CCC 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.
“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.
Ramamurthy 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.”
Second Quarter 2021 Financial Highlights
Revenue
- Total 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.
Profitability
- GAAP 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.
- GAAP 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.
- GAAP 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 was $26.3 million for the
second quarter of 2021, compared with adjusted net income of $17.5
million for the second quarter of 2020.
- Adjusted EBITDA was $60.1 million for the second quarter of
2021, compared with adjusted EBITDA of $46.9 million for the second
quarter of 2020. Adjusted EBITDA grew 28% in the second quarter of
2021 as compared to the second quarter of 2020.
Liquidity
- CCC had $58.5 million in cash and cash equivalents and $1.3
billion of total debt at June 30, 2021. The Company generated $21.6
million in cash from operating activities and had free cash flow of
$13.1 million during the second quarter of 2021, compared with
$14.7 million generated in cash from operating activities and had
$7.6 million in free cash flow in the second quarter of 2020.
The information presented above includes non-GAAP financial
measures such as “adjusted EBITDA,” “adjusted net income,”
“adjusted operating income,” “adjusted gross margin,” 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.
2nd Quarter and Recent Business Highlights
- Successfully completed our business combination with Dragoneer
Growth Opportunities Corp and began trading under the ticker “CCCS”
on the New York Stock Exchange on August 2, 2021. CCC received net
proceeds from this transaction of more than $600 million.
- Announced CCC ONE® Estimating-IQ, which will enhance the AI
capabilities on the CCC ONE® platform for repair facilities, will
be released in the third quarter. Incorporation of advanced AI will
accelerate estimating for the tens of thousands of collision
repairers using the CCC ONE platform.
- Announced a partnership with Buckle, an inclusive tech-enabled
financial services company, to digitize auto claims for its
community of rideshare and delivery drivers. This win reinforces
the opportunity we see to expand our solutions to emerging parts of
the auto economy ecosystem.
- Announced the new corporate name CCC Intelligent Solutions Inc.
The new name reflects the company’s focus on applying AI, IoT, and
advanced analytics to power mission-critical workflows, commerce,
and connections across the multi-trillion-dollar insurance economy.
The CCC Cloud platform connects insurers, collision repairers,
automakers, lenders, suppliers, and more to support the industry’s
digital transformation.
Business Outlook
Based on information as of today, August 12, 2021, the Company
is issuing the following financial guidance:
Third Quarter Fiscal
2021
Full Year Fiscal 2021
Revenue
$172.5 million to $174.5
million
$677 million to $682 million
Adjusted EBITDA
$61 million to $63 million
$244 million to $249 million
Year-over-year revenue growth for the third quarter of 2021 is
forecasted to be 9% - 10%, or 15% - 16% when adjusted for the
impact of the divestiture of a portion of our casualty solution
(specifically, First Party Clinical Services) in December 2020.
Year-over-year revenue growth for the full year 2021 is forecasted
to be 7% - 8%, or 13% - 14% on an adjusted basis. First Party
Clinical Services revenue was $7.8 million and $34.7 million for
our fiscal third quarter and year end 2020, respectively.
Conference Call Information
CCC will host a conference call today, August 12, 2021, at 5:00
p.m. (Eastern Time) to discuss the Company’s financial results and
financial guidance. To access this call, dial 844-200-6205
(domestic) or 44-208-0682-558 (international). The conference ID
number is 941788. A live webcast of this conference call will be
available on the “Investor Relations” page
(https://ir.cccis.com/home/default.aspx.) and a replay will be
archived on the website as well.
About CCC Intelligent Solutions
CCC Intelligent Solutions Inc. (CCC) (NYSE: CCCS) is a leading
SaaS platform for the multi-trillion-dollar P&C insurance
economy powering operations for insurers, repairers, automakers,
part suppliers, lenders, and more. CCC cloud technology connects
more than 30,000 businesses digitizing mission-critical workflows,
commerce, and customer experiences. A trusted leader in AI, IoT,
customer experience, network and workflow management, CCC delivers
innovations that keep people’s lives moving forward when it matters
most. Learn more about CCC at www.cccis.com.
