CCC Intelligent Solutions Holdings Inc. Announces Fourth Quarter and Fiscal Year 2021 Financial Results

CHICAGO–(BUSINESS WIRE)–CCC Intelligent Solutions Holdings Inc. (“CCC” or the “Company”) (NYSE: CCCS), a leading SaaS platform for the P&C insurance economy, today announced its financial results for the three months and year ended December 31, 2021.

“CCC delivered another strong quarter, highlighted by 19% adjusted revenue growth and 30% adjusted EBITDA growth. We continue to see positive demand trends across each of our key product and customer categories, especially our AI solutions,” said Githesh Ramamurthy, Chairman & CEO of CCC.

Ramamurthy continued, “We continued to lay the foundation in 2021 for sustained growth as we delivered more than 1,700 product releases on the CCC cloud during the year. The deployment of CCC solutions continues to expand within our customer base. For all of us at CCC it is truly exciting to see our customers across the P&C insurance economy increasingly leverage our unique and comprehensive cloud platform to fully digitize their operations.”

Fourth Quarter 2021 Financial Highlights

Revenue

  • Total revenue was $187.1 million for the fourth quarter of 2021, compared to $165.4 million for the fourth quarter of 2020. Adjusted for the impact of the divestiture of a portion of our professional services casualty solution in December 2020, total revenue grew 19% in the fourth quarter of 2021.

Profitability

  • GAAP gross profit was $139.4 million, representing a gross margin of 75%, for the fourth quarter of 2021, compared with $112.1 million, representing a gross margin of 68%, for the fourth quarter of 2020. Adjusted gross profit was $147.0 million, representing an adjusted gross margin of 79%, for the fourth quarter of 2021, compared with $118.4 million, representing an adjusted gross margin of 76%, for the fourth quarter of 2020.
  • GAAP operating income was $15.3 million for the fourth quarter of 2021, compared with GAAP operating income of $24.1 million for the fourth quarter of 2020. Adjusted operating income was $69.3 million for the fourth quarter of 2021, compared with adjusted operating income of $53.4 million for the fourth quarter of 2020.
  • GAAP net loss was $57.9 million for the fourth quarter of 2021, compared with GAAP net income of $5.6 million for the fourth quarter of 2020. Adjusted net income was $49.2 million for the fourth quarter of 2021, compared with $25.0 million for the fourth quarter of 2020.
  • Adjusted EBITDA was $75.7 million for the fourth quarter of 2021, compared with adjusted EBITDA of $58.1 million for the fourth quarter of 2020. Adjusted EBITDA grew 30% in the fourth quarter of 2021 as compared to the fourth quarter of 2020.

Full Year 2021 Financial Highlights

Revenue

  • Total revenue was $688.3 million for the full year 2021, compared to $633.1 million for the full year 2020. Adjusted for the impact of the divestiture of a portion of our professional services casualty solution in December 2020, total revenue grew 15% in the full year 2021.

Profitability

  • GAAP gross profit was $492.6 million, representing a gross margin of 72%, for the full year 2021, compared with $424.3 million, representing a gross margin of 67%, for the full year 2020. Adjusted gross profit was $533.5 million, representing an adjusted gross margin of 78%, for the full year 2021, compared with $447.7 million, representing an adjusted gross margin of 75%, for the full year 2020.
  • GAAP operating loss was $144.7 million for the full year 2021, compared with GAAP operating income of $77.0 million for the full year 2020. Adjusted operating income was $236.8 million for the full year 2021, compared with adjusted operating income of $184.7 million for the full year 2020.
  • GAAP net loss was $248.9 million for the full year 2021, compared with GAAP net loss of $16.9 million for the full year 2020. Adjusted net income was $130.3 million for the full year 2021, compared with $79.3 million for the full year 2020.
  • Adjusted EBITDA was $261.4 million for the full year 2021, compared with adjusted EBITDA of $202.8 million for the full year 2020. Adjusted EBITDA grew 29% in the full year 2021 as compared to the full year 2020.

Liquidity

  • CCC had $182.5 million in cash and cash equivalents and $800.0 million of total debt at December 31, 2021. The Company generated $127.3 million in cash from operating activities and had free cash flow of $89.0 million during the full year 2021, compared with $103.9 million generated in cash from operating activities and $73.3 million in free cash flow in the full year 2020.

The information presented above includes non-GAAP financial measures such as “adjusted EBITDA,” “adjusted net income,” “adjusted operating income,” “adjusted gross profit,” “adjusted gross profit margin,” and “free cash flow.” Refer to “Non-GAAP Financial Measures” for a discussion of these measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure.

