CCC Intelligent Solutions Holdings Inc (CCC) 2021 Q2 法說會逐字稿

Welcome, and thank you for attending the CCC Intelligent Solutions Second Quarter 2021 Earnings Conference Call. (Operator Instructions)

歡迎並感謝您參加 CCC 智能解決方案 2021 年第二季度收益電話會議。 （操作員說明）

I would now like to pass the conference over to your host, Brian Denyeau. Thank you. You may proceed.

我現在想將會議轉交給主持人 Brian Denyeau。謝謝。你可以繼續。

Good afternoon, and thank you for joining us today to review CCC's Second Quarter 2021 Financial Results, which we announced in our press release issued after the close of the market today. Joining me on the call today are Githesh Ramamurthy, CCC's Chairman and CEO; and Brian Herb, CCC's CFO.

下午好，感謝您今天加入我們，回顧 CCC 的 2021 年第二季度財務業績，這是我們在今天收盤後發布的新聞稿中公佈的。今天和我一起參加電話會議的有 CCC 董事長兼首席執行官 Githesh Ramamurthy；和 CCC 的首席財務官 Brian Herb。

The forward-looking statements we make today about the company's results and plans are subject to risks and uncertainties that could cause the actual results and the implementation of the company's plans to vary materially. These risks are discussed in our earnings release that's available on our Investor Relations website and under the heading Risk Factors in the definitive proxy statement/prospectus followed by Dragoneer Growth Opportunities Corp. with the SEC on July 6, 2021. Further, these comments and the Q&A that follows are copyrighted today by CCC Intelligent Solutions, Inc. Any recording, retransmission, reproduction or other use of the same for profit or otherwise without prior consent of CCC is prohibited in the violation of United States copyright and other laws. Additionally, while we have approved the publishing of a transcript of this call by a third party, we take no responsibility for inaccuracies that may appear in that transcript.

我們今天就公司的業績和計劃所做的前瞻性陳述受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果和公司計劃的實施發生重大變化。這些風險在我們的投資者關係網站上的收益發布中以及 Dragoneer Growth Opportunities Corp. 於 2021 年 7 月 6 日與美國證券交易委員會提交的最終委託書/招股說明書中的風險因素標題下進行了討論。此外，這些評論和以下問答的版權歸 CCC Intelligent Solutions, Inc. 所有。在未經 CCC 事先同意的情況下，禁止以營利或其他方式錄製、轉發、複製或以其他方式使用這些內容，這違反了美國版權法和其他法律。此外，雖然我們已批准第三方發布此次通話的文字記錄，但我們對文字記錄中可能出現的不准確之處不承擔任何責任。

Please note that the discussion on today's call includes certain non-GAAP financial measures as defined by the SEC. The company believes these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends related to the company's financial condition and 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.

請注意，今天電話會議的討論包括美國證券交易委員會定義的某些非 GAAP 財務措施。公司認為，這些非 GAAP 財務指標為管理層和投資者提供了有關與公司財務狀況和經營業績相關的某些財務和業務趨勢的有用信息。我們的投資者關係網站上的收益發布中提供了 GAAP 與非 GAAP 措施的對賬。

Thank you. And now I'll turn it over to Githesh.

謝謝。現在我將把它交給 Githesh。

Thanks, Brian, and thanks to all of you for joining us today. We're excited to have recently completed our business combination with Dragoneer, returning CCC to the public markets under the ticker CCCS. I'd like to thank Dragoneer for their incredible partnership during the merger process, and we look forward to their continued support as one of our largest shareholders.

謝謝，布賴恩，感謝大家今天加入我們。我們很高興最近完成了與 Dragoneer 的業務合併，將 CCC 重新帶回公開市場，股票代碼為 CCCS。我要感謝 Dragoneer 在合併過程中提供的令人難以置信的合作夥伴關係，我們期待他們作為我們最大的股東之一繼續提供支持。

Being able to partner with one of the world's most successful investment firms on this journey was an important validation of our differentiated market position and how we manage the business for the long term.

能夠在此旅程中與世界上最成功的投資公司之一合作，是對我們差異化市場地位以及我們如何長期管理業務的重要驗證。

I'd also like to thank everyone at CCC. Becoming a publicly traded company is an important milestone for our business that would not have been possible without the hard work and dedication of every single CCC-er. As part of this process, we renamed the company CCC Intelligent Solutions, which reflects our emergence as a SaaS technology partner focused on applying AI, IoT and advanced analytics across the insurance economy. In the 6 months since we announced our business combination with Dragoneer, we've met with over 70 investment firms and learned a great deal about what shareholders are most focused on.

我還要感謝 CCC 的每一個人。成為一家上市公司是我們業務的一個重要里程碑，如果沒有每一位 CCC 員工的辛勤工作和奉獻精神，這是不可能實現的。作為這一過程的一部分，我們將公司更名為 CCC Intelligent Solutions，這反映了我們作為 SaaS 技術合作夥伴的崛起，專注於在整個保險經濟中應用人工智能、物聯網和高級分析。在我們宣布與 Dragoneer 的業務合併後的 6 個月裡，我們會見了 70 多家投資公司，並了解了很多股東最關注的問題。

In particular, we recognize that there is great interest in understanding how the different opportunities we are targeting could enable us to grow above our 7% to 10% long-term revenue growth objectives. On today's call and going forward, one of our goals is to explain what we are putting in place by way of growth objectives, how this supports our customers' digitization journeys and why we are optimistic about the future.

特別是，我們認識到，人們非常有興趣了解我們瞄準的不同機會如何使我們能夠實現 7% 至 10% 的長期收入增長目標。在今天的電話會議和未來會議上，我們的目標之一是通過增長目標解釋我們正在實施的內容、這如何支持我們客戶的數字化之旅以及我們對未來持樂觀態度的原因。

I'd like to start by summarizing our financial results for the second quarter. Revenue was $166.8 million, up 11% year-over-year on a reported basis and 16% adjusted for a divestiture last year. This was ahead of our guidance and the fourth consecutive quarter of accelerating growth. Adjusted EBITDA was $60.1 million, which represents a 36% margin, up more than 350 basis points from the second quarter of 2020. Again, this performance was ahead of our guidance.

我想首先總結一下我們第二季度的財務業績。收入為 1.668 億美元，按報告基礎同比增長 11%，去年資產剝離調整後增長 16%。這超出了我們的指導和連續第四個季度加速增長。調整後的 EBITDA 為 6010 萬美元，利潤率為 36%，比 2020 年第二季度高出 350 多個基點。同樣，這一表現優於我們的指導。

We are pleased with our performance in Q2 as trends across our business continued to improve throughout the quarter. The auto insurance economy is at the very early stages of its digitization, which we estimate represents a $9 billion market opportunity in the United States and a $35 billion opportunity globally. We believe CCC has developed the most comprehensive and effective platform with the CCC cloud, putting us in a great position to benefit from the secular trend of digitization.

我們對第二季度的業績感到滿意，因為整個季度我們的業務趨勢持續改善。汽車保險經濟正處於數字化的早期階段，我們估計這在美國代表著 90 億美元的市場機會，在全球代表著 350 億美元的機會。我們相信 CCC 已經利用 CCC 雲開發了最全面、最有效的平台，使我們處於從數字化的長期趨勢中受益的有利位置。

I'd like to spend a few minutes reviewing some of the key highlights from the second quarter. First, I'll start by discussing some of the key growth drivers and customer wins during the second quarter, with a strong quarter with continued momentum, cross-selling additional solutions to our existing customers. As we've discussed in the past, most of our growth comes from our existing customers, which reflects our proven track record of innovating new solutions that drive increased value across the auto insurance ecosystem. We saw strong customer engagement and buying patterns improved as the economy reopened from COVID restrictions in recent months.

