CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS) reported total revenue of $246.5 million for the fourth quarter, an 8% increase from $228.6 million for the fourth quarter of 2023. Adjusted earnings before interest, taxes and depreciation (EBITDA) for the fourth quarter was $106.3 million, exceeding the guidance range, with an adjusted EBITDA margin of 43%.
For the full year, revenue reached $944.8 million in 2024, up 9% from $866.4 million for the full year of 2023. Adjusted EBITDA was $397.4 million, a 12% increase compared to 2023, with an adjusted EBITDA margin of 42% – representing an expansion of approximately 130 basis points from the previous year.
CCC says it strengthened its automotive collision repair facility customer group added over 1,000 new rooftops and the company now has over 30,500 repair facilities on the CCC ONE network. More than 10,000 of these collision repairers are actively using AI-powered solutions in production environments.
“CCC delivered another year of solid financial performance, with year-over-year revenue growth in 2024 of 9% and adjusted EBITDA margin of 42%. We made significant investments in 2024 to deliver AI-based innovation and operational performance to our customers, introducing the largest number of new solutions in CCC’s history while continuing to expand our multi-sided network,” said Githesh Ramamurthy, Chairman & CEO of CCC.
During the earnings call with the investment community, management provided insights into claims volume trends in 2024.
Brian Herb, CFO, noted that during previous calls total claims volume had been down approximately 6% year-to-date, but moderated somewhat in the fourth quarter. According to Herb, the fourth quarter decline was 3% of total claims, as a result the year was 5% down in 2024 versus 2023.