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CCC Intelligent Solutions Holdings Inc. Announces Second Quarter Fiscal Year 2022 Financial Results and Raises 2022 Guidance
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 June 30, 2022, and raised revenue and adjusted EBITDA guidance for fiscal year 2022.\n\n“CCC delivered strong second quarter results, highlighted by 16% revenue growth and 22% adjusted EBITDA growth. Our performance reflects the durability of CCC’s business model and end markets as we help our customers become more operationally efficient through our AI-based solutions and connected network,” said Githesh Ramamurthy, Chairman & CEO of CCC.\n\n“The growing momentum of CCC® Estimate – STP with insurance carriers and the increased use of our diagnostics-related capabilities by repair shops are just two examples of how our continued focus on innovation is helping our clients address the macro headwinds of inflation, supply chain issues, labor shortages, and vehicle complexity,” continued Ramamurthy.\n\nSecond Quarter 2022 Financial Highlights\n\nRevenue\n\n\nTotal revenue was $192.8 million for the second quarter of 2022, an increase of 16% from $166.8 million for the second quarter of 2021.\n\n\nProfitability\n\n\nGAAP gross profit was $139.9 million, representing a gross profit margin of 73%, for the second quarter of 2022, compared with $121.3 million, representing a gross profit margin of 73%, for the second quarter of 2021. Adjusted gross profit was $148.4 million, representing an adjusted gross profit margin of 77%, for the second quarter of 2022, compared with $128.0 million, representing an adjusted gross profit margin of 77%, for the second quarter of 2021.\n\n\n\nGAAP operating income was $12.5 million for the second quarter of 2022, compared with GAAP operating income of $22.0 million for the second quarter of 2021. Adjusted operating income was $66.7 million for the second quarter of 2022, compared with adjusted operating income of $54.8 million for the second quarter of 2021.\n\n\n\nGAAP net income was $15.6 million for the second quarter of 2022, compared with GAAP net income of $3.8 million for the second quarter of 2021. Adjusted net income was $37.4 million for the second quarter of 2022, compared with $26.3 million for the second quarter of 2021.\n\n\n\nAdjusted EBITDA was $73.4 million for ...