CCC 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
and year ended December 31, 2021.
“CCC delivered another strong quarter, highlighted by 19%
adjusted revenue growth and 30% adjusted EBITDA growth. We continue
to see positive demand trends across each of our key product and
customer categories, especially our AI solutions,” said Githesh
Ramamurthy, Chairman & CEO of CCC.
Ramamurthy continued, “We continued to lay the foundation in
2021 for sustained growth as we delivered more than 1,700 product
releases on the CCC cloud during the year. The deployment of CCC
solutions continues to expand within our customer base. For all of
us at CCC it is truly exciting to see our customers across the
P&C insurance economy increasingly leverage our unique and
comprehensive cloud platform to fully digitize their
operations.”
Fourth Quarter 2021 Financial Highlights
Revenue
- Total revenue was $187.1 million for the fourth quarter of
2021, compared to $165.4 million for the fourth 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 19% in the fourth quarter of 2021.
Profitability
- GAAP gross profit was $139.4 million, representing a gross
margin of 75%, for the fourth quarter of 2021, compared with $112.1
million, representing a gross margin of 68%, for the fourth quarter
of 2020. Adjusted gross profit was $147.0 million, representing an
adjusted gross margin of 79%, for the fourth quarter of 2021,
compared with $118.4 million, representing an adjusted gross margin
of 76%, for the fourth quarter of 2020.
- GAAP operating income was $15.3 million for the fourth quarter
of 2021, compared with GAAP operating income of $24.1 million for
the fourth quarter of 2020. Adjusted operating income was $69.3
million for the fourth quarter of 2021, compared with adjusted
operating income of $53.4 million for the fourth quarter of
2020.
- GAAP net loss was $57.9 million for the fourth quarter of 2021,
compared with GAAP net income of $5.6 million for the fourth
quarter of 2020. Adjusted net income was $49.2 million for the
fourth quarter of 2021, compared with $25.0 million for the fourth
quarter of 2020.
- Adjusted EBITDA was $75.7 million for the fourth quarter of
2021, compared with adjusted EBITDA of $58.1 million for the fourth
quarter of 2020. Adjusted EBITDA grew 30% in the fourth quarter of
2021 as compared to the fourth quarter of 2020.
Full Year 2021 Financial Highlights
Revenue
- Total revenue was $688.3 million for the full year 2021,
compared to $633.1 million for the full year 2020. Adjusted for the
impact of the divestiture of a portion of our professional services
casualty solution in December 2020, total revenue grew 15% in the
full year 2021.
Profitability
- GAAP gross profit was $492.6 million, representing a gross
margin of 72%, for the full year 2021, compared with $424.3
million, representing a gross margin of 67%, for the full year
2020. Adjusted gross profit was $533.5 million, representing an
adjusted gross margin of 78%, for the full year 2021, compared with
$447.7 million, representing an adjusted gross margin of 75%, for
the full year 2020.
- GAAP operating loss was $144.7 million for the full year 2021,
compared with GAAP operating income of $77.0 million for the full
year 2020. Adjusted operating income was $236.8 million for the
full year 2021, compared with adjusted operating income of $184.7
million for the full year 2020.
- GAAP net loss was $248.9 million for the full year 2021,
compared with GAAP net loss of $16.9 million for the full year
2020. Adjusted net income was $130.3 million for the full year
2021, compared with $79.3 million for the full year 2020.
- Adjusted EBITDA was $261.4 million for the full year 2021,
compared with adjusted EBITDA of $202.8 million for the full year
2020. Adjusted EBITDA grew 29% in the full year 2021 as compared to
the full year 2020.
Liquidity
- CCC had $182.5 million in cash and cash equivalents and $800.0
million of total debt at December 31, 2021. The Company generated
$127.3 million in cash from operating activities and had free cash
flow of $89.0 million during the full year 2021, compared with
$103.9 million generated in cash from operating activities and
$73.3 million in free cash flow in the full year 2020.
The information presented above includes non-GAAP financial
measures such as “adjusted EBITDA,” “adjusted net income,”
“adjusted operating income,” “adjusted gross profit,” “adjusted
gross profit 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.
4th Quarter and Recent Business Highlights
- Signed multi-year renewals that included meaningful expansions
with two of the top ten largest P&C insurers and one of the
nation’s largest MSOs. These customers will be deploying new
solutions, including Mobile/AI, CCC Estimate - STP and Engage, and
are great examples of the opportunity CCC has to increase the value
we deliver for customers and generate future growth from our
expanding solution portfolio.
