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
ended June 30, 2022, and raised revenue and adjusted EBITDA
guidance for fiscal year 2022.
“CCC delivered strong second quarter results, highlighted by 16%
revenue growth and 22% adjusted EBITDA growth. 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,” said Githesh
Ramamurthy, Chairman & CEO of CCC.
“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,” continued Ramamurthy.
Second Quarter 2022 Financial Highlights
Revenue
- 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.
Profitability
- 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.
Liquidity
- 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.
2nd Quarter and Recent Business Highlights
- 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 US by direct written
premium and therefore represent a sizeable portion of US auto
insurance claim volume. Notably, these 11 carriers made their
decisions within 8 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 4-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.
Business Outlook
Based on information as of today, August 4, 2022, the Company is
issuing the following financial guidance:
Third Quarter Fiscal
2022
Full Year Fiscal 2022
Revenue
$194 million to $196 million
$773 million to $777 million
Adjusted EBITDA
$72 million to $74 million
$294 million to $298 million
Conference Call Information
CCC will host a conference call today, August 4, 2022, at 5:00
p.m. (Eastern Time) to discuss the Company’s financial results and
financial guidance. 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., 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 Company’s Annual Report on Form
10-K for the fiscal year ended December 31, 2021 filed with the
Securities and Exchange Commission (“SEC”), which can be obtained,
without charge, at the SEC’s website (www.sec.gov), 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,”
“adjusted operating expenses,” 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
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands, except share
data)
June 30,
December 31,
2022
2021
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
227,640
182,544
Accounts receivable—Net of allowances of
$4,296 and $3,791 for June 30, 2022 and December 31, 2021,
respectively
82,816
78,793
Income taxes receivable
71
318
Deferred contract costs
16,021
15,069
Other current assets
30,640
46,181
Total current assets
357,188
322,905
SOFTWARE, EQUIPMENT, AND PROPERTY—Net
143,629
135,845
OPERATING LEASE ASSETS
33,615
37,234
INTANGIBLE ASSETS—Net
1,168,449
1,213,249
GOODWILL
1,494,267
1,466,884
DEFERRED FINANCING FEES, REVOLVER—Net
2,593
2,899
DEFERRED CONTRACT COSTS
19,869
22,117
EQUITY METHOD INVESTMENT
10,228
10,228
OTHER ASSETS
35,739
26,165
TOTAL
3,265,577
3,237,526
LIABILITIES, MEZZANINE EQUITY AND
STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
15,350
12,918
Accrued expenses
60,641
66,691
Income taxes payable
20,847
7,243
Current portion of long-term debt
8,000
8,000
Current portion of long-term licensing
agreement—Net
2,788
2,703
Operating lease liabilities
4,137
8,052
Deferred revenues
33,298
31,042
Total current liabilities
145,061
136,649
LONG-TERM DEBT—Net
777,384
780,610
DEFERRED INCOME TAXES—Net
231,728
275,745
LONG-TERM LICENSING AGREEMENT—Net
32,213
33,629
OPERATING LEASE LIABILITIES
55,849
56,133
WARRANT LIABILITIES
39,338
62,478
OTHER LIABILITIES
2,859
5,785
Total liabilities
1,284,432
1,351,029
COMMITMENTS AND CONTINGENCIES (Notes 19
and 20)
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; 615,501,951 and 609,768,296 shares issued and
