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CCC Intelligent Solutions Holdings Inc. - CCCS STOCK NEWS

Welcome to our dedicated page for CCC Intelligent Solutions Holdings news (Ticker: CCCS), a resource for investors and traders seeking the latest updates and insights on CCC Intelligent Solutions Holdings stock.

CCC Intelligent Solutions Holdings Inc. (Symbol: CCCS) is a leading provider of cutting-edge technology solutions for the automotive and property & casualty insurance industries. For over 30 years, CCC has pioneered innovative software, delivering exceptional customer service and insightful analysis to shape the industry. Their advanced SaaS platform, utilizing cloud, mobile, AI, telematics, and hyperscale technologies, connects trading partners, facilitates commerce, and supports mission-critical, AI-enabled digital workflows. CCC is instrumental in helping people get back into their cars quickly after accidents through seamless integrations between insurers, auto manufacturers, repairers, part suppliers, and millions of drivers worldwide.

Recent achievements include significant advancements in telematics, ridesharing, autonomous vehicles, and usage-based insurance, demonstrating their commitment to driving the future of vehicle and insurance technology. With a strong presence in the United States and China, CCC generates the majority of its revenue from software subscriptions and professional services, primarily within the U.S.

The company’s ecosystem not only enhances operational efficiencies but also delivers superior customer experiences, making CCC a pivotal player in the insurance economy. Whether you are an insurer, auto manufacturer, or repairer, CCC offers the solutions you need to innovate and succeed. If you are looking to be part of a dynamic and forward-thinking team, CCC Intelligent Solutions Holdings Inc. is the place to be.

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CCC Intelligent Solutions (NASDAQ: CCCS) announced it will release its Q2 2024 financial results on July 30, 2024, after the U.S. market closes. The company will also host a conference call at 5:00 p.m. ET the same day to discuss the results and provide a business outlook. The live webcast and replay will be accessible on the Investor Relations page of the company's website.

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CCC Intelligent Solutions Holdings announced the pricing of a secondary offering of 30 million shares of its common stock by affiliates of Advent International and Oak Hill Capital Partners. The shares will be sold at market prices through negotiated transactions. The offering, expected to close around July 1, 2024, will not provide any proceeds to CCC Intelligent Solutions as the shares are sold by the selling stockholders. BofA Securities and Goldman Sachs are acting as joint book running managers for this offering. The offering is made under a shelf registration statement effective since October 14, 2022, with details available on the SEC website.

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CCC Intelligent Solutions Holdings announced a secondary offering of 30 million shares of common stock by affiliates of Advent International and Oak Hill Capital Partners. The shares will be sold through negotiated transactions or at market prices. The company will not receive any proceeds from this sale. BofA Securities and Goldman Sachs are managing the offering. The offering is under an effective shelf registration statement filed with the SEC. Investors can access the prospectus supplement and base prospectus on the SEC's EDGAR website or by contacting the managing banks.

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CCC Intelligent Solutions has released its Q2 2024 Crash Course Report, detailing the impact of severe weather events on the auto insurance and collision repair industries. The report, based on data from 300 million claims and millions of injury protection claims, notes a significant rise in hail-related auto claims—11.8% in 2023, up from 9% in 2020. Repair costs for hail-damaged vehicles have increased by 15% over the past three years, with hail claims costing 21.7% more to repair than average comprehensive claims.

Key findings include increased costs and repair times due to record storms, geographic shifts affecting insurers, and rising repair costs. The average total cost of repair rose 3.3% in Q1 2024 compared to Q1 2023. EV repair costs are 46.9% higher than non-EVs. Medical treatment costs for auto claims are also rising, and uninsured motorist injury claims increased by 44%. The report highlights the growing need for strategic planning and adaptation in the industry.

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CCC Intelligent Solutions has announced the pricing of its secondary offering of 50 million shares of common stock by affiliates of Advent International and Oak Hill Capital Partners at $11.50 per share. The offering is expected to close by May 30, 2024, pending customary conditions. Importantly, the company will not benefit financially from this offering as all proceeds go to the selling stockholders. J.P. Morgan, Morgan Stanley, BofA Securities, and Goldman Sachs are managing the offering, made under an effective shelf registration statement filed with the SEC.

