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Dec 31, 2023
CCC Q4 2023 Earnings Report
CCC's Q4 2023 financial results were announced, demonstrating strong revenue growth and profitability.
Key Takeaways
CCC Intelligent Solutions Holdings Inc. reported a 12% increase in revenue for Q4 2023, reaching $228.6 million. The company's GAAP net income significantly improved to $26.3 million, and adjusted EBITDA grew by 25% to $100.1 million.
Total revenue increased by 12% to $228.6 million compared to Q4 2022.
GAAP gross profit was $172.7 million, with a gross margin of 76%.
GAAP operating income increased to $19.4 million from $9.7 million in the prior year.
Adjusted EBITDA grew by 25% to $100.1 million.
CCC
CCC
Forward Guidance
For the first quarter of fiscal year 2024, CCC anticipates revenue between $224.5 million and $226.0 million, and adjusted EBITDA between $90.5 million and $92.0 million. For the full fiscal year 2024, the company projects revenue between $942.0 million and $950.0 million, and adjusted EBITDA between $387.0 million and $395.0 million.
Positive Outlook
- Revenue is expected to be between $224.5 million and $226.0 million for Q1 2024.
- Adjusted EBITDA is projected to be between $90.5 million and $92.0 million for Q1 2024.
- Full year revenue is guided to be between $942.0 million and $950.0 million for fiscal year 2024.
- Adjusted EBITDA is expected to be between $387.0 million and $395.0 million for fiscal year 2024.
- CCC continues to deliver innovative solutions to its customers at scale, touching more claims with more capabilities than ever before.