Forward Looking Statements
This press release contains forward-looking statements that are
based on beliefs and assumptions and on information currently
available. In some cases, you can identify forward-looking
statements by the following words: “may,” “will,” “could,” “would,”
“should,” “expect,” “intend,” “plan,” “anticipate,” “believe,”
“estimate,” “predict,” “project,” “potential,” “continue,”
“ongoing” or the negative of these terms or other comparable
terminology, although not all forward-looking statements contain
these words. These statements involve risks, uncertainties and
other factors that may cause actual results, levels of activity,
performance or achievements to be materially different from the
information expressed or implied by these forward-looking
statements. Forward-looking statements in this press release
include, but are not limited to, statements regarding future
events, goals, plans and projections regarding the company’s
financial position, results of operations, market position, product
development and business strategy. Such differences may be
material. We cannot assure you that the forward-looking statements
in this press release will prove to be accurate. These forward
looking statements are subject to a number of risks and
uncertainties, including, among others, the general economic,
political, business and competitive conditions; the ability to
recognize the anticipated benefits of the business combination (the
“business combination”) of CCC’s parent corporation and Dragoneer
Growth Opportunities Corp. ; the impact of COVID-19 on CCC’s
business and/or the ability of the parties to complete the business
combination; failure to realize the anticipated benefits of the
business combination, ; costs related to the business combination;
the ability of the Company to grow and manage growth profitably and
retain its key employees; the risk that the expansion of CCC
Payments and launch of CCC Estimate are not as successful as
anticipated or do not occur on the expected timing; the inability
to maintain CCC’s listing of securities on the NYSE; changes in
applicable laws or regulations; and other risks and uncertainties,
including those included under the header “Risk Factors” in the
definitive proxy statement/prospectus filed by Dragoneer Growth
Opportunities Corp. with the Securities and Exchange Commission
(“SEC”) on July 6, 2021, which can be obtained, without charge, at
the SEC’s website (www.sec.gov). The forward-looking statements in
this press release represent our views as of the date of this press
release. We anticipate that subsequent events and developments will
cause our views to change. However, while we may elect to update
these forward-looking statements at some point in the future, we
have no current intention of doing so except to the extent required
by applicable law. You should, therefore, not rely on these
forward-looking statements as representing our views as of any date
subsequent to the date of this press release.
Non-GAAP Financial Measures
This press release includes certain financial measures not
presented in accordance with generally accepted accounting
principles in the U.S. (“GAAP”), including, but not limited to,
“adjusted EBITDA,” “adjusted net income,” “adjusted operating
income,” “adjusted gross margin,” and “free cash flow” in each case
presented on a non-GAAP basis, and certain ratios and other metrics
derived therefrom. These non-GAAP financial measures are not
measures of financial performance in accordance with GAAP and may
exclude items that are significant in understanding and assessing
the Company’s financial results. Therefore, these measures should
not be considered in isolation or as an alternative to other
measures of profitability, liquidity or performance under GAAP. You
should be aware that the Company’s calculation of these non-GAAP
measures may not be comparable to similarly-titled measures used by
other companies.
The Company believes these non-GAAP measures of financial
results provide useful information to management and investors
regarding certain financial and business trends relating to the
Company’s financial condition and results of operations. The
Company believes that the use of these non-GAAP financial measures
provides an additional tool for investors to use in evaluating
ongoing operating results and trends in and in comparing the
Company’s financial measures with other similar companies, many of
which present similar non-GAAP financial measures to investors.
These non-GAAP financial measures are subject to inherent
limitations as they reflect the exercise of judgments by management
about which expense and income are excluded or included in
determining these non-GAAP financial measures, Please refer to the
reconciliations of these measures below to what the Company
believes are the most directly comparable measures evaluated in
accordance with GAAP.
This press release also includes certain projections of non-GAAP
financial measures. Due to the high variability and difficulty in
making accurate forecasts and projections of some of the
information excluded from these projected measures, together with
some of the excluded information not being ascertainable or
accessible, the Company is unable to quantify certain amounts that
would be required to be included in the most directly comparable
GAAP financial measures without unreasonable effort. Consequently,
no disclosure of estimated comparable GAAP measures is included and
no reconciliation of the forward-looking non-GAAP financial
measures is included.
