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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 Inc. (CCC) (NYSE: CCCS), a leading SaaS platform for the Property & Casualty insurance economy, today announced its financial results for the three months ended June 30, 2021.
“We saw continued adoption of digital and AI solutions that accelerated top-line performance in the second quarter. Our continuous focus on innovation and customer success has CCC in a terrific position to support the digitization of the P&C insurance economy by delivering the differentiated solutions our customers want to improve their business,” said Githesh Ramamurthy, Chairman & CEO of CCC.
Ramamurthy continued, “We are excited by the successful completion of our business combination with Dragoneer Growth Opportunity Corp. and our return to the public markets. We have increased flexibility to expand how we invest in the business that will benefit our customers and provide additional growth opportunities for CCC to meet or exceed our long-term growth objectives.”
Second 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 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.
2nd Quarter and Recent Business Highlights
Business Outlook
Based on information as of today, August 12, 2021, the Company is issuing the following financial guidance:
Third Quarter Fiscal 2021
Full Year Fiscal 2021
Revenue
$172.5 million to $174.5 million
$677 million to $682 million
Adjusted EBITDA
$61 million to $63 million
$244 million to $249 million
Year-over-year revenue growth for the third quarter of 2021 is forecasted to be 9% - 10%, or 15% - 16% 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 7% - 8%, or 13% - 14% on an adjusted basis. First Party Clinical Services revenue was $7.8 million and $34.7 million for our fiscal third quarter and year end 2020, respectively.
Conference Call Information
CCC will host a conference call today, August 12, 2021, at 5:00 p.m. (Eastern Time) to discuss the Company’s financial results and financial guidance. To access this call, dial 844-200-6205 (domestic) or 44-208-0682-558 (international). The conference ID number is 941788. A live webcast of this conference call will be available on the “Investor Relations” page (https://ir.cccis.com/home/default.aspx.) and a replay will be archived on the website as well.
About CCC Intelligent Solutions
CCC Intelligent Solutions Inc. (CCC) (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 ability to recognize the anticipated benefits of the business combination (the “business combination”) of CCC’s parent corporation and Dragoneer Growth Opportunities Corp. ; the impact of COVID-19 on CCC’s business and/or the ability of the parties to complete the business combination; failure to realize the anticipated benefits of 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 expansion of CCC Payments and launch of CCC Estimate are not as successful as anticipated or do not occur on the expected timing; 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 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.
CYPRESS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
June 30,
December 31,
2021
2020
(Unaudited)
(Audited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
58,506
$
162,118
Accounts receivable—Net of allowances of $4,218 and $4,224 for June 30, 2021 and December 31, 2020, respectively
81,817
74,107
Income taxes receivable
1,244
2,037
Deferred contract costs
12,681
11,917
Other current assets
33,524
31,586
Total current assets
187,772
281,765
SOFTWARE, EQUIPMENT, AND PROPERTY—Net
108,640
101,438
OPERATING LEASE ASSETS
41,859
-
INTANGIBLE ASSETS—Net
1,262,608
1,311,917
GOODWILL
1,466,884
1,466,884
DEFERRED FINANCING FEES, REVOLVER—Net
598
746
DEFERRED CONTRACT COSTS
15,986
14,389
EQUITY METHOD INVESTMENT
10,228
-
OTHER ASSETS
16,684
18,416
TOTAL
$
3,111,259
$
3,195,555
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
16,826
$
13,164
Accrued expenses
58,393
52,987
Income taxes payable
4,293
5,129
Current portion of long-term debt
13,846
25,381
Current portion of long-term licensing agreement—Net
2,620
2,540
Operating lease liabilities
9,546
-
Deferred revenues
28,824
26,514
Interest rate swap derivatives
11,993
-
Total current liabilities
146,341
125,715
FIRST LIEN TERM LOAN—Net
1,299,774
1,292,597
DEFERRED INCOME TAXES—Net
311,280
322,348
LONG-TERM LICENSING AGREEMENT—Net
35,001
36,331
OPERATING LEASE LIABILITIES
41,338
-
OTHER LIABILITIES
11,711
32,770
Total liabilities
1,845,445
1,809,761
COMMITMENTS AND CONTINGENCIES (Notes 20 and 21)
MEZZANINE EQUITY:
Redeemable non-controlling interests
14,179
14,179
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.001 par; 1,500,000 shares authorized; no shares issued and outstanding
-
-
Common stock—Series A, $0.001 par; 3,000,000 shares authorized; 1,450,978 shares issued and outstanding at June 30, 2021 and December 31, 2020
1
1
Common stock—Series B, $0.001 par; 500,000 shares authorized; 33,178 and 29,785 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively
-
-
Additional paid-in capital
1,517,123
1,501,255
Accumulated deficit
(265,189
)
(129,370
)
Accumulated other comprehensive loss
(300
)
(271
)
Total stockholders’ equity
1,251,635
1,371,615
TOTAL
$
3,111,259
$
3,195,555
See notes to condensed consolidated financial statements.
