- CCC Intelligent Solutions Holdings Inc. (“CCC” or the “Company”) (NYSE: CCCS), a leading SaaS 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”) (NYSE: CCCS), a leading SaaS platform for the P&C insurance economy, today announced its financial results for the three months ended March 31, 2022.\n\n“CCC delivered strong first quarter results, highlighted by 18% revenue growth and 33% adjusted EBITDA growth. Our results demonstrate our ability to solve the most pressing operational problems facing our customers’ businesses.” said Githesh Ramamurthy, Chairman & CEO of CCC.\n\n“The P&C insurance industry is still in the early stages of digitization,” continued Ramamurthy. “Our significant and ongoing investment in innovation positions CCC to continue to drive durable growth in the near and long-term.”\n\nFirst Quarter 2022 Financial Highlights\n\nRevenue\n\n\nTotal revenue was $186.8 million for the first quarter of 2022, an increase of 18% from $157.8 million for the first quarter of 2021.\n\n\nProfitability\n\n\nGAAP gross profit was $137.4 million, representing a gross profit margin of 74%, for the first quarter of 2022, compared with $113.2 million, representing a gross profit margin of 72%, for the first quarter of 2021. Adjusted gross profit was $145.1 million, representing an adjusted gross profit margin of 78%, for the first quarter of 2022, compared with $120.0 million, representing an adjusted gross profit margin of 76%, for the first quarter of 2021.\n\n\n\nGAAP operating income was $12.7 million for the first quarter of 2022, compared with GAAP operating income of $7.2 million for the first quarter of 2021. Adjusted operating income was $66.8 million for the first quarter of 2022, compared with adjusted operating income of $50.2 million for the first quarter of 2021.\n\n\n\nGAAP net income was $12.0 million for the first quarter of 2022, compared with GAAP net loss of $5.1 million for the first quarter of 2021. Adjusted net income was $48.9 million for the first quarter of 2022, compared with $25.0 million for the first quarter of 2021.\n\n\n\nAdjusted EBITDA was $73.7 million for the first quarter of 2022, compared with adjusted EBITDA of $55.4 million for the first quarter of 2021. Adjusted EBITDA grew 33% in the first quarter of 2022 as compared to the first quarter of 2021.\n\n\nLiquidity\n\n\nCCC had $195.5 million in cash and cash equivalents and $798.0 million of t...