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ccc CCC Intelligent Solutions Holdings Inc. Announces Third Quarter Fiscal 2021 Financial Results November 10 , 2021 CHICAGO -- ( BUSINESS WIRE ) -- CCC Intelligent Solutions Holdings Inc. ( CCC ) ( NYSE : CCCS ) , a leading SaaS platform for the P & C insurance economy , today announced its financial results for the three months ended September 30 , 2021 . " CCC continued to perform at a high level in the third quarter , highlighted by 18 % adjusted revenue growth and 31 % adjusted EBITDA growth . We continue to see strong adoption of our expanding product portfolio as demand for cloud - based solutions to digitize workflows increases across the P & C insurance economy , " said Githesh Ramamurthy , Chairman & CEO of CCC . Ramamurthy continued , " Our performance demonstrates the power of our growth model and we will continue to invest in the business to benefit our customers . We are thrilled with the pace of product innovation and the quality of customer feedback , giving us great confidence in our growth potential . " Third Quarter 2021 Financial Highlights Revenue • Total revenue was $ 176.6 million for the third quarter of 2021 , compared to $ 157.8 million for the third 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 18 % in the third quarter of 2021 . Profitability • GAAP gross profit was $ 118.8 million , representing a gross margin of 67 % , for the third quarter of 2021 , compared with $ 107.3 million , representing a gross margin of 68 % , for the third quarter of 2020. Adjusted gross profit was $ 138.4 million , representing an adjusted gross margin of 78 % , for the third quarter of 2021 , compared with $ 113.4 million , representing an adjusted gross margin of 76 % , for the third quarter of 2020 . • GAAP operating loss was $ 189.2 million for the third quarter of 2021 , compared with GAAP operating income of $ 23.1 million for the third quarter of 2020. Adjusted operating income was $ 62.5 million for the third quarter of 2021 , compared with adjusted operating income of $ 49.1 million for the third quarter of 2020 . • GAAP net loss was $ 189.8 million for the third quarter of 2021 , compared with GAAP net income of $ 4.7 million for the third quarter of 2020. Adjusted net income was $ 29.7 million for the third quarter of 2021 , compared with $ 21.1 million for the third quarter of 2020 . • Adjusted EBITDA was $ 70.1 million for the third quarter of 2021 , compared with adjusted EBITDA of $ 53.6 million for the third quarter of 2020. Adjusted EBITDA grew 31 % in the third quarter of 2021 as compared to the third quarter of 2020 . Liquidity • CCC had $ 160.5 million in cash and cash equivalents and $ 800.0 million of total debt at September 30 , 2021. The Company generated $ 36.9 million in cash from operating activities and had free cash flow of $ 25.0 million during the third quarter of 2021 , compared with $ 43.0 million generated in cash from operating activities and $ 31.7 million in free cash flow in the third quarter of 2020 . The information presented above includes non - GAAP financial measures such as " adjusted EBITDA , " " adjusted net income , " " adjusted operating income , " " adjusted gross profit , " " adjusted gross profit 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 . 3rd Quarter and Recent Business Highlights • Announced the first touchless estimating experience in the industry . The Al - powered CCC® Estimate - STP uses advanced Al and insurer - driven rules to automatically initiate and populate detailed and actionable estimates in seconds . In market with four national insurers , CCC Estimate - STP offers touchless line level estimates from photos and is part of CCC's broader offering that is digitizing the auto claims experience . • Signed multi - year renewals with a Top 5 insurer and one of the country's largest multi - store operators , or MSOs . As part of the multi - year agreements these customers have meaningfully expanded their annual commitment to CCC as they broadened the number of solutions they utilize from the platform . • Partnered with Toyota to deliver Collision Assistance , a just - in - time support service , which is now available to drivers within