CCC Intelligent Solutions Holdings Inc. Q2 2024 10-Q Filing

TL;DR

CCC Intelligent Solutions filed its Q2 10-Q. Financials and biz updates inside.

AI Summary

CCC Intelligent Solutions Holdings Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly Dragoneer Growth Opportunities Corp., reported financial results and business updates. Key financial data and operational details for the second quarter and first half of 2024 are included in this filing.

Why It Matters

This filing provides investors with an update on CCC Intelligent Solutions' financial performance and operational status for the second quarter of 2024, crucial for understanding the company's trajectory.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but specific financial performance details and forward-looking statements would be needed for a more precise risk assessment.

Key Players & Entities

• CCC Intelligent Solutions Holdings Inc. (company) — Filer
• Dragoneer Growth Opportunities Corp. (company) — Former Company Name
• 20240630 (date) — Period of Report
• 20240730 (date) — Filing Date
• 167 N. GREEN STREET (address) — Business and Mail Address
• CHICAGO (location) — Business and Mail City
• IL (location) — Business and Mail State
• 60607 (zip_code) — Business and Mail Zip
• 001-39447 (sec_file_number) — SEC File Number

FAQ

Key Financial Figures

• $0.0001 — ch registered Common stock, par value $0.0001 per share CCCS The Nasdaq Stock Mar

Filing Documents

• cccs-20240630.htm (10-Q) — 3046KB
• cccs-ex31_1.htm (EX-31.1) — 17KB
• cccs-ex31_2.htm (EX-31.2) — 17KB
• cccs-ex32_1.htm (EX-32.1) — 9KB
• cccs-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-088015.txt ( ) — 12572KB
• cccs-20240630.xsd (EX-101.SCH) — 1812KB
• cccs-20240630_htm.xml (XML) — 2377KB

FINANCIAL INFORMATION `

PART I. FINANCIAL INFORMATION ` Cautionary Statement Regarding Forward-Looking Statements 3 Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 5 Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 5 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023 6 Unaudited Condensed Consolidated Statements of Mezzanine Equity and Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 7 Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 9 Notes to Condensed Consolidated Financial Statements 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 40

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities 41 Item 3. Defaults Upon Senior Securities 41 Item 4. Mine Safety Disclosures 41 Item 5. Other Information 41 Item 6. Exhibits 41 2 FORWARD-LOO KING STATEMENTS The section titled " Management's Discussion and Analysis of Financial Condition and Results of Operations " as well as other parts of this Quarterly Report on Form 10-Q contain "forward-looking statements" for purposes of the federal securities laws. Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future, including those relating to the future financial performance and business strategies and expectations for our business. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include information concerning our possible or assumed future results of operations, client demand, business strategies, technology developments, financing and investment plans, competitive position, our industry and regulatory environment, potential growth opportunities and the effects of competition. Important factors that could cause actual results to differ materially from our expectations include: our revenues, the concentration of our customers and the ability to retain our current customers; our ability to negotiate with our cust

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Fin ancial Statements (Unaudited)

Item 1. Fin ancial Statements (Unaudited) CCC INTELLIGENT SOLUTIONS HOLDINGS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) June 30, December 31, 2024 2023 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 237,893 $ 195,572 Accounts receivable—Net of allowances of $ 4,079 and $ 5,574 as of June 30, 2024 and December 31, 2023, respectively 120,932 102,365 Income taxes receivable 4,093 1,798 Deferred contract costs 19,427 17,900 Other current assets 26,589 32,364 Total current assets 408,934 349,999 SOFTWARE, EQUIPMENT, AND PROPERTY—Net 176,391 160,416 OPERATING LEASE ASSETS 29,799 30,456 INTANGIBLE ASSETS—Net 970,505 1,015,046 GOODWILL 1,417,724 1,417,724 DEFERRED FINANCING FEES, REVOLVER—Net 1,365 1,672 DEFERRED CONTRACT COSTS 21,666 22,302 EQUITY METHOD INVESTMENT 10,228 10,228 OTHER ASSETS 42,546 43,197 TOTAL $ 3,079,158 $ 3,051,040 LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 20,954 $ 16,324 Accrued expenses 61,149 71,478 Income taxes payable 215 3,689 Current portion of long-term debt 8,000 8,000 Current portion of long-term licensing agreement—Net 3,157 3,061 Operating lease liabilities 7,128 6,788 Deferred revenues 45,988 43,567 Total current liabilities 146,591 152,907 LONG-TERM DEBT—Net 764,249 767,504 DEFERRED INCOME TAXES—Net 170,627 195,365 LONG-TERM LICENSING AGREEMENT—Net 26,089 27,692 OPERATING LEASE LIABILITIES 48,657 50,796 WARRANT LIABILITIES — 51,501 OTHER LIABILITIES 10,352 6,414 Total liabilities 1,166,565 1,252,179 COMMITMENTS AND CONTINGENCIES (Notes 18 and 19) MEZZANINE EQUITY: Redeemable non-controlling interest 18,947 16,584 STOCKHOLDERS' EQUITY: Preferred stock—$ 0.0001 par; 100,000,000 shares authorized; n

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View this 10-Q filing on SEC EDGAR