outstanding at June 30, 2022 and December 31, 2021,
respectively
62
61
Additional paid-in capital
2,686,326
2,618,924
Accumulated deficit
(718,813
)
(746,352
)
Accumulated other comprehensive loss
(609
)
(315
)
Total stockholders’ equity
1,966,966
1,872,318
TOTAL
3,265,577
3,237,526
CCC INTELLIGENT SOLUTIONS
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,
2022
2021
2022
2021
REVENUES
$
192,786
$
166,789
$
379,609
$
324,578
COST OF REVENUES
Cost of revenues, exclusive of
amortization of acquired technologies
46,095
38,932
88,795
76,945
Amortization of acquired technologies
6,750
6,580
13,445
13,160
Total cost of revenues
52,845
45,512
102,240
90,105
GROSS PROFIT
139,941
121,277
277,369
34,473
OPERATING EXPENSES:
Research and development
38,758
31,253
74,438
61,877
Selling and marketing
31,091
21,551
57,894
40,968
General and administrative
39,509
28,394
83,717
66,233
Amortization of intangible assets
18,066
18,078
36,146
36,155
Total operating expenses
127,424
99,276
252,195
205,233
OPERATING INCOME
12,517
22,001
25,174
9,240
INTEREST EXPENSE
(7,944
)
(18,903
)
(15,285
)
(37,669
)
CHANGE IN FAIR VALUE OF INTEREST RATE
SWAPS
—
3,089
—
6,366
GAIN ON SALE OF COST METHOD INVESTMENT
—
—
3,578
—
CHANGE IN FAIR VALUE OF WARRANT
LIABILITIES
21,004
—
23,140
—
OTHER INCOME — Net
112
4
194
91
PRETAX INCOME (LOSS)
25,689
6,191
36,801
(1,972
)
INCOME TAX (PROVISION) BENEFIT
(10,125
)
(2,375
)
(9,262
)
704
NET INCOME (LOSS) INCLUDING
NON-CONTROLLING INTEREST
15,564
3,816
27,539
(1,268
)
Less: net income (loss) attributable to
non-controlling interest
—
—
—
—
NET INCOME (LOSS) ATTRIBUTABLE TO CCC
INTELLIGENT SOLUTIONS HOLDINGS INC.
$
15,564
$
3,816
$
27,539
$
(1,268
)
Net income (loss) per share attributable
to common stockholders:
Basic
$
0.03
$
0.01
$
0.05
$
(0.00
)
Diluted
$
0.02
$
0.01
$
0.04
$
(0.00
)
Weighted-average shares used in computing
net income (loss) per share attributable to common
stockholders:
Basic
605,948,628
505,430,380
604,534,589
505,252,635
Diluted
639,964,696
523,687,498
640,650,297
505,252,635
COMPREHENSIVE INCOME (LOSS):
Net income (loss) including
non-controlling interest
15,564
3,816
27,539
(1,268
)
Other comprehensive income (loss)—Foreign
currency translation adjustment
(303
)
(36
)
(294
)
(29
)
COMPREHENSIVE INCOME (LOSS) INCLUDING
NON-CONTROLLING INTEREST
15,261
3,780
27,245
(1,297
)
Less: comprehensive income (loss)
attributable to non-controlling interest
—
—
—
—
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE
TO CCC INTELLIGENT SOLUTIONS HOLDINGS INC.
$
15,261
$
3,780
$
27,245
$
(1,297
)
CCC INTELLIGENT SOLUTIONS
HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
For the Six Months
Ended
June 30,
2022
2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
$
27,539
$
(1,268
)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization of software,
equipment, and property
13,490
10,472
Amortization of intangible assets
49,591
49,315
Deferred income taxes
(43,703
)
(11,068
)
Stock-based compensation
52,047
15,537
Amortization of deferred financing
fees
949
2,321
Amortization of discount on debt
131
392
Change in fair value of interest rate
swaps
—
(6,366
)
Change in fair value of warrant
liabilities
(23,140
)
—
Non-cash lease expense
2,152
3,667
Loss on disposal of software, equipment
and property
795
—
Gain on sale of cost method investment
(3,578
)
—
Other
47
34
Changes in:
Accounts receivable—Net
(4,027
)
(7,749
)
Deferred contract costs
(952
)
(765
)
Other current assets
15,463
(1,937
)
Deferred contract costs—Non-current
2,248
(1,597
)
Other assets
(9,935
)
1,699
Operating lease assets
