Good day and thank you for standing by. Welcome to the CCC Intelligent Solutions third quarter fiscal 2025 conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one, one on your telephone. You'll then hear an automated message advising your hand is raised. To withdraw your question, please press star one, one again. Please be advised that today's call is being recorded. I would now like to hand the conference over to your first speaker today, Bill Warmington, Vice President of Investor Relations. Please go ahead. Thank you, operator. Good morning and thank you all for joining us today to review CCC 's third quarter 2025 financial results, which we announced in the press release issued earlier this morning. Joining me on the call are Githesh Ramamurthy, CCC's Chairman and CEO, and Brian Herb, CCC's CFO. The forward-looking statements we make today about the Company's results and plans are subject to risks and uncertainties that may cause the actual results and the implementation of the Company's plans to vary materially. These risks are discussed in the earnings releases available on our Investor Relations website and under the heading Risk Factors in our 2024 Annual Report on Form 10-K f iled with the SEC. Further, these comments and the Q and A that follows are copyrighted today by CCC Intelligent Solutions Holdings Inc. Any recording, retransmission, reproduction, or other use of the same for profit or otherwise without prior consent of CCC is prohibited and a violation of United States copyright and other laws. Additionally, while we will provide a transcript of portions of this call and we've approved the publishing of a transcript of this call by a third party, we take no responsibility for inaccuracies that may appear in the transcripts. Please note that the discussion on today's call includes certain non-GAAP financial measures as defined by the SEC. The Company believes that these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and the results of operations. A reconciliation of GAAP to non-GAAP measures is available in our earnings release that is available on our Investor Relations website. Thank you. I'll now turn the call over to Githesh. Thank you, Bill, and thanks to all of you for joining us today. I'm pleased to report that CCC delivered another quarter of strong top and bottom line results. In the third quarter of 2025, t otal revenue was $267 million, up 12% year over year and ahead of our guidance range. Adjusted EBITDA was $110 million, also ahead of our guidance range, and our Adjusted EBITDA margin was 41%. These results underscore the strength of our platform, the scalability of our model, and the growing demand for AI-driven innovation across the insurance economy. On today's call, I'll focus on two key themes that define our Q3 performance and outlook. First, adoption continued to improve across our platform, particularly among our largest and most sophisticated customers. This momentum builds on the strong trends we observed in Q2 and reflects customers' growing confidence in CCC's ability to help deliver measurable ROI and operational efficiency at scale. Second, we are proactively investing in our organization to harness this momentum to accelerate value creation across the insurance claim and repair ecosystem, enhancing our go-to-market capabilities, deepening client and partner relationships, and strengthening our multisided network. We believe these investments position CCC for continued durable long-term growth. Let's start with the first theme, the accelerating adoption of CCC's platform across our customer base. In Q3, we saw momentum across our customer base with multiple renewals, relationship expansions, and new business wins. These results reflect the value our solutions deliver and the trust our clients place in CCC. A recurring theme in CCC's four decades is the evolution of individual solutions into a connected platform. The most recent evolution is with our AI-infused solutions, which are following a similar trajectory as previous growth cycles. Starting with the launch of Estimate STP in late 2021, we've expanded vision AI use cases to create a powerful AI layer that enhances our core software with advanced capabilities in routing, estimating, and workflow. These capabilities are seamlessly connected through our event-based overlay IX Cloud, which links more than 35,000 businesses across the CCC network. When multiple solutions are used together, it creates a compounding effect, reducing cycle time across the ecosystem and improving outcomes for insurers, repairers, and consumers alike. We continue to see good engagement from our Auto Physical Damage (APD) insurance clients in Q3 with multiple renewals and contract expansions. For example, a top 20 insurer signed on for Intelligent Reinspection, a workflow AI solution demonstrating the growing demand for intelligent automation across the claim life cycle. Adoption of these solutions continues to scale, driven by the proven ability to deliver meaningful ROI and operational efficiency. As I have said before, our largest and most sophisticated customers put new technologies, including our solutions, through rigorous testing and piloting before full adoption. Our customers consider these processes to be essential to validate their specific ROI, to identify internal process improvements, and to align stakeholders across their organization. We're now seeing evidence that working with our customers through these diligence processes contributes to increased adoptions of our solutions. Over the past year, a top 10 insurer has increased the number of AI-infused solutions in use and the volume of claims being affected by those different AI use cases. As a result, this customer increased the number of claims leveraging at least one CCC AI model from roughly 15% of their claims to about 40%. This is a clear example of CCC turning innovation into operational impact, delivering measurable gains across the claims journey. Following the progress in APD, let's turn to casualty, an exciting growth area where our investments in technology, talent, and product innovation are paying increasing dividends. For example, Liberty Mutual, the sixth largest auto insurer in the United States by 2024 direct premium written, has signed with CCC and is actively transitioning a substantial portion of the casualty business to our platform. This decision was based on the strength of CCC's platform capabilities, the breadth of our extended ecosystem, and our ability to deliver operating performance through ease of use, actionable analytics, and continuous innovation, including AI. This transition has just started and will not be at full run rate until mid-2026. In addition to the Liberty Mutual contract, we had multiple