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Mar 31, 2023
CCC Q1 2023 Earnings Report
CCC's first quarter results for 2023 were announced, demonstrating growth and profitability.
Key Takeaways
CCC Intelligent Solutions Holdings Inc. reported strong first quarter results with a 10% year-over-year revenue growth, reaching $204.9 million, and a 39% adjusted EBITDA margin. The company's AI-based system, Estimate-STP, processed over $1 billion in annualized run rate value of auto claims in March 2023, a tenfold increase from the previous year. The growing adoption of CCC® Diagnostics also contributed to the positive results, with a significant increase in the number of repair facilities using the solution and the volume of scanned vehicles being verified.
Total revenue reached $204.9 million, a 10% increase compared to the first quarter of 2022.
GAAP gross profit was $147.8 million, with a gross margin of 72%.
GAAP operating income was $13.3 million, while GAAP net income was $2.2 million.
Adjusted EBITDA was $79.5 million, representing a 39% adjusted EBITDA margin.
Forward Guidance
The Company is issuing the following financial guidance: Second Quarter Fiscal 2023 Revenue $207.5 million to $209.5 million and Adjusted EBITDA $76.5 million to $78.5 million. Full Year Fiscal 2023 Revenue $844 million to $850 million and Adjusted EBITDA $332 million to $338 million.
Positive Outlook
- Second Quarter Fiscal 2023 Revenue $207.5 million to $209.5 million
- Second Quarter Fiscal 2023 Adjusted EBITDA $76.5 million to $78.5 million
- Full Year Fiscal 2023 Revenue $844 million to $850 million
- Full Year Fiscal 2023 Adjusted EBITDA $332 million to $338 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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