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CCC Intelligent Solutions Holdings announced a secondary offering of 50 million shares of common stock by affiliates of Advent International and Oak Hill Capital Partners. The company will not receive any proceeds from this sale. The shares will be sold at market prices through negotiated transactions. Joint book running managers for the offering include J.P. Morgan, Morgan Stanley, BofA Securities, and Goldman Sachs. The offering is made under a shelf registration statement filed with the SEC, effective since October 14, 2022. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities.

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CCC Intelligent Solutions Holdings (NASDAQ: CCCS) has announced its participation in several upcoming investor conferences. The company will present at the J.P. Morgan Global Technology, Media and Communications Conference in Boston on May 21, 2024, at 11:30 a.m. ET.

Additionally, CCCS will present at the William Blair Growth Stock Conference in Chicago on June 4, 2024, at 8:40 a.m. CT / 9:40 a.m. ET, and at the Bank of America Global Technology Conference in San Francisco on June 5, 2024, at 8:40 a.m. PT / 11:40 a.m. ET.

These presentations will be webcast live with replays available for a period on the company's investor relations website.

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CCC Intelligent Solutions Inc. (CCC) has been awarded the 2024 Artificial Intelligence Excellence Award by Business Intelligence for its innovative use of computer vision. CCC is a leader in AI-powered solutions for the P&C insurance industry, providing products that analyze and assess vehicle damage photos to streamline the automotive claims and repair process. The company's dedication to leveraging advanced AI technologies to address industry challenges like labor shortages and complex vehicle assessments has been recognized through this award.

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CCC Intelligent Solutions Holdings Inc. announced strong first quarter 2024 financial results, with revenue up 11% year-over-year to $227.2 million. The company reported a 41% adjusted EBITDA margin, exceeding guidance. CCC's GAAP gross profit was $167.9 million, with a gross margin of 74%. Adjusted gross profit was $177.0 million, with a margin of 78%. However, GAAP net loss was $0.6 million for the quarter. CCC announced the CCC Intelligent Experience (IX) Cloud platform, aiming to transform the P&C insurance economy by leveraging AI-enabled innovation. The company also introduced CCC Inbound Subrogation, an AI-powered solution for claims demands. CCC completed two secondary offerings of common stock, increasing the publicly traded float to approximately 60% from 30% in October 2023.

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CCC Intelligent Solutions Holdings Inc. (CCCS) will release its Q1 2024 financial results on April 30, 2024. A conference call will be held to discuss the results and business outlook.
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FAQ

What does CCC Intelligent Solutions Holdings Inc. do?

CCC provides advanced technology solutions for the automotive and property & casualty insurance industries, including cloud, mobile, AI, and telematics technologies.

Where is CCC Intelligent Solutions Holdings Inc. located?

The company has a strong presence in the United States and China.

How does CCC Intelligent Solutions generate revenue?

CCC generates the majority of its revenue through software subscriptions and professional services.

What industries does CCC Intelligent Solutions serve?

CCC serves the automotive and property & casualty insurance industries.

What is CCC's SaaS platform used for?

CCC's SaaS platform connects trading partners, facilitates commerce, and supports AI-enabled digital workflows.

How does CCC help after an accident?

CCC's solutions help people get back into their cars quickly by integrating insurers, auto manufacturers, repairers, and part suppliers.

What are some recent advancements at CCC?

Recent advancements include innovations in telematics, ridesharing, autonomous vehicles, and usage-based insurance.

Who can benefit from CCC's solutions?

Insurers, auto manufacturers, repairers, part suppliers, and drivers can all benefit from CCC's technology solutions.

How long has CCC Intelligent Solutions been in operation?

CCC has been a pioneer in its field for over 30 years.

What makes CCC a leader in its industry?

CCC's innovative software development, exceptional customer service, and unique, insightful analysis make it a leader in the automotive and insurance technology industries.

CCC Intelligent Solutions Holdings Inc.

Nasdaq:CCCS

CCCS Rankings

CCCS Stock Data

6.93B
621.69M
3.78%
83.91%
1.48%
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United States of America
CHICAGO