renewals and contract expansions across our casualty client base, including a top five insurer for both first and third party claims. Growth in our casualty business is outpacing overall company growth and represents one of CCC's most compelling long term opportunities, which we believe may reach or even exceed the scale of our Auto Physical Damage insurance business over time. Part of our confidence in the casualty opportunity comes from the fact that its total addressable market is similar in scale to APD, but its customer count is currently just 1/5 that of APD and contributes approximately 10% of our revenue. Medical inflation and complexity are also increasing rapidly. With our insurance customers increasingly focused on addressing this area of claims, we're also advancing tools to help our insurers manage injury claims, an area where EvolutionIQ is already delivering results. EvolutionIQ saw good momentum in Q3, renewing and expanding contracts with multiple top 15 disability carriers, launching MedHub for auto casualty, and adding its first workers’ compensation cross-sell into an existing CCC customer. A central pillar of our investment thesis in EvolutionIQ was the integration of its AI-powered injury claims resolution capabilities into CCC's auto casualty suite. This strategic alignment positions us to accelerate our momentum in casualty and unlock new cross-sell opportunities across our APD client base of over 300 insurers. The first milestone in this integration journey was MedHub, EvolutionIQ’s AI-powered medical record synthesis solution, becoming generally available for auto casualty in Q3. MedHub's ability to decode complex medical documentation and surface actionable insights is generating strong interest from multiple top 10 insurers. In the past 12 months, MedHub has processed 6 million documents, 5.5 million full summaries, and 82 million pages. Another strategic rationale for our acquisition of EvolutionIQ was the opportunity to deploy EvolutionIQ solutions, particularly its emerging workers’ compensation product line, into CCC's existing insurance client base. With seven of the top 10 workers’ comp P&C insurers already CCC clients, we are excited to announce that in Q3, a top 25 CCC, APD, and casualty client became a new customer for EvolutionIQ's workers’ comp solution. Together, CCC and EvolutionIQ are enabling insurers to harness AI more broadly, driving meaningful improvements in operational efficiency, customer experience, and claim outcomes. Over time, we plan to scale these capabilities across our client base, unlocking new pathways for growth and long term value creation. This integration is a natural extension of our platform strategy, uniting data, AI, and workflow automation to address complex challenges in injury claims resolution. While insurers are scaling adoption of our AI-infused solutions, repair facilities are also embracing innovation to meet the challenges of increasingly complex vehicles and higher consumer expectations. As vehicles become more advanced and customers demand faster, more accurate, and more transparent service, repair facilities face growing pressure to deliver. CCC's platform is designed to help repairers thrive in today's demanding environment. This quarter we saw continued momentum of repair facilities adopting our latest solutions. For example, Build Sheets, our accuracy-enhancing part selection tool, has now been adopted by over 5,500 repair facilities, up from about 5,000 last quarter. Usage of our Photo AI-powered estimating tool, Mobile Jumpstart, is also accelerating. In September we surpassed an annualized run rate of over 1 million AI-based repair estimates generated using Mobile Jumpstart. Jumpstart enables repairers to cut estimate preparation time from 30 minutes to under 2, freeing up technicians and accelerating cycle times. With tools like Jumpstart and Build Sheets, CCC is helping define what modern, efficient, and consumer-centric repair looks like. We believe our AI-driven tools and the connectivity of our network are driving a widening gap in operating efficiency and consumer experience between repair facilities on the CCC platform and those that are not, a gap that we anticipate will continue to expand as adoption and expectations rise. Let's take CCC's routing AI solution, First Look, as an example. It helps insurers only route vehicles to a repair facility if they're truly repairable, preventing shops from losing valuable time and space on vehicles that will ultimately be declared total losses. A workflow AI solution, Intelligent Reinspection, is another example. It reviews supplement requests, which now occur in about two thirds of repair claims. With CCC's new solution, roughly 40% of those supplement requests are auto-approved, significantly shortening cycle time for repairers. We will continue to introduce new solutions that combine the connectivity of our multi-sided network and the power of AI to deliver even greater efficiency and consumer experience gains for our customers. As a result, we expect the productivity and service gap between those on the CCC network and those who are not to expand over time. This brings me to the second theme of today's call, the organizational investments we are making to accelerate value creation across the insurance claim and repair ecosystem. In addition to getting to know many of our team members during his first six months at CCC, our new President Tim Welsh and I have met with dozens of clients. These conversations were invaluable and had three takeaways. The first is that our insurance customers are increasingly focused on the affordability of their products. A recent Guardian Service study found that one in four Americans have downgraded or dropped insurance to free up cash and one in three would temporarily go without coverage to afford basic necessities. This underscores a critical question clients are asking: how can CCC help improve operational cost efficiency to make insurance more affordable for consumers? The second takeaway is that our clients are intent on leveraging the opportunities presented by the current wave of technology-driven transformation. AI creates new possibilities for handling claims and new opportunities for participants in the CCC ecosystem to collaborate. Insurers, repair facilities, OEMs, and other participants in the ecosystem are looking to us for strategic guidance on how to leverage AI to streamline workflows and navigate the organizational change required to implement these innovations. They are not looking for incremental gains, they want a step change and they want CCC to help them achieve it. The third takeaway is that our clients want us to do more with them over time. We built long-term relationships by supporting their