CYPRESS HOLDINGS, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands, except share
data)
June 30,
December 31,
2021
2020
(Unaudited)
(Audited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
58,506
$
162,118
Accounts receivable—Net of allowances of
$4,218 and $4,224 for June 30, 2021 and December 31, 2020,
respectively
81,817
74,107
Income taxes receivable
1,244
2,037
Deferred contract costs
12,681
11,917
Other current assets
33,524
31,586
Total current assets
187,772
281,765
SOFTWARE, EQUIPMENT, AND PROPERTY—Net
108,640
101,438
OPERATING LEASE ASSETS
41,859
-
INTANGIBLE ASSETS—Net
1,262,608
1,311,917
GOODWILL
1,466,884
1,466,884
DEFERRED FINANCING FEES, REVOLVER—Net
598
746
DEFERRED CONTRACT COSTS
15,986
14,389
EQUITY METHOD INVESTMENT
10,228
-
OTHER ASSETS
16,684
18,416
TOTAL
$
3,111,259
$
3,195,555
LIABILITIES, MEZZANINE EQUITY AND
STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
16,826
$
13,164
Accrued expenses
58,393
52,987
Income taxes payable
4,293
5,129
Current portion of long-term debt
13,846
25,381
Current portion of long-term licensing
agreement—Net
2,620
2,540
Operating lease liabilities
9,546
-
Deferred revenues
28,824
26,514
Interest rate swap derivatives
11,993
-
Total current liabilities
146,341
125,715
FIRST LIEN TERM LOAN—Net
1,299,774
1,292,597
DEFERRED INCOME TAXES—Net
311,280
322,348
LONG-TERM LICENSING AGREEMENT—Net
35,001
36,331
OPERATING LEASE LIABILITIES
41,338
-
OTHER LIABILITIES
11,711
32,770
Total liabilities
1,845,445
1,809,761
COMMITMENTS AND CONTINGENCIES (Notes 20
and 21)
MEZZANINE EQUITY:
Redeemable non-controlling interests
14,179
14,179
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.001 par; 1,500,000
shares authorized; no shares issued and outstanding
-
-
Common stock—Series A, $0.001 par;
3,000,000 shares authorized; 1,450,978 shares issued and
outstanding at June 30, 2021 and December 31, 2020
1
1
Common stock—Series B, $0.001 par; 500,000
shares authorized; 33,178 and 29,785 shares issued and outstanding
at June 30, 2021 and December 31, 2020, respectively
-
-
Additional paid-in capital
1,517,123
1,501,255
Accumulated deficit
(265,189
)
(129,370
)
Accumulated other comprehensive loss
(300
)
(271
)
Total stockholders’ equity
1,251,635
1,371,615
TOTAL
$
3,111,259
$
3,195,555
See notes to condensed consolidated
financial statements.
CYPRESS HOLDINGS, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(In thousands, except share
and per share data)
(Unaudited)
For the Three Months
Ended
For the Six Months
Ended
June 30,
June 30,
2021
2020
2021
2020
REVENUES
$
166,789
$
150,716
$
324,578
$
309,924
COST OF REVENUES
Cost of revenues, exclusive of
amortization of acquired technologies
38,932
43,408
76,945
91,795
Amortization of acquired technologies
6,580
6,574
13,160
13,149
Total cost of revenues
45,512
49,982
90,105
104,944
GROSS PROFIT
121,277
100,734
234,473
204,980
OPERATING EXPENSES:
Research and development
31,253
27,772
61,877
55,315
Selling and marketing
21,551
17,702
40,968
39,181
General and administrative
28,394
21,566
66,233
44,566
Amortization of intangible assets
18,078
18,078
36,155
36,155
Total operating expenses
99,276
85,118
205,233
175,217
OPERATING INCOME
22,001
15,616
29,240
29,763
INTEREST EXPENSE
(18,903
)
(18,643
)
(37,669
)
(37,800
)
GAIN (LOSS) ON CHANGE IN FAIR VALUE OF
INTEREST RATE SWAPS
3,089
620
6,366
(20,527
)
LOSS ON EARLY EXTINGUISHMENT OF DEBT
-
-
-
(8,615
)
OTHER INCOME—Net
4
115
91
255
PRETAX INCOME (LOSS)
6,191
(2,292
)
(1,972
)
(36,924
)
INCOME TAX (PROVISION) BENEFIT
(2,375
)
331
704
9,711
NET INCOME (LOSS) INCLUDING
NON-CONTROLLING INTEREST
3,816
(1,961
)
(1,268
)
(27,213
)
Less: net income (loss) attributable to
non-controlling interest
-
-
-
-
NET INCOME (LOSS) ATTRIBUTABLE TO CYPRESS
HOLDINGS, INC.
$
3,816
$
(1,961
)
$
(1,268
)
$
(27,213
)
Net income (loss) per share attributable
to Class A and Class B common stockholders:
Basic
$
2.57
$
(1.32
)
$
(0.85
)
$
(18.39
)
Diluted
$
2.48
$
(1.32
)
$
(0.85
)
$
(18.39
)
Weighted-average shares used in computing
net income (loss) per share attributable to Class A and Class B
common stockholders:
Basic
1,484,156
1,480,262
1,483,634
1,479,918
Diluted
1,537,767
1,480,262
1,483,634
1,479,918
COMPREHENSIVE INCOME (LOSS):
Net income (loss) including
non-controlling interest
3,816
(1,961
)
(1,268
)
(27,213
)
Other comprehensive loss—Foreign currency
translation adjustment
(36
)
(1
)
(29
)
(18
)
COMPREHENSIVE INCOME (LOSS) INCLUDING
NON-CONTROLLING INTEREST
3,780
(1,962
)
(1,297
)
(27,231
)
Less: comprehensive income (loss)
attributable to non-controlling interest
-
-
-
-
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE
TO CYPRESS HOLDINGS, INC.