我想花幾分鐘回顧一下第二季度的一些主要亮點。首先，我將首先討論第二季度的一些關鍵增長驅動因素和贏得客戶，該季度表現強勁，勢頭持續，向現有客戶交叉銷售額外的解決方案。正如我們過去所討論的那樣，我們的大部分增長來自我們現有的客戶，這反映了我們在創新新解決方案以推動整個汽車保險生態系統增加價值方面的良好記錄。隨著近幾個月經濟從 COVID 限制中重新開放，我們看到強大的客戶參與度和購買模式有所改善。

From a new business perspective, we are approaching pre-COVID levels of activity in many of our different customer segments. We had a strong quarter with our insurance customers, while increasingly embracing the CCC cloud's ability to drive greater operating efficiencies, support faster quality claim processing and provide their customers with a modern, digital experience they've come to expect in all aspects of their lives.

從新的業務角度來看，我們在許多不同的客戶群中正在接近 COVID 之前的活動水平。我們與保險客戶的季度表現強勁，同時越來越多地接受 CCC 雲的能力，以提高運營效率，支持更快的質量索賠處理，並為他們的客戶提供他們在生活的各個方面所期望的現代數字體驗.

Adoption of our AI and mobile solutions remain key priorities for many of our insurance customers, and we see a long runway of opportunity in these areas. A good indication of the adoption of mobile is an increasing percentage of claims being settled via mobile. Since the onset of COVID, more than 20% of all claims on the CCC cloud were done via mobile. This compares to 15% in 2019. We expect this number will keep growing as larger national insurers introduce and expand their digital initiatives.

採用我們的人工智能和移動解決方案仍然是我們許多保險客戶的首要任務，我們在這些領域看到了長期的機會。使用移動設備的一個很好的跡像是越來越多的索賠通過移動設備解決。自 COVID 出現以來，CCC 雲中超過 20% 的索賠都是通過移動設備完成的。相比之下，2019 年這一比例為 15%。我們預計，隨著大型全國性保險公司引入和擴展其數字計劃，這一數字將繼續增長。

Our Total Loss solution, which streamlines the total loss claims process when a vehicle is unable to be repaired, had a strong quarter as well. We signed new deals with 2 top 10 insurers that expanded their Total Loss solution set deployment to further automate downstream aspects of the total loss process, driving greater operational efficiency and faster claim resolution for the policyholders. In addition, we expanded the Total Loss ecosystem by adding several new auto lenders to the platform.

我們的全損解決方案在車輛無法維修時簡化了全損索賠流程，也有強勁的季度表現。我們與 2 家排名前 10 的保險公司簽署了新協議，擴展了他們的全損解決方案集部署，以進一步自動化全損流程的下游方面，從而提高運營效率並加快保單持有人的理賠解決速度。此外，我們通過向平台添加幾個新的汽車貸方來擴展 Total Loss 生態系統。

We performed well with our repair facility customers where adoption of our Engage package, which facilitates simple yet powerful mobile engagement with their customers, remain strong. We added more than 1,000 new repair facilities to the CCC platform in the first half of 2021, which is a roughly 4% increase to our repair facility footprint. We now have more than 26,000 repair facility customers. We're excited to see that nearly 30% of these customers have adopted Engage in the 18 months since it was introduced. As you know, we serve as a system of record for our repair facility customers, and our ability to automate and manage many of their key processes drives greater revenue and profitability for them. We believe we have an extensive opportunity to deploy additional capabilities to our existing customers. We have the ability to drive attractive growth with the current set of solutions for the foreseeable future. And as I'll highlight in a moment, we are hard at work delivering exciting new innovation that will provide additional avenues for growth in the future.

我們在維修設施客戶中表現良好，採用我們的 Engage 包，促進與客戶的簡單而強大的移動互動，仍然很強勁。 2021 年上半年，我們在 CCC 平台上增加了 1,000 多個新的維修設施，這使我們的維修設施足跡增加了大約 4%。我們現在擁有超過 26,000 家維修設施客戶。我們很高興看到近 30% 的客戶在 Engage 推出後的 18 個月內採用了它。如您所知，我們作為維修設施客戶的記錄系統，我們自動化和管理他們的許多關鍵流程的能力為他們帶來了更大的收入和盈利能力。我們相信我們有大量機會為現有客戶部署更多功能。在可預見的未來，我們有能力通過現有的解決方案推動有吸引力的增長。正如我稍後要強調的那樣，我們正在努力提供令人興奮的新創新，這將為未來的增長提供更多途徑。

The second area I'd like to highlight is our success in emerging parts of the auto economy ecosystem. As we discussed with investors in recent months, there is tremendous innovation happening across the industry. Whether it is new modes of transportation or digital innovation reaching a new part of the market, the complexity of this ecosystem continues to increase. We also see a great opportunity to expand with fast-moving, innovative tech-driven start-ups in insurance and other parts of the market, like rideshare and large rental operations. I'd like to highlight 2 recent wins and provide an update on the expansion of our parts platform to demonstrate our early success in these areas.

我想強調的第二個領域是我們在汽車經濟生態系統新興部分的成功。正如我們最近幾個月與投資者討論的那樣，整個行業正在發生巨大的創新。無論是新的交通方式還是進入市場新部分的數字創新，這個生態系統的複雜性都在不斷增加。我們還看到了一個很好的機會，可以通過快速發展、創新的技術驅動型初創企業在保險和其他市場領域進行擴張，例如拼車和大型租賃業務。我想強調 2 個最近的勝利，並提供我們零件平台擴展的最新信息，以展示我們在這些領域的早期成功。

Buckle is an inclusive tech-enabled financial services company that provides auto insurance to gig economy drivers, a rapidly growing part of the transportation market. Transportation network companies and their drivers will benefit from digital solutions that utilize mobile and AI to enable a self-guided auto claims experience. Buckle is initially deploying CCC Quick Estimate, CCC Smart Total Loss and CCC Quick Valuation to provide drivers full transparency and faster resolution of the claims. Our work with Buckle is another example of the new growth opportunities that are being created by innovation across the transportation industry.

Buckle 是一家包容性的科技金融服務公司，為零工經濟司機提供汽車保險，零工經濟是交通市場中快速增長的一部分。交通網絡公司及其司機將受益於數字解決方案，這些解決方案利用移動和人工智能實現自助式汽車理賠體驗。 Buckle 最初部署了 CCC Quick Estimate、CCC Smart Total Loss 和 CCC Quick Valuation，為司機提供完全的透明度和更快的索賠解決方案。我們與 Buckle 的合作是整個運輸行業創新創造的新增長機會的另一個例子。

Next, we recently signed an agreement with one of the world's largest global vehicle rental companies for our core estimating workflow solution. By deploying this offering, this customer will be able to streamline the inspection and repair process for its fleet. This is an exciting initial win that has additional opportunities to expand its usage of CCC to more solution sets.

接下來，我們最近與世界上最大的全球汽車租賃公司之一就我們的核心估算工作流程解決方案簽署了一項協議。通過部署此產品，該客戶將能夠簡化其車隊的檢查和維修流程。這是一個令人興奮的初步勝利，它有更多機會將 CCC 的使用擴展到更多解決方案集。

Parts is an area where we're seeing impressive growth, including a record for parts orders in the second quarter. We are still relatively early in the rollout of our parts solution, but the significant growth in order volume, which was up nearly 80% year-over-year, is a good demonstration of the value repair facilities and parts suppliers realized from transacting directly through the CCC platform. We believe CCC's platform will play an indispensable role as the market continues to expand and new entrants push the boundaries of what's possible.