mission-critical processes and consistently delivering platform-driven innovation. As a result, our role has evolved into a trusted advisor and innovation partner. Clients are asking us to provide solutions that integrate more deeply across their operations and ecosystems as well as work closely with them to help shape the future of insurance. These client conversations reaffirm the strength of our product investments and highlight CCC's growing role as a transformation partner of choice. Combined with strong adoption momentum we're seeing across our platform, this gives us the confidence to invest behind the demand, positioning CCC to capitalize on what we believe is a transformative era of growth and innovation. One of the key investments we're making is a refinement of our go-to-market strategy to better engage customers around the broader value of the CCC platform. As we shared on our February call, early changes included simplifying our solution packaging by combining insurance offerings into more holistic, outcome-driven bundles, enhancing change management support to accelerate adoption of newer innovations, and consolidating all market-facing and service functions under Team Welsh's leadership to drive alignment and accountability. The next phase of this evolution involves augmenting our teams with new skill sets, bringing in talent that can help us build broader, deeper, and more strategic relationships across key clients. One way that we are doing this is augmenting our existing teams with new client leaders that have proven expertise in deep, strategic, consultative platform sales, which will allow us to engage higher and more broadly across the organization. We are funding these investments by reallocating existing spend to these higher ROI opportunities. These moves reflect our confidence in our long-term growth potential and are guided by what our clients need most. As part of our broader effort to align the organization for scale, we have also separated the previously combined roles of Chief Product Officer and Chief Technology Officer and are actively recruiting to fill both positions. This structural change enables greater focus and specialization across both functions, which we believe will drive stronger execution, enhanced client satisfaction, and elevate the consumer experience. In parallel, we are continuing to invest in our multisite network, adding new capabilities, expanding participation, and integrating advanced AI features that enhance our ability to deliver differentiated value at scale. With over 200 partner organizations, we see significant opportunity to deepen existing relationships and forge new ones, further strengthening the CCC ecosystem. Taken together, these investments reflect our commitment to scaling CCC's impact by aligning our organization more closely with client needs, deepening strategic relationships, and strengthening the ecosystem that powers our platform. We are confident that these steps position us to lead in a rapidly evolving market and deliver meaningful, durable value for our customers, partners, and shareholders. Every day, CCC's solutions help our customers support over 50,000 people affected by vehicle accidents and over 10,000 impacted by workplace injuries, helping them get their lives back on track as quickly as possible. Since going public in 2021, we've doubled the annual dollar value of claims processed in our system from slightly over $100 billion to over $200 billion. For this, we are truly grateful to the growing trust and reliance from our customers across the insurance economy. We saw clear traction in Q3, particularly among some of our largest and most sophisticated customers. Their adoption trends reinforce our confidence in the structural changes we're making to scale our impact and deliver against a compelling long-term growth opportunity. As the insurance economy continues its digital transformation, CCC remains deeply committed to providing our customers with solutions to shape a future where innovation drives better outcomes for businesses, consumers, and communities. We are excited about the road ahead and confident in our ability to deliver strong results and lasting value. I will now turn the call over to Brian, who will walk you through our results in more detail. Thanks, Githesh. As Githesh highlighted, Q3 was a strong quarter with meaningful new business wins, renewals, contract expansions, and a continuation of the adoption momentum we saw in Q2. These results reflected the continued execution of our platform strategy and the strategic investments we're making to support long-term growth. Now let's turn to the numbers. I will review our third quarter 2025 results and then provide guidance for the fourth quarter and the full year of 2025. Total revenue in the third quarter was $267 million, which is up 12% from the prior year period. In the third quarter of 2025, approximately 5 points of growth was driven by cross-sell, upsell, and adoption of our solutions across our including repair shop upgrades, the continued adoption of our emerging solutions, and casualty. Approximately 3 points of growth came from our new logos, mostly repair facilities and part suppliers, and about 4 points of growth came from EvolutionIQ. In the quarter, contribution from our emerging solutions expanded to just over 2 points of growth, mainly driven by our AI-infused APD solutions, subrogation, diagnostics, and build sheets. Emerging solutions represent about 4 percentage points of our total revenue in Q3 of 2025, and these solutions continue to be the fastest growing portion of our portfolio. Industry claim volumes in Q3 declined 6% year over year. That compares to a 9% decline in Q1 and an 8% decline in Q2. The trend continues to represent approximately a 1 percentage point headwind to growth, consistent with the impact we experienced in the first half of the year. Turning to our key metrics of software gross dollar retention, or GDR, and software net dollar retention, or NDR. Please note that both of these metrics now include EvolutionIQ, and we're using an annualized software revenue on a combined basis for the prior years to provide a baseline for annualized revenue growth. GDR captures the amount of revenue retained from our client base compared to the prior year period. In Q3 2025, our gross dollar retention was 99%, which is in line with the last couple of years. We believe that GDR reflects the value we provide and the significant benefits that accrue to our clients from participating in the broader CCC network. Our strong GDR is a core tenet to our predictable and resilient revenue model. Net dollar retention captures the amount of cross-sell and upsell from our existing clients compared to the prior year period as