$
3,780
$
(1,962
)
$
(1,297
)
$
(27,231
)
See notes to condensed consolidated
financial statements.
CYPRESS HOLDINGS, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands)
(Unaudited)
For the Six Months
Ended
June 30,
2021
2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$
(1,268
)
$
(27,213
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization of software,
equipment, and property
10,472
8,543
Amortization of intangible assets
49,315
49,304
Deferred income taxes
(11,068
)
(16,685
)
Stock-based compensation
15,537
5,601
Amortization of deferred financing
fees
2,321
2,146
Amortization of discount on debt
392
327
Change in fair value of interest rate
swaps
(6,366
)
20,527
Loss on early extinguishment of debt
-
8,615
Non-cash lease expense
3,667
-
Other
34
13
Changes in:
Accounts receivable—Net
(7,749
)
(9,834
)
Deferred contract costs
(765
)
128
Other current assets
(1,937
)
2,757
Deferred contract costs—Non-current
(1,597
)
(941
)
Other assets
1,699
(10,254
)
Operating lease assets
3,410
-
Income taxes
(43
)
7,256
Accounts payable
3,613
(115
)
Accrued expenses
4,031
(17,324
)
Operating lease liabilities
(3,900
)
-
Deferred revenues
2,303
1,127
Other liabilities
(2,281
)
(202
)
Net cash provided by operating
activities
59,820
23,776
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of software, equipment, and
property
(13,158
)
(12,512
)
Purchase of equity method investment
(10,189
)
-
Purchase of intangible asset
(49
)
(560
)
Net cash used in investing activities
(23,396
)
(13,072
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of non-controlling
interest in subsidiary
-
14,179
Principal payments on long-term debt
(6,923
)
(381,923
)
Proceeds from issuance of long-term debt,
net of fees paid to lender
-
369,792
Proceeds from borrowings on revolving
lines of credit
-
65,000
Repayment of borrowings on revolving lines
of credit
-
(65,000
)
Proceeds from issuance of Series B common
stock
1,007
-
Payment of fees associated with early
extinguishment of long-term debt
-
(29
)
Proceeds from exercise of stock
options
503
242
Repurchases of Series B common stock
-
(101
)
Dividend to stockholders
(134,549
)
-
Net cash used in financing activities
(139,962
)
2,160
NET EFFECT OF EXCHANGE RATE CHANGES ON
CASH AND CASH EQUIVALENTS
(74
)
(46
)
NET CHANGE IN CASH AND CASH
EQUIVALENTS
(103,612
)
12,818
CASH AND CASH EQUIVALENTS:
Beginning of period
162,118
93,201
End of period
$
58,506
$
106,019
NONCASH INVESTING AND FINANCING
ACTIVITIES:
Unpaid liability related to software,
equipment, and property
$
5,752
$
-
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash paid for interest
$
35,020
$
35,470
Cash received (paid) for income
taxes—Net
$
(10,409
)
$
283
CYPRESS HOLDINGS, INC. AND
SUBSIDIARIES
RECONCILIATION OF GROSS PROFIT
TO ADJUSTED GROSS PROFIT
(In thousands, except profit
margin percentage data)
(Unaudited)
Three months ended June
30,
Six months ended June
30,
(amounts in thousands)
2021
2020
2021
2020
Gross Profit
$
121,277
$
100,734
$
234,473
$
204,980
First Party Clinical Services—Gross
Profit
-
(141
)
-
(2,390
)
Amortization of acquired technologies
6,580
6,574
13,160
13,149
Stock-based compensation
176
160
394
239
Adjusted Gross Profit
$
128,033
$
107,327
$
248,027
$
215,978
Gross Profit Margin Percentage
73
%
67
%
72
%
66
%
Adjusted Gross Profit Margin
Percentage
77
%
74
%
76
%
70
%
CYPRESS HOLDINGS, INC. AND
SUBSIDIARIES
RECONCILIATION OF GAAP
OPERATING INCOME TO ADJUSTED OPERATING INCOME
(In thousands)
(Unaudited)
Three months ended June
30,
Six months ended June
30,
(dollar amounts in thousands)
2021
2020
2021
2020
GAAP Operating Income
$
22,001
$
