CCC Intelligent Solutions Holdings Inc. (CCCS) Bundle
A Brief History of CCC Intelligent Solutions Holdings Inc.
CCC Intelligent Solutions Holdings Inc. (CCCS) has undergone significant transformations since its inception. The company is a leading provider of software solutions for the automotive, insurance, and collision repair industries. As of 2024, CCCS's financial performance demonstrates a continuous growth trajectory.
Financial Performance Overview
For the three months ended September 30, 2024, CCC Intelligent Solutions reported revenues of $238.5 million, marking a 7.8% increase from $221.1 million in the same period of 2023. The growth was attributed primarily to software subscription revenues, which accounted for 96% of total revenues, reaching $229.4 million compared to $212.5 million in 2023.
| Period | Revenue (in millions) | Growth (%) |
|---|---|---|
| Q3 2024 | $238.5 | 7.8% |
| Q3 2023 | $221.1 | N/A |
Operating Expenses and Net Income
In the same quarter, the cost of revenues decreased by $3.0 million to $55.1 million, resulting in a gross profit of $183.4 million, up from $163.1 million in Q3 2023. The gross profit margin improved to 76.9% compared to 73.8% in the prior year.
Operating expenses totaled $469.6 million for the nine months ended September 30, 2024, a decrease from $506.8 million in the same period of 2023. Notably, the company reported a net income of $25.0 million for the nine months ended September 30, 2024, a substantial recovery from a net loss of $116.4 million in 2023.
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Income | $4.1 million | ($21.2 million) |
| Gross Profit | $183.4 million | $163.1 million |
Stock Performance and Market Position
As of September 2024, CCCS's stock performance reflects a robust market position. The company's stock price has appreciated significantly, with a current price of $3.04 per share, compared to $2.96 at the end of 2023. The company has also maintained a solid capital structure, with total assets reported at approximately $2.04 billion as of September 30, 2024.
CCC Intelligent Solutions has continued to innovate, investing in technology and expanding its service offerings, which has contributed to its competitive edge in the industry. The company has also focused on enhancing customer relationships, leading to increased subscription revenue from both existing and new customers.
Key Metrics and Future Outlook
Looking ahead, CCCS aims to sustain its growth through strategic investments in technology and continued enhancements to its software solutions. The company's leadership is optimistic about maintaining the momentum in revenue growth and improving profitability.
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Operating Income | $59.0 million | ($43.3 million) |
| Adjusted EBITDA | $101.6 million | $92.9 million |
Overall, CCC Intelligent Solutions Holdings Inc. is positioned for continued success in 2024 and beyond, leveraging its technological advancements and strong market presence to drive growth.
A Who Owns CCC Intelligent Solutions Holdings Inc. (CCCS)
Ownership Structure
As of September 30, 2024, CCC Intelligent Solutions Holdings Inc. (CCCS) has the following ownership structure:
| Shareholder | Number of Shares | Percentage Ownership |
|---|---|---|
| Institutional Investors | Varies | Approx. 60% |
| Insider Ownership | 14,000,000 | Approx. 2.2% |
| Public Float | 611,325,706 | Approx. 97.8% |
Major Institutional Holders
The following table lists the major institutional holders of CCC Intelligent Solutions Holdings Inc. as of 2024:
| Institution | Shares Held | Percentage of Total Shares |
|---|---|---|
| The Vanguard Group, Inc. | 45,000,000 | 7.2% |
| BlackRock, Inc. | 40,000,000 | 6.4% |
| State Street Corporation | 35,000,000 | 5.6% |
| Fidelity Investments | 30,000,000 | 4.8% |
Insider Holdings
Insider ownership is comprised of the following key executives and their holdings:
| Executive | Position | Shares Held |
|---|---|---|
| Company CEO | Chief Executive Officer | 5,000,000 |
| CFO | Chief Financial Officer | 3,000,000 |
| COO | Chief Operating Officer | 2,000,000 |
Recent Stock Performance
As of September 30, 2024, the stock performance of CCC Intelligent Solutions Holdings Inc. (CCCS) is as follows:
| Metric | Value |
|---|---|
| Current Share Price | $3.20 |
| Market Capitalization | $2.0 billion |
| 52-Week High | $4.50 |
| 52-Week Low | $2.50 |
Financial Overview
For the nine months ended September 30, 2024, CCC Intelligent Solutions Holdings Inc. reported the following financial metrics:
| Metric | Value |
|---|---|
| Total Revenue | $698.3 million |
| Net Income | $21.3 million |
| Adjusted Net Income | $62.6 million |
| Free Cash Flow | $125.2 million |
CCC Intelligent Solutions Holdings Inc. (CCCS) Mission Statement
CCC Intelligent Solutions Holdings Inc. (CCCS) aims to be the leading provider of intelligent solutions for the automotive, insurance, and collision repair industries. The company focuses on leveraging technology to enhance the efficiency and effectiveness of its clients' operations, thereby driving innovation and value.
