Revenue for the quarter was up 10% year-over-year. Added over 600 collision repair facilities to its platform year-to-date.
CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS), today announced total revenue was $232.6 million for the second quarter of 2024 ended June 30, an increase of 10% from $211.7 million for the second quarter of 2023.
“CCC delivered strong second quarter results, highlighted by 10% year-over-year revenue growth and 41% adjusted EBITDA margin. Our solid performance in the first half of 2024 reinforces our confidence in our durable business model, multisided network, and customer-focused innovation,” said Githesh Ramamurthy, Chairman & CEO of CCC.
“Our significant investment in research and development over the past decade has enabled us to build a robust pipeline of new solutions that help our clients accelerate their digital transformation within the P&C economy,” continued Ramamurthy. “Strong client engagement and feedback across these new solutions increase our confidence in CCC’s long-term growth potential.”
Generally accepted accounting principles (GAAP) gross profit was $177.3 million, representing a gross margin of 76%, for the second quarter of 2024, compared with $152.6 million, representing a gross margin of 72%, for the second quarter of 2023. Adjusted gross profit was $182.1 million, representing an adjusted gross profit margin of 78%, for the second quarter of 2024, compared with $162.0 million, representing an adjusted gross profit margin of 77%, for the second quarter of 2023.
GAAP operating income was $22.5 million for the second quarter of 2024, compared with GAAP operating loss of $73.2 million for the second quarter of 2023. Adjusted operating income was $86.0 million for the second quarter of 2024, compared with adjusted operating income of $71.8 million for the second quarter of 2023.
GAAP net income was $21.4 million for the second quarter of 2024, compared with GAAP net loss of $97.3 million for the second quarter of 2023. Adjusted net income was $56.2 million for the second quarter of 2024, compared with adjusted net income of $47.8 million for the second quarter of 2023.
Adjusted EBITDA was $95.8 million for the second quarter of 2024, compared with adjusted EBITDA of $80.9 million for the second quarter of 2023. Adjusted EBITDA grew 18% in the second quarter of 2024 compared with the second quarter of 2023.
CCC had $237.9 million in cash and cash equivalents and $780.0 million of total debt on June 30, 2024. The Company generated $51.8 million in cash from operating activities and had free cash flow of $36.2 million during the second quarter of 2024, compared with $69.6 million generated in cash from operating activities and $55.0 million in free cash flow in the second quarter of 2023.
CCC continued to grow the breadth and depth of its network during the second quarter of 2024, adding over 600 collision repair facilities to its platform in 2024 year-to-date. CCC now has over 30,000 repair facilities on the CCC platform. CCC’s total customer count now exceeds 35,000, including over 5,500 parts suppliers, more than 300 insurers, and 13 of the top-15 automotive OEMs.