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CCC Intelligent Solutions Holdings Inc. Announces Fourth Quarter and Fiscal Year 2024 Financial Results
CHICAGO--(BUSINESS WIRE)-- CCC Intelligent Solutions Holdings Inc. (“CCC” or the “Company”) (NASDAQ: CCCS), a leading cloud platform provider for the P&C
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 provider for the P&C insurance economy, today announced its financial results for the three months and year ended December 31, 2024.\n\n\n“CCC delivered another year of solid financial performance, with year-over-year revenue growth in 2024 of 9% and adjusted EBITDA margin of 42%. We made significant investments in 2024 to deliver AI-based innovation and operational performance to our customers, introducing the largest number of new solutions in CCC’s history while continuing to expand our multi-sided network,” said Githesh Ramamurthy, Chairman & CEO of CCC.\n\n\n“In addition to our investments in artificial intelligence and the CCC IX Cloud™ platform, our acquisition of EvolutionIQ helps to accelerate our vision of deploying intelligent experiences across the insurance economy,” continued Ramamurthy. “Positive customer feedback regarding these investments reinforces our confidence in our durable business model and long-term growth outlook.”\n\n\nFourth Quarter 2024 Financial Highlights\n\n\nRevenue\n\n\n\nTotal revenue was $246.5 million for the fourth quarter of 2024, an increase of 8% from $228.6 million for the fourth quarter of 2023.\n\n\n\nProfitability\n\n\n\nGAAP gross profit was $185.2 million, representing a gross margin of 75%, for the fourth quarter of 2024, compared with $172.7 million, representing a gross margin of 76%, for the fourth quarter of 2023. Adjusted gross profit was $187.7 million, representing an adjusted gross profit margin of 76%, for the fourth quarter of 2024, compared with $181.5 million, representing an adjusted gross profit margin of 79%, for the fourth quarter of 2023.\n\n\n\nGAAP operating income was $21.1 million for the fourth quarter of 2024, compared with GAAP operating income of $19.4 million for the fourth quarter of 2023. Adjusted operating income was $92.9 million for the fourth quarter of 2024, compared with adjusted operating income of $90.6 million for the fourth quarter of 2023.\n\n\n\nGAAP net income was $6.3 million for the fourth quarter of 2024, compared with GAAP net income of $26.3 million for the fourth quarter of 2023. Adjusted net income was $64.5 million for the fourth quarter of 2024, compared with adjusted net income of $59.0 million for...