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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” 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
Profitability
Full Year 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.
4th Quarter and Recent Business Highlights
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
1 Year CCC Intelligent Solutions Chart |
1 Month CCC Intelligent Solutions Chart |
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