- Achieved a number of important milestones that highlight the
scale and breadth of the CCC Cloud network, including: processing
more than 9 million unique claims with our deep learning AI
solutions, up more than 80% year-over-year; expanding our repair
facility customer base to more than 27,000, more than 30% of which
have adopted Engage; growing electronics parts ordering on the CCC
platform by 40%, and number of unique shops ordering electronically
by over 20%.
- Acquired Safekeep, an AI leader in subrogation claims
management technology. Safekeep is an enterprise platform that
leverages AI to speed and improve subrogation management across
auto, property, workers' comp, and other insurance lines of
business. The acquisition of Safekeep extends CCC's AI-powered
claims software to include subrogation management, a critical
function in achieving claims resolution, and now part of CCC’s
completely digital, AI-enabled, end-to-end claims solutions.
Business Outlook
Based on information as of today, March 1, 2022, the Company is
issuing the following financial guidance:
First Quarter Fiscal
2022
Full Year Fiscal 2022
Revenue
$182.5 million to $184.5
million
$760 million to $768 million
Adjusted EBITDA
$70 million to $72 million
$286 million to $292 million
Conference Call Information
CCC will host a conference call today, March 1, 2022, at 8:00
a.m. (Eastern Time) to discuss the Company’s financial results and
financial guidance. To access this call, dial 877-407-0784
(domestic) or 201-689-8560 (international). The conference ID
number is 13727037. A live webcast of this conference call will be
available on the “Investor Relations” page of the Company’s website
at https://ir.cccis.com, and a replay will be archived on the
website as well.
About CCC Intelligent Solutions
CCC Intelligent Solutions Inc. (CCC), a subsidiary of CCC
Intelligent Solutions Holdings Inc. (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, our revenues, the
concentration of our customers and the ability to retain our
current customers; our ability to negotiate with our customers on
favorable terms; our ability to maintain and grow our brand and
reputation cost-effectively; the execution of our growth strategy;
the impact of COVID-19 on our business and results of operations;
our projected financial information, growth rate and market
opportunity; the health of our industry, claim volumes, and market
conditions; changes in the insurance and automotive collision
industries, including the adoption of new technologies; global
economic conditions and geopolitical events; competition in our
market and our ability to retain and grow market share; our ability
to develop, introduce and market new enhanced versions of our
solutions and products; our sales and implementation cycles; the
ability of our research and development efforts to create
significant new revenue streams; changes in applicable laws or
regulations; changes in international economic, political, social
and governmental conditions and policies, including corruption
risks in China and other countries; currency fluctuations; our
reliance on third-party data, technology and intellectual property;
our ability to protect our intellectual property; our ability to
keep our data and information systems secure from data security
breaches; our ability to acquire or invest in companies or pursue
business partnerships, which may divert our management’s attention
or result in dilution to our stockholders, and we may be unable to
integrate acquired businesses and technologies successfully or
achieve the expected benefits of such acquisitions, investments or
partnership; our ability to raise financing in the future and
improve our capital structure; our success in retaining or
recruiting, or changes required in, our officers, key employees or
directors; our officers and directors allocating their time to
other businesses and potentially having conflicts of interest with
our business; our estimates regarding expenses, future revenue,
capital requirements and needs for additional financing; our
financial performance; our ability to expand or maintain its
existing customer base; our ability to service our indebtedness;
and other risks and uncertainties, including those included under
the header “Risk Factors” in the prospectus that forms a part of
the registration statement on Form S-1 filed by the Company with
the Securities and Exchange Commission (“SEC”) on September 9,
2021, and in the Company’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2021 to be filed with the SEC, each
of which can be obtained, without charge, at the SEC’s website
(www.sec.gov) when available, and in our other filings with the
SEC. 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 profit,” “adjusted gross profit 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 for these projections.