零件是我們看到令人印象深刻的增長的領域，包括第二季度的零件訂單記錄。我們在推出零部件解決方案方面仍處於相對較早的階段，但訂單量的顯著增長（同比增長近 80%）很好地證明了維修設施和零部件供應商通過直接通過CCC平台。我們相信 CCC 的平台將發揮不可或缺的作用，因為市場不斷擴大，新進入者不斷突破可能的界限。

The third area I'd like to provide an update on is product innovation. We pride ourselves on being an innovation-led company, and we are constantly identifying new opportunities that can increase the value of our platform. Our customers look to CCC to develop solutions that address some of the biggest challenges facing their businesses. A great example of this is the recent announcement of CCC ONE Estimating-IQ, which will be the latest feature available on CCC ONE, the leading estimating platform for the collision repair industry.

我想提供更新的第三個領域是產品創新。我們以成為一家以創新為主導的公司而自豪，並且我們不斷發現可以增加我們平台價值的新機會。我們的客戶希望 CCC 開發解決方案來解決他們業務面臨的一些最大挑戰。最近發布的 CCC ONE Estimating-IQ 就是一個很好的例子，這將是碰撞修復行業領先的估算平台 CCC ONE 的最新功能。

With this new feature, we are significantly enhancing the AI capabilities of our platform for repair facilities. We are utilizing the more than 150 million estimates that collision repairers have written on our platform to enable repair facilities to utilize machine learning to prepopulate estimates with parts and labor operations based on photos of vehicle damage and configurations of the repair facility. This is critical technology that will provide repair facilities the real-time data they need to manage the increased complexity of vehicle technology and reduce cycle times.

借助這一新功能，我們正在顯著增強維修設施平台的 AI 功能。我們正在利用碰撞維修人員在我們的平台上編寫的超過 1.5 億個估計值，使維修設施能夠利用機器學習，根據車輛損壞照片和維修設施配置預填充零件和人工操作的估計值。這是一項關鍵技術，它將為維修機構提供他們管理日益複雜的車輛技術和縮短週期時間所需的實時數據。

We're also getting positive early feedback on our recently announced enterprise payments platform. The customer feedback we have received since announcing our payment platform in May validates the significant market opportunity in this area. We believe CCC's approach to integrate with the payment processor further leverages our deep existing integrations across more than 30,000 companies and more than $100 billion of commerce that we help enable across our platform, putting us in a solid position to succeed. Payments represent one of our most significant long-term growth opportunities, but we are still in the early stages of developing customer awareness and pipeline. We're on track to launch payments in the near future.

我們最近發布的企業支付平台也獲得了積極的早期反饋。自 5 月宣布我們的支付平台以來，我們收到的客戶反饋證實了這一領域的巨大市場機會。我們相信 CCC 與支付處理器集成的方法進一步利用了我們在 30,000 多家公司和超過 1000 億美元的商業中的現有深度集成，我們幫助在我們的平台上實現了這些集成，使我們處於成功的堅實位置。支付是我們最重要的長期增長機會之一，但我們仍處於發展客戶意識和管道的早期階段。我們有望在不久的將來推出支付服務。

To realize the full extent of our product ambition, we continue to invest in our team. We recently completed an important executive transition, promoting John Goodson to be our new Chief Technology Officer. John joined CCC last year as head of R&D, and prior to that, served in senior technology leadership positions at global multibillion-dollar software companies. He has extensive experience developing SaaS applications and scaling development groups. Together with Shivani Govil, our Chief Product Officer, John will help lead our product development efforts.

為了充分實現我們的產品雄心，我們繼續投資於我們的團隊。我們最近完成了一次重要的高管交接，提拔 John Goodson 為我們新的首席技術官。 John 於去年加入 CCC，擔任研發主管，在此之前，他曾在價值數十億美元的全球軟件公司擔任高級技術領導職務。他在開發 SaaS 應用程序和擴展開發團隊方面擁有豐富的經驗。 John 將與我們的首席產品官 Shivani Govil 一起幫助領導我們的產品開發工作。

We have also been hiring great new talent across our product development and product management organizations that increase our ability to innovate quickly. I'm excited by the energy and velocity within our product groups. We believe that our customers will benefit from the talents of our product team, but also believe it will help drive significant and sustainable growth.

我們還在產品開發和產品管理組織中招聘優秀的新人才，以提高我們快速創新的能力。我對我們產品組的活力和速度感到興奮。我們相信我們的客戶將受益於我們產品團隊的才能，同時也相信這將有助於推動顯著和可持續的增長。

Finally, I'd like to provide a quick update on claims frequency. As expected, claim frequency continued to increase during the second quarter as travel restrictions eased, though it remains below pre-pandemic levels. Our second quarter results benefited from a particularly easy compare, as the second quarter of last year saw the most pronounced drop in COVID-related transaction volumes.

最後，我想提供有關索賠頻率的快速更新。正如預期的那樣，隨著旅行限制的放寬，第二季度的索賠頻率繼續增加，但仍低於大流行前的水平。我們第二季度的業績得益於特別簡單的比較，因為去年第二季度與 COVID 相關的交易量下降最為明顯。

As this dynamic plays out over the year, we expect only 1 to 2 points of growth related to transaction recovery for the full year. We expect to see additional increases in claim frequency in the second half of the year as we get closer to pre-COVID levels, but the pace is hard to anticipate. As conditions normalize, we will not provide color on claim frequency on a quarterly basis, but we think it's important context given the extraordinary events of the past 18 months. As a reminder, historically, claims frequency has been very stable and less than 20% of our business is tied to transactions.

由於這種動態在一年中發揮作用，我們預計全年與交易恢復相關的增長只有 1 到 2 個百分點。隨著我們接近 COVID 之前的水平，我們預計下半年索賠頻率會進一步增加，但速度很難預測。隨著情況正常化，我們不會按季度提供有關索賠頻率的顏色，但我們認為鑑於過去 18 個月的異常事件，這是重要的背景。提醒一下，從歷史上看，索賠頻率一直非常穩定，我們只有不到 20% 的業務與交易相關。

Before I turn the call over to Brian, I wanted to wrap up by reinforcing the key takeaways from the quarter. First, we delivered strong revenue growth during the quarter, driven by the continuous innovation we have brought to market and the critical importance of digitization to our customers' future success. Second, as Brian will review in more detail, we are raising our guidance for the full year, and are on track to deliver approximately 14% revenue growth and adjusted EBITDA margins over 36%. This compares favorably to the targets we outlined in February, at the time of our business combination announcement, and reflects the strong underlying momentum in our business. Third, our innovation engine continues to deliver exciting new solutions that will deliver additional value to customers and provide new growth opportunities for CCC.

在我把電話轉給布賴恩之前，我想通過強調本季度的關鍵要點來結束。首先，在我們為市場帶來的持續創新以及數字化對客戶未來成功的至關重要性的推動下，我們在本季度實現了強勁的收入增長。其次，隨著 Brian 將更詳細地審查，我們正在提高全年的指導，並有望實現約 14% 的收入增長和超過 36% 的調整後 EBITDA 利潤率。這比我們在 2 月份宣佈業務合併時概述的目標要好，反映了我們業務的強勁潛在勢頭。第三，我們的創新引擎繼續提供令人興奮的新解決方案，這些解決方案將為客戶帶來額外價值並為 CCC 提供新的增長機會。

We view our combination of growth and profitability as a unique and compelling financial profile that compares favorably to most publicly traded companies. As we look to the second half of the year and beyond, we remain focused on execution and delivering consistently strong operational and financial results. We are confident in our ability to hit our long-term objectives and generate significant value for our shareholders going forward.