1,576
3,410
Income taxes
13,851
(43
)
Accounts payable
3,204
3,613
Accrued expenses
(7,949
)
4,031
Operating lease liabilities
(4,308
)
(3,900
)
Deferred revenues
2,256
2,303
Other liabilities
(62
)
(2,281
)
Net cash provided by operating
activities
87,685
59,820
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of software, equipment, and
property
(25,469
)
(13,158
)
Acquisition of Safekeep, Inc., net of cash
acquired
(32,242
)
—
Purchase of equity method investment
—
(10,189
)
Proceeds from sale of cost method
investment
3,892
—
Purchase of intangible asset
—
(49
)
Net cash used in investing activities
(53,819
)
(23,396
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt
(4,000
)
(6,923
)
Proceeds from issuance of common stock
—
1,007
Proceeds from exercise of stock
options
15,511
503
Dividends to CCCIS stockholders
—
(134,549
)
Net cash provided by (used in) financing
activities
11,511
(139,962
)
NET EFFECT OF EXCHANGE RATE CHANGES ON
CASH AND CASH EQUIVALENTS
(281
)
(74
)
NET CHANGE IN CASH AND CASH
EQUIVALENTS
45,096
(103,612
)
CASH AND CASH EQUIVALENTS:
Beginning of period
182,544
162,118
End of period
$
227,640
$
58,506
NONCASH INVESTING AND FINANCING
ACTIVITIES:
Unpaid liability related to software,
equipment, and property
$
—
$
5,752
Contingent consideration related to
business acquisition
$
200
$
—
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash paid for interest
$
14,153
$
35,020
Cash paid for income taxes—Net
$
38,946
$
10,409
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 June
30,
Six Months Ended June
30,
(amounts in thousands, except
percentages)
2022
2021
2022
2021
Gross Profit
$
139,941
$
121,277
$
277,369
$
234,473
Amortization of acquired technologies
6,750
6,580
13,445
13,160
Stock-based compensation and related
employer payroll tax
1,680
176
2,613
394
Adjusted Gross Profit
$
148,371
$
128,033
$
293,427
$
248,027
Gross Profit Margin
73
%
73
%
73
%
72
%
Adjusted Gross Profit Margin
77
%
77
%
77
%
76
%
CCC INTELLIGENT SOLUTIONS
HOLDINGS INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP
OPERATING EXPENSES TO ADJUSTED OPERATING EXPENSES
(In thousands)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
(dollar amounts in thousands)
2022
2021
2022
2021
Operating expenses
$
127,424
$
99,276
$
252,195
$
205,233
Stock-based compensation expense and
related employer payroll tax
(26,973
)
(2,707
)
(50,695
)
(15,143
)
Lease abandonment
—
(925
)
(1,338
)
(1,850
)
Lease overlap costs
—
(909
)
(1,222
)
(1,817
)
Net income (costs) related to
divestiture
6
(1,494
)
(53
)
(2,266
)
Business combination transaction and
related costs
(324
)
(1,953
)
(1,056
)
(4,955
)
M&A and integration costs
(348
)
—
(1,756
)
—
Amortization of intangible assets
(18,066
)
(18,078
)
(36,146
)
(36,155
)
Adjusted operating expenses
$
81,719
$
73,210
$
159,929
$
143,047
CCC INTELLIGENT SOLUTIONS
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)
2022
2021
2022
2021
Operating income
$
12,517
$
22,001
$
25,174
$
29,240
Stock-based compensation expense and
related employer payroll tax
28,653
2,883
53,308
15,537
Lease abandonment
—
925
1,338
1,850
Lease overlap costs
—
909
1,222
1,817
Net (income) costs related to
divestiture
(6
)
1,494
53
2,266
Business combination transaction and
related costs
324
1,953
1,056
4,955
Amortization of intangible assets
18,066
18,078
36,146
36,155
M&A and integration costs
348
—
1,756
—
Amortization of acquired technologies—Cost
of revenue
6,750
6,580
13,445
13,160
Adjusted operating income
$
66,652
$
54,823
$
133,498
$
104,980
CCC INTELLIGENT SOLUTIONS
