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CCC Intelligent Solutions Holdings Inc. Announces Second Quarter 2023 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 ended June 30, 2023.\n\n\n“CCC delivered strong second quarter results, highlighted by 10% year-over-year revenue growth and 38% adjusted EBITDA margin. The strong performance in the first half of 2023 included multiple large renewals and relationship expansions that reinforce our confidence in our ability to deliver on our strategic and financial objectives,” said Githesh Ramamurthy, Chairman & CEO of CCC.\n\n\n“We estimate that as a result of the continued macro pressures facing our customers, the cumulative annual cycle time for automotive claims in the U.S. increased to more than 2 billion days in 2022,” continued Ramamurthy. “This staggering figure underscores the importance of delivering effective and integrated state-of-the-art capabilities to help our clients in the P&C insurance economy address operational efficiency. Our solutions and use of AI are helping to do just that by helping customers to reduce the cycle time, administrative cost, and environmental impact of the claims process.”\n\n\nSecond Quarter 2023 Financial Highlights\n\n\nRevenue\n\n\n\nTotal revenue was $211.7 million for the second quarter of 2023, an increase of 10% from $192.8 million for the second quarter of 2022.\n\n\n\nProfitability\n\n\n\nGAAP gross profit was $152.6 million, representing a gross margin of 72%, for the second quarter of 2023, compared with $139.9 million, representing a gross margin of 73%, for the second quarter of 2022. Adjusted gross profit was $162.0 million, representing an adjusted gross profit margin of 77%, for the second quarter of 2023, compared with $148.4 million, representing an adjusted gross profit margin of 77%, for the second quarter of 2022.\n\n\n\n\nGAAP operating loss was $73.2 million for the second quarter of 2023, compared with GAAP operating income of $12.5 million for the second quarter of 2022. Adjusted operating income was $71.8 million for the second quarter of 2023, compared with adjusted operating income of $66.7 million for the second quarter of 2022.\n\n\n\n\nGAAP net loss was $97.3 million for the second quarter of 2023, compared with GAAP net income of $15.6 million for the s...