Company Overview
As of 2024, CCC Intelligent Solutions operates primarily in the United States and China, providing software solutions that help streamline processes for insurance and repair companies. The company emphasizes its commitment to customer satisfaction and technological advancement.
Financial Performance
The financial performance of CCC Intelligent Solutions reflects its growth trajectory and operational success. Key financial metrics for the nine months ended September 30, 2024, are as follows:
| Metric | 2024 (Nine Months) | 2023 (Nine Months) | Change |
|---|---|---|---|
| Revenues | $698.3 million | $637.7 million | +9.5% |
| Gross Profit | $528.6 million | $463.5 million | +14.0% |
| Gross Profit Margin | 75.7% | 72.7% | +3.0% |
| Operating Expenses | $469.6 million | $506.8 million | -7.3% |
| Net Income (Loss) | $21.3 million | $(117.7) million | +118.1% |
| Net Income per Share (Basic) | $0.04 | $(0.19) | +121.1% |
Key Strategic Initiatives
To achieve its mission, CCC Intelligent Solutions is focused on several strategic initiatives, including:
- Technological Innovation: Continuous investment in research and development, with R&D expenses increasing to $148.3 million in 2024 from $127.9 million in 2023.
- Customer Expansion: Enhancing software offerings that cater to existing and new customers, contributing to a 7% growth from existing customers and 3% from new customers.
- Operational Efficiency: Seeking economies of scale and reducing costs, as evidenced by a 2.6% decrease in the cost of revenues.
Market Positioning and Competitive Landscape
CCC Intelligent Solutions positions itself as a leader in the intelligent solutions market. Its competitive advantages include:
- Comprehensive Software Solutions: Over 96% of revenues derived from software subscription services, totaling $670.3 million in 2024.
- Strong Customer Retention: Software Net Dollar Retention (NDR) at 106% for September 2024, indicating solid customer loyalty and expansion.
- Adaptability: Ability to respond to market changes and customer needs effectively.
Conclusion on Financial Outlook
As of September 30, 2024, CCC Intelligent Solutions displays a robust financial position with cash and cash equivalents of $286.3 million and a working capital surplus of $320.9 million, indicating strong liquidity. The company continues to focus on growth strategies that align with its mission to provide intelligent solutions to its customers.
How CCC Intelligent Solutions Holdings Inc. (CCCS) Works
Business Model
CCC Intelligent Solutions Holdings Inc. operates primarily in the technology sector, providing software solutions for the automotive and insurance industries. The company's services are focused on enhancing operational efficiencies and improving customer experiences through advanced analytics and cloud-based platforms.
Financial Performance
As of September 30, 2024, CCC Intelligent Solutions reported significant financial metrics:
| Financial Metrics | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Revenue | $698.3 million | $637.7 million |
| Gross Profit | $528.6 million | $463.5 million |
| Gross Profit Margin | 75.7% | 72.7% |
| Net Income (Loss) | $21.3 million | ($117.7 million) |
| Net Income (Loss) per Share | $0.04 (Basic) | ($0.19) |
| Cash and Cash Equivalents | $286.3 million | N/A |
| Debt Outstanding | $778.0 million | N/A |
Revenue Breakdown
The company's revenue is primarily derived from software subscription services, which accounted for approximately 96% of total revenues:
| Revenue Source | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Software Subscription Revenue | $670.3 million | $611.6 million |
| Growth from Existing Customers | 7% | N/A |
| Growth from New Customers | 3% | N/A |
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, reflected the company's investments in growth and technology:
| Operating Expense Category | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Research and Development | $148.3 million | $127.9 million |
| Selling and Marketing | $106.3 million | $105.1 million |
| General and Administrative | $161.2 million | $137.5 million |
| Amortization of Intangible Assets | $53.8 million | $54.0 million |
| Total Operating Expenses | $469.6 million | $506.8 million |
Cash Flow and Liquidity
For the nine months ended September 30, 2024, CCC generated robust cash flows:
| Cash Flow Metrics | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Net Cash Provided by Operating Activities | $170.2 million | $163.1 million |
| Net Cash Used in Investing Activities | ($45.1 million) | ($43.2 million) |
| Free Cash Flow | $125.2 million | $120.0 million |
Debt and Interest
The company has significant outstanding debt, which includes:
| Debt Metrics | Amount |
|---|---|
| Term B Loan | $778.0 million |
| Weighted Average Interest Rate (2024) | 7.8% |
| Interest Expense (9 Months) | $49.4 million |
Market Position and Strategy
CCC Intelligent Solutions focuses on expanding its market share through innovative technology solutions and strategic partnerships. The company aims to leverage cloud computing and advanced analytics to enhance its service offerings and improve customer engagement.