4th Quarter and Recent Business Highlights

  • Signed multi-year renewals that included meaningful expansions with two of the top ten largest P&C insurers and one of the nation’s largest MSOs. These customers will be deploying new solutions, including Mobile/AI, CCC Estimate – STP and Engage, and are great examples of the opportunity CCC has to increase the value we deliver for customers and generate future growth from our expanding solution portfolio.
  • Achieved a number of important milestones that highlight the scale and breadth of the CCC Cloud network, including: processing more than 9 million unique claims with our deep learning AI solutions, up more than 80% year-over-year; expanding our repair facility customer base to more than 27,000, more than 30% of which have adopted Engage; growing electronics parts ordering on the CCC platform by 40%, and number of unique shops ordering electronically by over 20%.
  • Acquired Safekeep, an AI leader in subrogation claims management technology. Safekeep is an enterprise platform that leverages AI to speed and improve subrogation management across auto, property, workers’ comp, and other insurance lines of business. The acquisition of Safekeep extends CCC’s AI-powered claims software to include subrogation management, a critical function in achieving claims resolution, and now part of CCC’s completely digital, AI-enabled, end-to-end claims solutions.

Business Outlook

Based on information as of today, March 1, 2022, the Company is issuing the following financial guidance:

 

 

First Quarter Fiscal 2022

Full Year Fiscal 2022

Revenue

$182.5 million to $184.5 million

$760 million to $768 million

 

 

 

Adjusted EBITDA

$70 million to $72 million

$286 million to $292 million

 

Conference Call Information

CCC will host a conference call today, March 1, 2022, at 8:00 a.m. (Eastern Time) to discuss the Company’s financial results and financial guidance. To access this call, dial 877-407-0784 (domestic) or 201-689-8560 (international). The conference ID number is 13727037. A live webcast of this conference call will be available on the “Investor Relations” page of the Company’s website at https://ir.cccis.com, and a replay will be archived on the website as well.

About CCC Intelligent Solutions

CCC Intelligent Solutions Inc. (CCC), a subsidiary of CCC Intelligent Solutions Holdings Inc. (NYSE: CCCS), is a leading SaaS platform for the multi-trillion-dollar P&C insurance economy powering operations for insurers, repairers, automakers, part suppliers, lenders, and more. CCC cloud technology connects more than 30,000 businesses digitizing mission-critical workflows, commerce, and customer experiences. A trusted leader in AI, IoT, customer experience, network and workflow management, CCC delivers innovations that keep people’s lives moving forward when it matters most. Learn more about CCC at www.cccis.com.

Forward Looking Statements

This press release contains forward-looking statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding future events, goals, plans and projections regarding the company’s financial position, results of operations, market position, product development and business strategy. Such differences may be material. We cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward looking statements are subject to a number of risks and uncertainties, including, among others, our revenues, the concentration of our customers and the ability to retain our current customers; our ability to negotiate with our customers on favorable terms; our ability to maintain and grow our brand and reputation cost-effectively; the execution of our growth strategy; the impact of COVID-19 on our business and results of operations; our projected financial information, growth rate and market opportunity; the health of our industry, claim volumes, and market conditions; changes in the insurance and automotive collision industries, including the adoption of new technologies; global economic conditions and geopolitical events; competition in our market and our ability to retain and grow market share; our ability to develop, introduce and market new enhanced versions of our solutions and products; our sales and implementation cycles; the ability of our research and development efforts to create significant new revenue streams; changes in applicable laws or regulations; changes in international economic, political, social and governmental conditions and policies, including corruption risks in China and other countries; currency fluctuations; our reliance on third-party data, technology and intellectual property; our ability to protect our intellectual property; our ability to keep our data and information systems secure from data security breaches; our ability to acquire or invest in companies or pursue business partnerships, which may divert our management’s attention or result in dilution to our stockholders, and we may be unable to integrate acquired businesses and technologies successfully or achieve the expected benefits of such acquisitions, investments or partnership; our ability to raise financing in the future and improve our capital structure; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; our officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business; our estimates regarding expenses, future revenue, capital requirements and needs for additional financing; our financial performance; our ability to expand or maintain its existing customer base; our ability to service our indebtedness; and other risks and uncertainties, including those included under the header “Risk Factors” in the prospectus that forms a part of the registration statement on Form S-1 filed by the Company with the Securities and Exchange Commission (“SEC”) on September 9, 2021, and in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 to be filed with the SEC, each of which can be obtained, without charge, at the SEC’s website (www.sec.gov) when available, and in our other filings with the SEC. The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

Non-GAAP Financial Measures

This press release includes certain financial measures not presented in accordance with generally accepted accounting principles in the U.S. (“GAAP”), including, but not limited to, “adjusted EBITDA,” “adjusted net income,” “adjusted operating income,” “adjusted gross profit,” “adjusted gross profit margin,” and “free cash flow” in each case presented on a non-GAAP basis, and certain ratios and other metrics derived therefrom. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to other measures of profitability, liquidity or performance under GAAP. You should be aware that the Company’s calculation of these non-GAAP measures may not be comparable to similarly-titled measures used by other companies.

