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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CCC Intelligent Solutions Holdings Inc | NYSE:CCCS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.79 | 0 | 01:00:00 |
CCC Intelligent Solutions Holdings Inc. (CCC) (NYSE: CCCS), a leading SaaS platform for the P&C insurance economy, today announced its financial results for the three months ended September 30, 2021.
“CCC continued to perform at a high level in the third quarter, highlighted by 18% adjusted revenue growth and 31% adjusted EBITDA growth. We continue to see strong adoption of our expanding product portfolio as demand for cloud-based solutions to digitize workflows increases across the P&C insurance economy,” said Githesh Ramamurthy, Chairman & CEO of CCC.
Ramamurthy continued, “Our performance demonstrates the power of our growth model and we will continue to invest in the business to benefit our customers. We are thrilled with the pace of product innovation and the quality of customer feedback, giving us great confidence in our growth potential.”
Third Quarter 2021 Financial Highlights
Revenue
Profitability
Liquidity
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.
3rd Quarter and Recent Business Highlights
Business Outlook
Based on information as of today, November 10, 2021, the Company is issuing the following financial guidance:
Fourth Quarter Fiscal 2021
Full Year Fiscal 2021
Revenue
$182 million to $184 million
$683 million to $685 million
Adjusted EBITDA
$69 million to $71 million
$255 million to $257 million
Year-over-year revenue growth for the fourth quarter of 2021 is forecasted to be 10% - 11%, or 16% - 17% 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 8%, or 14% on an adjusted basis. First Party Clinical Services revenue was $8.6 million and $34.7 million for our fiscal fourth quarter and full year 2020, respectively.
Conference Call Information
CCC will host a conference call today, November 10, 2021, at 5:00 p.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 13723556. 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, the general economic, political, business and competitive conditions; the impact of COVID-19 on CCC’s business; failure to realize the anticipated benefits of the business combination of CCC’s parent corporation and Dragoneer Growth Opportunities Corp. (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 adoption of CCC® Estimate-STP does not occur on the expected timing; the risk that the Company fails to realize the expected benefits of customer renewals and expanding the Company’s customer base; 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 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 CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data)
September 30, December 31,2021
2020
(Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents$
160,465
$
162,118
Accounts receivable—Net of allowances of $3,972 and $4,224 for September 30, 2021 and December 31, 2020, respectively
82,367
74,107
Income taxes receivable
6,915
2,037
Deferred contract costs
13,833
11,917
Other current assets
36,261
31,586
Total current assets
299,841
281,765
SOFTWARE, EQUIPMENT, AND PROPERTY—Net
121,018
101,438
OPERATING LEASE ASSETS
38,774
-
INTANGIBLE ASSETS—Net
1,237,950
1,311,917
GOODWILL
1,466,884
1,466,884
DEFERRED FINANCING FEES, REVOLVER—Net
3,053
746
DEFERRED CONTRACT COSTS
18,893
14,389
EQUITY METHOD INVESTMENT
10,228
-
OTHER ASSETS
21,584
18,416
TOTAL
$
3,218,225
$
3,195,555
