CCC Q1 2023 Earnings Report
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.
CCC
CCC
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