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Mar 31, 2022
CCC Q1 2022 Earnings Report
CCC Intelligent Solutions Holdings Inc. reported strong first-quarter results, marked by revenue growth and adjusted EBITDA increase.
Key Takeaways
CCC Intelligent Solutions Holdings Inc. reported an 18% increase in revenue and a 33% increase in adjusted EBITDA for the first quarter of 2022. The company's CEO highlighted the early stages of digitization in the P&C insurance industry and CCC's ongoing investment in innovation.
Total revenue increased by 18% to $186.8 million compared to the first quarter of 2021.
GAAP gross profit was $137.4 million, with a gross profit margin of 74%.
GAAP operating income was $12.7 million, compared to $7.2 million for the first quarter of 2021.
Adjusted EBITDA grew 33% to $73.7 million compared to the first quarter of 2021.
CCC
CCC
Forward Guidance
The Company is issuing financial guidance for the second quarter and full year of fiscal 2022.
Positive Outlook
- Second Quarter Fiscal 2022 Revenue: $189.5 million to $191.5 million
- Second Quarter Fiscal 2022 Adjusted EBITDA: $69 million to $71 million
- Full Year Fiscal 2022 Revenue: $763 million to $771 million
- Full Year Fiscal 2022 Adjusted EBITDA: $288 million to $294 million