我們將增長和盈利能力的結合視為獨特且引人注目的財務狀況，與大多數上市公司相比具有優勢。展望下半年及以後，我們將繼續專注於執行並提供始終如一的強勁運營和財務業績。我們相信我們有能力實現我們的長期目標，並為我們的股東創造巨大的價值。

Now I would like to turn the call over to Brian, after which we'll be happy to take your questions.

現在我想把電話轉給布賴恩，之後我們很樂意回答你的問題。

Thanks, Githesh. I'm pleased to be with you all today and look forward to working with you now that we have completed our transition to a public company. Today, I'll review our second quarter '21 results and provide guidance for the third quarter and full year '21. Turning now to the operating results.

謝謝，吉塞什。我很高興今天能和大家在一起，並且期待與你們合作，因為我們已經完成了向上市公司的過渡。今天，我將回顧 21 年第二季度的業績，並為 21 年第三季度和全年提供指導。現在轉向經營業績。

Total revenue for the second quarter was $166.8 million, up 16% from the prior year on an adjusted basis. We look at growth on an adjusted basis, which excludes from our 2020 results revenue from a portion of our casualty product line, clinical professional services, that was divested at the end of last year. We believe this provides the view into the underlying growth of the business, so our quarterly performance can be looked at on a like-for-like basis.

第二季度總收入為 1.668 億美元，經調整後比去年同期增長 16%。我們在調整後的基礎上看待增長，這從我們 2020 年的業績中排除了去年年底剝離的部分傷亡產品線、臨床專業服務的收入。我們相信這提供了對業務潛在增長的看法，因此我們的季度業績可以在類似的基礎上查看。

From a trend perspective, 16% growth is the fourth sequential quarter of accelerating year-over-year revenue growth. We have now fully lapped the impact of COVID within our financial results. Our growth is being primarily driven by cross-sell and upsell activities into our installed base with a heightened focus on newer digital solutions, also new logo wins driven across repair facilities and parts suppliers, increasing trends in claim frequency, and lapping easier comps in prior year.

從趨勢的角度來看，16% 的增長是連續第四個季度收入同比加速增長。我們現在已經在我們的財務業績中充分體現了 COVID 的影響。我們的增長主要受到我們已安裝基礎的交叉銷售和追加銷售活動的推動，這些活動更加關注更新的數字解決方案，同時在維修設施和零件供應商中贏得新標誌，索賠頻率的增加趨勢，以及在之前的競爭中更容易合作年。

Turning now to our key metrics. Software gross dollar retention, or GDR, which captures the amount of revenue retained from our client base compared to the prior year. In Q2 '21, GDR was 98%, which is consistent with the historical levels. We believe our software GDR reflects the value we provide our customers and the stickiness of the network effect. Software GDR is a core tenet with our predictable and resilient revenue model.

現在轉向我們的關鍵指標。軟件總美元保留率或 GDR，它捕獲與上一年相比從我們的客戶群中保留的收入金額。 21 年第二季度，GDR 為 98%，與歷史水平一致。我們相信我們的軟件 GDR 反映了我們為客戶提供的價值和網絡效應的粘性。軟件 GDR 是我們可預測且有彈性的收入模型的核心原則。

Software net dollar retention, or NDR, the amount of cross-sell and upsell from our existing customers compared to the prior year period as well as volume movement within our client base. In Q2 '21, software net dollar retention was 110%. Software NDR was above our historical range this quarter, primarily due to strong cross-sell and upsell activities. Transactional volume increases only contributed a couple of points to NDR in the quarter. Software NDR is a key driver of our growth, given that the majority of our subscription revenue comes from our existing customer base.

軟件淨美元保留率或 NDR，與去年同期相比，我們現有客戶的交叉銷售和追加銷售量，以及我們客戶群中的銷量變動。在 21 年第二季度，軟件淨美元保留率為 110%。本季度軟件 NDR 高於我們的歷史範圍，這主要是由於強勁的交叉銷售和追加銷售活動。交易量的增加僅對本季度的 NDR 貢獻了幾個點。鑑於我們的大部分訂閱收入來自我們現有的客戶群，軟件 NDR 是我們增長的關鍵驅動力。

Now to review the income statement in more detail. As a reminder, unless otherwise noted, all metrics are non-GAAP, and we've provided a reconciliation of GAAP to non-GAAP financials in our press release. Adjusted gross profit in the quarter was $128 million, with gross profit margin of 77% compared to gross profit margin of 74% in the second quarter of last year.

現在更詳細地審查損益表。提醒一下，除非另有說明，否則所有指標均為非 GAAP，我們在新聞稿中提供了 GAAP 與非 GAAP 財務的對賬。本季度調整後的毛利潤為 1.28 億美元，毛利率為 77%，而去年第二季度的毛利率為 74%。

Turning to the operating expenses. Non-GAAP operating expenses were $71.3 million for the quarter, up 13% compared to a year ago. The primary driver of the increase was headcount cost as we continued to invest in our R&D and innovation initiatives. Higher discretionary spend on such things as events, including our industry conference, on travel as we just started to normalize travel activities; and higher G&A costs largely associated with becoming a public company. Adjusted EBITDA for the quarter was $60.1 million, which is a 36% adjusted EBITDA margin. Adjusted EBITDA grew 28% year-over-year.

轉向運營費用。本季度非美國通用會計準則運營費用為 7130 萬美元，同比增長 13%。增長的主要驅動因素是員工成本，因為我們繼續投資於研發和創新計劃。由於我們剛剛開始使旅行活動正常化，因此在旅行等活動（包括我們的行業會議）上的可自由支配支出增加；以及更高的 G&A 成本在很大程度上與成為上市公司有關。本季度調整後的 EBITDA 為 6010 萬美元，調整後的 EBITDA 利潤率為 36%。調整後的 EBITDA 同比增長 28%。

Now turning to the balance sheet and cash flow. We ended the quarter with $58.5 million in cash and cash equivalents and $1.3 billion of debt. At the end of the quarter, our net leverage was approximately 5.5x. Free cash flow in the quarter was $13.1 million compared to $7.6 million in the prior year period. Looking at cash flow on an unlevered basis, year-to-date, we have converted approximately 60% of adjusted EBITDA into unlevered free cash flow.

現在轉向資產負債表和現金流量。我們在本季度結束時擁有 5850 萬美元的現金和現金等價物以及 13 億美元的債務。本季度末，我們的淨槓桿率約為 5.5 倍。本季度的自由現金流為 1310 萬美元，而去年同期為 760 萬美元。從年初至今的無槓桿現金流來看，我們已將約 60% 的調整後 EBITDA 轉換為無槓桿自由現金流。

Now that the business combination with Dragoneer is complete, I'd like to review some of our pro forma balance sheet metrics. We received over $600 million of net proceeds from the transaction, which we put towards the balance sheet, including the repayment of debt. On a pro forma basis, including these net proceeds, our net leverage is approximately 2.9x, nearly 50% reduction compared to the June 30 balance sheet. The deleveraging of our balance sheet gives us increased flexibility to use it in ways that will generate value for our customers and our shareholders.

現在與 Dragoneer 的業務合併已經完成，我想回顧一下我們的一些備考資產負債表指標。我們從交易中獲得了超過 6 億美元的淨收益，我們將這些收益記入資產負債表，包括償還債務。在備考基礎上，包括這些淨收益在內，我們的淨槓桿率約為 2.9 倍，與 6 月 30 日的資產負債表相比減少了近 50%。我們資產負債表的去槓桿化使我們能夠更加靈活地使用它，從而為我們的客戶和股東創造價值。

Now I'd like to finish with guidance beginning in the third quarter. We expect total revenue of $172.5 million to $174.5 million. This represents 16% year-over-year growth in adjusted revenue at the midpoint. We expect adjusted EBITDA between $61 million and $63 million, which represents a 36% adjusted EBITDA margin at the midpoint.