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable
$
16,083
$
13,164
Accrued expenses
81,771
52,987
Income taxes payable
7,161
5,129
Current portion of long-term debt
8,000
25,381
Current portion of long-term licensing agreement—Net
2,661
2,540
Operating lease liabilities
8,855
-
Deferred revenues
29,384
26,514
Total current liabilities
153,915
125,715
LONG-TERM DEBT: First Lien Term Loan—Net
-
1,292,597
Term B Loan—Net
780,218
-
Total long-term debt
780,218
1,292,597
DEFERRED INCOME TAXES—Net
255,849
322,348
LONG-TERM LICENSING AGREEMENT—Net
34,320
36,331
OPERATING LEASE LIABILITIES
50,550
-
WARRANT LIABILITIES
85,348
-
OTHER LIABILITIES
6,808
32,770
Total liabilities
1,367,008
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; 603,170,380 and 504,274,890 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
60
50
Additional paid-in capital
2,525,750
1,501,206
Accumulated deficit
(688,483
)
(129,370
)
Accumulated other comprehensive loss
(289
)
(271
)
Total stockholders’ equity
1,837,038
1,371,615
TOTAL
$
3,218,225
$
3,195,555
CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (In thousands, except share and per share data) (Unaudited)
For the Three Months Ended For the Nine Months Ended September 30, September 30,
2021
2020
2021
2020
REVENUES
$
176,628
$
157,754
$
501,205
$
467,677
COST OF REVENUES Cost of revenues, exclusive of amortization of acquired technologies
51,273
43,879
128,218
135,674
Amortization of acquired technologies
6,580
6,576
19,740
19,725
Total cost of revenues
57,853
50,455
147,958
155,399
GROSS PROFIT
118,775
107,299
353,247
312,278
OPERATING EXPENSES: Research and development
67,016
26,816
128,894
82,131
Selling and marketing
80,382
17,427
121,350
56,608
General and administrative
142,511
21,893
208,745
66,460
Amortization of intangible assets
18,078
18,078
54,232
54,232
Total operating expenses
307,987
84,214
513,221
259,431
OPERATING (LOSS) INCOME
(189,212
)
23,085
(159,974
)
52,847
INTEREST EXPENSE
(13,878
)
(19,788
)
(51,548
)
(57,588
)
GAIN (LOSS) ON CHANGE IN FAIR VALUE OF INTEREST RATE SWAPS
2,007
3,894
8,373
(16,633
)
CHANGE IN FAIR VALUE OF WARRANT LIABILITIES
(26,889
)
-
(26,889
)
-
LOSS ON EARLY EXINGUISHMENT OF DEBT
(15,240
)
-
(15,240
)
(8,615
)
OTHER (EXPENSE) INCOME—Net
(93
)
49
1
304
PRETAX (LOSS) INCOME
(243,305
)
7,240
(245,277
)
(29,685
)
INCOME TAX BENEFIT (PROVISION)
53,523
(2,520
)
54,227
7,191
NET (LOSS) INCOME INCLUDING NON-CONTROLLING INTEREST
(189,782
)
4,720
(191,050
)
(22,494
)
Less: net (loss) income attributable to non-controlling interest
-
-
-
-
NET (LOSS) INCOME ATTRIBUTABLE TO CCC INTELLIGENT SOLUTIONS HOLDINGS INC.
$
(189,782
)
$
4,720
$
(191,050
)
$
(22,494
)
Net (loss) income per share attributable to common stockholders: Basic$
(0.34
)
$
0.01
$
(0.36
)
$
(0.04
)
Diluted$
(0.34
)
$
0.01
$
(0.36
)
$
(0.04
)
Weighted-average shares used in computing net (loss) income per share attributable to common stockholders: Basic
566,454,782
504,212,021
525,877,533
504,062,587
Diluted
566,454,782
510,694,493
525,877,533
504,062,587
COMPREHENSIVE (LOSS) INCOME: Net (loss) income including non-controlling interest
(189,782
)
4,720
(191,050
)
(22,494
)
Other comprehensive income (loss)—Foreign currency translation adjustment
11
83
(18
)
65
COMPREHENSIVE (LOSS) INCOME INCLUDING NON-CONTROLLING INTEREST
(189,771
)
4,803
(191,068
)
(22,429
)
Less: comprehensive (loss) income attributable to non-controlling interest
-
-
-
-
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO CCC INTELLIGENT SOLUTIONS HOLDINGS INC.
