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ccc CCC Intelligent Solutions Inc. Announces Second Quarter Fiscal 2021 Financial Results August 12 , 2021 CHICAGO -- ( BUSINESS WIRE ) -- CCC Intelligent Solutions Inc. ( CCC ) ( NYSE : CCCS ) , a leading SaaS platform for the Property & Casualty insurance economy , today announced its financial results for the three months ended June 30 , 2021 . " We saw continued adoption of digital and Al solutions that accelerated top - line performance in the second quarter . Our continuous focus on innovation and customer success has CCC in a terrific position to support the digitization of the P & C insurance economy by delivering the differentiated solutions our customers want to improve their business , " said Githesh Ramamurthy , Chairman & CEO of CCC . Ramamurthy continued , " We are excited by the successful completion of our business combination with Dragoneer Growth Opportunity Corp. and our return to the public markets . We have increased flexibility to expand how we invest in the business that will benefit our customers and provide additional growth opportunities for CCC to meet or exceed our long - term growth objectives . ” Second Quarter 2021 Financial Highlights Revenue • Total revenue was $ 166.8 million for the second quarter of 2021 , compared to $ 150.7 million for the second 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 16 % in the second quarter of 2021 . Profitability • GAAP gross profit was $ 121.3 million , representing a gross margin of 73 % , for the second quarter of 2021 , compared with GAAP gross profit of $ 100.7 million , representing a gross margin of 67 % , for the second quarter of 2020. Adjusted gross profit was $ 128.0 million , representing an adjusted gross margin of 77 % , for the second quarter of 2021 , compared with adjusted gross profit of $ 107.3 million , representing an adjusted gross margin of 74 % , for the second quarter of 2020 . • GAAP operating income was $ 22.0 million for the second quarter of 2021 , compared with GAAP operating income of $ 15.6 million for the second quarter of 2020. Adjusted operating income was $ 54.8 million for the second quarter of 2021 , compared with adjusted operating income of $ 42.5 million for the second quarter of 2020 . • GAAP net income was $ 3.8 million for the second quarter of 2021 , compared with GAAP net loss of $ 2.0 million for the second quarter of 2020. Adjusted net income was $ 26.3 million for the second quarter of 2021 , compared with adjusted net income of $ 17.5 million for the second quarter of 2020 . • Adjusted EBITDA was $ 60.1 million for the second quarter of 2021 , compared with adjusted EBITDA of $ 46.9 million for the second quarter of 2020. Adjusted EBITDA grew 28 % in the second quarter of 2021 as compared to the second quarter of 2020 . Liquidity • CCC had $ 58.5 million in cash and cash equivalents and $ 1.3 billion of total debt at June 30 , 2021. The Company generated $ 21.6 million in cash from operating activities and had free cash flow of $ 13.1 million during the second quarter of 2021 , compared with $ 14.7 million generated in cash from operating activities and had $ 7.6 million in free cash flow in the second 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 . 2nd Quarter and Recent Business Highlights • Successfully completed our business combination with Dragoneer Growth Opportunities Corp and began trading under the ticker " CCCS " on the New York Stock Exchange on August 2 , 2021. CCC received net proceeds from this transaction of more than $ 600 million . • Announced CCC ONE® Estimating - IQ , which will enhance the Al capabilities on the CCC ONE® platform for repair facilities , will be released in the third quarter . Incorporation of advanced Al will accelerate estimating for the tens of thousands of collision repairers using the CCC ONE platform . • Announced a partnership with Buckle , an inclusive tech - enabled financial services company , to digitize auto claims for its