CCC Intelligent Solutions (CCCS) - 2024 Q3 - Quarterly Results

Revenue and Profit Performance - Total revenue for Q3 2024 was $238.5 million, an 8$221.1 million in Q3 2023[2] - Total revenue for the three months ended September 30, 2024, was $238.5 million, compared to$221.1 million in the same period in 2023, representing a 7.8% increase[14] - Adjusted Gross Profit for the three months ended September 30, 2024, was $185.93 million, with a margin of 78$172.12 million and 78% in 2023[16] - Adjusted Gross Profit for the nine months ended September 30, 2024, was $545.02 million, with a margin of 78$490.73 million and 77% in 2023[16] - Gross profit for the three months ended September 30, 2024, was $183.4 million, up from$163.1 million in the same period in 2023, reflecting a 12.4% increase[14] - Gross Profit Margin for the three months ended September 30, 2024, was 77%, up from 74% in 2023[16] - Adjusted Operating Income for the three months ended September 30, 2024, was $91.20 million, compared to$82.69 million in 2023[18] - Operating income for the three months ended September 30, 2024, was $28.7 million, compared to$16.6 million in the same period in 2023, a 72.9% increase[14] - Net income attributable to CCC Intelligent Solutions Holdings Inc. common stockholders for the three months ended September 30, 2024, was $2.8 million, compared to a net loss of$22.2 million in the same period in 2023[14] - Net income for September 30, 2024, was $24.98 million, compared to a net loss of$116.36 million in 2023[15] - Net income for Q3 2024 was $4.13 million, a significant improvement from a net loss of$21.20 million in Q3 2023[19] - Comprehensive income attributable to CCC Intelligent Solutions Holdings Inc. common stockholders for the three months ended September 30, 2024, was $2.9 million, compared to a comprehensive loss of$22.2 million in the same period in 2023[14] Adjusted EBITDA and Net Income - Adjusted EBITDA for Q3 2024 was $101.6 million, a 9$92.9 million in Q3 2023[2] - Adjusted EBITDA for Q3 2024 was $101.55 million, up from$92.93 million in Q3 2023, with an EBITDA margin of 43% compared to 42% in the same period last year[19] - Adjusted net income for Q3 2024 was $62.7 million, up from$57.2 million in Q3 2023[2] - Adjusted net income for Q3 2024 was $62.58 million, compared to$57.16 million in Q3 2023, with adjusted net income per share (diluted) of $0.10, up from$0.09[20] Financial Guidance - Q4 2024 revenue guidance is projected between $242.5 million and$246.5 million[7] - Full-year 2024 revenue guidance is estimated between $941.0 million and$945.0 million[7] - Adjusted EBITDA for full-year 2024 is expected to be between $394.0 million and$396.0 million[7] Cash Flow and Liquidity - Net cash provided by operating activities for September 30, 2024, was $170.24 million, up from$163.14 million in 2023[15] - Free cash flow for Q3 2024 was $49.38 million, an increase from$46.40 million in Q3 2023[21] - Cash and cash equivalents increased to $286.3 million as of September 30, 2024, from$195.6 million as of December 31, 2023, a 46.4% increase[13] - Cash and cash equivalents at the end of September 30, 2024, were $286.30 million, down from$448.73 million in 2023[15] Balance Sheet and Equity - Total assets as of September 30, 2024, were $3.11 billion, up from$3.05 billion as of December 31, 2023[13] - Total current liabilities decreased to $146.8 million as of September 30, 2024, from$152.9 million as of December 31, 2023[13] - Total stockholders' equity increased to $1.94 billion as of September 30, 2024, from$1.78 billion as of December 31, 2023[13] Expenses and Costs - Research and development expenses for the three months ended September 30, 2024, were $49.5 million, up from$43.5 million in the same period in 2023, a 13.8% increase[14] - Adjusted Operating Expenses for the three months ended September 30, 2024, were $94.73 million, up from$89.43 million in 2023[17] - Stock-based compensation expense for the three months ended September 30, 2024, was $42.64 million, compared to$40.21 million in 2023[18] - Stock-based compensation expense for Q3 2024 was $42.64 million, up from$40.21 million in Q3 2023[20] - Interest expense for Q3 2024 was $16.38 million, compared to$14.63 million in Q3 2023[19] - Amortization of intangible assets for the three months ended September 30, 2024, was $17.94 million, consistent with 2023[17] - Amortization of intangible assets for Q3 2024 was$17.94 million, consistent with Q3 2023[19] - Litigation costs for Q3 2024 were $1.61 million, slightly higher than$1.40 million in Q3 2023[19] - Purchases of software, equipment, and property for Q3 2024 were $13.85 million, down from$14.10 million in Q3 2023[21] Product and Market Developments - CCC launched CCC® Intelligent Reinspection, leveraging AI to streamline auto insurer workflows[5] - CCC® Payroll was introduced to simplify payroll management for collision repair shops[5] - Over 2,000 repair facilities adopted CCC® Build Sheets within three months of its launch[6] Share Information - Weighted average diluted shares outstanding for Q3 2024 were 642.40 million, down from 657.57 million in Q3 2023[20]