well as volume movements in our Auto Physical Damage client base. In Q3 2025, our NDR was 105, down from 107 in Q2 2025, primarily due to timing of deals. Now I'd like to turn to the income statement in more detail. As a reminder, unless otherwise noted, all metrics are non-GAAP. We provide a reconciliation of GAAP to non-GAAP metrics in our press release. Adjusted gross profit in the quarter was $199 million. Adjusted gross profit margin was 75%, which is down from 78% last quarter and against Q3 of 2024. The lower adjusted gross profit margin is mostly driven by higher depreciation from newly launched solutions and software enhancements. Other impacts include a one-time impact of the write-off of a discontinued solution and revenue mix. Overall, we feel good about the leverage and scalability of the business and making progress towards our long-term target of 80% over time, but this percent can move around quarter to quarter. In terms of expenses, adjusted operating expense in Q3 2025 was $106 million, which is up 12% year over year including the acquisition of EvolutionIQ. Excluding EvolutionIQ, adjusted operating expense increased 3% year over year, primarily driven by higher resource-related expenses and professional fees. Adjusted EBITDA for the quarter was $110 million, up 8% year over year with an Adjusted EBITDA margin of 41%. This was above the high end of the range, which was $104 to $107 million, reflecting the revenue that flowed through in the quarter and some phasing of costs that have moved into the fourth quarter. Stock-based compensation as a percent of revenue declined to 15% in Q3. That's down from 24% of revenue in Q1 and 18% of revenue in Q2. We expect stock-based compensation as a percent of revenue to continue to trend down in Q4 and in 2026 to reach high single digits in 2027. That's subject to further business needs and market conditions. Now let's turn to the balance sheet and cash flow. We ended the quarter with $97 million in cash and cash equivalents and $993 million of debt. At the end of the quarter, our net leverage was 2.1 times Adjusted EBITDA. We continue to show improving trends in free cash flow generation. Free cash flow in Q3 was strong at $79 million. That compares to $49 million in the prior year period. This reflects strong collections and favorable timing on working capital. Free cash flow on a trailing twelve month basis was $255 million, which is up 28% year over year. Our trailing twelve month free cash flow margin as of Q3 2025 was 25%. That's up from 22% in Q3 of 2024. We have used our strong free cash flow performance to return capital to shareholders through the share repurchases. In Q3, we completed open market repurchases of 4.8 million shares of CCC common stock for about $45 million. We continue to be active buyers in October, bringing the total year to date repurchase to approximately 30 million shares for approximately $280 million under our previously announced $300 million share repurchase program. I'll now turn to guidance. Beginning with Q4 2025, we expect revenue of $272 to $277 million, which represents a 10% to 12% growth year over year. We expect Adjusted EBITDA of $106 to $111 million, a 40% Adjusted EBITDA margin at the midpoint. For the full year 2025, we are raising the low end of our guidance range and maintaining the upper end for both revenue and Adjusted EBITDA. We are now expecting revenue of $1.051 to $1.056 billion, which is a 12% year over year growth at both the midpoint and at the high end of the range. For Adjusted EBITDA, we're now expecting between $423- $428 million, a 40% Adjusted EBITDA margin at the midpoint and a 41% margin at the high end of the range. This includes a moderate EBITDA loss from EvolutionIQ. Excluding EvolutionIQ, our guidance implies about 100 basis points of year over year margin expansion at the midpoint. A couple things to keep in mind as you think about our Q4 and full year guide. First, our Q4 revenue forecast for the Core remains in line with our previous guidance. We are raising the low end of our full year revenue guidance range to reflect strong performance in Q3 and maintaining the upper end of the range because of a slightly softer contribution from EvolutionIQ. Overall, the pace and scale of new business wins, renewals, contract expansion across the core business and EvolutionIQ reinforces our confidence in our long term growth as we head into 2026. Second, we are raising the low end of our full year Adjusted EBITDA guidance to reflect Q3 outperformance while keeping the upper end unchanged as we expect to absorb Q4 cost tied to the organizational investments Githesh outlined, which includes some one time consulting recruiting fees as well as exit and onboarding cost. As a result, we do not expect these investments to impact margins going forward, and we remain on track to resume margin progression in 2026. As we wrap up, I'd like to reiterate our confidence in the strength of our business and our ability to deliver against our long-term strategic priorities. Our Q3 results and positive momentum underscore our commitment to support our clients as they advance their digital transformation. We're encouraged by the growth of emerging solutions and the disciplined execution that is driving margin expansion and strong free cash flow. As we look ahead, we believe our durable business model, expanding portfolio of AI-infused solutions, and strategic investments, including continued investments in our core platforms and the teams that support them, position us well to create long-term value for both our customers and our shareholders. Operator, we're now ready to take questions. Thank you. Thank you. At this time, we will conduct the question and answer session. As a reminder, to ask a question, you need to press star one, one on your telephone and wait for your name to be announced. To withdraw your question, please press Star 11 again. Please limit yourself to one question and one follow-up. Please stand by while we compile the Q and A roster. Our first question today comes from Kirk Materne with Evercore ISI. Your line is open. Yeah, thanks very much guys, and congrats on a nice quarter. I guess Githesh, one of the things that stood out was the customer you alluded to that's gone from 15% of his business being touched by AI to 40%. Can you just talk, I guess at a high level about what that means from a monetization perspective for you all? Meaning when we think about the kind of revenue contribution on an ACV basis from that client, is there sort of a linear scale for you all as your AI-infused solutions penetrate that client? Brian, could you just clarify a little bit on the EvolutionIQ? I think it was 4% contribution. I think you guys were looking to reach five. Could you