CCC INTELLIGENT SOLUTIONS
HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
AS OF DECEMBER 31, 2021 AND
2020
(In thousands, except share
data)
December 31,
December 31,
2021
2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
182,544
$
162,118
Accounts receivable—Net of allowances of
$3,791 and $4,224 as of December 31, 2021 and 2020,
respectively
78,793
74,107
Income taxes receivable
318
2,037
Deferred contract costs
15,069
11,917
Other current assets
46,181
31,586
Total current assets
322,905
281,765
SOFTWARE, EQUIPMENT, AND PROPERTY—Net
135,845
101,438
OPERATING LEASE ASSETS
37,234
-
INTANGIBLE ASSETS—Net
1,213,249
1,311,917
GOODWILL
1,466,884
1,466,884
DEFERRED FINANCING FEES, REVOLVER—Net
2,899
746
DEFERRED CONTRACT COSTS
22,117
14,389
EQUITY METHOD INVESTMENT
10,228
-
OTHER ASSETS
26,165
18,416
TOTAL
$
3,237,526
$
3,195,555
LIABILITIES, MEZZANINE EQUITY AND
STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
12,918
$
13,164
Accrued expenses
66,691
52,987
Income taxes payable
7,243
5,129
Current portion of long-term debt
8,000
25,381
Current portion of long-term licensing
agreement—Net
2,703
2,540
Operating lease liabilities
8,052
-
Deferred revenues
31,042
26,514
Total current liabilities
136,649
125,715
LONG-TERM DEBT:
First Lien Term Loan—Net
-
1,292,597
Term B Loan—Net
780,610
-
Total long-term debt
780,610
1,292,597
DEFERRED INCOME TAXES—Net
275,745
322,348
LONG-TERM LICENSING AGREEMENT—Net
33,629
36,331
OPERATING LEASE LIABILITIES
56,133
-
WARRANT LIABILITIES
62,478
-
OTHER LIABILITIES
5,785
32,770
Total liabilities
1,351,029
1,809,761
COMMITMENTS AND CONTINGENCIES (Notes 22
and 23)
MEZZANINE EQUITY:
Redeemable non-controlling interest
14,179
14,179
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.0001 par; 100,000,000
shares authorized; no shares issued or outstanding
-
-
Common stock—$0.0001 par; 5,000,000,000
shares authorized; 609,768,296 and 504,274,890 shares issued and
outstanding at December 31, 2021 and 2020, respectively
61
50
Additional paid-in capital
2,618,924
1,501,206
Accumulated deficit
(746,352
)
(129,370
)
Accumulated other comprehensive loss
(315
)
(271
)
Total stockholders’ equity
1,872,318
1,371,615
TOTAL
$
3,237,526
$
3,195,555
CCC INTELLIGENT SOLUTIONS
HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
(In thousands, except share
and per share data)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
REVENUES
$
187,083
$
165,386
$
688,288
$
633,063
COST OF REVENUES
Cost of revenues, exclusive of
amortization of acquired technologies
41,117
46,740
169,335
182,414
Amortization of acquired technologies
6,580
6,578
26,320
26,303
Total cost of revenues(1)
47,697
53,318
195,655
208,717
GROSS PROFIT
139,386
112,068
492,633
424,346
OPERATING EXPENSES:
Research and development(1)
37,097
27,377
165,991
109,508
Selling and marketing(1)
27,511
18,102
148,861
74,710
General and administrative(1)
41,353
24,378
250,098
90,838
Amortization of intangible assets
18,126
18,078
72,358
72,310
Total operating expenses
124,087
87,935
637,308
347,366
OPERATING (LOSS) INCOME
15,299
24,133
(144,675
)
76,980
INTEREST EXPENSE
(7,442
)
(19,415
)
(58,990
)
(77,003
)
GAIN (LOSS) ON CHANGE IN FAIR VALUE OF
INTEREST RATE SWAPS
-
3,384
8,373
(13,249
)
CHANGE IN FAIR VALUE OF WARRANT
LIABILITIES
(37,612
)
-
(64,501
)
-
LOSS ON EARLY EXTINGUISHMENT OF DEBT
-
-
(15,240
)
(8,615
)
OTHER INCOME (EXPENSE)—Net
113
28
114
332
PRETAX (LOSS) INCOME
(29,642
)
8,130
(274,919
)
(21,555
)
INCOME TAX (PROVISION) BENEFIT
(28,227
)
(2,512
)
26,000
4,679
NET (LOSS) INCOME INCLUDING
NON-CONTROLLING INTEREST
(57,869
)
5,618
(248,919
)
(16,876
)
Less: net (loss) income attributable to
non-controlling interest
-
-
-
-
NET (LOSS) INCOME ATTRIBUTABLE TO CCC
INTELLIGENT SOLUTIONS HOLDINGS INC.