The Company believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in and in comparing the Company’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Please refer to the reconciliations of these measures below to what the Company believes are the most directly comparable measures evaluated in accordance with GAAP.

This press release also includes certain projections of non-GAAP financial measures. Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from these projected measures, together with some of the excluded information not being ascertainable or accessible, the Company is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included for these projections.

 

CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2021 AND 2020

(In thousands, except share data)

 

December 31,

 

December 31,

2021

 

2020

 

ASSETS

 

CURRENT ASSETS:

Cash and cash equivalents

$

182,544

 

$

162,118

 

Accounts receivable—Net of allowances of $3,791 and $4,224 as of December 31, 2021 and 2020, respectively

 

78,793

 

 

74,107

 

Income taxes receivable

 

318

 

 

2,037

 

Deferred contract costs

 

15,069

 

 

11,917

 

Other current assets

 

46,181

 

 

31,586

 

 

Total current assets

 

322,905

 

 

281,765

 

 

SOFTWARE, EQUIPMENT, AND PROPERTY—Net

 

135,845

 

 

101,438

 

 

OPERATING LEASE ASSETS

 

37,234

 

 

 

 

INTANGIBLE ASSETS—Net

 

1,213,249

 

 

1,311,917

 

 

GOODWILL

 

1,466,884

 

 

1,466,884

 

 

DEFERRED FINANCING FEES, REVOLVER—Net

 

2,899

 

 

746

 

 

DEFERRED CONTRACT COSTS

 

22,117

 

 

14,389

 

 

EQUITY METHOD INVESTMENT

 

10,228

 

 

 

 

OTHER ASSETS

 

26,165

 

 

18,416

 

 

TOTAL

$

3,237,526

 

$

3,195,555

 

 

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY

 

CURRENT LIABILITIES:

Accounts payable

$

12,918

 

$

13,164

 

Accrued expenses

 

66,691

 

 

52,987

 

Income taxes payable

 

7,243

 

 

5,129

 

Current portion of long-term debt

 

8,000

 

 

25,381

 

Current portion of long-term licensing agreement—Net

 

2,703

 

 

2,540

 

Operating lease liabilities

 

8,052

 

 

 

Deferred revenues

 

31,042

 

 

26,514

 

 

Total current liabilities

 

136,649

 

 

125,715

 

 

LONG-TERM DEBT:

First Lien Term Loan—Net

 

 

 

1,292,597

 

Term B Loan—Net

 

780,610

 

 

 

Total long-term debt

 

780,610

 

 

1,292,597

 

 

DEFERRED INCOME TAXES—Net

 

275,745

 

 

322,348

 

 

LONG-TERM LICENSING AGREEMENT—Net

 

33,629

 

 

36,331

 

 

OPERATING LEASE LIABILITIES

 

56,133

 

 

 

 

WARRANT LIABILITIES

 

62,478

 

 

 

 

OTHER LIABILITIES

 

5,785

 

 

32,770

 

 

Total liabilities

 

1,351,029

 

 

1,809,761

 

 

COMMITMENTS AND CONTINGENCIES (Notes 22 and 23)

 

MEZZANINE EQUITY:

Redeemable non-controlling interest

 

14,179

 

 

14,179

 

 

STOCKHOLDERS’ EQUITY:

Preferred stock, $0.0001 par; 100,000,000 shares authorized; no shares issued or outstanding

 

 

 

 

Common stock—$0.0001 par; 5,000,000,000 shares authorized; 609,768,296 and 504,274,890 shares issued and outstanding at December 31, 2021 and 2020, respectively

61

50

Additional paid-in capital

 

2,618,924

 

 

1,501,206

 

Accumulated deficit

 

(746,352

)

 

(129,370

)

Accumulated other comprehensive loss

 

(315

)

 

(271

)

 

Total stockholders’ equity

 

1,872,318

 

 

1,371,615

 

 

TOTAL

$

3,237,526

 

$

3,195,555

 

 

CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

(In thousands, except share and per share data)

 

Three Months Ended December 31,

 