sort of—it might just have been some little things. Could you just give us a l ittle bit more color on that front. Thanks. Hey, thanks, Kirk. The main theme here is that as we've expanded our vision AI, we have expanded the use cases across a broader spectrum of the claims. As the quality, the caliber of the vision AI to help guide and make decisions all the way from the consumer at the front end, helping decide whether the car should be repaired or totaled, using it for Estimate STP, using it for Intelligent Reinspection, there's a lot of different places in the workflow that the solution is now being applied in addition to subro. In terms of the specifics, in terms of the impact on financial, I'll let Brian pick that up. We're super excited about the uptake and how we've been able to expand that core AI vision capability across many other facets of the claim. Yeah, if you think about AI and AI touching the claim, there is an incremental opportunity or upcharge that we have. If you think about in our APD clients that if they take our core solutions, think about kind of estimating, valuation, workflow, and they're using those today, now they're deploying. If they deploy our AI layer that sits on the top of those, such as Estimate STP, that's on the top of our estimating solution, or our Intelligent Reinspection, which sits with workflow, you could think about that client fully rolled out, could increase about 50% of their revenue across the APD solution set. That's how to think about the sizing of the AI impact on our clients. Your second question on EvolutionIQ I can take as well. You're right. We saw four points of contribution in the quarter that will step up slightly in Q4. We will see a larger contribution from EvolutionIQ. It will look more like 5% of the overall growth in the fourth quarter. The slight slippage that we saw in Q4 really comes down to timing of deployments and when clients are going live. These are signed clients, but there's been some timing and delays when they're going live, and that has pushed the revenue out. It's not revenue leakage or revenue loss. It's really a timing point on the revenue silver. Thank you all. Great thanks. Thank you. Thank you. Our next question comes from Gabriela Borges with Goldman Sachs. Your line is open. Hey, good morning. Thank you. Githesh and Brian. I want to understand a little bit of your growth profile into next year in the context of some of the changes you're making. If I think through the commentary from this year, some of the things outside of your control have led you to be, call it in that 7, 8, lower half of the revenue target, your long term revenue target of 7 to 10%. My question for you is, what are the scenarios where we can be closer to the high end versus the low end of that long term target for next year and the timing of the changes that you're making in the organization, why now? Do you think they can contribute to you being towards the higher end of the revenue growth target range for next year? Thank you. Okay, thanks Gabriela. Let me take the last part of your question first. If you look at, you know, when I look back at the last 20 plus years of how we've been doing this, we've always focused first on building out a high-quality set of solutions for essentially the next generation or the next wave. That was true when the Internet came along, that was true when mobile came along. That was true as we delivered new solutions. We have, as you know, invested substantially over the last four years, five years in fact, much, much longer on a set of AI-infused solutions. Those are now starting to scale. We talked about that in Q2, we talked about that in Q3. One of the things that we have seen as we've started to deploy solutions, clients starting to adopt them, is really two out of the three things that as Tim and I have been going around talking to people, customers are asking us for. Customers are saying we want to use these tools to deliver a step function change, not a linear incremental change. That also means we need you guys to help us with more because it requires process changes, change management on our end. That is actually one of the key reasons why we're making these changes now. Now for two reasons, right? Tim's now had significant opportunity to spend time in the business and the feedback from clients that the breadth of the solutions have increased. Clients are saying we need you to do more and we need you to help us. Therefore, we need to be working at higher levels in the organization because it affects so many other components of the organization. That's why we are making the augmentation. Remember, this is an addition, an augmentation of our core capabilities as opposed to any whole scale changes. Does that help with that part? Yes. The answer to the second part of your question about growth rate is yes, as Brian pointed out, claim frequency, the drop in claim frequency has started to moderate. Most important for us, what really drives our growth is the adoption of, really, if you think about it, our emerging solutions. We're continuing to build on the core insurance adoption of emerging. As you followed us for a while, you've seen the breadth of the adoption in really two dimensions. One, clients expanding use of Estimate STP, Intelligent Reinspection, a lot of our solutions. That's one dimension. The second dimension is as our most sophisticated customers deploy these solutions, we see great references and adoption by more and more clients. Those are two dimensions for emerging solutions. For casualty, we've said that's a sizable opportunity, and as large customers start to come on for casualty, we think that will help drive the growth. On EvolutionIQ, as we go from 2025 into 2026, we see the core disability solution continuing to chug along well. One of the things we pointed out is one of our traditional CCC clients using the workers’ compensation solution. That's a nice, brand new product that can be rolled out to our existing customers. At a very macro level, we're looking at growth from a whole series of these new solutions. That's really more we believe will start driving growth. Thank you for the detail. Thank you for your question. Our next question is from Dylan Becker with William Blair. Your line is open. Hey gentlemen. Appreciate it. Maybe good touch. Starting with you on casualty, talking about it kind of continuing to grow faster than the aggregate business here. I'm wondering how much of the emphasis that you're seeing from customers on the casualty side is driven by the market factors around inflation and the need for kind of tech modernization and data there versus maybe pairing that with the maturation of your platform and the differentiation of being able to kind of pair