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ccc CCC Information Services Inc. Announces First Quarter Fiscal 2021 Financial Results May 20 , 2021 CHICAGO , May 20 , 2021 / PRNewswire / -- CCC Information Services Inc. ( " CCC " ) , a leading SaaS platform for the Property & Casualty insurance economy , today announced its financial results for the three months ended March 31 , 2021 . image " CCC's first quarter performance benefitted from several positive trends across our business , and continued to demonstrate the significant value we deliver to all participants in the P & C insurance economy . Our first quarter results came in as expected , and our accelerating growth positions us well to deliver on our plan of double - digit revenue growth in the second quarter and for the full year ( excluding First Party Clinical Services revenue which was divested in Q4 2020 ) . Our customers are increasingly embracing digitization to improve efficiency , enhance the consumer experience , and manage the growing complexity of the auto insurance economy , " said Githesh Ramamurthy , Chairman & CEO of CCC . " Our return to the public markets via our business combination with Dragoneer Growth Opportunities Corp. ( DGNR ) will position us to deliver more innovation and value to our customers going forward . CCC's cloud platform is a key enabler of the P & C industry's digital transformation , which is still in its early stages . We believe this provides a great opportunity for CCC to generate an attractive combination of top and bottom - line growth that will create significant value for shareholders . " First Quarter 2021 Financial Highlights Revenue • Total revenue was $ 157.8 million for the first quarter of 2021 , compared to $ 159.2 million for the first quarter of 2020 . Adjusted for the impact of the divestiture of a portion of our professional services casualty solution in December 2020 , total revenue grew 7 % in the first quarter of 2021 . Profitability • GAAP operating income was $ 7.2 million for the first quarter of 2021 , compared with GAAP operating income of $ 14.1 million for the first quarter of 2020. Adjusted operating income was $ 50.2 million for the first quarter of 2021 , compared with adjusted operating income of $ 39.8 million for the first quarter of 2020 . • GAAP gross margin was $ 113.2 million , or 72 % , for the first quarter of 2021 , compared with GAAP gross margin of $ 104.2 million , or 65 % , for the first quarter of 2020. Adjusted gross margin was $ 120.0 million , or 76 % , for the first quarter of 2021 , compared with adjusted gross margin of $ 108.7 million , or 74 % , for the first quarter of 2020 . • GAAP net loss was $ 5.1 million for the first quarter of 2021 , compared with GAAP net loss of $ 25.3 million for the first . Liquidity quarter of 2020. Adjusted net income was $ 25.0 million for the first quarter of 2021 , compared with adjusted net income of $ 15.7 million for the first quarter of 2020 . Adjusted EBITDA was $ 55.4 million for the first quarter of 2021 , compared with adjusted EBITDA of $ 44.2 million for the first quarter of 2020 . • CCC had $ 59.2 million in cash and cash equivalents and $ 1.3 billion of total debt at March 31 , 2021. The Company generated $ 38.2 million in cash from operating activities and had free cash flow of $ 33.5 million during the first quarter of 2021 , compared with $ 9.1 million generated in cash from operating activities and $ 3.1 million in free cash flow in the first quarter of 2020 . The information presented above includes non - GAAP financial measures such as " adjusted EBITDA , " " adjusted net income , " " adjusted operating income , " " adjusted gross margin , " and " free cash flow . " Refer to " Non - GAAP Financial Measures " for a discussion of these measures and reconciliations of each non - GAAP financial measure to the most directly comparable GAAP financial measure . 1st Quarter and Recent Business Highlights • Announced the upcoming launch of an enterprise payments platform designed to power electronic payments across the insurance and automotive ecosystem . The expansion of CCC Payments will enable digital payments between insurers and their network of business partners including the more than 30,000 businesses connected to the CCC network . The solution is designed to reduce administrative costs and cycle time for insurers while improving customer satisfaction . Expected to launch in the second half of 2021 , CCC Payments transactions initiated by insurers will be processed by Nvoicepay , a third - party financial technology company and leader in payment automation software . • Announced the upcoming launch of CCC® Estimate – STP , which is designed to deliver on the industry's vision for