$
(57,869
)
$
5,618
$
(248,919
)
$
(16,876
)
Net (loss) income per share attributable
to common stockholders:
Basic
$
(0.10
)
$
0.01
$
(0.46
)
$
(0.03
)
Diluted
$
(0.10
)
$
0.01
$
(0.46
)
$
(0.03
)
Weighted-average shares used in computing
net (loss) income per share attributable to common
stockholders:
Basic
596,023,745
504,274,914
543,558,222
504,115,839
Diluted
596,023,745
520,274,793
543,558,222
504,115,839
COMPREHENSIVE (LOSS) INCOME:
Net (loss) income including
non-controlling interest
(57,869
)
5,618
(248,919
)
(16,876
)
Other comprehensive income (loss)—Foreign
currency translation adjustment
(26
)
61
(44
)
126
COMPREHENSIVE (LOSS) INCOME INCLUDING
NON-CONTROLLING INTEREST
(57,895
)
5,679
(248,963
)
(16,750
)
Less: comprehensive (loss) income
attributable to non-controlling interest
0
0
-
-
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE
TO CCC INTELLIGENT SOLUTIONS HOLDINGS INC.
(57,895
)
5,679
$
(248,963
)
$
(16,750
)
(1) Includes stock-based compensation
expense as follows (in thousands):
Three months ended December
31,
Year ended December
31,
2021
2020
2021
2020
Cost of revenues
$
1,081
$
114
$
13,644
$
494
Research and development
3,933
279
40,681
1,174
Sales and marketing
4,985
470
65,045
2,024
General and administrative
16,583
3,002
142,625
7,644
Total stock-based compensation expense
$
26,582
$
3,865
$
261,995
$
11,336
CCC INTELLIGENT SOLUTIONS
HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
FOR THE YEARS ENDED DECEMBER
31, 2021 AND 2020
(In thousands)
2021
2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$
(248,919
)
$
(16,876
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization of software,
equipment, and property
24,451
17,749
Amortization of intangible assets
98,678
98,613
Impairment of goodwill and intangible
assets
-
-
Deferred income taxes
(46,883
)
(11,124
)
Stock-based compensation
261,995
11,336
Amortization of deferred financing
fees
3,682
4,630
Amortization of discount on debt
604
738
Change in fair value of interest rate
swaps
(8,373
)
13,249
Change in fair value of warrant
liabilities
64,501
-
Loss on early extinguishment of debt
15,240
8,615
Non-cash lease expense
6,279
-
Gain on divestiture
(600
)
(3,800
)
Other
541
114
Changes in:
Accounts receivable—Net
(4,725
)
(10,558
)
Deferred contract costs
(3,152
)
(1,110
)
Other current assets
(12,273
)
(6,483
)
Deferred contract costs—Non-current
(7,728
)
(1,926
)
Other assets
(7,838
)
(9,187
)
Operating lease assets
6,354
-
Income taxes
3,833
6,724
Accounts payable
(1,052
)
(2,256
)
Accrued expenses
8,347
165
Operating lease liabilities
(8,398
)
-
Deferred revenues
4,513
1,376
Extinguishment of interest rate swap
liability
(9,987
)
-
Other liabilities
(11,755
)
3,954
Net cash provided by operating
activities
127,335
103,943
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of software, equipment, and
property
(38,321
)
(30,107
)
Purchase of investment
-
-
Purchase of equity method investment
(10,228
)
-
Purchase of intangible asset
(49
)
(560
)
Net cash used in investing activities
(48,598
)
(30,667
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt
(1,336,153
)
(388,846
)
Proceeds from issuance of long-term debt,
net of fees paid to lender
789,927
369,792
Payment of fees associated with early
extinguishment of long-term debt
(4,821
)
(29
)
Proceeds from borrowings on revolving
lines of credit
-
65,000
Repayment of borrowings on revolving lines
of credit
-
(65,000
)
Net proceeds from equity infusion from the
Business Combination
763,300
-
Dividends to CCCIS stockholders
