CCC Announces Q2 Fiscal Year 2022 Financial Results
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CCC Announces Q2 Fiscal Year 2022 Financial Results

CCC Intelligent Solutions Holdings Inc. has announced its financial results for the three months ended June 30, 2022, and raised revenue and adjusted EBITDA guidance for fiscal year 2022.

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“CCC delivered strong second quarter results, highlighted by 16% revenue growth and 22% adjusted EBITDA growth,” said Githesh Ramamurthy, chairman and CEO of CCC. “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.

“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,” said Ramamurthy.

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Second quarter 2022 financial highlights include:

  • Total 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.
  • GAAP 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.
  • GAAP 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.
  • GAAP 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.
  • Adjusted EBITDA was $73.4 million for the second quarter of 2022, compared with adjusted EBITDA of $60.1 million for the second quarter of 2021. Adjusted EBITDA grew 22% in the second quarter of 2022 as compared to the second quarter of 2021.
  • CCC had $227.6 million in cash and cash equivalents and $796.0 million of total debt on June 30, 2022. The Company generated cash from operating activities of $40.8 million in the second quarter of 2022, compared with $21.6 million in the second quarter of 2021. The Company generated free cash flow of $29.6 million in the second quarter of 2022, compared with $13.1 million in the second quarter of 2021.

The information presented above includes non-GAAP financial measures such as “adjusted gross profit,” “adjusted gross profit margin,” “adjusted operating income,” “adjusted net income,” “adjusted EBITDA,” and “free cash flow.” Refer to “Non-GAAP Financial Measures” for a discussion of these measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

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Second quarter and recent business highlights include:

  • Increased to 11 the total number of insurance carriers using CCC Estimate – STP, the first touchless line-level estimating experience in the industry that uses advanced AI and insurer-driven rules to automatically initiate and populate detailed and actionable estimates in seconds. These 11 carriers include the majority of the top 10 auto insurers in the U.S. by direct written premium and therefore represent a sizeable portion of U.S. auto insurance claim volume. Notably, these 11 carriers made their decisions within eight months of our initial customer win in November 2021 and are at various stages of rollout.
  • Announced that AirPro Diagnostics, a leading service provider of remote scanning, diagnostics, programming and ADAS calibration solutions to the auto body collision industry, has become part of the CCC Diagnostics network. CCC Diagnostics simplifies the process of importing the diagnostic report and provider invoice directly into CCC ONE as part of the repair shop’s workflow. AirPro Diagnostics joins Opus, asTech and Honda in integrating their diagnostics solutions directly into CCC ONE, the leading collision repair platform used by 27,500 repair facilities nationwide.
  • In May 2022, CCC resumed its annual in-person customer conference spanning insurers, repair facilities, OEMs, parts suppliers and more. Over 300 clients attended this four-day event in Colorado Springs. The event included industry-based Advisory Council meetings, product demos in the Tech Showcase and presentations from industry thought leaders.

Based on information as of Aug. 4, 2022, CCC is issuing the following financial guidance:

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  • Third quarter fiscal 2022 revenue: $194 million to $196 million
  • Third quarter fiscal 2022 adjusted EBITDA: $72 million to $74 million
  • Full year fiscal 2022 revenue: $773 million to $777 million
  • Full year fiscal 2022 adjusted EBITDA: $294 million to $298 million

For more information on CCC, visit cccis.com.

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