現在我想以第三季度開始的指導結束。我們預計總收入為 1.725 億美元至 1.745 億美元。這代表中點調整後收入同比增長 16%。我們預計調整後的 EBITDA 將在 6100 萬美元至 6300 萬美元之間，這意味著 36% 的調整後 EBITDA 利潤率處於中點。

For the full year '21, we are raising our outlook for the year. We now expect revenue between $677 million to $682 million, 14% year-over-year growth adjusted revenue basis at the midpoint. We now expect adjusted EBITDA between $244 million to $249 million, which represents a 36% adjusted EBITDA margin at the midpoint.

對於 21 年全年，我們提高了對這一年的展望。我們現在預計收入在 6.77 億美元至 6.82 億美元之間，按中點調整後的收入同比增長 14%。我們現在預計調整後的 EBITDA 在 2.44 億美元至 2.49 億美元之間，這意味著 36% 的調整後 EBITDA 利潤率處於中點。

Some points to keep in mind as you think about our outlook for the remainder of the year. There is underlying momentum across our business as evidenced by our Q2 results, and we're on track with some key implementations onboarding in the upcoming months. Having said that, some of the strength in Q2 was a reflection of moderation of claim volumes that occurred earlier in the year than expected. As a result, we expect further normalization benefit to be modest across the balance of the year. Taken together, we expect these factors will lead to similar growth rates in the second half of the year as we saw in Q2.

當您考慮我們對今年剩餘時間的展望時，請記住一些要點。正如我們第二季度的業績所證明的那樣，我們的業務存在潛在的發展勢頭，並且在接下來的幾個月中，我們將在一些關鍵的實施上步入正軌。話雖如此，第二季度的一些強勁反映了今年早些時候發生的索賠量比預期有所減少。因此，我們預計在今年餘下的時間裡，進一步的正常化收益將是適度的。總而言之，我們預計這些因素將導致今年下半年的增長率與我們在第二季度看到的相似。

To summarize, CCC second quarter results reflected top line acceleration in margin expansion and a return to double-digit revenue growth. Customer adoption of our solutions remain strong, and we're in the early stages of digitization across the insurance economy. We are executing well on our innovation investments that will deliver additional growth opportunities in the future.

總而言之，CCC 第二季度的業績反映了利潤率擴張的頂線加速和收入恢復兩位數增長。客戶對我們解決方案的採用仍然很強勁，我們正處於整個保險經濟數字化的早期階段。我們在創新投資方面執行良好，這將在未來帶來更多增長機會。

And finally, completing our business combination and rejoining the public markets is an important milestone for CCC. It strengthens our ability to generate durable revenue growth and margin expansion over the long term.

最後，完成我們的業務合併並重新加入公開市場是 CCC 的一個重要里程碑。從長遠來看，它增強了我們產生持久收入增長和利潤擴張的能力。

With that, we'll now take your questions.

有了這個，我們現在將回答您的問題。

(Operator Instructions) The first question comes from the line of Jackson Ader with JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Jackson Ader。

Great. The first one is on the net dollar retention that expanded a bit, taking the transaction volume out of it. What are you seeing as the most common cross-selling activities? And is it more common to see them with your interim customers? Or is it more common that net dollar retention is more coming from the mechanic or the body shops?

偉大的。第一個是淨美元保留有所擴大，從中扣除了交易量。您認為最常見的交叉銷售活動是什麼？與您的臨時客戶見面是否更常見？或者更常見的是淨美元保留更多來自機械師或車身修理廠？

Yes. Jackson, it's Brian. Thanks for asking the question. When we look at NDR, we don't break it out between the different customer segments. That said, it's pretty consistent across both customer segments, and we're seeing strong activity. NDR, and we talked about this in Q1, will move as a function of revenue growth. And so the NDR we saw in the quarter at 110% was above our historical levels with 16% being a really strong quarter for us. So -- we continue to see NDR as the biggest driver of our growth for the quarter. And we also look at it with that view as we go forward in the second half and beyond.

是的。傑克遜，是布萊恩。感謝您提出問題。當我們查看 NDR 時，我們不會在不同的客戶群之間進行分解。也就是說，它在兩個客戶群中非常一致，而且我們看到了強勁的活動。 NDR，我們在第一季度談到了這一點，將隨著收入增長而變化。因此，我們在本季度看到的 NDR 為 110%，高於我們的歷史水平，16% 對我們來說是一個非常強勁的季度。所以——我們繼續將 NDR 視為本季度增長的最大推動力。在下半場及以後的比賽中，我們也以這種觀點看待它。

Jackson, one thing I wanted to add is in terms of the products, we're continuing to see products like Engage, which is now adopted by 1/3 of our repair facility customer base. As we announced during the call, we added over 1,000 new repair facilities. But interestingly, 30% of our existing customer base have now adopted Engage. We also saw increased adoption of mobile. For example, last year, we're trending towards our customers in aggregate doing about 15% mobile. This year, we're seeing people already in the 20% of claims settled through the mobile channel that's insurers. So we're seeing adoption across both insurers, repairers, parts providers. So we're seeing that across in a pretty broad-based way as the digitization of this industry continues.

傑克遜，我想補充的一件事是在產品方面，我們繼續看到像 Engage 這樣的產品，它現在被我們 1/3 的維修設施客戶群採用。正如我們在電話會議中宣布的那樣，我們增加了 1,000 多個新的維修設施。但有趣的是，我們現有客戶群中有 30% 現在已經採用了 Engage。我們還看到越來越多地採用移動設備。例如，去年，我們傾向於讓我們的客戶總體上使用大約 15% 的移動設備。今年，我們看到人們已經通過保險公司的移動渠道解決了 20% 的索賠。因此，我們看到保險公司、維修商和零部件供應商都採用了這種技術。因此，隨著這個行業的數字化進程的繼續，我們看到它以一種非常廣泛的方式出現。

Okay. Awesome. Thank you for the specifics. That's what we are after. A quick follow-up. What, if anything, what impact from the Delta variant is baked into the guidance for the second half year?

好的。驚人的。謝謝你的具體情況。這就是我們所追求的。快速跟進。什麼，如果有的話，下半年的指導中包含了 Delta 變體的什麼影響？

Yes. So at this stage, Jackson, just to give you kind of context, we have not seen any impact, either operationally or within our financial performance. Clearly, we're monitoring it very closely. As far as how we look at the second half, we have some level of frequency increase assumed in H2 relative to what we did in Q2. But it is not a material step up from our recent volume run rates. So we have not assumed a major step-up in frequency nor have we assumed a major step-down based on Delta variant. So we're largely neutral.

是的。所以在這個階段，傑克遜，只是為了給你一些背景，我們沒有看到任何影響，無論是在運營上還是在我們的財務業績中。顯然，我們正在非常密切地監視它。就我們如何看待下半年而言，相對於我們在第二季度所做的，我們假設下半年的頻率增加了一定程度。但這與我們最近的批量運行率相比並沒有實質性的提高。因此，我們沒有假設頻率有重大提升，也沒有假設基於 Delta 變體的頻率有重大下降。所以我們基本上是中立的。

And on a percentage basis, it's a pretty small number of our growth, just 1% to 2% of our full year growth.

從百分比來看，這只是我們增長的一小部分，僅占我們全年增長的 1% 到 2%。

Oh, you mean the step-up in frequency assumed?

哦，你的意思是頻率的提升？

Within the whole year. So when we set out the -- we talked about frequency being 1% to 2% of our total growth, and that remains consistent as we see the balance of the year.