all of the APD data that you have there. It feels like it's kind of a combination of both. I wonder if maybe one is helping accelerate the other. They're kind of working in tandem together how you guys may think about it. Thanks, Dylan. The way we think about it is really at two levels. First and foremost, when you think about it at a macro level, medical inflation is really running very aggressively out of control, and there's a whole host of things happening with our clients when it comes to what's happening with medical inflation and its impact on the affordability of insurance for consumers. That's one macro fundamental thing that's changing. Second, and perhaps as important, is that the investments we have made in our casualty platform over the last several years, similar to what we've been able to do on the Auto Physical Damage side where we have given customers tools, technologies, and capabilities to be able to manage this, the maturity enhancements, and honestly some of the very uniquely differentiated features we have in casualty are also helping with adoption. Perfect. Okay, great. Maybe another way of kind of asking for Brian here too. If we net out the EvolutionIQ contribution piece, it looks like the core accelerated again here, kind of closer to 8%. It's a function, it seems like, of emerging stepping up as well. You still maybe have the call option of claims volume normalization, I guess. Is that first a fair characterization? As you start to see more of these kind of large customer multi-product components and maybe some stuff that's already signed layering in next year, can y ou give us a sense of kind o f the conviction of that steady state model here playing out as you guys had laid it out or seen it taking place i f that makes sense. Yeah, it makes sense. Thanks, Dylan. Yeah, you're right. I mean the last two quarters, if you pull out EvolutionIQ in both Q2 and Q3, we're doing about 8% in the core on an organic basis. In that, as you alluded to, we're seeing about a point of headwind drag on claim volume. That's running through the numbers as well. When you think about what we talked about last quarter on the Q2 call and then the call today regarding some of the client wins, the expansion, the new casualty win, the adoption of emerging solutions, it certainly gives us confidence as we exit the year and the momentum in the business. We're feeling good on the exit run rate coming out of the year and setting us up for 2026. That said, each year we need to grow about $100 million of revenue. Although it gives us good momentum and feeling confident about delivering against the position, there's still more to do next year. Overall, there's a lot of positive momentum in the business. Great, thank you. Thank you for your question. Our next one comes from Josh Baer with Morgan Stanley. Your line is open. Thanks for the question. First, on the contribution from new logos i t seems to be tracking slightly better than some of the frameworks that you've laid out. Just hoping you could dig in a little bit there and talk about types o f customers you're landing, the size of those lands. Any other context on new logo contribution? Yes, I can take that. Hey Josh. Yes, we're really happy and pleased with the new logo performance. We've been seeing about 3% of growth from new logos over the past couple years, and that's been very consistent as you alluded to over time. We do expect that to moderate in our long-term framework. We expect that to be more like 2% of growth, just because of the market leadership position we have both on the carrier side of the business and the shop side of the business. We're really happy with the performance that we've been seeing. It remains to be distributed. It's a combination of repair facilities, parts suppliers, and we are still bringing in new carriers. We talked about a carrier win earlier in the year that's contributing to the new logo as well. We're pleased with the performance and feeling good on how that's playing through. Got it. A follow up on the claims headwind. I assume it's just rounding. I did want to check, did the he adwinds get smaller following the lighter declines i n claims or is there anything else going on there? If you could talk about any of the monthly trends from July through October. Thank you. Yeah, I mean we're seeing. As far as the drag that we're seeing in growth, I mean claims were down 9% in Q1, they were down 8% in Q2, and we saw about a point of headwind in the first half. In Q3, it's down 6%. We're still seeing roughly a point. There is some rounding in that. I'd also say, and we've talked about this in the past, that the claim decline isn't perfectly correlated with our revenue model. It just doesn't work out mathematically perfectly correlated. It matters on client mix, product mix, and also timing of true ups and whatnot. There's kind of a lot of factors that play into it. I think you can say there's a slight benefit in rounding, but it's pretty marginal. We're still facing kind of the 1% headwind. We're assuming that as we go into Q4 as well. Within the guide position, we are assuming a 1 point drag in Q4 as well. I don't get if there's anything you want to. No, I think this is also correlated to, I'd say, two macro things I'd point out. One is the cost of the increase in claim inflation that's moderated significantly in 2025. Our numbers show, and you see that in our reports in Crash Course, that claim inflation has moderated. The second thing we're noticing is that there are more filings for rate decreases by carriers than there are for rate increases. We think from a consumer and affordability standpoint those two other macro factors are starting to play in. With that said, the other point we also look at is the number of consumer self paid claims versus insurance filed claims. We still think the consumer self paid claims are at significantly elevated levels compared to where they were two or three years ago. Thank you very much for your question. Our next question is from Saket Kalia with Barclays. Your line is open. Okay, great. Hey Githesh. Hey Brian, thanks for taking my questions. You had a nice quarter. Thanks Saket. Yeah, sure. Githesh, great to see the Liberty Mutual win on the casualty side and just generally momentum build in that business. You talked about how the TAM there is similar in size to APD. I was curious though, maybe on the market share side, r ight? What does the market share look like in the casualty business and specifically how much that market is maybe done manually or through homegrown solutions versus maybe incumbent software vendors that you would have to displace, even anecdotally, kind of how you think about that. Yeah, I would say at a very high level, I'd say the majority