CCC Intelligent Solutions Q3 2024 10-Q Filing
Ticker: CCC · Form: 10-Q · Filed: Oct 28, 2024 · CIK: 1818201
Sentiment: neutral
Topics: 10-Q, financials, software
TL;DR
**CCC Intelligent Solutions Q3 2024 10-Q filed. Financials and operations detailed.**
AI Summary
CCC Intelligent Solutions Holdings Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial figures and business segments are outlined, providing insight into the company's current standing and future outlook.
Why It Matters
This filing provides investors and analysts with crucial financial data and operational insights into CCC Intelligent Solutions' performance during the third quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: medium — The filing contains standard financial disclosures for a public company, including financial performance, risks, and forward-looking statements, which inherently carry medium risk.
Key Numbers
- 1231 — Fiscal Year End (Indicates the end of the company's annual financial reporting cycle.)
- 001-39447 — SEC File Number (Unique identifier for the company's SEC filings.)
Key Players & Entities
- CCC Intelligent Solutions Holdings Inc. (company) — Filer of the 10-Q
- Dragoneer Growth Opportunities Corp. (company) — Former company name
- 20240930 (date) — Period of report
- 20241028 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240930, meaning the filing covers the period ending September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on 20241028.
What was CCC Intelligent Solutions Holdings Inc. formerly known as?
The company was formerly known as Dragoneer Growth Opportunities Corp.
What is the Standard Industrial Classification (SIC) code for CCC Intelligent Solutions Holdings Inc.?
The SIC code is 7372, which corresponds to SERVICES-PREPACKAGED SOFTWARE.
What is the company's fiscal year end?
The company's fiscal year ends on 1231.
Filing Stats: 4,245 words · 17 min read · ~14 pages · Grade level 20 · Accepted 2024-10-28 17:15:28
Key Financial Figures
- $0.0001 — ch registered Common stock, par value $0.0001 per share CCCS The Nasdaq Stock Mar
Filing Documents
- cccs-20240930.htm (10-Q) — 3253KB
- cccs-ex10_1.htm (EX-10.1) — 2312KB
- cccs-ex31_1.htm (EX-31.1) — 18KB
- cccs-ex31_2.htm (EX-31.2) — 17KB
- cccs-ex32_1.htm (EX-32.1) — 9KB
- cccs-ex32_2.htm (EX-32.2) — 9KB
- 0000950170-24-117787.txt ( ) — 15556KB
- cccs-20240930.xsd (EX-101.SCH) — 1766KB
- cccs-20240930_htm.xml (XML) — 2429KB
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 September 30, 2024 (unaudited) and December 31, 2023 5 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023 6 Unaudited Condensed Consolidated Statements of Mezzanine Equity and Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 7 Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 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) September 30, December 31, 2024 2023 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 286,303 $ 195,572 Accounts receivable—Net of allowances of $ 4,392 and $ 5,574 as of September 30, 2024 and December 31, 2023, respectively 129,606 102,365 Income taxes receivable 298 1,798 Deferred contract costs 19,707 17,900 Other current assets 31,858 32,364 Total current assets 467,772 349,999 SOFTWARE, EQUIPMENT, AND PROPERTY—Net 178,462 160,416 OPERATING LEASE ASSETS 29,572 30,456 INTANGIBLE ASSETS—Net 952,392 1,015,046 GOODWILL 1,417,724 1,417,724 DEFERRED FINANCING FEES, REVOLVER—Net 1,760 1,672 DEFERRED CONTRACT COSTS 21,396 22,302 EQUITY METHOD INVESTMENT 10,228 10,228 OTHER ASSETS 35,243 43,197 TOTAL $ 3,114,549 $ 3,051,040 LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 21,804 $ 16,324 Accrued expenses 57,598 71,478 Income taxes payable 1,986 3,689 Current portion of long-term debt 8,000 8,000 Current portion of long-term licensing agreement—Net 3,207 3,061 Operating lease liabilities 7,662 6,788 Deferred revenues 46,577 43,567 Total current liabilities 146,834 152,907 LONG-TERM DEBT—Net 762,639 767,504 DEFERRED INCOME TAXES—Net 162,424 195,365 LONG-TERM LICENSING AGREEMENT—Net 25,268 27,692 OPERATING LEASE LIABILITIES 47,682 50,796 WARRANT LIABILITIES — 51,501 OTHER LIABILITIES 9,316 6,414 Total liabilities 1,154,163 1,252,179 COMMITMENTS AND CONTINGENCIES (Notes 18 and 19) MEZZANINE EQUITY: Redeemable non-controlling interest 20,267 16,584 STOCKHOLDERS' EQUITY: Preferred stock—$ 0.0001 par; 100,000,000 shares auth