Revenue was up 18% from last year.
CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS) announced total revenue was $186.8 million for the first quarter of 2022 that ended March 31, an increase of 18% from $157.8 million for the first quarter of 2021.
Gross profit on a generally accepted accounting principles (GAAP) basis was $137.4 million, representing a gross profit margin of 74%, for the first quarter of 2022. This was up compared to a gross profit of $113.2 million, representing a gross profit margin of 72%, for the first quarter of 2021.
Adjusted gross profit was $145.1 million, representing an adjusted gross profit margin of 78%, for the first quarter of 2022, compared with $120.0 million, representing an adjusted gross profit margin of 76%, for the first quarter of 2021.
GAAP operating income was $12.7 million for the first quarter of 2022, compared with GAAP operating income of $7.2 million for the first quarter of 2021. Adjusted operating income was $66.8 million for the first quarter of 2022, compared with adjusted operating income of $50.2 million for the first quarter of 2021.
GAAP net income was $12.0 million for the first quarter of 2022, compared with GAAP net loss of $5.1 million for the first quarter of 2021. Adjusted net income was $48.9 million for the first quarter of 2022, compared with $25.0 million for the first quarter of 2021.
“CCC delivered strong first quarter results, highlighted by 18% revenue growth and 33% adjusted EBITDA growth. Our results demonstrate our ability to solve the most pressing operational problems facing our customers’ businesses.” said Githesh Ramamurthy, Chairman & CEO of CCC.
“The P&C insurance industry is still in the early stages of digitization,” continued Ramamurthy. “Our significant and ongoing investment in innovation positions CCC to continue to drive durable growth in the near and long-term.”
According to the company it continued to see strong momentum across its customer groups in the P&C insurance industry and with collision repair facilities in the first quarter stating in the press release announcing the earnings, “With our insurance clients, we are seeing good adoption by insurers of our total loss care portfolio, where we now have 21 carriers either onboarded or in pilot. We also added two new carriers to our casualty platform in the quarter. Within the repair facilities, we are seeing strong growth in repair facility locations, which now exceed 27,000, as well as higher solution adoption per location driven by a 21% increase in the number of facilities adopting four or more solutions from CCC compared to 2020.”