CollisionWeek

Your source for the latest collision repair industry news, statistics and trend analysis.

  • News
  • Research
  • Feature
  • Subscribe
You are here: Home / News / CCC Third Quarter Revenue Up 11% Compared to Last Year

CCC Third Quarter Revenue Up 11% Compared to Last Year

November 7, 2023 By CollisionWeek Editor

Company reports more than $221 million in revenue for the quarter, over $637 million for first nine months.

CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS) reported total revenue was $221.1 million for the third quarter ended September 30, an increase of 11% from $198.7 million for the third quarter of 2022. For the first nine months of 2023, revenue was $637.8 million, up 10.3% from $578.3 million in the same period last year.

CCC 2021 logo“CCC delivered strong third quarter results, highlighted by 11% year-over-year revenue growth, 19% year-over-year adjusted EBITDA growth, and an adjusted EBITDA margin of 42%. Our solid performance reflects positive momentum across our business from continuing to deliver new, high-ROI solutions that improve the operating efficiency and consumer experience of our customers’ mission-critical workflows,” said Githesh Ramamurthy, Chairman & CEO of CCC.

“Our goal at CCC is the digitization of the entire automobile accident supply chain – from first notice of loss through subrogation – by seamlessly integrating artificial intelligence, connected networks, and digital engagement,” continued Ramamurthy. “Our strong innovation velocity and balanced growth algorithm reinforce our confidence in our long-term growth outlook.”

The company reported gross profit on a generally accepted accounting principles (GAAP) basis was $163.1 million, representing a gross margin of 74%, for the third quarter of 2023, compared with $145.6 million, or a gross margin of 73%, for the third quarter of 2022. Adjusted gross profit was $172.1 million, representing an adjusted gross profit margin of 78%, for the third quarter of 2023, compared with $154.1 million, representing an adjusted gross profit margin of 78%, for the third quarter of 2022.

GAAP operating income was $16.6 million for the third quarter of 2023, compared with GAAP operating income of $17.1 million for the third quarter of 2022. Adjusted operating income was $82.7 million for the third quarter of 2023, compared with adjusted operating income of $71.1 million for the third quarter of 2022.

GAAP net loss was $21.2 million for the third quarter of 2023, compared with GAAP net income of $9.8 million for the third quarter of 2022. Adjusted net income was $57.2 million for the third quarter of 2023, compared with adjusted net income of $46.6 million for the third quarter of 2022.

Adjusted EBITDA was $92.9 million for the third quarter of 2023, compared with adjusted EBITDA of $78.1 million for the third quarter of 2022. Adjusted EBITDA grew 19% in the third quarter of 2023 compared with the third quarter of 2022.

CCC had $448.7 million in cash and cash equivalents and $786.0 million of total debt on September 30, 2023. The Company generated $60.5 million in cash from operating activities and had free cash flow of $46.4 million during the third quarter of 2023, compared with $30.8 million generated in cash from operating activities and $17.4 million in free cash flow in the third quarter of 2022.

Filed Under: News Tagged With: CCC, Earnings

Interview Sponsors

IBIS Publisher Partner

Login

Remember Me
Subscribe | Lost your Password?

Tags

AAA AASP/NJ Acquisitions Advanced Driver Assistance Systems Agreements Signed Annual Conference Auto Care Association Automotive Service Association Autonomous Vehicles Awards Axalta Coating Systems Board of Directors Boyd Group California Canada Career and Technical Education CARSTAR CCC Collision Industry Electronic Commerce Association Collision Repair Education Foundation Coronavirus Crash Champions Diagnostics Donations Earnings Electric Vehicles Florida I-CAR Lawsuits legislation LKQ Corporation National Auto Body Council Network Affiliations New Jersey New Vehicle Sales Non-OEM Parts Openings People PPG Industries Regulations Right to Repair Scholarships Texas United Kingdom Workforce Development

Recent Articles

  • Consumer Sentiment Unchanged in May May 30, 2025
  • CARSTAR Adds Collision Repair Center to Network in Billings, Montana May 30, 2025
  • Meyer Distributing Opens New Location in Amarillo, Texas May 30, 2025
  • EEOC Sues Maryland Chevrolet Dealer for Refusing to Accommodate Disabled Veteran Parts Department Worker May 30, 2025
  • Automotive Management Institute Extends $600 Discount Offer May 30, 2025
  • CCC Partners with BMW to Help Drivers Connect with Certified Collision Repair Facilities and Take the First Step Toward Repair May 29, 2025
  • Crash Champions Selected as Hyundai Authorized Paint Repair Partner May 29, 2025

CollisionWeek Membership

  • Login
  • Lost Password
  • Membership Details
  • Register
  • Sponsors
  • Subscription Information
  • Terms of Use for CollisionWeek

More Information

About CollisionWeek
Contact Us
Privacy Policy
Event Calendar
Take the Collision Repair Business Conditions Survey

Copyright 1999-2025 - QuanDec Corporation - All Rights Reserved · Log in