of claims processed today, even on the casualty side, are using some kind of software. Over the last couple of decades, that's the vast majority. I won't put up any specific percentage other than vast majority, but there are still pockets where many elements are still done manually and we're seeing that with a few customer adoptions. For the most part, it is done using existing providers. Got it. That's helpful. As we've talked about this, we feel very good about the solutions we've been building and it's been several years in the works. Understood. Brian, maybe for my follow-up you. If you talked about the net dollar retention and maybe how timing of deals there impacted it a little bit. Can you just dig into that? Maybe that's on the EvolutionIQ side, but can you just dig into sort of that timing impact and either talk about sort of what NDR would have been this quarter adjusting for that timing or maybe on the other side maybe talk about how that NDR could trend into Q4 when presumably that timing sort of corrects. Does that make sense? Yeah, it does. Happy to cover it. Yeah, so you know we've talked about it in the past and you see it run through the numbers. I mean, NDR will just move around quarter to quarter. It really has dependency on deal flow, phasing, timing of deals that come home in the quarter, the deals you're lapping from the prior year. There's just a dynamic of the deals that are playing through. The second part is product mix matters as well. As you know, casualty solutions and our parts solutions do not go into our NDR calculation, but they are in total growth. Casualty was very strong in the quarter, so contributed to total growth, but that's not running through the NDR, so that's a factor as well. Third, I'd highlight that EvolutionIQ was softer in the quarter, in this quarter Q3, than it was in the prior two quarters. That's playing through. That really is on the implementation of their deals as well. All those factors are playing through the NDR in the quarter. Super helpful. Thanks, guys. All right. Thanks, Saket. Thank you. A second. Thank you. Our next question is from Tyler Radke with Citigroup. Your line is open. Yeah, good morning. Thank you for taking the question. Githesh, I wanted to go back to some of the comments you had around reinvesting in certain areas of the business. I know you were sort of on a listening tour with your newly appointed President and sounds like customers want to see higher level solutions to the problems they have. I imagine part of tackling that is investing in the right heads on the go-to-market side. I guess a couple questions. How are you thinking about any changes on the product side? Does this sort of need this just s ort of messaging and positioning thing t he go to market team, or are there product level changes you need to make to be able to tackle these problems more holistically? Brian, as you think about those investments, how are you sort of w eighing that versus the framework y ou have around expanding margins? Is this something that you feel like you can absorb by offsetting costs elsewhere? Just how you think about that on the margin side heading into next year? Hey Tyler, I'll take the second part of your question first and then Brian will take the third and I'll do the first part of your question. To start with, let's talk about product. One of the things that we are seeing is that these solutions that we are building, deploying, and remember, we first came to market with our AI in November of 2021. We are now almost four years into after seven years of development and we are seeing true differentiation for our customers. Our customers who deploy these solutions are getting better results, better operating performance than those that don't. Those results are actually validating for us that the core solutions that we've built are delivering results. With the other part of what we also feel we need to do is with CCC IX Cloud, as we continue to expand the ecosystem, merging really three things from a product standpoint: the deep workflows we are involved in, the use of very moving information to the right person at the right time for the right claim in the right location for the right customer. That is another layer. Third, as we integrate AI into really every facet of what we do, these are going to require continued development. It's no different from when I look back 5 years, 10 years, etc. This is just a natural next step in our evolution. This is one of the reasons we pointed out that we are also separating out the Chief Product Officer role from the Chief Technology Officer role because we think more dedication to those activities will be super helpful based on the client feedback. In terms of your first question in terms of go to market and what we're seeing, it just very simply comes down to our customers telling us we need you to do more for us and we need you to work in a broader scale across our companies, which is honestly very gratifying to hear and exciting to hear. Therefore, we're making the investments to really augment that side of the business. I'll turn it over to Brian for margin question. Yeah, absolutely. Hey Tyler. The way to think about these changes that we're doing in go to market, think about them. They're strategically and operationally important, but they're not financially material. We are reallocating resources to higher ROI opportunities, and there are some one-time costs associated with the actions that I referenced. We're absorbing those costs into our Q4 position. Our guide didn't change for the year. Think about this reinvestment. It's not focused on cost reductions, but there are efficiencies which will offset some of the investments that we're making. When you think about kind of coming out of Q4 and into next year, we are expected to deliver margin expansion next year consistent with the margin progression that we talk about in our guidance framework. That's how you should think about kind of the impact as we roll out of this year into next year and how we'll play through the margins. Okay, thank you and apologies for the three-part question. I'll keep it to one f ollow up here. No problem whatsoever. Liberty Mutual, exciting announcement there. Just remind us, where are you at with other top 20 carriers, and do you think that kind of creates a referenceability halo effect? Apologies if that was two questions, just related to that big customer. Thank you. Yeah, look, we don't comment on, we generally by and large don't comment on any specific customers or deals. This was a bit of an exception for us, I would say. Even when you think about the Liberty Mutual decision, references did play a huge role in even their decision. Obviously, this helps us for sure. They've been a