15,616
$
29,240
$
29,763
Stock-based compensation expense
2,883
2,371
15,537
5,601
Lease abandonment
925
-
1,850
-
Lease overlap costs
909
-
1,817
-
Net costs related to divestiture
1,494
-
2,266
-
Business combination transaction costs
1,953
-
4,955
-
Amortization of intangible assets
18,078
18,078
36,155
36,155
Amortization of acquired technologies—Cost
of revenue
6,580
6,574
13,160
13,149
First Party Clinical Services—Revenue
-
(6,603
)
-
(18,255
)
First Party Clinical Services—Cost of
revenue
-
6,462
-
15,865
Adjusted Operating Income
$
54,823
$
42,498
$
104,980
$
82,278
CYPRESS HOLDINGS, INC. AND
SUBSIDIARIES
RECONCILIATION OF NET INCOME
(LOSS) TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
Three months ended June
30,
Six months ended June
30,
(dollar amounts in thousands)
2021
2020
2021
2020
Net income (loss)
$
3,816
$
(1,961
)
$
(1,268
)
$
(27,213
)
Interest expense
18,903
18,643
37,669
37,800
Income tax provision (benefit)
2,375
(331
)
(704
)
(9,711
)
Amortization of intangible assets
18,078
18,078
36,155
36,155
Amortization of acquired technologies—Cost
of revenue
6,580
6,574
13,160
13,149
Depreciation and amortization related to
software, equipment and property
5,314
4,243
10,467
8,543
EBITDA
55,066
45,246
95,479
58,723
(Gain) loss on change in fair value of
interest rate swaps
(3,089
)
(620
)
(6,366
)
20,527
Stock-based compensation expense
2,883
2,371
15,537
5,601
Loss on early extinguishment of debt
-
-
-
8,615
Business combination transaction costs
1,953
-
4,955
-
Lease abandonment
925
-
1,850
-
Lease overlap costs
909
-
1,817
-
Net costs related to divestiture
1,494
-
2,266
-
First Party Clinical Services—Revenue
-
(6,603
)
-
(18,255
)
First Party Clinical Services—Cost of
revenue
-
6,462
-
15,865
Adjusted EBITDA
$
60,141
$
46,856
$
115,538
$
91,076
CYPRESS HOLDINGS, INC. AND
SUBSIDIARIES
RECONCILIATION OF GAAP NET
INCOME (LOSS) TO ADJUSTED NET INCOME
(In thousands)
(Unaudited)
Three months ended June
30,
Six months ended June
30,
(dollar amounts in thousands)
2021
2020
2021
2020
GAAP Net Income (Loss)
$
3,816
$
(1,961
)
$
(1,268
)
$
(27,213
)
Stock-based compensation expense
2,883
2,371
15,537
5,601
Lease abandonment
925
-
1,850
-
Lease overlap costs
909
-
1,817
-
Net costs related to divestiture
1,494
-
2,266
-
Business combination transaction costs
1,953
-
4,955
-
(Gain) loss on change in fair value of
interest rate swaps
(3,089
)
(620
)
(6,366
)
20,527
Loss on early extinguishment of debt
-
-
-
8,615
Amortization of intangible assets
18,078
18,078
36,155
36,155
Amortization of acquired technologies—Cost
of revenue
6,580
6,574
13,160
13,149
First Party Clinical Services—Revenue
-
(6,603
)
-
(18,255
)
First Party Clinical Services—Cost of
revenue
-
6,462
-
15,865
Tax effect of adjustments
(7,223
)
(6,828
)
(16,774
)
(21,231
)
Adjusted Net Income
$
26,326
$
17,473
$
51,332
$
33,213
CYPRESS HOLDINGS, INC. AND
SUBSIDIARIES
RECONCILIATION OF NET CASH
FLOW FROM OPERATING ACTIVITIES TO FREE CASH FLOW
(In thousands)
(Unaudited)
Three months ended June
30,
Six months ended June
30,
(amounts in thousands)
2021
2020
2021
2020
Net cash provided by operating
activities
$
21,586
$
14,675
$
59,820
$
23,776
Less: Purchases of software, equipment,
and property
(8,521
)
(7,068
)
(13,158
)
(12,512
)
Less: Purchase of intangible assets
-
-
(49
)
(560
)
Free Cash Flow
$
13,065
$
7,607
$
46,613
$
10,704
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210812005829/en/
Investor: Brian Denyeau ICR, LLC 646-277-1251
IR@cccis.com
Media: Michael Nothnagel CCC Intelligent Solutions Inc.
michael.nothnagel@teamlewis.com
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