全年內。因此，當我們開始時——我們談論的頻率是我們總增長的 1% 到 2%，而且在我們看到今年的餘額時，這仍然是一致的。

We're forecasting 13% to 14% growth. Yes.

我們預測增長 13% 至 14%。是的。

The next question will come from the line of Chris Moore with CJS Securities.

下一個問題將來自 CJS 證券公司的 Chris Moore。

Percent increase in the number of claims that use 2 or more CCC solutions and a 50% increase in the number of claims that use AI embedded solutions. Have those trends continued in 2021?

使用 2 個或更多 CCC 解決方案的索賠數量增加百分比，使用 AI 嵌入式解決方案的索賠數量增加 50%。這些趨勢在 2021 年會繼續嗎？

Chris, we missed the first part of your question. We got the second part. Do you mind repeating the first part?

克里斯，我們錯過了你問題的第一部分。我們得到了第二部分。你介意重複第一部分嗎？

Absolutely. So you had something like a 100% increase in the number of claims in 2020 that use 2 or more CCC solutions and a 50% increase in the number of claims that use AI-embedded solutions. So I wasn't sure if 2020 was an anomaly or if those trends have continued into 2021.

絕對地。因此，2020 年使用 2 個或更多 CCC 解決方案的索賠數量增加了 100%，使用 AI 嵌入式解決方案的索賠數量增加了 50%。所以我不確定 2020 年是否異常，或者這些趨勢是否一直持續到 2021 年。

Got it. I understand the question. Absolutely. So what we are seeing is that what our customers saw last year in terms of adopting new solutions and the benefits they got, we're really seeing 2 dimensions to this. One, our existing customers are continuing to adopt mobile, AI, continuing to adapt that at pace. And we're also seeing, as new customers come on board, we're also seeing that they are excited about the potential for these things. So we're not seeing any slowdown. Even as claims volumes and things get to normal levels, the benefits people have seen are continuing. So we're continuing to see growth. And that's one of the things being reflected in our third and fourth quarter guidance.

知道了。我明白這個問題。絕對地。因此，我們所看到的是我們的客戶去年在採用新解決方案以及他們獲得的好處方面所看到的，我們確實看到了兩個維度。第一，我們現有的客戶正在繼續採用移動、人工智能，並繼續按節奏進行調整。我們還看到，隨著新客戶的加入，我們也看到他們對這些東西的潛力感到興奮。所以我們沒有看到任何放緩。即使索賠量和情況恢復到正常水平，人們看到的好處仍在繼續。所以我們繼續看到增長。這就是我們第三和第四季度指南中反映的事情之一。

Got it. That's helpful. And maybe just one other. It looks like pro forma leverage is just below 3x. Maybe just kind of remind us kind of your comfort zone on leverage, one question. And then the second, assuming no significant acquisitions between now and say, the end of fiscal '22, just trying to get a sense as to where that leverage might be.

知道了。這很有幫助。也許只有一個。看起來備考槓桿率略低於 3 倍。也許只是提醒我們你在槓桿方面的舒適區，一個問題。然後是第二個，假設從現在到 22 財年末沒有重大收購，只是想了解這種影響力可能在哪裡。

Yes. Sure, Chris. Yes. So that's right. So with the proceeds coming in from the transaction, we had about $600 million of net proceeds that came to the balance sheet. We did repay debt that moved our leverage from under 6x to under 3x. So we reduced our leverage about 50%. Certainly, it gives us flexibility in the balance sheet. We're very focused on investing for innovation that will drive value for our customers and also accelerate growth. Certainly, acquisition will be an important part of that as well. Timing and targets are hard to predict, so we don't have a view of what that looks like in the near term or the medium term. We are not coming out at this stage with a hard target around our leverage position. Certainly, if we don't make M&A through the balance of the year based on EBIT growth and the cash flow, we will delever further. But again, we're focused on using the balance sheet for strategic investments.

是的。當然，克里斯。是的。所以這是對的。因此，隨著交易的收益，我們有大約 6 億美元的淨收益進入資產負債表。我們確實償還了將槓桿率從 6 倍以下提高到 3 倍以下的債務。因此，我們將槓桿率降低了約 50%。當然，它給了我們資產負債表的靈活性。我們非常專注於創新投資，這將為我們的客戶帶來價值並加速增長。當然，收購也將是其中的重要組成部分。時間和目標很難預測，所以我們對近期或中期的情況沒有看法。在這個階段，我們不會圍繞我們的槓桿頭寸設定一個硬性目標。當然，如果我們不根據息稅前利潤增長和現金流通過當年餘額進行併購，我們將進一步去槓桿化。但同樣，我們專注於將資產負債表用於戰略投資。

The next question comes from the line of Kirk Materne with Evercore ISI.

下一個問題來自 Kirk Materne 與 Evercore ISI 的合作。

This is Peter Burkly, on for Kirk. I guess, first one, just curious, you guys continue to broaden your solution set. Are you seeing initial land with new customers getting bigger?

這是柯克的彼得伯克利。我想，第一個，只是好奇，你們繼續擴大你們的解決方案集。您是否看到新客戶的初始土地越來越大？

Yes. The -- you're saying the initial land, was that your question?

是的。你說的是最初的土地，那是你的問題嗎？

Just when you're landing new customers, yes, net new customers.

就在您吸引新客戶時，是的，淨新客戶。

Yes. Yes, exactly. So what we saw -- many of our customers have been customers for well over a decade, if not longer. And so the serial adoption of solutions has taken place and continues to take place as we introduce new solutions. What is actually very interesting is when we land a new customer, they are not going through the same serial process of adopting one solution, second solution, third solution. What we are seeing is that customers adopt a much broader bundle of solution that gives them digital capabilities. For example, if it's an insurance company that is a new insurance carrier that comes to our platform, they're not only adopting our traditional core, estimatics, total loss, workflow, connectivity, direct repair and the like, but they are also adding our mobile AI and other solutions. Same thing with repair facilities. As new repairers come on, they start with a much broader and larger bundle. Again, the huge benefit of being on the cloud allows us to kind of leverage. They get immediate benefit to -- connecting to a whole bunch of other participants.

是的。對，就是這樣。所以我們所看到的——我們的許多客戶已經成為十多年的客戶，如果不是更長的話。因此，隨著我們引入新的解決方案，解決方案的系列採用已經發生並將繼續發生。實際上非常有趣的是，當我們找到一個新客戶時，他們不會經歷採用一種解決方案、第二種解決方案、第三種解決方案的相同系列過程。我們看到的是，客戶採用了更廣泛的解決方案組合，賦予他們數字能力。例如，如果是一家保險公司，它是一家新的保險公司，來到我們的平台，他們不僅採用我們傳統的核心、估算、全損、工作流程、連接、直接維修等，而且他們還增加了我們的移動人工智能和其他解決方案。維修設施也是如此。隨著新維修人員的加入，他們會從更廣泛和更大的捆綁包開始。同樣，在雲端的巨大好處使我們能夠發揮作用。他們立即受益於 - 連接到一大群其他參與者。

Right. Makes sense. And then maybe just one quick follow-up. You guys are obviously excited about the payments opportunity in front of you and working on building -- continuing to build the pipe there. So just curious, do you have any feel for ultimately kind of what sort of uplift can that provide? Could that help net retention rates kind of stay at the high level that you're seeing now?