wonderful partner, just like many other wonderful partners you know we have. The only point is, you know, this is why we focus on high quality, high caliber implementations and also feels great. It's a validation of the tremendous investments we've made in casualty that is most importantly being recognized by our customers. Thank you. Thank you. As a reminder, if you would like to ask a question, you'll need to press star one, one on your telephone and wait for your name to be announced. One moment for our next question. Our next question comes from Samad Samana with Jefferies. Your line is open. Hey guys, this is Jeremy for Samad Samana. It's good to see the decline in auto claims volumes moderating a bit, I guess. Is there a cyclicality element to the medical insurance claims as well? I know you called out that medical insurance is experiencing a very high inflation right now. I guess w here are we in that cycle? Is there maybe upside to the volume? You're seeing in medical that might align with the recovery in auto down the line? Yeah, I would say the pattern, to keep it very short, there is less of a pattern in medical than it has been in Auto Physical Damage. The reason is medical claims tend to be much higher than dollar claims, and therefore, when those claims happen, people do file the claims. Whereas for Auto Physical Damage, because of higher deductibles and people's propensity to pay for the claims out of pocket, it is a lot higher for Auto Physical Damage than it is for casualty. Got it. That makes sense. On gross margins, it came out a little lower than we expected. I know you gave a few factors. Can you help us size the impact f rom some of the more structural impacts like higher depreciation? I know you call that some software e nhancements versus that write-off on a d iscontinued solution, and then maybe what is that discontinued solution as well? Yeah, happy to cover it. 75% in the quarter, which is slightly down from where we've been trending. We talked about kind of three things that are driving it. The large one that's driving it is the higher depreciation associated with putting new solutions or enhancements of solutions into the market. Once we go live with those solutions, we then start to run the depreciation through and that hit gross profit. That was by far the largest impact in the gross profit. There's also product mix. Casualty has a higher cost of revenue component than some of our APD solutions. Casualty was strong in the quarter, so that had an impact. We did have depreciation acceleration. When we took a solution out of the market, the size of that was about $2 million overall. It wasn't a material solution. We just sunsetted a product as part of our regular assessment across our portfolio. That's how I think about the size of the solution that we took out of the market. Makes sense. Thanks, Githesh. Thank you, Jeremy. Thank you. Our next question comes from Gary Prestopino with Barrington. Your line is open. Hey, good morning all. Two-part question here or two separate. Could you maybe give us some idea of on the transactional revenue side. What was the absolute decline in those revenues versus the decline in claims v olumes or even if they did decline? Yeah, Gary, it's Brian. I mean, the way to think about it, remember our business is largely subscription based. 80% plus of our revenue is subscription, not tied to transactional. Of the 20% transactional, the declining claims had about one point of impact on the growth in the quarter. That is roughly similar to the impact that we saw through the first half. We are seeing a one point headwind through the year. As I mentioned earlier, we are also assuming that headwind stays for Q4, and that's baked into our guide position. Our transactional revenue overall has that one point of impact across the total company. I guess what I'm getting at t here is a concern about the impact of claims declining, and it's definitely affected your stock price. What I'm trying to get at d espite these claims declining, are your s ales on the transactional side declining at a lesser rate? I mean, if it's one point, i t's 20% of revenue, then I would k ind of do the pencil and paper. It would be maybe a 5% decline in revenue. That's what I'm trying to get at. Gary w e've grown on an overall basis. On an absolute basis, we've actually grown. I'm not sure we understand the specifics of your question. Okay, let me cover it. I mean, your math is out of the 20%, there's an impact on claims volume within that, which is down in the quarter, was down 6%. When you just take 6% on 20%, that's roughly what you're getting at, which is just about a point. That is the right math. What we're saying is we are absorbing that, but as we continue to grow adoption of new solutions, the scaling of emerging solutions, the new logo, we're clearly offsetting that. It's certainly playing through the overall position. Our 8% you could say would have been 9% if we didn't have that claim volume. That's how to think about the impact on the claim volume decline running through our transactional side of the business. Okay, and then just sneak one more quick one here. In terms of the casualty business. Is y our competition more or less companies that h ave a single point solution in casualty but nothing in APD, I guess Is there anybody out there like you? That can sell both APD and casualty claims processing? Gary, as you know, we generally stay away from commenting about casualty, much rather speak about what we do. By and large there's a mix. There's a mix of providers. It's a competitive market, and we need to, you know, that's why we need to invest and keep staying ahead with our solutions. Okay, thank you. Thank you, Gary. Thank you. I'm showing no further questions at this time, so I would like to turn it back to Githesh Ramamurthy for final remarks. Thank you all for joining us today, and on behalf of the entire CCC team, I want to express our sincere appreciation for your continued investment, interest, and support. We're also pleased with the third quarter performance and remain confident in our ability to deliver on our strategic and financial objectives. As we look ahead, we remain focused on scaling innovation, deepening client partnerships, and delivering differentiated value across the economy. Most importantly, we're proud to help people get back on track when the unexpected happens, helping life move forward. I'd like to take a moment to thank our customers for their trust, our team members for their dedication, and our shareholders for their continued support. We're excited by the opportunities ahead and look forward to updating you on our next quarterly call. Thanks everybody. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Thank you.