$
(189,771
)
$
4,803
$
(191,068
)
$
(22,429
)
CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)
For the Nine Months Ended September 30,
2021
2020
CASH FLOWS FROM OPERATING ACTIVITIES: Net loss
$
(191,050
)
$
(22,494
)
Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization of software, equipment, and property
18,161
13,039
Amortization of intangible assets
73,972
73,957
Deferred income taxes
(66,499
)
(18,018
)
Stock-based compensation
235,413
7,471
Amortization of deferred financing fees
3,204
3,475
Amortization of discount on debt
537
553
Change in fair value of interest rate swaps
(8,373
)
16,633
Change in fair value of warrant liabilities
26,889
-
Loss on early extinguishment of debt
15,240
8,615
Non-cash lease expense
5,029
-
Other
54
42
Changes in: Accounts receivable—Net
(8,332
)
(12,644
)
Deferred contract costs
(1,916
)
(507
)
Other current assets
(4,673
)
(755
)
Deferred contract costs—Non-current
(4,504
)
(1,246
)
Other assets
(3,221
)
(10,795
)
Operating lease assets
5,133
-
Income taxes
(2,846
)
11,597
Accounts payable
1,399
2,080
Accrued expenses
17,051
(5,183
)
Operating lease liabilities
(5,935
)
-
Deferred revenues
2,861
580
Extinguishment of interest rate swap liability
(9,987
)
-
Other liabilities
(882
)
389
Net cash provided by operating activities
96,725
66,789
CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of software, equipment, and property
(25,022
)
(23,815
)
Purchase of equity method investment
(10,228
)
-
Purchase of intangible asset
(49
)
(560
)
Net cash used in investing activities
(35,299
)
(24,375
)
CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of non-controlling interest in subsidiary
-
14,179
Deemed distribution to CCCIS option holders
(9,006
)
-
Net proceeds from equity infusion from the Business Combination
763,300
-
Principal payments on long-term debt
(1,336,154
)
(385,385
)
Proceeds from issuance of long-term debt, net of fees paid to lender
789,927
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 common stock
1,007
-
Payment of fees associated with early extinguishment of long-term debt
(3,320
)
(29
)
Proceeds from exercise of stock options
503
618
Repurchases of common stock
-
(123
)
Dividends to CCCIS stockholders
(269,174
)
-
Net cash used in financing activities
(62,917
)
(948
)
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
(162
)
108
NET CHANGE IN CASH AND CASH EQUIVALENTS
(1,653
)
41,574
CASH AND CASH EQUIVALENTS: Beginning of period
162,118
93,201
End of period
$
160,465
$
134,775
NONCASH INVESTING AND FINANCING ACTIVITIES: Unpaid liability related to software, equipment, and property
$
4,054
$
-
Leasehold improvements acquired by tenant improvement allowance
$
10,556
$
-
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid for interest, excluding extinguishment of interest rate swap liability
$
47,312
$
52,217
Cash received (paid) for income taxes—Net
$
(15,119
)
$
770
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 September 30, Nine months ended September 30, (amounts in thousands, except percentages)
2021
2020
2021
2020
Gross Profit
$
118,775
$
107,299
$
353,247
$
312,278
First Party Clinical Services—Gross Profit
-
(645
)
-
(3,035
)
Amortization of acquired technologies
6,580
6,576
19,740
19,725
Business combination transaction costs
905
-
905
-
Stock-based compensation
12,169
141
12,563
380
Adjusted Gross Profit
$
138,429
$
113,371
$
386,455
$
329,348
Gross Profit Margin
67
%
68
%
70
%
67
%
Adjusted Gross Profit Margin
78
%
76
%
77
%
75
%
CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES RECONCILIATION OF GAAP OPERATING (LOSS) INCOME TO ADJUSTED OPERATING INCOME (In thousands) (Unaudited)
Three months ended September 30, Nine months ended September 30, (dollar amounts in thousands)
2021
2020
2021
2020
Net operating (loss) income
$
(189,212
)
$
23,085
$
(159,974
)
$
52,847
Stock-based compensation expense
