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CCC Intelligent Solutions Inc. Announces Second Quarter Fiscal 2021 Financial Results
CHICAGO--(BUSINESS WIRE)-- CCC Intelligent Solutions Inc. (CCC) (NYSE: CCCS), a leading SaaS platform for the Property & Casualty insurance economy, today
About this update from Ccc Intelligent Solutions Holdings Inc.
[{"type":"text","content":" CHICAGO--(BUSINESS WIRE)--\nCCC Intelligent Solutions Inc. (CCC) (NYSE: CCCS), a leading SaaS platform for the Property & Casualty insurance economy, today announced its financial results for the three months ended June 30, 2021.\n\n“We saw continued adoption of digital and AI solutions that accelerated top-line performance in the second quarter. Our continuous focus on innovation and customer success has CCC in a terrific position to support the digitization of the P&C insurance economy by delivering the differentiated solutions our customers want to improve their business,” said Githesh Ramamurthy, Chairman & CEO of CCC.\n\nRamamurthy continued, “We are excited by the successful completion of our business combination with Dragoneer Growth Opportunity Corp. and our return to the public markets. We have increased flexibility to expand how we invest in the business that will benefit our customers and provide additional growth opportunities for CCC to meet or exceed our long-term growth objectives.”\n\nSecond Quarter 2021 Financial Highlights \n\nRevenue \n\n\nTotal revenue was $166.8 million for the second quarter of 2021, compared to $150.7 million for the second 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 16% in the second quarter of 2021.\n\n\nProfitability \n\n\nGAAP gross profit was $121.3 million, representing a gross margin of 73%, for the second quarter of 2021, compared with GAAP gross profit of $100.7 million, representing a gross margin of 67%, for the second quarter of 2020. Adjusted gross profit was $128.0 million, representing an adjusted gross margin of 77%, for the second quarter of 2021, compared with adjusted gross profit of $107.3 million, representing an adjusted gross margin of 74%, for the second quarter of 2020.\n\n\nGAAP operating income was $22.0 million for the second quarter of 2021, compared with GAAP operating income of $15.6 million for the second quarter of 2020. Adjusted operating income was $54.8 million for the second quarter of 2021, compared with adjusted operating income of $42.5 million for the second quarter of 2020.\n\n\nGAAP net income was $3.8 million for the second quarter of 2021, compared with GAAP net loss of $2.0 million for the second quarter of 2020. Adjusted net income...