(269,174
)
-
Deemed distribution to CCCIS option
holders
(9,006
)
-
Tax effect of Business Combination
transaction costs
1,395
-
Proceeds from exercise of stock
options
5,085
(236
)
Proceeds from issuance of common stock
1,007
719
Repurchases of common stock
-
-
Proceeds from issuance of non-controlling
interest in subsidiary
-
14,179
Net cash used in financing activities
(58,440
)
(4,421
)
NET EFFECT OF EXCHANGE RATE CHANGES ON
CASH AND CASH EQUIVALENTS
129
62
NET CHANGE IN CASH AND CASH
EQUIVALENTS
20,426
68,917
CASH AND CASH EQUIVALENTS:
Beginning of period
162,118
93,201
End of period
$
182,544
$
162,118
NONCASH INVESTING AND FINANCING
ACTIVITIES:
Unpaid liability related to software,
equipment, and property
$
8,035
$
239
Leasehold improvements acquired by tenant
improvement allowance
$
16,924
$
-
Fair value of assumed common stock
warrants exercised
$
60,481
$
-
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash paid for interest, excluding
extinguishment of interest rate swap liability
$
54,980
$
71,649
Cash (paid) received for income
taxes—Net
$
(15,233
)
$
917
CCC INTELLIGENT SOLUTIONS
HOLDINGS INC. AND SUBSIDIARIES RECONCILIATION OF GROSS PROFIT TO
ADJUSTED GROSS PROFIT (In thousands, except profit margin
percentage data) (Unaudited)
Three months ended December
31,
Year ended December
31,
(amounts in thousands, except
percentages)
2021
2020
2021
2020
Gross Profit
$
139,386
$
112,068
$
492,633
$
424,346
First Party Clinical Services—Gross
Profit
-
(394
)
-
(3,429
)
Amortization of acquired technologies
6,580
6,578
26,320
26,303
Business combination transaction costs
-
-
905
-
Stock-based compensation
1,081
114
13,644
494
Adjusted Gross Profit
$
147,047
$
118,366
$
533,502
$
447,714
Gross Profit Margin
75
%
68
%
72
%
67
%
Adjusted Gross Profit Margin
79
%
76
%
78
%
75
%
CCC INTELLIGENT SOLUTIONS
HOLDINGS INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP
OPERATING EXPENSES TO ADJUSTED OPERATING EXPENSES
(In thousands)
(Unaudited)
Three months ended December
31,
Year ended December
31,
(dollar amounts in thousands)
2021
2020
2021
2020
Operating expenses
$
124,087
$
87,935
$
637,308
$
347,366
Stock-based compensation expense
(25,501
)
(3,751
)
(248,351
)
(10,842
)
Lease abandonment
(326
)
-
(2,582
)
-
Lease overlap costs
(924
)
-
(3,697
)
-
Net costs related to divestiture
428
(35
)
(2,177
)
(35
)
Business combination transaction costs
(1,914
)
(1,095
)
(11,480
)
(1,188
)
Amortization of intangible assets
(18,126
)
(18,078
)
(72,358
)
(72,310
)
Adjusted operating expenses
$
77,724
$
64,976
$
296,663
$
262,991
CCC INTELLIGENT SOLUTIONS
HOLDINGS INC. AND SUBSIDIARIES RECONCILIATION OF GAAP OPERATING
(LOSS) INCOME TO ADJUSTED OPERATING INCOME (In thousands)
(Unaudited)
Three months ended December
31,
Year ended December
31,
(dollar amounts in thousands)
2021
2020
2021
2020
Net operating income (loss)
$
15,299
$
24,133
$
(144,675
)
$
76,980
Stock-based compensation expense
26,582
3,865
261,995
11,336
Lease abandonment
326
-
2,582
-
Lease overlap costs
924
-
3,697
-
Net costs related to divestiture
(428
)
35
2,177
35
Business combination transaction costs
1,914
1,095
12,385
1,188
Amortization of intangible assets
18,126
18,078
72,358
72,310
Amortization of acquired technologies—Cost
of revenue
6,580
6,578
26,320
26,303
First Party Clinical Services—Revenue
-
(8,659
)
-
(34,742
)
First Party Clinical Services—Cost of
revenue
-
8,265
-
31,313
Adjusted operating income
$
69,323
$
53,390
$
236,839
$
184,723
CCC INTELLIGENT SOLUTIONS
