CCC Intelligent Solutions Holdings Inc. (NYSE: CCCS), announced total revenue was $192.8 million for the second quarter of 2022 ended June 30, an increase of 16% from $166.8 million for the second quarter of 2021.
GAAP gross profit was $139.9 million, representing a gross profit margin of 73%, for the second quarter of 2022, compared with $121.3 million, representing a gross profit margin of 73%, for the second quarter of 2021. Adjusted gross profit was $148.4 million, representing an adjusted gross profit margin of 77%, for the second quarter of 2022, compared with $128.0 million, representing an adjusted gross profit margin of 77%, for the second quarter of 2021.
“CCC delivered strong second quarter results, highlighted by 16% revenue growth and 22% adjusted EBITDA growth. Our performance reflects the durability of CCC’s business model and end markets as we help our customers become more operationally efficient through our AI-based solutions and connected network,” said Githesh Ramamurthy, Chairman & CEO of CCC.
“The growing momentum of CCC Estimate – STP with insurance carriers and the increased use of our diagnostics-related capabilities by repair shops are just two examples of how our continued focus on innovation is helping our clients address the macro headwinds of inflation, supply chain issues, labor shortages, and vehicle complexity,” continued Ramamurthy.
GAAP operating income was $12.5 million for the second quarter of 2022, compared with GAAP operating income of $22.0 million for the second quarter of 2021. Adjusted operating income was $66.7 million for the second quarter of 2022, compared with adjusted operating income of $54.8 million for the second quarter of 2021.
GAAP net income was $15.6 million for the second quarter of 2022, compared with GAAP net income of $3.8 million for the second quarter of 2021. Adjusted net income was $37.4 million for the second quarter of 2022, compared with $26.3 million for the second quarter of 2021.
Adjusted EBITDA was $73.4 million for the second quarter of 2022, compared with adjusted EBITDA of $60.1 million for the second quarter of 2021. Adjusted EBITDA grew 22% in the second quarter of 2022 as compared to the second quarter of 2021.
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