CCC Intelligent Solutions Holdings Inc. (Nasdaq: CCCS) reported 2024 fourth quarter revenue of $246.5 million, up 8% from the same period last year. Full-year revenue was $944.8 million, a 9% increase YOY.
Chicago-based CCC reported results after markets closed Feb. 25.
In Q4, GAAP gross profit was $185.2 million, up 7% from 2023’s Q4; GAAP operating income $21.1 million, up 9%; and GAAP net income $6.3 million, down 76%.
2024 GAAP gross profit was $713.8 million, up 12% YOY; GAAP operating income $80.1 million, up from an operating loss of $23.9 million in 2023; GAAP net income was $31.2 million, up from a $90.1 million GAAP net loss last year.
GAAP results are those under “generally accepted accounting principles.”
Adjusted results for gross profit, operating income and net income, which are non-GAAP measures, were all higher for the fourth quarter and full year of 2024. Adjusted EBITDA, also a non-GAAP metric, rose as well.
Gross margins for both periods hovered in the 75% to 76% range, the earnings release said.
CCC had $399 million in cash and cash equivalents, and $776 million in debt, on Dec. 31.
Growth, Investments, Acquisitions
CCC expects 2025 full year revenue to grow about 12% and top $1 billion.
The insurance software-as-a-service (SaaS) works with 35,000 property and casualty businesses including insurers, repairers, automakers and parts suppliers, its earnings release said.
CCC’s release said its collision repair facility unit “added over 1,000 new rooftops and now has over 30,500 repair facilities” in its network. One-third of the locations use artificial intelligence elements in their work.
The company in the quarter said it would buy EvolutionIQ Inc. for $730 million; the deal closed Jan. 6. About 40% of the price was in stock and 60% in cash, the latter funded partly by a $225 million term loan. EvolutionIQ’s platform uses artificial intelligence in disability and injury claims management.
Chairman and CEO Githesh Ramamurthy in the release touted CCC’s spending on AI and its cloud platform. “We made significant investments in 2024 to deliver AI-based innovation and operational performance…Positive customer feedback regarding these investments reinforces our confidence in our durable business model and long-term growth outlook.”
On Feb. 26, CCC announced Tim Welsh has been named president, effective March 24. Welsh has McKinsey & Co. consulting experience in P&C insurance, and most recently “helped lead the digital transformation of the $10 billion consumer and small-business banking unit of U.S. Bank,” according to his hiring press release.
Paul Hughes