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CCC Intelligent Solutions Holdings Inc. Announces Second 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 June 30, 2024.\n\n\n“CCC delivered strong second quarter results, highlighted by 10% year-over-year revenue growth and 41% adjusted EBITDA margin. Our solid performance in the first half of 2024 reinforces our confidence in our durable business model, multisided network, and customer-focused innovation,” said Githesh Ramamurthy, Chairman & CEO of CCC.\n\n\n“Our significant investment in research and development over the past decade has enabled us to build a robust pipeline of new solutions that help our clients accelerate their digital transformation within the P&C economy,” continued Ramamurthy. “Strong client engagement and feedback across these new solutions increase our confidence in CCC’s long-term growth potential.”\n\n\nSecond Quarter 2024 Financial Highlights\n\n\nRevenue\n\n\n\nTotal revenue was $232.6 million for the second quarter of 2024, an increase of 10% from $211.7 million for the second quarter of 2023.\n\n\n\nProfitability\n\n\n\nGAAP gross profit was $177.3 million, representing a gross margin of 76%, for the second quarter of 2024, compared with $152.6 million, representing a gross margin of 72%, for the second quarter of 2023. Adjusted gross profit was $182.1 million, representing an adjusted gross profit margin of 78%, for the second quarter of 2024, compared with $162.0 million, representing an adjusted gross profit margin of 77%, for the second quarter of 2023.\n\n\n\nGAAP operating income was $22.5 million for the second quarter of 2024, compared with GAAP operating loss of $73.2 million for the second quarter of 2023. Adjusted operating income was $86.0 million for the second quarter of 2024, compared with adjusted operating income of $71.8 million for the second quarter of 2023.\n\n\n\nGAAP net income was $21.4 million for the second quarter of 2024, compared with GAAP net loss of $97.3 million for the second quarter of 2023. Adjusted net income was $56.2 million for the second quarter of 2024, compared with adjusted net income of $47.8 million for the second quarter of 2023.\n\n\n\nAdjusted EBITDA was $95.8 million for the second quarter of 2024, compared with adjusted EBITD...