CCC Intelligent Solutions (CCC) Q4 2023 earnings summary

Executive summary

• FY2023 revenue grew 11% to $866.4M and adjusted EBITDA margin was 41%, both above guidance; investments expanded network reach and growth capacity.

• Q4 revenue rose 12% YoY to $228.6M; adjusted EBITDA increased 25% to $100.1M.

Financial highlights

• FY2023 GAAP operating loss was $23.9M and net loss was $90.1M, versus income of $51.9M and $38.4M in FY2022; adjusted operating income rose to $315.4M from $276.7M.

• Adjusted net income was $210.5M in FY2023 versus $176.4M in FY2022; adjusted diluted EPS was $0.32 versus $0.27.

• Q4 GAAP net income was $26.3M versus $1.1M; adjusted net income was $59.0M versus $44.0M.

• FY2023 adjusted EBITDA was $353.4M, up from $305.4M; adjusted gross profit was $672.2M versus $604.8M.

Outlook and guidance

• FY2024 revenue guidance: $942M–$950M; adjusted EBITDA guidance: $387M–$395M.

• Q1 FY2024 revenue guidance: $224.5M–$226M; adjusted EBITDA guidance: $90.5M–$92M.