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CCC Intelligent Solutions Holdings Inc. Announces Third Quarter Fiscal 2021 Financial Results
CHICAGO--(BUSINESS WIRE)-- CCC Intelligent Solutions Holdings Inc. (CCC) (NYSE: CCCS), a leading SaaS platform for the P&C insurance economy, today announced
About this update from Ccc Intelligent Solutions Holdings Inc.
[{"type":"text","content":" CHICAGO--(BUSINESS WIRE)--\nCCC Intelligent Solutions Holdings Inc. (CCC) (NYSE: CCCS), a leading SaaS platform for the P&C insurance economy, today announced its financial results for the three months ended September 30, 2021.\n\n“CCC continued to perform at a high level in the third quarter, highlighted by 18% adjusted revenue growth and 31% adjusted EBITDA growth. We continue to see strong adoption of our expanding product portfolio as demand for cloud-based solutions to digitize workflows increases across the P&C insurance economy,” said Githesh Ramamurthy, Chairman & CEO of CCC.\n\nRamamurthy continued, “Our performance demonstrates the power of our growth model and we will continue to invest in the business to benefit our customers. We are thrilled with the pace of product innovation and the quality of customer feedback, giving us great confidence in our growth potential.”\n\nThird Quarter 2021 Financial Highlights\n\nRevenue\n\n\nTotal revenue was $176.6 million for the third quarter of 2021, compared to $157.8 million for the third quarter of 2020. Adjusted for the impact of the divestiture of a portion of our professional services casualty solution in December 2020, total revenue grew 18% in the third quarter of 2021.\n\n\nProfitability\n\n\nGAAP gross profit was $118.8 million, representing a gross margin of 67%, for the third quarter of 2021, compared with $107.3 million, representing a gross margin of 68%, for the third quarter of 2020. Adjusted gross profit was $138.4 million, representing an adjusted gross margin of 78%, for the third quarter of 2021, compared with $113.4 million, representing an adjusted gross margin of 76%, for the third quarter of 2020.\n\n\nGAAP operating loss was $189.2 million for the third quarter of 2021, compared with GAAP operating income of $23.1 million for the third quarter of 2020. Adjusted operating income was $62.5 million for the third quarter of 2021, compared with adjusted operating income of $49.1 million for the third quarter of 2020.\n\n\nGAAP net loss was $189.8 million for the third quarter of 2021, compared with GAAP net income of $4.7 million for the third quarter of 2020. Adjusted net income was $29.7 million for the third quarter of 2021, compared with $21.1 million for the third quarter of 2020.\n\n\nAdjusted EBITDA was $70.1 million for the third quarter of 2021, comp...