Ccc Intelligent Solutions Holdings Inc ( (CCCS) ) has released its Q4 earnings. Here is a breakdown of the information Ccc Intelligent Solutions Holdings Inc presented to its investors.
CCC Intelligent Solutions Holdings Inc., a prominent cloud platform provider for the property and casualty (P&C) insurance sector, is known for its innovative AI-driven solutions and extensive network connections across various industries including insurers and automakers. The company recently reported its financial results for the fourth quarter and full fiscal year 2024, showcasing a solid performance with notable revenue growth and strategic advancements.
In 2024, CCC Intelligent Solutions achieved a 9% increase in year-over-year revenue, reaching $944.8 million, and maintained an adjusted EBITDA margin of 42%. The company made significant strides in AI-based innovation, introducing a record number of new solutions and expanding its network. A key highlight was the acquisition of EvolutionIQ, enhancing CCC’s capabilities in AI-powered claims management.
The fourth quarter of 2024 saw CCC’s total revenue rise by 8% to $246.5 million compared to the previous year. The company reported a GAAP gross profit of $185.2 million with a gross margin of 75%. Adjusted net income for the quarter was $64.5 million, reflecting a 6% growth in adjusted EBITDA. For the full year, CCC’s GAAP net income turned positive at $31.2 million, a significant improvement from a net loss in 2023.
Looking ahead, CCC Intelligent Solutions remains optimistic about its growth trajectory, supported by positive customer feedback and strategic investments. The company has issued guidance for fiscal 2025, projecting revenue between $1.055 billion and $1.065 billion and adjusted EBITDA between $417 million and $427 million, indicating a continued focus on innovation and market expansion.