CYPRESS 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,
2021
2020
2021
2020
REVENUES
$
166,789
$
150,716
$
324,578
$
309,924
COST OF REVENUES
Cost of revenues, exclusive of amortization of acquired technologies
38,932
43,408
76,945
91,795
Amortization of acquired technologies
6,580
6,574
13,160
13,149
Total cost of revenues
45,512
49,982
90,105
104,944
GROSS PROFIT
121,277
100,734
234,473
204,980
OPERATING EXPENSES:
Research and development
31,253
27,772
61,877
55,315
Selling and marketing
21,551
17,702
40,968
39,181
General and administrative
28,394
21,566
66,233
44,566
Amortization of intangible assets
18,078
18,078
36,155
36,155
Total operating expenses
99,276
85,118
205,233
175,217
OPERATING INCOME
22,001
15,616
29,240
29,763
INTEREST EXPENSE
(18,903
)
(18,643
)
(37,669
)
(37,800
)
GAIN (LOSS) ON CHANGE IN FAIR VALUE OF INTEREST RATE SWAPS
3,089
620
6,366
(20,527
)
LOSS ON EARLY EXTINGUISHMENT OF DEBT
-
-
-
(8,615
)
OTHER INCOME—Net
4
115
91
255
PRETAX INCOME (LOSS)
6,191
(2,292
)
(1,972
)
(36,924
)
INCOME TAX (PROVISION) BENEFIT
(2,375
)
331
704
9,711
NET INCOME (LOSS) INCLUDING NON-CONTROLLING INTEREST
3,816
(1,961
)
(1,268
)
(27,213
)
Less: net income (loss) attributable to non-controlling interest
-
-
-
-
NET INCOME (LOSS) ATTRIBUTABLE TO CYPRESS HOLDINGS, INC.
$
3,816
$
(1,961
)
$
(1,268
)
$
(27,213
)
Net income (loss) per share attributable to Class A and Class B common stockholders:
Basic
$
2.57
$
(1.32
)
$
(0.85
)
$
(18.39
)
Diluted
$
2.48
$
(1.32
)
$
(0.85
)
$
(18.39
)
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders:
Basic
1,484,156
1,480,262
1,483,634
1,479,918
Diluted
1,537,767
1,480,262
1,483,634
1,479,918
COMPREHENSIVE INCOME (LOSS):
Net income (loss) including non-controlling interest
3,816
(1,961
)
(1,268
)
(27,213
)
Other comprehensive loss—Foreign currency translation adjustment
(36
)
(1
)
(29
)
(18
)
COMPREHENSIVE INCOME (LOSS) INCLUDING NON-CONTROLLING INTEREST
3,780
(1,962
)
(1,297
)
(27,231
)
Less: comprehensive income (loss) attributable to non-controlling interest
-
-
-
-
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CYPRESS HOLDINGS, INC.
$
3,780
$
(1,962
)
$
(1,297
)
$
(27,231
)
See notes to condensed consolidated financial statements.
CYPRESS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
For the Six Months Ended
June 30,
2021
2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$
(1,268
)
$
(27,213
)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization of software, equipment, and property
10,472
8,543
Amortization of intangible assets
49,315
49,304
Deferred income taxes
(11,068
)
(16,685
)
Stock-based compensation
15,537
5,601
Amortization of deferred financing fees
2,321
2,146
Amortization of discount on debt
392
327
Change in fair value of interest rate swaps
(6,366
)
20,527
Loss on early extinguishment of debt
-
8,615
Non-cash lease expense
3,667
-
Other
34
13
Changes in:
Accounts receivable—Net
(7,749
)
(9,834
)
Deferred contract costs
(765
)
128
Other current assets
(1,937
)
2,757
Deferred contract costs—Non-current
(1,597
)
(941
)
Other assets
1,699
(10,254
)
Operating lease assets
3,410
-
Income taxes
(43
)
7,256
Accounts payable
3,613
(115
)
Accrued expenses
4,031
(17,324
)
Operating lease liabilities
(3,900
)
-
Deferred revenues
2,303
1,127
Other liabilities
(2,281
)
(202
)
Net cash provided by operating activities
59,820
23,776
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of software, equipment, and property
(13,158
)
(12,512
)
Purchase of equity method investment
(10,189
)
-
Purchase of intangible asset
(49
)
(560
)
Net cash used in investing activities
(23,396
)
(13,072
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of non-controlling interest in subsidiary
-
14,179
Principal payments on long-term debt
(6,923
)
(381,923
)
Proceeds from issuance of long-term debt, net of fees paid to lender
-
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 Series B common stock
1,007
-
Payment of fees associated with early extinguishment of long-term debt
-
(29
)
Proceeds from exercise of stock options
503
242
Repurchases of Series B common stock
-
(101
)
Dividend to stockholders
(134,549
)
-
Net cash used in financing activities
(139,962
)
2,160
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
(74
)
(46
)
NET CHANGE IN CASH AND CASH EQUIVALENTS
(103,612
)
12,818
CASH AND CASH EQUIVALENTS:
Beginning of period