正確的。說得通。然後也許只是一個快速跟進。你們顯然對擺在你們面前的付款機會感到興奮，並致力於建設——繼續在那裡建設管道。所以只是好奇，您是否覺得最終可以提供什麼樣的提升？這是否有助於將淨保留率保持在您現在看到的高水平？

Yes. First of all, our retention rates have been very high for a very long time. Right? Net of it is one of the reasons we maintain a Net Promoter Score, an industry-leading Net Promoter Score of 80. And that alone results in a fabulous retention rate as well as people staying and participating in the network. What we are seeing is that as -- first of all, payments, what we're seeing on payments is there are significant pain points we are uncovering as we build the partnership on payments. For example, payments from the insurers to the repair facilities. There are significant pain points that we can see that we can start to address. We do believe that as the bundle of solutions and the broader our solutions, our retention rate will continue to increase. But again, we already have, as I said, substantially high investment rates and retention rates. And then on the payments itself, we continue to remain excited about what we're seeing in the payments opportunity.

是的。首先，我們的保留率在很長一段時間內都非常高。正確的？淨推薦值是我們保持淨推薦值的原因之一，這是行業領先的 80 淨推薦值。僅此一項就帶來了驚人的保留率以及留在和參與網絡的人們。我們所看到的是——首先是支付，我們在支付上看到的是，在我們建立支付合作夥伴關係時，我們發現了一些重大的痛點。例如，保險公司向維修機構支付的費用。我們可以看到可以開始解決的重大痛點。我們確實相信，隨著解決方案的捆綁和更廣泛的解決方案，我們的保留率將繼續增加。但同樣，正如我所說，我們已經擁有相當高的投資率和保留率。然後就支付本身而言，我們繼續對我們在支付機會中看到的內容感到興奮。

The next question is from the line of Yitchuin Wong with Citi.

下一個問題來自花旗銀行的 Yitchuin Wong。

Congratulations guys on the listing. Looking forward to covering you guys in the future. I think first question is for Githesh. I think you talked about the net adds of like 1,000-plus of repair shops in, I think, this year and the quarter and then you also mentioned increasing growth there. I mean that's definitely lined up in some of the internal [trends] that we have. We're seeing some very positive business sentiment around strong hiring activity, auto participation, expanding the east car market. So I'm just wondering if you can give us some extra color of like what are some of the growth you're seeing, help us quantify some of the numbers there and how this could potentially help the full year numbers.

恭喜小伙伴們上榜。期待在未來報導你們。我認為第一個問題是關於 Githesh 的。我想你談到了今年和本季度大約 1,000 多家維修店的淨增加，然後你還提到了那裡的增長。我的意思是，這肯定符合我們擁有的一些內部[趨勢]。我們看到圍繞強勁的招聘活動、汽車參與、擴大東部汽車市場的一些非常積極的商業情緒。所以我只是想知道你是否可以給我們一些額外的顏色，比如你看到的一些增長，幫助我們量化那裡的一些數字，以及這可能如何幫助全年的數字。

Sure. A number of things there. I think I'll try to address the roughly 3 things in that question. First and foremost, what we are -- what our repair customers are seeing is a significant return to activity. So if you look at -- we also, by the way, publish the Crash Course, which is on the cccis.com website that lays out a lot of traffic patterns. We just released the second quarter data, and that's on our website. If you look at what happened in Q2 of 2020, we saw that repair volume had dropped pretty significantly along with activity. As that starts to normalize, hiring, rehiring, rehiring, a lot of our repair facility customers continue to bring on more and more people.

當然。那裡有很多東西。我想我會嘗試解決該問題中的大約 3 件事。首先，也是最重要的，我們是什麼——我們的維修客戶看到的是活動的顯著恢復。因此，如果您看一下 - 順便說一下，我們還在 cccis.com 網站上發布了速成課程，其中列出了很多流量模式。我們剛剛發布了第二季度的數據，這在我們的網站上。如果你看看 2020 年第二季度發生的事情，我們會發現維修量隨著活動的減少而大幅下降。隨著這種情況開始正常化，僱用，重新僱用，重新僱用，我們的許多維修設施客戶繼續帶來越來越多的人。

And as they brought on more and more people, what they're also finding is one of the hardest things for our repair customers is finding enough technicians, repair, because these are complex repairs. So as the demand for productivity gets higher, our customers are also saying that they need better tools in terms of productivity tools. So as I mentioned, in the first half of this year, we added over 1,000 new repair facility customers because of the trends repairers are seeing.

隨著他們帶來越來越多的人，他們還發現，對於我們的維修客戶來說，最困難的事情之一就是找到足夠的技術人員進行維修，因為這些都是複雜的維修。所以隨著對生產力的需求越來越高，我們的客戶也在說他們需要在生產力工具方面有更好的工具。正如我提到的，在今年上半年，由於維修人員看到的趨勢，我們增加了 1,000 多個新的維修設施客戶。

In addition to that, as maintaining the -- if you are a repair facility customer, having access to a very broad network called parts providers, insurers, OEMs and the like, as that continues to strengthen, it provides even more benefit to our repair customers. So that's another reason for the growth. Plus I would say the third element would be the innovation we're delivering. I'll give you one example. We delivered a package last year called Engage, which allows a repair facility when a consumer says I have an accident, they can take pictures on their cellphone, route it to the repair facility, repair facility can write an estimate. They can literally put the appointment on their phone, right into the production schedule of the repair facility. All of these capabilities are really bringing more of a digital footprint to the shop, including search engine optimization, all of those connections. So that's also helping brand growth. Does that to answer your question?

除此之外，作為維護——如果你是維修設施的客戶，可以訪問一個非常廣泛的網絡，稱為零件供應商、保險公司、原始設備製造商等，隨著它的不斷加強，它為我們的維修提供了更多的好處顧客。所以這是增長的另一個原因。另外我想說第三個要素是我們正在提供的創新。我給你舉一個例子。我們去年交付了一個名為 Engage 的包裹，當消費者說我出了事故時，它允許維修機構，他們可以用手機拍照，將其發送到維修機構，維修機構可以寫一個估計。他們可以從字面上把約會放在他們的電話上，直接進入維修設施的生產計劃。所有這些功能確實為商店帶來了更多的數字足跡，包括搜索引擎優化，所有這些連接。所以這也有助於品牌成長。這能回答你的問題嗎？

No, that's perfect. That's more than I thought. So that one was kind of like the full year guidance looks like is increased approximately like $2.5 million at the midpoint, which is a little less than the beat in the quarter, say, versus your guide, $3 million to $4 million. Could you walk us through some of the rationale as to why -- what is the guidance that's already taken and why is the rate smaller? And how is your confidence on the pipeline heading into the back half of the year?

不，那是完美的。這超出了我的想像。因此，這有點像全年指導看起來在中點增加了大約 250 萬美元，這比本季度的節拍要少一點，比如說，與你的指導相比，300 萬到 400 萬美元。您能否向我們介紹一些原因 - 已經採取的指導是什麼以及為什麼利率較低？您對管道進入下半年的信心如何？

Just to be -- yes, I can handle. This is Brian. So just to be clear, we increased the top end of the range, the high end of the range, $4 million on revenue. We also increased the EBITDA for the full year $4 million. So both on the $4 million, we had -- I'm sorry, on both revenue and EBITDA, we increased both by $4 million. We had a Q2 of a beat of about $2.8 million, and then we increased the second half $1.3 million. So just to make sure the numbers are straight for you.

只是——是的，我能應付。這是布萊恩。所以要明確一點，我們增加了範圍的高端，範圍的高端，400 萬美元的收入。我們還將全年的 EBITDA 增加了 400 萬美元。因此，在 400 萬美元上，我們——對不起，在收入和 EBITDA 上，我們都增加了 400 萬美元。我們第二季度的收入約為 280 萬美元，然後我們在下半年增加了 130 萬美元。因此，只是為了確保數字適合您。

Okay. Got you. I might be calculating it slightly off. Yes. So can you just quickly like what's the guidance that they'll be and like the economy recovery, like your confidence in the pipeline?