Year Ended December 31,

2021

 

2020

 

2021

 

2020

 

REVENUES

$

187,083

 

$

165,386

 

$

688,288

 

$

633,063

 

 

COST OF REVENUES

Cost of revenues, exclusive of amortization of acquired technologies

 

41,117

 

 

46,740

 

 

169,335

 

 

182,414

 

Amortization of acquired technologies

 

6,580

 

 

6,578

 

 

26,320

 

 

26,303

 

 

Total cost of revenues(1)

 

47,697

 

 

53,318

 

 

195,655

 

 

208,717

 

 

GROSS PROFIT

 

139,386

 

 

112,068

 

 

492,633

 

 

424,346

 

 

OPERATING EXPENSES:

Research and development(1)

 

37,097

 

 

27,377

 

 

165,991

 

 

109,508

 

Selling and marketing(1)

 

27,511

 

 

18,102

 

 

148,861

 

 

74,710

 

General and administrative(1)

 

41,353

 

 

24,378

 

 

250,098

 

 

90,838

 

Amortization of intangible assets

 

18,126

 

 

18,078

 

 

72,358

 

 

72,310

 

 

Total operating expenses

 

124,087

 

 

87,935

 

 

637,308

 

 

347,366

 

 

OPERATING (LOSS) INCOME

 

15,299

 

 

24,133

 

 

(144,675

)

 

76,980

 

 

INTEREST EXPENSE

 

(7,442

)

 

(19,415

)

 

(58,990

)

 

(77,003

)

 

GAIN (LOSS) ON CHANGE IN FAIR VALUE OF INTEREST RATE SWAPS

 

 

 

3,384

 

 

8,373

 

 

(13,249

)

 

CHANGE IN FAIR VALUE OF WARRANT LIABILITIES

 

(37,612

)

 

 

 

(64,501

)

 

 

 

LOSS ON EARLY EXTINGUISHMENT OF DEBT

 

 

 

 

 

(15,240

)

 

(8,615

)

 

OTHER INCOME (EXPENSE)—Net

 

113

 

 

28

 

 

114

 

 

332

 

 

PRETAX (LOSS) INCOME

 

(29,642

)

 

8,130

 

 

(274,919

)

 

(21,555

)

 

INCOME TAX (PROVISION) BENEFIT

 

(28,227

)

 

(2,512

)

 

26,000

 

 

4,679

 

 

NET (LOSS) INCOME INCLUDING NON-CONTROLLING INTEREST

 

(57,869

)

 

5,618

 

 

(248,919

)

 

(16,876

)

Less: net (loss) income attributable to non-controlling interest

 

 

 

 

 

 

 

 

NET (LOSS) INCOME ATTRIBUTABLE TO CCC INTELLIGENT SOLUTIONS HOLDINGS INC.

$

(57,869

)

$

5,618

$

(248,919

)

$

(16,876

)

 

Net (loss) income per share attributable to common stockholders:

Basic

$

(0.10

)

$

0.01

 

$

(0.46

)

$

(0.03

)

Diluted

$

(0.10

)

$

0.01

 

$

(0.46

)

$

(0.03

)

Weighted-average shares used in computing net (loss) income per share attributable to common stockholders:

Basic

 

596,023,745

 

 

504,274,914

 

 

543,558,222

 

 

504,115,839

 

Diluted

 

596,023,745

 

 

520,274,793

 

 

543,558,222

 

 

504,115,839

 

 

COMPREHENSIVE (LOSS) INCOME:

Net (loss) income including non-controlling interest

 

(57,869

)

 

5,618

 

 

(248,919

)

 

(16,876

)

Other comprehensive income (loss)—Foreign currency translation adjustment

 

(26

)

 

61

 

 

(44

)

 

126

 

 

COMPREHENSIVE (LOSS) INCOME INCLUDING NON-CONTROLLING INTEREST

 

(57,895

)

 

5,679

 

 

(248,963

)

 

(16,750

)

Less: comprehensive (loss) income attributable to non-controlling interest

 

0

 

 

0

 

 

 

 

 

COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO CCC INTELLIGENT SOLUTIONS HOLDINGS INC.

