CCC Intelligent Solutions Holdings Inc. said it saw an 11% year-over-year increase in revenue for 2023, reaching $866.4 million, up from $782.4 million in 2022. In the fourth quarter of the year alone, CCC reported a revenue of $228.6 million, a 12% increase from the same period in the previous year.
This growth is coupled with a notable rise in profitability, with GAAP gross profit reaching $172.7 million, indicating a gross margin of 76%.
This revenue gain is attributed to CCC's commitment to innovation and the expansion of its digital solutions, resonating with the growing demand within the P&C insurance sector.
“CCC delivered another year of strong financial performance, with year-over-year revenue growth in 2023 of 11% and adjusted EBITDA margin of 41% -- both above our guidance ranges," said said Githesh Ramamurthy, chairman and CEO of CCC. "We believe our strong performance is the result of a growing interest in advanced digital solutions across the P&C insurance economy and the trust our customers place in us from years of delivering innovation and operational performance.
“In 2023, we made significant investments in the business to position CCC for continued growth, including expanding our multi-sided network as well as increasing our growth capacity and capabilities,” continued Ramamurthy. “While making these critical investments to support our customers, we also delivered significant year-over-year margin expansion.”
CCC also said it processed a record number of U.S. auto insurance claims, increasingly using artificial intelligence to enhance decision-making processes. To date, more than 19 million unique claims have been processed using a CCC AI-enabled solution, and the number of insurers using CCC's AI-based CCC Estimate-STP to process claims doubled over the past year.
CCC continued to expand its network of customers by adding more than 1,000 repair facilities and more than 500 parts dealers in 2023. In total, CCC has more than 35,000 companies in its network, including approximately 29,500 repair facilities, approximately 5,000 parts suppliers, more than 300 insurers, and 13 of the top 15 automotive OEMs.
Mobile Jumpstart is CCC’s new AI-driven feature within CCC ONE Estimating-IQ that helps estimators use their mobile phones to reduce the time it takes to prepare estimates. Since its introduction in late Q4, more than 3,000 repair facilities have used Mobile Jumpstart to transform the way repair technicians prepare estimates in the capacity-constrained collision repair industry. In January 2024, Mobile Jumpstart users were able to complete an initial estimate in an average time of less than two minutes vs. the traditional industry average of about half an hour.