162,118
93,201
End of period
$
58,506
$
106,019
NONCASH INVESTING AND FINANCING ACTIVITIES:
Unpaid liability related to software, equipment, and property
$
5,752
$
-
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest
$
35,020
$
35,470
Cash received (paid) for income taxes—Net
$
(10,409
)
$
283
CYPRESS 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)
2021
2020
2021
2020
Gross Profit
$
121,277
$
100,734
$
234,473
$
204,980
First Party Clinical Services—Gross Profit
-
(141
)
-
(2,390
)
Amortization of acquired technologies
6,580
6,574
13,160
13,149
Stock-based compensation
176
160
394
239
Adjusted Gross Profit
$
128,033
$
107,327
$
248,027
$
215,978
Gross Profit Margin Percentage
73
%
67
%
72
%
66
%
Adjusted Gross Profit Margin Percentage
77
%
74
%
76
%
70
%
CYPRESS 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)
2021
2020
2021
2020
GAAP Operating Income
$
22,001
$
15,616
$
29,240
$
29,763
Stock-based compensation expense
2,883
2,371
15,537
5,601
Lease abandonment
925
-
1,850
-
Lease overlap costs
909
-
1,817
-
Net costs related to divestiture
1,494
-
2,266
-
Business combination transaction costs
1,953
-
4,955
-
Amortization of intangible assets
18,078
18,078
36,155
36,155
Amortization of acquired technologies—Cost of revenue
6,580
6,574
13,160
13,149
First Party Clinical Services—Revenue
-
(6,603
)
-
(18,255
)
First Party Clinical Services—Cost of revenue
-
6,462
-
15,865
Adjusted Operating Income
$
54,823
$
42,498
$
104,980
$
82,278
CYPRESS HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
(In thousands)
(Unaudited)
Three months ended June 30,
Six months ended June 30,
(dollar amounts in thousands)
2021
2020
2021
2020
Net income (loss)
$
3,816
$
(1,961
)
$
(1,268
)
$
(27,213
)
Interest expense
18,903
18,643
37,669
37,800
Income tax provision (benefit)
2,375
(331
)
(704
)
(9,711
)
Amortization of intangible assets
18,078
18,078
36,155
36,155
Amortization of acquired technologies—Cost of revenue
6,580
6,574
13,160
13,149
Depreciation and amortization related to software, equipment and property
5,314
4,243
10,467
8,543
EBITDA
55,066
45,246
95,479
58,723
(Gain) loss on change in fair value of interest rate swaps
(3,089
)
(620
)
(6,366
)
20,527
Stock-based compensation expense
2,883
2,371
15,537
5,601
Loss on early extinguishment of debt
-
-
-
8,615
Business combination transaction costs
1,953
-
4,955
-
Lease abandonment
925
-
1,850
-
Lease overlap costs
909
-
1,817
-
Net costs related to divestiture
1,494
-
2,266
-
First Party Clinical Services—Revenue
-
(6,603
)
-
(18,255
)
First Party Clinical Services—Cost of revenue
-
6,462
-
15,865
Adjusted EBITDA
$
60,141
$
46,856
$
115,538
$
91,076
CYPRESS HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED NET INCOME
(In thousands)
(Unaudited)
Three months ended June 30,
Six months ended June 30,
(dollar amounts in thousands)
2021
2020
2021
2020
GAAP Net Income (Loss)
$
3,816
$
(1,961
)
$
(1,268
)
$
(27,213
)
Stock-based compensation expense
2,883
2,371
15,537
5,601
Lease abandonment
925
-
1,850
-
Lease overlap costs
909
-
1,817
-
Net costs related to divestiture
1,494
-
2,266
-
Business combination transaction costs
1,953
-
4,955
-
(Gain) loss on change in fair value of interest rate swaps
(3,089
)
(620
)
(6,366
)
20,527
Loss on early extinguishment of debt
-
-
-
8,615
Amortization of intangible assets
18,078
18,078
36,155
36,155
Amortization of acquired technologies—Cost of revenue
6,580
6,574
13,160
13,149
First Party Clinical Services—Revenue
-
(6,603
)
-
(18,255
)
First Party Clinical Services—Cost of revenue
-
6,462
-
15,865
Tax effect of adjustments
(7,223
)
(6,828
)
(16,774
)
(21,231
)
Adjusted Net Income
$
26,326
$
17,473
$
51,332
$
33,213
CYPRESS 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,
(amounts in thousands)
2021
2020
2021
2020
Net cash provided by operating activities
$
21,586
$
14,675
$
59,820
$
23,776
Less: Purchases of software, equipment, and property
(8,521
)
(7,068
)
(13,158
)
(12,512
)
Less: Purchase of intangible assets
-
-
(49
)
(560
)
Free Cash Flow
$
13,065
$
7,607
$
46,613
$
10,704
View source version on businesswire.com: https://www.businesswire.com/news/home/20210812005829/en/
Investor: Brian Denyeau ICR, LLC 646-277-1251 IR@cccis.com
Media: Michael Nothnagel CCC Intelligent Solutions Inc. michael.nothnagel@teamlewis.com
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