Q2 2024 CCC Intelligent Solutions Holdings Inc Earnings Call Transcript
Key Points
- Total revenue for Q2 2024 was $233 million, up 10% year over year and ahead of guidance.
- Adjusted EBITDA for Q2 2024 was $96 million, up 18% year over year, with a margin of 41%.
- CCC Intelligent Solutions Holdings Inc (CCCS) added over 600 new repair facilities in 2024, crossing the milestone of 30,000 repair facilities on the platform.
- The company has a strong customer retention rate with a 99% gross dollar retention (GDR) and an industry-leading Net Promoter Score of 83.
- Significant investments in AI and innovation, with over $1 billion invested in R&D over the past decade, including $150 million in 2023.
- Emerging solutions are taking longer than anticipated to convert pilots into revenue, contributing only 1 point to revenue growth in 2024 instead of the expected 2 points.
- The duration of pilot conversion for new solutions has been slower than expected, impacting in-year revenue.
- Free cash flow in Q2 2024 was $36 million, down from $55 million in the prior-year period.
- The company had to adjust its full-year 2024 revenue guidance to $941 million to $945 million, down from the previous range of $944 million to $950 million.
- There were disruptions caused by the need to disconnect from a provider due to an incident, impacting parts ordering and some repair facilities.
Good day and thank you for standing by. Welcome to the CCC Intelligent Solutions second-quarter fiscal 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Bill Warmington, Vice President of Investor Relations. Please go ahead, sir.
Thank you, operator. Good afternoon, and thank you all for joining us today to review CCC's second-quarter 2024 financial results, which we announced in the press release issued following the close of the market today. Joining me on the call are Githesh Ramamurthy, CCC's Chairman and CEO; and Brian Herb, CCC's CFO.
The forward-looking statements we make today about the company's results and plans are subject to risks and uncertainties that may cause the actual results and the implementation of the company's plans to vary materially. These risks are discussed in the earnings releases available
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