(57,895

)

5,679

$

(248,963

)

$

(16,750

)

 

(1) Includes stock-based compensation expense as follows (in thousands):

 

Three months ended December 31,

 

Year ended December 31,

2021

 

2020

 

2021

 

2020

Cost of revenues

$

1,081

 

$

114

 

$

13,644

 

$

494

 

Research and development

 

3,933

 

 

279

 

 

40,681

 

 

1,174

 

Sales and marketing

 

4,985

 

 

470

 

 

65,045

 

 

2,024

 

General and administrative

 

16,583

 

 

3,002

 

 

142,625

 

 

7,644

 

Total stock-based compensation expense

$

26,582

 

$

3,865

 

$

261,995

 

$

11,336

 

 

CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020

(In thousands)

 

2021

 

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss

$

(248,919

)

$

(16,876

)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization of software, equipment, and property

 

24,451

 

 

17,749

 

Amortization of intangible assets

 

98,678

 

 

98,613

 

Impairment of goodwill and intangible assets

 

 

 

 

Deferred income taxes

 

(46,883

)

 

(11,124

)

Stock-based compensation

 

261,995

 

 

11,336

 

Amortization of deferred financing fees

 

3,682

 

 

4,630

 

Amortization of discount on debt

 

604

 

 

738

 

Change in fair value of interest rate swaps

 

(8,373

)

 

13,249

 

Change in fair value of warrant liabilities

 

64,501

 

 

 

Loss on early extinguishment of debt

 

15,240

 

 

8,615

 

Non-cash lease expense

 

6,279

 

 

 

Gain on divestiture

 

(600

)

 

(3,800

)

Other

 

541

 

 

114

 

Changes in:

Accounts receivable—Net

 

(4,725

)

 

(10,558

)

Deferred contract costs

 

(3,152

)

 

(1,110

)

Other current assets

 

(12,273

)

 

(6,483

)

Deferred contract costs—Non-current

 

(7,728

)

 

(1,926

)

Other assets

 

(7,838

)

 

(9,187

)

Operating lease assets

 

6,354

 

 

 

Income taxes

 

3,833

 

 

6,724

 

Accounts payable

 

(1,052

)

 

(2,256

)

Accrued expenses

 

8,347

 

 

165

 

Operating lease liabilities

 

(8,398

)

 

 

Deferred revenues

 

4,513

 

 

1,376

 

Extinguishment of interest rate swap liability

 

(9,987

)

 

 

Other liabilities

 

(11,755

)

 

3,954

 

 

Net cash provided by operating activities

 

127,335

 

 

103,943

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of software, equipment, and property

 

(38,321

)

 

(30,107

)

Purchase of investment

 

 

 

 

Purchase of equity method investment

 

(10,228

)

 

 

Purchase of intangible asset

 

(49

)

 

(560

)

 

Net cash used in investing activities

 

(48,598

)

 

(30,667

)

 

CASH FLOWS FROM FINANCING ACTIVITIES:

Principal payments on long-term debt

 

(1,336,153

)

 

(388,846

)

Proceeds from issuance of long-term debt, net of fees paid to lender

 

789,927

 

 

369,792

 

Payment of fees associated with early extinguishment of long-term debt

 

(4,821

)

 

(29

)

Proceeds from borrowings on revolving lines of credit

 

 

 

65,000

 

Repayment of borrowings on revolving lines of credit

 

 

 

(65,000

)

Net proceeds from equity infusion from the Business Combination

 

763,300

 

 

 

Dividends to CCCIS stockholders

 

(269,174

)

 

 

Deemed distribution to CCCIS option holders

 

(9,006

)

 

 

Tax effect of Business Combination transaction costs

 

1,395

 

 

 

Proceeds from exercise of stock options

 

5,085

 

 

(236

)

Proceeds from issuance of common stock

 

1,007

 

 

719

 

Repurchases of common stock

 

 

 

 

Proceeds from issuance of non-controlling interest in subsidiary

 

 

 

14,179

 

 

Net cash used in financing activities

 

(58,440

)

 

(4,421

)

 

NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

 

129

 

 

62

 

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

20,426

 

 

68,917

 

 

CASH AND CASH EQUIVALENTS:

Beginning of period

 

162,118

 

 

93,201

 

 

End of period

$

182,544

 

$

162,118

 

 

NONCASH INVESTING AND FINANCING ACTIVITIES:

Unpaid liability related to software, equipment, and property

$

8,035

 

$

239

 

 

Leasehold improvements acquired by tenant improvement allowance

$

16,924

 

$

 

 

Fair value of assumed common stock warrants exercised

$

60,481

 

$

 

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

Cash paid for interest, excluding extinguishment of interest rate swap liability

$

54,980

 

$

71,649

 

 

Cash (paid) received for income taxes—Net

$

(15,233

)

$

917

 

 

Contacts

Investor Contact:
Brian Denyeau

ICR, LLC

646-277-1251

[email protected]

Media Contact:
Michelle Hellyar

Director Public Relations, CCC Intelligent Solutions Inc.

[email protected]

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