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CCC Intelligent Solutions Holdings Inc. Announces Fourth Quarter and Fiscal Year 2022 Financial Results
CHICAGO--(BUSINESS WIRE)-- CCC Intelligent Solutions Holdings Inc. (“CCC” or the “Company”) (NASDAQ: 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”) (NASDAQ: CCCS), a leading SaaS platform for the P&C insurance economy, today announced its financial results for the three months and year ended December 31, 2022.\n\n“CCC delivered another year of strong financial performance, with 2022 revenue growth of 14% and adjusted EBITDA margin of 39%, with revenue and adjusted EBITDA above our guidance ranges. We believe our solid performance reflects the durability of our business as we continue to deliver innovation and operational efficiency for our customers,” said Githesh Ramamurthy, Chairman & CEO of CCC.\n\n“Our customers are adopting advanced digital capabilities as a primary mechanism to improve the consumer claims experience while simultaneously dealing with a challenging operating environment characterized by labor shortages, inflation, cycle time increases, and greater vehicle complexity,” continued Ramamurthy. “These solutions increasingly leverage CCC’s AI capabilities and interconnected network to deliver process improvements and more holistic consumer experiences. We deeply appreciate the trust our customers are placing in us when they adopt more CCC solutions.”\n\nFourth Quarter 2022 Financial Highlights\n\nRevenue\n\n\n\n \n\n\n\n•\n\n\n\n \n\n\n\nTotal revenue was $204.1 million for the fourth quarter of 2022, compared to $187.1 million for the fourth quarter of 2021.\n\n\n\n\nProfitability\n\n\n\n \n\n\n\n•\n\n\n\n \n\n\n\nGAAP gross profit was $145.5 million, representing a gross margin of 71%, for the fourth quarter of 2022, compared with $139.4 million, representing a gross margin of 75%, for the fourth quarter of 2021. Adjusted gross profit was $157.2 million, representing an adjusted gross margin of 77%, for the fourth quarter of 2022, compared with $147.0 million, representing an adjusted gross margin of 79%, for the fourth quarter of 2021.\n\n\n\n\n\n\n \n\n\n\n•\n\n\n\n \n\n\n\nGAAP operating income was $9.7 million for the fourth quarter of 2022, compared with GAAP operating income of $15.3 million for the fourth quarter of 2021. Adjusted operating income was $72.2 million for the fourth quarter of 2022, compared with adjusted operating income of $69.3 million for the fourth quarter of 2021.\n\n\n\n\n\n\n \n\n\n\n•\n\n\n\n \n\n\n\nGAAP net income was $1.1 million fo...