219,876
1,869
235,413
7,471
Lease abandonment
438
-
2,256
-
Lease overlap costs
924
-
2,773
-
Net costs related to divestiture
338
-
2,605
-
Business combination transaction costs
5,516
93
10,471
93
Amortization of intangible assets
18,078
18,078
54,232
54,232
Amortization of acquired technologies—Cost of revenue
6,580
6,576
19,740
19,725
First Party Clinical Services—Revenue
-
(7,830
)
-
(26,083
)
First Party Clinical Services—Cost of revenue
-
7,185
-
23,048
Adjusted operating income
$
62,538
$
49,056
$
167,516
$
131,333
CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA (In thousands) (Unaudited)
Three months ended September 30, Nine months ended September 30, (dollar amounts in thousands)
2021
2020
2021
2020
Net (loss) income
$
(189,782
)
$
4,720
$
(191,050
)
$
(22,494
)
Interest expense
13,878
19,788
51,548
57,588
Income tax provision (benefit)
(53,523
)
2,520
(54,227
)
(7,191
)
Amortization of intangible assets
18,078
18,078
54,232
54,232
Amortization of acquired technologies—Cost of revenue
6,580
6,576
19,740
19,725
Depreciation and amortization related to software, equipment and property
7,694
4,496
18,161
13,039
EBITDA
(197,075
)
56,178
(101,596
)
114,899
(Gain) loss on change in fair value of interest rate swaps
(2,007
)
(3,894
)
(8,373
)
16,633
Change in fair value of warrant liabilities
26,889
-
26,889
-
Stock-based compensation expense
219,876
1,869
235,413
7,471
Loss on early extinguishment of debt
15,240
-
15,240
8,615
Business combination transaction costs
5,516
93
10,471
93
Lease abandonment
438
-
2,256
-
Lease overlap costs
924
-
2,773
-
Net costs related to divestiture
338
-
2,605
-
First Party Clinical Services—Revenue
-
(7,830
)
-
(26,083
)
First Party Clinical Services—Cost of revenue
-
7,185
-
23,048
Adjusted EBITDA
$
70,139
$
53,601
$
185,678
$
144,676
CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES RECONCILIATION OF GAAP NET (LOSS) INCOME TO ADJUSTED NET INCOME (In thousands) (Unaudited)
Three months ended September 30, Nine months ended September 30, (dollar amounts in thousands)
2021
2020
2021
2020
Net (loss) income
$
(189,782
)
$
4,720
$
(191,050
)
$
(22,494
)
Amortization of intangible assets
18,078
18,078
54,232
54,232
Amortization of acquired technologies—Cost of revenue
6,580
6,576
19,740
19,725
(Gain) loss on change in fair value of interest rate swaps
(2,007
)
(3,894
)
(8,373
)
16,633
Change in fair value of warrant liabilities
26,889
-
26,889
-
Stock-based compensation expense
219,876
1,869
235,413
7,471
Loss on early extinguishment of debt
15,240
-
15,240
8,615
Business combination transaction costs
5,516
93
10,471
93
Lease abandonment
438
-
2,256
-
Lease overlap costs
924
-
2,773
-
Net costs related to divestiture
338
-
2,605
-
First Party Clinical Services—Revenue
-
(7,830
)
-
(26,083
)
First Party Clinical Services—Cost of revenue
-
7,185
-
23,048
Tax effect of adjustments
(72,360
)
(5,716
)
(89,134
)
(26,947
)
Adjusted net income$
29,730
$
21,081
$
81,062
$
54,293
Adjusted net income per share attributable to common stockholders Basic
$
0.05
$
0.04
$
0.15
$
0.11
Diluted
$
0.05
$
0.04
$
0.15
$
0.11
Weighted average shares outstanding Basic
566,454,782
504,212,021
525,877,533
504,062,587
Diluted
599,675,416
510,694,493
554,818,300
510,252,470
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 September 30, Nine months ended September 30, (dollar amounts in thousands)
2021
2020
2021
2020
Net cash provided by operating activities
$
36,905
$
43,013
$
96,725
$
66,789
Less: Purchases of software, equipment, and property
(11,864
)
(11,303
)
(25,022
)
(23,815
)
Less: Purchase of intangible assets
-
-
(49
)
(560
)
Free Cash Flow$
25,041
$
31,710
$
71,654
$
42,414
View source version on businesswire.com: https://www.businesswire.com/news/home/20211110006211/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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