Full year revenue up 11% versus previous year.
CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS) reported total revenue was $866.4 million for the full year of 2023, an increase of 11% from $782.4 million in 2022. For the fourth quarter, total revenue was $228.6 million up 12% from $204.1 million for the fourth quarter of 2022.
“CCC delivered another year of strong financial performance, with year-over-year revenue growth in 2023 of 11% and adjusted EBITDA margin of 41% – both above our guidance ranges. We believe our strong performance is the result of a growing interest in advanced digital solutions across the P&C insurance economy and the trust our customers place in us from years of delivering innovation and operational performance,” said Githesh Ramamurthy, Chairman & CEO of CCC.
“In 2023, we made significant investments in the business to position CCC for continued growth, including expanding our multi-sided network as well as increasing our growth capacity and capabilities,” continued Ramamurthy. “While making these critical investments to support our customers, we also delivered significant year-over-year margin expansion.”
According to the company, it continued to expand its network of customers by adding over 1,000 repair facilities and over 500 parts dealers in 2023. In total, CCC has more than 35,000 companies in its network, including approximately 29,500 repair facilities, approximately 5,000 parts suppliers, more than 300 insurers, and 13 of the top-15 automotive OEMs.
For the fourth quarter, gross profit on a generally accepted accounting principle (GAAP) basis was $172.7 million, representing a gross margin of 76%, for the fourth quarter of 2023, compared with $145.5 million, representing a gross margin of 71%, for the fourth quarter of 2022. Adjusted gross profit was $181.5 million, representing an adjusted gross profit margin of 79%, for the fourth quarter of 2023, compared with $157.2 million, representing an adjusted gross profit margin of 77%, for the fourth quarter of 2022.
GAAP operating income was $19.4 million for the fourth quarter of 2023, compared with GAAP operating income of $9.7 million for the fourth quarter of 2022. Adjusted operating income was $90.6 million for the fourth quarter of 2023, compared with adjusted operating income of $72.2 million for the fourth quarter of 2022.
GAAP net income was $26.3 million for the fourth quarter of 2023, compared with GAAP net income of $1.1 million for the fourth quarter of 2022. Adjusted net income was $59.0 million for the fourth quarter of 2023, compared with adjusted net income of $44.0 million for the fourth quarter of 2022.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was $100.1 million for the fourth quarter of 2023, compared with adjusted EBITDA of $80.1 million for the fourth quarter of 2022. Adjusted EBITDA grew 25% in the fourth quarter of 2023 compared with the fourth quarter of 2022.
For the full year, GAAP gross profit was $636.2 million, representing a gross margin of 73%, compared with $568.5 million, representing a gross margin of 73% for the full year of 2022. Adjusted gross profit was $672.2 million, representing an adjusted gross profit margin of 78% for the full year of 2023, compared with $604.8 million, representing an adjusted gross profit margin of 77% for the full year of 2022.
GAAP operating loss was $23.9 million for the full year of 2023, compared with GAAP operating income of $51.9 million for the full year of 2022. Adjusted operating income was $315.4 million for the full year of 2023, compared with adjusted operating income of $276.7 million for the full year of 2022.
GAAP net loss was $90.1 million for the full year of 2023, compared with GAAP net income of $38.4 million for the full year of 2022. Adjusted net income was $210.5 million for the full year of 2023, compared with adjusted net income of $176.4 million for the full year of 2022.
Adjusted EBITDA was $353.4 million for the full year of 2023, compared with adjusted EBITDA of $305.4 million for the full year of 2022. Adjusted EBITDA grew 16% in the full year of 2023 compared with the full year of 2022.
2024 Outlook