好的。明白了我可能稍微計算了一下。是的。那麼，您能否快速喜歡他們的指導，喜歡經濟復甦，喜歡您對管道的信心？

Yes. So with -- we saw a strong performance in Q2. We beat the quarter a combination of really strong momentum in the business. We also saw volume recovery stronger than we expected. We had the recovery baked in, in the second half, but the recovery came faster than we expected in Q2. And so we saw upside within the quarter on that. So that drove the beat, both the momentum and the recovery. We have good confidence in the second half of the year. That's why we increased and raised against the second half. We have some implementations coming in. We have strong momentum between cross-sell and upsell. We have a strong pipeline. So we feel good about both the revenue for the full year and feel good about the EBITDA and the margin for the full year.

是的。因此 - 我們在第二季度看到了強勁的表現。我們在本季度擊敗了業務中真正強勁勢頭的組合。我們還看到成交量恢復強於我們的預期。我們在下半年實現了復甦，但復甦速度比我們在第二季度的預期要快。因此，我們在本季度看到了上行空間。因此，這推動了節拍，包括勢頭和復蘇。我們對下半年充滿信心。這就是為什麼我們在下半場增加和提高。我們有一些實施即將到來。我們在交叉銷售和追加銷售之間有強勁的勢頭。我們有強大的渠道。因此，我們對全年的收入和 EBITDA 以及全年的利潤率都感覺良好。

(Operator Instructions) The next question will come from the line of Gary Prestopino with Barrington Research.

（操作員說明）下一個問題將來自 Barrington Research 的 Gary Prestopino。

Your net dollar retention, you gave that at 110% for Q2. How did that change year-over-year or sequentially?

你的淨美元保留率，你給第二季度的 110%。這是如何逐年或連續變化的？

Yes. Sure, Gary. Yes, net dollar retention was 106% in Q1, and it moved to 110% in Q2. When you look back at 2020, it was lower, clearly impacted by COVID. It was more in the 103% range of last year. When you look back into '19, it has been more in the 106%, 107% range. So just to give you some trending of net dollar retention. So that's the recent trend. As I said, Q1 was 106% and then 110% in Q2.

是的。當然，加里。是的，第一季度淨美元保留率為 106%，第二季度升至 110%。當你回顧 2020 年時，它會更低，顯然受到 COVID 的影響。它更多地在去年的 103% 範圍內。當你回顧 19 年時，它更多地處於 106%、107% 的範圍內。所以只是為了給你一些淨美元保留的趨勢。這就是最近的趨勢。正如我所說，第一季度為 106%，然後第二季度為 110%。

So if I understand this correctly, net dollar retention is going to be somewhat a measure of organic growth. So if it was 110% and you generated 16% growth, does that mean 600 basis points of growth came from new logos? Or am I wrong there?

因此，如果我理解正確的話，淨美元保留率將在某種程度上衡量有機增長。所以如果它是 110% 而你產生了 16% 的增長，這是否意味著 600 個基點的增長來自新標識？還是我錯了？

No, no, you're directionally right. So that's right. The net dollar retention is really highlighting our cross-sell and upsell within our existing installed base. We also had 5 points of growth in the quarter related to new logos. And then we had a couple of points of growth related to casualty volume improvement and parts, which both casualty and parts are not in our NDR calculation. So that was part of the equation as well.

不不不，你的方向是對的。所以這是對的。淨美元保留率確實突出了我們現有安裝基礎中的交叉銷售和追加銷售。我們在本季度也有 5 個與新徽標相關的增長點。然後我們有幾個與傷亡人數改善和零件相關的增長點，傷亡人數和零件都不在我們的 NDR 計算中。所以這也是等式的一部分。

I would assume the 500 basis points of new logos is mostly new logos with repair facilities. Is that correct? Or is it a healthy mix between insurance companies and repair facilities?

我假設新標識的 500 個基點主要是帶有修復設施的新標識。那是對的嗎？還是保險公司和維修機構之間的健康組合？

Yes. It's a combination of repair facilities. It also has parts suppliers in there as well, and then there is insurance new adds. So it covers all client types.

是的。它是維修設施的組合。它也有零件供應商，然後是新增加的保險。因此它涵蓋了所有客戶端類型。

And then, Brian, in terms of your balance sheet, I know you gave the leverage ratios, but you had like, I think, $1.27 billion worth of debt prior to the deal. Actually, it looks like $1.3 billion. So how much of that $600 million went to pay down debt that you received in the transaction?

然後，布賴恩，就你的資產負債表而言，我知道你給出了槓桿率，但我認為你在交易前有價值 12.7 億美元的債務。實際上，它看起來像 13 億美元。那麼這 6 億美元中有多少用於償還您在交易中收到的債務？

Yes. We put about $500 million towards debt. So think about the $1.3 billion came down to about $800 million of gross debt.

是的。我們為債務投入了大約 5 億美元。因此，想想 13 億美元的債務總額下降到約 8 億美元。

Okay. Great. And then Githesh, just on the payment business. I know you talked about this earlier, but -- when do you think your -- I mean have you got that out in beta right now? And are you looking at a 2022 launch to the market?

好的。偉大的。然後是 Githesh，就在支付業務上。我知道你早些時候談過這個，但是 - 你認為你的 - 我的意思是你現在已經在測試版中推出了嗎？您是否打算在 2022 年投放市場？

Yes, Gary, what we're doing here with payments is making sure we understand all of the use cases and towards the latter part of the year, third quarter, fourth quarter, start running a series of betas, pilots, tests and the like. And we like to make sure that the solution really works well, can scale and the number of use cases. So as we go into next year, we'll continue to develop it further. So I would say this is, again, a significant growth area. And as we've talked about before, we are not putting any specific projections around payments for next year. And when we do guide it for next year, we may talk about it a little bit, but not right now.

是的，加里，我們在付款方面所做的是確保我們了解所有用例，並在今年下半年、第三季度、第四季度開始運行一系列測試版、試點、測試等.我們希望確保該解決方案真正有效，可以擴展和用例數量。因此，當我們進入明年時，我們將繼續進一步開發它。所以我想說這又是一個重要的增長領域。正如我們之前所說，我們不會對明年的付款做出任何具體預測。當我們為明年提供指導時，我們可能會稍微討論一下，但不是現在。

At this time, there are no additional questions. So I would like to turn the call back over to Githesh Ramamurthy for closing remarks. You may proceed.

目前沒有其他問題。因此，我想將電話轉回給 Githesh Ramamurthy 以作結束語。你可以繼續。

Well, first of all, I want to thank everybody for joining our first call trading under the CCCS symbol. Thanks to everyone for participating. We look forward to giving you regular updates as we move forward. And as you can tell from both Brian and my comments, we're excited about how the second quarter came out. We are particularly excited about how we feel the year will turn out, and look forward to our journey as a public company. Thanks, again.

好吧，首先，我要感謝大家加入我們在 CCCS 代碼下的第一次看漲交易。感謝大家的參與。我們期待著在我們前進的過程中為您提供定期更新。正如您從 Brian 和我的評論中可以看出的那樣，我們對第二季度的結果感到興奮。我們對今年的結果感到特別興奮，並期待我們作為一家上市公司的旅程。再次感謝。

I also want to take the opportunity to thank everybody at CCC who has put in enormous amounts of effort for this company at this stage in terms of where we are today. With that, we will wrap up the call, operator.

我還想藉此機會感謝 CCC 的每一個人，他們在現階段為我們公司的今天付出了巨大的努力。這樣，我們將結束通話，接線員。

That concludes today's conference call. Thank you for your participation, and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與，祝您度過愉快的一天。