HOLDINGS INC. AND SUBSIDIARIES RECONCILIATION OF NET (LOSS) INCOME
TO ADJUSTED EBITDA (In thousands) (Unaudited)
Three months ended December
31,
Year ended December
31,
(dollar amounts in thousands)
2021
2020
2021
2020
Net (loss) income
$
(57,869
)
$
5,618
$
(248,919
)
$
(16,876
)
Interest expense
7,442
19,415
58,990
77,003
Income tax provision (benefit)
28,227
2,512
(26,000
)
(4,679
)
Amortization of intangible assets
18,126
18,078
72,358
72,310
Amortization of acquired technologies—Cost
of revenue
6,580
6,578
26,320
26,303
Depreciation and amortization related to
software, equipment and property
6,290
4,710
24,451
17,749
EBITDA
8,796
56,911
(92,800
)
171,810
(Gain) loss on change in fair value of
interest rate swaps
-
(3,384
)
(8,373
)
13,249
Change in fair value of warrant
liabilities
37,612
-
64,501
-
Stock-based compensation expense
26,582
3,865
261,995
11,336
Loss on early extinguishment of debt
-
-
15,240
8,615
Business combination transaction costs
1,914
1,095
12,385
1,188
Lease abandonment
326
-
2,582
-
Lease overlap costs
924
-
3,697
-
Net costs related to divestiture
(428
)
35
2,177
35
First Party Clinical Services—Revenue
-
(8,659
)
-
(34,742
)
First Party Clinical Services—Cost of
revenue
-
8,265
-
31,313
Adjusted EBITDA
$
75,726
$
58,128
$
261,404
$
202,804
CCC INTELLIGENT SOLUTIONS
HOLDINGS INC. AND SUBSIDIARIES RECONCILIATION OF GAAP NET (LOSS)
INCOME TO ADJUSTED NET INCOME (In thousands) (Unaudited)
Three months ended December
31,
Year ended December
31,
(dollar amounts in thousands)
2021
2020
2021
2020
Net (loss) income
$
(57,869
)
$
5,618
$
(248,919
)
$
(16,876
)
Amortization of intangible assets
18,126
18,078
72,358
72,310
Amortization of acquired technologies—Cost
of revenue
6,580
6,578
26,320
26,303
(Gain) loss on change in fair value of
interest rate swaps
-
(3,384
)
(8,373
)
13,249
Change in fair value of warrant
liabilities
37,612
-
64,501
-
Stock-based compensation expense
26,582
3,865
261,995
11,336
Loss on early extinguishment of debt
-
-
15,240
8,615
Business combination transaction costs
1,914
1,095
12,385
1,188
Lease abandonment
326
-
2,582
-
Lease overlap costs
924
-
3,697
-
Net costs related to divestiture
(428
)
35
2,177
35
First Party Clinical Services—Revenue
-
(8,659
)
-
(34,742
)
First Party Clinical Services—Cost of
revenue
-
8,265
-
31,313
Tax effect of adjustments
15,450
(6,442
)
(73,684
)
(33,389
)
Adjusted net income
$
49,217
$
25,049
$
130,279
$
79,342
Adjusted net income per share attributable
to common stockholders
Basic
$
0.08
$
0.05
$
0.24
$
0.16
Diluted
$
0.08
$
0.05
$
0.23
$
0.15
Weighted average shares outstanding
Basic
596,023,745
504,274,914
543,558,222
504,115,839
Diluted
637,445,530
520,274,793
575,619,243
519,748,819
CCC INTELLIGENT SOLUTIONS
HOLDINGS INC. AND SUBSIDIARIES RECONCILIATION OF NET CASH FLOW FROM
OPERATING ACTIVITIES TO FREE CASH FLOW (In thousands)
(Unaudited)
Three months ended December
31,
Year ended December
31,
(dollar amounts in thousands)
2021
2020
2021
2020
Net cash provided by operating
activities
$
30,610
$
37,154
$
127,335
$
103,943
Less: Purchases of software, equipment,
and property
(13,299
)
(6,292
)
(38,321
)
(30,107
)
Less: Purchase of intangible assets
-
-
(49
)
(560
)
Free Cash Flow
$
17,311
$
30,862
$
88,965
$
73,276
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220227005138/en/
Investor Contact: Brian Denyeau ICR, LLC 646-277-1251
IR@cccis.com
Media Contact: Michelle Hellyar Director Public
Relations, CCC Intelligent Solutions Inc. mhellyar@cccis.com
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