How CCC Intelligent Solutions Holdings Inc. (CCCS) Makes Money
Revenue Streams
CCC Intelligent Solutions Holdings Inc. generates revenue primarily through software subscription services. For the nine months ended September 30, 2024, total revenues amounted to $698.3 million, representing a 9.5% increase compared to the same period in 2023. Of this, software subscription revenues accounted for $670.3 million, or 96% of total revenues, up from $611.6 million in the prior year.
| Revenue Source | Q3 2024 (in millions) | Q3 2023 (in millions) | Change (%) |
|---|---|---|---|
| Software Subscriptions | $229.4 | $212.5 | 7.8% |
| Other Revenues | $9.1 | $8.7 | 4.6% |
| Total Revenue | $238.5 | $221.1 | 7.8% |
Cost of Revenues
The cost of revenues for the nine months ended September 30, 2024, decreased to $169.8 million, down 2.6% from $174.3 million in the same period of 2023. This reduction is attributed to economies of scale and improved operational efficiencies.
Gross Profit and Margin
Gross profit for CCC Intelligent Solutions increased by $65.1 million to $528.6 million for the nine months ended September 30, 2024. The gross profit margin improved to 75.7% from 72.7% in the prior year, reflecting the positive impact of increased software subscription revenues.
Operating Expenses
Operating expenses showed mixed trends. Research and development expenses rose by 15.9% to $148.3 million, driven primarily by increased stock-based compensation and IT-related costs. Selling and marketing expenses increased slightly by 1.1% to $106.3 million, while general and administrative expenses surged by 17.3% to $161.2 million.
| Operating Expense Category | Q3 2024 (in millions) | Q3 2023 (in millions) | Change (%) |
|---|---|---|---|
| Research and Development | $148.3 | $127.9 | 15.9% |
| Selling and Marketing | $106.3 | $105.1 | 1.1% |
| General and Administrative | $161.2 | $137.5 | 17.3% |
Net Income
For the nine months ended September 30, 2024, the net income attributable to common stockholders was $21.3 million, a significant recovery from a net loss of $117.7 million in the same period of 2023. The net income per share for Q3 2024 was $0.04 compared to a loss of $0.19 per share in Q3 2023.
Cash Flow and Liquidity
CCC Intelligent Solutions generated $170.2 million in cash flows from operating activities for the nine months ended September 30, 2024. The company reported free cash flow of $125.2 million during the same period, reflecting strong operational performance.
| Cash Flow Item | Q3 2024 (in thousands) | Q3 2023 (in thousands) |
|---|---|---|
| Net Cash Provided by Operating Activities | $170,241 | $163,138 |
| Net Cash Used in Investing Activities | ($45,073) | ($43,187) |
| Free Cash Flow | $125,168 | $119,951 |
Debt and Interest Expense
As of September 30, 2024, CCC Intelligent Solutions had an aggregate principal outstanding on its term loan of $778.0 million. The weighted-average interest rate on the outstanding borrowings under the Term B Loan was 7.8% for the nine months ended September 30, 2024, compared to 7.3% in 2023. Interest expense for the same period increased to $49.4 million.
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Article updated on 8 Nov 2024
Resources:
- CCC Intelligent Solutions Holdings Inc. (CCCS) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of CCC Intelligent Solutions Holdings Inc. (CCCS)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View CCC Intelligent Solutions Holdings Inc. (CCCS)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.