HOLDINGS INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP NET
INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands, except for
EBITDA margin percentage data)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
(dollar amounts in thousands)
2022
2021
2022
2021
Net income (loss)
$
15,564
$
3,816
$
27,539
$
(1,268
)
Interest expense
7,944
18,903
15,285
37,669
Income tax provision (benefit)
10,125
2,375
9,262
(704
)
Amortization of intangible assets
18,066
18,078
36,146
36,155
Amortization of acquired technologies—Cost
of revenue
6,750
6,580
13,445
13,160
Depreciation and amortization of software,
equipment and property
6,683
5,314
13,490
10,467
EBITDA
65,132
55,066
115,167
95,479
Change in fair value of interest rate
swaps
—
(3,089
)
—
(6,366
)
Change in fair value of warrant
liabilities
(21,004
)
—
(23,140
)
—
Stock-based compensation expense and
related employer payroll tax
28,653
2,883
53,308
15,537
Business combination transaction and
related costs
324
1,953
1,056
4,955
Lease abandonment
—
925
1,338
1,850
Lease overlap costs
—
909
1,222
1,817
Net (income) costs related to
divestiture
(6
)
1,494
53
2,266
M&A and integration costs
348
—
1,756
—
Gain on sale of cost method investment
—
—
(3,578
)
—
Adjusted EBITDA
$
73,447
$
60,141
$
147,182
$
115,538
Adjusted EBITDA Margin
38.1
%
36.1
%
38.8
%
35.6
%
CCC INTELLIGENT SOLUTIONS
HOLDINGS INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP NET
INCOME (LOSS) TO ADJUSTED NET INCOME
(In thousands, except share
and per share data)
(Unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
(dollar amounts in thousands)
2022
2021
2022
2021
Net income (loss)
$
15,564
$
3,816
$
27,539
$
(1,268
)
Amortization of intangible assets
18,066
18,078
36,146
36,155
Amortization of acquired technologies—
Cost of revenue
6,750
6,580
13,445
13,160
Change in fair value of interest rate
swaps
—
(3,089
)
—
(6,366
)
Change in fair value of warrant
liabilities
(21,004
)
—
(23,140
)
—
Stock-based compensation expense and
related employer payroll tax
28,653
2,883
53,308
15,537
Business combination transaction and
related costs
324
1,953
1,056
4,955
Lease abandonment
—
925
1,338
1,850
Lease overlap costs
—
909
1,222
1,817
Net (income) costs related to
divestiture
(6
)
1,494
53
2,266
M&A and integration costs
348
—
1,756
—
Gain on sale of cost method investment
—
—
(3,578
)
—
Tax effect of adjustments
(11,287
)
(7,223
)
(22,867
)
(16,774
)
Adjusted net income
$
37,408
$
26,326
$
86,278
$
51,332
Adjusted net income per share attributable
to common stockholders:
Basic
$
0.06
$
0.05
$
0.14
$
0.10
Diluted
$
0.06
$
0.05
$
0.13
$
0.10
Weighted average shares outstanding:
Basic
605,948,628
505,430,380
604,534,589
505,252,635
Diluted
639,964,696
523,687,498
640,650,297
523,438,612
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 June
30,
Six Months Ended June
30,
(dollar amounts in thousands)
2022
2021
2022
2021
Net cash provided by operating
activities
$
40,820
$
21,586
$
87,685
$
59,820
Less: Purchases of software, equipment,
and property
(11,189
)
(8,521
)
(25,469
)
(13,158
)
Less: Purchase of intangible assets
—
—
—
(49
)
Free Cash Flow
$
29,631
$
13,065
$
62,216
$
46,613
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220803005931/en/
Investor Contact: Bill Warmington VP, Investor Relations,
CCC Intelligent Solutions Inc. 312-229-2355 IR@cccis.com
Media Contact: Michelle Hellyar Director Public
Relations, CCC Intelligent Solutions Inc. mhellyar@cccis.com
CCC Intelligent Solutions (NYSE:CCCS)
Historical Stock Chart
From Jun 2024 to Jul 2024
CCC Intelligent Solutions (NYSE:CCCS)
Historical Stock Chart
From Jul 2023 to Jul 2024