CCC Intelligent Solutions Reports $944.8M Revenue and $31.2M Net Income for Fiscal Year 2024

CCC Intelligent Solutions Holdings Inc. reported a revenue of $944.8 million for the fiscal year ended December 31, 2024, marking a 9.1% increase from $866.4 million in 2023. The company achieved a net income of $31.2 million, a significant turnaround from a net loss of $90.1 million in the previous year, primarily due to the absence of impairment charges that had impacted the prior year's results. Adjusted EBITDA also rose by 12% to $397.4 million, reflecting the company's operational efficiency and growth in software subscription revenue, which constituted 96% of total revenue.

The company experienced notable changes in its financial performance compared to the previous fiscal period, particularly in its cost structure. Total operating expenses decreased by 4% to $633.7 million, driven by a reduction in impairment charges and a strategic focus on managing costs. Research and development expenses increased by 16.4% to $201.5 million, underscoring CCC's commitment to innovation and the development of new solutions. The company also reported a gross profit margin improvement to 75.6%, up from 73.4% in 2023, attributed to increased software subscription revenues and economies of scale.

Strategically, CCC completed the acquisition of EvolutionIQ in January 2025 for $730 million, enhancing its portfolio of AI-driven solutions for disability and injury claims management. This acquisition is expected to broaden the company's offerings and strengthen its position in the insurance technology market. Additionally, CCC has been actively investing in research and development, with R&D expenses representing 21% of total revenue in 2024, as it aims to expand its software capabilities and address the complexities of the insurance economy.

Operationally, CCC's platform connects over 35,000 businesses, including more than 300 insurers and 30,500 collision repair facilities. The company reported a Software Net Dollar Retention Rate (NDR) of 105% for the year, indicating strong customer retention and expansion within its existing client base. The company also noted a significant increase in its employee headcount, with approximately 2,310 employees as of December 31, 2024, reflecting its growth and expansion efforts.

Looking ahead, CCC Intelligent Solutions Holdings Inc. anticipates continued growth driven by its strategic investments in technology and customer relationships. The company plans to leverage its extensive data assets and AI capabilities to enhance its service offerings and expand into new markets. However, it remains cautious of potential risks, including economic fluctuations and competitive pressures, which could impact its operational performance and market position.